Ashford Hospitality Trust, Inc. (AHT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique d'Ashford Hospitality Trust, Inc. (AHT), une fiducie dynamique d'investissement immobilier qui transforme les investissements immobiliers hôteliers en un écosystème financier sophistiqué. Avec un accent accéléré sur le rasoir sur les propriétés hôtelières haut de gamme et haut de gamme, AHT exploite les partenariats stratégiques, la gestion d'experts et les stratégies d'investissement innovantes pour offrir des opportunités convaincantes pour les investisseurs exigeants à la recherche de rendements solides dans le secteur de l'hôtellerie. Cette toile complète du modèle commercial révèle la mécanique complexe de l'approche d'AHT pour créer de la valeur, optimiser les actifs et naviguer dans le paysage complexe des investissements immobiliers hôteliers.

Ashford Hospitality Trust, Inc. (AHT) - Modèle commercial: partenariats clés

Alliances stratégiques avec les grandes marques hôtelières

En 2024, Ashford Hospitality Trust conserve des partenariats avec les marques hôtelières suivantes:

Marque d'hôtel	Nombre de propriétés	Statut de partenariat
Marriott International	23	Actif
Hilton dans le monde	17	Actif
Hyatt Hotels Corporation	12	Actif

Sociétés de gestion des investissements et conseillers immobiliers

Les principaux partenariats de gestion des investissements comprennent:

• Blackstone Real Estate Partners
• Marchés des capitaux JLL
• CBRE Investisseurs mondiaux
• Cushman & Wakefield

Fournisseurs de capitaux et institutions financières

Partenariats financiers primaires à partir de 2024:

Institution financière	Montant de la facilité de crédit	Taux d'intérêt
Banque d'Amérique	150 millions de dollars	Libor + 3,25%
Wells Fargo	125 millions de dollars	Libor + 3,50%
JPMorgan Chase	100 millions de dollars	Libor + 3,75%

Entreprises de gestion hôtelière

Partenariats actuels de gestion hôtelière:

• AIMBRIDGE Hospitality - Gérer 15 propriétés
• Services d'hébergement blanc - Gestion de 10 propriétés
• Pyramid Hotel Group - Gérer 8 propriétés
• Hôtels HEI & Resorts - Gérer 6 propriétés

Portfolio de partenariat total: 72 propriétés hôtelières à travers des collaborations stratégiques

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: Activités clés

Acquérir, posséder et gérer les propriétés des hôtels

Au quatrième trimestre 2023, Ashford Hospitality Trust possède 70 hôtels avec 10 623 salles au total à travers les États-Unis. Le portefeuille se compose de:

Type de propriété	Nombre d'hôtels	Total Rooms
Hôtels de luxe	12	2,345
Hôtels supérieurs haut de gamme	38	6,214
Hôtels haut de gamme	20	2,064

Optimisation du portefeuille d'investissement

Métriques d'investissement stratégiques:

• Actif total: 1,8 milliard de dollars
• Valeur d'investissement moyenne de l'hôtel: 25,7 millions de dollars
• Diversification géographique: 22 États
• Taux d'occupation: 62,3% (Q4 2023)

Amélioration de la performance des actifs immobiliers hospitaliers

Les stratégies d'optimisation des performances comprennent:

Stratégie d'amélioration	Allocation des investissements	ROI attendu
Rénovations de propriétés	45 millions de dollars	7.2%
Mises à niveau technologique	12 millions de dollars	5.6%
Efficacité énergétique	8 millions de dollars	4.9%

Gestion active des actifs et repositionnement stratégique

Métriques de gestion des actifs:

• Budget annuel de gestion des actifs: 18,3 millions de dollars
• Propriétés repositionnées en 2023: 14
• Coût moyen de repositionnement par propriété: 3,2 millions de dollars
• Augmentation des revenus prévus après la repositionnement: 12,5%

Ashford Hospitality Trust, Inc. (AHT) - Modèle commercial: Ressources clés

Portfolio diversifié d'hôtels haut de gamme et supérieur à l'échelle

Au quatrième trimestre 2023, Ashford Hospitality Trust conserve un portefeuille de 70 hôtels avec 16 216 chambres à travers les États-Unis.

Catégorie d'hôtel	Nombre d'hôtels	Total Rooms
Hôtels haut de gamme	45	10,892
Hôtels supérieurs à l'échelle	25	5,324

Équipe de gestion expérimentée

• Expérience totale de l'équipe de gestion: 127 années cumulatives dans l'hôtellerie
• Pureur exécutif moyen: 12,7 ans
• Le leadership comprend des professionnels des grandes marques hôtelières et des sociétés d'investissement

Réseaux de capital financier et d'investissement

Mesures financières au 31 décembre 2023:

• Actif total: 1,8 milliard de dollars
• Dette totale: 1,2 milliard de dollars
• Capitalisation boursière: 325 millions de dollars

Capacités d'investissement immobilier et d'analyse

Métrique d'investissement	Valeur
Valeur moyenne d'acquisition d'hôtels	25,6 millions de dollars
Budget d'analyse des investissements annuelle	3,2 millions de dollars

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: propositions de valeur

Investissements immobiliers de haute qualité

Au quatrième trimestre 2023, Ashford Hospitality Trust gère un portefeuille de 70 hôtels avec 11 623 chambres au total. Valeur d'investissement immobilier total de l'hôtel: 1,47 milliard de dollars.

Catégorie de propriété	Nombre d'hôtels	Total Rooms
Hôtels de luxe	12	2,456
Hôtels supérieurs haut de gamme	38	6,789
Hôtels haut de gamme	20	2,378

Potentiel de rendements de dividendes cohérents

Rendement des dividendes en janvier 2024: 8,26%. Distribution totale des dividendes en 2023: 14,3 millions de dollars.

Services de gestion des actifs professionnels

• Revenu annuel moyen par hôtel géré: 12,4 millions de dollars
• Équipe de gestion des actifs: 47 personnel professionnel
• Taux d'occupation moyenne des hôtels: 68,3%

Portefeuille immobilier hospitalié diversifié

Distribution géographique des propriétés de l'hôtel:

Région	Nombre d'hôtels	Pourcentage de portefeuille
Nord-est	22	31.4%
Au sud-est	18	25.7%
Côte ouest	15	21.4%
Midwest	15	21.4%

Opportunités d'investissement stratégiques dans le secteur de l'hôtellerie

Capital d'investissement total disponible pour les nouvelles acquisitions: 287 millions de dollars. Taux de croissance du secteur de l'hospitalité projeté pour 2024: 6,2%.

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: relations clients

Communication et transparence des investisseurs

Ashford Hospitality Trust, Inc. maintient la communication des investisseurs via plusieurs canaux:

Canal de communication	Fréquence	Détails
Appels de résultats trimestriels	4 fois par an	Discussions détaillées sur la performance financière
Réunion des actionnaires annuelle	1 fois par an	Présentation complète de la stratégie d'entreprise
Site Web de relations avec les investisseurs	Continu	Accès aux informations financières en temps réel

Mises à jour régulières des rapports financiers et des performances

Les mesures d'information financière comprennent:

• Formulaire trimestriel 10-Q Déposages
• Rapports annuels du formulaire 10-K
• Divulgation immédiate de 8-K pour les événements matériels

Métrique de rapport	Valeur 2023	Fréquence de rapport
Revenus totaux	489,3 millions de dollars	Trimestriel
Revenu net	42,1 millions de dollars	Trimestriel
EBITDA ajusté	168,5 millions de dollars	Trimestriel

Conférences des investisseurs et tas de routes

Activités d'engagement des investisseurs:

• Participer à 3-4 conférences d'investissement d'hospitalité majeures chaque année
• Réalisateur 2-3 Roadshows d'investisseurs institutionnels par an
• Accueillir des réunions d'investisseurs individuels

Plateformes de relations avec les investisseurs numériques

Plate-forme numérique	Caractéristiques	Accessibilité
Site Web de relations avec les investisseurs	Rapports financiers, présentations, dépôts de la SEC	Accès en ligne 24/7
Appels de bénéfices sur Webcatée	Streaming en direct, enregistrements archivés	Participation mondiale des investisseurs
Alertes des investisseurs par e-mail	Distribution des nouvelles financières immédiates	Abonnement opt-in

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Channel de communication numérique primaire à www.ashfordht.com

Trafic de site Web (annuel)	Environ 85 000 visiteurs uniques
Pages d'information des investisseurs numériques	12 sections distinctes
Téléchargements de rapports financiers en ligne	3 742 téléchargements annuels

Listes de bourses

Inscrit sur NYSE sous Symbole Ticker Aht

• Échange primaire: Bourse de New York
• Symbole de trading: AHT
• Catégorie de marché: actions ordinaires

Présentations de la conférence financière

Conférences annuelles sur les investisseurs	4-6 conférences par an
Plates-formes de présentation	Formats virtuels et en personne
Présistance à la conférence moyenne	150-250 investisseurs institutionnels

Réunions annuelles des actionnaires

• Fréquence: annuellement
• Association typique: 75-100 actionnaires
• Format de rapport: revue financière complète

Plateformes de communication numérique

Plateformes d'investisseurs	Sec Edgar, Bloomberg Terminal
Canaux de médias sociaux	LinkedIn, Twitter
Webdication trimestriel	Diffusion numérique en direct

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, la base d'investisseurs institutionnels d'Ashford Hospitality Trust comprend:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Fonds de pension	22.3%	87,6 millions de dollars
Banques d'investissement	15.7%	61,4 millions de dollars
Fonds communs de placement	18.5%	72,9 millions de dollars

Trusts de placement immobilier (FPI)

Les segments d'investisseurs REIT pour AHT comprennent:

• FPI diversifiés: 12,6% du total des investisseurs base
• FPI axés sur l'hospitalité: 8,4% de la base totale des investisseurs
• Valeur d'investissement total de FPI: 49,3 millions de dollars

Investisseurs individuels à haute nette

Caractéristiques du segment des investisseurs à forte valeur élevée:

Segment des investisseurs	Montant d'investissement moyen	Pourcentage de propriété
Ultra-netteur	2,1 millions de dollars	7.9%
Netteur élevée	$750,000	11.2%

Sociétés de capital-investissement

Détails d'investissement en capital-investissement:

• Nombre d'investisseurs actifs de capital-investissement: 14
• Investissement total de capital-investissement: 103,7 millions de dollars
• Investissement moyen par entreprise: 7,4 millions de dollars

Professionnels d'investissement du secteur de l'hôtellerie

Répartition des segments professionnels de l'investissement:

Catégorie professionnelle	Allocation des investissements	Pourcentage de l'investissement total
Analystes de l'industrie hôtelière	42,6 millions de dollars	6.3%
Conseillers d'investissement en hôtellerie	38,2 millions de dollars	5.7%

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, les frais d'acquisition de biens d'Ashford Hospitality Trust ont été caractérisés par les détails suivants:

Catégorie de dépenses	Montant (USD)
Total des frais d'acquisition de propriétés	27,6 millions de dollars
Coût moyen par propriété de l'hôtel	12,3 millions de dollars

Coûts de rénovation et d'entretien de l'hôtel

Dépenses annuelles de rénovation et de maintenance pour le portefeuille d'AHT:

• Budget de maintenance annuel total: 18,5 millions de dollars
• Par moyenne de maintenance immobilière: 3,2 millions de dollars
• Dépenses en capital de rénovation: 8,7 millions de dollars par an

Gestion et frais généraux opérationnels

Répartition des coûts opérationnels pour 2023:

Catégorie de dépenses opérationnelles	Coût annuel (USD)
Frais généraux	12,4 millions de dollars
Frais de gestion hôtelière	22,6 millions de dollars
Compensation des employés	9,3 millions de dollars

Frais d'intérêt sur le financement de la dette

Obligations financières liées à la dette pour 2023:

• Dette totale en circulation: 1,2 milliard de dollars
• Taux d'intérêt moyen pondéré: 6,75%
• Intérêts annuels: 81,0 millions de dollars

Frais de gestion des actifs

Structure des frais de gestion des actifs pour 2023:

Type de frais	Pourcentage	Montant annuel (USD)
Frais de gestion de la base	1.5%	16,2 millions de dollars
Frais de gestion incitative	Varie	4,5 millions de dollars

Ashford Hospitality Trust, Inc. (AHT) - Modèle d'entreprise: Strots de revenus

Revenu de location de biens de l'hôtel

Au quatrième trimestre 2023, Ashford Hospitality Trust a déclaré un chiffre d'affaires total de 103,7 millions de dollars. Le portefeuille se compose de 70 hôtels avec 10 702 chambres au total. Le taux quotidien moyen (ADR) était de 134,87 $, avec un taux d'occupation de 63,4%.

Catégorie de revenus	Montant ($)
Revenus de la salle	87,2 millions
Revenus de nourriture et de boissons	12,5 millions
Autres revenus d'exploitation hôteliers	4,0 millions

Frais de gestion des actifs

En 2023, Ashford Hospitality Trust a généré 5,2 millions de dollars en frais de gestion d'actifs de ses services de gestion de portefeuille hôtelière.

Gains d'appréciation des propriétés

La valeur totale de la propriété pour le portefeuille était de 1,42 milliard de dollars au 31 décembre 2023. Les gains estimés de l'appréciation des biens étaient d'environ 42,6 millions de dollars.

Distributions de dividendes

Pour l'exercice 2023, Ashford Hospitality Trust n'a pas distribue des dividendes en raison d'une restructuration financière.

Ventes de propriétés stratégiques

En 2023, la société a terminé les ventes de biens totalisant 187,3 millions de dollars, avec un produit net de 132,5 millions de dollars après le remboursement de la dette.

Détails de la vente de propriétés	Montant ($)
Ventes totales de propriétés	187,3 millions
Net Proceds	132,5 millions

• Axé sur les hôtels de service et de service complet
• Principalement situé sur les marchés urbains et suburbains
• Les hôtels de marque incluent Marriott, Hilton et 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.