2023-07-19 17:07:13 ET
Ashford Hospitality Trust ( NYSE: AHT ) said on Wednesday it expects to report Q2 occupancy of ~75% with and average daily rate of ~$191, resulting in revenue per available room (RevPAR) of ~$144, a 7% increase from Q2 2022 and a 15% increase from Q1 2023.
Excluding the 19 hotels secured by loans that Ashford Hospitality ( AHT ) did not extend during the quarter, the company's results would have seen an occupancy rate of ~76% with ADR of ~$197, resulting in RevPAR of ~$150.
"Proactively choosing not to extend three of our KEYS loan pools not only improves our operating results and the overall quality of our portfolio but will also lower our leverage and conserve cash," said AHT President and CEO Rob Hays.
Ashford Hospitality ( AHT ) shares rose 2.8% in after-hours trading.
Last week, the hospitality REIT said it would "most likely" transfer the ownership of 19 hotels to their respective lenders , as it decided not to extend those loan pools.
More on Ashford Hospitality Trust:
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- Previous income statements from AHT
- Ashford Hospitality's 12% Preferreds: You Can Check Out Any Time You Like
- Ashford Hospitality Trust: Substantial Debt, No Dividends
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Ashford Hospitality Trust expects Q2 RevPAR to rise to $144, up 7% Y/Y