Ashford Hospitality Trust, Inc.NYSE
Stellar Fundamentals Obfuscated By Confusing Events At Ashford Hospitality Trust
Dane Bowler • 28 Comments
Dane Bowler • 28 Comments
Mon, Oct. 10, 2:16 PM
- The Wachovia 1, Wachovia 2, and Wachovia 6 loans (maturing in April 2017) and JPMorgan Chase Marriott Fremont Loan (maturing August 2019) had existing balances totaling $415M, and were refinanced into one new mortgage with an initial two-year term and four one-year extension options.
- The loan is interest only at Libor + 4.55%. It's secured by 18 hotels.
- The vast majority of the company's 2017 debt maturities have now been addressed, says AHT CEO Monty Bennett.
- Sold were the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert for $36M. With these sales, the company has now closed on about $218M of non-core dispositions.
Tue, Oct. 4, 12:40 PM| Tue, Oct. 4, 12:40 PM
Thu, Sep. 15, 8:04 AM
Thu, Sep. 1, 4:24 PM
- The 124-room Hampton Inn & Suites sold for $27M or $218K per key. The purchase price represents a cap rate of 8.3% based on the trailing 12-month NOI. Net proceeds to AHT were about $5M after paying off the mortgage and transaction costs.
- For Ashford, the sale marks another step as it pares down its non-core, select-service hotel holdings.
Wed, Aug. 17, 1:00 PM
Fri, Aug. 5, 1:00 PM
Thu, Aug. 4, 6:20 PM
Wed, Aug. 3, 5:35 PM
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Thu, Jul. 21, 9:49 AM
- The lodging REIT sector is little-changed in early action, but Ashford Hospitality Trust (AHT -2.4%) is an outlier after Credit Suisse's Ian Weissman downgrades to Underperform. The price target is cut to $5 from $6, and compares to the current $5.94.
- Weissman notes a premium valuation, risks from floating-rate debt exposure, and uncertainty surrounding the company's limited-service portfolio. As for whether a buyout could bail out longs, Weissman says a takeover could be difficult given the external management structure.
- Ashford spinoff, Ashford Hospitality Prime (which has the same external manager) is proving the point as it fends off a takeover effort by The Weisman Group.
Wed, Jul. 6, 7:23 PM
- Ashford Hospitality Trust (AHT +1%) has priced an offering of 4.8M shares of preferred stock at $25/share.
- The shares are Series F Cumulative Preferred Stock with dividends accruing at 7.375% per annum. Settlement of the deal will come around July 13.
- The company will use proceeds to redeem its 9% series E Cumulative Preferred Stock, and any excess for general purposes.
- Morgan Stanley and UBS wre joint book runners.
Mon, Jun. 27, 3:20 PM
- There's plenty of green in the REIT space today, with the IYR off just 0.25% (vs. the S&P 500's 2% decline). Helping is the continuing plunge in interest rates, with the 10-year yield at 1.46% within seven basis points of an all-time low.
- Among the gainers are Realty Income (O +1.7%), National Retail Properties (NNN +1%), Senior Housing (SNH +2.2%), Omega Healthcare (OHI +0.9%), AvalonBay (AVB +1.1%), Kimco (KIM +1.3%), Tanger Factory (SKT +1.9%), and Public Storage (PSA +3.8%).
- Lodging REITs, however, are dependent on a steady stream of overseas tourist money, and the dollar's continued surge vs. everything not named the yen promises to crimp foreign visits. Ashford (AHT -6.6%), Sunstone (SHO -4.8%), LaSalle (LHO -4.1%), Pebblebrook (PEB -4.2%), Chesapeake (CHSP -3.3%), Host (HT -6.7%), DiamondRock (DRH -4.8%), Apple (APLE -2.9%), FelCor (FCH -5.4%).
Wed, Jun. 15, 10:01 AM
- The San Francisco Board of Supervisors last week passed a bill requiring home-sharing services like Airbnb (Private:AIRB) to remove listings of units that have not been registered with the San Francisco Office of Short-Term Rentals.
- The team at Canaccord expects a near-term reduction of Airbnb listings of 80%, and nearly 50% on a stabilized basis. This should be a "marginal tailwind," and help San Francisco relative to other major hotel markets in coming months. Other cities are likely to follow suit.
- Buy rated stocks remain: Apple Hospitality (APLE +0.6%), DiamondRock (DRH +2%), Summit Hotel (INN +0.6%), Marriott (MAR +0.9%), and RLJ Lodging (RLJ +1.6%).
- Meanwhile, the lodging sector as a whole has its tail in the air as not only this news, but Airbnb's agreement to begin collecting occupancy tax in Pennsylvania filters through.
- Ashford (AHP +1.6%), (AHT +1.2%), Starwood (HOT +0.8%), Hospitality Properties (HPT +0.8%), Host Hotels (HST +1.5%), LaSalle (LHO +2.2%), Sunstone Hotel (SHO +1.1%), Pebblebrook (PEB +2.2%), Chesapeake (CHSP +1.3%), Chatham (CLDT +1.2%), Hersha (HT +1.4%)
Tue, Jun. 14, 4:25 PM
Wed, Jun. 8, 10:19 AM
- Confirming receipt of an unsolicited proposal to buy the company from The Weisman Group - a real estate investment firm based out of Sherman Oaks, CA - Ashford Prime (AHP +35.3%) says it intends to carefully review the offer.
- To review, Ashford Prime was spun out of Ashford Trust (AHT +2.1%) just less than three years ago. The performance of the stock price since has been underwhelming (off about 50%).
- The company - after completing a strategic review earlier this year - now is engaged in a proxy fight with activist investor Sessa Capital.
- Previously: Ashford Prime takeover offer at near 100% premium (June 8)
- The stock just came off trading halt, and is now up 35% to $15.30 per share. Weisman's offer is for $20.25. External manager Ashford, Inc (AINC -1.6%).
Thu, Jun. 2, 1:00 PM
Wed, Jun. 1, 4:25 PM
- Sold was a 5-hotel, 1,396-room portfolio of select-service hotels for $142M, or an 8% cap rate.
- AHT also agrees to sell two Palm Desert hotels for $36M, or an 8.3% cap rate.
- The 5-hotel sale was the first step in the company's plan to dispose of non-core, select-service hotels. Further sales are anticipated to close in Q3.
- Source: Press release