Ashford Hospitality Trust, Inc. (NYSE: AHT) reported today preliminary portfolio occupancy of 61.6% for the month of November with an average daily rate of approximately $155 resulting in RevPAR of approximately $95. This RevPAR result represents an approximate decrease of 21% versus November 2019 and is the best monthly performance versus 2019 numbers since first quarter 2020.
Additionally, for the month of November, Hotel Net Income was $0.6 million. Comparable Hotel EBITDA for the month of November was $19.2 million, a 407% increase over November 2020's Comparable Hotel EBITDA of negative $6.3 million.
"We are pleased with our solid November results and with the speed at which the industry is bouncing back on the heels of the Delta variant," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "With the recovery in the lodging industry continuing to be driven by strong leisure and transient demand, we believe our diverse portfolio is well positioned to take advantage of that positive momentum."
The following tables are reconciliations of the Company's Comparable Hotel EBITDA for the months of November 2021 and November 2020:
| ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA(in millions)(unaudited) | |||||||
| November 2021 | November 2020 | ||||||
| Net income (loss) | $ | 0.6 | $ | (25.3) | |||
| Interest expense | 0.7 | 0.6 | |||||
| Amortization of loan cost | 0.2 | 0.1 | |||||
| Depreciation and amortization | 17.2 | 19.2 | |||||
| Non-hotel EBITDA ownership expense | 0.5 | (1.0) | |||||
| Hotel EBITDA | $ | 19.2 | $ | (6.4) | |||
| Non-comparable adjustments | — | 0.1 | |||||
| Comparable Hotel EBITDA | $ | 19.2 | $ | (6.3) | |||
The above comparable information assumes the 100 hotel properties owned and included in the Company's operations at November 30, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include results from hotel properties disposed of during the period.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.