Form 8-K

8-K — ASHFORD HOSPITALITY TRUST INC

Accession: 0001232582-26-000127

Filed: 2026-05-22

Period: 2026-05-19

CIK: 0001232582

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Completion of Acquisition or Disposition of Assets

Item: Financial Statements and Exhibits

Documents

8-K — aht-20260519.htm (Primary)

EX-99.1 (ahtlakewayproformas.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: aht-20260519.htm · Sequence: 1

aht-20260519

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): May 19, 2026

ASHFORD HOSPITALITY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland 001-31775 86-1062192

(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS employer identification number)

14185 Dallas Parkway, Suite 1200

Dallas

Texas 75254

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock AHT New York Stock Exchange

Preferred Stock, Series D AHT-PD New York Stock Exchange

Preferred Stock, Series F AHT-PF New York Stock Exchange

Preferred Stock, Series G AHT-PG New York Stock Exchange

Preferred Stock, Series H AHT-PH New York Stock Exchange

Preferred Stock, Series I AHT-PI New York Stock Exchange

Preferred Stock Repurchase Rights New York Stock Exchange

ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

On May 19, 2026, Ashford Lakeway LP, an indirect wholly owned subsidiary of Ashford Hospitality Trust, Inc. (the “Company”), completed the sale of the Lakeway Resort and Spa located in Austin, Texas pursuant to an Agreement of Purchase and Sale, dated as of February 10, 2026, as reinstated and amended by that certain Reinstatement and First Amendment to Agreement of Purchase and Sale, dated as of March 18, 2026, by and between Ashford Lakeway LP, as seller, and Trestle Studio LLC, as purchaser, for $37.75 million in cash, subject to customary pro-rations and adjustments.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(b) The unaudited pro forma financial information for the Company as of and for the three months ended March 31, 2026 and for the year ended December 31, 2025, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d) Exhibits

Exhibit Number Description

99.1 Unaudited Pro Forma Financial Information of Ashford Hospitality Trust, Inc.

101 Inline Interactive Data Files.

104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ASHFORD HOSPITALITY TRUST, INC.

Dated: May 22, 2026 By: /s/ Justin Coe

Justin Coe

Chief Accounting Officer

EX-99.1

Filename: ahtlakewayproformas.htm · Sequence: 2

Document

EXHIBIT 99.1

On May 19, 2026, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) completed the sale of the 168-room Lakeway Resort and Spa located in Austin, Texas (“Lakeway”) for total consideration of approximately $37.2 million in cash, net of selling expenses. Additionally, the Company paid approximately $36.3 million to the mortgage lender. The mortgage loan is secured by 16 hotels including Lakeway.

The following unaudited pro forma financial information of the Company, as of and for the three months ended March 31, 2026, and for the year ended December 31, 2025, has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on March 31, 2026. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2025, and the three months ended March 31, 2026, assumes the disposition closed on January 1, 2025. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of Lakeway and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain and the related tax effects resulting from the disposition of Lakeway are preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

March 31, 2026

(in thousands, except share and per share amounts)

Ashford Trust Consolidated

Historical (A) Lakeway (B) Adjustments Ashford Trust

Consolidated

Pro Forma

ASSETS

Investments in hotel properties, gross ($82,787 attributable to VIEs) $ 2,617,922 $ — $ — $ 2,617,922

Accumulated depreciation ($(6,594) attributable to VIEs) (810,924) — — (810,924)

Investments in hotel properties, net ($76,193 attributable to VIEs) 1,806,998 — — 1,806,998

Contract asset 335,979 — — 335,979

Cash and cash equivalents ($1,011 attributable to VIEs) 78,042 — 37,238 (C) (i) 77,436

(1,534) (C) (i)

(36,310) (C) (ii)

Restricted cash ($4,203 attributable to VIEs) 141,203 — — 141,203

Accounts receivable ($170 attributable to VIEs), net of allowance of $435 43,426 — — 43,426

Inventories ($34 attributable to VIEs) 3,106 — — 3,106

Notes receivable, net 12,486 — — 12,486

Investments in unconsolidated entities 7,063 — — 7,063

Deferred costs, net ($79 attributable to VIEs) 1,210 — — 1,210

Derivative assets 1,212 — — 1,212

Operating lease right-of-use assets 41,035 — — 41,035

Prepaid expenses and other assets ($153 attributable to VIEs) 53,235 — — 53,235

Due from third-party hotel managers 24,535 — — 24,535

Assets held for sale 55,779 22,656 — 33,123

Total assets $ 2,605,309 $ 22,656 $ (606) $ 2,582,047

LIABILITIES AND EQUITY/DEFICIT

Liabilities:

Indebtedness, net ($15,910 attributable to VIEs) $ 2,287,163 $ — $ (3,308) (C) (ii) $ 2,283,855

Debt associated with hotels in receivership 252,000 — — 252,000

Finance lease liability 17,417 — — 17,417

Accounts payable and accrued expenses ($15,427 attributable to VIEs) 140,837 — — 140,837

Accrued interest payable ($151 attributable to VIEs) 31,787 — — 31,787

Accrued interest associated with hotels in receivership 83,979 — — 83,979

Dividends and distributions payable 4,247 — — 4,247

Due to Ashford Inc., net 65,638 — — 65,638

Due to related parties, net ($3,517 attributable to VIEs) 12,319 — — 12,319

Due to third-party hotel managers 1,306 — — 1,306

Operating lease liabilities 44,042 — — 44,042

Other liabilities ($28,919 attributable to VIEs) 36,695 — —

36,695

Liabilities related to assets held for sale 66,613 34,555 — 32,058

Total liabilities 3,044,043 34,555 (3,308) 3,006,180

Commitments and contingencies

Redeemable noncontrolling interests in operating partnership 19,945 — — 19,945

Series J Redeemable Preferred Stock, $0.01 par value, 7,684,197 shares issued and outstanding at March 31, 2026 183,655 — — 183,655

Series K Redeemable Preferred Stock, $0.01 par value, 731,102 shares issued and outstanding at March 31, 2026 18,591 — — 18,591

Series L Redeemable Preferred Stock, $0.01 par value, 238,191 shares issued and outstanding at March 31, 2026 5,547 — — 5,547

Series M Redeemable Preferred Stock, $0.01 par value, 550,888 shares issued and outstanding at March 31, 2026 13,831 — — 13,831

Equity (deficit):

Preferred stock, $0.01 par value, 55,000,000 shares authorized:

Series D Cumulative Preferred Stock, 1,111,127 shares issued and outstanding at March 31, 2026 11 — — 11

Series F Cumulative Preferred Stock, 1,037,044 shares issued and outstanding at March 31, 2026 10 — — 10

Series G Cumulative Preferred Stock, 1,470,948 shares issued and outstanding at March 31, 2026 15 — — 15

Series H Cumulative Preferred Stock, 1,037,956 shares issued and outstanding at March 31, 2026 10 — — 10

Series I Cumulative Preferred Stock, 1,034,303 shares issued and outstanding at March 31, 2026 11 — — 11

Common stock, $0.01 par value, 395,000,000 shares authorized, 6,476,491 shares issued and outstanding at March 31, 2026 65 — — 65

Additional paid-in capital 2,402,044 (11,899) 21,898 (C) (i) 2,402,044

(1,534) (C) (i)

(32,263) (C) (ii)

Accumulated deficit (3,097,325) — 15,340 (C) (i) (3,082,724)

(739) (C) (ii)

Total stockholders’ equity (deficit) of the Company (695,159) (11,899) 2,702 (680,558)

Noncontrolling interest in consolidated entities 14,856 — — 14,856

Total equity (deficit) (680,303) (11,899) 2,702 (665,702)

Total liabilities and equity/deficit $ 2,605,309 $ 22,656 $ (606) $ 2,582,047

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(A)Represents the historical consolidated balance sheet of Ashford Trust as of March 31, 2026, as reported in its Quarterly Report on Form 10-Q, filed on May 14, 2026.

(B)Represents the removal of the historical balance sheet of Lakeway as of March 31, 2026.

(C)Represents adjustments for Ashford Trust’s disposition of Lakeway as of March 31, 2026, which includes: (i) an adjustment for the cash consideration received of approximately $37.2 million, net of selling expenses and cash paid for hotel net working capital and (ii) the cash paid to repay the mortgage loan partially secured by Lakeway.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended December 31, 2025

(in thousands, except per share amounts)

Ashford Trust Consolidated

Historical (A) Lakeway (B) Adjustments Ashford Trust

Consolidated

Pro Forma

REVENUE

Rooms $ 825,623 $ 6,371 $ — $ 819,252

Food and beverage 207,588 5,217 — 202,371

Other hotel revenue 69,643 1,971 — 67,672

Total hotel revenue 1,102,854 13,559 — 1,089,295

Other 1,534 — — 1,534

Total revenue 1,104,388 13,559 — 1,090,829

EXPENSES

Hotel operating expenses:

Rooms 198,106 1,763 — 196,343

Food and beverage 139,828 3,363 — 136,465

Other expenses 392,070 5,058 — 387,012

Management fees 38,264 400 — 37,864

Total hotel expenses 768,268 10,584 — 757,684

Property taxes, insurance and other 59,793 480 — 59,313

Depreciation and amortization 141,295 1,550 — 139,745

Impairment charges 67,648 — — 67,648

Advisory services fee 49,039 — — 49,039

Corporate, general and administrative 20,783 — — 20,783

Total operating expenses 1,106,826 12,614 — 1,094,212

Gain (loss) on consolidation of VIE and disposition of assets and hotel properties

79,799 — 15,340 (C) (i) 95,139

Gain (loss) on derecognition of assets 39,054 — — 39,054

OPERATING INCOME (LOSS) 116,415 945 15,340 130,810

Equity in earnings (loss) of unconsolidated entities (325) — — (325)

Interest income 4,739 — — 4,739

Interest expense and amortization of discounts and loan costs (256,229) (3,375) — (252,854)

Interest expense associated with hotels in receivership (39,038) — — (39,038)

Write-off of premiums, loan costs and exit fees (8,853) (135) (739)

(9,457)

Gain (loss) on extinguishment of debt 335 — — 335

Realized and unrealized gain (loss) on derivatives (5,346) — — (5,346)

INCOME (LOSS) BEFORE INCOME TAXES (188,302) (2,565) 14,601 (171,136)

Income tax (expense) benefit 143 — — 143

NET INCOME (LOSS) (188,159) (2,565) 14,601 (170,993)

(Income) loss attributable to noncontrolling interest in consolidated entities 5,058 — — 5,058

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 3,262 — (245) (C) (iv) 3,017

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (179,839) (2,565) 14,356 (162,918)

Preferred dividends (28,216) — — (28,216)

Deemed dividends on redeemable preferred stock (6,949) — — (6,949)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (215,004) $ (2,565) $ 14,356 $ (198,083)

INCOME (LOSS) PER SHARE - BASIC:

Net income (loss) attributable to common stockholders $ (35.99) $ (33.16)

Weighted average common shares outstanding—basic 5,974 5,974

INCOME (LOSS) PER SHARE - DILUTED:

Net income (loss) attributable to common stockholders $ (35.99) $ (33.16)

Weighted average common shares outstanding—diluted 5,974 5,974

See accompanying notes.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended March 31, 2026

(in thousands, except per share amounts)

Ashford Trust Consolidated

Historical (A) Lakeway (B) Adjustments Ashford Trust

Consolidated

Pro Forma

REVENUE

Rooms $ 200,025 $ 1,276 $ — $ 198,749

Food and beverage 51,570 1,203 — 50,367

Other hotel revenue 15,983 377 — 15,606

Total hotel revenue 267,578 2,856 — 264,722

Other 154 — — 154

Total revenue 267,732 2,856 — 264,876

EXPENSES

Hotel operating expenses:

Rooms 46,190 349 — 45,841

Food and beverage 34,383 799 — 33,584

Other expenses 91,273 1,107 — 90,166

Management fees 9,284 83 — 9,201

Total hotel expenses 181,130 2,338 — 178,792

Property taxes, insurance and other 14,894 169 — 14,725

Depreciation and amortization 32,006 324 — 31,682

Impairment charges 112,649 — — 112,649

Advisory services fee 20,023 — — 20,023

Corporate, general and administrative 1,602 — — 1,602

Total operating expenses 362,304 2,831 — 359,473

Gain (loss) on disposition of assets and hotel properties 100,030 — — 100,030

Gain (loss) on derecognition of assets 7,790 — — 7,790

OPERATING INCOME (LOSS) 13,248 25 — 13,223

Equity in earnings (loss) of unconsolidated entities (202) — — (202)

Interest income 922 — — 922

Other income (expense) 3,223 — — 3,223

Interest expense and amortization of discounts and loan costs (73,554) (873) — (72,681)

Interest expense associated with hotels in receivership (7,820) — — (7,820)

Write-off of premiums, loan costs and exit fees (1,254) — — (1,254)

Gain (loss) on extinguishment of debt (25) — — (25)

Realized and unrealized gain (loss) on derivatives 757 — — 757

INCOME (LOSS) BEFORE INCOME TAXES (64,705) (848) — (63,857)

Income tax (expense) benefit (752) — 13 (C) (iii) (739)

NET INCOME (LOSS) (65,457) (848) 13 (64,596)

(Income) loss attributable to noncontrolling interest in consolidated entities 655 — — 655

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,030 — (12) (C) (iv) 1,018

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (63,772) (848) 1 (62,923)

Preferred dividends (2,714) — — (2,714)

Deemed dividends on redeemable preferred stock (4,600) — — (4,600)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (71,086) $ (848) $ 1 $ (70,237)

INCOME (LOSS) PER SHARE - BASIC:

Income (loss) attributable to common stockholders $ (11.03) $ (10.90)

Weighted average common shares outstanding—basic 6,442 6,442

INCOME (LOSS) PER SHARE - DILUTED:

Income (loss) attributable to common stockholders $ (11.03) $ (10.90)

Weighted average common shares outstanding—diluted 6,442 6,442

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(A)Represents the historical consolidated statement of operations of Ashford Trust for the year ended December 31, 2025, as reported in its Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 23, 2026 and the historical consolidated statement of operations of Ashford Trust for the three months ended March 31, 2026, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed on May 14, 2026.

(B)Represents the removal of the historical consolidated statements of operations of Lakeway for the year ended December 31, 2025 and the three months ended March 31, 2026.

(C)Represents adjustments for the Company’s sale of Lakeway, which includes: (i) the estimated non-recurring gain on the disposition of Lakeway for the year ended December 31, 2025; (ii) an adjustment for write off of loan costs; (iii) an adjustment for the estimated tax effect of the hotel no longer being part of the consolidated group for the three months ended March 31, 2026; and (iv) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of Lakeway, including the estimated non-recurring gain for the year ended December 31, 2025, based on an ownership percentage of 1.43% for the year ended December 31, 2025 and 1.43% for the three months ended March 31, 2026. There was no material estimated tax effect of the hotel no longer being part of the consolidated group for the year ended December 31, 2025. The pro forma gain resulting from the disposition of Lakeway is preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.

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No definition available.

+ Details

Name:

dei_NoTradingSymbolFlag

Namespace Prefix:

dei_

Data Type:

dei:trueItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember

Namespace Prefix:

Data Type:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember

Namespace Prefix:

Data Type:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

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- Details

Name:

us-gaap_StatementClassOfStockAxis=aht_SeriesIPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=aht_PreferredStockRepurchaseRightsMember

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