Ashford Hospitality Trust, Inc.

AI-generated fair value estimate for this company.

Method: Asset-based NAV / EV-EBITDA waterfall: FY2026E Adjusted EBITDAre approximately $240M x 8.5x peer hotel-REIT EV/EBITDA multiple = ~$2,040M implied enterprise value. Less total debt $1,971.7M and cash $72.5M (net debt $1,899.2M) = ~$140.8M residual EV over debt. Less total preferred stock liquidation preference (~$819.6M across Series D/F/G/H/I/J/K/L, senior to common) leaves a residual common-equity value of roughly -$679M, i.e. effectively $0.00/share on a fully diluted basis given limited liability.

Reasoning: AHT has a stockholders' deficit of -$570.9M and a debt-plus-preferred stack that, even under a generous EV/EBITDA multiple in line with healthy hotel-REIT peers, exceeds asset value. A standard waterfall/NAV method (not a DCF, which is meaningless with negative equity and suspended preferred dividends) shows common equity has essentially no NAV-based intrinsic value; the market price reflects speculative option value on a leverage-driven turnaround, not asset backing.