---
schema_version: "secwatch.filing_event.v1"
accession: "0001232582-23-000064"
form_type: "8-K"
ticker: "AHT"
cik: "0001232582"
company_name: "ASHFORD HOSPITALITY TRUST INC"
filed_at: "2023-07-07T23:59:59+00:00"
generated_at: "2026-06-13T10:55:23.600128+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ashford Trust defaults on three KEYS loan pools; expects to transfer 19 hotels to lenders

## Summary
- Elected not to extend KEYS Pools A, B & F ($570M+ debt); likely consensual transfer of 19 hotels to lenders.
- Extended Pools C, D & E with paydowns totaling ~$129M; avoids $255M in required paydowns on non-extended pools.
- Non-extended hotels had negative equity: trailing 12-month NOI debt yield 5.6% vs ~8.8% interest rate.
- Net debt to gross assets to decrease by >3 pp; total debt reduced by ~$700M (over 18%).
- Non-extended hotels generated only ~10% of trailing Hotel EBITDA; RevPAR to increase ~3% after removal.

## SEC filing metadata
- accession: 0001232582-23-000064
- form_type: 8-K
- ticker: AHT
- cik: 0001232582
- company_name: ASHFORD HOSPITALITY TRUST INC
- filed_at: 2023-07-07T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.04, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1232582/000123258223000064/0001232582-23-000064-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1232582/000123258223000064/aht-20230707.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001232582-23-000064
- JSON: https://secwatch.observer/filing/0001232582-23-000064.json
- Plain text: https://secwatch.observer/filing/0001232582-23-000064.txt

## Key facts
- Debt Financings
  ASHFORD HOSPITALITY TRUST INC amended loan.
  - Instrument: loan
  - Event: amendment
  source text: The Company has extended its KEYS Pool C loan – secured by five hotels with a paydown of approximately $62 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1232582/000123258223000064/0001232582-23-000064-index.htm
- Debt Financings
  ASHFORD HOSPITALITY TRUST INC amended loan.
  - Instrument: loan
  - Event: amendment
  source text: its KEYS Pool D loan – secured by five hotels with a paydown of approximately $26 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1232582/000123258223000064/0001232582-23-000064-index.htm
- Debt Financings
  ASHFORD HOSPITALITY TRUST INC amended loan.
  - Instrument: loan
  - Event: amendment
  source text: its KEYS Pool E loan – secured by five hotels with a paydown of approximately $41 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1232582/000123258223000064/0001232582-23-000064-index.htm
- Debt Financings
  ASHFORD HOSPITALITY TRUST INC reported a default on loan at approximately 8.8%.
  - Instrument: loan
  - Rate: approximately 8.8%
  - Event: default
  source text: the Company has elected not to make the required paydowns to extend its KEYS Pool A loan – secured by seven hotels, its KEYS Pool B loan – secured by seven hotels, and its KEYS Pool F loan – secured by five hotels
  evidence_url: https://www.sec.gov/Archives/edgar/data/1232582/000123258223000064/0001232582-23-000064-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.