DALLAS-Though total revenues and RevPAR decreased during the first quarter 2010, officials at locally-based Ashford Hospitality Trust Inc. said during an earnings conference call Thursday that they saw a steady increase in room rates from month-to-month during Q1. The self-administered real estate investment trust’s assets include 102 hotels.

The trust reported total revenue decreased by 7.6% for the first quarter to $217 million, from $234.9 million in Q4 2009. Also, revenue per available room decreased 4.1% in Q1.

However, CEO Monty Bennett said during the call that RevPAR turned positive in March. "Over the last three months, we have seen a significant improvement in the lodging industry," he said. "For instance, in our portfolio we experienced a RevPAR decline of 11% in January, a decline of 5% in February, and an increase of almost 3% in March. This is a fairly rapid recovery and a very positive trend."

The REIT also was able to restructure loans and repurchase 5.1 million common shares for $29.1 million in the first quarter, said trust officials. There is one problem property: the company has suspended making mortgage payments on a $5.8 million loan set to mature in January and secured by the Courtyard Hartford-Manchester in Manchester, CT. The loan is now in special servicing and the company intends to seek an extension on the loan.

Bennett said the company remains on track for a targeted capital spend of $87 million for 2010 to selectively upgrade hotels to improve competitive positions in the market. "We also expect to benefit from very limited new supply in our markets," he said.