Q3 2024 Ashford Hospitality Trust Inc Earnings Call Transcript
Key Points
- Ashford Hospitality Trust Inc (AHT) has successfully sold over $310 million of hotels and completed a refinancing of the Renaissance Nashville, generating significant excess proceeds.
- The company has raised approximately $173 million from the sale of non-traded preferred stock, using proceeds to pay down strategic financing by more than $100 million.
- Operationally, October saw the highest monthly top-line growth of the year with a RevPAR growth of 4.6% compared to October 2023.
- The company is on track to convert La Concha Hotel in Key West and La Pavillon Hotel in New Orleans to Marriott's Autograph Collection and Tribute Portfolio, respectively, expecting significant RevPAR premiums post-conversion.
- The newly opened Le Meridian Fort Worth Downtown is performing well ahead of expectations, with initial revenue more than double the underwriting.
- Ashford Hospitality Trust Inc (AHT) reported a net loss attributable to common stockholders of $63.2 million for the third quarter.
- The company reported AFFO per diluted share of negative $1.71 for the quarter.
- Comparable hotel RevPAR for the portfolio decreased by 1% over the prior year quarter.
- Leisure travel demand continues to soften, impacting retail performance across markets.
- The company does not anticipate reinstating a common dividend in 2024.
Hello and welcome to the Ashford Hospitality Trust third quarter, 2024 results conference call.
(Operator Instructions)
I would now like to turn the conference over to Derik Eubanks, Chief Financial Officer. Please go ahead.
Good day, everyone and welcome to today's conference call to review results for Ashford Hospitality Trust for the third quarter of 2024 and to update you on recent developments. On the call today will also be Stephen Zsigray, President and Chief Executive Officer; and Chris Nixon, Executive Vice President and Head of Asset Management.
The results as well as notice of the accessibility of this conference call on a listen-only basis over the internet were distributed yesterday afternoon in a press release. At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal
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