Ashford Hospitality Trust, Inc. (NYSE:AHT) reported the following performance measures and results for 3Q ended September 30, 2015. In second week of November, the company concluded its spin-off process from Ashford Hospitality Trust, Inc. However, it has presented its previous year financial numbers in accordance with GAAP, which needs that historical carve-out financial report be presented.
Accordingly, Ashford’s financial report for the preceding year period may not be illustrative of results in coming periods. Also, for 3Q2015 it consolidated the operating results and financial position of the private investment funds looked by Ashford Investment Management.
The performance
On September 18, 2015, Ashford reported that it entered into a definitive deal for a corporate combination with Remington Holdings, LP creating the only public, and pure-play provider firm of property and asset management services to the lodging market. The proposed combination is planned to rapidly establish the operating scale and enhance the earnings of the company.
Ashford reported that revenue in 3Q2015 came at $14.5 million while adjusted EBITDA was $4.0 million. Adjusted net income for 3Q2105 was $3.0 million. At the end of reported quarter, the company recorded nearly $6 billion of assets under management while cash/cash equivalents stood at $25.3 million.
The highlights
In July, Ashford Hospitality Trust, Inc. (NYSE:AHT) completed the acquisition deal of the W Atlanta Downtown hotel for $56.8 million. It financed the property with a non-recourse mortgage loan worth $40.5 million. During the same period, the company confirmed the completion of conversion of theBeverly Hills Marriott, formerly known as the Crowne Plaza Beverly Hills, after an extensive renovation costing it $26.0 million.
The Trust also distributed the remaining owned shares of Prime to company’s shareholders on a pro-rata, taxable dividend. It should be noted that trust now don’t have any ownership stake in Prime. The sale for twenty-four select-service hotels portfolio is moving as planned with completion expected in the first quarter of 2016.
