Ashford Hospitality Prime (AHP) saw its loss narrow to $0.01 million, or $0.07 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.13 million, or $0.04 a share.

Revenue during the quarter went down marginally by 2.51 percent to $97.30 million from $99.80 million in the previous year period.

Cost of revenue went down marginally by 2.05 percent or $1.45 million during the quarter to $69.01 million. Gross margin for the quarter contracted 33 basis points over the previous year period to 29.07 percent.

Total expenses were $90.05 million for the quarter, up 1.93 percent or $1.70 million from year-ago period. Operating margin for the quarter contracted 402 basis points over the previous year period to 7.45 percent.

Operating income for the quarter was $7.25 million, compared with $11.45 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $23.72 million compared with $24.76 million in the prior year period. At the same time, adjusted EBITDA margin contracted 44 basis points in the quarter to 24.37 percent from 24.81 percent in the last year period.

Occupancy revenue was $67.42 million for the quarter, down 2.65 percent or $1.83 million. Food and beverage revenue was $24.47 million during the quarter, down 1.58 percent or $0.39 million from year-ago period. Revenue from other hotel operating activities was $5.36 million for the quarter, down 5.01 percent or $0.28 million from year-ago period.

Other income during the quarter was $0.04 million, up 21.21 percent or $0.01 million from year-ago period.

"We are pleased with our first quarter 2017 performance, highlighted by solid growth in AFFO per share of 18% over the prior year,” said Richard J. Stockton, Ashford Prime’s president and chief executive officer. "We continue to focus on maximizing shareholder value and delivering strong operational results and, with the acquisitions of Hotel Yountville and Park Hyatt Beaver Creek Resort & Spa, we are continuing to execute on our refined strategy to meaningfully grow our portfolio within the luxury chain scale segment."

Real estate inventory stood at $1.79 million as on Mar. 31, 2017. Net receivables were at $43.54 million as on Mar. 31, 2017, up 86.55 percent or $20.20 million from year-ago.

Investments stood at $0.41 million as on Mar. 31, 2017, down 90.60 percent or $3.99 million from year-ago.

Total assets grew 7.49 percent or $101.11 million to $1,450.82 million on Mar. 31, 2017. On the other hand, total liabilities were at $926.69 million as on Mar. 31, 2017, up 3.22 percent or $28.92 million from year-ago.

Return on assets moved down 24 basis points to 0.47 percent in the quarter. Return on equity for the quarter stood at negative 0.45 percent as compared to a negative 0.30 percent for the previous year period.