Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
ASHFORD HOSPITALITY TRUST, INC.
(dollars in thousands)

	Six Months
	Ended
	June 30,			Year Ended December 31,
	2009			2008		2007		2006		2005		2004
Earnings
Income (loss) from continuing operations before provision for income taxes	$	(170,306	)	$	92,349	$	2,127	$	28,337	$	1,653	$	3,973
Amount recorded for (income) loss in unconsolidated joint venture		(1,221	)		2,205		—		—		—		—
Add:
Distributions from equity investment in joint venture		455			1,800		—		—		—		—
Interest on indebtedness		69,076			149,859		129,744		41,155		28,704		7,843
Amortization of debt expense and premium		4,042			6,524		6,097		1,565		3,432		931
Interest component of operating leases		299			622		524		272		112		8
	$	(97,655	)	$	253,359	$	138,492	$	71,329	$	33,901	$	12,755
Fixed charges
Interest on indebtedness	$	69,076		$	149,859	$	129,744	$	41,155	$	28,704	$	7,843
Amortization of debt expense and premium		4,042			6,524		6,097		1,565		3,432		931
Interest component of operating leases		299			622		524		272		112		8
Dividends to Class B unit holders		1,394			2,788		2,883		1,362		—		—
		74,811			159,793		139,248		44,354		32,248		8,782
Preferred stock dividends
Preferred Series A		1,590			4,855		4,916		4,916		4,916		1,352
Preferred Series B-1		2,085			5,735		6,256		5,958		4,387		3
Preferred Series C		—			—		5,166		—		—		—
Preferred Series D		5,986			16,052		7,652		—		—		—
		9,661			26,642		23,990		10,874		9,303		1,355
Combined fixed charges and preferred stock dividends	$	84,472		$	186,435	$	163,238	$	55,228	$	41,551	$	10,137
Ratio of earnings to fixed charges					1.59				1.61		1.05		1.45
Ratio of earnings to combined fixed charges and preferred stock dividends					1.36				1.29				1.26
Deficit (Fixed charges)	$	172,466				$	756
Deficit (Combined fixed charges and preferred stock dividends)	$	182,127				$	24,746			$	7,650