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Ashford Hospitality Trust (AHT) sells Hyatt Savannah, trims debt with $158M deal

Filing Impact
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Form Type
8-K

Rhea-AI Filing Summary

Ashford Hospitality Trust completed the sale of the Hyatt Regency Savannah in Georgia through its subsidiaries for $158.0 million in cash, subject to customary adjustments. The 351-room hotel generated total consideration of about $157.6 million net of selling expenses and working-capital items.

The company simultaneously paid roughly $159.0 million to the mortgage lender on a loan secured by 16 hotels, including this property, reducing indebtedness. Unaudited pro forma financial statements remove Hyatt Savannah’s assets, liabilities and operating results and include a preliminary non-recurring gain on the disposition and related tax effects.

On this pro forma basis, for the year ended December 31, 2025, total revenue declines because the hotel’s income is excluded, but the gain on disposition reduces the company’s net loss and loss per share compared with historical results.

Positive

  • None.

Negative

  • None.

Insights

Hotel sale trades some revenue for debt reduction and a one-time gain.

Ashford Hospitality Trust sold the 351-room Hyatt Regency Savannah for about $157.6 million net and used roughly $159.0 million to repay a mortgage secured by 16 hotels. Pro forma statements strip out the hotel’s assets, liabilities and earnings to show the ongoing profile.

For the year ended December 31, 2025, removing Hyatt Savannah lowers total revenue but adds a preliminary non-recurring gain of $90.988 million, reducing the net loss attributable to the company from $179.839 million historical to $95.607 million pro forma. Loss per share narrows from $35.99 to $21.89.

Over the three months ended March 31, 2026, pro forma revenue and hotel expenses both decline after the disposition. The filing notes that gain and tax effects are preliminary, so subsequent filings may refine the impact as final accounting is completed.

Item 2.01 Completion of Acquisition or Disposition of Assets Financial
The company completed a significant acquisition or sale of business assets.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Gross sale price Hyatt Savannah $158.0 million cash Agreement of Purchase and Sale closing on June 30, 2026
Net consideration received $157.6 million cash Net of selling expenses and working capital for Hyatt Savannah
Mortgage repayment $159.0 million Paid to lender on loan secured by 16 hotels including Hyatt Savannah
2025 pro forma total revenue $1,064.021 million Year ended December 31, 2025 after removing Hyatt Savannah
2025 pro forma net loss attributable to company $95.607 million Year ended December 31, 2025 pro forma vs $179.839M historical
2025 pro forma loss per share $21.89 Net loss per basic and diluted share after disposition
Q1 2026 pro forma loss to common $72.527 million Three months ended March 31, 2026, attributable to common stockholders
Q1 2026 pro forma loss per share $11.26 Three months ended March 31, 2026 basic and diluted EPS
unaudited pro forma financial information financial
"The unaudited pro forma financial information of the Company, as of and for the three months ended March 31, 2026"
non-recurring gain financial
"which contains a non-recurring gain associated with the disposition of the hotel property"
redeemable noncontrolling interests in operating partnership financial
"Net (income) loss attributable to redeemable noncontrolling interests in operating partnership"
variable interest entities (VIEs) financial
"Investments in hotel properties, gross ($82,787 attributable to VIEs)"
A variable interest entity (VIE) is a business structure where one party controls another company’s operations and economic benefits through contracts rather than majority ownership, often used when direct ownership is restricted. Think of it like having power of attorney over a business: you run it and get the profits, but you don’t hold the legal title. For investors this matters because VIEs can concentrate legal and regulatory risk and may limit shareholders’ direct rights to assets, which can affect valuation and stability.
impairment charges financial
"Impairment charges | 67,648"
Impairment charges are one-time accounting write-downs taken when a company decides an asset — like a factory, brand, patent, or investment — is worth less than it was recorded for. Like marking down the price of a damaged item on a store shelf, they reduce reported profits and the asset’s book value; investors watch them because they can signal lasting business problems or change future earnings and balance-sheet strength.
Inline XBRL regulatory
"Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
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FAQ

What asset did Ashford Hospitality Trust (AHT) sell in Savannah?
Ashford Hospitality Trust sold the 351-room Hyatt Regency Savannah hotel in Savannah, Georgia. The property was owned through indirect wholly owned subsidiaries and is now fully removed from the company’s consolidated assets and operating results in the pro forma statements.

How much cash did Ashford Hospitality Trust (AHT) receive for Hyatt Savannah?
The company received approximately $157.6 million in cash net of selling expenses and working-capital items. The purchase and sale agreement specified a gross cash price of $158.0 million, subject to customary prorations and adjustments at closing on June 30, 2026.

What debt repayment is linked to the Hyatt Savannah sale by AHT?
Alongside the sale, Ashford Hospitality Trust paid about $159.0 million to the mortgage lender. This mortgage loan was secured by 16 hotels, including the Hyatt Savannah, so the transaction both disposes of the asset and reduces secured indebtedness on the balance sheet.

How does the Hyatt Savannah sale affect AHT’s 2025 pro forma net income?
For 2025, pro forma net loss attributable to the company improves from $179.839 million historical to $95.607 million. This reflects removal of the hotel’s operations plus an estimated non-recurring gain of $90.988 million from the disposition, as shown in the pro forma statements.

What happens to Ashford Hospitality Trust’s revenue after the Hyatt sale?
Pro forma 2025 total revenue decreases from $1,104.388 million to $1,064.021 million after removing Hyatt Savannah. The hotel had contributed room, food and beverage, and other revenue that no longer appears in the company’s ongoing revenue base following the transaction.

How did the Hyatt Savannah sale impact AHT’s quarterly loss per share?
For the quarter ended March 31, 2026, pro forma net loss attributable to common stockholders is $72.527 million, or $11.26 per basic and diluted share. Historically it was $71.086 million, or $11.03 per share, showing a slightly larger quarterly loss per share once the hotel is excluded.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): June 30, 2026

ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)

Maryland001-3177586-1062192
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS employer identification number)
14185 Dallas Parkway, Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockAHTNew York Stock Exchange
Preferred Stock, Series DAHT-PDNew York Stock Exchange
Preferred Stock, Series FAHT-PFNew York Stock Exchange
Preferred Stock, Series GAHT-PGNew York Stock Exchange
Preferred Stock, Series HAHT-PHNew York Stock Exchange
Preferred Stock, Series IAHT-PINew York Stock Exchange
Preferred Stock Repurchase RightsNew York Stock Exchange


ITEM 2.01    COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

On June 30, 2026, HH Savannah LLC and HHC TRS Savannah LLC, indirect wholly owned subsidiaries of Ashford Hospitality Trust, Inc. (the “Company”), completed the sale of the Hyatt Regency Savannah located in Savannah, Georgia pursuant to an Agreement of Purchase and Sale, dated as of May 15, 2026, by and between HH Savannah LLC and HHC TRS Savannah LLC, as seller, and C&C Bay Hotel Owner, LLC, as purchaser, for $158.0 million in cash, subject to customary pro-rations and adjustments.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(b)    The unaudited pro forma financial information for the Company as of and for the three months ended March 31, 2026 and for the year ended December 31, 2025, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d)    Exhibits

Exhibit Number        Description

99.1    Unaudited Pro Forma Financial Information of Ashford Hospitality Trust, Inc.
101    Inline Interactive Data Files.
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



ASHFORD HOSPITALITY TRUST, INC.
Dated: July 6, 2026By:/s/ Justin Coe
Justin Coe
Chief Accounting Officer


EXHIBIT 99.1
On June 30, 2026, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) completed the sale of the 351-room Hyatt Regency Savannah located in Savannah, Georgia (“Hyatt Savannah”) for total consideration of approximately $157.6 million in cash, net of selling expenses. Additionally, the Company paid approximately $159.0 million to the mortgage lender. The mortgage loan is secured by 16 hotels including the Hyatt Savannah.
The following unaudited pro forma financial information of the Company, as of and for the three months ended March 31, 2026, and for the year ended December 31, 2025, has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on March 31, 2026. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2025, and the three months ended March 31, 2026, assumes the disposition closed on January 1, 2025. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of the Hyatt Savannah and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain and the related tax effects resulting from the disposition of the Hyatt Savannah are preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
March 31, 2026
(in thousands, except share and per share amounts) 
Ashford Trust Consolidated
Historical (A)		Hyatt Savannah (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
ASSETS
Investments in hotel properties, gross ($82,787 attributable to VIEs)$2,617,922 $88,993 $— $2,528,929 
Accumulated depreciation ($(6,594) attributable to VIEs)(810,924)(23,205)— (787,719)
Investments in hotel properties, net ($76,193 attributable to VIEs)1,806,998 65,788 — 1,741,210 
Contract asset335,979 — — 335,979 
Cash and cash equivalents ($1,011 attributable to VIEs)78,042 7,051 157,567 (C) (i)79,781 
10,197 (C) (i)
(158,974)(C) (ii)
Restricted cash ($4,203 attributable to VIEs)141,203 5,716 — 135,487 
Accounts receivable ($170 attributable to VIEs), net of allowance of $43543,426 1,960 — 41,466 
Inventories ($34 attributable to VIEs)3,106 117 — 2,989 
Notes receivable, net12,486 — — 12,486 
Investments in unconsolidated entities7,063 — — 7,063 
Deferred costs, net ($79 attributable to VIEs)1,210 — — 1,210 
Derivative assets1,212 — — 1,212 
Operating lease right-of-use assets41,035 105 — 40,930 
Prepaid expenses and other assets ($153 attributable to VIEs)53,235 1,264 — 51,971 
Due from third-party hotel managers24,535 — — 24,535 
Assets held for sale55,779 — — 55,779 
Total assets$2,605,309 $82,001 $8,790 $2,532,098 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($15,910 attributable to VIEs)$2,287,163 $62,259 $(96,715)(C) (ii)$2,128,189 
Debt associated with hotels in receivership252,000 — — 252,000 
Finance lease liability17,417 — — 17,417 
Accounts payable and accrued expenses ($15,427 attributable to VIEs)140,837 4,292 — 136,545 
Accrued interest payable ($151 attributable to VIEs)31,787 312 — 31,475 
Accrued interest associated with hotels in receivership83,979 — — 83,979 
Dividends and distributions payable4,247 — — 4,247 
Due to Ashford Inc., net65,638 172 — 65,466 
Due to related parties, net ($3,517 attributable to VIEs)12,319 — — 12,319 
Due to third-party hotel managers1,306 338 — 968 
Operating lease liabilities44,042 111 — 43,931 
Other liabilities ($28,919 attributable to VIEs)36,695 — — 

36,695 
Liabilities related to assets held for sale66,613 — — 66,613 
Total liabilities3,044,043 67,484 (96,715)2,879,844 
Commitments and contingencies
Redeemable noncontrolling interests in operating partnership19,945 — — 19,945 
Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 shares issued and outstanding at March 31, 2026183,655 — — 183,655 
Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 202618,591 — — 18,591 
Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 20265,547 — — 5,547 
Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 202613,831 — — 13,831 
Equity (deficit):
Preferred stock, $0.01 par value, 55,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at March 31, 202611 — — 11 
Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 202610 — — 10 
Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 202615 — — 15 
Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 202610 — — 10 
Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 202611 — — 11 
Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 shares issued and outstanding at March 31, 202665 — — 65 
Additional paid-in capital2,402,044 14,517 66,579 (C) (i)2,402,044 
10,197 (C) (i)
(62,259)(C) (ii)
Accumulated deficit(3,097,325)— 90,988 (C) (i)(3,006,337)
Total stockholders’ equity (deficit) of the Company(695,159)14,517 105,505 (604,171)
Noncontrolling interest in consolidated entities14,856 — — 14,856 
Total equity (deficit)(680,303)14,517 105,505 (589,315)
Total liabilities and equity/deficit$2,605,309 $82,001 $8,790 $2,532,098 
See accompanying notes.
2

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(A)Represents the historical consolidated balance sheet of Ashford Trust as of March 31, 2026, as reported in its Quarterly Report on Form 10-Q, filed on May 14, 2026.
(B)Represents the removal of the historical balance sheet of the Hyatt Savannah as of March 31, 2026.
(C)Represents adjustments for Ashford Trust’s disposition of the Hyatt Savannah as of March 31, 2026, which includes: (i) an adjustment for the cash consideration received of approximately $157.6 million, net of selling expenses and cash received for hotel net working capital and (ii) the cash paid to repay the mortgage loan partially secured by the Hyatt Savannah.
3

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2025
(in thousands, except per share amounts)
Ashford Trust Consolidated
Historical (A)		Hyatt Savannah (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$825,623 $23,773 $— $801,850 
Food and beverage207,588 12,062 — 195,526 
Other hotel revenue69,643 4,532 — 65,111 
Total hotel revenue1,102,854 40,367 — 1,062,487 
Other1,534 — — 1,534 
Total revenue1,104,388 40,367 — 1,064,021 
EXPENSES
Hotel operating expenses:
Rooms198,106 5,502 — 192,604 
Food and beverage139,828 7,075 — 132,753 
Other expenses392,070 9,549 — 382,521 
Management fees38,264 1,615 — 36,649 
Total hotel expenses768,268 23,741 — 744,527 
Property taxes, insurance and other59,793 2,242 — 57,551 
Depreciation and amortization141,295 2,945 — 138,350 
Impairment charges67,648 — — 67,648 
Advisory services fee49,039 — — 49,039 
Corporate, general and administrative20,783 — — 20,783 
Total operating expenses1,106,826 28,928 — 1,077,898 
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties
79,799 — 90,988 (C) (i)170,787 
Gain (loss) on derecognition of assets39,054 — — 39,054 
OPERATING INCOME (LOSS)116,415 11,439 90,988 195,964 
Equity in earnings (loss) of unconsolidated entities(325)— — (325)
Interest income4,739 — — 4,739 
Interest expense and amortization of discounts and loan costs(256,229)(5,751)— (250,478)
Interest expense associated with hotels in receivership(39,038)— — (39,038)
Write-off of premiums, loan costs and exit fees(8,853)(154)— (8,699)
Gain (loss) on extinguishment of debt335 — — 335 
Realized and unrealized gain (loss) on derivatives(5,346)— — (5,346)
INCOME (LOSS) BEFORE INCOME TAXES(188,302)5,534 90,988 (102,848)
Income tax (expense) benefit143 — — 143 
NET INCOME (LOSS)(188,159)5,534 90,988 (102,705)
(Income) loss attributable to noncontrolling interest in consolidated entities5,058 — — 5,058 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership3,262 — (1,222)(C) (iii)2,040 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(179,839)5,534 89,766 (95,607)
Preferred dividends(28,216)— — (28,216)
Deemed dividends on redeemable preferred stock(6,949)— — (6,949)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(215,004)$5,534 $89,766 $(130,772)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$(35.99)$(21.89)
Weighted average common shares outstanding—basic5,974 5,974 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$(35.99)$(21.89)
Weighted average common shares outstanding—diluted5,974 5,974 
See accompanying notes.
4

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended March 31, 2026
(in thousands, except per share amounts)
Ashford Trust Consolidated
Historical (A)		Hyatt Savannah (B)AdjustmentsAshford Trust
Consolidated
Pro Forma
REVENUE
Rooms$200,025 $5,867 $— $194,158 
Food and beverage51,570 2,969 — 48,601 
Other hotel revenue15,983 1,168 — 14,815 
Total hotel revenue267,578 10,004 — 257,574 
Other154 — — 154 
Total revenue267,732 10,004 — 257,728 
EXPENSES
Hotel operating expenses:
Rooms46,190 1,326 — 44,864 
Food and beverage34,383 1,789 — 32,594 
Other expenses91,273 2,453 — 88,820 
Management fees9,284 400 — 8,884 
Total hotel expenses181,130 5,968 — 175,162 
Property taxes, insurance and other14,894 570 — 14,324 
Depreciation and amortization32,006 699 — 31,307 
Impairment charges112,649 — — 112,649 
Advisory services fee20,023 — — 20,023 
Corporate, general and administrative1,602 — — 1,602 
Total operating expenses362,304 7,237 — 355,067 
Gain (loss) on disposition of assets and hotel properties100,030 — — 100,030 
Gain (loss) on derecognition of assets7,790 — — 7,790 
OPERATING INCOME (LOSS)13,248 2,767 — 10,481 
Equity in earnings (loss) of unconsolidated entities(202)— — (202)
Interest income922 — — 922 
Other income (expense)3,223 — — 3,223 
Interest expense and amortization of discounts and loan costs(73,554)(1,153)— (72,401)
Interest expense associated with hotels in receivership(7,820)— — (7,820)
Write-off of premiums, loan costs and exit fees(1,254)(36)— (1,218)
Gain (loss) on extinguishment of debt(25)— — (25)
Realized and unrealized gain (loss) on derivatives757 — — 757 
INCOME (LOSS) BEFORE INCOME TAXES(64,705)1,578 — (66,283)
Income tax (expense) benefit(752)— 116 (C) (ii)(636)
NET INCOME (LOSS)(65,457)1,578 116 (66,919)
(Income) loss attributable to noncontrolling interest in consolidated entities655 — — 655 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,030 — 21 (C) (iii)1,051 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(63,772)1,578 137 (65,213)
Preferred dividends(2,714)— — (2,714)
Deemed dividends on redeemable preferred stock(4,600)— — (4,600)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(71,086)$1,578 $137 $(72,527)
INCOME (LOSS) PER SHARE - BASIC:
Income (loss) attributable to common stockholders$(11.03)$(11.26)
Weighted average common shares outstanding—basic6,442 6,442 
INCOME (LOSS) PER SHARE - DILUTED:
Income (loss) attributable to common stockholders$(11.03)$(11.26)
Weighted average common shares outstanding—diluted6,442 6,442 
See accompanying notes.
5

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2025, as reported in its Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 23, 2026 and the historical consolidated statement of operations of Ashford Trust for the three months ended March 31, 2026, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed on May 14, 2026.
(B)Represents the removal of the historical consolidated statements of operations of the Hyatt Savannah for the year ended December 31, 2025 and the three months ended March 31, 2026.
(C)Represents adjustments for the Company’s sale of the Hyatt Savannah, which includes: (i) the estimated non-recurring gain on the disposition of the Hyatt Savannah for the year ended December 31, 2025; (ii) an adjustment for the estimated tax effect of the hotel no longer being part of the consolidated group for the three months ended March 31, 2026; and (iii) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of the Hyatt Savannah, including the estimated non-recurring gain for the year ended December 31, 2025, based on an ownership percentage of 1.43% for the year ended December 31, 2025 and 1.43% for the three months ended March 31, 2026. There was no material estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2025. The pro forma gain resulting from the disposition of the Hyatt Savannah is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.
6

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