10-Q 1 aht-20240331.htm 10-Q aht-20240331
000123258212/31FALSE2024Q10.05830.0833xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesaht:hotelaht:roomxbrli:pureaht:extensionaht:directoraht:installmentaht:successive_periodaht:lawsuitaht:caseaht:segment00012325822024-01-012024-03-310001232582us-gaap:CommonStockMember2024-01-012024-03-310001232582us-gaap:SeriesDPreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesFPreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesGPreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesHPreferredStockMember2024-01-012024-03-310001232582aht:SeriesIPreferredStockMember2024-01-012024-03-3100012325822024-05-070001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-3100012325822024-03-3100012325822023-12-310001232582us-gaap:NonrelatedPartyMember2024-03-310001232582us-gaap:NonrelatedPartyMember2023-12-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:AffiliatedEntityMember2024-03-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:AffiliatedEntityMember2023-12-310001232582srt:AffiliatedEntityMember2024-03-310001232582srt:AffiliatedEntityMember2023-12-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RelatedPartyMember2024-03-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RelatedPartyMember2023-12-310001232582us-gaap:RelatedPartyMember2024-03-310001232582us-gaap:RelatedPartyMember2023-12-310001232582us-gaap:NonrelatedPartyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001232582us-gaap:NonrelatedPartyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001232582aht:SeriesJPreferredStockMember2024-03-310001232582aht:SeriesJPreferredStockMember2023-12-310001232582aht:SeriesKPreferredStockMember2023-12-310001232582aht:SeriesKPreferredStockMember2024-03-310001232582us-gaap:SeriesDPreferredStockMember2024-03-310001232582us-gaap:SeriesDPreferredStockMember2023-12-310001232582us-gaap:SeriesFPreferredStockMember2024-03-310001232582us-gaap:SeriesFPreferredStockMember2023-12-310001232582us-gaap:SeriesGPreferredStockMember2024-03-310001232582us-gaap:SeriesGPreferredStockMember2023-12-310001232582us-gaap:SeriesHPreferredStockMember2024-03-310001232582us-gaap:SeriesHPreferredStockMember2023-12-310001232582aht:SeriesIPreferredStockMember2024-03-310001232582aht:SeriesIPreferredStockMember2023-12-310001232582us-gaap:OccupancyMember2024-01-012024-03-310001232582us-gaap:OccupancyMember2023-01-012023-03-310001232582us-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582us-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582us-gaap:HotelOtherMember2024-01-012024-03-310001232582us-gaap:HotelOtherMember2023-01-012023-03-310001232582srt:HotelMember2024-01-012024-03-310001232582srt:HotelMember2023-01-012023-03-310001232582us-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582us-gaap:ProductAndServiceOtherMember2023-01-012023-03-3100012325822023-01-012023-03-310001232582aht:ManagementFeesMember2024-01-012024-03-310001232582aht:ManagementFeesMember2023-01-012023-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-12-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2023-12-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2023-12-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2023-12-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMember2023-12-310001232582us-gaap:CommonStockMember2023-12-310001232582us-gaap:AdditionalPaidInCapitalMember2023-12-310001232582us-gaap:RetainedEarningsMember2023-12-310001232582us-gaap:NoncontrollingInterestMember2023-12-310001232582us-gaap:CommonStockMember2024-01-012024-03-310001232582us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001232582us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesDPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesGPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2024-01-012024-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMember2024-01-012024-03-310001232582aht:SeriesIPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582aht:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2024-01-012024-03-310001232582aht:SeriesJPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582aht:SeriesJPreferredStockMember2024-01-012024-03-310001232582aht:SeriesKPreferredStockMemberus-gaap:PreferredStockMember2024-01-012024-03-310001232582aht:SeriesKPreferredStockMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001232582aht:SeriesKPreferredStockMember2024-01-012024-03-310001232582us-gaap:RetainedEarningsMember2024-01-012024-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2024-03-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2024-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2024-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2024-03-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMember2024-03-310001232582us-gaap:CommonStockMember2024-03-310001232582us-gaap:AdditionalPaidInCapitalMember2024-03-310001232582us-gaap:RetainedEarningsMember2024-03-310001232582us-gaap:NoncontrollingInterestMember2024-03-310001232582aht:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2023-12-310001232582aht:SeriesKPreferredStockMemberus-gaap:PreferredStockMember2023-12-310001232582aht:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2024-03-310001232582aht:SeriesKPreferredStockMemberus-gaap:PreferredStockMember2024-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2022-12-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2022-12-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2022-12-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2022-12-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMember2022-12-310001232582us-gaap:CommonStockMember2022-12-310001232582us-gaap:AdditionalPaidInCapitalMember2022-12-310001232582us-gaap:RetainedEarningsMember2022-12-3100012325822022-12-310001232582us-gaap:CommonStockMember2023-01-012023-03-310001232582us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-01-012023-03-310001232582us-gaap:SeriesDPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582us-gaap:SeriesDPreferredStockMember2023-01-012023-03-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2023-01-012023-03-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582us-gaap:SeriesFPreferredStockMember2023-01-012023-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2023-01-012023-03-310001232582us-gaap:SeriesGPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582us-gaap:SeriesGPreferredStockMember2023-01-012023-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2023-01-012023-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582us-gaap:SeriesHPreferredStockMember2023-01-012023-03-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMember2023-01-012023-03-310001232582aht:SeriesIPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582aht:SeriesIPreferredStockMember2023-01-012023-03-310001232582aht:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2023-01-012023-03-310001232582aht:SeriesJPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582aht:SeriesJPreferredStockMember2023-01-012023-03-310001232582aht:SeriesKPreferredStockMemberus-gaap:PreferredStockMember2023-01-012023-03-310001232582aht:SeriesKPreferredStockMemberus-gaap:RetainedEarningsMember2023-01-012023-03-310001232582aht:SeriesKPreferredStockMember2023-01-012023-03-310001232582us-gaap:RetainedEarningsMember2023-01-012023-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2023-03-310001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMember2023-03-310001232582us-gaap:PreferredStockMemberus-gaap:SeriesGPreferredStockMember2023-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMember2023-03-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMember2023-03-310001232582us-gaap:CommonStockMember2023-03-310001232582us-gaap:AdditionalPaidInCapitalMember2023-03-310001232582us-gaap:RetainedEarningsMember2023-03-3100012325822023-03-310001232582aht:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2022-12-310001232582aht:SeriesKPreferredStockMemberus-gaap:PreferredStockMember2022-12-310001232582aht:SeriesJPreferredStockMemberus-gaap:PreferredStockMember2023-03-310001232582aht:SeriesKPreferredStockMemberus-gaap:PreferredStockMember2023-03-310001232582srt:SubsidiariesMember2024-01-012024-03-310001232582srt:SubsidiariesMember2024-03-310001232582aht:VariableInterestEntityPrimaryBeneficiaryStirlingOPMember2024-01-012024-03-310001232582aht:VariableInterestEntityPrimaryBeneficiaryStirlingOPMember2024-03-310001232582aht:StirlingsHotelsResortsInc.Member2024-01-012024-03-310001232582aht:ConsolidatedEntityMember2024-03-310001232582aht:OpenKeyMember2024-03-310001232582aht:MeritageInvestmentMember2024-03-310001232582srt:SubsidiariesMemberaht:RemingtonHotelsMember2024-03-310001232582aht:VariableInterestEntityPrimaryBeneficiaryStirlingOPMemberaht:RemingtonHotelsMember2024-03-310001232582aht:VariableInterestEntityPrimaryBeneficiaryStirlingOPMember2023-12-060001232582aht:AtlantaGAAreaMember2024-01-012024-03-310001232582us-gaap:OccupancyMemberaht:AtlantaGAAreaMember2024-01-012024-03-310001232582us-gaap:FoodAndBeverageMemberaht:AtlantaGAAreaMember2024-01-012024-03-310001232582us-gaap:HotelOtherMemberaht:AtlantaGAAreaMember2024-01-012024-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:AtlantaGAAreaMember2024-01-012024-03-310001232582aht:BostonMAAreaMember2024-01-012024-03-310001232582aht:BostonMAAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:BostonMAAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:BostonMAAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:BostonMAAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:DallasFt.WorthAreaMember2024-01-012024-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:HoustonTXAreaMember2024-01-012024-03-310001232582us-gaap:OccupancyMemberaht:HoustonTXAreaMember2024-01-012024-03-310001232582us-gaap:FoodAndBeverageMemberaht:HoustonTXAreaMember2024-01-012024-03-310001232582us-gaap:HotelOtherMemberaht:HoustonTXAreaMember2024-01-012024-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:HoustonTXAreaMember2024-01-012024-03-310001232582aht:LosAngelesCAMetroAreaMember2024-01-012024-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:MiamiFLMetroAreaMember2024-01-012024-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:MinneapolisSt.PaulMNWIAreaMember2024-01-012024-03-310001232582us-gaap:OccupancyMemberaht:MinneapolisSt.PaulMNWIAreaMember2024-01-012024-03-310001232582aht:MinneapolisSt.PaulMNWIAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582us-gaap:HotelOtherMemberaht:MinneapolisSt.PaulMNWIAreaMember2024-01-012024-03-310001232582aht:MinneapolisSt.PaulMNWIAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:NashvilleTNAreaMember2024-01-012024-03-310001232582us-gaap:OccupancyMemberaht:NashvilleTNAreaMember2024-01-012024-03-310001232582aht:NashvilleTNAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582us-gaap:HotelOtherMemberaht:NashvilleTNAreaMember2024-01-012024-03-310001232582aht:NashvilleTNAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:NewYorkNewJerseyMetroAreaMember2024-01-012024-03-310001232582us-gaap:OccupancyMemberaht:NewYorkNewJerseyMetroAreaMember2024-01-012024-03-310001232582us-gaap:FoodAndBeverageMemberaht:NewYorkNewJerseyMetroAreaMember2024-01-012024-03-310001232582us-gaap:HotelOtherMemberaht:NewYorkNewJerseyMetroAreaMember2024-01-012024-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:NewYorkNewJerseyMetroAreaMember2024-01-012024-03-310001232582aht:OrlandoFLAreaMember2024-01-012024-03-310001232582aht:OrlandoFLAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:OrlandoFLAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:OrlandoFLAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:OrlandoFLAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:PhiladelphiaPAAreaMember2024-01-012024-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:SanDiegoCAAreaMember2024-01-012024-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMember2024-01-012024-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:TampaFLAreaMember2024-01-012024-03-310001232582aht:TampaFLAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:TampaFLAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:TampaFLAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:TampaFLAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:WashingtonDCMDVAAreaMember2024-01-012024-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:OtherAreasMember2024-01-012024-03-310001232582aht:OtherAreasMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:OtherAreasMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:OtherAreasMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:OtherAreasMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:SoldPropertiesMember2024-01-012024-03-310001232582us-gaap:OccupancyMemberaht:SoldPropertiesMember2024-01-012024-03-310001232582us-gaap:FoodAndBeverageMemberaht:SoldPropertiesMember2024-01-012024-03-310001232582us-gaap:HotelOtherMemberaht:SoldPropertiesMember2024-01-012024-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:SoldPropertiesMember2024-01-012024-03-310001232582aht:CorporateAreaMember2024-01-012024-03-310001232582aht:CorporateAreaMemberus-gaap:OccupancyMember2024-01-012024-03-310001232582aht:CorporateAreaMemberus-gaap:FoodAndBeverageMember2024-01-012024-03-310001232582aht:CorporateAreaMemberus-gaap:HotelOtherMember2024-01-012024-03-310001232582aht:CorporateAreaMemberus-gaap:ProductAndServiceOtherMember2024-01-012024-03-310001232582aht:AtlantaGAAreaMember2023-01-012023-03-310001232582us-gaap:OccupancyMemberaht:AtlantaGAAreaMember2023-01-012023-03-310001232582us-gaap:FoodAndBeverageMemberaht:AtlantaGAAreaMember2023-01-012023-03-310001232582us-gaap:HotelOtherMemberaht:AtlantaGAAreaMember2023-01-012023-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:AtlantaGAAreaMember2023-01-012023-03-310001232582aht:BostonMAAreaMember2023-01-012023-03-310001232582aht:BostonMAAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:BostonMAAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:BostonMAAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:BostonMAAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:DallasFt.WorthAreaMember2023-01-012023-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:DallasFt.WorthAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:HoustonTXAreaMember2023-01-012023-03-310001232582us-gaap:OccupancyMemberaht:HoustonTXAreaMember2023-01-012023-03-310001232582us-gaap:FoodAndBeverageMemberaht:HoustonTXAreaMember2023-01-012023-03-310001232582us-gaap:HotelOtherMemberaht:HoustonTXAreaMember2023-01-012023-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:HoustonTXAreaMember2023-01-012023-03-310001232582aht:LosAngelesCAMetroAreaMember2023-01-012023-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:LosAngelesCAMetroAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:MiamiFLMetroAreaMember2023-01-012023-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:MiamiFLMetroAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:MinneapolisSt.PaulMNWIAreaMember2023-01-012023-03-310001232582us-gaap:OccupancyMemberaht:MinneapolisSt.PaulMNWIAreaMember2023-01-012023-03-310001232582aht:MinneapolisSt.PaulMNWIAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582us-gaap:HotelOtherMemberaht:MinneapolisSt.PaulMNWIAreaMember2023-01-012023-03-310001232582aht:MinneapolisSt.PaulMNWIAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:NashvilleTNAreaMember2023-01-012023-03-310001232582us-gaap:OccupancyMemberaht:NashvilleTNAreaMember2023-01-012023-03-310001232582aht:NashvilleTNAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582us-gaap:HotelOtherMemberaht:NashvilleTNAreaMember2023-01-012023-03-310001232582aht:NashvilleTNAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:NewYorkNewJerseyMetroAreaMember2023-01-012023-03-310001232582us-gaap:OccupancyMemberaht:NewYorkNewJerseyMetroAreaMember2023-01-012023-03-310001232582us-gaap:FoodAndBeverageMemberaht:NewYorkNewJerseyMetroAreaMember2023-01-012023-03-310001232582us-gaap:HotelOtherMemberaht:NewYorkNewJerseyMetroAreaMember2023-01-012023-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:NewYorkNewJerseyMetroAreaMember2023-01-012023-03-310001232582aht:OrlandoFLAreaMember2023-01-012023-03-310001232582aht:OrlandoFLAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:OrlandoFLAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:OrlandoFLAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:OrlandoFLAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:PhiladelphiaPAAreaMember2023-01-012023-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:PhiladelphiaPAAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:SanDiegoCAAreaMember2023-01-012023-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:SanDiegoCAAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMember2023-01-012023-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:SanFranciscoOaklandCAMetroAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:TampaFLAreaMember2023-01-012023-03-310001232582aht:TampaFLAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:TampaFLAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:TampaFLAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:TampaFLAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:WashingtonDCMDVAAreaMember2023-01-012023-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:WashingtonDCMDVAAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:OtherAreasMember2023-01-012023-03-310001232582aht:OtherAreasMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:OtherAreasMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:OtherAreasMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:OtherAreasMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-310001232582aht:SoldPropertiesMember2023-01-012023-03-310001232582us-gaap:OccupancyMemberaht:SoldPropertiesMember2023-01-012023-03-310001232582us-gaap:FoodAndBeverageMemberaht:SoldPropertiesMember2023-01-012023-03-310001232582us-gaap:HotelOtherMemberaht:SoldPropertiesMember2023-01-012023-03-310001232582us-gaap:ProductAndServiceOtherMemberaht:SoldPropertiesMember2023-01-012023-03-310001232582aht:CorporateAreaMember2023-01-012023-03-310001232582aht:CorporateAreaMemberus-gaap:OccupancyMember2023-01-012023-03-310001232582aht:CorporateAreaMemberus-gaap:FoodAndBeverageMember2023-01-012023-03-310001232582aht:CorporateAreaMemberus-gaap:HotelOtherMember2023-01-012023-03-310001232582aht:CorporateAreaMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-03-3100012325822024-03-012024-03-010001232582aht:SaltLakeCityUtMarriottResidenceInnMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-03-062024-03-060001232582aht:SaltLakeCityUtMarriottResidenceInnMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-03-310001232582us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-03-310001232582us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-03-310001232582us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310001232582us-gaap:RelatedPartyMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310001232582srt:AffiliatedEntityMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310001232582aht:MeritageInvestmentMember2022-11-300001232582aht:OpenKeyMember2023-12-310001232582aht:MeritageInvestmentMember2023-12-310001232582aht:OpenKeyMember2024-01-012024-03-310001232582aht:OpenKeyMember2023-01-012023-03-310001232582aht:MeritageInvestmentMember2024-01-012024-03-310001232582aht:MeritageInvestmentMember2023-01-012023-03-3100012325822023-12-012023-12-310001232582aht:MortgageLoanDueApril20243.51Memberus-gaap:MortgagesMember2024-03-310001232582aht:MortgageLoanDueApril20243.51Memberaht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueApril20243.51Memberus-gaap:MortgagesMember2023-12-310001232582aht:MortgageLoanDueMay20244.99Memberus-gaap:MortgagesMember2024-03-310001232582aht:MortgageLoanDueMay20244.99Memberus-gaap:MortgagesMember2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueJune20242.00Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueJune20242.00Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueJune20242.00Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueJune20243.90Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueJune20243.90Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueJune20243.90Member2023-12-310001232582aht:MortgageLoanDueJune20244.17Memberus-gaap:MortgagesMember2024-03-310001232582aht:MortgageLoanDueJune20244.17Memberaht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueJune20244.17Memberus-gaap:MortgagesMember2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueJune20242.90Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberaht:MortgageLoanDueJune20242.90Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueJune20242.90Member2023-12-310001232582aht:MortgageLoanDueAugust20244.85Memberus-gaap:MortgagesMember2024-03-310001232582aht:MortgageLoanDueAugust20244.85Memberus-gaap:MortgagesMember2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueNovember20244.76Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueNovember20244.76Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueNovember20244.76Member2023-12-310001232582aht:MortgageLoanDueNovember20243.39Memberus-gaap:MortgagesMember2024-03-310001232582aht:MortgageLoanDueNovember20243.39Memberaht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueNovember20243.39Memberus-gaap:MortgagesMember2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueDecember20244.00Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberaht:MortgageLoanDueDecember20244.00Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueDecember20244.00Member2023-12-310001232582aht:MortgageLoanDueDecember20242.85Memberus-gaap:MortgagesMember2024-03-310001232582aht:MortgageLoanDueDecember20242.85Memberaht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueDecember20242.85Memberus-gaap:MortgagesMember2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20254.45Member2024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20254.45Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20253.28Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20253.28Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20253.28Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMarch20254.66Member2024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMarch20254.66Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMarch20252.80Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberaht:MortgageLoanDueMarch20252.80Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMarch20252.80Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueAugust20253.91Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueAugust20253.91Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueAugust20253.91Member2023-12-310001232582aht:TermLoanMemberaht:TermLoanDueJanuary202614.00Member2024-03-310001232582aht:TermLoanMemberaht:TermLoanDueJanuary202614.00Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMay20264.00Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberaht:MortgageLoanDueMay20264.00Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMay20264.00Member2023-12-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueDecember20288.51Member2024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueDecember20288.51Member2023-12-310001232582aht:EnvironmentalLoanMemberaht:EnvironmentalLoanDueApril202410.00Member2024-03-310001232582aht:EnvironmentalLoanMemberaht:EnvironmentalLoanDueApril202410.00Member2023-12-310001232582aht:BridgeLoanDueMay20247.25Memberus-gaap:BridgeLoanMember2024-03-310001232582aht:BridgeLoanDueMay20247.25Memberus-gaap:BridgeLoanMember2023-12-310001232582us-gaap:ConstructionLoansMemberaht:ConstructionLoanDueAugust20258.25Member2024-03-310001232582us-gaap:ConstructionLoansMemberaht:ConstructionLoanDueAugust20258.25Member2023-12-310001232582aht:TIFLoanMemberaht:TIFLoanDueMay20338.50Member2024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberaht:TIFLoanMemberaht:TIFLoanDueMay20338.50Member2024-01-012024-03-310001232582aht:TIFLoanMemberaht:TIFLoanDueMay20338.50Member2023-12-310001232582us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-03-310001232582us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001232582aht:LoanDueFebruary20254.45Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310001232582aht:LoanDueFebruary20254.45Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310001232582aht:LoanDueAugust20253.91Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310001232582aht:LoanDueAugust20253.91Memberaht:SecuredOvernightFinancingRateSOFRMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-01-012024-03-310001232582aht:LoanDueAugust20253.91Memberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310001232582aht:MortgageLoanDueApril20243.51Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueApril20243.51Memberus-gaap:SubsequentEventMemberus-gaap:MortgagesMember2024-04-012024-04-300001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueJune20242.00Member2024-03-310001232582aht:MortgageLoanDueJune20244.17Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueJune20244.17Memberus-gaap:MortgagesMember2023-06-012023-06-300001232582us-gaap:MortgagesMemberaht:MortgageLoanDueNovember20244.76Member2024-01-012024-03-310001232582aht:MortgageLoanDueNovember20243.39Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueNovember20243.39Memberus-gaap:MortgagesMember2023-11-012023-11-300001232582us-gaap:MortgagesMemberaht:MortgageLoanDueDecember20244.00Member2024-01-012024-03-310001232582aht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMemberaht:MortgageLoanDueDecember20244.00Member2024-03-310001232582aht:MortgageLoanDueDecember20242.85Memberus-gaap:MortgagesMember2024-01-012024-03-310001232582aht:MortgageLoanDueDecember20242.85Memberus-gaap:MortgagesMember2023-12-012023-12-3100012325822024-03-062024-03-060001232582us-gaap:SubsequentEventMemberus-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20253.28Member2024-04-012024-04-300001232582us-gaap:MortgagesMemberaht:MortgageLoanDueFebruary20253.28Member2024-02-012024-02-290001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMarch20252.80Member2024-01-012024-03-310001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMarch20252.80Member2024-03-012024-03-310001232582us-gaap:SubsequentEventMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-04-092024-04-090001232582us-gaap:MortgagesMemberaht:MortgageLoanDueMay20264.00Member2024-01-012024-03-3100012325822022-01-012022-03-310001232582aht:CreditAgreementMemberus-gaap:LineOfCreditMember2023-06-210001232582aht:CreditAgreementMemberus-gaap:LineOfCreditMember2023-06-212023-06-210001232582aht:CreditAgreementMemberus-gaap:MortgagesMember2023-06-210001232582aht:MortgageLoanAggregatePrincipalAmountAboveMortgageDebtThresholdAmountMemberus-gaap:MortgagesMember2023-06-210001232582aht:CreditAgreementMember2023-06-210001232582aht:OaktreeCreditAgreementMember2024-03-110001232582us-gaap:MortgagesMemberaht:KEYSMortgageLoansMember2018-06-132018-06-130001232582us-gaap:MortgagesMemberaht:KEYSMortgageLoansMember2018-06-130001232582us-gaap:MortgagesMemberaht:KEYSPoolCLoanMember2023-06-012023-06-300001232582aht:KEYSPoolDLoanMemberus-gaap:MortgagesMember2023-06-012023-06-300001232582us-gaap:MortgagesMemberaht:KEYSPoolELoanMember2023-06-012023-06-300001232582us-gaap:MortgagesMemberaht:KEYSMortgageLoansMember2023-06-092023-06-090001232582aht:KEYSPoolFLoanMemberus-gaap:MortgagesMember2023-11-292023-11-2900012325822024-03-012024-03-310001232582aht:KEYSPoolALoanMemberus-gaap:MortgagesMember2024-03-310001232582us-gaap:MortgagesMemberaht:KEYSPoolBLoanMember2024-03-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NotesReceivableMember2024-03-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NotesReceivableMember2024-01-012024-03-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NotesReceivableMember2023-12-310001232582us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NotesReceivableMember2023-01-012023-03-310001232582us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberaht:SheratonInAnnArborMember2022-09-010001232582us-gaap:AccountsReceivableMember2024-01-012024-03-310001232582us-gaap:AccountsReceivableMember2024-03-310001232582us-gaap:AccountsReceivableMember2023-12-310001232582us-gaap:AccountsReceivableMember2023-01-012023-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2023-03-310001232582us-gaap:InterestRateCapMembersrt:MinimumMemberus-gaap:NondesignatedMember2024-03-310001232582us-gaap:InterestRateCapMembersrt:MinimumMemberus-gaap:NondesignatedMember2023-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMembersrt:MaximumMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMembersrt:MaximumMember2023-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2024-01-012024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2023-01-012023-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2023-12-310001232582us-gaap:InterestRateCapMembersrt:MinimumMemberus-gaap:NondesignatedMember2024-03-310001232582us-gaap:InterestRateCapMembersrt:MinimumMemberus-gaap:NondesignatedMember2023-12-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMembersrt:MaximumMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:NondesignatedMembersrt:MaximumMember2023-12-310001232582us-gaap:FairValueInputsLevel2Member2023-12-310001232582us-gaap:FairValueInputsLevel2Member2024-03-310001232582us-gaap:FairValueInputsLevel3Member2024-03-310001232582us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-03-310001232582us-gaap:FairValueInputsLevel3Memberaht:MeasurementInputRecoveryRateMember2024-03-310001232582us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-03-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-12-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-01-012023-03-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-03-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-04-012023-06-300001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-06-300001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-07-012023-09-300001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-09-300001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-10-012023-12-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-12-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-01-012024-03-310001232582us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310001232582us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001232582us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001232582us-gaap:FairValueMeasurementsRecurringMember2024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-03-310001232582us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-03-310001232582us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001232582us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001232582us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001232582us-gaap:FairValueMeasurementsRecurringMember2023-12-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001232582us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001232582us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-01-012024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-01-012023-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberaht:DerivativeFinancialInstrumentNonDerivativeAssetMember2024-01-012024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberaht:DerivativeFinancialInstrumentNonDerivativeAssetMember2023-01-012023-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-01-012023-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-01-012024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-01-012023-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310001232582us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-03-310001232582us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-01-012023-03-310001232582us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310001232582us-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001232582us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001232582us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NonrelatedPartyMember2024-03-310001232582us-gaap:NonrelatedPartyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NonrelatedPartyMember2023-12-310001232582us-gaap:NonrelatedPartyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMembersrt:AffiliatedEntityMember2024-03-310001232582srt:AffiliatedEntityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMembersrt:AffiliatedEntityMember2023-12-310001232582srt:AffiliatedEntityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RelatedPartyMember2024-03-310001232582us-gaap:RelatedPartyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001232582us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RelatedPartyMember2023-12-310001232582us-gaap:RelatedPartyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001232582srt:MinimumMember2024-03-310001232582srt:MinimumMember2023-12-310001232582us-gaap:PerformanceSharesMember2024-01-012024-03-310001232582us-gaap:PerformanceSharesMember2023-01-012023-03-310001232582aht:RedeemableNoncontrollingInterestsInOperatingPartnershipMember2024-01-012024-03-310001232582aht:RedeemableNoncontrollingInterestsInOperatingPartnershipMember2023-01-012023-03-310001232582aht:RedeemableNoncontrollingInterestsInOperatingPartnershipMember2024-01-012024-03-310001232582aht:RedeemableNoncontrollingInterestsInOperatingPartnershipMember2023-01-012023-03-310001232582us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-03-310001232582us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-01-012023-03-310001232582aht:SeriesJPreferredStockMemberaht:RedeemableNoncontrollingInterestsInPreferredStockMember2024-01-012024-03-310001232582aht:SeriesJPreferredStockMemberaht:RedeemableNoncontrollingInterestsInPreferredStockMember2023-01-012023-03-310001232582aht:SeriesKPreferredStockMemberaht:RedeemableNoncontrollingInterestsInPreferredStockMember2024-01-012024-03-310001232582aht:SeriesKPreferredStockMemberaht:RedeemableNoncontrollingInterestsInPreferredStockMember2023-01-012023-03-310001232582aht:LongTermIncentivePlanMember2024-01-012024-03-310001232582srt:MinimumMemberaht:PerformanceLongTermIncentivePlanUnitsMember2024-03-310001232582aht:PerformanceLongTermIncentivePlanUnitsMembersrt:MaximumMember2024-03-310001232582aht:PerformanceLongTermIncentivePlanUnitsMember2024-03-310001232582aht:PerformanceLongTermIncentivePlanUnitsMemberaht:Year2022And2023GrantsMembersrt:MaximumMember2024-03-310001232582aht:LongTermIncentivePlanUnitsMember2024-03-310001232582aht:PerformanceLongTermIncentivePlanUnitsMember2024-01-012024-03-310001232582aht:LongTermIncentivePlanUnitsMember2024-01-012024-03-310001232582srt:PartnershipInterestMember2024-01-012024-03-310001232582srt:PartnershipInterestMember2023-01-012023-03-310001232582aht:AshfordTrustOPMembersrt:PartnershipInterestMember2024-03-310001232582aht:AshfordTrustOPMembersrt:PartnershipInterestMember2023-12-310001232582us-gaap:PerformanceSharesMember2024-01-012024-03-310001232582srt:MinimumMemberus-gaap:PerformanceSharesMember2024-03-310001232582us-gaap:PerformanceSharesMembersrt:MaximumMember2024-03-310001232582srt:MinimumMemberus-gaap:PerformanceSharesMemberaht:Year2022And2023GrantsMember2024-03-310001232582us-gaap:PerformanceSharesMemberaht:Year2022And2023GrantsMembersrt:MaximumMember2024-03-310001232582aht:VirtuAmericasLLCMemberaht:AtTheMarketEquityDistributionMember2022-04-110001232582us-gaap:CommonStockMemberaht:AtTheMarketEquityDistributionMember2022-04-110001232582us-gaap:SeriesFPreferredStockMemberus-gaap:PreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:CommonStockMemberus-gaap:SeriesFPreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:SeriesHPreferredStockMemberus-gaap:PreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:CommonStockMemberus-gaap:SeriesHPreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:PreferredStockMemberaht:SeriesIPreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:CommonStockMemberaht:SeriesIPreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:PreferredStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-310001232582us-gaap:CommonStockMemberaht:PrivatelyNegotiatedExchangeAgreementsMember2024-01-012024-03-3100012325822022-04-060001232582aht:EquityDistributionAgreementsMemberaht:SeriesJAndSeriesKPreferredStockMember2024-01-012024-03-310001232582aht:EquityDistributionAgreementsMemberaht:SeriesJAndSeriesKPreferredStockMember2024-03-310001232582aht:DividendReinvestmentPlanMemberaht:SeriesJAndSeriesKPreferredStockMember2024-01-012024-03-310001232582aht:DividendReinvestmentPlanMemberaht:SeriesJAndSeriesKPreferredStockMember2024-03-310001232582aht:SeriesJPreferredStockMemberaht:DividendsDeclaredOnInitialClosingDateMember2024-01-012024-03-310001232582aht:SeriesJPreferredStockMemberaht:DividendReinvestmentPlanMember2024-03-310001232582aht:SeriesJPreferredStockMember2023-01-012023-12-310001232582aht:SeriesKPreferredStockMemberaht:DividendsDeclaredOnInitialClosingDateMember2024-01-012024-03-310001232582aht:SeriesKPreferredStockMemberaht:DividendReinvestmentPlanMember2024-03-310001232582aht:SeriesKPreferredStockMember2023-01-012023-12-310001232582aht:AshfordInc.Membersrt:AffiliatedEntityMember2024-03-310001232582aht:AshfordInc.Membersrt:AffiliatedEntityMember2024-01-012024-03-310001232582aht:AshfordInc.Memberaht:BaseFeeMembersrt:AffiliatedEntityMember2024-01-012024-03-310001232582aht:AshfordInc.Memberaht:BaseFeeMembersrt:AffiliatedEntityMember2023-01-012023-03-310001232582aht:ReimbursableExpensesMemberaht:AshfordInc.Membersrt:AffiliatedEntityMember2024-01-012024-03-310001232582aht:ReimbursableExpensesMemberaht:AshfordInc.Membersrt:AffiliatedEntityMember2023-01-012023-03-310001232582aht:EquityBasedCompensationMemberaht:AshfordInc.Membersrt:AffiliatedEntityMember2024-01-012024-03-310001232582aht:EquityBasedCompensationMemberaht:AshfordInc.Membersrt:AffiliatedEntityMember2023-01-012023-03-310001232582aht:AshfordInc.Member2024-01-012024-03-310001232582aht:AshfordInc.Member2023-01-012023-03-310001232582aht:REITCashManagementStrategiesAgreementMember2022-09-270001232582srt:AffiliatedEntityMember2023-03-022023-03-020001232582srt:AffiliatedEntityMember2024-03-110001232582srt:AffiliatedEntityMember2024-03-120001232582aht:StirlingOperatingPartnershipMember2023-12-060001232582aht:StirlingsHotelsResortsInc.Memberaht:BaseFeeMembersrt:AffiliatedEntityMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-01-012024-03-310001232582aht:ReimbursableExpensesMemberaht:StirlingsHotelsResortsInc.Membersrt:AffiliatedEntityMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-01-012024-03-310001232582aht:StirlingsHotelsResortsInc.Membersrt:AffiliatedEntityMembersrt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2024-01-012024-03-310001232582aht:DebtPlacementServicesAndLoanModificationsMemberaht:LismoreCapitalMember2024-01-012024-03-310001232582aht:DebtPlacementServicesAndLoanModificationsMemberaht:LismoreCapitalMember2022-01-012022-03-310001232582aht:AshfordInc.Memberaht:AshfordInc.Member2020-12-312020-12-310001232582aht:AshfordInc.Memberaht:BraemarHotelsResortsIncMember2020-12-312020-12-310001232582aht:AshfordInc.Member2020-12-312020-12-3100012325822020-12-312020-12-310001232582aht:AshfordInc.Member2022-01-272022-01-270001232582aht:AshfordInc.Member2022-01-272022-01-270001232582aht:AshfordInc.Memberaht:BraemarHotelsResortsIncMember2022-01-272022-01-270001232582aht:AshfordInc.Memberaht:AshfordInc.Member2022-01-272022-01-270001232582aht:AshfordInc.Member2024-03-310001232582aht:AshfordInc.Memberus-gaap:AccountsPayableMember2024-03-310001232582aht:AshfordInc.Member2023-12-310001232582aht:AshfordInc.Memberus-gaap:AccountsPayableMember2023-12-310001232582aht:DesignAndConstructionFeesMember2024-01-012024-03-310001232582aht:ARPMAAgreementMember2024-03-120001232582aht:ARPMAAgreementMemberaht:RemingtonHotelsMember2024-03-120001232582aht:StirlingOperatingPartnershipMember2024-03-310001232582srt:MinimumMemberaht:ManagementFeesMemberaht:ManagementFeesMemberaht:RemingtonHotelsMember2024-01-012024-03-310001232582srt:MinimumMemberaht:ManagementFeesMemberaht:ManagementFeesMember2024-01-012024-03-310001232582aht:SecondARHMAAgreementMember2024-03-120001232582aht:SecondARHMAAgreementMemberaht:RemingtonHotelsMember2024-03-120001232582srt:MaximumMember2024-03-310001232582aht:FranchiseFeesMember2024-03-310001232582us-gaap:FranchiseMember2024-01-012024-03-310001232582us-gaap:FranchiseMember2023-01-012023-03-310001232582aht:ManagementFeesMember2024-01-012024-03-310001232582aht:ClassActionLawsuitCaliforniaEmploymentLawsMember2016-12-200001232582aht:ClassActionLawsuitCaliforniaEmploymentLawsMember2024-03-3100012325822024-02-012024-02-2900012325822024-03-120001232582us-gaap:SubsequentEventMemberaht:HiltonBostonBackBayHotelMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-04-092024-04-090001232582aht:HiltonBostonBackBayHotelMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-03-310001232582us-gaap:SubsequentEventMemberus-gaap:MortgagesMemberaht:MortgageLoanDueAugust20253.91Member2024-04-092024-04-090001232582aht:HamptonInnLawrencevilleMemberus-gaap:SubsequentEventMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-04-092024-04-090001232582aht:HamptonInnLawrencevilleMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-03-310001232582us-gaap:SubsequentEventMemberaht:MortgageLoanDueMarch20252.80Memberus-gaap:MortgagesMember2024-05-090001232582aht:MortgageLoanSOFR3.98Memberus-gaap:SubsequentEventMemberus-gaap:MortgagesMember2024-05-090001232582aht:MortgageLoanSOFR3.98Memberus-gaap:SubsequentEventMemberus-gaap:MortgagesMember2024-05-092024-05-090001232582aht:MortgageLoanSOFR3.98Memberus-gaap:SubsequentEventMemberaht:SecuredOvernightFinancingRateSOFRMemberus-gaap:MortgagesMember2024-05-092024-05-09


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ________________ to ________________

Commission file number: 001-31775

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland86-1062192
(State or other jurisdiction of incorporation or organization)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No
    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockAHTNew York Stock Exchange
Preferred Stock, Series DAHT-PDNew York Stock Exchange
Preferred Stock, Series FAHT-PFNew York Stock Exchange
Preferred Stock, Series GAHT-PGNew York Stock Exchange
Preferred Stock, Series HAHT-PHNew York Stock Exchange
Preferred Stock, Series IAHT-PINew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share42,406,378
(Class)
Outstanding at May 7, 2024




ASHFORD HOSPITALITY TRUST, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2024
TABLE OF CONTENTS




PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements (unaudited)
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
March 31, 2024December 31, 2023
ASSETS
Investments in hotel properties, net ($129,063 and $122,938 attributable to VIEs).
$2,538,470 $2,951,932 
Contract asset
378,160  
Cash and cash equivalents ($3,675 and $2,363 attributable to VIEs)
111,065 165,231 
Restricted cash ($9,600 and $17,346 attributable to VIEs)
132,949 146,079 
Accounts receivable ($218 and $271 attributable to VIEs), net of allowance of $1,302 and $1,214, respectively
56,041 45,521 
Inventories ($4 and $5 attributable to VIEs)
3,754 3,679 
Notes receivable, net9,642 7,369 
Investments in unconsolidated entities9,426 9,960 
Deferred costs, net ($206 and $218 attributable to VIEs)
1,750 1,808 
Prepaid expenses ($867 and $651 attributable to VIEs)
22,133 12,806 
Derivative assets12,398 13,696 
Operating lease right-of-use assets43,975 44,047 
Other assets ($1,645 and $1,433 attributable to VIEs)
18,948 25,309 
Intangible assets797 797 
Due from third-party hotel managers23,531 21,664 
Assets held for sale176,178 12,383 
Total assets$3,539,217 $3,462,281 
LIABILITIES AND EQUITY/DEFICIT
Liabilities:
Indebtedness, net ($70,546 and $70,073 attributable to VIEs)
$2,934,894 $3,040,951 
Debt associated with hotels in receivership
355,120 355,120 
Finance lease liability18,387 18,469 
Other finance liability ($26,908 and $26,858 attributable to VIEs)
26,908 26,858 
Accounts payable and accrued expenses ($12,582 and $14,405 attributable to VIEs)
130,613 129,323 
Accrued interest payable ($520 and $241 attributable to VIEs)
12,511 12,985 
Accrued interest associated with hotels in receivership
23,040 14,024 
Dividends and distributions payable ($1 and $147 attributable to VIEs)
3,651 3,566 
Due to Ashford Inc., net ($3,553 and $1,396 attributable to VIEs)
9,732 13,261 
Due to related parties, net ($48 and $123 attributable to VIEs)
2,003 5,874 
Due to third-party hotel managers ($122 and $110 attributable to VIEs)
1,487 1,193 
Intangible liabilities, net2,005 2,017 
Operating lease liabilities44,661 44,765 
Other liabilities3,443 3,499 
Liabilities related to assets held for sale101,720 14,653 
Total liabilities3,670,175 3,686,558 
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership22,300 22,007 
Series J Redeemable Preferred Stock, $0.01 par value, 4,353,135 and 3,475,318 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
100,192 79,975 
Series K Redeemable Preferred Stock, $0.01 par value, 262,060 and 194,193 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
6,434 4,783 
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,159,927 and 1,159,927 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
12 12 
Series F Cumulative Preferred Stock, 1,104,344 and 1,175,344 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
11 11 
Series G Cumulative Preferred Stock, 1,531,996 and 1,531,996 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
15 15 
Series H Cumulative Preferred Stock, 1,099,325 and 1,170,325 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
11 12 
Series I Cumulative Preferred Stock, 1,143,923 and 1,160,923 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
11 12 
Common stock, $0.01 par value, 400,000,000 shares authorized, 40,167,334 and 37,422,056 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
402 374 
Additional paid-in capital2,383,814 2,382,975 
Accumulated deficit(2,661,080)(2,729,312)
Total stockholders’ equity (deficit) of the Company(276,804)(345,901)
Noncontrolling interest in consolidated entities16,920 14,859 
Total equity (deficit)(259,884)(331,042)
Total liabilities and equity/deficit$3,539,217 $3,462,281 
See Notes to Consolidated Financial Statements.
2


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31,
20242023
REVENUE
Rooms
$229,207 $252,955 
Food and beverage
57,358 58,991 
Other hotel revenue
16,692 16,282 
Total hotel revenue
303,257 328,228 
Other
639 658 
Total revenue
303,896 328,886 
EXPENSES
Hotel operating expenses:
Rooms
54,680 59,203 
Food and beverage
37,831 39,790 
Other expenses
106,826 113,879 
Management fees
11,550 12,246 
Total hotel expenses
210,887 225,118 
Property taxes, insurance and other
17,364 16,537 
Depreciation and amortization
40,544 47,855 
Advisory services fee
15,201 12,986 
Corporate, general and administrative
8,272 2,612 
Total operating expenses292,268 305,108 
Gain (loss) on disposition of assets and hotel properties
6,956 (24)
Gain (loss) on derecognition of assets
133,909  
OPERATING INCOME (LOSS)152,493 23,754 
Equity in earnings (loss) of unconsolidated entities
(534)(396)
Interest income
1,984 2,557 
Other income (expense)
36 134 
Interest expense and amortization of discounts and loan costs(73,961)(74,368)
Interest expense associated with hotels in receivership(12,098)(7,147)
Write-off of premiums, loan costs and exit fees
(18)(420)
Gain (loss) on extinguishment of debt
45  
Realized and unrealized gain (loss) on derivatives4,761 (5,415)
INCOME (LOSS) BEFORE INCOME TAXES72,708 (61,301)
Income tax (expense) benefit
(303)(221)
NET INCOME (LOSS)72,405 (61,522)
(Income) loss attributable to noncontrolling interest in consolidated entities9  
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership(853)600 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY71,561 (60,922)
Preferred dividends
(5,011)(3,243)
Deemed dividends on redeemable preferred stock(682)(407)
Gain (loss) on extinguishment of preferred stock1,573  
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$67,441 $(64,572)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$1.74 $(1.88)
Weighted average common shares outstanding – basic38,458 34,381 
Diluted:
Net income (loss) attributable to common stockholders$0.60 $(1.88)
Weighted average common shares outstanding – diluted116,729 34,381 
See Notes to Consolidated Financial Statements.
3


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
Three Months Ended March 31,
20242023
Net income (loss)
$72,405 $(61,522)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)
  
Comprehensive income (loss)
72,405 (61,522)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities
9  
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership
(853)600 
Comprehensive income (loss) attributable to the Company
$71,561 $(60,922)
See Notes to Consolidated Financial Statements.
4


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands except per share amounts)
Preferred StockAdditional
Paid-in
Capital
Accumulated
Deficit
Noncontrolling Interests in Consolidated Entities
Total
Series DSeries FSeries GSeries HSeries I Common Stock
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2023
1,160 $12 1,175 $11 1,532 $15 1,170 $12 1,161 $12 37,422 $374 $2,382,975 $(2,729,312)$14,859 $(331,042)
Purchases of common stock— — — — — — — — — — (32)— (49)— — (49)
Equity-based compensation— — — — — — — — — — — — 320 — 13 333 
Issuance of preferred stock— — — — — — — — — — — — — — — — 
Issuance of common stock, net— — — — — — — — — — 1,416 14 2,121 — — 2,135 
Dividends declared – preferred stock – Series D ($0.53/share)
— — — — — — — — — — — — — (613)— (613)
Dividends declared – preferred stock – Series F ($0.46/share)
— — — — — — — — — — — — — (509)— (509)
Dividends declared – preferred stock – Series G ($0.46/share)
— — — — — — — — — — — — — (706)— (706)
Dividends declared – preferred stock – Series H ($0.47/share)
— — — — — — — — — — — — — (515)— (515)
Dividends declared – preferred stock – Series I ($0.47/share)
— — — — — — — — — — — — — (536)— (536)
Dividends declared – preferred stock – Series J ($0.50/share)
— — — — — — — — — — — — — (2,012)— (2,012)
Dividends declared – preferred stock – Series K ($0.51/share)
— — — — — — — — — — — — — (120)— (120)
Dividends declared - Stirling OP
— — — — — — — — — — — — — — (4)(4)
Issuances of Stirling OP common units
— — — — — — — — — — — — — — 13 13 
Redemption value adjustment— — — — — — — — — — — — — 791 — 791 
Extinguishment of preferred stock— — (71)— — — (71)(1)(17)(1)1,338 14 (1,585)1,573 —  
Redemption value adjustment – preferred stock— — — — — — — — — — — — — (682)— (682)
Redemption of preferred stock— — — — — — — — — — 23 — 32 — — 32 
Contributions from noncontrolling interests in consolidated entities
— — — — — — — — — — — — — — 2,048 2,048 
Net income (loss)— — — — — — — — — — — — — 71,561 (9)71,552 
Balance at March 31, 20241,160 $12 1,104 $11 1,532 $15 1,099 $11 1,144 $11 40,167 $402 $2,383,814 $(2,661,080)$16,920 $(259,884)
5


Preferred StockRedeemable Noncontrolling
Interests in
Operating
Partnership
Series JSeries K
SharesAmountSharesAmount
Balance at December 31, 2023
3,475 79,975 194 4,783 22,007 
Purchases of common stock— — — — — 
Equity-based compensation— — — — 231 
Issuance of preferred stock878 19,562 69 1,656 — 
Issuance of common stock, net— — — — — 
Dividends declared – preferred stock – Series D ($0.53/share)
— — — — — 
Dividends declared – preferred stock – Series F ($0.46/share)
— — — — — 
Dividends declared – preferred stock – Series G ($0.46/share)
— — — — — 
Dividends declared – preferred stock – Series H ($0.47/share)
— — — — — 
Dividends declared – preferred stock – Series I ($0.47/share)
— — — — — 
Dividends declared – preferred stock – Series J ($0.50/share)
— — — — — 
Dividends declared – preferred stock – Series K ($0.51/share)
— — — — — 
Dividends declared - Stirling OP
— — — — — 
Issuances of Stirling OP common units
— — — — — 
Redemption value adjustment— — — — (791)
Extinguishment of preferred stock— — — — — 
Redemption value adjustment – preferred stock— 655 — 27 — 
Redemption of preferred stock— — (1)(32)— 
Contributions from noncontrolling interest in consolidated entities
— — — — — 
Net income (loss)— — — — 853 
Balance at March 31, 2024
4,353 $100,192 262 $6,434 $22,300 
Preferred StockAdditional
Paid-in
Capital
Accumulated
Deficit
Total
Series DSeries FSeries GSeries HSeries I Common Stock
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2022
1,174 $12 1,251 $12 1,532 $15 1,308 $13 1,253 $13 34,495 $345 $2,383,244 $(2,534,043)$(150,389)
 Purchases of common stock — — — — — — — — — — (17)— (56)— (56)
Equity-based compensation— — — — — — — — — — — — 812 — 812 
Issuance of preferred shares
— — — — — — — — — — — — — — — 
Dividends declared – preferred stock – Series D ($0.53/share)
— — — — — — — — — — — — — (620)(620)
Dividends declared – preferred stock – Series F ($0.46/share)
— — — — — — — — — — — — — (577)(577)
 Dividends declared – preferred stock – Series G ($0.46/share)
— — — — — — — — — — — — — (706)(706)
 Dividends declared – preferred stock – Series H ($0.47/share)
— — — — — — — — — — — — — (613)(613)
 Dividends declared – preferred stock – Series I ($0.47/share)
— — — — — — — — — — — — — (587)(587)
 Dividends declared – preferred stock – Series J ($0.50/share)
— — — — — — — — — — — — — (133)(133)
 Dividends declared – preferred stock – Series K ($0.51/share)
— — — — — — — — — — — — — (7)(7)
Redemption value adjustment— — — — — — — — — — — — — (176)(176)
Redemption value adjustment - preferred stock
— — — — — — — — — — — — — (407)(407)
Net income (loss)— — — — — — — — — — — — — (60,922)(60,922)
Balance at March 31, 20231,174 $12 1,251 $12 1,532 $15 1,308 $13 1,253 $13 34,478 $345 $2,384,000 $(2,598,791)$(214,381)
6


Preferred StockRedeemable Noncontrolling
Interests in
Operating
Partnership
Series JSeries K
SharesAmountSharesAmount
Balance at December 31, 2022
87 $2,004 2 $44 $21,550 
Purchases of common stock— — — — — 
Equity-based compensation— — — — 491 
Issuance of preferred stock415 9,159 32 772 — 
Dividends declared – preferred stock – Series D ($0.53/share)
— — — — — 
Dividends declared – preferred stock – Series F ($0.46/share)
— — — — — 
Dividends declared – preferred stock – Series G ($0.46/share)
— — — — — 
Dividends declared – preferred stock – Series H ($0.47/share)
— — — — — 
Dividends declared – preferred stock – Series I ($0.47/share)
— — — — — 
Dividends declared – preferred stock – Series J ($0.50/share)
— — — — — 
Dividends declared – preferred stock – Series K ($0.51/share)
— — — — — 
Redemption value adjustment— — — — 176 
Redemption value adjustment – preferred stock— 380 — 27 —