Overview of the buy thesis:
We believe that the market is substantially undervaluing Ashford Hospitality Trust (AHT) by attributing to it a larger than justified risk premium based on the market's view of AHT's risk associated with its leverage, management, and the impending split. Each of these will be covered in greater detail in their respective sections. In this article, we will demonstrate that AHT is undervalued relative to its hotel REIT peers on the primary aspects of the industry. Our thesis proceeds with a brief discussion of the origin and magnitude of this investment opportunity.
Origin of Opportunity
Between 9/11 and the financial crisis, the US hotel sector has experienced a double dip recession. While 9/11 hurt...
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