Ashford Trust Reports Q1 2017 Net Loss of $33.2 Million; Comparable RevPAR Increased 3.4% During the Quarter
May 5, 2017 11:14am
DALLAS, May 4, 2017 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the first quarter ended March 31, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of March 31, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2017, with the first quarter ended March 31, 2016 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
UPDATE ON PUBLIC OFFER TO ACQUIRE FELCOR LODGING TRUST
On May 3, 2017, the Company announced that it is no longer seeking to merge with FelCor Lodging Trust Inc. (NYSE: FCH) ("FelCor"). In addition, the Company commented that it has withdrawn its preliminary proxy and proposed slate consisting of seven independent directors for election to FelCor's Board of Directors.
APPOINTMENT OF DOUGLAS A. KESSLER AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
On February 21, 2017, the Company announced that its Board of Directors had appointed Douglas A. Kessler as President and Chief Executive Officer of the Company. Monty J. Bennett, the Company's previous Chief Executive Officer, remains Chairman of the Board of Ashford Trust. In order to provide greater focus to the Company, on April 27, 2017, Mr. Kessler resigned from the Board of Directors of Ashford Hospitality Prime (NYSE: AHP) ("Ashford Prime") and no longer is President of Ashford Prime.
At March 31, 2017, the Company had total assets of $4.8 billion. As of March 31, 2017, the Company had $3.7 billion of mortgage debt. The Company's total combined debt had a blended average interest rate of 5.6%.
As of March 31, 2017, the portfolio consisted of 121 properties. During the first quarter of 2017, 107 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 121 hotels) and comparable not under renovation basis (107 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 121 hotels are provided in the table attached to this release.
To view full financial release and corresponding tables please click the PDF icon or visit:
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q1 2017 financial results
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.
Contact: Deric Eubanks, Chief Financial Officer
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