Ashford Hospitality Trust, Inc. (NYSE: AHT) reported today that the Company expects to report Occupancy of approximately 75% for the second quarter of 2023 with Average Daily Rate of approximately $191 resulting in RevPAR of approximately $144.
This Comparable RevPAR reflects an approximate increase of 7% compared to the second quarter of 2022. Excluding the 19 hotels secured by loans that the Company did not extend during the quarter, the Company's results for the second quarter would have been Occupancy of approximately 76% with Average Daily Rate of approximately $197 resulting in RevPAR of approximately $150.
"We're pleased with Ashford Trust's strong second quarter operating performance," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "Our growth in occupancy, ADR and RevPAR reflects our high-quality, geographically diverse portfolio, which continues to benefit from increased corporate and group demand. Additionally, proactively choosing not to extend three of our KEYS loan pools not only improves our operating results and the overall quality of our portfolio but will also lower our leverage and conserve cash." Mr. Hays added, "Looking forward, we believe we are well-positioned for our upcoming maturities and for our portfolio to continue to generate strong operating performance."
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.