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Form 8-K - Current report - Item 7.01 Item 9.01

Ashford Hospitality Trust Inc

Announcement: AHT 8-K Special Filing

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Analyst Summary: 

Ashford Hospitality Trust, a real estate investment trust (REIT), issued a statement regarding its current cash holdings. Approximately 42% of its cash is held in short-term US Treasury securities with maturity dates of less than 90 days, 27% at commercial banks in Insured Cash Sweep (ICS) accounts, and 30% relates to property-level operating cash deposited with commercial banks designated as a Global Systemically Important Bank. The statement was released in light of recent events in the banking industry. The forward-looking statements in the release contain "known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated". The company is not obligated to publicly update or revise any forward-looking statements, except to the extent required by law. As of now, this statement provides clarity for investors on the Company's current cash holdings.

$AHT reports cash holdings amidst recent banking industry events

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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

PART 1: Performance Analysis

Ashford Hospitality Trust Inc.'s portfolio consisted of 100 consolidated hotel properties with 22,316 rooms located in the United States as of December 31, 2022. Despite the ongoing challenges in the hospitality sector, the company appears to be performing steadily. The company's key priorities and financial strategies include maintaining cash and cash equivalents liquidity, disposing of non-core hotel properties, and pursuing capital market activities to enhance long-term stockholder value. The company suspended its common stock dividend into 2023 and declared cash dividends on its preferred stocks.

The company amended several mortgage loans, replacing the variable interest rate of LIBOR with SOFR, and exercised extension options. Furthermore, the company forgave, canceled, and discharged the outstanding balance for the operating partnership in exchange for acquiring the equity interests in the lessee of the Marietta Hotel.

The company uses various operating and financial measures to evaluate its performance, including non-GAAP measures, statistical information, and comparative data. It aims to determine each hotel's contribution to cash flow and its potential to provide attractive long-term returns.

Overall, the company appears to be adapting well to the current market conditions and is adopting a prudent approach to managing its financials.

PART 2: Forward-Looking Analysis

The hospitality industry is experiencing a slow but steady recovery from the COVID-19 pandemic. However, there is still uncertainty surrounding future waves, and new variants of the virus could impede recovery. Despite facing potential setbacks, Ashford Hospitality Trust Inc. aims to maintain its current strategies as well as pursue opportunistic value-add additions to its hotel portfolio.

The company's focus on owning predominantly full-service hotels in the upper upscale segment in domestic markets with RevPAR generally less than twice the national average reflects the company's investment strategy. However, with supply, demand, and capital market cycles constantly changing, the company aims to be flexible and adapt to changes to take advantage of new lodging-related investment opportunities.

Furthermore, as interest rates have increased on short-term U.S. Treasury securities, the company has proactively engaged its Advisor to manage and invest the company's excess cash in these securities. This strategy could yield a benefit if interest rates continue to rise.

In conclusion, while potential setbacks could arise, Ashford Hospitality Trust Inc. has adopted a prudent approach to manage its financials and is adapting to challenges in the ever-changing hospitality industry. The company's focus on maintaining liquidity and making selective capital improvements, among other strategies, positions it well to create value for its stakeholders in the long term.

Ashford Hospitality Trust: Steady Performance & Prudent Strategies Amid Market Challenges

Announcement: AHT 10-K Annual Report

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Form 8-K - Current report - Item 1.01 Item 9.01

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Form 8-K - Current report - Item 5.03 Item 9.01

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