Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — JMP Conference 2009
10 slides from Ashford Hospitality Trust's conference presentation, May 20, 2009
Slide 1: Ashford Hospitality Trust - JMP Conference May 2009
ZA ASHFORD YY HOSPITALITY TRUST laa ht al Ser JMP Conference May 2009
Slide 2: Safe Harbor
Safe Harbor In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely r
Slide 3: Ashford Overview
Ashford Overview Ample liquidity Proactive capital preservation No material short-term debt maturities Attractive floating-rate debt structure Diversification reduces our risk
Slide 4: Liquidity & Capital Preservation: Significant Cash on Hand
Liquidity & Capital Preservation Significant Cash on Hand • $240 million of unrestricted cash on hand as of 1Q '09 • Relatively unchanged from 4Q '08 despite the repurchase of 11.7 million shares of common stock and 1.4 million shares of Series A&D preferred stock in 1Q '09 Asset Sales in 2008 • Sol
Slide 5: Liquidity & Capital Preservation: Strong Operating Margins
Liquidity & Capital Preservation Strong Operating Margins • Hotel EBITDA margins declined only 300 bps while RevPAR declined 17.0% in 1Q '09 (for assets not under renovation) • Implemented full range of contingency plans • Corporate G&A cuts • Property manager affiliate is adept at cutting costs and
Slide 6: Minimal Exposure to Near-Term Maturities
Minimal Exposure to Near-Term Maturities Weighted average debt maturity of 6 years (fully extended) Significant cushion in current financial covenants Note: maturity dates without extensions 2009: $167m - extendable to 2012; $203m - extendable to 2011 2010: $29m - no extensions; $250m - extendable t
Slide 7: Floating-Rate Debt is Advantageous
Floating-Rate Debt is Advantageous AHT's Floating-Rate Debt Advantage • 97% of AHT's $2.8 billion of debt is floating-rate or swapped to floating-rate • Weighted average interest rate after swap of 3.37% • LIBOR and hotel RevPAR are highly correlated
Slide 8: AHT Diversity Reduces Risk
Select-service assets perform better in recessionary times 37% of AHT's TTM EBITDA is select-service(1) AHT geographic footprint mitigates market downturn risk AHT's portfolio is comprised of the strongest brands 88% of TTM EBITDA is from Hilton / Marriott(1) 97% of TTM EBITDA is from Hilton / Marri
Slide 9: Ashford Overview
Ashford Overview Ample liquidity Proactive capital preservation No material short-term debt maturities Attractive floating-rate debt structure Diversification reduces our risk
Slide 10: Ashford Hospitality Trust - JMP Conference May 2009
ZA ASHFORD YY HOSPITALITY TRUST laa ht al Ser JMP Conference May 2009