Trust reports fourth quarter and full year 2025 results

NEWS RELEASE

DALLAS - February 25, 2026 - Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 31, 2024 (see discussion below). All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on October 25, 2024 with regard to share counts and per share data. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

• Comparable RevPAR for all hotels decreased 1.8% to $123 during the quarter on a 2.6% decrease in Comparable ADR and a 0.8% increase in Comparable Occupancy.

• Net loss attributable to common stockholders was $(78.3) million or $(12.33) per diluted share for the quarter.

• Adjusted EBITDAre was $40.4 million for the quarter.

• Adjusted funds from operations (AFFO) was $(2.45) per diluted share for the quarter.

• Comparable Hotel EBITDA was $62.7 million for the quarter.

• The Company ended the quarter with cash and cash equivalents of $66.8 million and restricted cash of $149.6 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $25.7 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs.

• Net working capital at the end of the quarter was $103.2 million.

• CapEx invested during the quarter was $25.7 million.

  FULL YEAR 2025 FINANCIAL HIGHLIGHTS

• Comparable RevPAR for all hotels decreased 0.7% over the prior year to $132 on a 1.5% decrease in Comparable ADR and a 0.8% increase in Comparable Occupancy.

• For the year, net loss attributable to common stockholders was $(215.0) million or $(35.99) per diluted share.

• Adjusted EBITDAre was $221.3 million for the year.

• For the year, AFFO was $(5.66) per diluted share.

• CapEx invested during the year was $71.2 million.

  RECENT OPERATING HIGHLIGHTS

• During the quarter, the Company announced that its Board of Directors formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction.

• During the quarter, the Company sold the Le Pavillon, a Tribute Portfolio Hotel, and signed definitive agreements to sell the Embassy Suites Austin Arboretum, and the Embassy Suites Houston Near the Galleria.

• Subsequent to quarter end, the Company extended its Highland mortgage loan secured by 18 hotels and paid the loan down by $10 million.

During the quarter, the Company announced that its Board of Directors formed a Special Committee to evaluate strategic alternatives to maximize shareholder value, including a potential transaction. In conjunction with forming the Special Committee, the Company has also terminated the current offering of its Series L and M Non-Traded Preferred Stock and suspended redemptions for all of its outstanding non-traded preferred stock.

As of December 31, 2025, the Company had total loans of $2.6 billion with a blended average interest rate of 7.7%. Approximately 5% of the Company's current consolidated debt is fixed-rate and approximately 95% is floating-rate.

During the quarter, the Company signed definitive agreements to sell the Le Pavillon, a Tribute Portfolio Hotel, the Embassy Suites Austin Arboretum, and the Embassy Suites Houston Near the Galleria. These sales are expected to generate approximately $69.5 million in aggregate gross proceeds. Based on current mortgage interest rates, the Company expects more than $2 million in annual cash flow improvement and

$14.5 million in future capital expenditure savings following the sales.

Subsequent to quarter end, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million, or approximately 65% of appraised value, and has a final maturity date of July 9, 2026.

The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2025.

"Our fourth quarter performance reflected continued industry-wide economic pressures that constrained RevPAR and margins. Despite challenging industry conditions, our asset management team and property managers delivered solid execution, focused on aggressively managing operating expenses as well as driving revenue and operational efficiency," commented Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. "As part of our ongoing strategy to deleverage the portfolio and enhance longterm shareholder value, we signed definitive agreements to sell the Le Pavillon in New Orleans, the Embassy Suites in Austin, and the Embassy Suites in Houston in the fourth quarter and expect several additional asset sales in the new year. We believe the attractive cap rates achieved on these sales underscore the intrinsic value of our assets, and we expect strategic divestitures to remain an important tool in

improving leverage, liquidity, and cash flow as we enter 2026. In addition, given our high percentage of floating-rate debt, we should also continue to benefit from lower short-term interest rates."

Mr. Zsigray concluded, "We've been highly encouraged by our success to date in executing our plan to drive outsized EBITDA growth, strategically sell assets, and strengthen our balance sheet."

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 26, 2026, at 11:00

a.m. ET. The number to call for this interactive teleconference is (646) 307-1963. A replay of the conference call will be available through Thursday, March 5, 2026, by dialing (609) 800-9909 and entering the confirmation number, 7743408.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2025 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's website, https://www.ahtreit.com, on Thursday, February 26, 2026, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at https://www.sec.gov.

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Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

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