# Stephen Zsigray

> Stephen Zsigray is the Dallas-based president and CEO of Ashford Hospitality Trust, a hotel-focused real estate investment trust. He joined Ashford in 2014 after roles at Deloitte and UBS, later led OpenKey as president and COO, and moved into corporate finance and strategy before becoming CEO in June 2024. His work includes financing, debt restructuring and the GRO AHT operating-improvement initiative; he also serves on the North Texas Food Bank Advisory Council.

- **Role:** President and Chief Executive Officer at Ashford Hospitality Trust
- **Organizations:** Ashford Hospitality Trust, Ashford Inc., Stirling Hotels & Resorts, OpenKey (former), UBS Investment Bank (former), Deloitte Consulting (former), North Texas Food Bank Advisory Council, Dallas Security Traders Association (former board member)
- **Education:** Bachelor of Science in Business Administration, Saint Louis University, MBA in Finance, Indiana University Kelley School of Business
- **Known for:** Helped the Ashford platforms raise more than $1.3 billion in common and preferred equity, secure over $1.1 billion of new debt financing, and negotiate extensions on more than $3.3 billion of mortgage debt, according to his company biography., Served as president and COO of hotel mobile-access company OpenKey., Led Ashford Trust during its February 2025 corporate strategic-financing payoff.

## Career timeline

- **—** — Began his career at Deloitte Consulting in St. Louis, advising Fortune 500 clients.
- **—** — Worked at UBS Investment Bank in New York trading and structuring derivatives.
- **2014** — Joined Ashford as a trader and portfolio manager in its investment management division.
- **—** — Subsequently served as president and COO of OpenKey.
- **2020-05** — Became senior vice president of corporate finance and strategy.
- **2023-11** — Became CFO and treasurer of Stirling Hotels & Resorts.
- **2024-06** — Succeeded Rob Hays as president and CEO of Ashford Hospitality Trust at the end of June.
- **2024-12** — Announced GRO AHT with a $50 million incremental run-rate corporate EBITDA improvement target.
- **2025-02** — Led Ashford Trust when it completed a $580 million refinancing and fully repaid its corporate strategic financing.
- **2025** — Joined the Ashford Hospitality Trust board; the 2026 proxy lists director service since 2025.

## Achievements

- Helped the Ashford platforms raise more than $1.3 billion in common and preferred equity, secure over $1.1 billion of new debt financing, and negotiate extensions on more than $3.3 billion of mortgage debt, according to his company biography.
- Served as president and COO of hotel mobile-access company OpenKey.
- Led Ashford Trust during its February 2025 corporate strategic-financing payoff.

## Latest updates

- **2026-08** — On August 12, Ashford Trust reported Q2 comparable RevPAR growth of 6.6% and comparable Hotel EBITDA growth of 9.6%. Zsigray described operating improvement and continued asset sales to reduce mortgage debt.
- **2026-08** — Ashford announced that an August 7 Highland refinancing addressed its final 2026 maturity and released 14 hotels from a cash sweep.
- **2026-03** — The 2026 proxy listed Zsigray as president, CEO and a director, with board service since 2025.

## Links

- Website: https://www.ahtreit.com/leadership.htm
- LinkedIn: https://www.linkedin.com/in/stephenzsigray

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Profile page: https://yespress.io/stephen-zsigray
Published by YesPress — https://yespress.io
Last updated: 2026-10-23