Ashford Hospitality sees Q1 occupancy ~67%

Ashford Hospitality Trust reported that the company expects to report Occupancy of approximately 67% for the first quarter of 2024 with Average Daily Rate of approximately $191 resulting in RevPAR of approximately $128. This Comparable RevPAR reflects an approximate decrease of 1% compared to the first quarter of 2023. Additionally, for the month of January 2024, Comparable RevPAR increased approximately 2.1% versus January 2023. For the month of February 2024, Comparable RevPAR decreased approximately 0.3% versus February 2023. For the month of March 2024, Comparable RevPAR decreased approximately 3.7% versus March 2023. “Ashford Trust continues to benefit from increased corporate and group demand. While our March operating results were soft, which we directly attribute to the Easter Holiday shift, we expect to see a marked improvement for April,” commented Rob Hays, Ashford Trust’s President and CEO. “Additionally, we remain focused on paying off our strategic corporate financing and have made meaningful progress towards our deleveraging plan. As we look to the remainder of 2024, we believe our high-quality, geographically diverse portfolio remains well-positioned to outperform.”