Ashford CEO Stephen Zsigray Receives Retention Package

The board forms special committee to explore value-creating alternatives amid halt to redemptions and offerings.

December 11, 2025

Leadership commitment backed by long-term structure

Ashford Hospitality Trust is locking in leadership as it kicks off a company-wide review of strategic options. On December 9, 2025, the firm’s external advisor finalized a new employment agreement with President and CEO Stephen Zsigray. At the same time, Ashford Inc. and the company entered into a retention agreement that puts a long-term compensation structure in place through March 2029.

Under the agreement, Zsigray will receive monthly retention payments of $354,166.67 —provided he continues in his role. If he resigns without good reason or no longer serves as CEO, those payments stop. But if the Advisor terminates the agreement or Zsigray steps down for good reason, all remaining payments accelerate and are due within 30 days. Payments also continue in the event of death or disability, with Ashford Inc. guaranteeing a portion of the total obligation.

To support the arrangement, Ashford also entered into a limited waiver that allows it to reimburse the Advisor for any severance or non-compete payments tied to Zsigray’s employment. Those potential payouts vary based on the exit scenario and include:

• 5x base salary for termination without cause or resignation for good reason within a year of a change in control


• 2.5x base salary plus COBRA reimbursement for death, disability, or voluntary resignation


• Pro-rated bonus eligibility and equity vesting under specified conditions

Stock offerings halted as company reassesses direction

Alongside the compensation updates, the company’s board has halted the primary offerings of its Series L and M Preferred Stock. However, both classes will remain available through Ashford’s dividend reinvestment plan.

The board also suspended all redemptions across four classes of preferred stock—Series J, K, L, and M—effective immediately.

Independent committee to lead strategic review

These decisions are being made as the company begins a deeper evaluation of its long-term direction. A newly formed special committee made up of independent directors will take the lead. Their mandate: explore strategic alternatives that could unlock value for shareholders and position the company for what comes next.