Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Q2 2025 Earnings Presentation
20 slides from Ashford Hospitality Trust's earnings presentation, Jul 31, 2025
Slide 1: March 2023
March 2023
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non -GAAP Measures In keeping with the SEC’s “Safe Harbor” guidelines, certain statements and assumptions in this presentation contain, are based upon or could be considered “forward-looking” and subject to certain risks and uncertainties that could cause results to di
Slide 3: Capitalizing on the Recovery
Capitalizing on the Recovery Owner of Institutional Quality, Geographically Diverse Lodging Assets with Exposure to Recovery Segments W Atlanta Downtown Marriott Beverly Hills La Concha Hilton Back Bay Atlanta, GA Beverly Hills, CA Key West, FL Boston, MA One Ocean La Posada Renaissance Palm Springs
Slide 4: Overview
Overview Significant Balance Sheet & Liquidity Enhancements Portfolio Positioned for the Recovery Clear Path Forward to Capitalize on the Recovery 4
Slide 5: Executive Management Team
Executive Management Team Proven Experience J. Robison Hays Deric Eubanks Christopher Nixon Chief Executive Chief Financial EVP & Head of Asset Officer & President Officer Management ▪ 17 years of hospitality ▪ 21 years of hospitality ▪ 12 years of hospitality experience experience experience ▪ 17 y
Slide 6: Significant Balance Sheet & Liquidity Enhancements
Significant Balance Sheet & Liquidity Enhancements AHT Has Taken Numerous Steps to Improve the Balance Sheet & Liquidity Profile Significant Liquidity: Net Working Capital of $519M 1 2 Attractive Debt Maturity Schedule 3 Achieved Substantive Corporate Deleveraging since mid-2020 6
Slide 7: Net Working Capital
Net Working Capital A Closer Look at Cash & Liquidity Position $14.35 December 31, 2022 ($ in Thousands) Cash and cash equivalents $417,064 Restricted cash 141,962 NWC Per Share(1) Accounts receivable, net 49,809 Prepaid expenses 15,982 Due from third-party hotel managers, net 21,143 Due from affili
Slide 8: Well-Laddered Maturity Schedule
Significant Balance Sheet & Liquidity Enhancements Well-Laddered Maturity Schedule Debt Final Maturity Schedule(1) ($ in Millions) $3,000 $2,582 $2,000 $1,000 $618 492 $98 $35 $0 2023 2024 2025 2026 2027 (1) As of 12/31/2022. Assumes extension options are exercised; totals for each year exclude sche
Slide 9: Decisive Actions Have Resulted in Approximately $990M of Deleveraging
Significant Balance Sheet & Liquidity Enhancements Decisive Actions Have Resulted in Approximately $990M of Deleveraging since Q2 2020 Steps to Long-Term Deleveraging: Net Debt + Preferred Equity • Asset Sales • Buy Assets Unleveraged or With (in $ thousands) Lower Leverage $4,500,000 $4,406,902 • R
Slide 10: Portfolio Positioned for the Recovery
Portfolio Positioned for the Recovery Well-positioned to Capitalize on the Lodging Recovery 1 Lodging Recovery Expected Over Next 4+ Years Best-in-Class Hotel Brands and Management Companies with Remington 2 Driving Outperformance 3 Chain Scale Mix with RevPAR Growth Expected Portfolio Positioned to
Slide 11: Industry RevPAR and ADR exceeded 2019 in 2022
Industry RevPAR and ADR exceeded 2019 in 2022 U.S. KPIs, Indexed to 2019 Demand Index ADR Index RevPAR Index 140 140 140 124.6 124.9 120.3 119.8 120 120 113.4 115.3 120 111.6 107.4 107.9 104.8 100.5 97.8 95.3 100 100 100 88.0 83.2 80 80 80 60 60 60 40 40 40 20 20 20 0 0 0 2021 2022 2023 2024 2025 20
Slide 12: RevPAR has Rebounded Strongly from Depths of the Crisis
Portfolio Positioned for the Recovery RevPAR has Rebounded Strongly from Depths of the Crisis AHT RevPAR as a % of '19 (as of December 2022) 10.0% 0.0% -10.0% -20.0% -30.0% -40.0% -50.0% -60.0% -70.0% -80.0% -90.0% -100.0% Source: AHT internal reporting, Room RevPAR as % of same month 2019 12
Slide 13: Significant Assets in Early Recovery Segments and High-Growth Chain Scales
Portfolio Positioned for the Recovery Significant Assets in Early Recovery Segments and High - Growth Chain Scales with Best-in-Class Brands & Managers 100 22,316 26 H O T E L S (1) H O T E L R O O M S (1) S T A T E S (1) Portfolio By: Rooms Revenue(2) Hotel EBITDA(3) GROUP OTHER INDEPENDENT HYATT H
Slide 14: Geographically Diverse Portfolio Focused on Upper Upscale Assets
Portfolio Positioned for the Recovery Geographically Diverse Portfolio Focused on Upper Upscale Assets Forecasted 2023 Growth by Chain Scale 16% 14% 12% 10% 8% 6% 4% 2% 0% Total US Economy Midscale Upper Midscale Independent Upscale Upper Upscale Luxury Exposure(1) Portfolio N/A 0% 0% 2% 7% 23% 64%
Slide 15: Geographically Diverse Portfolio Focused on Top 25 Markets
Portfolio Positioned for the Recovery Geographically Diverse Portfolio Focused on Top 25 (“T25”) Markets Forecasted Growth by Market 14% 12% 10% 8% 6% 4% 2% 0% Top 25 Markets Central Business Districts All Other Markets Key: 2023 2024 of Hotel EBITDA(1) is Exposed to of Hotel EBITDA(1) is Exposed to
Slide 16: Positioned to Take Advantage of Demographic Shift Away from the Northeast
Portfolio Positioned for the Recovery Positioned to Take Advantage of Demographic Shift Away from the Northeast, Rust Belt & West Coast • 25% of business owners are considering moving operations to a more business friendly state(1) • 8 of AHT’s top 15 markets located in inbound migration states AHT
Slide 17: Conclusion
Conclusion Significant Balance Sheet & Liquidity Enhancements Portfolio Positioned for the Recovery Clear Path Forward to Capitalize on the Recovery 17
Slide 18: Appendix
Appendix
Slide 19: Reconciliation of Net Income to Hotel EBITDA
Reconciliation of Net Income to Hotel EBITDA 18
Slide 20: March 2023
March 2023
Ashford Hospitality Trust — Q2 2025 Earnings Presentation on 6ix