Ashford Hospitality Trust

The story of Ashford Hospitality Trust begins with deep roots in the hotel industry, tracing back to the work of Archie Bennett Jr., a seasoned hotelier. His son, Monty Bennett, joined the family business, Remington Hotels, in 1992 after graduating from Cornell's prestigious School of Hotel Administration. This father-son duo leveraged decades of experience in hotel investment, development, and management. In 2003, the Bennetts launched Ashford Hospitality Trust (AHT), a Real Estate Investment Trust, or REIT, designed to own a portfolio of upscale hotel properties. Instead of a typical startup journey, AHT’s playbook involved going public almost immediately. In August 2003, the company executed its Initial Public Offering on the New York Stock Exchange, raising over $200 million to acquire hotel assets. Six hotels from the Bennetts' existing company, Remington, were used to seed the new public entity. AHT’s strategy focused on acquiring and managing upscale, full-service hotels across the United States. The company operated by owning the physical hotel real estate and generating revenue from their operations. This model allowed for significant expansion, and by 2015, the company grew its assets under management with a major acquisition of the Highland Hospitality portfolio. The company's journey has been marked by navigating the cyclical nature of the hospitality market and adapting its strategy accordingly.