Ashford Hospitality Trust filings document the reporting obligations of a Maryland hotel REIT with direct investments in upper upscale, full-service hotels. Its 8-K filings record completed hotel dispositions, related pro forma financial information, material agreements with its operating partnership, Ashford TRS Corporation and Ashford-affiliated advisor, and capital-structure matters involving common stock and Series D, F, G, H, I, J, K, L and M preferred stock.
Proxy statements cover board elections, executive compensation, shareholder voting matters and governance practices. Other filings address preferred-stock valuation disclosures, operating and financial results, and the advisory framework that connects the company, Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc. and Ashford Hospitality Advisors LLC.
Ashford Hospitality Trust reported a weak first quarter of 2026 with mounting financial strain. Total revenue was $267.7 million, slightly below $277.4 million a year earlier, while net income swung to a much larger loss of $65.5 million versus $22.2 million.
Results were heavily affected by $112.6 million of impairment charges on nine hotels, partly offset by $100.0 million of gains on property sales and $7.8 million of gains on derecognition of assets. The company generated $29.5 million of operating cash flow and $197.1 million from asset sales but used $222.0 million in financing cash flows, mainly to repay debt.
Ashford ended the quarter with $79.8 million of cash and $141.2 million of restricted cash, $2.6 billion of total assets and $3.0 billion of liabilities, resulting in a stockholders’ deficit of $695.2 million. Management disclosed substantial doubt about the company’s ability to continue as a going concern, citing $1.9 billion of non‑recourse loans maturing within one year and potential advisory termination fees. Preferred dividends, including on Series D, F, G, H, I, J, K, L and M shares, have been suspended and are accruing in arrears.
Ashford Hospitality Trust, Inc. filed a Prospectus Supplement registering 11,200,000 shares of Series L Redeemable Preferred Stock and 4,800,000 shares of Series M Redeemable Preferred Stock with a stated liquidation preference of $25.00 per share. The Supplement incorporates a Form 8-K that discloses the $17 million cash sale of the 150-room Embassy Suites by Hilton Dallas Near the Galleria on May 6, 2026, pursuant to an agreement dated March 26, 2026. The Supplement updates and supplements the Prospectus dated February 7, 2025, and notes liquidity and rating risks for the Preferred Stock.
Ashford Hospitality Trust completed the sale of the 150-room Embassy Suites by Hilton Dallas Near the Galleria on May 6, 2026. The property was sold for $17 million in cash, or about $16.6 million net after selling expenses, and the company paid roughly $16.0 million to the mortgage lender.
Unaudited pro forma figures for 2025 remove this hotel from the consolidated results and include a preliminary non-recurring gain from the sale. On this basis, net loss attributable to common stockholders improves from $215.0 million to $207.5 million, and basic loss per share narrows from $35.99 to $34.73.
Ashford Hospitality Trust reported mixed first‑quarter 2026 results, combining modest operating gains with heavy leverage and continued pressure on equity and preferred holders. Comparable RevPAR rose 3.3% to $135.63 on higher rates and occupancy, and comparable Hotel EBITDA increased 5.2% to $73.2 million, indicating better hotel-level profitability.
Despite this, the company posted a net loss attributable to common stockholders of $71.1 million, or $11.03 per diluted share, driven in part by $112.6 million of impairment charges. Adjusted EBITDAre was $51.7 million, and adjusted FFO was near breakeven. Ashford ended the quarter with $79.8 million of cash and $141.2 million of restricted cash, against $2.4 billion of loans at a blended 7.9% interest rate, with 94% floating.
The company is actively shrinking and reshaping its portfolio, closing seven hotel sales for $296.5 million in gross proceeds and signing definitive agreements to sell six more hotels for $154.6 million, which also reduce anticipated capital expenditures. However, management reiterated that, given tight refinancing conditions and the need to address near‑term loan maturities, it does not anticipate resuming preferred dividends or redemptions in the near term, and common dividends remain suspended.
Ashford Hospitality Trust, Inc. files a prospectus supplement registering preferred stock and attaches an 8-K reporting a property sale. The Supplement registers 11,200,000 shares of Series L Redeemable Preferred Stock and 4,800,000 shares of Series M Redeemable Preferred Stock with a liquidation preference of $25.00 per share. The company also furnished a Form 8-K disclosing the April 7, 2026 sale of the Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard for $41 million in cash, subject to customary pro-rations and adjustments. Unaudited pro forma financial information as of and for the year ended December 31, 2025 is attached as Exhibit 99.1.
Ashford Hospitality Trust, Inc. completed the sale of the Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard on April 7, 2026 for $41 million in cash, subject to customary adjustments. Exhibited pro forma data show total consideration of approximately $40.5 million in cash, net of selling expenses, with about $40.0 million paid to the mortgage lender.
The unaudited pro forma financial statements for the year ended December 31, 2025 remove the Palm Beach hotel’s assets, liabilities and results, and include an estimated non‑recurring gain on disposition of 21,760 (in thousands). Pro forma net loss attributable to common stockholders improves from 215,004 (in thousands) historically to 191,840 (in thousands).
Ashford Hospitality Trust, Inc. is advancing its portfolio optimization strategy by selling six hotels. It has closed sales of four properties for $252.5 million in gross proceeds, or $280,000 per key, and signed definitive agreements to sell two additional hotels.
For the four closed hotels, including anticipated capital expenditures of $57.6 million, the sale price reflects a 6.0% capitalization rate on net operating income and a 14.5x Hotel EBITDA multiple for the twelve months ended December 31, 2025. Excluding that capital spend, the metrics are a 7.4% cap rate and 11.8x EBITDA.
The pending sale of Lakeway Resort & Spa and Embassy Suites Dallas Near the Galleria totals $54.8 million, or $225,000 and $113,000 per key, respectively, and is expected to close by May 2026 subject to normal conditions. Management expects the six sales to reduce portfolio leverage, improve cash flow after debt service, and avoid more than $60 million of future capital expenditures, with most proceeds used to pay down mortgage debt.
Ashford Hospitality Trust completed the sale of the 252-room Hilton Alexandria Old Town in Virginia. An indirect subsidiary sold the hotel for $58 million in cash, under a February 25, 2026 purchase agreement with Lodging Capital Partners LLC.
The company reports total consideration of approximately $57.3 million in cash, net of selling expenses$32.5 million to repay the mortgage loan secured by the property. Unaudited pro forma financial statements for the year ended December 31, 2025 remove Hilton Alexandria’s assets, liabilities, and results, and include a preliminary non-recurring loss related to the disposition.
Ashford Hospitality Trust is asking stockholders to vote at its 2026 annual meeting on May 12, 2026 on six director nominees, advisory approval of executive pay, ratification of BDO USA as auditor, and Amendment No. 6 to its 2021 Stock Incentive Plan.
At year-end 2025, the company owned 68 hotels with about 16,500 rooms. Despite industry pressure and modestly lower comparable RevPAR, comparable total revenue rose slightly, comparable Hotel EBITDA grew 2.4%, and hotel-level margins expanded by more than 40 basis points.
The company completed a $580 million refinancing on 16 hotels, using about $72 million of excess proceeds to eliminate all corporate-level debt, extended key mortgage maturities, and sold nine hotels for roughly $421 million at a 6.0% trailing cap rate, reducing over $105 million of future capital spending. Its “GRO AHT” cost and revenue program generated an estimated $40 million+ of EBITDA improvement in 2025 toward a $50 million goal.
In December 2025, the Board formed a Special Committee to evaluate strategic alternatives to address what it sees as a gap between portfolio value and the stock price. To preserve liquidity ahead of 2026 loan maturities, the company terminated Series L and M non-traded preferred offerings, suspended preferred stock redemptions, and later suspended preferred dividends.