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AHT NYSE Earnings call

Ashford Hospitality Trust Inc. (AHT) · Q4 2025 results

Share price: $2.42 · 2026-11-11

Results Q4 2025 vs Q2 2025 · previous quarter · published 26 Feb 2026 and 31 Jul 2025

Management sounded about as positive as a typical company call, in its script and in answers to analysts.

⚠️ The latest available report (Q4_2025) is more than six months after the previous one (Q2_2025). The comparison is against a stale baseline.

Only a basic analysis is available for this company at the moment.

1 · Numbers

—

No financial figures for this pair

Outlook given

2 · How management spoke

Typical

More upbeat than 55% of company calls

Answers to analysts: typical, in line with the script.

Similar to last call.

3 · What stood out

Key theme

For the fourth quarter, Ashford Hospitality Trust reported a net loss attributable to common stockholders of $131,100,000, or $23.83 per diluted…

Valuation

Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.

Current price

$2.42

close of 2026-11-11

Revenue growth, 3 years

−3.8% a year

compound annual rate (CAGR)

Free cash flow 2023

−$0.1B

Free cash flow 2024

−$0.1B

Free cash flow 2025

−$0.1B

Read between the lines

  1. Guidance

    AHT updated revenue guidance because it expects La Concha and La Pavion to benefit significantly from Marriott sales.

    Source quote
    “These conversions exemplify our ability to unlock embedded value in our portfolio, and looking ahead, we expect La Concha and La Pavion to benefit significantly from Marriott sales...”
  2. Guidance

    AHT updated guidance to expect a 10% to 20% post-conversion RevPAR premium at its new Tribute Portfolio property.

    Source quote
    “Post-conversion, we expect the new Tribute Portfolio property to realize a 10% to 20% RevPAR premium compared to pre-conversion.”
  3. Figure

    At the end of the second quarter, Ashford Hospitality Trust had $2.7 billion of loans with a blended average interest rate of 8.1%…

  4. Fading

    Quarter comparable total revenue grew 1.3% and comparable hotel EBITDA grew 2.6%.

    Source quote
    “Our second quarter performance was highlighted by comparable total revenue growth of 1.3% and comparable hotel EBITDA growth of 2.6%. After my introductory comments, Deric will review our second quarter financial results, and then Chris will provide an operational update on our portfolio. With macroeconomic headwinds driving RevPAR declines and pressuring margins industry-wide in the quarter, we're very pleased with our operating performance, which reflects the impact of the strategic decisions our team has made over the past...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q4 2025. Ring: Q2 2025.

Prepared remarks Typical (was cautious)
Answers to analysts Typical (was upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“Renaissance Nashville delivered a strong fourth quarter gross operating profit increase of 10% on 3% total hotel revenue growth.”
“Total revenue growth meaningfully exceeding RevPAR growth is reflective of the efforts that our asset management team and property managers have taken to grow ancillary revenues, and that discrepancy widened...”
“These efforts underscore our ongoing commitment to operational efficiency and margin expansion, reinforcing our ability to drive sustainable profitability across our portfolio.”

Topics

Most discussed now

  • One loan has two additional one-year extension options, subject to the satisfaction of certain conditions, with a final maturity date...
  • New Down in Key West, Ashford Hospitality Trust is starting to see the broader market soften a little bit in occupancy, so it...
  • New As Stephen indicated, Ashford Hospitality Trust underwrotes pretty aggressive returns, and both hotels are outperforming that.
  • New Ashford Hospitality Trust has definitely seen improvement in the financing market, and that has driven improvement in transaction markets…
  • The results, as well as notice of the accessibility of this conference call on a listen-only basis over the Internet,...

Faded since Q2 2025

  • Fading This primarily represents cash held by one of Ashford Hospitality Trust's property managers, which is also available to fund hotel…
  • Fading Ashford Hospitality Trust's asset management team's focus on driving ancillary income and controlling costs has laid a strong foundation…

Latest announcements

Official filings, newest first.

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