Ashford Hospitality Trust is a REIT that owns a portfolio of 68 upscale and upper upscale full-service hotels totaling approximately 16,600 rooms across the U.S., branded primarily under Hilton, Marriott, Hyatt, and IHG flags. Ashford does not operate its hotels directly — properties are leased to taxable REIT subsidiaries, which contract with third-party managers to run day-to-day operations. Remington Hospitality, an affiliated company, manages roughly 50 of the 68 hotels. Ashford itself has no employees; all advisory and asset management functions are provided by Ashford LLC, a subsidiary of Ashford Inc., under an advisory agreement. Revenue is driven by RevPAR (occupancy times average daily rate), plus ancillary income from food and beverage, parking, and other amenities. Ashford carries approximately $2.7B in property-level mortgage debt, mostly floating-rate, making interest costs a key earnings driver. The company's current "Grow AHT" initiative targets $50M in run-rate EBITDA improvement through G&A reductions, ancillary revenue optimization, and operational efficiency. Ashford also pursues brand conversions — repositioning hotels to higher-tier flags to capture RevPAR premiums — and selectively sells assets to reduce debt. Common dividends have not been paid since 2015, and preferred dividends were suspended in late 2025 as Ashford evaluates strategic alternatives and manages liquidity.