Ashford Hospitality Trust, Inc. (NYSE:AHT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET


Ashford Hospitality Trust, Inc. (NYSE:AHT) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Ashford Hospitality Trust, Inc. Second Quarter 2020 Results Conference Call. [Operator instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jordan Jennings, Investor Relations for Ashford Hospitality Trust. 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 second quarter of 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; 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 and a press release.

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 July 29, 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 to the second quarter of 2020 with the second 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. I hope everyone has continued to be safe and healthy. And these last several months are unlike anything most of us have experienced in our lifetimes, and these remain challenging times for our country, the economy and, of course, the hospitality industry.

I'll start with the current environment and how Ashford Trust has managed through the pandemic and the early parts of this recovery. And after that, Deric will review our financial results, and Jeremy will provide an operational update on our portfolio. This quarter has been defined by the coronavirus pandemic. And while we have made progress getting our business back up and running, the impact of COVID-19 on the U.S. hospitality industry and the day-to-day operations of our hotels has been profound.

As we discussed on our last earnings call, our response to this pandemic has been swift and comprehensive. We have focused