Ashford Hospitality Trust

Hotels can flex ADR in strong demand periods, and Q2 2026 showed ADR up 5.8 percent with RevPAR up 6.6 percent. Still, this is cyclical and heavily market‑dependent. AHT does not own the brands and pays both base and incentive management fees tied to gross revenue, which constrain the pass‑through of rate improvements to free cash flow.

Structural pricing power is limited compared with monopolistic or duopolistic businesses.