2023-04-11 17:34:43 ET
- Ashford Hospitality Trust ( NYSE: AHT ) expects to post revenue per available room (RevPAR) of around $125 for the first quarter of 2023, marking a 30% rise from the year-ago period, according to the lodging REIT's preliminary Q1 results released Tuesday.
- Occupancy is expected to be approximately 68% with average daily rate of ~$184.
- The company said that 40% of its hotels are anticipated to remain in cash traps under their respective loans, compared with 49% at the end of Q4 2022. The hotels that the expected to be out of cash traps after Q1 generated ~70% of its full-year hotel EBITDA.
- "Our portfolio continues to benefit from its geographic diversification and increased corporate and group demand," said Ashford's President and CEO Rob Hays. "We are also encouraged by the progress we've made on several of our loan extensions and the fact that the majority of our hotels are now out of their respective cash traps."
- Take a look at Ashford's ( AHT ) fourth-quarter earnings report .
For further details see:
Ashford Hospitality sees Q1 RevPAR climbing 30% from year earlier