Ashford Hospitality Tr Inc Stock Price, News & Analysis

Ashford Hospitality Trust (NYSE: AHT) announced the conversion of its 226-room Le Pavillon Hotel in New Orleans to a Marriott's Tribute Portfolio property. The hotel recently completed a $19 million renovation, including extensive exterior work, restaurant upgrades, guestroom improvements, and a reimagined lobby bar called Bar 1803. Located in downtown New Orleans near the French Quarter, the historic hotel was built in 1907. The conversion was strategically timed ahead of Super Bowl LIX and Mardi Gras to position the property for a strong start to 2025.

Ashford Hospitality Trust (NYSE: AHT) has secured a 90-day forbearance period for its Morgan Stanley Pool loan, which covers 17 hotels and matured on November 9, 2024. The company is actively negotiating a multi-year extension of this loan and expects to finalize it during the forbearance period. Additionally, AHT has reduced its strategic financing balance to approximately $48.6 million and triggered an exit fee reduction. Management acknowledges the challenging environment while working on financing solutions to maximize shareholder value.

Ashford Hospitality Trust (NYSE: AHT) has refinanced its mortgage loan for the 703-room Marriott Crystal Gateway Hotel in Arlington, Virginia. The new non-recourse loan amounts to $121.5 million with a three-year initial term and two one-year extension options. The loan features interest-only payments at SOFR + 4.86%. The refinancing generated $31 million in excess proceeds, which will be used to reduce the Company's strategic financing. Combined with an additional planned paydown, this will bring the strategic financing balance below $50 million, triggering a reduced exit fee from 15.0% to 12.5% of the original loan balance through December 15, 2024.

Ashford Hospitality Trust (NYSE: AHT) has secured an amendment to its strategic financing, reducing the exit fee from 15.0% to 12.5% of the original loan balance through December 15, 2024, conditional on reducing the outstanding loan balance to $50 million or less by November 15, 2024. The company has made significant progress in its debt reduction plan through asset sales of $311 million, refinancing of the Renaissance Nashville hotel generating $17 million in excess proceeds, and raising approximately $173 million through non-traded preferred capital. The current outstanding balance on the strategic financing is approximately $82 million, representing a 59% reduction from the original principal.

Ashford Hospitality Trust (NYSE: AHT) has completed a 1-for-10 reverse stock split effective October 25, 2024. The split reduced outstanding common shares from approximately 55.2 million to 5.5 million shares. Trading on a split-adjusted basis will commence on October 28, 2024, on the NYSE under the same symbol 'AHT' but with a new CUSIP number. The company also executed a similar 1-for-10 reverse split of Ashford Hospitality Partnership units, reducing them from 2.1 million to approximately 200,000 units.

Ashford Hospitality Trust (NYSE: AHT) has announced a 1-for-10 reverse stock split, effective October 25, 2024. The company's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange on October 28, 2024. This action will reduce the number of outstanding shares from approximately 54.6 million to 5.5 million.

The reverse split aims to raise the per share trading price to regain compliance with the NYSE's minimum $1.00 continued listing requirement. Fractional shares will be rounded down, sold in the open market, and proceeds distributed to stockholders in cash. Ashford Trust will also implement a 1-for-10 reverse split of partnership units in Ashford Hospitality Partnership, reducing units from about 2.1 million to 0.2 million.

Ashford Hospitality Trust (NYSE: AHT) has released its preliminary third quarter 2024 results. The company expects to report an Occupancy rate of approximately 71%, with an Average Daily Rate of approximately $187, resulting in a RevPAR of approximately $132. This represents a 1.6% decrease in Comparable RevPAR compared to Q3 2023.

Monthly RevPAR changes were reported as follows:

• July 2024: +0.3% vs July 2023
• August 2024: -2.1% vs August 2023
• September 2024: -3.0% vs September 2023

Additionally, AHT's Non-Traded Preferred Equity offering, initiated in Q3 2022, has raised approximately $167 million in gross proceeds as of September 30, 2024. The company has 6,158,835 shares of Series J and 526,708 shares of Series K non-traded preferred stock outstanding.

Ashford Hospitality Trust (NYSE: AHT) has declared preferred dividends for the fourth quarter of 2024. The Board of Directors announced dividends for several series of preferred stock:

• Series D: $0.5281 per diluted share
• Series F and G: $0.4609 per diluted share
• Series H and I: $0.46875 per diluted share
• Series J: $0.16667 per share monthly
• Series K: Varying amounts from $0.17083 to $0.17500 per share monthly, depending on CUSIP

All dividends are payable on January 15, 2025, to stockholders of record as of December 31, 2024, except for the monthly dividends which have specific payment and record dates. As of September 30, 2024, there were 6,158,835 shares of Series J and 526,708 shares of Series K Redeemable Preferred Stock outstanding.

Ashford Hospitality Trust (NYSE: AHT) announced plans for a 1-for-10 reverse stock split to maintain its NYSE listing after receiving notice of non-compliance with the $1.00 minimum share price requirement. The company has a six-month cure period to regain compliance by achieving a closing share price of at least $1.00 and a 30-day average closing price of $1.00.

AHT believes the reverse split will benefit shareholders by:

• Continuing NYSE trading
• Increasing market price above the $5 threshold for institutional investors
• Addressing margin limitations on sub-$5 stocks
• Attracting a broader range of investors and analysts

The stock will trade under 'AHT.BC' during the non-compliance period. The notice does not affect business operations, SEC reporting, or trigger debt breaches.