Aug. 14 at 8:49 AM
$AHT The latest quarter looks meaningfully better to me.
Q2 showed RevPAR +6.6%, Comparable Hotel EBITDA +9.6%, EBITDA margin up 158 bps, and AFFO of
$2.67/share. At the same time, Ashford reduced debt by roughly
$600M in the first half of 2026, mainly through asset sales and debt repayment.
The Highland refinancing also removed the remaining 2026 loan maturity issue and improved near-term financial flexibility.
AHT is still highly leveraged and remains a high-risk stock, but the combination of improving hotel operations, better margins, lower debt and reduced refinancing risk makes the turnaround case much more interesting. If rates gradually decline, the upside from today’s valuation could be significant
