• Le Pavillon Hotel in New Orleans   

Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has entered into a new franchise agreement with Marriott International to convert its Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property.

The agreement with Marriott calls for the Hotel to be converted to a Tribute Portfolio property in the first quarter of 2024. The inspirational theme Turning History on its Head will drive the redesign and will bring this iconic historic hotel, with its rich history in the NOLA culture, into the present-day. This vision will be reflected throughout the redesigned property including extensive exterior work upgrading the restaurant, guestrooms, guest bathrooms, corridors as well as reimagining the hotel lobby bar. Every element of the new Sazz Bar will draw inspiration from the deep amber color of the New Orleans staple cocktail -- the Sazerac -- to create a moody, modern bar drenched in hues of red and orange. A lenticular art piece depicting two sides of a common French icon -- a 'serious' and a 'spirited' Napoleon -- will fill the back bar, serving as a reminder of the Hotel and the city's historic ties to French culture and a symbol of the playful side of NOLA.

This planned conversion will create a distinctive theme and style for the luxury Hotel that is commensurate with the distinctive premium brand Tribute Portfolio product. The Company believes that post-conversion, the new Tribute Portfolio property should realize a 10% to 20% RevPAR premium compared to a stabilized pre-conversion basis. Remington Hospitality will continue to be the property manager.

Located in the heart of downtown New Orleans on historic Poydras Street, the 226-room Le Pavillon Hotel is known as the "Belle of New Orleans." It sits adjacent to the historic French Quarter, is located only four blocks from the celebrated music clubs of Bourbon Street and is close to the famous restaurants and antique shops of Royal Street. Originally the site of one of the area's first great plantation homes, the Le Pavillon Hotel was built in 1907 and is a member of Historic Hotels of America.

"With its prime location and proximity to major demand generators in downtown New Orleans, the transformation of this landmark hotel to a Tribute property is expected to elevate the hotel into a desirable niche in the very attractive New Orleans market," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "We remain focused on maximizing the value of our assets and look forward to realizing an enhanced financial performance from this property post conversion."

Tribute Portfolio hotels participate in Marriott Bonvoy™, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit MarriottBonvoy.marriott.com.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.