Ashford Hospitality Trust, Inc.

Overview

Ashford Hospitality Trust, Inc. is a real estate investment trust (REIT) that owns and finances lodging properties in the United States. Its portfolio focuses on upscale and upper-upscale full-service hotels. The company does not operate hotels directly; hotel management is contracted to third-party operators. Ashford LLC (a subsidiary of Ashford Inc.) advises the company and asset-manages all hotel properties. The company has no employees; services that would otherwise be provided by employees are provided by Ashford LLC.

Assets and properties (as of December 31, 2025)

• Total operating hotel properties: 68 (held by wholly-owned or majority-owned subsidiaries treated as taxable REIT subsidiaries, referred to as Ashford TRS).
• Breakdown:
  • 67 consolidated operating hotel properties, representing 16,445 total rooms.
  • 1 consolidated operating hotel property representing 188 total rooms, held through a 29.3% ownership in a consolidated entity.
• Meritage investment: ownership interest in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage (Napa, California), with a carrying value of approximately $7.3 million.
• Management: 50 of the 68 hotel properties are managed by Remington Hospitality; the remaining properties are managed by other third-party management companies.

Financial position (selected liquidity details)

• Cash and cash equivalents: $66.8 million.
• Restricted cash: $149.6 million (including amounts held for sale).

Corporate structure and management

• Primary operating vehicle: Ashford Trust OP (operating partnership).
• General partner: Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serves as the sole general partner of the operating partnership.
• Advisory and asset management services are provided by Ashford LLC.

Ownership and related-party information

• Monty J. Bennett is chairman and chief executive officer of Ashford Inc. (the parent of Ashford LLC). As of December 31, 2025, Monty J. Bennett and Archie Bennett, Jr. held a controlling interest in Ashford Inc.
• The Bennetts held substantial holdings in Ashford Inc. through common stock and Series D Convertible Preferred Stock; the preferred stock carries potential conversion features that could affect ownership percentages.

Business strategies and segments

• Primary objectives: preserve capital, maintain liquidity, dispose of non-core properties, acquire accretive hotel properties, and pursue capital markets activities to enhance long-term stockholder value.
• Capital strategy: access cost-effective capital, including through non-traded preferred securities, and opportunistically exchange preferred stock into common stock.
• Asset management and value creation: implement selective capital improvements, optimize asset management to reduce costs and increase revenues, refinance as needed, and use hedges and other strategies to manage risk.
• Investment scope: direct hotel investments, mezzanine financing, first mortgage financing, sale-leaseback transactions, and other hospitality-related opportunities.
• Reporting: the company reports one operating segment — direct hotel investments.

Summary

Ashford Hospitality Trust, Inc. is a REIT owning and financing a portfolio of upscale to upper-upscale full-service hotels in the U.S. It relies on Ashford LLC for advisory and asset-management functions and contracts hotel operations to third-party managers, with Remington Hospitality managing the majority of properties. The portfolio comprises 68 operating hotels (67 consolidated properties with 16,445 rooms plus one consolidated property with 188 rooms via a minority ownership), and includes a Meritage Resort and Spa investment. The company emphasizes capital preservation, liquidity, selective asset disposition and acquisition, and a range of financing and hospitality-related investment strategies.