DALLAS—Ashford Hospitality Trust Inc. achieved an increase in RevPAR, up 2.3% for the second quarter, and refinanced 56 hotels for $2.3 billion. In addition, the REIT entered into an enhanced return funding program with Ashford Inc. and completed the acquisition of Hilton Alexandria Old Town for $111 million.
With earnings of $0.42 per share, the REIT missed the consensus estimate by Zacks Investment Research of $0.54 per share. This compares to earnings of $0.52 per share a year ago.
Financial and Operating Highlights:
- Net loss attributable to common stockholders was $29 million or $0.30 per diluted share for the quarter
- Comparable RevPAR for all hotels increased 1.6% to $137.53 during the quarter
- Comparable RevPAR for all hotels not under renovation increased 2.3% to $134.36 during the quarter
- Adjusted EBITDAre was $120.7 million for the quarter
- Adjusted funds from operations (AFFO) was $0.42 per diluted share for the quarter
- The company’s common stock is currently trading at an approximate 6.1% dividend yield
- Entered into a new enhanced return funding program agreement with Ashford Inc.
- Completed the acquisition of the 252-room Hilton Alexandria Old Town for $111 million
- Refinanced eight mortgage loans on 56 hotels for $2.3 billion
- Completed the sale of the SpringHill Suites Centreville for $7.5 million
- Completed the sale of the Residence Inn Tampa Downtown for $24 million
- CapEx invested during the quarter was $53.7 million
