Ashford Hospitality Trust, Inc. (NYSE:AHT) Q1 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 11:00 am ET


Ashford Hospitality Trust, Inc. (NYSE:AHT) Q1 2020 Earnings Conference Call - Final Transcript


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Greetings and welcome to the Ashford Hospitality Trust First Quarter 2020 Results Conference Call.

[Operator Instructions]

I will now turn the conference over to our host, Jordan Jennings, Manager of Investor Relations. Thank you. You may begin.

Jordan Jennings

Good day everyone and welcome to today's conference call to review the results for Ashford Hospitality Trust for the first quarter 2020 and to update you on recent developments. On the call today will be Rob Hays, President and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Jeremy Welter, Chief Operating Officer. The results as well as notice of the accessibility of this conference call on a listen-only basis over the Internet were distributed yesterday afternoon in a press release that has been covered by the financial media.

At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties and known or unknown risks, which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are only made as of the date of this call, and the Company is not obligated to publicly update or revise them.

In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the Company's earnings release and accompanying tables or schedules, which have been filed on Form 8-K with the SEC on May 20, 2020 and may also be accessed through the Company's website at Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release. Also, unless otherwise stated, all reported results discussed in this call compare the first quarter of 2020 with the first quarter of 2019.

I will now turn the call over to Rob Hays. Please go ahead, sir.

J. Robison Hays

Good morning, and welcome to our call. First, I would like to begin by expressing our sincere hope that you and your families are safe and doing well. Our thoughts are with everyone who has been affected by this health crisis. These are challenging times for our country, the economy, and of course, the hospitality industry. Given these trying times, I believe the appropriate starting point for today's call will be to update you on how Ashford Trust is navigating the COVID-19 pandemic. After that, Deric will review our financial results, and then Jeremy will provide an operational update on the portfolio.

We are in unprecedented times and while our results in January and February continued the overall solid trends we had seen over prior quarters, we are now operating in a very different environment. The impact of COVID-19 on the US hospitality industry and our day-to-day operations has been profound. Our response to this