AHT on NYSE
ASHFORD HOSPITALITY TRUST INC
ASHFORD HOSPITALITY TRUST INC is an American real estate investment trust based in Dallas, listed on NYSE (AHT).1
Price unavailable
Last updated Oct 21, 2026.
Overview
Compare with Duke Realty, DiamondRock Hospitality Co or CubeSmart, or pick any stock.
- TickerAHT on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersDallas, Texas1
- Incorporated inMD2
- Business address14185 Dallas Parkway Suite 1100, Dallas, Tx 752542
- Filer categoryNon-accelerated filer, Smaller reporting company2
See how the biggest companies compare on our leaderboards
Ashford Hospitality Trust, Inc., together with its subsidiaries is a REIT. While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Occupancy brought in 75% of the revenue ASHFORD HOSPITALITY TRUST INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Occupancy | $1.1B | $889.8M | $825.6M |
| Food and Beverage | $232.8M | $212.6M | $207.6M |
| Hotel, Other | $72.7M | $67.8M | $69.6M |
| Product and Service, Other | $2.8M | $2.3M | $1.5M |
Regions
Other Areas brought in 27% of the revenue ASHFORD HOSPITALITY TRUST INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Other Areas | $288.6M | $284.7M | $279.1M |
| Washington DC - MD - VA Area | $162.8M | $169.8M | $161.7M |
| Los Angeles, CA Metro Area | $92.8M | $94.1M | $95.2M |
| Nashville, TN Area | $88.8M | $89.6M | $94.9M |
| Dallas / Ft. Worth Area | $70.6M | $72.0M | $81.6M |
| Atlanta, GA Area | $84.6M | $75.3M | $77.7M |
| New York / New Jersey Metro Area | $58.4M | $58.1M | $59.7M |
| San Francisco - Oakland, CA Metro Area | $42.3M | $44.9M | $46.5M |
| Tampa, FL Area | $38.9M | $39.2M | $38.3M |
| Miami, FL Metro Area | $34.9M | $37.3M | $38.2M |
| Houston, TX Area | $28.1M | $26.8M | $28.6M |
| Sold Properties | $299.1M | $102.7M | $27.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$1.1B
- Income tax0¢$143.0K
Out of $1.1B in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $1.1B | $1.2B | $1.4B |
| Total hotel expenses | $768.3M | $815.4M | $925.4M |
| Property taxes, insurance and other | $59.8M | $64.1M | $70.2M |
| Depreciation and amortization | $141.3M | $152.8M | $187.8M |
| Impairment charges | $67.6M | $59.3M | $0 |
| Advisory services fee | $49.0M | $58.6M | $48.9M |
| Corporate, general and administrative | $20.8M | $24.7M | $16.2M |
| Total operating expenses | $1.1B | $1.2B | $1.2B |
| Gain (loss) on consolidation of VIE and disposition of assets and hotel properties | $79.8M | $94.4M | $11.5M |
| Gain (loss) on derecognition of assets | $39.1M | $167.2M | $0 |
| OPERATING INCOME (LOSS) | $116.4M | $259.2M | $130.4M |
| Equity in earnings (loss) of unconsolidated entities | -$325.0K | -$2.4M | -$1.1M |
| Interest income | $4.7M | $6.9M | $9.0M |
| Other income (expense) | $0 | $108.0K | $310.0K |
| Interest expense and amortization of discounts and loan costs | -$256.2M | -$273.4M | -$327.0M |
| Interest expense associated with hotels in receivership | -$39.0M | -$45.6M | -$39.2M |
| Write-off of premiums, loan costs and exit fees | -$8.9M | -$5.2M | -$3.5M |
| Gain (loss) on extinguishment of debt | $335.0K | $2.8M | $53.4M |
| Realized and unrealized gain (loss) on derivatives | -$5.3M | -$6.5M | -$2.2M |
| INCOME (LOSS) BEFORE INCOME TAXES | -$188.3M | -$64.0M | -$179.8M |
| Income tax (expense) benefit | $143.0K | -$997.0K | -$900.0K |
| NET INCOME (LOSS) | -$188.2M | -$65.0M | -$180.7M |
| (Income) loss allocated to noncontrolling interests in consolidated entities | $5.1M | $4.0M | $6.0K |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $3.3M | $683.0K | $2.2M |
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | -$179.8M | -$60.3M | -$178.5M |
| Preferred dividends | -$28.2M | -$22.7M | -$15.9M |
| Deemed dividends on redeemable preferred stock | -$6.9M | -$2.9M | -$2.7M |
| Gain (loss) on extinguishment of preferred stock | $0 | $3.4M | $3.4M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | -$215.0M | -$82.5M | -$193.7M |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$35.99 | -$17.54 | -$56.11 |
| Weighted average common shares outstanding (in shares) | 6.0M shares | 4.7M shares | 3.5M shares |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$35.99 | -$17.54 | -$56.11 |
| Weighted average common shares outstanding (in shares) | 6.0M shares | 4.7M shares | 3.5M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) | $3.1B | $3.4B | |||
| Contract asset | $355.1M | $366.7M | $378.2M | ||
| Cash and cash equivalents ($468 and $7,286 attributable to VIEs) | $66.1M | $112.9M | $165.2M | $417.1M | |
| Notes receivable, net | $12.2M | $10.6M | |||
| Investments in unconsolidated entities | $7.3M | $7.6M | |||
| Derivative assets | $410.0K | $2.6M | |||
| Operating lease right-of-use assets | $43.6M | $43.8M | |||
| Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs) | $32.1M | $39.1M | |||
| Assets held for sale | $18.5M | $96.6M | |||
| Total assets | $2.8B | $3.2B | |||
| Indebtedness, net ($15,961 and $65,548 attributable to VIEs) | $2.5B | $2.6B | |||
| Debt associated with hotels in receivership | $272.8M | $314.6M | |||
| Finance lease liability | $17.5M | $18.0M | |||
| Accrued interest associated with hotels in receivership | $82.3M | $52.0M | |||
| Operating lease liabilities | $44.0M | $44.4M | |||
| Liabilities related to assets held for sale | $41.3M | $99.1M | |||
| Total liabilities | $3.2B | $3.4B | |||
| Redeemable noncontrolling interests in operating partnership | $20.5M | $22.5M | |||
| Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $65.0K | $56.0K | |||
| Additional paid-in capital | $2.4B | $2.4B | |||
| Accumulated deficit | -$3.0B | -$2.8B | |||
| Total stockholders equity (deficit) of the Company | -$626.4M | -$419.2M | |||
| Noncontrolling interest in consolidated entities | $15.5M | $13.4M | |||
| Total equity (deficit) | -$610.8M | -$405.8M | -$331.0M | -$150.4M | |
| Total liabilities and equity/deficit | $2.8B | $3.2B | |||
| Accumulated depreciation | -$983.8M | -$1.0B | |||
| Investment in hotel properties, net | $2.1B | $2.3B | |||
| Restricted cash | $149.6M | $99.7M | $146.1M | $142.0M | |
| Accounts receivable, net | $32.8M | $35.6M | |||
| Allowance for doubtful accounts receivable | $424.0K | $435.0K | |||
| Inventories | $3.6M | $3.6M | |||
| Deferred costs | $1.5M | $1.8M | |||
| Accounts payable and accrued expenses | $123.8M | $137.5M | |||
| Accrued interest payable | $14.0M | $10.2M | |||
| Dividends and distributions declared but not paid | $4.2M | $4.0M | $3.6M | ||
| Other liabilities | $36.8M | $34.0M | |||
| Preferred stock, par value (in dollars per shares) | $0.01 | $0.01 | |||
| Preferred stock, shares authorized (in shares) | 55.0M shares | 55.0M shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||
| Common stock, shares authorized (in shares) | 395.0M shares | 395.0M shares | |||
| Common stock, shares issued (in shares) | 6.5M shares | 5.6M shares | |||
| Common stock, shares outstanding (in shares) | 6.5M shares | 5.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Investments in hotel properties, gross ($82,787 and $159,378 attributable to VIEs) | $3.1B | $3.4B | |||
| Contract asset | $355.1M | $366.7M | $378.2M | ||
| Cash and cash equivalents ($468 and $7,286 attributable to VIEs) | $66.1M | $112.9M | $165.2M | $417.1M | |
| Notes receivable, net | $12.2M | $10.6M | |||
| Investments in unconsolidated entities | $7.3M | $7.6M | |||
| Derivative assets | $410.0K | $2.6M | |||
| Operating lease right-of-use assets | $43.6M | $43.8M | |||
| Prepaid expenses and other assets ($40 and $3,090 attributable to VIEs) | $32.1M | $39.1M | |||
| Assets held for sale | $18.5M | $96.6M | |||
| Total assets | $2.8B | $3.2B | |||
| Indebtedness, net ($15,961 and $65,548 attributable to VIEs) | $2.5B | $2.6B | |||
| Debt associated with hotels in receivership | $272.8M | $314.6M | |||
| Finance lease liability | $17.5M | $18.0M | |||
| Accrued interest associated with hotels in receivership | $82.3M | $52.0M | |||
| Operating lease liabilities | $44.0M | $44.4M | |||
| Liabilities related to assets held for sale | $41.3M | $99.1M | |||
| Total liabilities | $3.2B | $3.4B | |||
| Redeemable noncontrolling interests in operating partnership | $20.5M | $22.5M | |||
| Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,157 and 5,636,595 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $65.0K | $56.0K | |||
| Additional paid-in capital | $2.4B | $2.4B | |||
| Accumulated deficit | -$3.0B | -$2.8B | |||
| Total stockholders equity (deficit) of the Company | -$626.4M | -$419.2M | |||
| Noncontrolling interest in consolidated entities | $15.5M | $13.4M | |||
| Total equity (deficit) | -$610.8M | -$405.8M | -$331.0M | -$150.4M | |
| Total liabilities and equity/deficit | $2.8B | $3.2B | |||
| Accumulated depreciation | -$983.8M | -$1.0B | |||
| Investment in hotel properties, net | $2.1B | $2.3B | |||
| Restricted cash | $149.6M | $99.7M | $146.1M | $142.0M | |
| Accounts receivable, net | $32.8M | $35.6M | |||
| Allowance for doubtful accounts receivable | $424.0K | $435.0K | |||
| Inventories | $3.6M | $3.6M | |||
| Deferred costs | $1.5M | $1.8M | |||
| Accounts payable and accrued expenses | $123.8M | $137.5M | |||
| Accrued interest payable | $14.0M | $10.2M | |||
| Dividends and distributions declared but not paid | $4.2M | $4.0M | $3.6M | ||
| Other liabilities | $36.8M | $34.0M | |||
| Preferred stock, par value (in dollars per shares) | $0.01 | $0.01 | |||
| Preferred stock, shares authorized (in shares) | 55.0M shares | 55.0M shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||
| Common stock, shares authorized (in shares) | 395.0M shares | 395.0M shares | |||
| Common stock, shares issued (in shares) | 6.5M shares | 5.6M shares | |||
| Common stock, shares outstanding (in shares) | 6.5M shares | 5.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$188.2M | -$65.0M | -$180.7M |
| Depreciation and amortization | $141.3M | $152.8M | $187.8M |
| Impairment charges | $67.6M | $59.3M | $0 |
| Amortization of intangibles | -$1.1M | -$158.0K | -$95.0K |
| Recognition of deferred income | -$432.0K | -$271.0K | -$820.0K |
| Bad debt expense | $2.1M | $2.3M | $3.6M |
| Deferred income tax expense (benefit) | -$242.0K | $11.0K | -$28.0K |
| Equity in (earnings) loss of unconsolidated entities | $325.0K | $2.4M | $1.1M |
| (Gain) loss on consolidation of VIE and disposition of assets and hotel properties | -$79.8M | -$94.4M | -$11.5M |
| (Gain) loss on derecognition of assets | -$39.1M | -$167.2M | $0 |
| (Gain) loss on extinguishment of debt | -$335.0K | -$2.8M | -$53.4M |
| Realized and unrealized (gain) loss on derivatives | $5.3M | $6.5M | $2.2M |
| Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees | $23.0M | $19.4M | $28.2M |
| Amortization of deferred franchise fees | $0 | $0 | $34.0K |
| Write-off of deferred franchise fees | $0 | $0 | $20.0K |
| Equity-based compensation | -$761.0K | $2.1M | $4.0M |
| Non-cash interest income | -$1.6M | -$1.3M | -$821.0K |
| Accounts receivable and inventories | $537.0K | $1.6M | -$7.3M |
| Prepaid expenses and other assets | $7.2M | -$1.7M | -$1.6M |
| Accounts payable and accrued expenses and accrued interest payable | $3.1M | $9.3M | $4.4M |
| Accrued interest associated with hotels in receivership | $39.0M | $42.5M | $14.0M |
| Due to/from related parties | -$892.0K | -$3.0M | $11.2M |
| Due to/from third-party hotel managers | -$4.3M | -$1.9M | -$789.0K |
| Due to/from Ashford Inc., net | $8.5M | $14.3M | $14.9M |
| Operating lease liabilities | -$324.0K | -$394.0K | $104.0K |
| Operating lease right-of-use assets | $321.0K | $387.0K | -$111.0K |
| Other liabilities | $3.0M | $1.8M | -$7.0K |
| Net cash provided by (used in) operating activities | -$15.7M | -$23.6M | $14.4M |
| Improvements and additions to hotel properties | -$71.2M | -$108.0M | -$137.4M |
| Net proceeds from disposition of assets and hotel properties | $242.4M | $300.0M | $29.2M |
| Net proceeds from sale of historical tax credits | $18.8M | $0 | $0 |
| Payments for initial franchise fees | $0 | -$200.0K | -$599.0K |
| Proceeds from notes receivable | $0 | $2.5M | $5.2M |
| Issuance of note receivable | -$26.0K | -$4.5M | -$6.9M |
| Proceeds from property insurance | $734.0K | $1.5M | $2.5M |
| Restricted cash received from initial consolidation of VIE | $0 | $0 | $18.2M |
| Net cash provided by (used in) investing activities | $190.8M | $191.3M | -$89.8M |
| Borrowings on indebtedness | $560.4M | $63.8M | $134.8M |
| Repayments of indebtedness | -$709.2M | -$388.3M | -$396.9M |
| Payments for loan costs and exit fees | -$50.3M | -$20.9M | -$13.2M |
| Payments for dividends and distributions | -$24.0M | -$20.4M | -$14.9M |
| Purchases of common stock | -$44.0K | -$49.0K | -$90.0K |
| Redemption of preferred stock | $0 | $0 | -$78.0K |
| Payments for derivatives | -$5.1M | -$16.3M | -$28.3M |
| Proceeds from derivatives | $3.0M | $27.8M | $59.4M |
| Proceeds from common stock offerings | $0 | $8.8M | $1.0M |
| Proceeds from preferred stock offerings | $39.7M | $84.8M | $79.6M |
| Costs for issuances of common shares | -$143.0K | $0 | $0 |
| Payments on finance lease liabilities | -$456.0K | -$477.0K | -$249.0K |
| Issuance of Stirling OP common units | $56.0K | $129.0K | $0 |
| Redemption of Stirling OP common units | -$685.0K | $0 | $0 |
| Contributions from noncontrolling interests | $7.5M | $4.9M | $6.9M |
| Distributions to noncontrolling interest in consolidated entities | $0 | -$2.5M | $0 |
| Net cash provided by (used in) financing activities | -$179.2M | -$258.8M | -$172.1M |
| Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) | -$4.1M | -$91.1M | -$247.5M |
| Interest paid | $224.3M | $268.8M | $325.4M |
| Income taxes paid (refunded) | -$2.0M | -$287.0K | -$2.6M |
| Accrued but unpaid capital expenditures | $31.1M | $15.2M | $22.5M |
| Non-cash extinguishment of debt | $0 | $8.9M | $154.2M |
| Non-cash loan principal associated with default interest and late charges | $14.1M | $0 | $0 |
| Non-cash extinguishment of preferred stock | $0 | $14.6M | $7.7M |
| Issuance of common stock from preferred stock exchanges | $0 | $8.3M | $4.3M |
| Non-cash preferred stock dividends | $4.0M | $1.9M | $387.0K |
| Unsettled proceeds from derivatives | $0 | $179.0K | $1.7M |
| Non-cash derecognition of assets | $0 | $231.6M | $0 |
| Contribution from Stirling Advisor | $5.3M | $0 | $0 |
| Assumption of debt from consolidation of VIE | $0 | $0 | $35.1M |
| Assumption of other finance liability from consolidation of VIE | $0 | $0 | $26.7M |
| Acquisition of hotel property from consolidation of VIE | $0 | $0 | $61.1M |
| Non-cash distributions to non-controlling interest | $0 | $0 | $588.0K |
No quarter-by-quarter statement was filed.
Corporate structure
ASHFORD HOSPITALITY TRUST INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of ASHFORD HOSPITALITY TRUST INC
- CastleKnight Master Fund LP Filed SCHEDULE 13G/A on ASHFORD HOSPITALITY TRUST INC, latest Feb 17, 2026 (3 filings since Jan 5, 2024)
- VARDE PARTNERS INC Filed SCHEDULE 13G/A on ASHFORD HOSPITALITY TRUST INC, latest Feb 14, 2025 (3 filings since Feb 14, 2022)
- VANGUARD GROUP INC Filed SC 13G/A on ASHFORD HOSPITALITY TRUST INC, latest Nov 12, 2024 (4 filings since Feb 9, 2023)
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC Filed SC 13G/A on ASHFORD HOSPITALITY TRUST INC, latest Nov 8, 2024 (2 filings since Feb 9, 2024)
- BlackRock Filed SC 13G/A on ASHFORD HOSPITALITY TRUST INC, latest Jul 7, 2023 (4 filings since Feb 4, 2022)
- OAKTREE CAPITAL MANAGEMENT LP Filed SC 13G on ASHFORD HOSPITALITY TRUST INC, latest Feb 14, 2022
- Thomas A. Maher Filed SC 13G/A on ASHFORD HOSPITALITY TRUST INC, latest Feb 14, 2022
- ASHFORD HOSPITALITY TRUST INC Dallas, Texas
- All the subsidiaries listed below are incorporated in Delaware except that Ashford Hospitality Trust, Inc. is incorporated in Maryland and 815 Commerce Construction Manager LLC is organized in Subsidiary · Texas, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ASHFORD HOSPITALITY TRUST INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $410.5M5 Dec 31, 2025 | $437.6M5 Dec 31, 2024 | −6.2% |
| Buildings and improvements | $2.4B5 Dec 31, 2025 | $2.7B5 Dec 31, 2024 | −9.5% |
| Furniture and fixtures | $171.6M5 Dec 31, 2025 | $171.8M5 Dec 31, 2024 | −0.1% |
| Construction in progress | $24.9M5 Dec 31, 2025 | $23.3M5 Dec 31, 2024 | +7.2% |
| Finance-lease assets | $15.6M5 Dec 31, 2025 | $16.2M5 Dec 31, 2024 | −3.3% |
| Operating-lease assets (leased space) | $43.6M5 Dec 31, 2025 | $43.8M5 Dec 31, 2024 | −0.5% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $2.1B5 Dec 31, 2025 | $2.3B5 Dec 31, 2024 | −10.1% |
| Real estate investments, at cost | $3.1B5 Dec 31, 2025 | $3.4B5 Dec 31, 2024 | −8.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $66.1M5 Dec 31, 2025 | $112.9M5 Dec 31, 2024 | −41.4% |
| Stakes in other companies (equity method) | $7.3M5 Dec 31, 2025 | $7.6M5 Dec 31, 2024 | −4.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $797.0K5 Dec 31, 2025 | $797.0K5 Dec 31, 2024 | 0% |
| Accumulated amortization | $05 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Finite-lived intangibles, net | $797.0K9 Dec 31, 2024 | $797.0K9 Dec 31, 2023 | 0% |
Inventory
Properties, in its own words
OFFICES. We lease our headquarters located at 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254.
HOTEL PROPERTIES. As of December 31, 2025, our portfolio consisted of 67 operating hotel properties and one consolidated operating hotel property through a 29.3% owned investment in a consolidated entity. Currently, all of our hotel properties are located in the United States. The following table presents certain information related to our hotel properties:
The rest of Item 2
Hotel Property · Location · Service Type · Total Rooms · % Owned · Owned Rooms · Occupancy · ADR · RevPAR
Fee Simple Properties
Embassy Suites · Austin, TX · Full-service · 150 · 100 · 150 · 72.00 · 142.01 · 102.29
Embassy Suites · Dallas, TX · Full-service · 150 · 100 · 150 · 72.00 · 141.86 · 102.15
Embassy Suites · Herndon, VA · Full-service · 150 · 100 · 150 · 72.60 · 169.49 · 123.03
Embassy Suites · Las Vegas, NV · Full-service · 220 · 100 · 220 · 82.20 · 167.75 · 137.92
Embassy Suites · Houston, TX · Full-service · 150 · 100 · 150 · 65.10 · 138.82 · 90.37
Embassy Suites · West Palm Beach, FL · Full-service · 160 · 100 · 160 · 76.90 · 192.23 · 147.77
Embassy Suites · Philadelphia, PA · Full-service · 263 · 100 · 263 · 78.40 · 155.49 · 121.96
Embassy Suites · Arlington, VA · Full-service · 269 · 100 · 269 · 72.90 · 227.00 · 165.49
Embassy Suites · Portland, OR · Full-service · 276 · 100 · 276 · 57.60 · 151.96 · 87.51
Embassy Suites · Santa Clara, CA · Full-service · 258 · 100 · 258 · 66.20 · 251.51 · 166.58
Embassy Suites · Orlando, FL · Full-service · 174 · 100 · 174 · 85.50 · 163.31 · 139.63
Hilton Garden Inn · Jacksonville, FL · Select-service · 119 · 100 · 119 · 60.30 · 131.65 · 79.40
Hilton Garden Inn · Austin, TX · Select-service · 254 · 100 · 254 · 52.80 · 175.88 · 92.82
Hilton Garden Inn · Baltimore, MD · Select-service · 158 · 100 · 158 · 79.20 · 123.36 · 97.71
Hilton Garden Inn · Virginia Beach, VA · Select-service · 176 · 100 · 176 · 62.40 · 160.30 · 100.07
Hilton · St. Petersburg, FL · Full-service · 333 · 100 · 333 · 73.60 · 180.86 · 133.13
Hilton · Santa Fe, NM · Full-service · 158 · 100 · 158 · 82.40 · 214.23 · 176.55
Hilton · Bloomington, MN · Full-service · 300 · 100 · 300 · 63.50 · 121.91 · 77.36
Hilton · Costa Mesa, CA · Full-service · 486 · 100 · 486 · 79.40 · 156.70 · 124.46
Hilton · Parsippany, NJ · Full-service · 353 · 100 · 353 · 46.10 · 166.21 · 76.60
Hilton · Tampa, FL · Full-service · 238 · 100 · 238 · 87.90 · 169.67 · 149.16
Hilton · Alexandria, VA · Full-service · 252 · 100 · 252 · 64.60 · 207.82 · 134.35
Hilton · Santa Cruz, CA · Full-service · 178 · 100 · 178 · 74.40 · 169.50 · 126.18
Hilton · Ft. Worth, TX · Full-service · 294 · 100 · 294 · 66.20 · 177.36 · 117.41
Hampton Inn · Buford, GA · Select-service · 92 · 100 · 92 · 75.69 · 135.48 · 102.55
Hampton Inn · Evansville, IN · Select-service · 140 · 100 · 140 · 63.60 · 121.37 · 77.22
Hampton Inn · Parsippany, NJ · Select-service · 152 · 100 · 152 · 68.40 · 134.16 · 91.79
Marriott · Beverly Hills, CA · Full-service · 260 · 100 · 260 · 88.60 · 259.97 · 230.29
Marriott · Arlington, VA · Full-service · 703 · 100 · 703 · 75.70 · 226.06 · 171.17
Marriott · Dallas, TX · Full-service · 265 · 100 · 265 · 62.70 · 164.32 · 102.97
Marriott · Fremont, CA · Full-service · 357 · 100 · 357 · 70.00 · 167.69 · 117.34
Marriott · Memphis, TN · Full-service · 232 · 100 · 232 · 72.10 · 155.96 · 112.43
Marriott · Irving, TX · Full-service · 499 · 100 · 499 · 73.20 · 178.45 · 130.57
Marriott · Omaha, NE · Full-service · 300 · 100 · 300 · 57.80 · 136.51 · 78.88
Marriott · Sugarland, TX · Full-service · 303 · 100 · 303 · 79.90 · 169.47 · 135.37
SpringHill Suites by Marriott · Buford, GA · Select-service · 97 · 100 · 97 · 79.20 · 132.73 · 105.12
Courtyard by Marriott · Bloomington, IN · Select-service · 117 · 100 · 117 · 54.10 · 166.87 · 90.23
Courtyard by Marriott · Denver, CO · Select-service · 202 · 100 · 202 · 84.40 · 151.21 · 127.55
Courtyard by Marriott · Gaithersburg, MD · Select-service · 210 · 100 · 210 · 63.70 · 169.44 · 107.97
Courtyard by Marriott · Crystal City, VA · Select-service · 272 · 100 · 272 · 76.20 · 171.03 · 130.29
Courtyard by Marriott · Overland Park, KS · Select-service · 168 · 100 · 168 · 65.20 · 128.88 · 84.01
Courtyard by Marriott · Foothill Ranch, CA · Select-service · 156 · 100 · 156 · 75.60 · 145.88 · 110.36
Courtyard by Marriott · Alpharetta, GA · Select-service · 154 · 100 · 154 · 59.50 · 117.88 · 70.18
Marriott Residence Inn · Orlando, FL · Select-service · 350 · 100 · 350 · 70.10 · 145.62 · 102.06
Marriott Residence Inn · Falls Church, VA · Select-service · 159 · 100 · 159 · 74.00 · 159.86 · 118.30
Marriott Residence Inn · Jacksonville, FL · Select-service · 120 · 100 · 120 · 74.61 · 135.44 · 101.06
Marriott Residence Inn · Manchester, CT · Select-service · 96 · 100 · 96 · 82.60 · 164.95 · 136.25
Hotel Property · Location · Service Type · Total Rooms · % Owned · Owned Rooms · Occupancy · ADR · RevPAR
Sheraton Hotel · Minneapolis, MN · Full-service · 220 · 100 · 220 · 48.70 · 137.63 · 67.09
Sheraton Hotel · Indianapolis, IN · Full-service · 378 · 100 · 378 · 56.80 · 176.64 · 100.30
Sheraton Hotel · Anchorage, AK · Full-service · 370 · 100 · 370 · 73.10 · 231.84 · 169.40
Sheraton Hotel · San Diego, CA · Full-service · 260 · 100 · 260 · 88.30 · 156.37 · 138.00
Hyatt Regency · Coral Gables, FL · Full-service · 254 · 100 · 254 · 78.50 · 244.37 · 191.76
Hyatt Regency · Hauppauge, NY · Full-service · 358 · 100 · 358 · 64.30 · 170.39 · 109.56
Hyatt Regency · Savannah, GA · Full-service · 351 · 100 · 351 · 88.10 · 210.68 · 185.56
Renaissance · Nashville, TN · Full-service · 674 · 100 · 674 · 78.30 · 286.35 · 224.10
Annapolis Historic Inn · Annapolis, MD · Full-service · 124 · 100 · 124 · 59.40 · 191.70 · 113.78
Lakeway Resort & Spa · Austin, TX · Full-service · 168 · 100 · 168 · 49.10 · 211.43 · 103.89
Silversmith · Chicago, IL · Full-service · 144 · 100 · 144 · 67.20 · 185.09 · 124.36
Item 2 of the 10-K filed Mar 23, 2026.4
Leadership
Who has led ASHFORD HOSPITALITY TRUST INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerStephen Zsigray Jul 1, 2024 to now13
- Chief executive officerJ. Robison Hays Iii. May 14, 2021 to Mar 19, 202414
- Chief executive officerDouglas A. Kessler Feb 22, 2017 to Jan 15, 202115
- Chief executive officerMontgomery J. Bennett Mar 30, 2006 to Apr 11, 201616
- ChairMontgomery J. Bennett Mar 5, 2013 to Mar 24, 201517
- ChairArchie Bennett Jr. Mar 30, 2006 to Mar 6, 201218
- PresidentStephen Zsigray Jul 1, 2024 to now13
- PresidentJ. Robison Hays Iii. May 14, 2021 to Mar 19, 202414
- PresidentDouglas A. Kessler Apr 13, 2009 to Jan 15, 202119
- PresidentMontgomery J. Bennett Mar 30, 2006 to Jun 20, 200816
- Chief financial officerDeric S. Eubanks Jun 16, 2014 to now20
- Chief financial officerDavid J. Kimichik Mar 30, 2006 to Mar 3, 201421
- Chief operating officerJeremy Welter Mar 21, 2018 to Jul 19, 202222
- Chief operating officerDavid A. Brooks Apr 13, 2009 to Mar 16, 201823
- Chief operating officerDouglas A. Kessler Mar 30, 2006 to Jun 20, 200824
Board members and other officers (24)
- Exec. VP, GC and SecretaryJim A. Plohg Dec 22, 2025 to now25
- Chief Accounting OfficerJustin Coe Jan 5, 2024 to Jan 5, 202426
- CTO, GC and SecretaryDavid A. Brooks Mar 21, 2018 to Mar 27, 201827
- Exec. VP, GC and SecretaryRobert G. Haiman Jun 4, 2018 to Jul 1, 202128
- Chief Strategy OfficerJ. Robison Hays Iii. May 14, 2015 to Mar 13, 202029
- EVP - Asset ManagementJeremy Welter Mar 28, 2011 to Mar 16, 201830
- EVP, Asset ManagementAlan Tallis Mar 26, 2008 to Dec 2, 201031
- Chief Accounting OfficerMark Nunneley Mar 30, 2006 to Mar 8, 202432
- Board memberStephen Zsigray Jul 2, 2025 to now33
- Board memberDavinder Singh Sra Jul 27, 2023 to May 22, 202434
- Board memberJ. Robison Hays Iii. May 14, 2021 to now14
- Board memberSheri L. Pantermuehl Jun 26, 2018 to May 22, 202435
- Board memberFred J. Kleisner Sep 8, 2016 to May 22, 202436
- Board memberAmish Gupta May 15, 2014 to May 22, 202437
- Board memberAlan Tallis Jan 29, 2013 to May 22, 202438
- Board memberKamal Jafarnia Jan 29, 2013 to May 22, 202439
- Board memberDouglas A. Kessler Mar 5, 2013 to Mar 5, 201340
- Board memberBenjamin J. Ansell Md. May 21, 2009 to May 15, 202441
- Board memberMontgomery J. Bennett Mar 30, 2006 to now16
- Board memberCharles P. Toppino May 3, 2006 to Jun 11, 200842
- Board memberMartin L. Edelman May 3, 2006 to May 17, 201343
- Board memberPhilip S. Payne May 3, 2006 to May 18, 201744
- Board memberW. D. Minami May 3, 2006 to Nov 12, 200845
- General counselDavid A. Brooks Mar 30, 2006 to Mar 16, 201846
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- All the subsidiaries listed below are incorporated in Delaware except that Ashford Hospitality Trust, Inc. is incorporated in Maryland and 815 Commerce Construction Manager LLC is organized in Texas.3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 9, 20268-K Completed an acquisition or sale47
- Oct 1, 20268-K Completed an acquisition or sale48
- Aug 27, 20268-K Completed an acquisition or sale49
- Aug 12, 20268-K Results of operations50
- Aug 6, 20268-K Completed an acquisition or sale51
- Jul 8, 20268-K Completed an acquisition or sale52
- Jul 6, 20268-K Completed an acquisition or sale53
- Jun 23, 20268-K Completed an acquisition or sale54
- Jun 16, 20268-K Completed an acquisition or sale55
- Jun 12, 20268-K Completed an acquisition or sale56
- Jun 4, 20268-K Completed an acquisition or sale57
- May 28, 20268-K Completed an acquisition or sale58
- Jul 1, 2024New chief executive Stephen Zsigray becomes CEO13
- May 14, 2021New chief executive J. Robison Hays Iii. becomes CEO14
- Feb 22, 2017New chief executive Douglas A. Kessler becomes CEO15
- Mar 30, 2006New chief executive Montgomery J. Bennett becomes CEO16
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($2.85) a share, on Nov 4, 2025.59
When it reported results
- Aug 12, 2026Reported quarterly or annual results50
- May 11, 2026Reported quarterly or annual results60
- Feb 25, 2026Reported quarterly or annual results61
- Nov 4, 2025Reported quarterly or annual results62
- Jul 31, 2025Reported quarterly or annual results63
- May 6, 2025Reported quarterly or annual results64
- Apr 16, 2025Reported quarterly or annual results65
- Feb 25, 2025Reported quarterly or annual results66
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
476 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 220 major events, 77 insider forms, 18 large holders, 141 other. The latest 20:
- Oct 9, 2026424B3 EDGAR
- Oct 9, 20268-K EDGAR
- Oct 1, 2026424B3 EDGAR
- Oct 1, 20268-K EDGAR
- Aug 27, 2026424B3 EDGAR
- Aug 27, 20268-K EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- Aug 6, 2026424B3 EDGAR
- Aug 6, 20268-K EDGAR
- Jul 8, 2026424B3 EDGAR
- Jul 8, 20268-K EDGAR
- Jul 6, 2026424B3 EDGAR
- Jul 6, 20268-K EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 23, 2026424B3 EDGAR
- Jun 23, 20268-K EDGAR
- Jun 16, 2026424B3 EDGAR
- Jun 16, 20268-K EDGAR
- Jun 12, 2026424B3 EDGAR
The 476 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
4 open-market trades by officers, directors and large owners since October 2021: 0 buys and 4 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 27, 2022 | Eubanks Deric SCFO and Treasurer | Sale | 30 | $4.39 | $132 | Form 4 |
| Oct 27, 2022 | Ansell Benjamin J MDDirector | Sale | 110 | $7.69 | $846 | Form 4 |
| Nov 8, 2021 | Ansell Benjamin J MDDirector | Sale | 43 | $14.72 | $633 | Form 4 |
| Nov 4, 2021 | Ansell Benjamin J MDDirector | Sale | 123 | $14.78 | $1.8K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- CastleKnight Master Fund LPSCHEDULE 13G/A, 3 filings Jan 5, 2024 to Feb 17, 202667
- VARDE PARTNERS INCSCHEDULE 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202568
- VANGUARD GROUP INCSC 13G/A, 4 filings Feb 9, 2023 to Nov 12, 202469
- CHARLES SCHWAB INVESTMENT MANAGEMENT INCSC 13G/A, 2 filings Feb 9, 2024 to Nov 8, 202470
- BlackRockSC 13G/A, 4 filings Feb 4, 2022 to Jul 7, 202371
- OAKTREE CAPITAL MANAGEMENT LPSC 13G, 1 filing Feb 14, 202272
- Thomas A. MaherSC 13G/A, 1 filing Feb 14, 202273
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 34. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How ASHFORD HOSPITALITY TRUST INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARASHFORD HOSPITALITY TRUST INC1
- CIK0001232582
- Employer ID (EIN)86-10621924
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address14185 Dallas Parkway Suite 1100, Dallas, TX 752541
- Phone97249096001
- Shares outstanding6,469,814 as of Aug 10, 202611
- Public float$35.2M as of Jun 30, 20254
- AuditorBDO USA, P.C., Dallas, Texas PCAOB ID 243; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceMay 15, 20031
- Filings2,567 in all: 8-K (1,117), 4 (503), 424B3 (128), SC 13G/A (87), 10-Q (69), UPLOAD (49), SC 13G (47), 8-K/A (38)1
All 58 form types
CORRESP (37), 3 (36), DEFA14A (36), DFAN14A (35), 4/A (32), 424B5 (32), FWP (28), DEF 14A (24), SC 13D/A (24), 10-K (23), EFFECT (21), 425 (19), S-3 (14), S-11 (12), S-3/A (12), 10-K/A (10), S-8 (10), 424B2 (9), 8-A12B (9), PX14A6G (9), PRRN14A (8), CERTNYS (7), PREC14A (6), PRER14A (6), S-11/A (6), SC 13D (6), SC TO-I/A (6), ARS (5), DEFC14A (5), PRE 14A (4), S-8 POS (4), 424B7 (3), 5 (3), S-3ASR (3), 25-NSE (2), 3/A (2), DEFR14A (2), DFRN14A (2), POS AM (2), PREN14A (2), REGDEX (2), S-4/A (2), SCHEDULE 13G/A (2), 10-Q/A (1), CERT (1), CT ORDER (1), NO ACT (1), RW (1), S-4 (1), SC TO-I (1)
- Latest filingsAnnual report (10-K) Mar 23, 2026
Quarterly report (10-Q) Aug 12, 2026
Proxy statement (DEF 14A) Mar 31, 2026
Latest 8-K (8-K) Oct 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock | AHT | New York Stock Exchange |
| Preferred Stock, Series D | AHT-PD | New York Stock Exchange |
| Preferred Stock, Series F | AHT-PF | New York Stock Exchange |
| Preferred Stock, Series G | AHT-PG | New York Stock Exchange |
| Preferred Stock, Series H | AHT-PH | New York Stock Exchange |
| Preferred Stock, Series I | AHT-PI | New York Stock Exchange |
| Preferred Stock Repurchase Rights | New York Stock Exchange |
From the cover page of the 10-K filed Mar 23, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks ASHFORD HOSPITALITY TRUST INC names in Item 1A of its 10-K filed Mar 23, 2026: 73 risks under these headings, as written.4
- RISKS RELATED TO OUR BUSINESS
- A financial crisis, economic slowdown, pandemic or epidemic or other economically disruptive event may harm the operating performance of the hotel industry generally. If such events occur, we may be harmed by declines in occupancy, average daily room rates and/or other operating revenues.
- Economic conditions in the United States and geopolitical developments could have a material adverse impact on our earnings and financial condition.
- Our cash, cash equivalents and investments could be adversely affected if the financial institutions in which we hold our cash, cash equivalents and investments fail.
- The hotel industry is highly competitive and the hotels in which we invest are subject to competition from other hotels for guests.
- We did not pay cash dividends on our common stock in fiscal year 2025. We do not expect to pay cash dividends on our common stock for the foreseeable future.
- Because we depend upon our advisor and its affiliates to conduct our operations, any adverse changes in the financial condition of our advisor or its affiliates or our relationship with them could hinder our operating performance.
- We depend on our advisor’s key personnel with longstanding business relationships. The loss of our advisor’s key personnel could threaten our ability to operate our business successfully.
- We do not have any employees, and rely on our hotel managers to employ the personnel required to operate the hotels we own. As a result, we cannot control staffing at our hotels than we would if we employed such personnel directly.
- We are required to make minimum base advisory fee payments to our advisor, Ashford Inc., under our advisory agreement, which must be paid even if our total market capitalization and performance decline. Similarly, we are required to make minimum base hotel management fee payments under our hotel management agreements with Remington Hospitality, a subsidiary of Ashford Inc., which must be paid even if revenues at our hotels decline significantly.
- Our joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on a co-venturer’s financial condition and disputes between us and our co-venturers.
- Our business strategy depends on our continued growth. We may fail to integrate recent and additional investments into our operations or otherwise manage our future growth, which may adversely affect our operating results.
The other 62 risks
- Hotel franchise or license requirements or the loss of a franchise could adversely affect us.
- We may be unable to identify additional investments that meet our investment criteria or to acquire the properties we have under contract.
- Our investments are concentrated in particular segments of a single industry.
- Our reliance on Remington Hospitality, a subsidiary of Ashford Inc., and on third party hotel managers to operate our hotels and for a substantial majority of our cash flow may adversely affect us.
- Our management agreements could adversely affect our sale or financing of hotel properties.
- If we cannot obtain additional capital, our growth will be limited.
- We compete with other hotels for guests and face competition for acquisitions and sales of hotel properties and of desirable debt investments.
- We face risks related to changes in the domestic and global political and economic environment, including capital and credit markets.
- We are increasingly dependent on information technology, and cyber-attacks, security problems, artificial intelligence-related risks, or other disruption and expanding social media vehicles present new risks.
- Changes in laws, regulations, or policies may adversely affect our business.
- We may experience losses caused by severe weather conditions or natural disasters.
- Our financial statements contain a statement regarding a substantial doubt about the Company’s ability to continue as a going concern.
- RISKS RELATED TO OUR DEBT FINANCING
- We have a significant amount of debt, and our organizational documents have no limitation on the amount of additional indebtedness that we may incur in the future.
- Higher interest rates have increased our debt payments and such debt payments may remain high.
- We may enter into other transactions which could further exacerbate the risks to our financial condition. The use of debt to finance future acquisitions could restrict operations, inhibit our ability to grow our business and revenues, and negatively affect our business and financial results.
- Covenants, “cash trap” provisions or other terms in our mortgage loans, as well as any future credit facility, could limit our flexibility and adversely affect our financial condition or our qualification as a REIT.
- There is refinancing risk associated with our debt.
- Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on an investment in our Company.
- We may not be able to raise capital through financing activities and may have difficulties negotiating with lenders in times of distress due to our complex structure and property-level indebtedness.
- RISKS RELATED TO HOTEL INVESTMENTS
- We are subject to general risks associated with operating hotels.
- Declines in or disruptions to the travel industry could adversely affect our business and financial performance.
- Some of our hotels are subject to ground leases; if we are found to be in breach of a ground lease or are unable to renew a ground lease, our business could be materially and adversely affected.
- We may have to make significant capital expenditures to maintain our hotel properties, and any development activities we undertake may be more costly than we anticipate.
- The hotel business is seasonal, which affects our results of operations from quarter to quarter.
- The cyclical nature of the lodging industry may cause fluctuations in our operating performance, which could have a material adverse effect on us.
- Many real estate costs are fixed, even if revenue from our hotels decreases.
- Our operating expenses may increase in the future which could cause us to raise our room rates, which may deplete room occupancy, or cause us to realize lower net operating income as a result of increased expenses that are not offset by increased room rates, in either case decreasing our cash flow and our operating results.
- The increasing use of internet travel intermediaries by consumers may adversely affect our profitability.
- We may be adversely affected by increased use of business-related technology, which may reduce the need for business-related travel.
- Our hotels may be subject to unknown or contingent liabilities which could cause us to incur substantial costs.
- Future terrorist attacks or changes in terror alert levels could materially and adversely affect us.
- We are subject to risks associated with the employment of hotel personnel, particularly with hotels that employ unionized labor.
- RISKS RELATED TO CONFLICTS OF INTEREST
- Our agreements with our external advisor and its subsidiaries, as well as our mutual exclusivity agreement and management agreements with Remington Hospitality and Premier, subsidiaries of Ashford Inc., were not negotiated on an arm’s-length basis, and we may pursue less vigorous enforcement of their terms because of conflicts of interest with certain of our executive officers and directors and key employees of our advisor.
- The termination fee payable to our advisor significantly increases the cost to us of terminating our advisory agreement, thereby effectively limiting our ability to terminate our advisor without cause and could make a change of control transaction less likely or the terms thereof less attractive to us and to our stockholders.
- Our advisor manages other entities and may direct attractive investment opportunities away from us. If we change our investment guidelines, our advisor is not restricted from advising clients with similar investment guidelines.
- Our advisor and its key employees, most of whom are Braemar’s and Ashford Inc.’s and our executive officers, face competing demands relating to their time and this may adversely affect our operations.
- Conflicts of interest could result in our management acting other than in our stockholders’ best interest.
- Ashford Inc.’s ability to exercise significant influence over the determination of the competitive set for any hotels managed by Remington Hospitality could artificially enhance the perception of the performance of a hotel, making it more difficult to use managers other than Remington Hospitality for future properties.
- Under the terms of our hotel management mutual exclusivity agreement with Remington Hospitality, Remington Hospitality may be able to pursue lodging investment opportunities that compete with us.
- Our fiduciary duties as the general partner of our operating partnership could create conflicts of interest, which may impede business decisions that could benefit our stockholders.
- Our policy regarding conflicts of interest may not adequately address all of the conflicts of interest that may arise with respect to our activities.
- RISKS RELATED TO DERIVATIVE TRANSACTIONS
- We have engaged in and may continue to engage in derivative transactions, which can limit our gains and expose us to losses.
- We are subject to the risk of default or insolvency by the hospitality entities underlying our investments.
- The derivatives provisions of the Dodd-Frank Act and related rules could have an adverse effect on our ability to use derivative instruments to reduce the negative effect of interest rate fluctuations on our results of operations and liquidity, credit default risks and other risks associated with our business.
- The assets associated with certain of our derivative transactions may not constitute qualified REIT assets and the related income may not constitute qualified REIT income. Significant fluctuations in the value of such assets or the related income could jeopardize our REIT status or result in additional tax liabilities.
- RISKS RELATED TO INVESTMENTS IN SECURITIES, MORTGAGES AND MEZZANINE LOANS
- Our earnings are dependent, in part, upon the performance of our investment portfolio.
- Debt investments that are not United States government insured involve risk of loss.
- We may invest in non-recourse loans, which will limit our recovery to the value of the mortgaged property.
- Investment yields affect our decision whether to originate or purchase investments and the price offered for such investments.
- Volatility of values of mortgaged properties may adversely affect our mortgage loans.
- Mezzanine loans involve greater risks of loss than senior loans secured by income-producing properties.
- Our prior investment performance is not indicative of future results.
- Our investment portfolio will contain investments concentrated in a single industry and will not be fully diversified.
- The values of our investments are affected by the U.S. credit and financial markets and, as such, may fluctuate.
- We may invest in securities for which there is no liquid market, and we may be unable to dispose of such securities at the time or in the manner that may be most favorable to us, which may adversely affect our business.
- RISKS RELATED TO THE REAL ESTATE INDUSTRY
- Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our hotel properties and harm our financial condition.
- Increases in property taxes would increase our operating costs, reduce our income and adversely affect our ability to make distributions to our stockholders.
- The costs of compliance with or liabilities under environmental laws may harm our operating results.
- Tax increases and changes in tax rules may adversely affect our financial results.
- Our properties and the properties underlying our mortgage loans may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem.
- Compliance with the ADA and fire, safety, and other regulations may require us or our borrowers to incur substantial costs.
- We may obtain only limited warranties when we purchase a property and would have only limited recourse if our due diligence did not identify any issues that lower the value of our property, which could adversely affect our financial condition and ability to make distributions to our stockholders.
Legal proceedings
On December 20, 2016, a class action lawsuit was filed against one of the Company’s hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous written policy requiring its employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021, to opt out of the class; however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt-out period has been extended until such time that discovery has concluded. In May 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. A tentative settlement in the amount of $850,000 was reached on February 14, 2025. Final court approval was obtained on September 12, 2025. Ashford Trust’s portion of the settlement is 88.2%. The case is now in the settlement administration phase. As of December 31, 2025, the settlement liability amount was accrued.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17SEC EDGARMontgomery J. Bennett, Chair
- 18SEC EDGARArchie Bennett Jr., Chair
- 19SEC EDGARDouglas A. Kessler, President
- 20
- 21
- 22
- 23
- 24
- 25
- 26SEC EDGARJustin Coe, Chief Accounting Officer
- 27
- 28
- 29
- 30
- 31SEC EDGARAlan Tallis, EVP, Asset Management
- 32
- 33SEC EDGARStephen Zsigray, Board member
- 34SEC EDGARDavinder Singh Sra, Board member
- 35SEC EDGARSheri L. Pantermuehl, Board member
- 36SEC EDGARFred J. Kleisner, Board member
- 37SEC EDGARAmish Gupta, Board member
- 38SEC EDGARAlan Tallis, Board member
- 39SEC EDGARKamal Jafarnia, Board member
- 40SEC EDGARDouglas A. Kessler, Board member
- 41SEC EDGARBenjamin J. Ansell Md., Board member
- 42SEC EDGARCharles P. Toppino, Board member
- 43SEC EDGARMartin L. Edelman, Board member
- 44SEC EDGARPhilip S. Payne, Board member
- 45SEC EDGARW. D. Minami, Board member
- 46SEC EDGARDavid A. Brooks, General counsel
- 47SEC EDGARCompleted an acquisition or sale
- 48SEC EDGARCompleted an acquisition or sale
- 49SEC EDGARCompleted an acquisition or sale
- 50SEC EDGARResults of operations
- 51SEC EDGARCompleted an acquisition or sale
- 52SEC EDGARCompleted an acquisition or sale
- 53SEC EDGARCompleted an acquisition or sale
- 54SEC EDGARCompleted an acquisition or sale
- 55SEC EDGARCompleted an acquisition or sale
- 56SEC EDGARCompleted an acquisition or sale
- 57SEC EDGARCompleted an acquisition or sale
- 58SEC EDGARCompleted an acquisition or sale
- 59NasdaqNasdaq calendar
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70
- 71
- 72
- 73