EXHIBIT 12.1

Ashford Hospitality Trust, Inc.
Ratio of Earnings to Fixed Charges and Preferred Dividends

	Three Months		Twelve Months			Twelve Months		August 29, 2003
	Ended		Ended			Ended		to
	March 31, 2006		December 31, 2005			December 31, 2004		December 31, 2003
Earnings:
Income before minority interest (pre-tax)		6,234,314		2,939,697			2,375,091		(1,843,084	)
Interest expense		11,432,454		34,448,330			9,217,377		374,223
Interest component of operating leases		33,624		112,028			7,998		42,837
Amortization of deferred financing costs		513,776		3,955,767			1,883,841
Total earnings		18,214,168		41,455,822			13,484,307		(1,426,024	)
Fixed Charges:
Interest expense		11,432,454		34,448,330			9,217,377		374,223
Interest component of operating leases		33,624		112,028			7,998
Amortization of deferred financing costs		513,776		3,955,767			1,883,841		42,837
Total fixed charges		11,979,854		38,516,125			11,109,216		417,060
Preferred dividends		2,718,693		9,302,225			1,355,250		—
TOTAL fixed charges and preferred dividends		14,698,547		47,818,350			12,464,466		417,060
Net income before fixed charges		18,214,168		41,455,822			13,484,307		(1,426,024	)
Divided by fixed charges		11,979,854		38,516,125			11,109,216		417,060
Ratio of earnings to fixed charges		1.52		1.08			1.21
Net income before fixed charges		18,214,168		41,455,822			13,484,307
Divided by total fixed charges and preferred dividends		14,698,547		47,818,350			12,464,466
Ratio of earnings to fixed charges and preferred dividends		1.24					1.08
Amount of Coverage Deficiency				(6,362,528	)				(1,843,084	)