8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): November 4, 2009

(Exact name of registrant as specified in its charter)

Maryland	001-31775	86-1062192
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS employer identification number)

14185 Dallas Parkway, Suite 1100 Dallas, Texas	75254
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code (972) 490-9600

Check the appropriated box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 4, 2009, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing its financial results for its third quarter ended September 30, 2009. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

     Exhibits

99.1 Third Quarter 2009 Earnings Press Release of the Company, dated November 4, 2009

SIGNATURE

Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 4, 2009

ASHFORD HOSPITALITY TRUST, INC.
By:	/s/ David J. Kimichik
David J. Kimichik
Chief Financial Officer

EX-99.1

Exhibit 99.1

The premier capital provider to the hospitality industry TM	NEWS RELEASE

Contact:	David Kimichik	Tripp Sullivan
	Chief Financial Officer	Corporate Communications, Inc.
	(972) 490-9600	(615) 254-7318

ASHFORD HOSPITALITY TRUST REPORTS THIRD QUARTER RESULTS

DALLAS — (November 4, 2009) — Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the third quarter ended September 30, 2009. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company’s 103 hotels owned and included in continuing operations as of September 30, 2009. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2009, with the third quarter ended September 30, 2008 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS AND LIQUIDITY

• Corporate unrestricted cash at the end of the quarter was $197.9 million

• Total revenue decreased 22.7% to $220.6 million from $285.3 million

• Net loss available to common shareholders was $33.6 million, or $0.52 per diluted share, compared with net income of $1.8 million, or $0.01 per diluted share, in the prior-year quarter

• Adjusted funds from operations (AFFO) was $0.18 per diluted share

• Cash available for distribution (CAD) was $0.09 per diluted share

• Fixed charge ratio was 1.60x under the senior credit facility covenant versus a required minimum of 1.25x

• The company expects to close the refinancing of a $75 million loan, its sole 2010 hard debt maturity (excludes the $29 million Hyatt Dearborn loan due in 2010), together with a $65 million loan coming due in 2011.

CAPITAL ALLOCATION

• Repurchased 6.3 million common shares in the quarter for a total of $19.4 million

• Capex invested in the quarter totaled $18.2 million

LOAN IMPAIRMENT CHARGES

During the third quarter of 2009, the Company elected to reserve for the remaining $9.1 million of its $18.2 million first mortgage participation in the Four Seasons Nevis due to additional uninsured costs incurred by the borrower and the delayed re-opening of the resort until 2010. The Company also announced it has signed a definitive agreement with the borrower on the Ritz Carlton Key Biscayne, subject to senior lender approval, to allow for a discounted payoff of the Company’s $33.6 million loan that was to mature in 2017. Ashford will receive $20 million in cash and a $4 million secured note that matures in 2017. The Company will reserve $10.7 million on this loan in anticipation of the discounted payoff. These reserves resulted in a non-cash impairment charge of $19.8 million, or $0.30 per diluted share, in the third quarter of 2009.

CAPITAL STRUCTURE

At September 30, 2009, the Company’s net debt to total gross assets (as defined by the corporate credit facility) was 57.8%. As of September 30, 2009, the Company had $2.8 billion of gross debt with a blended average interest rate of 3.28%. Including its $1.8 billion interest rate swap, 97% of the Company’s debt is variable-rate debt. The Company’s weighted average debt maturity including extension options is 5.3 years and including the $29 million Hyatt Dearborn loan has only $104 million coming due before December 31, 2010 (the balance is in the process of being refinanced).

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14185 Dallas Parkway, Suite 1100, Dallas, TX 75254     Phone: (972) 490-9600

AHT Announces Third Quarter Results
Page 2
November 4, 2009

On July 1, 2009, the Company purchased two, one-year flooridors. The first flooridor, which is for a notional amount of $1.8 billion, is for the period commencing December 14, 2009, and ending December 13, 2010. Under this flooridor, the counterparty will make payments to the Company when LIBOR is below 1.75% but only down to LIBOR of 1.25% such that the counterparty’s liability is capped at LIBOR of 1.25%.

The second flooridor, which is also for a notional amount of $1.8 billion, is for the period commencing December 13, 2010, and ending December 13, 2011. Under this flooridor, the counterparty will make payments to the Operating Partnership when LIBOR is below 2.75% but only down to LIBOR of 0.50% such that the counterparty’s liability is capped at LIBOR of 0.50%. The Company paid a total of $22.3 million in upfront costs for the two flooridors and has no further liability under the flooridors to the counterparties.

On October 13, 2009, the Company purchased an additional flooridor for a notional amount of $2.7 billion with a term commencing October 1, 2009, and ending December 31, 2009. Under this flooridor, the counterparty will make payments to the Operating Partnership when one-month LIBOR is below 2.00% but only down to LIBOR of 1.00% such that the counterparty’s liability is capped at LIBOR of 1.00%. The Company has paid $6.9 million in upfront cost for the flooridor and has no further liability under the flooridor to the counterparty.

PORTFOLIO REVPAR

As of September 30, 2009, the Company had a portfolio of direct hotel investments consisting of 103 properties classified in continuing operations. During the third quarter, 98 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma total basis (all 103 hotels) and proforma not-under-renovation basis (98 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its direct hotel portfolio. The Company’s reporting by region and brand includes the results of all 103 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

• Proforma RevPAR decreased 19.4% for hotels not under renovation on a 12% decrease in ADR to $122.76 and a 626-basis point decline in occupancy

• Proforma RevPAR decreased 19.8% for all hotels on a 12.1% decrease in ADR to $122.25 and a 650-basis point decline in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 98 hotels as of September 30, 2009, that were not under renovation, Proforma Hotel EBITDA decreased 32.8% to $48.6 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) declined 437 basis points to 23.1%. For all 103 hotels included in continuing operations as of September 30, 2009, Proforma Hotel EBITDA decreased 34.2% to $49.8 million and Hotel EBITDA margin decreased 474 basis points to 22.4%.

Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as of the end of the current period. As Ashford’s portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 103 hotels included in continuing operations are provided in the tables attached to this release.

Monty J. Bennett, Chief Executive Officer, commented, “There have been recent signs of life in the broader lodging market, but the operating environment remains incredibly challenging. We continue to tightly manage our cost structure and work with the property management teams to offset the declining RevPAR trends as

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AHT Announces Third Quarter Results
Page 3
November 4, 2009

much as possible through aggressive asset management strategies. Preserving liquidity and eliminating near-term debt maturities are also at the top of our agenda, and we continue to have success in refinancing upcoming maturities, offsetting RevPAR declines with flooridor transactions and allocating capital to maximize long-term shareholder returns.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 5, 2009, at 12 p.m. ET. The number to call for this interactive teleconference is (212) 231-2900. A replay of the conference call will be available through November 12, 2009, by dialing (402) 977-9140 and entering the confirmation number, 21438862.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2009 earnings release conference call. The live broadcast of Ashford’s quarterly conference call will be available online at the Company’s website at www.ahtreit.com on Thursday, November 5, 2009, beginning at 12 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company’s operations. These supplemental measures include FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, Hotel Operating Profit, nor CAD represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD to be meaningful measures of a REIT’s performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

* * * * *

Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company’s web site at www.ahtreit.com.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford’s filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property’s annual net operating income by the purchase price. Net operating income is the property’s funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Funds from operations (“FFO”),

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AHT Announces Third Quarter Results
Page 4
November 4, 2009

as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales or properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

	September 30,			December 31,
	2009			2008
	(Unaudited)
ASSETS
Investment in hotel properties, net	$	3,489,746		$	3,568,215
Cash and cash equivalents		197,920			241,597
Restricted cash		65,270			69,806
Accounts receivable, net		39,471			41,110
Inventories		3,132			3,341
Notes receivable		66,652			212,815
Investment in unconsolidated joint venture		20,319			19,122
Deferred costs, net		19,458			24,211
Prepaid expenses		18,250			12,903
Interest rate derivatives		105,516			88,603
Other assets		4,520			6,766
Intangible assets, net		3,011			3,077
Due from third-party hotel managers		52,428			48,116
Total assets	$	4,085,693		$	4,339,682
LIABILITIES AND EQUITY
Liabilities
Indebtedness	$	2,801,824		$	2,790,364
Capital leases payable		105			207
Accounts payable and accrued expenses		115,335			93,476
Dividends payable		5,527			6,285
Unfavorable management contract liabilities		19,257			20,950
Due to related parties		1,403			2,378
Due to third-party hotel managers		2,024			3,855
Other liabilities		7,908			8,124
Total liabilities		2,953,383			2,925,639
Series B-1 Cumulative Convertible Redeemable Preferred stock, 7,447,865 issued and outstanding		75,000			75,000
Redeemable noncontrolling interests in operating partnership		84,947			107,469
Equity:
Stockholders’ equity of the Company —
Preferred stock, $0.01 par value, 50,000,000 shares authorized
Series A Cumulative Preferred Stock, 1,487,900 shares and 2,185,000 shares issued and outstanding at September 30, 2009 and December 31, 2008		15			22
Series D Cumulative Preferred Stock, 5,666,797 shares and 6,394,347 shares issued and outstanding at September 30, 2009 and December 31, 2008		57			64
Common stock, $0.01 par value, 200,000,000 shares authorized, 122,748,859 shares issued, 63,890,831 shares and 86,555,149 shares outstanding at September 30, 2009 and December 31, 2008		1,227			1,227
Additional paid-in capital		1,434,161			1,450,146
Accumulated other comprehensive loss		(732	)		(860	)
Accumulated deficit		(321,853	)		(124,782	)
Treasury stock, at cost (58,858,028 shares and 36,193,710 shares at September 30, 2009 and December 31, 2008)		(158,430	)		(113,598	)
Total stockholders’ equity of the Company		954,445			1,212,219
Noncontrolling interests in consolidated joint ventures		17,918			19,355
Total equity		972,363			1,231,574
Total liabilities and equity	$	4,085,693		$	4,339,682

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
				(Unaudited)
REVENUE
Rooms	$	167,494		$	208,856		$	516,653		$	642,264
Food and beverage		38,630			53,143			133,864			175,153
Rental income from operating leases		1,236			1,367			3,830			4,239
Other		11,298			12,604			34,940			38,924
Total hotel revenue		218,658			275,970			689,287			860,580
Interest income from notes receivable		1,761			8,801			10,397			15,273
Asset management fees and other		173			510			552			1,953
Total Revenue		220,592			285,281			700,236			877,806
EXPENSES
Hotel operating expenses
Rooms		40,680			47,258			120,427			140,530
Food and beverage		30,284			39,468			97,819			124,237
Other direct		6,565			6,726			19,186			21,218
Indirect		66,792			80,110			205,051			238,405
Management fees		8,649			10,690			27,233			33,726
Total hotel expenses		152,970			184,252			469,716			558,116
Property taxes, insurance, and other		16,023			14,918			46,602			45,776
Depreciation and amortization		38,935			44,406			118,927			126,405
Impairment charges		19,816			—			160,143			—
Corporate general and administrative:
Stock-based compensation		1,139			1,719			3,896			5,188
Other general and administrative		8,118			7,115			19,118			19,715
Total Operating Expenses		237,001			252,410			818,402			755,200
OPERATING (LOSS) INCOME		(16,409	)		32,871			(118,166	)		122,606
Equity in earnings of unconsolidated joint venture		642			491			1,863			2,304
Interest income		56			697			253			1,594
Other income		13,228			3,379			35,140			6,244
Interest expense		(34,704	)		(38,436	)		(103,780	)		(112,004	)
Amortization of loan costs		(1,841	)		(1,434	)		(5,883	)		(4,767	)
Write-off of loan costs, premiums and exit fees, net		—			(1,226	)		930			(1,226	)
Unrealized gain (loss) on derivatives		5,525			12,528			(14,166	)		(38,861	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(33,503	)		8,870			(203,809	)		(24,110	)
Income tax expense		(193	)		(421	)		(585	)		(1,150	)
(LOSS) INCOME FROM CONTINUING OPERATIONS		(33,696	)		8,449			(204,394	)		(25,260	)
Income from discontinued operations		—			1,329			—			15,909
NET (LOSS) INCOME		(33,696	)		9,778			(204,394	)		(9,351	)
Loss (income) from consolidated joint ventures attributable to noncontrolling interests		476			(123	)		629			(2,907	)
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership		4,424			(856	)		25,567			738
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY		(28,796	)		8,799			(178,198	)		(11,520	)
Preferred dividends		(4,831	)		(7,018	)		(14,492	)		(21,054	)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(33,627	)	$	1,781		$	(192,690	)	$	(32,574	)
(LOSS) INCOME PER SHARE — Basic and Diluted:
(Loss) income from continuing operations attributable to common stockholders	$	(0.52	)	$	—		$	(2.67	)	$	(0.40	)
Income from discontinued operations attributable to common stockholders		—			0.01			—			0.12
Net (loss) income attributable to common stockholders	$	(0.52	)	$	0.01		$	(2.67	)	$	(0.28	)
Weighted average common shares outstanding — basic		65,266			115,819			72,167			117,828
Weighted average common shares outstanding — diluted		65,266			115,819			72,167			117,828
Amounts attributable to common stockholders:
Income (loss) from continuing operations, net of tax	$	(28,796	)	$	7,579		$	(178,198	)	$	(26,180	)
Income from discontinued operations, net of tax		—			1,220			—			14,660
Preferred dividends		(4,831	)		(7,018	)		(14,492	)		(21,054	)
Net (loss) income attributable to common stockholders	$	(33,627	)	$	1,781		$	(192,690	)	$	(32,574	)

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO EBITDA
(in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
				(Unaudited)
Net (loss) income	$	(33,696	)	$	9,778		$	(204,394	)	$	(9,351	)
Loss (income) from consolidated joint ventures attributable to noncontrolling interests		476			(123	)		629			(2,907	)
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership		4,424			(856	)		25,567			738
Net (loss) income attributable to the Company		(28,796	)		8,799			(178,198	)		(11,520	)
Interest income		(54	)		(697	)		(245	)		(1,594	)
Interest expense and amortization of loan costs		36,064			39,756			108,226			118,389
Depreciation and amortization		38,140			44,731			116,566			131,716
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership		(4,424	)		856			(25,567	)		(738	)
Income tax expense		193			421			585			1,360
EBITDA		41,123			93,866			21,367			237,613
Amortization of unfavorable management contract liabilities		(565	)		(565	)		(1,694	)		(1,693	)
Gain on sale of properties, net of related income taxes		—			(1,411	)		—			(8,315	)
Write-off of loan costs, premiums and exit fees (1)		—			1,354			(930	)		8
Impairment charges		19,816			—			160,143			—
Income from interest rate derivatives (2)		(11,279	)		(3,379	)		(33,203	)		(6,244	)
Unrealized (gain) loss on derivatives		(5,525	)		(12,528	)		14,166			38,861
Adjusted EBITDA	$	43,570		$	77,337		$	159,849		$	260,230

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (“FFO”)
(in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
				(Unaudited)
Net (loss) income	$	(33,696	)	$	9,778		$	(204,394	)	$	(9,351	)
Loss (income) from consolidated joint ventures attributable to noncontrolling interests		476			(123	)		629			(2,907	)
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership		4,424			(856	)		25,567			738
Preferred dividends		(4,831	)		(7,018	)		(14,492	)		(21,054	)
Net loss attributable to common stockholders		(33,627	)		1,781			(192,690	)		(32,574	)
Depreciation and amortization on real estate		38,071			44,609			116,350			131,351
Gain on sales of hotel properties, net of related income taxes		—			(1,411	)		—			(8,315	)
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership		(4,424	)		856			(25,567	)		(738	)
FFO available to common stockholders		20			45,835			(101,907	)		89,724
Dividends on convertible preferred stock		1,043			1,564			3,128			4,692
Write-off of loan costs, premiums and exit fees (1)		—			1,354			(930	)		8
Impairment charges		19,816			—			160,143			—
Unrealized (gain) loss on derivatives		(5,525	)		(12,528	)		14,166			38,861
Adjusted FFO	$	15,354		$	36,225		$	74,600		$	133,285
Adjusted FFO per diluted share available to common stockholders	$	0.18		$	0.26		$	0.80		$	0.96
Weighted average diluted shares		86,747			137,690			93,424			139,372

(1)	The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the nine months ended September 30, 2009 and $2,086 for the sale of a hotel property for the nine months ended September 30, 2008.
(2)	Cash income from interest rate derivatives is excluded from the adjusted EBITDA calculations for all periods presented, which is a change from prior periods.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CASH AVAILABLE FOR DISTRIBUTION (“CAD”)
(in thousands, except per share amounts)
(Unaudited)

	Three Months						Three Months						Nine Months						Nine Months
	Ended			Per			Ended			Per			Ended			Per			Ended			Per
	September 30,			Diluted			September 30,			Diluted			September 30,			Diluted			September 30,			Diluted
	2009			Share			2008			Share			2009			Share			2008			Share
Net (loss) income attributable to common stockholders	$	(33,627	)	$	(0.39	)	$	1,781		$	0.01		$	(192,690	)	$	(2.06	)	$	(32,574	)	$	(0.23	)
Dividends on convertible preferred stock		1,043			0.01			1,564			0.01			3,128			0.03			4,692			0.03
Total		(32,584	)		(0.38	)		3,345			0.02			(189,562	)		(2.03	)		(27,882	)		(0.20	)
Depreciation and amortization on real estate		38,071			0.44			44,609			0.33			116,350			1.25			131,351			0.94
Net (loss) income attributable to redeemable noncontrolling interests in operating partnership		(4,424	)		(0.05	)		856			0.01			(25,567	)		(0.27	)		(738	)		(0.01	)
Stock-based compensation		1,139			0.01			1,719			0.01			3,896			0.04			5,188			0.04
Amortization of loan costs		1,776			0.02			1,440			0.01			5,679			0.06			4,924			0.04
Write-off of loan costs, premiums and exit fees (1)		—			—			1,354			0.01			(930	)		(0.01	)		8			0.00
Amortization of unfavorable management contract liabilities		(565	)		(0.01	)		(565	)		(0.00	)		(1,694	)		(0.02	)		(1,693	)		(0.01	)
Gain on sales of properties, net of related income taxes		—			—			(1,411	)		(0.01	)		—			—			(8,315	)		(0.06	)
Impairment charge		19,816			0.23			—			0.00			160,143			1.71			—			—
Unrealized (gain) loss on derivatives		(5,525	)		(0.06	)		(12,528	)		(0.09	)		14,166			0.15			38,861			0.28
Capital improvements reserve		(9,570	)		(0.11	)		(11,948	)		(0.09	)		(30,269	)		(0.32	)		(38,061	)		(0.27	)
CAD	$	8,134		$	0.09		$	26,871		$	0.20		$	52,212		$	0.56		$	103,643		$	0.75

(1) The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the nine months ended September 30, 2009 and $2,086 for the sale of a hotel property for the nine months ended September 30, 2008.

4 of 14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT SUMMARY
SEPTEMBER 30, 2009
(dollars in thousands)
(Unaudited)

					Fixed-Rate			Floating-Rate			Total
Indebtedness	Collateral	Maturity	Interest Rate		Debt			Debt			Debt
Mortgage loan	10 hotels	July 2015		5.22 %	$	160,490		$	—		$	160,490
Mortgage loan	5 hotels	February 2016		5.53 %		115,645			—			115,645
Mortgage loan	5 hotels	February 2016		5.53 %		95,905			—			95,905
Mortgage loan	5 hotels	February 2016		5.53 %		83,075			—			83,075
Mortgage loan	8 hotels	December 2014		5.75 %		110,899			—			110,899
Mortgage loan	8 hotels	December 2015		5.70 %		100,576			—			100,576
Senior credit facility	Notes receivable	April 2010	LIBOR + 2.75% to 3.5%			—			250,000	(2) (3)		250,000
Mortgage loan	1 hotel	December 2016		5.81 %		101,000			—			101,000
Mortgage loan	5 hotels	December 2009	LIBOR + 1.72%			—			203,400	(2)		203,400
Mortgage loan	5 hotels	April 2017		5.95 %		115,600			—			115,600
Mortgage loan	7 hotels	April 2017		5.95 %		126,466			—			126,466
Mortgage loan	2 hotels	April 2017		5.95 %		128,251			—			128,251
Mortgage loan	5 hotels	April 2017		5.95 %		103,906			—			103,906
Mortgage loan	5 hotels	April 2017		5.95 %		158,105			—			158,105
Mortgage loan	3 hotels	April 2017		5.95 %		260,980			—			260,980
Mortgage loan	1 hotel	April 2017		5.91 %		35,000			—			35,000
Mortgage loan	10 hotels	May 2010	LIBOR + 1.65%			—			167,202	(2)		167,202
Mortgage loan	1 hotel	January 2011		8.32 %		5,867			—			5,867
Mortgage loan	1 hotel	January 2023		7.78 %		4,900			—			4,900
TIF loan	1 hotel	June 2018		12.85 %		7,783			—			7,783
Mortgage loan	1 hotel	March 2010		5.60 %		29,135	(1)		—			29,135
Mortgage loan	3 hotels	April 2011		5.47 %		65,248			—			65,248
Mortgage loan	4 hotels	March 2010		5.95 %		75,000			—			75,000
Mortgage loan	1 hotel	June 2011	LIBOR + 2%						19,740			19,740
Mortgage loan	2 hotel	August 2011	LIBOR + 2.75%						157,400	(2)		157,400
Mortgage loan	1 hotel	March 2011	LIBOR + 3.75%						52,500	(2)		52,500
Mortgage loan	1 hotel	March 2012	LIBOR + 4%						60,800	(2)		60,800
Mortgage loan	1 hotel	April 2034	Greater of 6% or Prime + 1%						6,951			6,951
Total debt					$	1,883,831		$	917,993		$	2,801,824
Percentage						67.2	%		32.8	%		100.0	%
Weighted average interest rate at September 30, 2009						5.81	%		2.91	%		4.86	%
Total debt with the effect of interest rate swap					$	83,831		$	2,717,993		$	2,801,824
Percentage with the effect of interest rate swap						3.0	%		97.0	%		100.0	%
Weighted average interest rate with the effect of interest rate swap						3.47	%		2.91	%		3.28	%

(1)	We have received a notice of default and acceleration of the loan and are cooperating with the lender for a deed-in-lieu or consensual foreclosure.
(2)	Each of these loans has two one-year extension options.
(3)	Based on the debt-to-assets ratio defined in the loan agreement, interest rate on this debt was at LIBOR plus 3% as of September 30, 2009.

5 of 14

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED
SEPTEMBER 30, 2009
(in thousands)
(Unaudited)

	2009		2010			2011			2012			2013		Thereafter		Total
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1	$	—	$	—		$	—		$	—		$	—	$	160,490	$	160,490
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2		—		—			—			—			—		115,645		115,645
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3															95,905		95,905
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7															83,075		83,075
Mortgage loan secured by eight hotel properties, UBS Pool 1		—		—			—			—			—		110,899		110,899
Mortgage loan secured by eight hotel properties, UBS Pool 2		—		—			—			—			—		100,576		100,576
Secured credit facility		—		250,000	(2)		—			—			—		—		250,000
Mortgage loan secured by Westin O’Hare		—		—			—			—			—		101,000		101,000
Mortgage loan secured by five hotel properties		—		—			203,400			—			—		—		203,400
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 1		—		—			—			—			—		115,600		115,600
Mortgage loan secured by seven hotel properties, Wachovia Fixed Rate Pool 2		—		—			—			—			—		126,466		126,466
Mortgage loan secured by two hotel properties, Wachovia Fixed Rate Pool 3		—		—			—			—			—		128,251		128,251
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 5		—		—			—			—			—		103,906		103,906
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 6		—		—			—			—			—		158,105		158,105
Mortgage loan secured by three hotel properties, Wachovia Fixed Rate Pool 7		—		—			—			—			—		260,980		260,980
Mortgage loan secured by Philadelphia Courtyard, Wachovia Stand-Alone		—		—			—			—			—		35,000		35,000
Mortgage loan secured by 10 hotel properties, Wachovia Floater		—		—			—			167,202			—		—		167,202
Mortgage loan secured by Manchester Courtyard		—		—			5,867			—			—		—		5,867
Mortgage loan secured by Houston Hampton Inn		—		—			—			—			—		4,900		4,900
TIF loan secured by Philadelphia Courtyard		—		—			—			—			—		7,783		7,783
Mortgage loan secured by Dearborn Hyatt Regency		—		29,135	(1)		—			—			—		—		29,135
Mortgage loan secured by three hotel properties		—		—			65,248			—			—		—		65,248
Mortgage loan secured by four hotel properties		—		75,000			—			—			—		—		75,000
Mortgage loan secured by El Conquistador Hilton		—		—			19,740			—			—		—		19,740
Mortgage loan secured by two hotel properties		—		—			157,400	(3)		—			—		—		157,400
Mortgage loan secured by JW Marriott San Francisco		—		—			—			52,500	(2)		—		—		52,500
Mortgage loan secured by Arlington Marriott		—		—			—			—			—		60,800		60,800
Mortgage loan secured by Jacksonville Residence Inn		—		—			—			—			—		6,951		6,951
	$	—	$	354,135		$	451,655		$	219,702		$	—	$	1,776,332	$	2,801,824

NOTE: These maturities assume no event of default would occur.

(1)	We have received a notice of default and acceleration of the loan and are cooperating with the lender for a deed-in-lieu or consensual foreclosure.
(2)	Extensions available but certain coverage tests have to be met.
(3)	Extensions available but certain LTV tests have to be met.

6 of 14

ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS — PRO FORMA
(Unaudited)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2009			2008			% Variance			2009			2008			% Variance
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	171,548		$	213,820			-19.77	%	$	529,716		$	657,903			-19.48	%
RevPAR	$	83.22		$	103.75			-19.79	%	$	86.21		$	106.86			-19.32	%
Occupancy		68.07	%		74.57	%		-6.50	%		66.12	%		73.87	%		-7.75	%
ADR	$	122.25		$	139.12			-12.13	%	$	130.39		$	144.67			-9.87	%

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2009			2008			% Variance			2009			2008			% Variance
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	162,872		$	202,020			-19.38	%	$	502,428		$	621,779			-19.20	%
RevPAR	$	83.99		$	104.21			-19.40	%	$	86.92		$	107.35			-19.03	%
Occupancy		68.42	%		74.68	%		-6.26	%		66.38	%		74.02	%		-7.64	%
ADR	$	122.76		$	139.54			-12.03	%	$	130.94		$	145.03			-9.72	%

Excluded Hotels Under Renovation: Hilton Rye Town, Hilton Nassau Bay, Residence Inn Orlando Sea World, Courtyard Edison, Embassy Suites Orlando Airport

OTHER NOTE:

As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

7 of 14

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)

ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2009			2008			% Variance			2009			2008			% Variance
REVENUE
Rooms	$	171,548		$	213,820			-19.8	%	$	529,716		$	657,903			-19.5	%
Food and beverage		39,428			53,853			-26.8	%		136,164			177,490			-23.3	%
Other		11,172			10,850			3.0	%		34,510			37,375			-7.7	%
Total hotel revenue		222,148			278,523			-20.2	%		700,390			872,768			-19.8	%
EXPENSES
Rooms		41,627			48,341			-13.9	%		123,387			143,817			-14.2	%
Food and beverage		30,817			40,017			-23.0	%		99,404			125,943			-21.1	%
Other direct		6,622			6,792			-2.5	%		19,361			21,410			-9.6	%
Indirect		67,805			79,150			-14.3	%		206,824			237,135			-12.8	%
Management fees, includes base and incentive fees		9,213			13,376			-31.1	%		30,360			40,796			-25.6	%
Total hotel operating expenses		156,084			187,676			-16.8	%		479,336			569,101			-15.8	%
Property taxes, insurance, and other		16,250			15,182			7.0	%		47,259			46,069			2.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		49,814			75,665			-34.2	%		173,795			257,598			-32.5	%
Hotel EBITDA Margin		22.42	%		27.16	%		-4.74	%		24.81	%		29.51	%		-4.70	%
Minority interest in earnings of consolidated joint ventures		1,139			1,676			-32.0	%		4,548			6,368			-28.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	48,675		$	73,989			-34.2	%	$	169,247		$	251,230			-32.6	%

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2009			2008			% Variance			2009			2008			% Variance
REVENUE
Rooms (1)	$	162,872		$	202,020			-19.4	%	$	502,428		$	621,779			-19.2	%
Food and beverage		36,817			50,681			-27.4	%		128,362			167,061			-23.2	%
Other		10,854			10,601			2.4	%		33,580			36,172			-7.2	%
Total hotel revenue		210,543			263,302			-20.0	%		664,370			825,012			-19.5	%
EXPENSES
Rooms (1)		39,227			45,503			-13.8	%		116,441			135,363			-14.0	%
Food and beverage		28,767			37,562			-23.4	%		93,236			117,884			-20.9	%
Other direct		6,362			6,500			-2.1	%		18,583			20,528			-9.5	%
Indirect		63,697			74,503			-14.5	%		194,428			223,083			-12.8	%
Management fees, includes base and incentive fees		8,736			12,745			-31.5	%		28,860			38,831			-25.7	%
Total hotel operating expenses		146,789			176,813			-17.0	%		451,548			535,689			-15.7	%
Property taxes, insurance, and other		15,142			14,199			6.6	%		44,360			43,015			3.1	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		48,612			72,290			-32.8	%		168,462			246,308			-31.6	%
Hotel EBITDA Margin		23.09	%		27.46	%		-4.37	%		25.36	%		29.86	%		-4.50	%
Minority interest in earnings of consolidated joint ventures		1,139			1,676			-32.0	%		4,548			6,368			-28.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	47,473		$	70,614			-32.8	%	$	163,914		$	239,940			-31.7	%

NOTES:
(1)	Excluded Hotels Under Renovation: Hilton Rye Town, Hilton Nassau Bay, Residence Inn Orlando Sea World, Courtyard Edison, Embassy Suites Orlando Airport
(2)	As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

8 of 14

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVPAR BY REGION
(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Region	Hotels		Rooms		2009		2008		% Change			2009		2008		% Change
Pacific (1)		21		5,205	$	103.78	$	132.97		-22.0	%	$	93.50	$	121.86		-23.3	%
Mountain (2)		8		1,704		67.81		82.26		-17.6	%		77.78		104.32		-25.4	%
West North Central (3)		3		690		81.31		102.46		-20.6	%		72.16		91.07		-20.8	%
West South Central (4)		10		2,086		79.65		99.32		-19.8	%		86.09		105.41		-18.3	%
East North Central (5)		10		2,624		61.04		83.59		-27.0	%		58.48		82.28		-28.9	%
East South Central (6)		2		236		74.87		93.07		-19.6	%		78.67		94.13		-16.4	%
Middle Atlantic (7)		9		2,481		85.59		107.01		-20.0	%		84.60		104.06		-18.7	%
South Atlantic (8)		38		7,728		81.37		96.81		-15.9	%		95.25		109.46		-13.0	%
New England (9)		2		159		73.26		87.06		-15.9	%		68.41		87.94		-22.2	%
Total Portfolio		103		22,913	$	83.22	$	103.75		-19.8	%	$	86.21	$	106.86		-19.3	%

(1)	Includes Alaska, California, Oregon, and Washington
(2)	Includes Nevada, Arizona, New Mexico, and Utah
(3)	Includes Minnesota and Kansas
(4)	Includes Texas
(5)	Includes Ohio, Michigan, Illinois, and Indiana
(6)	Includes Kentucky and Alabama
(7)	Includes New York, New Jersey, and Pennsylvania
(8)	Includes Virginia, Florida, Georgia, Maryland, District of Columbia, and North Carolina
(9)	Includes Massachusetts and Connecticut

NOTE: As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

9 of 14

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVPAR BY BRAND
(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Brand	Hotels		Rooms		2009		2008		% Change			2009		2008		% Change
Hilton		34		7,513	$	88.99	$	108.86		-18.3	%	$	92.87	$	114.13		-18.6	%
Hyatt		2		1,014		53.06		74.48		-28.8	%		61.26		91.38		-33.0	%
InterContinental		2		420		127.82		143.38		-10.9	%		129.71		152.46		-14.9	%
Independent		2		317		72.92		65.03		12.1	%		72.12		55.59		29.7	%
Marriott		57		11,714		80.98		101.14		-19.9	%		85.85		105.04		-18.3	%
Starwood		6		1,935		80.66		111.01		-27.3	%		67.67		94.78		-28.6	%
Total Portfolio		103		22,913	$	83.22	$	103.75		-19.8	%	$	86.21	$	106.86		-19.3	%

NOTE: As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

10 of 14

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT BY REGION
(dollars in thousands)
(Unaudited)

					Three Months Ended													Nine Months Ended
	Number of		Number of		September 30,													September 30,
Region	Hotels		Rooms		2009		% Total			2008		% Total			% Change			2009		% Total			2008		% Total			% Change
Pacific (1)		21		5,205	$	16,721		33.6	%	$	26,196		34.6	%		-36.2	%	$	43,161		24.8	%	$	70,801		27.5	%		-39.0	%
Mountain (2)		8		1,704		1,490		3.0	%		2,600		3.4	%		-42.7	%		10,621		6.1	%		18,586		7.2	%		-42.9	%
West North Central (3)		3		690		2,209		4.4	%		2,952		3.9	%		-25.2	%		5,091		2.9	%		7,503		2.9	%		-32.1	%
West South Central (4)		10		2,086		4,771		9.6	%		5,974		7.9	%		-20.1	%		18,039		10.4	%		23,261		9.0	%		-22.4	%
East North Central (5)		10		2,624		3,099		6.2	%		7,769		10.3	%		-60.1	%		7,212		4.1	%		22,477		8.7	%		-67.9	%
East South Central (6)		2		236		626		1.2	%		848		1.1	%		-26.2	%		2,050		1.2	%		2,602		1.0	%		-21.2	%
Middle Atlantic (7)		9		2,481		5,282		10.6	%		8,333		11.0	%		-36.6	%		15,436		8.9	%		23,822		9.3	%		-35.2	%
South Atlantic (8)		38		7,728		15,235		30.6	%		20,538		27.2	%		-25.8	%		71,386		41.1	%		87,190		33.9	%		-18.1	%
New England (9)		2		159		381		0.8	%		455		0.6	%		-16.3	%		799		0.5	%		1,356		0.5	%		-41.1	%
Total Portfolio		103		22,913	$	49,814		100.0	%	$	75,665		100.0	%		-34.2	%	$	173,795		100.0	%	$	257,598		100.0	%		-32.5	%

(1)	Includes Alaska, California, Oregon, and Washington
(2)	Includes Nevada, Arizona, New Mexico, and Utah
(3)	Includes Minnesota and Kansas
(4)	Includes Texas
(5)	Includes Ohio, Michigan, Illinois, and Indiana
(6)	Includes Kentucky and Alabama
(7)	Includes New York, New Jersey, and Pennsylvania
(8)	Includes Virginia, Florida, Georgia, Maryland, District of Columbia, and North Carolina
(9)	Includes Massachusetts and Connecticut

NOTE: As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)

98 HOTELS NOT UNDER RENOVATION AND INCLUDED IN CONTINUING OPERATIONS AT SEPTEMBER 30, 2009 AS IF SUCH HOTELS WERE OWNED AS OF THE BEGINNING OF THE PERIODS PRESENTED:

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:

3rd Quarter 2009	23.09	%
3rd Quarter 2008	27.46	%
Variance	-4.37	%

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:

Rooms	-1.30	%
Food & Beverage and Other Departmental	0.05	%
Administrative & General	-0.60	%
Sales & Marketing	0.01	%
Hospitality	-0.05	%
Repair & Maintenance	-0.38	%
Energy	-0.57	%
Franchise Fee	-0.17	%
Management Fee	-0.05	%
Incentive Management Fee	0.74	%
Insurance	-0.48	%
Property Taxes	-1.17	%
Other Taxes	-0.16	%
Leases/Other	-0.24	%
Total	-4.37	%

NOTE: As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all operating results related to this hotel are reflected, which is consistent with the Company’s other hotels.

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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA SEASONALITY TABLE
(dollars in thousands)
(Unaudited)

ALL 103 HOTELS OWNED AND INCLUDED IN CONTINUING OPERATIONS AS OF SEPTEMBER 30, 2009:

	2009			2009			2009			2008
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Total Hotel Revenue	$	222,148		$	241,684		$	236,560		$	292,566		$	992,958
Hotel EBITDA	$	49,814		$	62,054		$	61,928		$	75,069		$	248,865
Hotel EBITDA Margin		22.4	%		25.7	%		26.2	%		25.7	%		25.1	%
EBITDA % of Total TTM		20.0	%		24.9	%		24.9	%		30.2	%		100.0	%
JV Interests in EBITDA	$	1,139		$	1,839		$	1,570		$	1,732		$	6,280

NOTE: As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro-forma table, all operating results related to this hotel are reflected, which is consistent with the Company’s other hotels.

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ASHFORD HOSPITALITY TRUST, INC.
Capital Expenditures Calendar
103 Core Hotels (a)
(Unaudited)

2009

2010

Actual

Actual

Actual

Estimated

Estimated

Estimated

Estimated

Estimated

Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Sheraton Anchorage

370

x

x

Marriott Legacy Center

404

x

x

Hilton Rye Town

446

x

x

x

Hilton Nassau Bay — Clear Lake

243

x

x

x

x

Residence Inn Orlando Sea World

350

x

x

Courtyard Edison

146

x

x

Embassy Suites Orlando Airport

174

x

x

Embassy Suites Portland — Downtown

276

x

x

Hilton La Jolla Torrey Pines

296

x

x

Marriott Bridgewater

347

x

x

x

Capital Hilton

408

x

x

x

x

Hilton Costa Mesa

486

x

x

Hilton Tucson El Conquistador Golf Resort

428

x

Courtyard Louisville Airport

150

x

Embassy Suites Crystal City — Reagan Airport

267

x

Embassy Suites Philadelphia Airport

263

x

Hilton Minneapolis Airport

300

x

x

Marriott Seattle Waterfront

358

x

Sheraton Minneapolis West

222

x

Westin O’Hare

525

x

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2009 and 2010 are included in this table.

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