Ashford Hospitality Trust Inc

ahtreit.com

What Do They Do?

Owns upscale and upper-upscale full-service hotels in the United States, offering rooms, food and beverage, and other guest services to leisure and business travelers and groups.

How Do They Make Money?

Hotel guests pay for room stays over the course of their stay, and for food, drinks, and catering as those products or services are provided.

revenue

Segment	Share	How money arrives
Rooms Usage-based	75% FY2022: 78%	Usage-based
Food and beverage Usage-based	19% FY2022: 16%	Usage-based
Hotel, Other	6.3% FY2022: 5.4%

Who Are Their Customers?

Guests and groups, including leisure and business travelers, buy through direct hotel sales and online booking portals; third-party hotel managers operate the properties.

Do Revenues Turn Into Profits?

No. It lost $179.8M in FY2025.

Operating income, FY2025

11% of revenue

▼ −55% vs FY2024 ($259.2M, 22%)

Net income, FY2025

−16% of revenue

▲ +198% (Loss) vs FY2024 (−$60.3M, −5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −10%; vs $302M in Q2 FY2025
Net income: ▲ Now profitable; vs −$30.4M in Q2 FY2025

Rooms share of revenue vs 75.2% in Q2 FY2025

Aug 27, 2026 Sold the Embassy Suites Dulles Airport The sale closed for approximately $22.8 million in cash.
Aug 12, 2026 Sold nine hotels, with two more sales after quarter-end The nine sales brought $385.3 million in gross proceeds; two later sales brought $79.1 million.

Growing. Revenue grew 37% in 4 years, from $805.4M in FY2021 to $1.1B in FY2025, about 8% a year.

Revenue over time

Rooms Food and beverage Hotel, Other Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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