EXHIBIT 12.1

Ashford Hospitality Trust, Inc.

Ratio of Earnings to Fixed Charges

	Six Months			August 29, 2003
	Ended			to
	June 30, 2004			December 31, 2003
Earnings:
Income before minority interest (pre-tax)		2,905,530			(1,843,084	)
Interest expense		2,410,412			374,223
Amortization of deferred financing costs		349,311			42,837
Minority interest		(500,264	)		—
Total earnings		5,164,989			(1,426,024	)
Fixed Charges:
Interest expense		2,410,412			374,223
Amortization of deferred financing costs		349,311			42,837
Total fixed charges		2,759,723			417,060
Net income before fixed charges		5,164,989			(1,426,024	)
Divided by fixed charges		2,759,723			417,060
Ratio of earnings to fixed charges		1.87
Amount of Coverage Deficiency					(1,843,084	)