DALLAS--(BUSINESS WIRE)--Nov. 5, 2003--Ashford Hospitality Trust,
Inc. (NYSE: AHT) today reported results for the third quarter and nine
months ended September 30, 2003. The reconciliation of non-GAAP
financial measures is included in the financial tables accompanying
this press release.
Third Quarter Highlights
-- Completed initial public offering and over-allotment option
for gross proceeds of $218 million
-- Acquired or agreed to acquire two hotel portfolios for $84
million
-- RevPAR increased 7.1%
-- Portfolio occupancy improved to 76.5% from 70.2% a year ago
Reporting Basis
The financial results presented below and in the accompanying
financial tables include the results of the Company since its
formation on August 28, 2003, the combined results of the Company and
the Predecessor between July 1, 2003 and September 30, 2003, and the
results of the Predecessor prior to August 28, 2003. Internally, the
Company uses this combined reporting to evaluate its operating
performance and believes this presentation will provide investors with
additional insight into its financial results.
Financial Results
Combined total revenue for the third quarter ended September 30,
2003, increased 7.5% to $9,551,000 from $8,887,000 for the
Predecessor's third quarter ended September 30, 2002. Combined net
loss for the third quarter of 2003 was $1,194,000, compared with the
Predecessor's net loss for the third quarter of 2002 of $1,282,000.
Between the Company's formation and initial public offering on August
28, 2003 and September 30, 2003, it reported a net loss of $298,000,
or $0.01 per diluted share. Funds from operations (FFO, as defined by
NAREIT) was a loss of $202,000 for the combined third quarter of 2003
compared with a loss of $21,000 for the Predecessor's comparative
prior-year period. EBITDA, which represents Earnings before Interest,
Income Taxes, Depreciation, and Amortization, and excludes the portion
of these items attributable to minority interest, was $1,347,000 for
the combined third quarter compared with $1,581,000 for the
Predecessor's comparative prior-year period. The decreases in FFO and
EBITDA primarily relate to approximately $945,000 of corporate general
and administrative expenses that the Company incurred after its IPO,
which includes approximately $228,000 of non-cash stock-based
compensation. No such costs were incurred prior to that time.
Combined total revenue for the nine months ended September 30,
2003, increased 1.3% to $27,409,000 from $27,056,000 for the
Predecessor's nine months ended September 30, 2002. Combined net loss
for the first nine months of 2003 was $2,591,000, compared with the
Predecessor's net loss for the comparative prior-year period of
$1,466,000. FFO was $594,000 for the combined first nine months
compared with $2,045,000 in the Predecessor's comparative prior-year
period. EBITDA was $5,141,000 for the combined first nine months
compared with $6,696,000 for the Predecessor's comparative prior-year
period. Both FFO and EBITDA decreased primarily due to costs incurred
after the Company's IPO, as discussed above.
On October 16, 2003, the Company exercised its option to reassign
its rights under its asset management and consulting contracts back to
an affiliate until January 1, 2004 in order to meet real estate
investment trust ("REIT") eligible-income thresholds in 2003. However,
the related guarantee of payment associated with these fees will be
extended for a like period.
Both FFO and EBITDA are non-GAAP financial measures within the
meaning of the Securities and Exchange Commission rules. 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 nor EBITDA 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 is it
indicative of funds available to fund our cash needs, including our
ability to make cash distributions. However, management believes both
FFO and EBITDA to be key 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.
Operating Results
Revenue per available room (RevPAR) for the third quarter of 2003
increased 7.1% to $78.12 from $72.95 a year ago on the strength of a
633-basis point increase in occupancy, offset by a 1.8% decrease in
the average daily rate (ADR) to $102.10. During this same period,
same-property operating income, excluding depreciation and
amortization, increased 37.4%. For the first nine months of 2003,
RevPAR increased 2.2% when compared with the same period a year ago
due to a 527-basis point improvement in occupancy, offset by a 5.2%
decrease in ADR to $104.02.
Balance Sheet
On August 28, 2003, the Company completed its initial public
offering of 22,500,000 shares of common stock. Together with the
underwriters' exercise of their over-allotment option to purchase
1,734,072 additional shares, the Company raised a total of $218
million in gross offering proceeds. At September 30, 2003, the Company
had $134.9 million of cash on hand with only $16 million of mortgage
debt outstanding, representing a non-recourse, variable-rate loan on
one property. The Company used approximately $65.7 million of IPO
proceeds to repay mortgage debt on five of its properties during the
quarter.
The Company is currently in negotiations to obtain an approximate
$60 million secured credit facility. In addition, the Company is in
negotiations to secure approximately $36 million in mortgage debt on
certain of its existing properties. The Company expects to secure the
$36 million mortgage debt during the fourth quarter 2003, and the
credit facility during the first quarter 2004.
Minority Interest
At the time of the Company's filing of its Form S-11 Registration
Statement, after consultation with the Company's auditors, Ernst &
Young, it was determined that minority interests be reflected in the
Company's pro-forma balance sheet in additional paid-in capital.
Minority interests relate to the interests in the operating
partnership which are not owned by the Company. In connection with the
presentation of the Company's balance sheet as of September 30, 2003,
after recommendation by Ernst & Young and with the concurrence of the
Company, it has been determined that minority interests should be
separately categorized. The effect of this change is that the dilutive
net loss per share for the period from August 28, 2003 through
September 30, 2003, was reduced from $0.0154 per share to $0.0127 per
share.
Acquisitions
During the third quarter, the Company agreed to acquire a
five-property, 894-suite portfolio of Embassy Suites Hotels(R) and
Doubletree Guest Suites(R) hotels from FelCor Lodging Trust (NYSE:
FCH) for approximately $50.0 million in cash. Each of the properties
will undergo a value-added renovation for a total expenditure of
approximately $8.2 million. In the fourth quarter, the Company closed
on its acquisition of the FelCor portfolio, and announced the
acquisition of a four-property, 393-room portfolio of limited service
hotels for $33,850,000 from Noble Investment Group and its intention
to invest an additional $1 million in those four properties.
Monty J. Bennett, President and CEO of Ashford Hospitality Trust,
stated, "We are pleased to complete our first quarter as a public
company on such a strong note. Operating results in the third quarter
reflect the improvement in the lodging cycle we have been predicting.
Comparing year-over-year and sequential results for the quarter
reveals that our focus on driving RevPAR for the past several months
is yielding a definite payoff. We expect that with continued strength
in occupancy we will be able to move the ADR up as well over time.
"The Embassy Suites brand continues to perform well, and we are
now beginning to see benefits from the investments we previously made
in renovating the two Radisson-branded properties now that the
lingering effect of the economic downturn and the Iraq war are
subsiding. Business travel is still in recovery mode; however, the
second half of this year when compared with a year ago is shaping up
to be much better than the first half of 2003."
Mr. Bennett concluded, "As evidenced by the two transactions
announced to date, our investment strategy has produced acquisitions
that cover the spectrum from full to limited service and provide
upside through upgrading and renovating the properties or through a
new strategic relationship. While there is a wealth of opportunities
available to us, we continue to carefully allocate our capital to
those investments that will maximize returns for our shareholders'
over the long term. We are on target to achieve our goal of fully
investing our capital within the first twelve months."
Investor Conference Call and Simulcast
Ashford Hospitality Trust, Inc. will conduct a conference call at
9:00 am EST on November 6, 2003, to discuss the third quarter results.
The number to call for this interactive teleconference is
913-981-5507. A seven-day replay of the conference call will be
available by dialing 719-457-0820 and entering the pass code: 556357.
The Company will also provide an online simulcast and rebroadcast
of its 2003 third quarter earnings release conference call. The live
broadcast of Ashford's quarterly conference call will be available
online at the Company's website at www.ahtreit.com as well as
www.firstcallevents.com/service/ajwz390960034gf12.html on November 6,
2003, beginning at 9:00 a.m. EST. The online replay will follow
shortly after the call and continue through November 20, 2003.
Ashford Hospitality Trust is a self-administered real estate
investment trust focused exclusively on investing in the hospitality
industry across all segments and at all levels of the capital
structure, including direct hotel investments, first mortgages,
mezzanine loans, and sale-leaseback transactions. The Company
currently owns eleven hotel properties and through its management team
has experience in sourcing, underwriting, operating, repositioning,
developing, selling, and financing a wide variety of lodging
investments. The Company has also signed a definitive agreement to
acquire four hotels from Noble Investment Group. Additional
information can be found on the Company's website at www.ahtreit.com
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 forward-looking statements include,
but are not limited to, our business and investment strategy, our
understanding of our competition, current market trends and
opportunities, and projected capital expenditures. Such statements are
subject to numerous assumptions and uncertainties, many of which are
outside Ashford'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; and the degree and
nature of our competition. These and other risk factors are more fully
discussed in the section entitled "Risk Factors" in Ashford's
Registration Statement on Form S-11, as amended (File Number
333-105277), and from time to time, in Ashford's other 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. 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 PREDECESSOR
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
The The Company & The
Company Predecessor Predecessor Predecessor
----------- ------------ ------------ ------------
Period From Period From Three Months Three Months
August 28, July 1, 2003 Ended Ended
2003 to to August September September
September 27, 2003 30, 30,
30, 2003 2003 2002
----------- ------------ ------------ ------------
REVENUE
Rooms $2,764,856 $5,098,062 $7,862,918 $7,342,550
Food and beverage 463,125 832,795 1,295,920 1,330,238
Other 70,572 210,554 281,126 213,726
----------- ------------ ------------ ------------
Total hotel
revenue 3,298,553 6,141,411 9,439,964 8,886,514
Asset management
fees 110,591 - 110,591 -
----------- ------------ ------------ ------------
Total Revenue 3,409,144 6,141,411 9,550,555 8,886,514
EXPENSES
Hotel operating expenses
Rooms 632,740 1,145,377 1,778,117 1,650,993
Food and beverage 373,313 687,997 1,061,310 1,041,925
Other direct 76,130 127,968 204,098 145,846
Indirect 1,084,900 2,233,281 3,318,181 3,606,319
Management fees 98,997 182,678 281,675 267,870
----------- ------------ ------------ ------------
Total hotel
operating
expenses 2,266,080 4,377,301 6,643,381 6,712,953
Property taxes,
insurance, and
other 248,900 375,423 624,323 592,882
Depreciation and
amortization 328,052 723,445 1,051,497 1,261,115
Corporate general
and administrative:
Stock-based
compensation 228,215 - 228,215 -
Other corporate and
administrative 717,076 - 717,076 -
----------- ------------ ------------ ------------
Total Operating
Expenses 3,788,323 5,476,169 9,264,492 8,566,950
----------- ------------ ------------ ------------
OPERATING INCOME
(LOSS) (379,179) 665,242 286,063 319,564
----------- ------------ ------------ ------------
Interest income (100,487) (5,951) (106,438) (23,617)
Interest expense 85,049 1,567,280 1,652,329 1,624,916
Minority interest (65,583) - (65,583) -
----------- ------------ ------------ ------------
NET LOSS $(298,158) $(896,087) $(1,194,245) $(1,281,735)
=========== ============ ============ ============
Basic and diluted
loss per share $(0.01)
===========
Weighted average
basic and diluted
shares outstanding 23,544,987
===========
ASHFORD HOSPITALITY TRUST, INC. AND PREDECESSOR
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
The The Company & The
Company Predecessor Predecessor Predecessor
------------- ------------ ------------ ------------
Period From Period From Nine Months Nine Months
August 28, January 1, Ended Ended
2003 to 2003 to September September
September August 27, 30, 30,
30, 2003 2003 2003 2002
------------------------- ------------ ------------
REVENUE
Rooms $2,764,856 $19,688,349 $22,453,205 $21,967,286
Food and beverage 463,125 3,629,807 4,092,932 4,272,022
Other 70,572 681,656 752,228 816,775
----------- ------------ ------------ ------------
Total hotel
revenue 3,298,553 23,999,812 27,298,365 27,056,083
Asset management
fees 110,591 - 110,591 -
----------- ------------ ------------ ------------
Total Revenue 3,409,144 23,999,812 27,408,956 27,056,083
EXPENSES
Hotel operating expenses
Rooms 632,740 4,511,632 5,144,372 4,858,354
Food and beverage 373,313 2,801,002 3,174,315 3,100,032
Other direct 76,130 498,085 574,215 468,949
Indirect 1,084,900 8,687,362 9,772,262 9,376,744
Management fees 98,997 718,408 817,405 812,952
----------- ------------ ------------ ------------
Total hotel
operating
expenses 2,266,080 17,216,489 19,482,569 18,617,031
Property taxes,
insurance, and
other 248,900 1,600,082 1,848,982 1,743,348
Depreciation and
amortization 328,052 2,915,777 3,243,829 3,511,011
Corporate general
and administrative:
Stock-based
compensation 228,215 - 228,215 -
Other corporate and
administrative 717,076 - 717,076 -
----------- ------------ ------------ ------------
Total Operating
Expenses 3,788,323 21,732,348 25,520,671 23,871,390
----------- ------------ ------------ ------------
OPERATING INCOME
(LOSS) (379,179) 2,267,464 1,888,285 3,184,693
----------- ------------ ------------ ------------
Interest income (100,487) (22,800) (123,287) (40,996)
Interest expense 85,049 4,583,146 4,668,195 4,691,901
Minority interest (65,583) - (65,583) -
----------- ------------ ------------ ------------
NET LOSS $(298,158) $(2,292,882) $(2,591,040) $(1,466,212)
=========== ============ ============ ============
Basic and diluted
loss per share $(0.01)
===========
Weighted average
basic and diluted
shares outstanding 23,544,987
===========
ASHFORD HOSPITALITY TRUST, INC. AND PREDECESSOR
CONSOLIDATED AND COMBINED BALANCE SHEETS
(Unaudited)
The Company The Predecessor
September 30, December 31,
2003 2002
-------------- ---------------
ASSETS
Investment in hotel properties, net $90,608,715 $85,246,801
Cash and cash equivalents 134,862,057 2,968,814
Restricted cash 442,860 3,353,554
Accounts receivable, net of allowance of
$21,742 and $9,368, respectively 1,497,210 1,226,152
Inventories 178,514 210,620
Deferred financing costs and other, net 908,445 1,278,832
Prepaid expenses 496,639 772,008
Other assets 2,962,798 44,572
Due from affiliates 211,969 315,093
-------------- ---------------
Total assets $232,169,207 $95,416,446
============== ===============
LIABILITIES AND OWNERS' EQUITY
Mortgage notes payable $16,000,000 $82,126,150
Capital leases payable 494,862 621,351
Accounts payable 1,008,242 1,053,632
Accrued payroll expense 736,515 366,974
Accrued vacation expense 210,432 202,967
Accrued sales and occupancy taxes 301,382 293,804
Accrued real estate taxes 594,068 638,025
Accrued expenses 1,797,788 411,594
Accrued interest 160,000 301,388
Due to affiliates 216,000 89,607
-------------- ---------------
Total liabilities 21,519,289 86,105,492
Minority interest 37,939,033 -
Commitments and contingencies
Preferred stock, $0.01 par value,
50,000,000 shares authorized,
none issued or outstanding - -
Common stock, $0.01 par value,
200,000,000 shares authorized,
25,733,949 shares issued and
outstanding 257,340 -
Additional paid-in capital 178,952,341 -
Unearned compensation (6,200,638) -
Accumulated deficit (298,158) -
Owners' equity - 9,310,954
-------------- ---------------
Total owners' equity 172,710,885 9,310,954
-------------- ---------------
Total liabilities and owners' equity $232,169,207 $95,416,446
============== ===============
The following table illustrates the key performance indicators for our
portfolio for the three and nine months ended September 30, 2003 and
2002 (unaudited):
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -------------------------
2003 2002 2003 2002
----------- ----------- ------------ ------------
Consolidated (six hotels)
Hotel revenues $9,439,964 $8,886,514 $27,298,365 $27,056,083
RevPAR $78.12 $72.95 $75.18 $73.55
Occupancy 76.51% 70.18% 72.27% 67.00%
ADR $102.10 $103.94 $104.02 $109.78
Embassy Suites
Hotel revenues $6,088,595 $5,860,739 $18,790,691 $18,985,095
RevPAR $86.26 $83.22 $89.56 $89.93
Occupancy 77.01% 72.63% 77.05% 75.33%
ADR $112.01 $114.58 $116.24 $119.39
Radisson Hotels
Hotel revenues $3,351,369 $3,025,775 $8,507,674 $8,070,988
RevPAR $65.27 $56.73 $52.54 $47.67
Occupancy 75.73% 66.32% 64.73% 53.83%
ADR $86.18 $85.54 $81.03 $88.55
The following table reconciles net loss to FFO for the three and nine
months ended September 30, 2003 and 2002 (unaudited):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
Net loss $(1,194,245) $(1,281,735) $(2,591,040) $(1,466,212)
Depreciation and
amortization 1,051,497 1,261,115 3,243,829 3,511,011
Minority interest (65,583) - (65,583) -
------------ ------------ ------------ ------------
Gross FFO (208,331) (20,620) 587,206 2,044,799
Less FFO related to
minority interest (6,435) - (6,435) -
------------ ------------ ------------ ------------
FFO $(201,896) $(20,620) $593,641 $2,044,799
============ ============ ============ ============
From From
August 28, 2003 to July 1, 2003 to
September 30, 2003August 27, 2003
------------------ ----------------
Net loss $(298,158) $(896,087)
Depreciation and amortization 328,052 723,445
Minority interest (65,583) -
------------------ ---------------
Gross FFO (35,689) (172,642)
Less FFO related to minority
interest (6,435) -
------------------ ---------------
FFO $(29,254) $(172,642)
================== ===============
ASHFORD HOSPITALITY TRUST, INC. AND PREDECESSOR
EBITDA
(Unaudited)
The The Company & The
Company Predecessor Predecessor Predecessor
---------- ------------ -------------------------
Period From Period From Three Months Three Months
August 28, July 1, 2003 Ended Ended
2003 to to August September September
September 27, 2003 30, 30,
30, 2003 2003 2002
----------------------- ------------ ------------
NET LOSS $(298,158) $(896,087) $(1,194,245) $(1,281,735)
---------- ------------ ------------ ------------
Add back:
Interest income (100,487) (5,951) (106,438) (23,617)
Interest expense 85,049 1,567,280 1,652,329 1,624,916
Minority interest (65,583) - (65,583) -
Depreciation and
amortization 328,052 723,445 1,051,497 1,261,115
Income taxes - - - -
---------- ------------ ------------ ------------
247,031 2,284,774 2,531,805 2,862,414
---------- ------------ ------------ ------------
Gross EBITDA (51,127) 1,388,687 1,337,560 1,580,679
EBITDA related to
minority interest (9,218) - (9,218) -
---------- ------------ ------------ ------------
EBITDA $(41,909) $1,388,687 $1,346,778 $1,580,679
========== ============ ============ ============
The The Company & The
Company Predecessor Predecessor Predecessor
---------- ------------ ------------ ------------
Period From Period From Nine Months Nine Months
August 28, January 1, Ended Ended
2003 to 2003 to September September
September August 27, 30, 30,
30, 2003 2003 2003 2002
----------------------- ------------ ------------
NET LOSS $(298,158) $(2,292,882) $(2,591,040) $(1,466,212)
---------- ------------ ------------ ------------
Add back:
Interest income (100,487) (22,800) (123,287) (40,996)
Interest expense 85,049 4,583,146 4,668,195 4,691,901
Minority interest (65,583) - (65,583) -
Depreciation and
amortization 328,052 2,915,777 3,243,829 3,511,011
Income taxes - - - -
---------- ------------ ------------ ------------
247,031 7,476,123 7,723,154 8,161,916
---------- ------------ ------------ ------------
Gross EBITDA (51,127) 5,183,241 5,132,114 6,695,704
EBITDA related to
minority interest (9,218) - (9,218) -
---------- ------------ ------------ ------------
EBITDA $(41,909) $5,183,241 $5,141,332 $6,695,704
========== ============ ============ ============
ASHFORD HOSPITALITY TRUST, INC. AND PREDECESSOR
HOTEL OPERATING PROFIT
(Unaudited)
The The Company & The
Company Predecessor Predecessor Predecessor
----------- ------------ -------------------------
Period From Period From Three Months Three Months
August 28, July 1, 2003 Ended Ended
2003 to to August September September
September 27, 2003 30, 30,
30, 2003 2003 2002
------------------------ ------------ ------------
REVENUE
Rooms $2,764,856 $5,098,062 $7,862,918 $7,342,550
Food and beverage 463,125 832,795 1,295,920 1,330,238
Other 70,572 210,554 281,126 213,726
----------- ------------ ------------ ------------
Total hotel
revenue 3,298,553 6,141,411 9,439,964 8,886,514
EXPENSES
Hotel operating expenses
Rooms 632,740 1,145,377 1,778,117 1,650,993
Food and beverage 373,313 687,997 1,061,310 1,041,925
Other direct 76,130 127,968 204,098 145,846
Indirect 1,084,900 2,233,281 3,318,181 3,606,319
Management fees 98,997 182,678 281,675 267,870
----------- ------------ ------------ ------------
Total hotel
operating
expenses 2,266,080 4,377,301 6,643,381 6,712,953
Property taxes,
insurance, and
other 248,900 375,423 624,323 592,882
----------- ------------ ------------ ------------
HOTEL OPERATING
INCOME $783,573 $1,388,687 $2,172,260 $1,580,679
=========== ============ ============ ============
The The Company & The
Company Predecessor Predecessor Predecessor
----------- ------------ -------------------------
Period From Period From Nine Months Nine Months
August 28, January 1, Ended Ended
2003 to 2003 to September September
September August 27, 30, 30,
30, 2003 2003 2003 2002
------------------------ ------------ ------------
REVENUE
Rooms $2,764,856 $19,688,349 $22,453,205 $21,967,286
Food and beverage 463,125 3,629,807 4,092,932 4,272,022
Other 70,572 681,656 752,228 816,775
----------- ------------ ------------ ------------
Total hotel
revenue 3,298,553 23,999,812 27,298,365 27,056,083
EXPENSES
Hotel operating
expenses
Rooms 632,740 4,511,632 5,144,372 4,858,354
Food and beverage 373,313 2,801,002 3,174,315 3,100,032
Other direct 76,130 498,085 574,215 468,949
Indirect 1,084,900 8,687,362 9,772,262 9,376,744
Management fees 98,997 718,408 817,405 812,952
----------- ------------ ------------ ------------
Total hotel
operating
expenses 2,266,080 17,216,489 19,482,569 18,617,031
Property taxes,
insurance, and
other 248,900 1,600,082 1,848,982 1,743,348
----------- ------------ ------------ ------------
HOTEL OPERATING
INCOME $783,573 $5,183,241 $5,966,814 $6,695,704
=========== ============ ============ ============
CONTACT: Ashford Hospitality Trust, Inc.
David Kimichik, 972-490-9600
or
Corporate Communications, Inc.
Tripp Sullivan, 615-254-3376
SOURCE: Ashford Hospitality Trust, Inc.