DALLAS, April 18, 2024 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today announced that Rob
Hays, the current President and Chief Executive Officer of
Ashford Trust, will be stepping down effective June 30, 2024 after nearly 20 years of dedicated
service to the Company. The Company's current Senior Vice President
of Corporate Finance & Strategy, Stephen Zsigray, will succeed him at that time
to become Ashford Trust's President and Chief Executive Officer.
Mr. Hays will spend the next few months working alongside Stephen
on a smooth transition before pursuing plans to work with his
father on a unique business opportunity in an industry outside of
real estate.
"I've had the pleasure of supporting the Company and our
hospitality business for almost two decades and consider myself
blessed to have guided this wonderful organization over the past
four years. Were it not for this opportunity I have, I would
undoubtedly be at Ashford for the rest of my career," said
Rob Hays, Ashford Trust's current
President and Chief Executive Officer. "I've had the privilege of
working with Stephen for many years. He is an exceptional leader
and a terrific successor, possessing great vision and a deep
understanding of our business and the industry. Ashford Trust
is well positioned for long-term success."
"We are incredibly grateful to Rob for his immense dedication
and commitment to our organization," commented Monty J. Bennett, Ashford Trust's Chairman of
the Board. "Although we're disappointed with his departure, we
fully appreciate and respect his desire to pursue his personal
plans and business endeavors." Mr. Bennett continued, "The Board is
thrilled to have Stephen take on expanded responsibilities
at Ashford Trust. He's played a major role in the Company's
success over the last decade and is a perfect fit to be Rob's
successor. I am confident that the transition to new leadership
will be seamless."
Stephen Zsigray Executive
Bio
Stephen Zsigray currently
serves as Ashford Trust's Senior Vice President of Corporate
Finance & Strategy, a position he has held since May 2020. Mr. Zsigray also heads Ashford Inc.'s
cash management platform and oversees corporate hedging strategy.
Since 2020, Mr. Zsigray has helped the platforms raise more than
$1.2 billion in common and preferred
equity, secure over $1.0 billion in
new corporate and property-level debt financing and negotiated
maturity extensions on over $3.0
billion in mortgage debt. Additionally, Mr. Zsigray
serves as Chief Financial Officer and Treasurer of Stirling Hotels
& Resorts, a position he has held since November 2023.
Mr. Zsigray joined Ashford in 2014 as a trader and portfolio
manager in Ashford's investment management division, and
subsequently served as President and Chief Operating Officer of
OpenKey, an Ashford-affiliated hospitality technology company that
provides digital guest key and access control solutions to hotels
worldwide. Prior to joining the Company, Mr. Zsigray was with UBS
Investment Bank in New York, where
he traded and helped clients structure derivatives across equity,
fixed income, and commodity markets. He began his career with
Deloitte Consulting in St. Louis,
where he advised Fortune 500 clients on issues related to mergers
and acquisitions, business transformation, and process
improvement.
Mr. Zsigray earned a Bachelor of Science in Business
Administration from Saint Louis
University, and graduated from Indiana
University's Kelley School of
Business with an MBA in Finance.
He currently serves on the Advisory Council for the North Texas
Food Bank and has advised a number of non-profit organizations in
the Dallas metroplex. Mr. Zsigray
previously served as an Executive Board Member of the Dallas
Security Traders Association.
* * * * *
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing predominantly in upper upscale,
full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," "could,"
"plan," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to numerous
assumptions and uncertainties, many of which are outside of Ashford
Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to raise sufficient capital to pay off our
strategic debt; our ability to repay, refinance, or restructure our
debt and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; our understanding
of our competition; market trends; projected capital expenditures;
the impact of technology on our operations and business; general
volatility of the capital markets and the market price of our
common stock and preferred stock; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the markets in which we operate, interest rates
or the general economy; and the degree and nature of our
competition. These and other risk factors are more fully discussed
in Ashford Trust's filings with the Securities and Exchange
Commission.
The forward-looking statements included in this press release
are made only as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider these risks when you make an investment decision
concerning our securities. Investors should not place undue
reliance on these forward-looking statements. The Company can give
no assurance that these forward-looking statements will be attained
or that any deviation will not occur. We are not obligated to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or circumstances,
changes in expectations, or otherwise, except to the extent
required by law.
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SOURCE Ashford Hospitality Trust, Inc.