Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment

The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations (in thousands):


	Three Months Ended March 31,
		2026		2025
REVENUE
Rooms		$	200,025	$	206,301
Food and beverage		51,570		54,529
Other hotel revenue		15,983		16,220
Total hotel revenue		267,578		277,050


EXPENSES
Rooms		46,190		47,790
Food and beverage		34,300		35,726
Direct expenses		2,053		2,193
Indirect expenses:
Property, general and administration		23,642		24,841
Sales and marketing		27,549		28,970
Information and telecommunications systems		4,301		4,718
Repairs and maintenance		12,488		13,389
Energy		10,408		10,125
Lease expense		1,168		1,263
Ownership expenses		584		589
Incentive management fee		4,189		3,666
Management fees		9,184		9,578
Property taxes		9,154		10,094
Other taxes (refunds)		120		119
Insurance		5,443		5,516
Total expenses		190,773		198,577
Hotel adjusted EBITDA		$	76,805	$	78,473


	Three Months Ended March 31,
		2026		2025
Reconciliation of hotel adjusted EBITDA to net income (loss)











Hotel adjusted EBITDA		$	76,805	$	78,473
Other revenue		154		309


Ownership expenses included in food and beverage expense		(83)		—
Ownership expenses included in other hotel expenses		(4,891)		(5,356)
Ownership expenses included in property taxes, insurance and other		(177)		(320)
Management fees		(100)		(270)
Depreciation and amortization		(32,006)		(37,339)
Impairment charges		(112,649)		—
Advisory services fee		(20,023)		(11,545)

Corporate, general, and administrative		(1,602)		(4,332)
Gain (loss) on disposition of assets and hotel properties		100,030		31,868
Gain (loss) on derecognition of assets		7,790		10,046
Equity in earnings (loss) of unconsolidated entities		(202)		(431)
Interest income		922		1,214
Other income (expense), net		3,223		—
Interest expense and amortization of discounts and loan costs		(73,554)		(66,802)
Interest expense associated with hotels in receivership		(7,820)		(10,046)
Write-off of premiums, loan costs and exit fees		(1,254)		(4,597)
Gain (loss) on extinguishment of debt		(25)		(13)

Realized and unrealized gain (loss) on derivatives		757		(2,740)
Income tax (expense) benefit		(752)		(317)
Net income (loss)		$	(65,457)	$	(22,198)

Schedule of Reconciliation of Revenue from Segments to Consolidated

The following table reconciles segment total revenue to total consolidated revenue:


	Three Months Ended March 31,
		2026		2025


Consolidated total hotel revenue		$	267,578	$	277,050
Other revenue		154		309
Total consolidated revenue		$	267,732	$	277,359

ASHFORD HOSPITALITY TRUST INC 10-Q