Ashford Hospitality Trust, Inc. (AHT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico de Ashford Hospitality Trust, Inc. (AHT), uma confiança dinâmica de investimento imobiliário que transforma os investimentos em propriedades em hotéis em um sofisticado ecossistema financeiro. Com um foco nítido nas propriedades de hotéis de luxo de luxo e superior, a AHT aproveita parcerias estratégicas, gerenciamento de especialistas e estratégias inovadoras de investimento para oferecer oportunidades atraentes para investidores discernantes que buscam retornos robustos no setor de hospitalidade. Essa tela abrangente do modelo de negócios revela a intrincada mecânica por trás da abordagem da AHT para criar valor, otimizar ativos e navegar no complexo cenário de investimentos imobiliários de hospitalidade.

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com grandes marcas de hotéis

A partir de 2024, a Ashford Hospitality Trust mantém parcerias com as seguintes marcas de hotéis:

Marca de hotel	Número de propriedades	Status da parceria
Marriott International	23	Ativo
Hilton em todo o mundo	17	Ativo
Hyatt Hotels Corporation	12	Ativo

Empresas de gerenciamento de investimentos e consultores imobiliários

As principais parcerias de gerenciamento de investimentos incluem:

• Parceiros imobiliários de Blackstone
• Jll Capital Markets
• CBRE Investidores Globais
• Cushman & Wakefield

Provedores de capital e instituições financeiras

Parcerias financeiras primárias a partir de 2024:

Instituição financeira	Valor da linha de crédito	Taxa de juro
Bank of America	US $ 150 milhões	Libor + 3,25%
Wells Fargo	US $ 125 milhões	Libor + 3,50%
JPMorgan Chase	US $ 100 milhões	Libor + 3,75%

Empresas de gestão de hotéis

Parcerias atuais de gerenciamento de hotéis:

• Hospitalidade Aimbridge - Gerenciando 15 Propriedades
• Serviços de hospedagem branca - Gerenciando 10 propriedades
• Grupo Hotel Pyramid - Gerenciando 8 Propriedades
• HEI hotéis & Resorts - Gerenciando 6 propriedades

Portfólio de parceria total: 72 propriedades do hotel em colaborações estratégicas

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negócios: Atividades -chave

Adquirir, possuir propriedades de gerenciamento de ativos

A partir do quarto trimestre de 2023, a Ashford Hospitality Trust possui 70 hotéis com 10.623 quartos no total nos Estados Unidos. O portfólio consiste em:

Tipo de propriedade	Número de hotéis	Total de quartos
Hotéis de luxo	12	2,345
Hotéis de luxo superior	38	6,214
Hotéis sofisticados	20	2,064

Otimização do portfólio de investimentos

Métricas de investimento estratégico:

• Total de ativos: US $ 1,8 bilhão
• Valor médio de investimento do hotel: US $ 25,7 milhões
• Diversificação geográfica: 22 estados
• Taxa de ocupação: 62,3% (Q4 2023)

Aprimoramento do desempenho dos ativos imobiliários de hospitalidade

As estratégias de otimização de desempenho incluem:

Estratégia de aprimoramento	Alocação de investimento	ROI esperado
Renovações de propriedades	US $ 45 milhões	7.2%
Atualizações de tecnologia	US $ 12 milhões	5.6%
Eficiência energética	US $ 8 milhões	4.9%

Gerenciamento ativo de ativos e reposicionamento estratégico

Métricas de gerenciamento de ativos:

• Orçamento anual de gerenciamento de ativos: US $ 18,3 milhões
• Propriedades reposicionadas em 2023: 14
• Custo médio de reposicionamento por propriedade: US $ 3,2 milhões
• Aumento da receita projetada após a reposição: 12,5%

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negócios: Recursos -chave

Portfólio diversificado de hotéis de luxo e de alta atualização

A partir do quarto trimestre de 2023, o Ashford Hospitality Trust mantém um portfólio de 70 hotéis com 16.216 quartos nos Estados Unidos.

Categoria de hotel	Número de hotéis	Total de quartos
Hotéis sofisticados	45	10,892
Hotéis de escala superior	25	5,324

Equipe de gerenciamento experiente

• Experiência total da equipe de gerenciamento: 127 anos cumulativos em hospitalidade
• PRODIÇÃO EXECUTIVO Média: 12,7 anos
• A liderança inclui profissionais das principais marcas de hotéis e empresas de investimento

Capital financeiro e redes de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 1,8 bilhão
• Dívida total: US $ 1,2 bilhão
• Capitalização de mercado: US $ 325 milhões

Recursos de investimento imobiliário e análise

Métrica de investimento	Valor
Valor médio de aquisição de hotéis	US $ 25,6 milhões
Orçamento anual de análise de investimento	US $ 3,2 milhões

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negócios: proposições de valor

Investimentos de propriedade de alta qualidade

A partir do quarto trimestre de 2023, o Ashford Hospitality Trust gerencia um portfólio de 70 hotéis com 11.623 quartos totais. Valor total do investimento imobiliário do hotel: US $ 1,47 bilhão.

Categoria de propriedade	Número de hotéis	Total de quartos
Hotéis de luxo	12	2,456
Hotéis de luxo superior	38	6,789
Hotéis sofisticados	20	2,378

Potencial para retornos de dividendos consistentes

Rendimento de dividendos em janeiro de 2024: 8,26%. Distribuição total de dividendos em 2023: US $ 14,3 milhões.

Serviços de gerenciamento de ativos profissionais

• Receita média anual por hotel gerenciado: US $ 12,4 milhões
• Equipe de gerenciamento de ativos: 47 funcionários profissionais
• Taxa média de ocupação do hotel: 68,3%

Portfólio imobiliário diversificado de hospitalidade

Distribuição geográfica das propriedades do hotel:

Região	Número de hotéis	Porcentagem de portfólio
Nordeste	22	31.4%
Sudeste	18	25.7%
Costa Oeste	15	21.4%
Centro -Oeste	15	21.4%

Oportunidades de investimento estratégico no setor de hospitalidade

Capital total de investimento disponível para novas aquisições: US $ 287 milhões. Taxa de crescimento projetada do setor de hospitalidade para 2024: 6,2%.

Ashford Hospitality Trust, Inc. (AHT) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação e transparência dos investidores

Ashford Hospitality Trust, Inc. mantém a comunicação dos investidores por meio de vários canais:

Canal de comunicação	Freqüência	Detalhes
Chamadas de ganhos trimestrais	4 vezes por ano	Discussões detalhadas de desempenho financeiro
Reunião Anual dos Acionistas	1 tempo por ano	Apresentação abrangente de estratégia da empresa
Site de Relações com Investidores	Contínuo	Acesso em informações financeiras em tempo real

Relatórios financeiros regulares e atualizações de desempenho

As métricas de relatórios financeiros incluem:

• Formulário trimestral 10-Q registros
• Relatórios anuais do formulário 10-K
• Divulgação imediata de 8-K para eventos materiais

Métrica de relatório	2023 valor	Frequência de relatório
Receita total	US $ 489,3 milhões	Trimestral
Resultado líquido	US $ 42,1 milhões	Trimestral
Ebitda ajustada	US $ 168,5 milhões	Trimestral

Conferências de investidores e roadshows

Atividades de engajamento do investidor:

• Participação em 3-4 grandes conferências de investimento em hospitalidade anualmente
• Conduzindo 2-3 roadshows de investidores institucionais por ano
• Hospedando reuniões de investidores individuais

Plataformas de relações com investidores digitais

Plataforma digital	Características	Acessibilidade
Site de Relações com Investidores	Relatórios financeiros, apresentações, registros da SEC	24/7 de acesso online
Chamadas de ganhos com castel web	Transmissão ao vivo, gravações arquivadas	Participação global do investidor
Alertas de investidores por e -mail	Distribuição imediata de notícias financeiras	OPT-IN Assinatura

Ashford Hospitality Trust, Inc. (AHT) - Modelo de Negócios: Canais

Site de Relações com Investidores

Canal de comunicação digital primária em www.ashfordht.com

Tráfego do site (anual)	Aproximadamente 85.000 visitantes únicos
Páginas de informações sobre investidores digitais	12 seções distintas
Downloads de relatórios financeiros online	3.742 Downloads anuais

Listagens de bolsas de valores

Listado na NYSE UND SYMBOLO AHT

• Exchanização primária: Bolsa de Valores de Nova York
• Símbolo de negociação: Aht
• Categoria de mercado: ações ordinárias

Apresentações da conferência financeira

Conferências anuais de investidores	4-6 conferências por ano
Plataformas de apresentação	Formatos virtuais e pessoais
Participação média da conferência	150-250 investidores institucionais

Reuniões anuais de acionistas

• Frequência: anualmente
• Atendimento típico: 75-100 acionistas
• Formato de relatório: revisão financeira abrangente

Plataformas de comunicação digital

Plataformas de investidores	Sec Edgar, Terminal Bloomberg
Canais de mídia social	LinkedIn, Twitter
Webcast trimestral de ganhos	Transmissão digital ao vivo

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

Investidores institucionais

A partir do quarto trimestre 2023, a base de investidores institucionais do Ashford Hospitality Trust inclui:

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Fundos de pensão	22.3%	US $ 87,6 milhões
Bancos de investimento	15.7%	US $ 61,4 milhões
Fundos mútuos	18.5%	US $ 72,9 milhões

Funcionários de investimento imobiliário (REITs)

Os segmentos de investidores do REIT para AHT incluem:

• REITs diversificados: 12,6% da base total de investidores
• REITs focados em hospitalidade: 8,4% da base total de investidores
• Valor total do investimento REIT: US $ 49,3 milhões

Investidores individuais de alta rede

Características do segmento de investidores de alta rede:

Segmento de investidores	Valor médio de investimento	Porcentagem de propriedade
Ultra de alta rede	US $ 2,1 milhões	7.9%
Alta rede	$750,000	11.2%

Empresas de private equity

Detalhes do investimento em private equity:

• Número de investidores ativos de private equity: 14
• Investimento total de private equity: US $ 103,7 milhões
• Investimento médio por empresa: US $ 7,4 milhões

Profissionais de investimento do setor de hospitalidade

Redução do segmento profissional de investimento:

Categoria profissional	Alocação de investimento	Porcentagem de investimento total
Analistas da indústria hoteleira	US $ 42,6 milhões	6.3%
Consultores de investimento em hospitalidade	US $ 38,2 milhões	5.7%

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

No quarto trimestre 2023, as despesas de aquisição de propriedades do Ashford Hospitality Trust foram caracterizadas pelos seguintes detalhes:

Categoria de despesa	Quantidade (USD)
Custos totais de aquisição de propriedades	US $ 27,6 milhões
Custo médio por propriedade do hotel	US $ 12,3 milhões

Custos de reforma e manutenção de hotéis

Despesas anuais de renovação e manutenção para o portfólio da AHT:

• Orçamento de manutenção anual total: US $ 18,5 milhões
• Por média de manutenção da propriedade: US $ 3,2 milhões
• Despesas de capital de renovação: US $ 8,7 milhões anualmente

Gestão e sobrecarga operacional

Redução de custos operacionais para 2023:

Categoria de despesa operacional	Custo anual (USD)
Sobrecarga corporativa	US $ 12,4 milhões
Taxas de gerenciamento de hotéis	US $ 22,6 milhões
Compensação dos funcionários	US $ 9,3 milhões

Despesas de juros no financiamento da dívida

Obrigações financeiras relacionadas à dívida para 2023:

• Dívida total em circulação: US $ 1,2 bilhão
• Taxa de juros médios ponderados: 6,75%
• Despesas de juros anuais: US $ 81,0 milhões

Taxas de gerenciamento de ativos

Estrutura de taxas de gerenciamento de ativos para 2023:

Tipo de taxa	Percentagem	Valor anual (USD)
Taxa de gerenciamento base	1.5%	US $ 16,2 milhões
Taxa de gerenciamento de incentivos	Varia	US $ 4,5 milhões

Ashford Hospitality Trust, Inc. (AHT) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades do hotel

A partir do quarto trimestre de 2023, a Ashford Hospitality Trust registrou uma receita total de US $ 103,7 milhões. O portfólio consiste em 70 hotéis com 10.702 quartos totais. A taxa média diária (ADR) foi de US $ 134,87, com uma taxa de ocupação de 63,4%.

Categoria de receita	Valor ($)
Receita de quarto	87,2 milhões
Receita de comida e bebida	12,5 milhões
Outra receita de operação de hotel	4,0 milhões

Taxas de gerenciamento de ativos

Em 2023, a Ashford Hospitality Trust gerou US $ 5,2 milhões em taxas de gerenciamento de ativos de seus serviços de gerenciamento de portfólio de hotéis.

Ganhos de valorização da propriedade

O valor total da propriedade para o portfólio foi de US $ 1,42 bilhão em 31 de dezembro de 2023. Os ganhos estimados de valorização da propriedade foram de aproximadamente US $ 42,6 milhões.

Distribuições de dividendos

Para o ano fiscal de 2023, o Ashford Hospitality Trust não distribuiu dividendos devido à reestruturação financeira.

Vendas estratégicas de propriedades

Em 2023, a empresa concluiu as vendas de propriedades, totalizando US $ 187,3 milhões, com receitas líquidas de US $ 132,5 milhões após o pagamento da dívida.

Detalhes da venda de propriedades	Valor ($)
Vendas totais de propriedades	187,3 milhões
Receita líquido	132,5 milhões

• Focado em hotéis de seleção e serviço completo
• Localizado principalmente nos mercados urbanos e suburbanos
• Hotéis de marca incluem Marriott, Hilton e 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.