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Press Release

Ashford Trust Reports First Quarter 2015 Results

8.5% RevPAR Increase for All Hotels for the First Quarter

Hotel EBITDA Margin Increase of 163 basis points for All Hotels

Adjusted EBITDA Increased 12.3%

Adjusted Funds From Operations per Share Increased 20%

Completes Buyout of Remaining JV Interest in Highland Portfolio

Company Release - 5/7/2015 8:00 AM ET

DALLAS, May 7, 2015 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford Trust") today reported financial results and performance measures for the first quarter ended March 31, 2015.  The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are pro forma.  Unless otherwise stated, all reported results compare the first quarter ended March 31, 2015, with the first quarter ended March 31, 2014 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

  • RevPAR for all Ashford Trust hotels increased 8.5% during the quarter
  • RevPAR for all Ashford Trust hotels not under renovation increased 9.9% during the quarter
  • Hotel EBITDA increased 12.7% for all hotels
  • Hotel EBITDA Margin increased 163 basis points for all hotels
  • Hotel EBITDA flow-through was 55% for all hotels
  • Adjusted EBITDA increased $9.8 million or 12.3%
  • Net income attributable to common stockholders for the Company was $313.0 million, or $3.12 per diluted share, compared with net loss attributable to common stockholders of $10.9 million, or $0.13 per diluted share, in the prior-year quarter
  • Adjusted funds from operations (AFFO) for the Company was $0.30 per diluted share for the quarter as compared with $0.25 from the prior-year quarter representing an increase of 20%
  • On January 5, 2015, the Company announced it had refinanced two mortgage loans with an outstanding balance of approximately $354 million with new loans totaling $478 million resulting in over $100 million of excess proceeds after closing costs and reserves
  • On January 30, 2015, the Company announced it had priced a follow-on public offering of 9,500,000 shares of common stock at $10.65 per share.  The underwriter subsequently exercised its option in part and purchased an additional 1,029,450 shares from the Company.  In total, the Company issued 10,529,450 shares of common stock at $10.65 per share for net proceeds of $111.1 million.
  • On February 9, 2015, the Company announced it had closed on the acquisition of the 168-room Lakeway Resort & Spa in Austin, TX for total consideration of $33.5 million ($199,000 per key) 
    • Subsequent to quarter end, on April 17, 2015, the Company closed a $25.1 million mortgage loan for the property
  • On February 26, 2015, the Company announced it had closed on the acquisition of the 232-room Marriott Memphis East hotel for total consideration of $43.5 million ($187,500 per key)
    • The Company closed a $33.3 million mortgage loan for the property on March 25, 2015
  • On March 9, 2015, the Company announced it had completed the acquisition of the remaining 28.26% ownership interest in the Highland Hospitality Portfolio from its joint venture partner, Prudential Real Estate Investors
    • In connection with the transaction, the Company refinanced 24 of the 28 hotels in the Highland Portfolio with a new $1.07 billion non-recourse mortgage loan
  • On March 11, 2015, the Company completed the sale of the 112-room Hampton Inn Terre Haute in Terre Haute, IN for $7.9 million ($70,500 per key)
  • Subsequent to the end of the quarter, on April 29, 2015, the Company closed on the acquisition of the 124-room Hampton Inn & Suites in Gainesville, FL for total consideration of $25.3 million ($204,000 per key)

CAPITAL EXPENDITURES

  • Capex invested in the quarter was $35.3 million

CAPITAL STRUCTURE 
At March 31, 2015, the Company had total assets of $4.8 billion in continuing operations including the Highland Hospitality Portfolio which is now consolidated.  As of March 31, 2015, the Company had $3.4 billion of mortgage debt in continuing operations.  Ashford Trust's total combined debt had a blended average interest rate of 4.99%. 

On January 5, 2015, the Company announced it had refinanced two mortgage loans with an existing outstanding balance of approximately $354 million.  The two previous mortgage loans that were refinanced include: a $211 million Goldman Sachs Floater loan with a final maturity date in November 2017; and a $143 million Merrill Lynch 1 loan with a final maturity date in July 2015.  The new loans total $478 million and resulted in excess net proceeds of over $100 million after closing costs and reserves.

On January 30, 2015, the Company announced it had priced a follow-on public offering of 9,500,000 shares of common stock at $10.65 per share.  Settlement of the offering occurred on February 4, 2015, generating total net proceeds of $100.2 million.  The underwriter subsequently exercised its option in part and purchased an additional 1,029,450 shares from the Company.  In total, the Company issued 10,529,450 shares of common stock at $10.65 per share for net proceeds of $111.1 million.

On February 9, 2015, the Company announced it had closed on the acquisition of the 168-room Lakeway Resort & Spa for total consideration of $33.5 million ($199,000 per key), which represents an estimated forward 12-month cap rate of 8.7% on net operating income and an estimated 9.5x forward EBITDA multiple.  Subsequent to the acquisition's completion, on April 17, 2015, the Company closed a $25.1 million mortgage loan on the property.  The new loan is interest only and provides for a floating interest rate of LIBOR + 5.10%. 

On February 26, 2015, the Company announced it had closed on the acquisition of the 232-room Marriott Memphis East hotel for total consideration of $43.5 million ($187,500 per key), which represents an estimated forward 12-month cap rate of 8.6% on net operating income and an estimated 10.3x forward EBITDA multiple.  Subsequent to the acquisition's completion, on March 25, 2015, the Company closed a $33.3 million mortgage loan on the property.  The new loan is interest only and provides for a floating interest rate of LIBOR + 4.95%. 

On March 9, 2015, the Company announced it had completed the acquisition of the remaining 28.26% ownership interest in the Highland Hospitality Portfolio from its joint venture partner, Prudential Real Estate Investors, for a purchase price of $250.1 million (total transaction value of $1.735 billion or $215,000 per key) which was paid in cash and funded by the concurrent refinancing of 24 hotels in the portfolio as well as proceeds from the Company's recent equity offering.  The 28-hotel Highland Hospitality Portfolio includes 19 full-service hotels and 9 select-service hotels with a concentration in major brands such as Hilton, Marriott, Hyatt and Starwood.  The new $1.07 billion non-recourse mortgage loan on the 24 hotels in the portfolio is interest only and provides for a floating interest rate of LIBOR + 4.39%.  The financing resulted in excess net proceeds of approximately $200 million after closing costs and reserves including the return to the Company of reserves held by the previous lender.

On March 11, 2015, the Company completed the sale of the 112-room Hampton Inn Terre Haute in Terre Haute, IN for $7.9 million ($70,500 per key). The sale, including anticipated capital expenditures, represented a trailing 12-month cap rate of 7.0% on net operating income and a trailing 14.4x EBITDA multiple.

On April 29, 2015, the Company closed on the acquisition of the 124-room Hampton Inn & Suites in Gainesville, FL for total consideration of $25.3 million ($204,000 per key), which represents an estimated  forward 12-month cap rate of 9.1% on net operating income and an estimated 9.9x forward EBITDA multiple.

PORTFOLIO REVPAR 
As of March 31, 2015, the Ashford Trust Portfolio consisted of direct hotel investments with 116 properties classified in continuing operations.  During the first quarter of 2015, 107 of the Ashford Trust Portfolio hotels included in continuing operations were not under renovation.  The Company believes reporting its operating metrics for the Ashford Trust Portfolio hotels in continuing operations on a pro forma total basis (all 116 hotels) and pro forma not under renovation basis (107 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Pro forma RevPAR increased 8.5% to $110.69 for all hotels on a 5.5% increase in ADR and a 2.8% increase in occupancy
  • Pro forma RevPAR increased 9.9% to $111.77 for hotels not under renovation on a 5.9% increase in ADR and a 3.8% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Hotel EBITDA and Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  Given the substantial seasonality in the Company's portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Hotel EBITDA and Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Ashford Trust Portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time so will the seasonality for Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 116 Ashford Trust hotels are provided in the table attached to this release.

ASHFORD HOSPITALITY SELECT 
On January 29, 2015, the Company announced a plan to form Ashford Hospitality Select ("Ashford Select"), a new privately-held company dedicated to investing primarily in premium-branded select-service hotels, including extended stay hotels in the U.S.  Ashford Select will be advised by Ashford Inc.  Upon the launch of this platform, Ashford Trust's investment strategy will be revised to focus on full-service, premium-branded upscale, and upper-upscale hotels primarily located in major markets with RevPAR less than twice the national average.  Management is currently speaking with potential capital partners about this strategy and will either have Ashford Trust pursue the strategy itself and distribute the Ashford Select platform when it has reached scale, or Ashford Trust will team up with a capital source to purchase select-service assets and then distribute the Ashford Select platform. 

COMMON STOCK DIVIDEND 
On March 13, 2015, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the first quarter ending March 31, 2015, payable on April 15, 2015, to shareholders of record as of March 31, 2015.

"The first quarter of 2015 was another period of solid RevPAR and EBITDA growth for Ashford Trust driven largely by the continued success of our robust revenue initiatives.  With the revenue initiatives solidly in place and the positive industry fundamentals we are experiencing, we expect to be able to continue to drive solid results from these assets," commented Monty J. Bennett, Ashford Trust's Chairman and Chief Executive Officer.  "Our management team remains very active in the market and took advantage of opportunities to complete several strategic acquisitions as well as over $1.6 billion of financings during the quarter.  We will continue to seek and pursue these types of opportunities to capitalize on favorable market dynamics to accretively add value to our portfolio."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, May 8, 2015, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (719) 325-2464.  A replay of the conference call will be available through Friday, May 15, 2015, by dialing (719) 457-0820 and entering the confirmation number, 6009183.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2015 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Friday, May 8, 2015, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate.  Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel Operating Profit.  FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us.  Neither FFO, AFFO, EBITDA, nor Hotel Operating Profit represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions.  However, management believes FFO, AFFO, EBITDA, and Hotel Operating Profit to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry across all segments and at all levels of the capital structure primarily within the United States.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford. 

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

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.  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:  general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; the degree and nature of our competition; and the satisfaction of conditions to, or the completion of, the proposed launch of Ashford Select.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission.  EBITDA is defined as net income before interest, taxes, depreciation and amortization.  EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price.  A capitalization rate is determined by dividing the property's annual net operating income by the purchase price.  Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues.  Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues.  Hotel EBITDA Margin is Hotel EBITDA divided by total revenues.  Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures. 

The forward-looking statements included in this press release are only made as of the date of this press release.  Investors should not place undue reliance on these forward-looking statements.  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.

 


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(in thousands, except share amounts)


(unaudited)









March 31,


December 31,







2015


2014









ASSETS






Cash and cash equivalents

$                355,727


$                215,063



Marketable securities

72,427


63,217




Total cash, cash equivalents and marketable securities

428,154


278,280



Investments in hotel properties, net

3,953,983


2,128,611



Restricted cash

143,043


85,830



Accounts receivable, net of allowance of $417 and $241, respectively

52,512


22,399



Inventories

4,188


2,104



Note receivable, net of allowance of $7,416 and $7,522, respectively

3,599


3,553



Investment in Highland JV

-


144,784



Investment in Ashford Prime

54,613


54,907



Investment in Ashford Inc.

4,358


7,099



Deferred costs, net

36,514


12,588



Prepaid expenses

22,757


7,017



Derivative assets, net

917


182



Other assets

7,969


17,116



Intangible assets, net

15,045


-



Due from Ashford Prime, net

335


896



Due from affiliates

-


3,473



Due from related party, net

1,922


-



Due from third-party hotel managers

39,047


12,241













Total assets

$             4,768,956


$             2,781,080











LIABILITIES AND EQUITY





Liabilities:






Indebtedness

$             3,387,623


$             1,954,103



Accounts payable and accrued expenses

131,890


71,118



Dividends payable

23,346


21,889



Unfavorable management contract liabilities

4,836


5,330



Due to Ashford Inc., net

9,120


8,202



Due to related party, net

-


1,867



Due to third-party hotel managers

1,529


1,640



Intangible liabilities, net

27,262


-



Liabilities associated with marketable securities and other

12,771


6,201



Other liabilities

6,923


1,233













Total liabilities

3,605,300


2,071,583











Redeemable noncontrolling interests in operating partnership

165,590


177,064











Equity:








Preferred stock, $0.01 par value, 50,000,000 shares authorized:








Series A Cumulative Preferred Stock, 1,657,206 shares
issued and outstanding at March 31, 2015 and









December 31, 2014

17


17





Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at March 31, 2015 and









December 31, 2014

95


95





Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at March 31, 2015 and









December 31, 2014

46


46




Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 101,078,531 








and 89,439,624 shares outstanding at March 31, 2015 and December 31, 2014, respectively 

1,249


1,249




Additional paid-in capital

1,801,656


1,706,274




Accumulated deficit

(696,787)


(1,050,323)




Treasury stock, at cost, 23,818,234 and 35,457,141 shares at March 31, 2015 and December 31, 2014, respectively

(108,985)


(125,725)





Total stockholders' equity of the Company

997,291


531,633



Noncontrolling interest in consolidated entities

775


800













Total equity

998,066


532,433














Total liabilities and equity

$             4,768,956


$             2,781,080




















 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(in thousands, except per share amounts)


(unaudited)








 Three Months Ended 






 March 31, 






2015


2014








REVENUE






Rooms

$    200,990


$    156,997



Food and beverage

39,553


28,239



Other


8,832


6,366












Total hotel revenue

249,375


191,602



Advisory services revenue

-


2,194



Other


860


1,065












Total revenue

250,235


194,861










EXPENSES






Hotel operating expenses







Rooms

43,153


34,754




Food and beverage

26,280


19,323




Other expenses

74,782


58,274




Management fees 

9,657


7,742













Total hotel operating expenses

153,872


120,093











Property taxes, insurance and other

11,594


9,589



Depreciation and amortization

37,864


26,152



Impairment charges

(106)


(101)



Transaction costs

499


-



Advisory services fee:







Base advisory fee

8,011


-




Advisory service fee - other services

1,385


-




Non-cash stock/unit-based compensation

171


-











Corporate, general and administrative:







Non-cash stock/unit-based compensation

-


4,488




Other general and administrative

4,840


8,247













Total operating expenses

218,130


168,468










OPERATING INCOME

32,105


26,393











Equity in loss of unconsolidated entities

(6,622)


(3,498)



Interest income

16


6



Gain on acquisition of Highland JV

381,835


-



Other income

4,330


1,277



Interest expense

(31,629)


(26,462)



Amortization of premiums and loan costs

(3,006)


(1,913)



Write-off of loan costs and exit fees

(4,767)


(2,028)



Unrealized gain (loss) on marketable securities

(1,802)


1



Unrealized loss on derivatives

(1,698)


(347)










INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

368,762


(6,571)



Income tax expense

(825)


(216)










INCOME (LOSS) FROM CONTINUING OPERATIONS

367,937


(6,787)



Income from discontinued operations

-


4



Gain (loss) on sale of hotel properties, net of tax

(1,130)


3,491










NET INCOME (LOSS)

366,807


(3,292)


Loss from consolidated entities attributable to noncontrolling interest

25


27


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

(45,336)


877










NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

321,496


(2,388)


Preferred dividends

(8,490)


(8,490)










NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$    313,006


$    (10,878)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED






Basic:







Income (loss) from continuing operations attributable to common stockholders

$          3.25


$        (0.13)




Income from discontinued operations attributable to common stockholders

-


-












Net income (loss) attributable to common stockholders

$          3.25


$        (0.13)












Weighted average common shares outstanding – basic

95,539


81,690











Diluted:







Income (loss) from continuing operations attributable to common stockholders

$          3.12


$        (0.13)




Income from discontinued operations attributable to common stockholders

-


-












Net income (loss) attributable to common stockholders

$          3.12


$        (0.13)












Weighted average common shares outstanding – diluted

113,912


81,690











Dividends declared per common share:

$          0.12


$          0.12










Amounts attributable to common stockholders:






Net income (loss) attributable to the Company

$    321,496


$      (2,391)



Income from discontinued operations, net of tax

-


3



Preferred dividends

(8,490)


(8,490)












Net income (loss) attributable to common stockholders

$    313,006


$    (10,878)










 

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 


 RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA 


 (in thousands) 


 (unaudited) 







 Three Months Ended 





 March 31, 





2015


2014









 Net income (loss) 

$      366,807


$      (3,292)


 Loss from consolidated entities attributable to noncontrolling interest 

25


27


 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 

(45,336)


877


 Net income (loss) attributable to the Company 

321,496


(2,388)










 Interest income 

(16)


(6)



 Interest expense and amortization of premiums and loan costs 

34,606


28,491



 Depreciation and amortization  

37,820


26,191



 Income tax expense 

825


228



 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 

45,336


(877)



 Equity in loss of unconsolidated entities 

6,622


3,498



 Company's portion of EBITDA of Ashford Inc. 

(2,278)


-



 Company's portion of EBITDA of Ashford Prime 

2,910


2,534



 Company's portion of EBITDA of Highland JV 

11,982


20,575









 EBITDA 


459,303


78,246










 Amortization of unfavorable management contract liabilities 

(494)


(494)



 Impairment charges 

(106)


(101)



 Gain on sale of hotel properties 

(380,705)


(3,503)



 Write-off of loan costs and exit fees 

4,767


2,028



 Other income (1) 

(4,330)


(1,277)



 Transaction, acquisition and management conversion costs 

499


-



 Transaction costs related to spin-offs 

3,425


-



 Legal judgment 

24


-



 Unrealized (gain) loss on marketable securities 

1,802


(1)



 Unrealized loss on derivatives 

1,698


347



 Dead deal costs 

55


-



 Non-cash stock/unit-based compensation

171


4,488



 Company's portion of adjustments to EBITDA of Ashford Inc. 

3,324


-



 Company's portion of adjustments to EBITDA of Ashford Prime 

(82)


314



 Company's portion of adjustments to EBITDA of Highland JV 

-


(506)









 Adjusted EBITDA 

$        89,351


$      79,541









(1)

Other income, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted EBITDA.  












 RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO 


 (in thousands, except per share amounts) 


 (unaudited) 












 Three Months Ended 





 March 31, 





2015


2014









 Net income (loss) 

$      366,807


$      (3,292)


 Loss from consolidated entities attributable to noncontrolling interest 

25


27


 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 

(45,336)


877


 Preferred dividends 

(8,490)


(8,490)









 Net income (loss) attributable to common stockholders 

313,006


(10,878)










 Depreciation and amortization on real estate 

37,820


26,105



 Gain on sale of hotel properties 

(380,705)


(3,503)



 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 

45,336


(877)



 Equity in loss of unconsolidated entities 

6,622


3,498



 Company's portion of FFO of Ashford Inc. 

(2,747)


-



 Company's portion of FFO of Ashford Prime 

1,452


785



 Company's portion of FFO of Highland JV 

3,791


8,851









 FFO available to common stockholders 

24,575


23,981










 Write-off of loan costs and exit fees 

4,767


2,028



 Impairment charges 

(106)


(101)



 Other income (1) 

(4,330)


(1,277)



 Legal judgment 

24


-



 Transaction, acquisition and management conversion costs 

499


-



 Transaction costs related to spin-offs 

3,425


-



 Unrealized (gain) loss on marketable securities 

1,802


(1)



 Unrealized loss on derivatives 

1,698


347



 Dead deal costs 

55


-



 Company's portion of adjustments to FFO of Ashford Inc. 

1,744


-



 Company's portion of adjustments to FFO of Ashford Prime 

(148)


321



 Company's portion of adjustments to FFO of Highland JV 

-


(506)









 Adjusted FFO available to common stockholders 

$        34,005


$      24,792









 Adjusted FFO per diluted share available to common stockholders 

$            0.30


$          0.25









 Weighted average diluted shares 

114,344


101,149









(1)

Other income, primarily consisting of net realized gain/loss on marketable securities in both periods, is excluded from Adjusted FFO.  





 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


SUMMARY OF INDEBTEDNESS


MARCH 31, 2015


(dollars in thousands)


(unaudited)






























 Proforma 


 Proforma 








 Fixed-Rate 


 Floating-Rate 


 Total 


 TTM Hotel 


 TTM EBITDA 


Indebtedness


Maturity


Interest Rate


 Debt 


 Debt 


 Debt 


 EBITDA 


 Debt Yield 


















 UBS 2 - 8 hotels 


December 2015


5.70%


$         92,203


$                    -


$                  92,203


$               12,791


13.9%


 Merrill 2 - 5 hotels 


February 2016


5.53%


104,692


-


104,692


19,883


19.0%


 Merrill 7 - 5 hotels 


February 2016


5.53%


75,207


-


75,207


13,368


17.8%


 Morgan Stanley MIP - 5 hotels 


February 2016


LIBOR + 4.75%


-


200,000

(1)

200,000


21,444


10.7%


 Morgan Stanley Pool A - 7 hotels 


August 2016


LIBOR + 4.35%


-


301,000

(2)

301,000


31,460


10.5%


 Morgan Stanley Pool B - 5 hotels 


August 2016


LIBOR + 4.38%


-


62,900

(2)

62,900


6,732


10.7%


 JPM Chase - 1 hotel 


August 2016


LIBOR + 4.20%


-


37,500

(2)

37,500


5,857


15.6%


 BAML Pool 1 & 2 - 8 hotels 


January 2017


LIBOR + 4.95%




376,800

(3) (4)

376,800


40,253


10.7%


 Cantor Commercial Real Estate - 1 hotel 


April 2017


LIBOR + 4.95%




33,300

(5)

33,300


3,953


11.9%


 Column Financial - 24 hotels 


April 2017


LIBOR + 4.39%




1,070,560

(6)

1,070,560


106,093


9.9%


 Wachovia 1 - 5 hotels 


April 2017


5.95%


111,463


-


111,463


15,868


14.2%


 Wachovia 2 - 7 hotels 


April 2017


5.95%


121,940


-


121,940


15,570


12.8%


 Wachovia 5 - 5 hotels 


April 2017


5.95%


100,188


-


100,188


13,563


13.5%


 Wachovia 6 - 5 hotels 


April 2017


5.95%


152,447


-


152,447


16,773


11.0%


 Morgan Stanley Boston Back Bay - 1 hotel 


January 2018


4.38%


99,343


-


99,343


14,724


14.8%


 Morgan Stanley Princeton/Nashville - 2 hotels 


January 2018


4.44%


108,646


-


108,646


23,035


21.2%


 Omni American Bank - 1 hotel 


July 2019


LIBOR + 3.75% (7)


-


5,524


5,524


837


15.2%


 GACC Gateway - 1 hotel 


November 2020


6.26%


99,509


-


99,509


15,395


15.5%


 GACC Jacksonville RI - 1 hotel 


January 2024


5.49%


10,636


-


10,636


1,516


14.3%


 GACC Manchester RI - 1 hotel 


January 2024


5.49%


7,288


-


7,288


1,173


16.1%


 Key Bank Manchester CY - 1 hotel 


May 2024


4.99%


6,819


-


6,819


933


13.7%


 Morgan Stanley Pool C1 - 3 hotels 


August 2024


5.20%


67,520


-


67,520


8,372


12.4%


 Morgan Stanley Pool C2 - 2 hotels 


August 2024


4.85%


12,500


-


12,500


1,990


15.9%


 Morgan Stanley Pool C3 - 3 hotels 


August 2024


4.90%


24,980


-


24,980


3,120


12.5%


 BAML Pool 3 - 3 hotels 


February 2025


4.45%


54,813

(3)



54,813


8,038


14.7%


 BAML Pool 4 - 2 hotels 


February 2025


4.45%


24,461

(3)



24,461


3,068


12.5%


 BAML Pool 5 - 2 hotels 


February 2025


4.45%


21,192

(3)



21,192


2,835


13.4%


 Unencumbered hotels 






-


-


-


3,085


N/A








$    1,295,847


$        2,087,584


$             3,383,431


$             411,729


12.2%


















 Percentage 






38.3%


61.7%


100.0%






















 Weighted average interest rate 






5.45%


4.70%


4.99%






































All indebtedness is non-recourse.
















(1) This mortgage loan has three one-year extension options beginning February 2016, subject to satisfaction of certain conditions. The interest rate is subject to a LIBOR floor of 0.20%.





(2) This mortgage loan has three one-year extension options beginning August 2016, subject to satisfaction of certain conditions.










(3) On January 2, 2015, we refinanced our $145.3 million loan due July 2015 and our $211.0 million loan due November 2015 with a $376.8 million loan due January 2017 with an interest rate of LIBOR + 4.95%, a $54.8 million loan due February 2025 with a fixed interest rate of 4.45%, a $24.5 million loan due February 2025 with a fixed interest rate of 4.45%, and a $21.2 million loan due February 2025 with a fixed interest rate of 4.45%.  




(4) This mortgage loan has three one-year extension options beginning January 2017, subject to satisfaction of certain conditions.









(5) This mortgage loan has three one-year extension options beginning April 2017, subject to satisfaction of certain conditions.









(6) On March 6, 2015, we refinanced our $907.5 million loan due March 2015 with a $1,070.6 million loan due April 2017 with four one-year extension options.  The new loan provides for an interest rate of LIBOR + 4.39%.



(7) The interest rate on this mortgage loan which closed in July 2014 is subject to a LIBOR floor of 0.25% and changes to a 4.00% fixed rate after 18 months.























 

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED 

 MARCH 31, 2015 

 (in thousands) 

 (unaudited) 







































2015


2016


2017


2018


2019


 Thereafter 


 Total 


















 UBS 2 - 8 hotels 



$     90,680


$             -


$             -


$             -


$               -


$                  -


$          90,680

 Merrill 2 - 5 hotels 


-


101,741


-


-


-


-


101,741

 Merrill 7 - 5 hotels 


-


73,086


-


-


-


-


73,086

 Wachovia 1 - 5 hotels 


-


-


107,351


-


-


-


107,351

 Wachovia 2 - 7 hotels 


-


-


117,441


-


-


-


117,441

 Wachovia 5 - 5 hotels 


-


-


96,491


-


-


-


96,491

 Wachovia 6 - 5 hotels 


-


-


146,823


-


-


-


146,823

 Morgan Stanley Boston Back Bay - 1 hotel 

-


-


-


94,226


-


-


94,226

 Morgan Stanley Princeton/Nashville - 2 hotels 

-


-


-


103,106


-


-


103,106

 Omni American Bank - 1 hotel 


-


-


-


-


5,168


-


5,168

 Morgan Stanley MIP - 5 hotels 

-


-


-


-


200,000


-


200,000

 Morgan Stanley Pool A - 7 hotels 

-


-


-


-


301,000


-


301,000

 Morgan Stanley Pool B - 5 hotels 

-


-


-


-


62,900


-


62,900

 GACC Gateway - 1 hotel 


-


-


-


-


-


89,886


89,886

 GACC Jacksonville RI - 1 hotel 

-


-


-


-


-


9,036


9,036

 GACC Manchester RI - 1 hotel 

-


-


-


-


-


6,191


6,191

 Key Bank Manchester CY - 1 hotel 

-


-


-


-


-


5,671


5,671

 Morgan Stanley Pool C - 8 hotels 

-


-


-


-


-


90,889


90,889

 JPM Chase - 1 hotel 


-


-


-


-


-


37,500


37,500

 BAML Pool 1 & 2 - 8 hotels 


-


-


-


-


-


376,800


376,800

 BAML Pool 3 - 3 hotels 


-


-


-


-


-


44,160


44,160

 BAML Pool 4 - 2 hotels 


-


-


-


-


-


19,707


19,707

 BAML Pool 5 - 2 hotels 


-


-


-


-


-


17,073


17,073

 Cantor Commercial Real Estate - 1 hotel 

-


-


-


-


-


33,300


33,300

 Column Financial - 24 hotels 


-


-


-


-


-


1,070,560


1,070,560


















 Principal due in future periods 


$     90,680


$   174,827


$   468,106


$   197,332


$      569,068


$     1,800,773


$     3,300,786


















 Scheduled amortization payments remaining 

15,470


16,714


15,109


5,651


5,920


23,781


82,645


















 Total indebtedness 


$   106,150


$   191,541


$   483,215


$   202,983


$      574,988


$     1,824,554


$     3,383,431


















 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS - PRO FORMA

(unaudited)












Three Months Ended




March 31,




2015


2014


% Variance









ALL HOTELS:








Room revenues (in thousands)

$       254,843


$       234,955


8.46%



RevPAR

$        110.69


$        102.04


8.48%



Occupancy

75.09%


73.06%


2.78%



ADR

$        147.40


$        139.68


5.53%









NOTES:







(1)

The above pro forma table assumes the 116 hotel properties included in the Company's operations 



at March 31, 2015 were owned as of the beginning of each of the periods presented.




























Three Months Ended




March 31,




2015


2014


% Variance









ALL HOTELS







NOT UNDER RENOVATION:








Room revenues (in thousands)

$       231,922


$       211,091


9.87%



RevPAR

$        111.77


$        101.72


9.88%



Occupancy

76.45%


73.65%


3.80%



ADR

$        146.20


$        138.12


5.85%









NOTES:







(1)

The above pro forma table assumes the 107 hotel properties included in the Company's operations at March 31, 2015, but not under renovation for the three months ended March 31, 2015, were owned as of the beginning of each of the periods presented.










(2)

Excluded Hotels Under Renovation:







Courtyard Boston Downtown, Crowne Plaza Beverly Hills, Embassy Suites Flagstaff, Hilton Minneapolis, Hilton Parsippany, Hyatt Regency Savannah, Marriott Bridgewater, Sheraton Bucks County, Westin Princeton































 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES




PRO FORMA HOTEL OPERATING PROFIT MARGIN




(unaudited)












THE FOLLOWING PRO FORMA EBITDA MARGIN TABLE REFLECTS THE 116 HOTELS INCLUDED 




IN THE COMPANY'S OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE




BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.








116 Trust








Properties





HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:















1st Quarter 2015

32.03%






1st Quarter 2014

30.40%







Variance

1.63%













HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:















Rooms 

0.30%






Food & Beverage and Other Departmental

0.63%






Administrative & General 

0.20%






Sales & Marketing

0.13%






Hospitality

-0.01%






Repair & Maintenance 

0.09%






Energy 

0.25%






Franchise Fee 

-0.02%






Management Fee 

0.00%






Incentive Management Fee 

-0.17%






Insurance 

0.02%






Property Taxes

0.12%






Other Taxes

0.01%






Leases/Other

0.08%







Total

1.63%








































 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 PRO FORMA HOTEL OPERATING PROFIT 

 (dollars in thousands) 

 (unaudited) 









 ALL HOTELS: 

















 Three Months Ended 




 March 31, 




2015


2014


 % Variance 

 REVENUE 







 Rooms 

$             254,843


$             234,955


8.5%


 Food and beverage 

60,366


60,084


0.5%


 Other 

11,234


10,074


11.5%



 Total hotel revenue 

326,443


305,113


7.0%









 EXPENSES 







 Rooms 

55,318


52,605


5.2%


 Food and beverage 

40,130


39,718


1.0%


 Other direct 

4,981


4,368


14.0%


 Indirect  

91,730


87,896


4.4%


 Management fees, includes base and incentive fees 

13,861


12,461


11.2%



 Total hotel operating expenses 

206,020


197,048


4.6%


 Property taxes, insurance, and other 

15,878


15,308


3.7%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

104,545


92,757


12.7%



 Hotel EBITDA Margin 

32.03%


30.40%


1.63%










 Minority interest in earnings of consolidated joint ventures 

55


39


41.0%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 







 excluding minority interest in joint ventures 

$           104,490


$             92,718


12.7%









 NOTES: 








(1)

The above pro forma table assumes the 116 hotel properties included in the Company's operations at March 31, 2015 were owned as of the beginning of each of the periods presented.





















 ALL HOTELS 







 NOT UNDER RENOVATION: 

















 Three Months Ended 




 March 31, 




2015


2014


 % Variance 

 REVENUE 







 Rooms 

$             231,922


$             211,091


9.9%


 Food and beverage 

52,429


50,708


3.4%


 Other 

10,079


8,712


15.7%



 Total hotel revenue 

294,430


270,511


8.8%









 EXPENSES 







 Rooms 

50,046


47,222


6.0%


 Food and beverage 

34,685


33,700


2.9%


 Other direct 

4,677


4,035


15.9%


 Indirect  

81,390


77,509


5.0%


 Management fees, includes base and incentive fees 

12,737


11,135


14.4%



 Total hotel operating expenses 

183,535


173,601


5.7%


 Property taxes, insurance, and other 

13,919


13,481


3.2%

 HOTEL OPERATING PROFIT (Hotel EBITDA) 

96,976


83,429


16.2%



 Hotel EBITDA Margin 

32.94%


30.84%


2.10%










 Minority interest in earnings of consolidated joint ventures 

55


39


41.0%

 HOTEL OPERATING PROFIT (Hotel EBITDA), 







 excluding minority interest in joint ventures 

$             96,921


$             83,390


16.2%









 NOTES: 








(1)

The above pro forma table assumes the 107 hotel properties included in the Company's operations at March 31, 2015, but not under renovation for the three months ended March 31, 2015, were owned as of the beginning of each of the periods presented.











(2)

Excluded Hotels Under Renovation:








Courtyard Boston Downtown, Crowne Plaza Beverly Hills, Embassy Suites Flagstaff, Hilton Minneapolis, Hilton Parsippany, Hyatt Regency Savannah, Marriott Bridgewater, Sheraton Bucks County, Westin Princeton


















 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES


PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS


(dollars in thousands)


(unaudited)












THE FOLLOWING PRO FORMA SEASONALITY TABLE REFLECTS THE 116 HOTELS INCLUDED IN THE COMPANY'S OPERATIONS AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.






















2015

2014

2014

2014







1st Quarter

4th Quarter

3rd Quarter

2nd Quarter


TTM












Total Hotel Revenue

$               326,442

$               305,457

$               323,827

$               340,620


$              1,296,346


Hotel EBITDA

$               104,545

$                 90,156

$               100,654

$               115,631


$                 410,987


Hotel EBITDA Margin

32.03%

29.52%

31.08%

33.95%


31.70%












EBITDA % of Total TTM

25.4%

21.9%

24.5%

28.1%


100.0%












JV Interests in EBITDA

$                        55

$                        74

$                      105

$                        83


$                        316































 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL REVPAR BY MARKET

(unaudited)























Three Months Ended







Number of


Number of


March 31,



Region


Hotels


Rooms


2015

2014

% Change


















Atlanta, GA Area


9


1,693


$     109.06

$       96.21

13.4%




Boston, MA Area


2


705


$     130.95

$     103.16

26.9%




Dallas / Ft. Worth Area


7


1,518


$     114.96

$     105.65

8.8%




Houston, TX Area


3


692


$     112.36

$     111.17

1.1%




Los Angeles, CA Metro Area


8


1,901


$     117.25

$     113.95

2.9%




Miami, FL Metro Area


3


584


$     181.28

$     160.89

12.7%




Minneapolis - St. Paul, MN-WI Area


2


520


$       85.25

$       87.07

-2.1%




New York / New Jersey Metro Area


7


1,887


$       93.66

$       95.40

-1.8%




Orlando, FL Area


6


1,834


$     109.71

$       97.50

12.5%




Philadelphia, PA Area


3


648


$       72.67

$       80.94

-10.2%




San Diego, CA Area


2


410


$     104.70

$       93.59

11.9%




San Francisco - Oakland, CA Metro Area


6


1,368


$     138.49

$     112.77

22.8%




Tampa, FL Area


3


680


$     128.82

$     122.16

5.5%




Other Areas


45


8,673


$     104.62

$       95.83

9.2%


















Total Portfolio


116


25,579


$   110.69

$   102.04

8.5%


















NOTES:













(1)

The above pro forma table presents the 116 hotel properties included in the Company's operations at March 31, 2015 as if these hotels were owned as of the beginning of each of the periods presented.






































ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET

(unaudited)























Three Months Ended










March 31,


Region


Number of Hotels


Number of Rooms


2015

 % of Total 

2014

 % of Total 

% Change
















Atlanta, GA Area


9


1,693


$        6,456

6.2%

$        5,847

6.3%

10.4%


Boston, MA Area


2


705


2,514

2.4%

1,320

1.4%

90.5%


Dallas / Ft. Worth Area


7


1,518


7,551

7.2%

6,310

6.8%

19.7%


Houston, TX Area


3


692


3,622

3.5%

3,447

3.7%

5.1%


Los Angeles, CA Metro Area


8


1,901


9,134

8.7%

8,917

9.6%

2.4%


Miami, FL Metro Area


3


584


5,055

4.8%

4,390

4.7%

15.1%


Minneapolis - St. Paul, MN-WI Area


2


520


1,476

1.4%

1,612

1.7%

-8.4%


New York / New Jersey Metro Area


7


1,887


5,500

5.3%

6,548

7.1%

-16.0%


Orlando, FL Area


6


1,834


7,476

7.2%

6,259

6.7%

19.4%


Philadelphia, PA Area


3


648


769

0.7%

1,193

1.3%

-35.5%


San Diego, CA Area


2


410


1,455

1.4%

1,150

1.2%

26.5%


San Francisco - Oakland, CA Metro Area


6


1,368


7,653

7.3%

5,353

5.8%

43.0%


Tampa, FL Area


3


680


3,898

3.7%

3,573

3.9%

9.1%


Washington DC - MD - VA Area


10


2,466


9,314

8.9%

8,980

9.7%

3.7%


Other Areas


45


8,673


32,675

31.3%

27,856

30.0%

17.3%
















Total Portfolio


116


25,579


$  104,549

100.0%

$    92,757

100.0%

12.7%
















NOTES:














(1)

The above pro forma table presents the 116 hotel properties included in the Company's operations at March 31, 2015 as if these hotels were owned as of the beginning of each of the periods presented.





























 

 

 

 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES 

 TOTAL ENTERPRISE VALUE 

MARCH 31, 2015

 (in thousands except share price) 

 (unaudited) 




 March 31, 


2015

 End of quarter diluted shares outstanding 

101,079

 Partnership units outstanding (common share equivalents)* 

18,860

 Combined diluted shares and partnership units outstanding 

119,939

 Common stock price at quarter end 

$                           9.62

 Market capitalization at quarter end 

$                  1,153,810

 Series A preferred stock 

$                       41,430

 Series D preferred stock 

$                     236,718

 Series E preferred stock 

$                     115,750

 Debt on balance sheet date 

$                  3,383,431

 Joint venture partner's share of consolidated debt 

$                        (2,116)

 Net working capital (see below) 

$                    (663,969)

Total enterprise value (TEV)

$                   4,265,054



Ashford Prime Investment:


Partnership units owned at end of quarter

4,978

Common stock price at quarter end

$                          16.77

Market value of Ashford Prime investment

$                        83,479



Ashford Inc. Investment:


Common stock owned at end of quarter

598

Common stock price at quarter end

$                         118.76

Market value of Ashford Inc. investment

$                         71,038



Cash & cash equivalents

$                        355,641

Marketable securities, net

60,159

Restricted cash

142,811

Accounts receivable, net

52,490

Prepaid expenses

22,734

Due from affiliates, net

(6,771)

Due from 3rd party hotel managers, net

37,524

Market value of Ashford Prime investment

83,479

Market value of Ashford Inc. investment

71,038

Total current assets

$                        819,104



Accounts payable, net & accrued expenses

$                        131,789

Dividends payable

23,346

Total current liabilities

$                        155,135



Net working capital**

$                        663,969



 * Total units outstanding = 20.35 million; Impacted by current conversion factor. 

 ** Calculation only includes the Company's 85% interest in the Interstate joint venture. 



 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)















2015


Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter



Actual

Estimated

Estimated

Estimated

Hilton Parsippany

354

x

x

x

x

Courtyard Boston Downtown

315

x

x

x


Crowne Plaza Beverly Hills

258

x

x

x


Hilton Minneapolis

300

x

x

x


Embassy Suites Flagstaff

119

x

x



Sheraton Bucks County

186

x

x



Westin Princeton

296

x

x



Hyatt Regency Savannah

351

x

x



Marriott Bridgewater

347

x




Residence Inn Las Vegas

256


x

x

x

Courtyard Palm Desert

151


x

x


Courtyard Scottsdale

180


x

x


Embassy Suites Palm Beach Gardens

160


x

x


Hampton Inn Parsippany

152


x

x


Hilton Santa Fe

158


x

x


Hilton St Petersburg

333


x

x


Historic Inns of Annapolis

124


x

x


Residence Inn Hartford

96


x

x


Sheraton Minnetonka

220


x

x


SpringHill Suites BWI

133


x

x


Courtyard Alpharetta

154



x

x

Courtyard Overland Park

168



x

x

Fairfield Inn Lake Buena Vista

388



x

x

Courtyard Foothill Ranch Irvine

156




x

Courtyard Oakland Airport

156




x

Embassy Suites Austin

150




x

Embassy Suites Dulles

150




x

Embassy Suites Houston

150




x

Hilton Fort Worth

294




x

Renaissance Nashville

673




x

Residence Inn Evansville

78




x

Residence Inn Fairfax

159




x

SpringHill Suites Gaithersburg

162




x

The Churchill

173




x







(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2015 are included in this table.

 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ashford-trust-reports-first-quarter-2015-results-300079306.html

SOURCE Ashford Hospitality Trust, Inc.

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