Ashford Hospitality Trust, Inc. Announces Strategic Sale of Six Hotels in Major Portfolio Optimization Initiative

Dallas, TX – April 9, 2026 – Ashford Hospitality Trust, Inc. (NYSE: AHT), a real estate investment trust (REIT) focused on upper upscale, full-service hotels, has announced a significant move in its ongoing portfolio optimization strategy. The Company has successfully closed the sale of four hotels and entered into definitive agreements to sell an additional two hotels. This set of transactions stands as a major step in Ashford’s efforts to enhance shareholder value and strengthen its financial position.

Key Highlights for Investors

• Closure of Four Hotel Sales: The Company has completed the previously announced sales of the Hilton St. Petersburg Bayfront, La Posada de Santa Fe, Hilton Alexandria Old Town, and Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard.
• Pending Sales of Two Additional Hotels: Ashford has entered into definitive agreements to sell two more hotels, with closings subject to customary conditions.
• Total Gross Proceeds: These four closed transactions have generated \$252.5 million in gross proceeds, equating to approximately \$280,000 per key. The pending transactions’ financial details were not disclosed, but they are expected to further enhance the Company’s liquidity.
• Capital Expenditure Savings: Combined, the six hotel sales are projected to result in over \$60 million in future capital expenditure savings for Ashford.
• Use of Proceeds: The majority of the proceeds from these sales will be used to pay down mortgage debt, directly improving the Company’s leverage ratios and balance sheet strength.

Strategic and Financial Implications

Ashford’s President and Chief Executive Officer, Stephen Zsigray, emphasized the strategic rationale behind these sales, stating, “We continue to aggressively refine our hotel portfolio through strategic divestitures. We remain focused on maximizing shareholder value, and these sales accomplish all three of our strategic objectives: improved cash flow after debt service, significantly reduced future capital expenditure obligations, and lower portfolio leverage.”

Valuation and Metrics

• Closed Transactions: When adjusted for anticipated capital expenditures of \$57.6 million, the sale price for the four hotels represents a 6.0% capitalization rate on net operating income (NOI) or a multiple of 14.5x Hotel EBITDA for the twelve months ending December 31, 2025.
• Excluding CapEx: The combined closed sale price yields a 7.4% cap rate on NOI or 11.8x Hotel EBITDA for the same period.
• Pending Transactions: The two hotels under agreement, when adjusted for anticipated combined capital expenditures of \$2.5 million, represent a 4.8% cap rate on NOI or 16.2x Hotel EBITDA. Excluding CapEx, these pending sales reflect a 5.0% cap rate on NOI or 15.5x Hotel EBITDA.

Why This Matters for Shareholders

• Debt Reduction: The paydown of mortgage debt can directly improve Ashford’s credit profile, potentially leading to better financing terms and more flexibility in future operations or acquisitions.
• Capital Expenditure Relief: Saving more than \$60 million in future CapEx obligations helps free up cash flow, which could be redirected to other value-creating activities, including possible shareholder returns.
• Portfolio Quality: The focus on disposing of non-core or underperforming assets may enhance the overall quality and performance of Ashford’s remaining portfolio.
• Potential Share Price Impact: These significant portfolio moves, especially in the context of a challenging hospitality market, are likely to be viewed as price-sensitive and could positively affect Ashford’s share value due to improved financial metrics and a stronger balance sheet.

Forward-Looking Statements

This announcement contains forward-looking statements, including anticipated benefits from portfolio optimization, expected capital expenditure savings, and the potential impact on financial results and shareholder value. The actual results could differ materially depending on various factors, including market conditions, completion of pending transactions, and other risks detailed in the Company’s SEC filings.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should conduct their own due diligence and consult with their financial advisors before making any investment decisions. All forward-looking statements are subject to risks and uncertainties, and Ashford Hospitality Trust, Inc. undertakes no obligation to update these statements, except as required by law.

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