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Aug. 6, 2015, 4:28 PM
- Q2 adjusted FFO of $58.4M or $0.49 per share vs. $42.3M and $0.39 one year ago.
- RevPAR for hotels not under renovation up 7.9% for the quarter. Adjusted EBITDA up 24% to $24M.
- Company takes note of its stock price - trading at a trailing 12-month NOI cap rate of 8.4%, though similar assets to those in its portfolio trade privately at a 7% cap. A 7% cap rate applied to the company's common stock would imply a share price of $15.85 vs. today's close of $8.29.
- AHT is not planning any future spinoffs, will continue to target a net debt to gross asset ratio of 55-60%, and will continue to target cash at a level of 25-35% of total market cap. The company will also keep working with analysts to have them update their models to reflect the roughly $1B of acquisitions YTD. Ashford plans to sell a portfolio of 23 select-service hotels, with anticipated closing in Q4.
- Conference call tomorrow at 11 ET
- Previously: Ashford Hospitality Trust beats by $0.04, beats on revenue (Aug. 6)
Aug. 6, 2015, 4:11 PM
- Ashford Hospitality Trust (NYSE:AHT): Q2 FFO of $0.49 beats by $0.04.
- Revenue of $369.34M (+77.4% Y/Y) beats by $28.14M.
Aug. 6, 2015, 12:27 PM
- The 10-year Treasury yield is down five basis points to 2.22% today, but investors continue to bail out of their income favorites.
- The IYR is lower by 1.2%, slightly worse than the market averages.
- National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -2.2%), Starwood Property (STWD -1.4%), Equity Residential (EQR -1.1%), Government Properties (GOV -2%), Hospitality Properties (HPT -3%), Ashford Hospitality (AHT -4.7%), Liberty Property (LPT -2.2%).
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Aug. 5, 2015, 5:35 PM
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Jul. 14, 2015, 7:50 AM
- Much of the beaten-up lodging REIT sector looks like a buy to Canaccord, which initiates RLJ Lodging (NYSE:RLJ), Summit Hotel (NYSE:INN), Hersha Hospitality (NYSE:HT), DiamondRock (NYSE:DRH), Strategic Hotels (NYSE:BEE), and Ashford Hospitality (NYSE:AHT) with Buy ratings.
- Rating only a Hold are Host Hotels (NYSE:HST), LaSalle Hotel (NYSE:LHO), Sunstone Hotel (NYSE:SHO), and Hospitality Properties (NYSE:HPT).
- Non-REIT lodging players, Starwood (NYSE:HOT) rates a Buy and Marriott (NASDAQ:MAR) a Hold.
Jul. 7, 2015, 8:53 AM
- The rebranding of the former Crowne Plaza Beverly Hills follows a $26M renovation off all guest rooms and public space, as well as exterior enhancements.
- The Beverly Hills Marriott will continue to be managed by Remington Lodging & Hospitality.
- AHT management expects the renovations, upgrades, and re-branding to meaningfully accelerate RevPAR, noting this is the only full-service Marriott hotel in this particular market and is thus able to capitalize on Marriott Rewards members.
Jun. 26, 2015, 8:26 AM
- After considering a number of strategic moves, including another spinoff a la Ashford Prime, Ashford Trust (NYSE:AHT) will put up for sale a portfolio of 23 select-service hotels, and opportunistically sell its remaining select-service hotels in the future.
- The 23 for sale comprise 4,308 rooms and are encumbered by $377M in debt. The current trailing 12-month NOI is about $44M.
- The company will redefine its investment strategy to focus predominantly on upper upscale, full-service hotels. No future spinoffs are contemplated.
Jun. 25, 2015, 7:27 AM
- The 229-room W Minneapolis Hotel - The Foshay and the 60-room Le Meridien Chambers Minneapolis are being bought for $349K per key. AHT will assume a roughly $56M mortgage on the W Minneapolis - the debt matures in May 2023 with a fixed rate of 5.46%.
- The purchase price represents a 6% cap rate and a trailing 14.4x EBITDA multiple. On a forward basis, it's a 7% cap rate and a 12.5x EBITDA multiple.
Jun. 15, 2015, 8:04 AM
- Ashford Hospitality Trust (NYSE:AHT) declares $0.12/share quarterly dividend, in line with previous.
- Forward yield 5.89%
- Payable July 15; for shareholders of record June 30; ex-div June 26.
Jun. 12, 2015, 7:18 AM
- The W Atlanta Downtown Hotel sold to AHT for $56.8M, representing an estimated forward 12-month cap rate of 7.2% and an estimated forward 12-month EBITDA multiple of 11.6x. Ashford assumed a $45.4M non-recourse mortgage.
- Le Pavillon Hotel in New Orleans sold for $62.5M, representing a forward 12-month cap rate of 7.8%, and an estimated forward 12-month EBITDA multiple of 11.4x. Ashford closed on a new $43.75M non-recourse mortgage to finance the deal.
- Source: Press Release
May 19, 2015, 4:15 PM
May 7, 2015, 11:45 AM
- Q1 adjusted FFO of $34M or $0.30 per share vs. $24.8M and $0.25 one year ago.
- RevPAR for all hotels up 8.5% Y/Y to $110.69. RevPAR for those hotels not under renovation up 9.9% to $111.77.
- Hotel EBITDA up 12.7% for all hotels. EBITDA margin up 163 basis points. Adjusted EBITDA up 12.3%.
- Previously: Ashford Hospitality Trust beats by $0.02, beats on revenue (May 7)
- AHT +1.6%
May 7, 2015, 8:42 AM
- Ashford Hospitality Trust (NYSE:AHT): Q1 FFO of $0.30 beats by $0.02.
- Revenue of $250.24M (+28.4% Y/Y) beats by $34.02M.
May 6, 2015, 5:35 PM
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Apr. 20, 2015, 5:38 PM
Apr. 20, 2015, 8:58 AM
- The new $25.1M financing for AHT's 168-room Lakeway Resort & Spa has a two-year term and three, one-year extension options. The loan is interest only with a floating rate of Libor +5.1%.
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