Ashford Hospitality Trust

CEO Stephen Zsigray is relatively new in the role and has pursued balance‑sheet actions and asset sales. The long‑tenured CFO retired in March 2026 and the Chief Accounting Officer now serves as principal financial officer, adding transition risk.

Governance is complicated by the external advisor and related‑party relationships, including hotel management by a subsidiary of the advisor. We prefer founder‑owner alignment at the operating company level, which is not present for AHT common stockholders.