Why Ashford Hospitality Trust Stock Jumped Over 10% Today
Shares of hotel real estate investment trust (REIT) Ashford Hospitality Trust (NYSE: AHT) Were higher by nearly 14% at one point during the trading day on Oct. 27. However, by the close, they had given back some of that advance, and were up about 9% or so. The big news was the company's third-quarter earnings release, which hit the market after the close of trading on Oct. 26.
Revenue per available room night was up 166% on a 100% increase in hotel occupancy in the third quarter of 2021 compared to the third quarter of the prior year. The company's revenue, which includes both room rents and hospitality income, was roughly $93 million in the third quarter of 2020 but was $247 million in the same period of the current year. Clearly, Ashford Hospitality's business is on the mend, with management noting particular strength in "weekend leisure demand."
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Source Fool.com
