DALLAS, Nov. 1, 2023
/PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT)
("Ashford Trust" or the "Company") reported today that the Company
expects to report Occupancy of approximately 72% for the third
quarter of 2023 with Average Daily Rate of approximately
$182 resulting in RevPAR of
approximately $132. This
Comparable RevPAR reflects an approximate increase of 4% compared
to the third quarter of 2022.
Additionally, for the month of July
2023, Comparable RevPAR increased approximately 3% versus
July 2022. For the month of
August 2023, Comparable RevPAR
increased approximately 5% versus August
2022. For the month of September
2023, Comparable RevPAR increased approximately 4% versus
September 2022.
"We're pleased with Ashford Trust's strong operating performance
for the 2023 third quarter," commented Rob
Hays, Ashford Trust's President and Chief Executive Officer.
"Reflecting our high-quality, geographically diverse portfolio, we
continue to benefit from increased corporate and group
demand. Additionally, we remain pleased with our continued
growth in occupancy, ADR and RevPAR. Looking ahead to the remainder
of 2023 and into 2024, our portfolio remains well positioned to
outperform."
Further, as previously announced, the Company commenced the
offering of its Non-Traded Preferred Equity during the third
quarter of 2022. Through October 27,
2023, the Company has 2,914,570 shares of its Series J
non-traded preferred stock outstanding and 165,969 shares of its
Series K non-traded preferred stock outstanding raising
approximately $76.8 million of gross
proceeds.
* * * * *
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking statements. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to repay, refinance, or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully discussed
in Ashford Trust's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. We are not obligated to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or circumstances,
changes in expectations, or otherwise, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.