Ashford Hospitality Trust : Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

About this update from Ashford Hospitality Trust Inc

Management's Discussion and Analysis of Financial Condition and Results of Operations This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. EXECUTIVE OVERVIEW General As of December 31, 2025, our portfolio consisted of 67 consolidated operating hotel properties, which represent 16,445 total rooms, and one additional consolidated operating hotel property owned through a 29.3% investment in a consolidated entity, which represents 188 total rooms. Currently, all of our hotel properties are located in the United States. Based on our primary business objectives and forecasted operating conditions, our current key priorities and financial strategies include, among other things: •preserving capital and maintaining significant cash and cash equivalents liquidity; •disposition of non-core hotel properties; •acquisition of hotel properties, in whole or in part, that we expect will be accretive to our portfolio; •pursuing capital market activities and implementing strategies to enhance long-term stockholder value; •accessing cost effective capital, including through the issuance of non-traded preferred securities; •opportunistically exchanging preferred stock into common stock; •implementing selective capital improvements designed to increase profitability and maintain the quality of our assets; •implementing effective asset management strategies to minimize operating costs and increase revenues; •financing or refinancing hotels on competitive terms; •modifying or extending property-level indebtedness; •utilizing hedges, derivatives and other strategies to mitigate risks; •pursuing opportunistic value-add additions to our hotel portfolio; and •making other investments or divestitures that our board of directors deems appropriate. Our current investment strategy is to focus on owning predominantly full-service hotels in the upper upscale segment in domestic markets that have RevPAR generally less than twice the national average. We believe that as supply, demand and capital market cy...

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