Ashford Hospitality Trust (AHT) Q1 2026 earnings summary

Executive summary

• Comparable RevPAR rose 3.3% to $135.63, driven by a 2.1% increase in ADR and a 1.2% rise in occupancy year-over-year.

• Net loss attributable to common stockholders was $(71.1) million, or $(11.03) per diluted share for Q1 2026.

• Adjusted EBITDAre reached $51.7 million, and comparable hotel EBITDA grew 5.2% to $73.2 million year-over-year.

• Five hotel sales closed during the quarter for $238.5 million, with two more closed post-quarter for $58.0 million; six additional sales are under agreement.

Financial highlights

• Total hotel revenue (comparable) was $254.4 million, down 3.4% year-over-year.

• Comparable hotel EBITDA margin improved to 28.8% from 27.0% in the prior year.

• Adjusted funds from operations (AFFO) per diluted share was breakeven, improving from $(5.6) million in Q1 2025.

• Cash and cash equivalents stood at $79.8 million, with restricted cash of $141.2 million at quarter-end.

• Net working capital was $73.7 million.

Outlook and guidance

• Strategic asset sales are expected to continue, focusing on deleveraging and enhancing liquidity.

• No resumption of preferred dividends or redemptions anticipated in the near term due to tight refinancing conditions and free cash flow.

• Operating improvement, interest rate trajectory, and refinancing progress will determine future capital returns.