Ashford Hospitality Trust Provides Update On Operating Performance for August 2021

Ashford Hospitality Trust, Inc. (NYSE: AHT) reported today preliminary portfolio occupancy of 61.3% for the month of August with an average daily rate (ADR) of approximately $153.69 resulting in RevPAR of approximately $94.16.  This RevPAR result represents an approximate decrease of 11% versus July 2021 and an approximate decrease of 27% versus August 2019.

Additionally, for the month of August, Hotel Net Income was $0.9 million. Comparable Hotel EBITDA for the month of August was $18.6 million, a 30% decrease over July’s Comparable Hotel EBITDA of $26.4 million and a 44% decrease over August 2019’s Comparable Hotel EBITDA of $33.3 million.

“While the results for August were impacted by the spike in COVID-19 cases, we are optimistic that the cases seem to be flattening or declining as we moved into September.” commented Rob Hays, Ashford Trust’s President and Chief Executive Officer. “While we are seeing softness in mid-week corporate travel, we are encouraged by the continued strength in weekend leisure demand at our properties.”

The following tables are reconciliations of the Company’s Hotel EBITDA for the months of August 2021, July 2021 and August 2019:

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in millions)

(unaudited)

August 2021

July 2021

August 2019

Net income (loss)

$

0.9

$

7.9

$

15.0

Non-property adjustments

(1.0)

(2.6)

Interest expense

0.5

0.5

1.7

Amortization of loan cost

0.1

0.1

0.1

Depreciation and amortization

17.5

17.6

21.2

Non-hotel EBITDA ownership expense

0.6

0.3

0.6

Hotel EBITDA

$

18.6

$

26.4

$

36.0

Non-comparable adjustments

(2.7)

Comparable Hotel EBITDA

$

18.6

$

26.4

$

33.3

________

The above comparable information assumes the 100 hotel properties owned and included in the Company’s operations at August 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.