Ashford Hospitality Trust Reports Q4 2025 Earnings

Company outlines asset sales, strategic review, and operating results amid difficult lodging backdrop.

Published on Mar. 2, 2026

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Ashford Hospitality Trust (NYSE:AHT) used its fourth-quarter 2025 earnings call to discuss continued asset sales, a strategic review process, and operating results that management said reflected a challenging lodging environment alongside progress from internal performance initiatives.

Why it matters

As a major real estate investment trust in the hospitality industry, Ashford Hospitality Trust's financial performance and strategic decisions provide insights into the broader trends and challenges facing the hotel sector, particularly in the aftermath of the COVID-19 pandemic.

The details

President and CEO Stephen Zsigray reiterated that the company formed a special committee in early December to evaluate strategic alternatives to maximize shareholder value, including a potential transaction. Management said recent asset sales generated $145 million in proceeds at a 3.9% trailing cap rate, while eliminating nearly $50 million in anticipated capital expenditures. Zsigray also cited additional pending transactions, including the sale of La Posada de Santa Fe Resort & Spa, the Hilton St. Petersburg Bayfront, and the Embassy Suites Palm Beach Gardens. The company reported a net loss for the fourth quarter and full year 2025, with negative Adjusted AFFO per share, though Adjusted EBITDAre was positive. Ashford also discussed a maturity default on its JPM8 mortgage loan and efforts to resolve the issue.

  • In early December 2025, Ashford Hospitality Trust formed a special committee to evaluate strategic alternatives.
  • In the fourth quarter of 2025, the company reported a net loss and negative Adjusted AFFO per share.

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.

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What they’re saying

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