Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Nareit REITweek 2020
13 slides from Ashford Hospitality Trust's conference presentation, Jun 3, 2020
Slide 1: Ashford Hospitality Trust June 2020
ASHFORD HOSPITALITY TRUST June 2020
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 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 projecte
Slide 3: Management Team
Management Team Proven Experience J. Robison Hays Jeremy Welter Deric Eubanks Robert Haiman C h i e f E x e c u t i v e C h i e f O p e r a t i n g Chief Financial EVP, General O f f i c e r O f f i c e r O f f i c e r C o u n s e l . 15 years of hospitality . 15 years of hospitality . 20 years of h
Slide 4: Portfolio
Portfolio High Quality W Atlanta Downtown Marriott Beverly Hills La Concha Le Pavillon Atlanta, GA Beverly Hills, CA Key West, FL New Orleans, LA One Ocean Le Meridien Minneapolis W Minneapolis The Silversmith Jacksonville, FL Minneapolis, MN Minneapolis, MN Chicago, IL Hyatt Coral Gables The Church
Slide 5: Portfolio Overview
Portfolio Overview Key Metrics 116 24,746 30 HOTELS (1) HOTEL ROOMS (1) STATES (1) Portfolio by Hotel EBITDA(2) IHG INTERSTATE 2% HYATT LUXURY <1% 5% UPPER HYATT 4% MIDSCALE 4% SELECT-SERVICE 2% 28% INDEPENDENT HILTON 6% INDEPENDENT 7% 6% PROPERTY SERVICE CHAIN HOTEL BRAND MANAGER TYPE SCALE 32% 27%
Slide 6: Geographically Diverse Portfolio Location
3% Geographically Diverse SMALL METRO Portfolio Location RESORT 8% <1% (1)(2) Portfolio by Hotel EBITDA AIRPORT INTERSTATE 16% LOCATION TYPE 35% 38% URBAN SUBURBAN OTHER 9% Top 10 Markets % Total TOP 50 Washington, D.C. 10.3% 17% San Francisco/Oakland, CA 8.3% New York/New Jersey 8.1% Los Angeles, C
Slide 7: COVID-19 Impact on the Industry
COVID-19 Impact on the Industry SA Real RevPAR $ (as of Apr 20) 2020 STR Forecast 2021 STR Forecast $76 Supply -14.9% +15.6% $66 $56 Demand -51.2% +81.8% $46 $36 Occupancy -42.6% +57.3% $26 $16 $16 ADR -13.9% +3.7% RevPAR -50.6% +63.1% SA Occupancy (as of Apr 20) SA Real ADR (2012 $'s, as of Apr 20)
Slide 8: COVID-19 Response
COVID-19 Response Reduced operating expenses 38.6% March y/y Labor Property • Furloughs / layoffs • Blocked off / shut down floors and • Froze hiring and deferred new hires wings of hotels • Scheduling partial shifts • Focused on energy efficiency • Eliminated housekeeping for stay-overs • Suspended
Slide 9: Relationship with Managers
Relationship with Managers Strong Relationships REMINGTON Affiliate Advantage Operating expenses at Remington managed hotels decreased 41.8% in March, outpacing portfolio totals Implemented a lean staffing model, 2-2-1 model, which consists of two associates in the morning, two in the evening and on
Slide 10: COVID Crisis Action Items: Short-term Priorities
COVID Crisis Action Items Short- term Priorities Building Liquidity • Instituted plans to immediately minimize cash utilization • Suspended common dividends in March resulting in $7MM quarterly savings • Suspended debt service at vast majority of assets/loan pools in April • 2020 capital expenses cu
Slide 11: COVID Crisis Action Items
COVID Crisis Action Items Short- term Priorities Getting assets back to cash flow positive(1) • Portfolio will likely benefit from being well diversified and having a mix of select service and full-service hotels • Leisure most likely to recover quickly with group lagging • Drive to markets will lik
Slide 12: Liquidity
Liquidity Nearly $300M of NWC as of Q1 Net Working Capital 3/31/2020 Cash and cash equivelants 240,316 Restricted cash 126,649 Accounts receiveable, net 29,129 Prepaid expenses 28,329 Investment in securities 437 Due from third-party hotel managers, net 16,162 Total current assets 441,022 Accounts p
Slide 13: Ashford Hospitality Trust June 2020
ASHFORD HOSPITALITY TRUST June 2020