Q4 2024 Ashford Hospitality Trust Inc Earnings Call Transcript
Key Points
- Ashford Hospitality Trust Inc (AHT) reported a 3.1% growth in comparable RevPAR, 4.6% growth in total revenue, and 6.2% growth in hotel EBITDA for the fourth quarter.
- The company successfully converted the Laconia Hotel in Key West and La Pavion Hotel in New Orleans to Marriott's autograph collection and tribute portfolio, respectively, resulting in significant RevPAR premiums and revenue growth.
- Ashford Hospitality Trust Inc (AHT) completed the refinancing of 16 assets, which allowed them to fully repay the remaining balance on their strategic financing.
- The company launched the Grow AHT initiative, focusing on GNA reduction, revenue maximization, and operational efficiency, aiming to add $50 million to their run rate corporate event.
- Ashford Hospitality Trust Inc (AHT) reported strong group revenue growth and improved booking activity, with a 5% increase in group revenue for the fourth quarter.
- Ashford Hospitality Trust Inc (AHT) reported a net loss attributable to common stockholders of $131.1 million for the fourth quarter and $82.5 million for the full year.
- The company has a high level of floating rate debt exposure, with 77% of their debt effectively floating, which poses a risk in a rising interest rate environment.
- Despite improvements, there remains a bid-ask spread in certain markets, which could impact the company's ability to transact optimally.
- Ashford Hospitality Trust Inc (AHT) does not anticipate reinstating a common dividend in 2025, which may be a concern for income-focused investors.
- The company is still in the process of rolling out all initiatives under the Grow AHT program, with only half of the initiatives fully implemented, indicating potential delays in realizing full benefits.
This time I would like to welcome everyone to the Ashford Hospitality Trust Fourth Quarter 2024 results conference call.
(Operator Instruction)
I will now hand the call over to Deric Eubanks, Chief Financial Officer. Sir, please go ahead.
Thank you. Good morning, everyone, and welcome to today's conference call to review results for Ashford Hospitality Trust for the Fourth quarter and full year 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 based upon forward-looking information and are being made pursuant to
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