Ashford Hospitality Trust, Inc. (NYSE:AHT) announced today the resignation of Mr. Kamal Jafarnia from the company's Board of Directors. The departure, effective immediately, follows Mr. Jafarnia's decision based on a significant change in his principal occupation or business association. The announcement comes as AHT's stock has experienced an 8% decline over the past week, according to InvestingPro data.
The company clarified that Mr. Jafarnia's resignation was not due to any disagreements with Ashford (NYSE:AINC) on matters of operations, policies, or practices. As part of the company's director retirement program, Mr. Jafarnia will receive a cash payout of $120,000. This amount reflects $10,000 for each full year of his service on the Board.
Ashford Hospitality Trust, a Maryland-incorporated real estate investment trust, is headquartered in Dallas, Texas. The trust specializes in the hospitality industry and is listed on the New York Stock Exchange under various classes of stock, including common and preferred shares.
In other recent news, Ashford Hospitality Trust reported a moderate increase in revenue per available room (RevPAR) for the fourth quarter of 2024, with a rise of approximately 3.0% compared to the same period in 2023. The company's trailing twelve-month revenue stood at $1.22 billion, and it maintained a strong current ratio of 2.52. On the corporate front, the company announced the upcoming closure of its Series J and Series K non-traded preferred stock offering, having raised approximately $185 million in gross proceeds since 2022.
In addition, Ashford Hospitality Trust has announced a board reshuffle, with Alan Tallis resigning from his position effective from December 31, 2024. This change aligns with the company's broader strategy to streamline operations and enhance financial performance. Furthermore, the company has entered a definitive agreement to sell the Courtyard Boston Downtown for $123 million, a move expected to finalize in January 2025.
During its third-quarter earnings call for 2024, the company's leadership, including CFO Deric Eubanks, President, and CEO Stephen Zsigray, provided updates and made forward-looking statements.
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