By Connor Hart
Ashford Hospitality Trust said Thursday that its largest property manager, Remington, approved an $11 million cost-savings plan that includes job cuts, reduced travel expenses and changes to its PTO policy.
The real-estate trust, which predominantly invests in high-end hotels, didn't say how many jobs would be cut.
All of the company's property assets are managed by a subsidiary of Ashford, and as a result, the trust doesn't have any employees, according to an annual filing with the Securities and Exchange Commission. As of Dec. 31, Ashford employed 101 full-time domestic employees, as well approximately 8,700 employees across its subsidiaries, according to a recent SEC filing.
The trust said the expense reductions are expected to result in more than $11 million in incremental hotel Ebitda--or earnings before interest, taxes, depreciation and amortization. Combined with previously announced cost-saving efforts, the company expects completed initiatives to contribute more than $30 million a year in incremental Ebitda.
The changes align with the trust's goal to optimize performance and improve financial results, it said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 20, 2025 17:13 ET (21:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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