Ashford Hospitality Trust, Inc. (AHT) saw its loss widen to $22.29 million, or $0.35 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $9.99 million, or $0.20 a share.
Revenue during the quarter dropped 3.82 percent to $353.71 million from $367.77 million in the previous year period.
Cost of revenue dropped 3.93 percent or $10.23 million during the quarter to $249.96 million. Gross margin for the quarter expanded 8 basis points over the previous year period to 29.33 percent.
Total expenses were $321.75 million for the quarter, down 1.41 percent or $4.61 million from year-ago period. Operating margin for the quarter contracted 222 basis points over the previous year period to 9.03 percent.
Operating income for the quarter was $31.96 million, compared with $41.40 million in the previous year period.
Occupancy revenue was $276.70 million for the quarter, down 4.79 percent or $13.91 million. Food and beverage revenue during the quarter was almost stable at $62.85 million, when compared with the previous year period. Revenue from other hotel operating activities was almost stable at $13.77 million, when compared with the previous year period.
"While we are disappointed that a transaction with FelCor did not materialize, we hope our shareholders appreciate the financial and strategic discipline that we showed during this process," commented Douglas A. Kessler, Ashford Trust's president and chief executive officer. "We are solely focused on creating value for our shareholders and are not interested in pursuing transactions simply for the sake of growth."
Real estate inventory stood at $4.49 million as on Mar. 31, 2017. Net receivables were at $82.30 million as on Mar. 31, 2017, up 4.41 percent or $3.47 million from year-ago.
Total assets declined 3.32 percent or $165.46 million to $4,822.62 million on Mar. 31, 2017. On the other hand, total liabilities were at $3,951.72 million as on Mar. 31, 2017, down 3.44 percent or $140.78 million from year-ago.
Return on assets moved down 34 basis points to 0.42 percent in the quarter. Return on equity for the quarter stood at negative 4.38 percent as compared to a negative 2.40 percent for the previous year period.
Debt comes down marginally
Total debt was at $3,720.04 million as on Mar. 31, 2017, down 4.10 percent or $159.18 million from year-ago. Shareholders equity stood at $759.58 million as on Mar. 31, 2017, down 1.41 percent or $10.84 million from year-ago. As a result, debt to equity ratio went down 14 basis points to 4.90 percent in the quarter.
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