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Ashford Hospitality Trust At Deutsche Bank 2011 Hospitality And Gaming Conference Call Transcript

Ashford Hospitality Trust Inc. ( AHT)

Ashford Hospitality Trust at Deutsche Bank 2011 Hospitality and Gaming Conference Call

November 10, 2011 04:25 pm ET

Executives

Dave Kimichik - CFO & Treasurer

Deric Eubanks - VP, Operations

Analysts

David Harris - Deutsche Bank

Presentation

David Harris - Deutsche Bank

I am David Harris with Deutsche Bank’s Real Estate Investment Banking practice. I am going to be moderating here. We have Dave Kimichik and Deric Eubanks from Ashford Hospitality. Thanks for coming guys. Just wanted to start off and so it is that everyone here in the room here has an idea, how would you say you guys positioned yourselves relatively speaking, relative to the other REITs in this space.

Dave Kimichik

Well, I think we are a little bit different. We tend to analyze more things, more different kind of things. We for example bought back a lot of stock in 2009-2010. We swapped a lot of debt in 2008 when we saw the recession coming. I think we are like a lot of REITs in certain ways, but we are different in a lot of ways that we like to do things a little bit differently.

David Harris - Deutsche Bank

And your core strategy is to owning hotels and you've got, how large is your portfolio size right now?

Dave Kimichik

We own a 124 hotels, $4.9 billion of assets with the second largest lodging REITs. We are in the hotel business exclusively, but we like to make investments through the whole capital stack of the hotel business.

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