Ashford Hospitality Trust (AHT) said Remington, its largest property manager, has fully implemented steps including property-level headcount reductions to enhance hotel earnings before interest, tax, depreciation, and amortization.
Remington has also reduced travel and centralized expenses as well as contracted services while changing its PTO policy for field associates, the company said.
The moves reflect Remington's "commitment" to help Ashford execute its initiative to achieve $50 million of annual run-rate EBITDA improvement.
The expense reductions are expected to drive over $11 million in incremental hotel EBITDA. Ashford expects its completed initiatives to contribute more than $30 million annually in incremental EBITDA towards the $50 million goal.
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