It's like Simon Property Group, but for upscale hotels instead of shopping malls.

Here are the major products of Ashford Hospitality Trust:

• Upper Upscale, Full-Service Hotel Properties: These are the income-generating real estate assets that Ashford Hospitality Trust acquires and owns to generate returns for its shareholders.

Ashford Hospitality Trust (AHT) is a real estate investment trust (REIT) that owns hotels. Therefore, its major customers are the guests who stay at these hotels, who are primarily individuals. The company serves the following categories of customers:

1. Business Travelers: Individuals traveling for corporate purposes, including attending meetings, conferences, business events, or on individual business trips. Upper upscale, full-service hotels are often chosen for their amenities and meeting facilities that cater to this segment.
2. Leisure Travelers: Individuals, couples, and families traveling for vacation, tourism, personal events (e.g., weddings, family reunions), or seeking recreational experiences.
3. Group & Event Attendees: Guests participating in organized groups such as conventions, corporate retreats, tour groups, or those attending social events like weddings and banquets hosted at the hotels.

• Ashford Inc. (AINC)
• Marriott International, Inc. (MAR)
• Hilton Worldwide Holdings Inc. (HLT)
• Hyatt Hotels Corporation (H)

Stephen Zsigray President & Chief Executive Officer

Stephen Zsigray serves as the President and Chief Executive Officer of Ashford Hospitality Trust, a position he assumed in June 2024. Prior to this role, he was the Senior Vice President of Corporate Finance & Strategy for the Ashford platforms, where he was instrumental in raising over $1.3 billion in equity and $1.1 billion in debt financing, as well as negotiating extensions for more than $3.3 billion in mortgage debt. Mr. Zsigray also oversaw Ashford's cash management platform and corporate hedging strategy. He joined Ashford in 2014 as a trader and portfolio manager in its investment management division. He also held the role of President and Chief Operating Officer of OpenKey, an Ashford-affiliated hospitality technology company. Before his tenure at Ashford, Mr. Zsigray worked at UBS Investment Bank in New York, where he traded and structured derivatives. He began his career at Deloitte Consulting, advising Fortune 500 clients on mergers and acquisitions, business transformation, and process improvement.

Deric S. Eubanks C.F.A. Chief Financial Officer and Treasurer

Deric S. Eubanks is the Chief Financial Officer and Treasurer of Ashford Hospitality Trust, and also holds the position of Chief Financial Officer for Braemar Hotels & Resorts. In this capacity, he is responsible for all corporate finance and financial reporting initiatives, as well as capital market activities, including equity raises and debt financings. He also manages investor relations. Previously, Mr. Eubanks served as the Senior Vice President of Finance at Ashford.

Montgomery Jack Bennett IV Founder and Chairman of the Board

Monty J. Bennett is the Founder and Chairman of the Board of Ashford Hospitality Trust, which he established in 2003. He also serves as the Founder, Chairman, and Chief Executive Officer of Ashford Inc., and as the Founder and Chairman of Braemar Hotels & Resorts. Mr. Bennett possesses over 30 years of extensive experience in various aspects of the hospitality industry, including hotel real estate, finance, ownership, operations, development, asset management, and project management. In 1989, he co-founded Remington Hotels and expanded the business from six properties to more than 130 by 2020. He was previously the CEO of Ashford Hospitality Trust until 2017. Mr. Bennett earned a Bachelor of Science from the Cornell University School of Hotel Administration in 1988 and an MBA from Cornell's S.C. Johnson Graduate School of Management in 1989. His father, Archie Bennett Jr., was also a hospitality executive.

James Allen Plohg J.D. Executive Vice President, General Counsel and Secretary

James Allen Plohg serves as the Executive Vice President, General Counsel and Secretary for Ashford Inc., Ashford Hospitality Trust, Inc., and Braemar Hotels & Resorts Inc. He assumed these roles in December 2025. In his position, he oversees the legal and compliance functions for a portfolio that includes public real estate investment trusts, an alternative asset manager, real estate private equity funds, and multiple operating companies both in the U.S. and internationally.

Justin R. Coe Chief Accounting Officer

Justin R. Coe is the Chief Accounting Officer of Ashford Hospitality Trust. No additional background information is available in the provided search results.

1. Financial Distress and High Leverage: Ashford Hospitality Trust faces significant financial challenges, characterized by poor financial health, substantial debt (reported in billions of dollars), and negative shareholder equity. The company has experienced significant net losses and negative Adjusted Funds From Operations (AFFO). This situation is exacerbated by a $325 million mortgage loan default, placing the company in a distress zone with a potential risk of bankruptcy.
2. Liquidity Constraints: As a direct consequence of its financial health and high debt, Ashford Hospitality Trust is grappling with constrained liquidity. The company has taken actions such as suspending preferred dividends and actively selling hotel assets to manage its financial position and reduce capital expenditures, but liquidity remains a significant concern for management.
3. Real Estate Market Fluctuations and Economic Downturns: As a real estate investment trust (REIT) focused on hotels, Ashford Hospitality Trust is highly susceptible to the cyclical nature of the real estate market and broader economic conditions. The company has already faced industry-wide negative RevPAR growth (Revenue Per Available Room) and margin compression, indicative of a challenging lodging market.

The lasting reduction in demand for business travel and corporate events due to the widespread adoption of remote and hybrid work models.

Ashford Hospitality Trust (AHT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. "GRO AHT" Strategic Initiative: The company is actively pursuing its "GRO AHT" initiative, which focuses on revenue maximization through efforts from asset management and property managers. This initiative contributed over $40 million in EBITDA improvement in 2025 and is expected to continue to drive operational and financial enhancements across the portfolio.
2. Growth in Group Demand: Ashford anticipates an increase in group demand, supported by a robust pipeline of event-driven opportunities, including major events such as the 2026 FIFA World Cup. Group room revenue showed a 5% increase in Q4 2024, and strong group demand is projected for 2026.
3. Strategic Capital Investments and Brand Conversions: The company plans significant capital expenditures, with an anticipated spend of $90 million to $110 million in 2026, aimed at enhancing the competitive positioning of its properties. This includes strategic brand conversions, such as transforming Sheraton Mission Valley and Sheraton Anchorage into Hyatt Regency hotels, to leverage Hyatt's sales, distribution, and loyalty platforms. The recent redevelopment of Le Méridien Fort Worth Downtown also demonstrated substantial revenue growth.
4. Portfolio Optimization through Strategic Dispositions: While primarily focused on deleveraging and improving cash flow, Ashford's strategic asset dispositions are aimed at creating a "leaner, stronger portfolio." This optimization is intended to position the company to pursue accretive growth opportunities in the future by focusing resources on higher-performing assets.

Share Repurchases

• Annual share buybacks for Ashford Hospitality Trust totaled $49,000 in 2024 and $90,000 in 2023.
• The trailing twelve months (TTM) annual share buybacks for AHT stock amounted to $1,333.33.

Share Issuance

• Ashford Hospitality Trust raised approximately $180.0 million in gross proceeds from the sale of its Series J and Series K non-traded preferred stock, an offering launched in 2022 and planned to close on March 31, 2025.
• In August 2024, the company exchanged approximately 135,002 shares of Preferred Stock for roughly 2.46 million shares of Common Stock as a capital restructuring measure, which did not generate cash proceeds.
• To preserve liquidity, the company announced the suspension of preferred dividends for multiple series (D, F, G, H, I, J, K, L, M) in January 2026.

Outbound Investments

• In February 2026, the company agreed to sell La Posada de Santa Fe Resort & Spa for $57.5 million and the Hilton St. Petersburg Bayfront for $96 million, and had closed sales of two Embassy Suites properties for $27 million, which are expected to yield over $2 million in annual cash flow improvement and save $55.5 million in future capital expenditures.
• During late 2025, Ashford Hospitality Trust sold six hotels for approximately $145 million, effectively eliminating nearly $50 million in anticipated capital expenditures, and had agreements to sell an additional three hotels for $194.5 million, projected to save $45 million in capital expenditures.
• In 2024, the company closed the sale of the 390-room Hilton Boston Back Bay for $171 million, using the proceeds for debt reduction. The company also transferred possession of 14 hotels in two loan pools back to loan servicers.

Capital Expenditures

• Capital expenditures for 2026 are projected to be between $90 million and $110 million.
• Capital expenditures for 2025 were anticipated to be in the range of $70 million to $80 million.
• The company invested $108.0 million in capital expenditures during 2024, with a focus on projects including over $70 million planned for brand conversions of two properties to Hyatt Regency Hotels.