Ashford Hospitality Trust Outlines Asset Sales, Strategic Review

Company reports Q4 2025 earnings and provides update on portfolio optimization efforts.

Published on Feb. 27, 2026

Got story updates? Submit your updates here. ›

Ashford Hospitality Trust (NYSE:AHT) used its fourth-quarter 2025 earnings call to outline continued asset sales, a strategic review process, and operating results that management said reflected a difficult lodging backdrop alongside progress from its internal performance initiatives. The company reported a net loss for the quarter and full year, but highlighted improvements in cash flow and reduced capital expenditure needs from recent and pending hotel dispositions.

Why it matters

Ashford Hospitality Trust's strategic review and asset sales reflect the ongoing challenges facing the hotel industry, as the company seeks to maximize shareholder value and address the gap between its underlying asset portfolio and market valuation. The company's performance and initiatives provide insight into broader industry trends and the strategies being employed by hotel REITs to navigate a difficult operating environment.

The details

Management said recent asset sales generated approximately $145 million in proceeds at a blended 3.9% trailing cap rate, while eliminating nearly $50 million in anticipated capital expenditures. The company also announced agreements to sell additional hotels, including the La Posada de Santa Fe Resort & Spa, Hilton St. Petersburg Bayfront, and Embassy Suites Palm Beach Gardens. Collectively, these three sales represent a blended 6.9% trailing cap rate and are expected to reduce anticipated capital expenditures by an additional $45 million. Looking ahead, dispositions will remain a core part of Ashford's 2026 strategy, with the company currently marketing or negotiating off-market transactions on 18 additional hotels.

  • The company formed a special committee in early December 2025 to evaluate strategic alternatives.
  • The company previously announced agreements to sell La Posada de Santa Fe Resort & Spa, Hilton St. Petersburg Bayfront, and Embassy Suites Palm Beach Gardens, all expected to close in the 'coming weeks'.
  • In January 2026, Ashford extended its Highland mortgage loan, which is secured by 18 hotels.

The players

Ashford Hospitality Trust

A real estate investment trust that acquires, owns and operates upscale and upper-upscale full-service hotels in the United States.

Stephen Zsigray

President and CEO of Ashford Hospitality Trust.

Deric Eubanks

Chief Financial Officer of Ashford Hospitality Trust.

Chris Nixon

Executive Vice President and Head of Asset Management at Ashford Hospitality Trust.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.