Ashford Hospitality Trust, Inc. (AHT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Ashford Hospitality Trust, Inc. (AHT), un fideicomiso dinámico de inversión inmobiliaria que transforma las inversiones de propiedades del hotel en un sofisticado ecosistema financiero. Con un enfoque afilado en propiedades de hotel de lujo y de alta información, AHT aprovecha las asociaciones estratégicas, la gestión de expertos y las estrategias de inversión innovadores para brindar oportunidades convincentes para discernir a los inversores que buscan rendimientos sólidos en el sector de la hospitalidad. Este lienzo de modelo comercial integral revela la intrincada mecánica detrás del enfoque de AHT para crear valor, optimizar los activos y navegar por el complejo panorama de las inversiones inmobiliarias de la hospitalidad.

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con las principales marcas de hoteles

A partir de 2024, Ashford Hospitality Trust mantiene asociaciones con las siguientes marcas de hoteles:

Marca de hotel	Número de propiedades	Estado de asociación
Marriott International	23	Activo
Hilton en todo el mundo	17	Activo
Hyatt Hotels Corporation	12	Activo

Empresas de gestión de inversiones y asesores inmobiliarios

Las asociaciones clave de gestión de inversiones incluyen:

• Blackstone Real Estate Partners
• Mercados de capitales jll
• Inversores globales de CBRE
• Cushman & Wakefield

Proveedores de capital e instituciones financieras

Asociaciones financieras principales a partir de 2024:

Institución financiera	Monto de la facilidad de crédito	Tasa de interés
Banco de América	$ 150 millones	LIBOR + 3.25%
Wells Fargo	$ 125 millones	LIBOR + 3.50%
JPMorgan Chase	$ 100 millones	LIBOR + 3.75%

Compañías de gestión hotelera

Asociaciones actuales de gestión hotelera:

• AIMBRIDGE Hospitality - Administración de 15 propiedades
• Servicios de alojamiento blanco: administración de 10 propiedades
• Pyramid Hotel Group - Administración de 8 propiedades
• Hoteles HEI & Resorts - Administración de 6 propiedades

Portafolio de asociación total: 72 propiedades hoteleras en colaboraciones estratégicas

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: actividades clave

Adquirir, poseer y administrar activos de propiedades del hotel

A partir del cuarto trimestre de 2023, Ashford Hospitality Trust posee 70 hoteles con 10,623 habitaciones totales en los Estados Unidos. La cartera consta de:

Tipo de propiedad	Número de hoteles	Habitaciones totales
Hoteles de lujo	12	2,345
Hoteles de lujo superior	38	6,214
Hoteles exclusivos	20	2,064

Optimización de la cartera de inversiones

Métricas de inversión estratégica:

• Activos totales: $ 1.8 mil millones
• Valor promedio de inversión en hotel: $ 25.7 millones
• Diversificación geográfica: 22 estados
• Tasa de ocupación: 62.3% (cuarto trimestre 2023)

Mejora del rendimiento de los activos inmobiliarios de la hospitalidad

Las estrategias de optimización de rendimiento incluyen:

Estrategia de mejora	Asignación de inversión	ROI esperado
Renovaciones de propiedades	$ 45 millones	7.2%
Actualizaciones tecnológicas	$ 12 millones	5.6%
Eficiencia energética	$ 8 millones	4.9%

Gestión activa de activos y reposicionamiento estratégico

Métricas de gestión de activos:

• Presupuesto anual de gestión de activos: $ 18.3 millones
• Propiedades reposicionadas en 2023: 14
• Costo promedio de reposicionamiento por propiedad: $ 3.2 millones
• Aumento de los ingresos proyectados después de la repetición: 12.5%

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: recursos clave

Cartera diversa de hoteles de lujo y de alta información

A partir del cuarto trimestre de 2023, Ashford Hospitality Trust mantiene una cartera de 70 hoteles con 16,216 habitaciones en los Estados Unidos.

Categoría de hotel	Número de hoteles	Habitaciones totales
Hoteles exclusivos	45	10,892
Hoteles de la parte superior	25	5,324

Equipo de gestión experimentado

• Experiencia en el equipo de gestión total: 127 años acumulativos en hospitalidad
• Promedio de tenencia ejecutiva: 12.7 años
• El liderazgo incluye profesionales de las principales marcas de hoteles y empresas de inversión

Redes de capital e inversión financiera

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 1.8 mil millones
• Deuda total: $ 1.2 mil millones
• Capitalización de mercado: $ 325 millones

Capacidades de inversión inmobiliaria y análisis

Métrico de inversión	Valor
Valor de adquisición de hotel promedio	$ 25.6 millones
Presupuesto anual de análisis de inversiones	$ 3.2 millones

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocio: propuestas de valor

Inversiones de propiedades hoteleras de alta calidad

A partir del cuarto trimestre de 2023, Ashford Hospitality Trust administra una cartera de 70 hoteles con 11,623 habitaciones totales. Valor de inversión inmobiliaria total del hotel: $ 1.47 mil millones.

Categoría de propiedad	Número de hoteles	Habitaciones totales
Hoteles de lujo	12	2,456
Hoteles de lujo superior	38	6,789
Hoteles exclusivos	20	2,378

Potencial para devoluciones de dividendos consistentes

Rendimiento de dividendos a partir de enero de 2024: 8.26%. Distribución total de dividendos en 2023: $ 14.3 millones.

Servicios de gestión de activos profesionales

• Ingresos anuales promedio por hotel administrado: $ 12.4 millones
• Equipo de gestión de activos: 47 personal profesional
• Tasa promedio de ocupación del hotel: 68.3%

Cartera de bienes raíces de hospitalidad diversificada

Distribución geográfica de las propiedades del hotel:

Región	Número de hoteles	Porcentaje de cartera
Nordeste	22	31.4%
Sudeste	18	25.7%
Costa oeste	15	21.4%
Medio oeste	15	21.4%

Oportunidades de inversión estratégica en el sector de la hospitalidad

Capital de inversión total disponible para nuevas adquisiciones: $ 287 millones. Tasa de crecimiento del sector de la hospitalidad proyectada para 2024: 6.2%.

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: relaciones con los clientes

Comunicación y transparencia de los inversores

Ashford Hospitality Trust, Inc. mantiene la comunicación de los inversores a través de múltiples canales:

Canal de comunicación	Frecuencia	Detalles
Llamadas de ganancias trimestrales	4 veces al año	Discusiones detalladas de desempeño financiero
Reunión anual de accionistas	1 vez por año	Presentación de estrategia integral de la empresa
Sitio web de relaciones con los inversores	Continuo	Acceso a información financiera en tiempo real

Actualizaciones de informes financieros y de desempeño regulares

Las métricas de informes financieros incluyen:

• Presentaciones trimestrales del Formulario 10-Q
• Informes anuales del Formulario 10-K
• Divulgación inmediata de 8 K para eventos materiales

Métrica de informes	Valor 2023	Frecuencia de informes
Ingresos totales	$ 489.3 millones	Trimestral
Lngresos netos	$ 42.1 millones	Trimestral
Ebitda ajustado	$ 168.5 millones	Trimestral

Conferencias de inversores y roadshows

Actividades de compromiso de los inversores:

• Participación en 3-4 principales conferencias de inversión en hospitalidad anualmente
• Conductible 2-3 Roadshows de inversores institucionales por año
• Organización de reuniones de inversores individuales

Plataformas de relaciones con inversores digitales

Plataforma digital	Características	Accesibilidad
Sitio web de relaciones con los inversores	Informes financieros, presentaciones, presentaciones de la SEC	Acceso en línea 24/7
Llamadas de ganancias con transmisión web	Transmisión en vivo, grabaciones archivadas	Participación del inversor global
Alertas de inversores por correo electrónico	Distribución de noticias financieras inmediatas	Suscripción de opción

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Canal de comunicación digital primaria en www.ashfordht.com

Tráfico del sitio web (anual)	Aproximadamente 85,000 visitantes únicos
Páginas de información de inversores digitales	12 secciones distintas
Descargas de informe financiero en línea	3.742 descargas anuales

Listados de bolsa de valores

Listado en NYSE bajo el símbolo de Ticker AHT

• Intercambio primario: Bolsa de Nueva York
• Símbolo comercial: AHT
• Categoría del mercado: acciones comunes

Presentaciones de conferencia financiera

Conferencias anuales de inversores	4-6 conferencias por año
Plataformas de presentación	Formatos virtuales y en persona
Asistencia a la conferencia promedio	150-250 inversores institucionales

Reuniones anuales de accionistas

• Frecuencia: anualmente
• Asistencia típica: 75-100 accionistas
• Formato de informes: revisión financiera integral

Plataformas de comunicación digital

Plataformas de inversores	Sec Edgar, Terminal de Bloomberg
Canales de redes sociales	LinkedIn, Twitter
Transmisión web de ganancias trimestrales	Transmisión digital en vivo

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la base de inversores institucionales de Ashford Hospitality Trust incluye:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Fondos de pensiones	22.3%	$ 87.6 millones
Bancos de inversión	15.7%	$ 61.4 millones
Fondos mutuos	18.5%	$ 72.9 millones

Fideicomisos de inversión inmobiliaria (REIT)

Los segmentos de inversores REIT para AHT incluyen:

• REIT diversificado: 12.6% de la base total de inversores
• REIT centrado en la hospitalidad: 8.4% de la base total de inversores
• Valor de inversión total de REIT: $ 49.3 millones

Inversores individuales de alto nivel de red

Características del segmento de inversores de alto nivel de red:

Segmento de inversores	Monto promedio de la inversión	Porcentaje de propiedad
Ultra alto-patrimonio	$ 2.1 millones	7.9%
De alto nivel	$750,000	11.2%

Empresas de capital privado

Detalles de inversión de capital privado:

• Número de inversores activos de capital privado: 14
• Inversión total de capital privado: $ 103.7 millones
• Inversión promedio por empresa: $ 7.4 millones

Profesionales de inversión del sector hospitalario

Desglose del segmento profesional de inversión:

Categoría profesional	Asignación de inversión	Porcentaje de inversión total
Analistas de la industria hotelera	$ 42.6 millones	6.3%
Asesores de inversiones en hospitalidad	$ 38.2 millones	5.7%

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, los gastos de adquisición de propiedades de Ashford Hospitality Trust se caracterizaron por los siguientes detalles:

Categoría de gastos	Cantidad (USD)
Costos totales de adquisición de propiedades	$ 27.6 millones
Costo promedio por propiedad del hotel	$ 12.3 millones

Costos de renovación y mantenimiento del hotel

Gastos anuales de renovación y mantenimiento para la cartera de AHT:

• Presupuesto total de mantenimiento anual: $ 18.5 millones
• Por promedio de mantenimiento de la propiedad: $ 3.2 millones
• Gasto de capital de renovación: $ 8.7 millones anuales

Gestión y gastos generales operativos

Desglose de costos operativos para 2023:

Categoría de gastos operativos	Costo anual (USD)
Sobrecarga corporativa	$ 12.4 millones
Tarifas de gestión hotelera	$ 22.6 millones
Compensación de empleados	$ 9.3 millones

Gastos de intereses sobre financiamiento de la deuda

Obligaciones financieras relacionadas con la deuda para 2023:

• Deuda total en circulación: $ 1.2 mil millones
• Tasa de interés promedio ponderada: 6.75%
• Gastos de intereses anuales: $ 81.0 millones

Tarifas de gestión de activos

Estructura de tarifas de gestión de activos para 2023:

Tipo de tarifa	Porcentaje	Cantidad anual (USD)
Tarifa de gestión base	1.5%	$ 16.2 millones
Tarifa de gestión de incentivos	Varía	$ 4.5 millones

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades del hotel

A partir del cuarto trimestre de 2023, Ashford Hospitality Trust reportó ingresos totales del hotel de $ 103.7 millones. La cartera consta de 70 hoteles con 10,702 habitaciones totales. La tasa diaria promedio (ADR) fue de $ 134.87, con una tasa de ocupación del 63.4%.

Categoría de ingresos	Monto ($)
Ingresos de la habitación	87.2 millones
Ingresos de alimentos y bebidas	12.5 millones
Otros ingresos operativos del hotel	4.0 millones

Tarifas de gestión de activos

En 2023, Ashford Hospitality Trust generó $ 5.2 millones en tarifas de gestión de activos de sus servicios de gestión de cartera de hoteles.

Ganancias de apreciación de la propiedad

El valor total de la propiedad para la cartera fue de $ 1.42 mil millones al 31 de diciembre de 2023. Las ganancias estimadas de apreciación de la propiedad fueron de aproximadamente $ 42.6 millones.

Distribuciones de dividendos

Para el año fiscal 2023, Ashford Hospitality Trust no distribuyó dividendos debido a la reestructuración financiera.

Ventas de propiedades estratégicas

En 2023, la compañía completó las ventas de propiedades por un total de $ 187.3 millones, con ingresos netos de $ 132.5 millones después del reembolso de la deuda.

Detalles de la venta de propiedades	Monto ($)
Ventas de propiedades totales	187.3 millones
Ganancias netas	132.5 millones

• Enfocado en hoteles de servicio completo y servicio completo
• Principalmente ubicado en los mercados urbanos y suburbanos
• Los hoteles de marca incluyen Marriott, Hilton y 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.