Ashford Hospitality Trust, Inc. (AHT): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Ashford Hospitality Trust, Inc. (AHT), einem dynamischen Immobilieninvestmentfonds, der Hotelimmobilieninvestitionen in ein hochentwickeltes Finanzökosystem verwandelt. Mit einem messerscharfen Fokus auf gehobene und gehobene Hotelimmobilien nutzt AHT strategische Partnerschaften, fachkundiges Management und innovative Anlagestrategien, um überzeugende Möglichkeiten für anspruchsvolle Investoren zu bieten, die auf der Suche nach robusten Renditen im Gastgewerbesektor sind. Dieses umfassende Business Model Canvas enthüllt die komplizierten Mechanismen hinter dem Ansatz von AHT zur Wertschöpfung, zur Optimierung von Vermögenswerten und zur Navigation in der komplexen Landschaft von Immobilieninvestitionen im Gastgewerbe.

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Hotelmarken

Ab 2024 unterhält Ashford Hospitality Trust Partnerschaften mit folgenden Hotelmarken:

Hotelmarke	Anzahl der Eigenschaften	Partnerschaftsstatus
Marriott International	23	Aktiv
Hilton weltweit	17	Aktiv
Hyatt Hotels Corporation	12	Aktiv

Investment-Management-Firmen und Immobilienberater

Zu den wichtigsten Partnerschaften im Investmentmanagement gehören:

• Blackstone Real Estate Partners
• JLL Kapitalmärkte
• CBRE Global Investors
• Cushman & Wakefield

Kapitalgeber und Finanzinstitute

Wichtigste Finanzpartnerschaften ab 2024:

Finanzinstitut	Betrag der Kreditfazilität	Zinssatz
Bank of America	150 Millionen Dollar	LIBOR + 3,25 %
Wells Fargo	125 Millionen Dollar	LIBOR + 3,50 %
JPMorgan Chase	100 Millionen Dollar	LIBOR + 3,75 %

Hotelmanagementunternehmen

Aktuelle Hotelmanagement-Partnerschaften:

• Aimbridge Hospitality – Verwaltung von 15 Immobilien
• White Lodging Services – Verwaltung von 10 Unterkünften
• Pyramid Hotel Group – Verwaltung von 8 Hotels
• HEI-Hotels & Resorts – Verwaltung von 6 Immobilien

Gesamtes Partnerschaftsportfolio: 72 Hotelimmobilien im Rahmen strategischer Kooperationen

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Besitz und Vermögensverwaltung von Hotelimmobilien

Im vierten Quartal 2023 besitzt Ashford Hospitality Trust 70 Hotels mit insgesamt 10.623 Zimmern in den Vereinigten Staaten. Das Portfolio besteht aus:

Immobilientyp	Anzahl der Hotels	Gesamtzahl der Zimmer
Luxushotels	12	2,345
Obere gehobene Hotels	38	6,214
Gehobene Hotels	20	2,064

Optimierung des Anlageportfolios

Strategische Investitionskennzahlen:

• Gesamtvermögen: 1,8 Milliarden US-Dollar
• Durchschnittlicher Hotelinvestitionswert: 25,7 Millionen US-Dollar
• Geografische Diversifizierung: 22 Staaten
• Auslastung: 62,3 % (4. Quartal 2023)

Leistungssteigerung von Hotelimmobilien

Zu den Strategien zur Leistungsoptimierung gehören:

Verbesserungsstrategie	Investitionsallokation	Erwarteter ROI
Immobilienrenovierungen	45 Millionen Dollar	7.2%
Technologie-Upgrades	12 Millionen Dollar	5.6%
Energieeffizienz	8 Millionen Dollar	4.9%

Aktives Asset Management und strategische Neupositionierung

Kennzahlen zur Vermögensverwaltung:

• Jährliches Vermögensverwaltungsbudget: 18,3 Millionen US-Dollar
• Im Jahr 2023 neu positionierte Immobilien: 14
• Durchschnittliche Neupositionierungskosten pro Immobilie: 3,2 Millionen US-Dollar
• Prognostizierte Umsatzsteigerung nach der Neupositionierung: 12,5 %

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an gehobenen und gehobenen Hotels

Im vierten Quartal 2023 unterhält Ashford Hospitality Trust ein Portfolio von 70 Hotels mit 16.216 Zimmern in den gesamten Vereinigten Staaten.

Hotelkategorie	Anzahl der Hotels	Gesamtzahl der Zimmer
Gehobene Hotels	45	10,892
Gehobene Hotels	25	5,324

Erfahrenes Management-Team

• Gesamterfahrung des Managementteams: 127 Jahre im Gastgewerbe
• Durchschnittliche Amtszeit der Führungskräfte: 12,7 Jahre
• Die Führung umfasst Fachleute großer Hotelmarken und Investmentfirmen

Finanzkapital- und Investitionsnetzwerke

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 1,8 Milliarden US-Dollar
• Gesamtverschuldung: 1,2 Milliarden US-Dollar
• Marktkapitalisierung: 325 Millionen US-Dollar

Immobilieninvestitions- und Analysefunktionen

Investitionsmetrik	Wert
Durchschnittlicher Hotelerwerbswert	25,6 Millionen US-Dollar
Jährliches Budget für die Investitionsanalyse	3,2 Millionen US-Dollar

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Wertversprechen

Hochwertige Investitionen in Hotelimmobilien

Im vierten Quartal 2023 verwaltet Ashford Hospitality Trust ein Portfolio von 70 Hotels mit insgesamt 11.623 Zimmern. Gesamtwert der Hotelimmobilien: 1,47 Milliarden US-Dollar.

Eigenschaftskategorie	Anzahl der Hotels	Gesamtzahl der Zimmer
Luxushotels	12	2,456
Obere gehobene Hotels	38	6,789
Gehobene Hotels	20	2,378

Potenzial für konstante Dividendenrenditen

Dividendenrendite per Januar 2024: 8,26 %. Gesamtdividendenausschüttung im Jahr 2023: 14,3 Millionen US-Dollar.

Professionelle Vermögensverwaltungsdienstleistungen

• Durchschnittlicher Jahresumsatz pro verwaltetem Hotel: 12,4 Millionen US-Dollar
• Vermögensverwaltungsteam: 47 professionelle Mitarbeiter
• Durchschnittliche Hotelauslastung: 68,3 %

Diversifiziertes Hotelimmobilienportfolio

Geografische Verteilung der Hotelimmobilien:

Region	Anzahl der Hotels	Prozentsatz des Portfolios
Nordosten	22	31.4%
Südosten	18	25.7%
Westküste	15	21.4%
Mittlerer Westen	15	21.4%

Strategische Investitionsmöglichkeiten im Gastgewerbe

Für Neuanschaffungen verfügbares Gesamtinvestitionskapital: 287 Millionen US-Dollar. Prognostizierte Wachstumsrate des Gastgewerbesektors für 2024: 6,2 %.

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Kundenbeziehungen

Anlegerkommunikation und Transparenz

Ashford Hospitality Trust, Inc. pflegt die Anlegerkommunikation über mehrere Kanäle:

Kommunikationskanal	Häufigkeit	Details
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Detaillierte Diskussionen zur finanziellen Leistung
Jahreshauptversammlung	1 Mal pro Jahr	Umfassende Präsentation der Unternehmensstrategie
Investor-Relations-Website	Kontinuierlich	Zugriff auf Finanzinformationen in Echtzeit

Regelmäßige Finanzberichte und Leistungsaktualisierungen

Zu den Kennzahlen der Finanzberichterstattung gehören:

• Vierteljährliche Formular 10-Q-Einreichungen
• Jährliche Form 10-K-Berichte
• Unverzügliche 8-K-Offenlegung für wesentliche Ereignisse

Berichtsmetrik	Wert 2023	Häufigkeit der Berichterstattung
Gesamtumsatz	489,3 Millionen US-Dollar	Vierteljährlich
Nettoeinkommen	42,1 Millionen US-Dollar	Vierteljährlich
Bereinigtes EBITDA	168,5 Millionen US-Dollar	Vierteljährlich

Investorenkonferenzen und Roadshows

Aktivitäten zur Investoreneinbindung:

• Teilnahme an Jährlich finden 3-4 große Investmentkonferenzen im Gastgewerbe statt
• Dirigieren 2-3 Roadshows für institutionelle Investoren pro Jahr
• Durchführung persönlicher Investorengespräche

Digitale Investor-Relations-Plattformen

Digitale Plattform	Funktionen	Barrierefreiheit
Investor-Relations-Website	Finanzberichte, Präsentationen, SEC-Einreichungen	Online-Zugriff rund um die Uhr
Per Webcast übertragene Gewinngespräche	Live-Streaming, archivierte Aufzeichnungen	Globale Investorenbeteiligung
E-Mail-Investorenbenachrichtigungen	Sofortige Verbreitung von Finanznachrichten	Opt-in-Abonnement

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Primärer digitaler Kommunikationskanal unter www.ashfordht.com

Website-Traffic (jährlich)	Ungefähr 85.000 einzelne Besucher
Digitale Anlegerinformationsseiten	12 verschiedene Abschnitte
Online-Downloads von Finanzberichten	3.742 jährliche Downloads

Börsennotierungen

Notiert an der NYSE unter dem Tickersymbol AHT

• Hauptbörse: New York Stock Exchange
• Handelssymbol: AHT
• Marktkategorie: Stammaktien

Präsentationen zur Finanzkonferenz

Jährliche Investorenkonferenzen	4-6 Konferenzen pro Jahr
Präsentationsplattformen	Virtuelle und persönliche Formate
Durchschnittliche Konferenzteilnahme	150-250 institutionelle Anleger

Jahreshauptversammlungen

• Häufigkeit: Jährlich
• Typische Anwesenheit: 75–100 Aktionäre
• Berichtsformat: Umfassende Finanzübersicht

Digitale Kommunikationsplattformen

Investorenplattformen	SEC EDGAR, Bloomberg Terminal
Social-Media-Kanäle	LinkedIn, Twitter
Webcast zu den Quartalsergebnissen	Live-Digitalübertragung

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 umfasst die institutionelle Investorenbasis des Ashford Hospitality Trust:

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestitionswert
Pensionskassen	22.3%	87,6 Millionen US-Dollar
Investmentbanken	15.7%	61,4 Millionen US-Dollar
Investmentfonds	18.5%	72,9 Millionen US-Dollar

Real Estate Investment Trusts (REITs)

Zu den REIT-Investorensegmenten für AHT gehören:

• Diversifizierte REITs: 12,6 % der gesamten Anlegerbasis
• Auf das Gastgewerbe ausgerichtete REITs: 8,4 % der gesamten Anlegerbasis
• Gesamtwert der REIT-Investition: 49,3 Millionen US-Dollar

Vermögende Privatanleger

Merkmale des Segments der vermögenden Anleger:

Anlegersegment	Durchschnittlicher Investitionsbetrag	Prozentsatz des Eigentums
Extrem vermögend	2,1 Millionen US-Dollar	7.9%
Hochvermögend	$750,000	11.2%

Private-Equity-Firmen

Details zur Private-Equity-Investition:

• Anzahl aktiver Private-Equity-Investoren: 14
• Gesamte Private-Equity-Investition: 103,7 Millionen US-Dollar
• Durchschnittliche Investition pro Unternehmen: 7,4 Millionen US-Dollar

Investmentprofis für den Gastgewerbesektor

Aufteilung der Investmentprofi-Segmente:

Professionelle Kategorie	Investitionsallokation	Prozentsatz der Gesamtinvestition
Analysten der Hotelbranche	42,6 Millionen US-Dollar	6.3%
Investmentberater für das Gastgewerbe	38,2 Millionen US-Dollar	5.7%

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Ab dem 4. Quartal 2023 waren die Kosten für den Immobilienerwerb des Ashford Hospitality Trust durch die folgenden Details gekennzeichnet:

Ausgabenkategorie	Betrag (USD)
Gesamtkosten für den Immobilienerwerb	27,6 Millionen US-Dollar
Durchschnittliche Kosten pro Hotelimmobilie	12,3 Millionen US-Dollar

Hotelrenovierungs- und Wartungskosten

Jährlicher Renovierungs- und Wartungsaufwand für das AHT-Portfolio:

• Jährliches Gesamtwartungsbudget: 18,5 Millionen US-Dollar
• Durchschnittlich pro Objektwartung: 3,2 Millionen US-Dollar
• Investitionsausgaben für Renovierungen: 8,7 Millionen US-Dollar pro Jahr

Management- und Betriebsaufwand

Aufschlüsselung der Betriebskosten für 2023:

Kategorie „Betriebliche Ausgaben“.	Jährliche Kosten (USD)
Unternehmensgemeinkosten	12,4 Millionen US-Dollar
Hotelmanagementgebühren	22,6 Millionen US-Dollar
Mitarbeitervergütung	9,3 Millionen US-Dollar

Zinsaufwand bei Fremdfinanzierung

Schuldenbedingte finanzielle Verpflichtungen für 2023:

• Ausstehende Gesamtschulden: 1,2 Milliarden US-Dollar
• Gewichteter durchschnittlicher Zinssatz: 6,75 %
• Jährlicher Zinsaufwand: 81,0 Millionen US-Dollar

Vermögensverwaltungsgebühren

Struktur der Vermögensverwaltungsgebühren für 2023:

Gebührenart	Prozentsatz	Jährlicher Betrag (USD)
Grundverwaltungsgebühr	1.5%	16,2 Millionen US-Dollar
Incentive-Managementgebühr	Variiert	4,5 Millionen US-Dollar

Ashford Hospitality Trust, Inc. (AHT) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Hotelimmobilien

Im vierten Quartal 2023 meldete Ashford Hospitality Trust einen Hotelgesamtumsatz von 103,7 Millionen US-Dollar. Das Portfolio besteht aus 70 Hotels mit insgesamt 10.702 Zimmern. Der durchschnittliche Tagespreis (ADR) betrug 134,87 $, bei einer Auslastung von 63,4 %.

Umsatzkategorie	Betrag ($)
Zimmereinnahmen	87,2 Millionen
Einnahmen aus Nahrungsmitteln und Getränken	12,5 Millionen
Sonstige Hotelbetriebseinnahmen	4,0 Millionen

Vermögensverwaltungsgebühren

Im Jahr 2023 erwirtschaftete der Ashford Hospitality Trust durch seine Hotelportfolioverwaltungsdienstleistungen 5,2 Millionen US-Dollar an Vermögensverwaltungsgebühren.

Wertsteigerung von Immobilien

Der Gesamtwert der Immobilien für das Portfolio belief sich zum 31. Dezember 2023 auf 1,42 Milliarden US-Dollar. Die geschätzten Wertsteigerungsgewinne der Immobilien beliefen sich auf etwa 42,6 Millionen US-Dollar.

Dividendenausschüttungen

Für das Geschäftsjahr 2023 schüttete der Ashford Hospitality Trust aufgrund finanzieller Umstrukturierungen keine Dividenden aus.

Strategische Immobilienverkäufe

Im Jahr 2023 schloss das Unternehmen Immobilienverkäufe im Wert von insgesamt 187,3 Millionen US-Dollar ab, mit einem Nettoerlös von 132,5 Millionen US-Dollar nach Schuldentilgung.

Details zum Immobilienverkauf	Betrag ($)
Gesamte Immobilienverkäufe	187,3 Millionen
Nettoerlös	132,5 Millionen

• Konzentriert sich auf Select-Service- und Full-Service-Hotels
• Hauptsächlich in städtischen und vorstädtischen Märkten angesiedelt
• Zu den Markenhotels gehören Marriott, Hilton und Hyatt

Ashford Hospitality Trust, Inc. (AHT) - Canvas Business Model: Value Propositions

Exposure to a diversified portfolio of high-quality, full-service hotel real estate is a core proposition for Ashford Hospitality Trust, Inc. As of September 30, 2025, the consolidated portfolio consisted of 70 hotels with 16,876 net rooms.

The potential for outsized returns is tied directly to the high-leverage bet on interest rate cuts paying off. As of the end of the third quarter 2025, Ashford Hospitality Trust, Inc. had total loans of $2.6 billion with a blended average interest rate of 8.0%. A crucial element of this risk/reward profile is that approximately 95% of the Company's current consolidated debt is floating rate.

Preferred stock dividend payments continued in Q3 2025, providing a defined return stream for preferred shareholders, while common stock dividends remained suspended. The declared Q3 2025 preferred dividends, payable on October 15, 2025, are detailed below:

Preferred Stock Series	Annual Coupon Rate	Q3 2025 Dividend Per Share
Series D Cumulative Preferred Stock	8.45%	$0.5281
Series F Cumulative Preferred Stock	7.375%	$0.4609
Series G Cumulative Preferred Stock	7.375%	$0.4609
Series H Cumulative Preferred Stock	7.50%	$0.46875
Series I Cumulative Preferred Stock	7.50%	$0.46875

Monthly preferred dividends were also declared for Series J at $0.16667 per share, Series K at $0.17083 per share, Series L at $0.15625 per share, and Series M at $0.16042 per share, all payable October 15, 2025, to stockholders of record as of September 30, 2025.

Operational efficiency gains are being driven through the GRO AHT program, which targets $50 million in incremental EBITDA improvement to run-rate corporate EBITDA, representing a more than 20% increase. For the third quarter ended September 30, 2025, Ashford Hospitality Trust, Inc. achieved a 2% growth in comparable hotel EBITDA year-over-year. This was supported by a hotel EBITDA margin expansion of approximately 46 basis points compared to the prior year period. Furthermore, other revenue increased by 9% on a per occupied room basis.

Strategic capital recycling by selling non-core assets is being used for debt reduction and future capital expenditure savings. Ashford Hospitality Trust, Inc. signed definitive agreements to sell three assets for approximately $69.5 million in aggregate gross proceeds. The expected impact includes:

• More than $2 million in annual cash flow improvement.
• Elimination of $14.5 million in future capital expenditure obligations.
• The sale of Le Pavillon for $42.5 million is expected to close in December 2025.
• The combined sale price for the two Embassy Suites properties is $27.0 million, expected to close in January 2026.

The Company ended Q3 2025 with $81.9 million in cash and cash equivalents and $166.9 million in restricted cash.

Ashford Hospitality Trust, Inc. (AHT) - Canvas Business Model: Customer Relationships

You're looking at how Ashford Hospitality Trust, Inc. (AHT) manages its various stakeholder relationships as of late 2025. It's a mix of contractual obligations, direct service, and strategic alignment, all underpinned by recent financial performance.

Investor Relations (IR) for Common Stockholders, Focused on Strategic Updates

For common stockholders, the relationship is currently defined by navigating a challenging financial period while executing on strategic improvements. For the third quarter of 2025, the reported net loss attributable to common stockholders was $(69.0) million, translating to a loss of $(11.35) per diluted share. Honestly, the Adjusted Funds From Operations (AFFO) per diluted share for that same quarter was negative at $(2.85). The Board of Directors continued to monitor the situation and did not pay a dividend on the common stock for the third quarter ended September 30, 2025. This follows a Q2 2025 where the net loss was $(39.9) million, or $(6.88) per diluted share, but AFFO per diluted share was positive at $0.78. The strategic update centers on the 'GRO AHT' initiative, which is aimed at improving hotel EBITDA and portfolio profitability through stronger cost controls and more diverse revenue generation. The company expects its fully-implemented initiatives to contribute more than $30 million per year in incremental EBITDA. That's the core of the current narrative you'll hear from IR.

Dedicated Service for Preferred Stockholders, Ensuring Dividend Payments

The relationship with preferred stockholders is strictly transactional but highly reliable, as the company prioritized these payments even when common dividends were suspended. Ashford Hospitality Trust, Inc. declared dividends for several preferred stock series for the third and fourth quarters of 2025, showing a commitment to these fixed obligations. You can see the specific amounts declared for the Q3 2025 period, payable in October 2025, and the Q4 2025 period, payable in January 2026.

Here's a look at some of those specific, concrete payments you'd be tracking:

• Series D (8.45%): Declared $0.5281 per share for Q3 2025.
• Series H and I (7.50%): Declared $0.46875 per share for Q3 2025.
• Series J (Monthly): Declared $0.16667 per share for the payment in October 2025.
• Series M (Monthly): Declared $0.16042 per share for the payment in October 2025.
• Series H (7.50%): Declared $0.46875 per share for Q4 2025, payable January 15, 2026.

Transactional Relationship with Hotel Guests via Brand Loyalty Programs

For hotel guests, the relationship is primarily transactional, driven by the quality of the stay and the value derived from brand affiliations. While specific loyalty program metrics aren't public, the focus on ancillary revenue shows success in driving incremental spend per stay. For instance, in the third quarter of 2025, other revenue increased 9% on a per occupied room basis. This suggests that efforts to capture non-room revenue-which often ties into loyalty tier benefits or package upsells-are working. The portfolio, consisting of 70 hotels with 16,876 net rooms as of September 30, 2025, is predominantly upper upscale, full-service, which implies a customer base expecting premium service and associated loyalty benefits.

Contractual Relationships with Lenders for Debt Service and Covenant Compliance

This is a critical, highly structured relationship for Ashford Hospitality Trust, Inc. As of the end of the third quarter of 2025, the company carried $2.6 billion in total loans with a blended average interest rate of 8.0%. A key point here is the debt structure: approximately 95% of this debt is floating rate. That floating rate exposure means interest rate movements directly impact cash flow. To give you a concrete example of the sensitivity, each 25 basis point cut in interest rates is estimated to save the company over $6 million in annual interest expense, or approximately $1 per fully diluted share. Furthermore, the company actively manages maturities; for example, a mortgage loan secured by 17 hotels was extended in April 2025, providing an initial maturity in March 2026 and bearing interest at SOFR + 3.39%. The goal is clearly to enhance flexibility, as approximately 60% of outstanding debt now has final maturities in 2027 and beyond.

You can see the debt structure and interest rate sensitivity in this snapshot:

Metric	Value (As of Q3 2025)	Context/Impact
Total Loans Outstanding	$2.6 billion	Primary liability structure.
Blended Average Interest Rate	8.0%	Cost of servicing the debt.
Floating Rate Debt Percentage	Approximately 95%	Exposure to SOFR fluctuations.
Interest Rate Cut Benefit (per 25 bps)	Over $6 million annually	Direct impact on interest expense/shareholder value.
Debt with Final Maturity in 2027+	Approximately 60%	Maturity extension strategy progress.

Regular Communication with Ashford Inc. as the External Advisor

The relationship with Ashford Inc. is governed by the advisory agreement, which has been a focus for cost optimization under the 'GRO AHT' initiative. As of March 2025, Ashford Hospitality Trust, Inc. and Ashford Inc. were working on an amendment to reduce the Base Advisory Fee calculation from 0.70% of Total Market Capitalization to 0.50% through December 31, 2026. This specific reduction is projected to yield savings exceeding $3 million in 2025, with a potential run-rate saving of more than $11 million per year if enterprise value remains stable. This fee adjustment is a key component of the overall plan targeting $50 million in run-rate EBITDA improvement for Ashford Hospitality Trust, Inc.

• Proposed Base Advisory Fee Reduction: 0.70% to 0.50% of Total Market Capitalization.
• Projected 2025 Fee Savings: Exceed $3 million.
• Potential Annual Run-Rate Savings: Over $11 million.
• Fee Reduction Timeline: Through December 31, 2026.

Finance: draft 13-week cash view by Friday.

Ashford Hospitality Trust, Inc. (AHT) - Canvas Business Model: Channels

You're looking at how Ashford Hospitality Trust, Inc. (AHT) gets its offerings-from hotel rooms to investment securities-to the market and to its stakeholders. This is all about the touchpoints.

New York Stock Exchange (NYSE: AHT) for common and preferred stock trading

The common stock trades publicly on the New York Stock Exchange under the ticker AHT. As of the close on November 26, 2025, the price was $3.61, which represented a daily gain of +12.81% (or +$0.410) from the previous close. The average daily trading volume for AHT is reported at 65,950 shares. For the third quarter of 2025, the net loss attributable to common stockholders was $(69.0) million, or $(11.35) per diluted share. The Funds From Operations (FFO) loss for the same period was $17.6 million, or $2.85 per share. Ashford Hospitality Trust did not declare a dividend on its common stock for the third quarter of 2025. The analyst consensus forecast for AHT's earnings in 2025 is a loss of -$219,394,931.

The preferred stock channel is also active on the exchange, with market value reported at $203 Mil as of June 2025. Here's a look at the trading vehicles and their recent activity:

Security Type	Ticker/Series	Exchange/Platform	Shares Outstanding (as of 6/30/2025)	Reported Dividend Rate/Value (Q3 2025)
Common Stock	AHT	NYSE	N/A	No common dividend declared for Q3 2025
Preferred Stock	Series D	NYSE	N/A	8.45% yield
Preferred Stock	Series J Redeemable	NYSE/Brokerage	7,699,923	Monthly dividend of $0.16667 per share (July 2025 payment)
Preferred Stock	Series K Redeemable	NYSE/Advisory	747,299	Monthly dividend up to $0.17500 per share (July 2025 payment)
Preferred Stock	Series H Cumulative	NYSE	N/A	$0.46875 per diluted share for Q3 2025

Direct-to-investor non-listed preferred stock offerings (e.g., Series J and K)

Ashford Securities handles the distribution for certain preferred shares, which are designed for specific account types. Series J Redeemable Preferred Stock is explicitly noted as being designed for Brokerage Accounts. Series K Redeemable Preferred Stock is designed for Advisory Accounts. These offerings provide direct capital channels outside of the main common stock trading on the NYSE.

• Series J shares outstanding as of March 31, 2025, were 7,677,717.
• Series K shares outstanding as of March 31, 2025, were 759,086.
• The monthly dividend for Series J in May 2025 was $0.16667 per share.
• The monthly dividend for Series K in May 2025 was $0.17083 per share.

Global Distribution Systems (GDS) and brand websites for hotel bookings

The core revenue channel for Ashford Hospitality Trust, Inc. is the operation of its upper upscale, full-service hotel portfolio, which relies on GDS and direct brand website bookings. For the third quarter ended September 30, 2025, the portfolio achieved a comparable Revenue Per Available Room (RevPAR) of $128, which was a 1.5% decrease year-over-year. This RevPAR was the result of a 2.2% decrease in Comparable Average Daily Rate (ADR) and a 0.7% increase in Comparable Occupancy. Looking forward, group room revenue pacing for the fourth quarter of 2025 is reported as being ahead by 4.4%.

Investor presentations and SEC filings for financial communication

Financial communication is channeled through official filings and investor relations events. The third quarter 2025 results were released after market close on November 4, 2025, followed by a conference call on November 5, 2025, at 11:00 a.m. ET. The live broadcast and replay are accessible on the Company's website, www.ahtreit.com. Key metrics communicated in the Q3 2025 report include an Adjusted EBITDAre of $45.4 million and cash and cash equivalents of $81.9 million at the end of the quarter. The conference call replay was made available via phone at (609) 800-9909 (Confirmation number 3400039) through November 12, 2025.

Investment banks and brokers for asset sales and debt placement

Investment banks and brokers facilitate capital structure management through asset sales and debt refinancing. In the context of Q3 2025, Ashford Hospitality Trust completed asset sales totaling $75M, which improved cash flow by $2M. Specific asset sales mentioned include the Hilton Houston NASA Clear Lake and the Residence Inn Evansville East, as well as the Residence Inn San Diego Sorrento Mesa. The company also refinanced loans, projecting an annual interest savings of $2-3M. As of June 30, 2025, the total loans stood at $2.7 billion, carrying a blended average interest rate of 8.1%.

• Asset sales completed in Q3 2025: $75M.
• Annual interest savings from loan refinancings: $2-3M.
• Total loans as of June 30, 2025: $2.7 billion.
• Blended average interest rate on total loans (as of 6/30/2025): 8.1%.
• Highland mortgage loan maturity was extended to January 2026.

Ashford Hospitality Trust, Inc. (AHT) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Ashford Hospitality Trust, Inc. (AHT) serves, which is key to understanding how they make money from their real estate assets and securities.

Common Stock Investors seeking high-risk, high-reward equity exposure

• Net loss attributable to common stockholders for Q3 2025: $(69.0) million.
• Adjusted Funds From Operations (AFFO) per diluted share for Q3 2025: $(2.85).
• Common stock dividend: No reinstatement anticipated in 2025.
• Common stock shares outstanding (as of 06/30/2025): Approximately 6,100,000.0 shares.
• Stock price as of 10/27/2025: $4.92.

Preferred Stock Investors seeking fixed-income-like returns (e.g., Series J/K)

Ashford Hospitality Trust, Inc. (AHT) pays fixed dividends on its various preferred stock series, which are the primary draw for this segment.

Preferred Series	Stated Annual Coupon Rate	Q4 2025 Declared Dividend Per Share	Shares Outstanding (as of 03/31/2025)
Series D Cumulative	8.45%	$0.5281	N/A
Series G Cumulative	7.375%	$0.4609	N/A
Series H Cumulative	7.50%	$0.46875	N/A
Series J Redeemable	Monthly Rate	$0.16667	7,677,717
Series K Redeemable	Monthly Rate	$0.17083	759,086

Institutional Lenders providing property-level and corporate mortgage debt

This group is exposed to the company's overall leverage and asset performance, with a significant portion of the debt tied to floating rates.

• Total loans outstanding as of September 30, 2025: $2.6 billion.
• Blended average interest rate on loans as of Q3 2025: 8.0%.
• Percentage of debt effectively floating-rate as of Q3 2025: Approximately 95%.
• Expected annual interest expense savings from Renaissance Nashville refinancing: $2 to $3 million.
• Annual interest expense savings per 25 basis point rate cut: Over $6 million.

Hotel Guests (Business, Leisure, Group) utilizing the upper-upscale properties

These customers drive the core operational performance metrics for the portfolio of upper upscale, full-service hotels.

• Comparable Revenue Per Available Room (RevPAR) for Q3 2025: $128.
• Comparable Occupancy for Q3 2025: Increased by 0.7%.
• Comparable Average Daily Rate (ADR) for Q3 2025: Decreased by 2.2%.
• Government room nights decline in Q3 2025: Approximately 18.8%.
• Q4 2025 group revenue pacing: +4.4%.
• Resort assets group revenue pacing in Q4 2025: +11%.

Financial Advisors and Broker-Dealers distributing non-listed securities

This segment relies on market data, analyst sentiment, and the performance of the listed securities for distribution and advice.

• Consensus brokerage recommendation as of November 3, 2025: 3.0 ('Hold').
• Average 1-year price target as of November 3, 2025: $5.00.
• Estimated GF Value in one year (as of November 3, 2025): $9.36.

Ashford Hospitality Trust, Inc. (AHT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Ashford Hospitality Trust, Inc. (AHT) faces to keep its portfolio running and serviced. For a real estate investment trust (REIT) like AHT, the cost structure is heavily weighted toward debt service and property upkeep.

The most immediate pressure point is the cost of money. As of late 2025, Ashford Hospitality Trust, Inc. (AHT) carried total loans of approximately $2.6 billion on its books, based on the Q3 2025 figures. A significant portion of this debt structure creates interest rate risk; approximately 95% of this debt is floating rate. This means interest payments fluctuate directly with market rates, like SOFR. The blended average interest rate on this debt was reported at 8.0% as of September 30, 2025.

Here's a quick look at the debt exposure:

Debt Metric	Value as of Late 2025 (Approx.)
Total Loans	$2.6 billion
Floating Rate Debt Percentage	95%
Blended Average Interest Rate	8.0%

Then you have the costs to keep the physical assets competitive. Property-level operating expenses are a constant drain, covering things like labor, utilities, and routine maintenance to ensure the hotels remain operational and appealing to guests. For context on the scale of operations, Comparable Hotel EBITDA for the third quarter of 2025 was $68.9 million.

Capital expenditures (Capex) are non-negotiable for maintaining brand standards and driving property value. For the full fiscal year 2025, the guidance for these necessary renovations and upgrades was set in the range of $95-$115 million. To be fair, the latest reported outlook for capex was lowered to $70-$80 million, but the higher figure reflects the initial strategic budget for the year.

External management costs are another key area. Ashford Hospitality Trust, Inc. (AHT) pays fees to its external manager, Ashford Inc., which include base and incentive advisory fees. As part of the GRO AHT initiative, Ashford Hospitality Trust, Inc. (AHT) and Ashford Inc. were working on an amendment that could result in savings exceeding $3 million in 2025 alone, with potential annual savings reaching over $11 million if enterprise value holds steady. This proposed amendment included reducing the Base Advisory Fee calculation from 0.70% to 0.50% of Total Market Capitalization through December 31, 2026. Separately, other corporate cost-saving measures implemented by Ashford Inc. were expected to deliver over $4 million in annual savings.

Finally, you have the ongoing contractual fees associated with the hotel brands themselves. These costs are essential for brand affiliation and access to global distribution systems. The cost structure includes:

• Brand franchise fees based on gross room revenue.
• Property management fees paid to third-party operators.

Finance: draft 13-week cash view by Friday.

Ashford Hospitality Trust, Inc. (AHT) - Canvas Business Model: Revenue Streams

The revenue streams for Ashford Hospitality Trust, Inc. are fundamentally derived from the operations of its portfolio of upper upscale, full-service hotels. As a real estate investment trust (REIT), the primary inflow of cash comes from daily hotel operations.

The core revenue components are segmented as follows, with Room Revenue being the largest contributor, which is typical for a full-service hotel REIT focused on maximizing RevPAR (Revenue Per Available Room).

For context on the composition, the figures from the first quarter of 2025 provide a snapshot of the relative contribution of each stream (figures in thousands of USD):

Revenue Stream Component	Q1 2025 Amount (in thousands USD)
Room Revenue	$206,301
Food and Beverage Revenue	$54,529
Other Hotel Revenue	$16,220
Total Hotel Revenue (Q1 2025)	$277,050

Room Revenue, which covers nightly stays, is the engine of Ashford Hospitality Trust, Inc.'s top line. Food and Beverage Revenue is generated from full-service operations, including restaurants, bars, and catering services within the managed properties. Other Hotel Revenue captures ancillary services essential to the guest experience and property utilization.

These operational revenues are projected to aggregate for the full fiscal year:

• Estimated full year 2025 revenue is approximately $1.12 billion.

Beyond recurring operations, Ashford Hospitality Trust, Inc. strategically generates revenue through capital recycling, which involves selling assets that no longer fit the long-term portfolio strategy or where the expected return profile is deemed less attractive compared to reinvestment opportunities or debt reduction. These sales are a direct, albeit irregular, source of significant cash inflow.

For late 2025, the company announced definitive agreements for divestitures:

• Proceeds from strategic asset sales (e.g., Le Pavillon, two Embassy Suites) are approximately $69.5 million in aggregate gross proceeds.

The majority of these proceeds are earmarked to retire mortgage debt, which helps deleverage Ashford Hospitality Trust, Inc. and improves cash flow after debt service. The sale of Le Pavillon alone was for $42.5 million, with the two Embassy Suites properties totaling $27.0 million.