exv99w1

NEWS RELEASE


Contact:		Doug Kessler Chief Operating Officer (972) 490-9600		Tripp Sullivan Corporate Communications, Inc. (615) 254-3376

ASHFORD HOSPITALITY TRUST REPORTS THIRD QUARTER RESULTS,
$225 MILLION OF CASH LIQUIDITY

DALLAS — (November 5, 2008) — Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the third quarter ended September 30, 2008. 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, 2008. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2008, with the third quarter ended September 30, 2007. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS AND LIQUIDITY

•

Corporate unrestricted available cash at the end of the quarter was $135 million; corporate unrestricted available cash currently available is $225 million

•

Total revenue increased 2.1% to $285.3 million from $279.5 million

•

Net income available to common shareholders was $1.8 million, or $0.02 per diluted share, compared with net loss of $6.6 million or $0.05 loss per diluted share, in the prior-year quarter

•

Adjusted funds from operations (AFFO) per diluted share increased 4.0% to $0.26 per diluted share

•

Cash available for distribution (CAD) per diluted share increased 11.1% to $0.20 per diluted share

•

CAD dividend coverage was 119% year to date

•

Fixed charge ratios were 1.72x and 1.75x under the senior credit facility covenants and the Series B convertible preferred covenants, respectively, versus required minimums of 1.25x each

PORTFOLIO HIGHLIGHTS

•

Proforma RevPAR was down 0.03% for hotels not under renovation on a 1.8% increase in ADR to $139.59 and a 138-basis point decline in occupancy

•

Proforma RevPAR decreased 0.9% for all hotels on a 1.9% increase in ADR to $139.12 and a 206-basis point decline in occupancy

•

Proforma Hotel Operating Profit for hotels not under renovation improved 0.9%

•

Proforma Hotel Operating Profit margin for hotels not under renovation improved 23 basis points

CAPITAL RECYCLING

•

Remaining common stock repurchase amount of $20 million of the $75 million authorization has been modified by the Board to now include preferred stock

•

Three hotels sold in the quarter and one subsequent to quarter end for $148.2 million

•

Year to date asset sales reach $437 million on a 6.6% trailing 12-month NOI cap rate and 12.0x trailing 12-month EBITDA multiple

•

Repurchased 9.9 million common shares in the quarter and 17.2 million common shares to date in fourth quarter

•

Common stock repurchase program totals $105 million since inception

•

Currently anticipate announcing a determination of the 4^th quarter dividend and dividend guidance for 2009 on or around December 17, 2008

•

One mezzanine loan acquired in the quarter for $98.4 million

-MORE-


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

AHT Announces Third Quarter Results
Page 2
November 5, 2008

•

Capex invested in the quarter totaled $25.7 million

•

Property level hard debt maturities with no extension options include $29.6 million in 2009 and $75 million in 2010

•

Other property level debt totaling $411.8 million that initially matures in 2009 and 2010 may be extended subject to no events of default, proper notice of election to extend, and purchases of LIBOR caps

•

The Company’s senior credit revolver of $300 million initially matures 2010 with two one-year extension options subject to no events of default and coverage tests

PORTFOLIO REVPAR

As of September 30, 2008, the Company had a portfolio of direct hotel investments consisting of 103 properties classified in continuing operations. During the third quarter, 97 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 (97 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 was down 0.03% for hotels not under renovation on a 1.8% increase in ADR to $139.59 and a 138-basis point decline in occupancy

•

Proforma RevPAR decreased 0.9% for all hotels on a 1.9% increase in ADR to $139.12 and a 206-basis point decline in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 97 hotels as of September 30, 2008 that were not under renovation, Proforma Hotel EBITDA (adjusted as if all hotels were included throughout both periods) increased 0.9% to $75.3 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) improved 23 basis points to 28.6%. For all 103 hotels included in continuing operations as of September 30, 2008, Proforma Hotel EBITDA decreased 1.7% to $75.4 million and Hotel EBITDA margin decreased 23 basis points to 27.1%.

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, President and CEO, commented, “The second half of the year has been more difficult for the lodging industry than projected, yet we continued to make progress on asset sales and redeploying capital to accretive opportunities such as share repurchases and a mezzanine loan purchase. Cost containment efforts at our hotels have helped mitigate declining RevPAR trends, and we have enhanced our liquidity considerably with a combination of recent asset sales, financings and a full drawdown on our credit facility.”

CAPITAL STRUCTURE

On August 6, 2008, the Company refinanced its major debt maturity in 2009, a loan with Prudential that was secured by interests in the Capital Hilton and the Hilton Torrey Pines. These two assets are owned in a joint venture between Ashford and Hilton. The gross principal outstanding was $127.2 million, with Ashford’s share being $95.4 million. The new $160.0 million loan has an interest rate of 275 basis points over LIBOR and is for a three year term with two one-year extension options. The excess proceeds will be used to fund future renovations of the two hotels.

-MORE-

AHT Announces Third Quarter Results
Page 3
November 5, 2008

On September 5, 2008, the Board of Directors authorized an additional $75 million of the Company’s common stock that may be purchased under its share repurchase program. The Company had recently completed all of the repurchase of the $50 million previously allocated under its existing share repurchase program. The Board has modified its most recent authority related to the $75 million share repurchase program to include both common and preferred shares.

On September 5, 2008, the Company closed a financing of its JW Marriott San Francisco totaling $55 million. The two-year loan bears interest at a rate of 375 basis points over LIBOR with two one-year extension options. Ashford purchased a LIBOR cap at a strike rate of 5.0% for the initial term of the loan. On September 9, 2008, the Company closed a financing of its Hyatt Regency Orange County totaling $65 million. The Hyatt loan was repaid on October 2, 2008 upon the sale of the hotel property and the related interest rate cap was subsequently sold.

At September 30, 2008, the Company’s net debt (defined as total debt less unrestricted cash) to total gross assets (defined as un-depreciated investment in hotel property plus notes receivable) was 59.8%. With the effect of the $1.8 billion interest rate swap, the Company’s $2.8 billion debt balance as of September 30, 2008, consisted of 95% of floating-rate debt, with a total weighted average interest rate of 6.25%. The Company’s weighted average debt maturity including extension options is 6.3 years. Since September 30, 2008, the Company made a full draw on its senior credit revolver which the Company invested in U.S. Treasuries and separately repaid the mortgage note on the Hyatt Regency Orange County. The Company as of today has total debt outstanding of $2.8 billion with a weighted average interest rate of 4.46% based on the current 30-day LIBOR rate of 1.96%. For each 10 basis point reduction in LIBOR, the Company would save approximately $2.8 million in annual interest payments. The Company currently has no debt maturing in the remainder of 2008. Assuming available extension options are exercised on all debt with initial maturities in 2009 and 2010, the only maturities will be $29.6 million in 2009 and $75 million in 2010. With the effect of the $1.8 billion interest rate swap, $2.7 billion of the Company’s $2.8 billion debt at September 30, 2008 was floating rate debt, of which $2.5 billion is subject to interest rate caps of varying time periods.

INVESTMENT ACTIVITY

On July 14, 2008, the Company acquired a mezzanine loan participation secured by interests in 681 extended-stay hotels purchased by affiliates of the Lightstone Group and Arbor Realty Trust. The loan participation, which is part of a $400 million mezzanine loan tranche, was acquired for $98.4 million and had a face value of $164 million and an interest rate of 250 basis points over LIBOR at par. Ashford’s investment at the time of purchase is expected to yield approximately 23.9% based upon the purchase price discount to par and the forward LIBOR curve at the time purchase through the final maturity of the loan (initial maturity in June 2009 and all three one-year extension options). The loan can be prepaid at anytime. Financing on the portfolio includes $6 billion in first mortgage and mezzanine financing senior to the $400 million tranche in which Ashford is participating, $1 billion in mezzanine financing junior to Ashford’s position, and $600 million in equity, which is also junior to Ashford’s position. Based on trailing 12-month net cash flow from the portfolio, the debt service coverage ratio at closing through Ashford’s position was approximately 1.63x, and Ashford’s investment in the capital structure is approximately 75% to 80% loan to cost, or $82,142 per key.

In the third quarter, the Company sold three hotels: the Radisson Hotel in Rockland, Massachusetts, the Sheraton Milford in Milford, Massachusetts, and the Radisson Hotel MacArthur Airport in Holtsville, New York. Subsequent to quarter end, Ashford sold the Hyatt Regency Orange County in Anaheim, California. The four sales in aggregate represent a total of $148.2 million in proceeds, or pricing equating to approximately $130,000 per key, a 7.8% trailing 12-month cap rate, and a 10.6x trailing 12-month EBITDA multiple.

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 6, 2008, at 11:00 a.m. ET. The number to call for this interactive teleconference is (303) 262-2053. A replay of the conference call will be available through November 14, 2008, by dialing (303) 590-3000 and entering the confirmation number, 11111808#.

-MORE-

AHT Announces Third Quarter Results
Page 4
November 5, 2008

The Company will also provide an online simulcast and rebroadcast of its third quarter 2008 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 6, 2008, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year. A direct link to the live broadcast can be found at: http://www.videonewswire.com/event.asp?id=51628.

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”), 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.

-MORE-

AHT Announces Third Quarter Results
Page 5
November 5, 2008

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


	September 30,			December 31,
	2008			2007
	(Unaudited)
ASSETS
Investment in hotel properties, net	$	3,583,827		$	3,885,737
Cash and cash equivalents		227,816			92,271
Restricted cash		64,812			52,872
Accounts receivable, net		49,703			51,314
Inventories		3,858			4,100
Assets held for sale		70,829			75,739
Notes receivable		211,470			94,225
Investment in unconsolidated joint venture		24,083			—
Deferred costs, net		25,290			25,714
Prepaid expenses		16,334			20,223
Other assets		6,983			6,027
Intangible assets, net		3,100			13,889
Due from third-party hotel managers		46,262			58,300

Total assets	$	4,334,367		$	4,380,411


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Indebtedness — continuing operations	$	2,724,273		$	2,639,546
Indebtedness — discontinued operations		65,000			61,229
Capital leases payable		249			498
Accounts payable and accrued expenses		118,171			124,696
Dividends payable		33,127			35,031
Unfavorable management contract liabilities		21,703			23,396
Due to related parties		1,056			2,732
Due to third-party hotel managers		3,446			4,699
Interest rate derivatives		32,855			—
Other liabilities		8,215			8,514

Total liabilities		3,008,095			2,900,341


Minority interests in consolidated joint ventures		21,631			19,036
Minority interests in operating partnership		92,214			101,031
Series B Cumulative Convertible Redeemable Preferred stock, 7,447,865 issued and outstanding		75,000			75,000

Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock, 2,300,000 shares issued and outstanding		23			23
Series D Cumulative Preferred Stock, 8,000,000 shares issued and outstanding		80			80
Common stock, $0.01 par value, 200,000,000 shares authorized, 122,748,859 shares issued and 109,973,985 shares outstanding at September 30, 2008 and 122,765,691 shares issued and 120,376,055 shares outstanding at December 31, 2007		1,227			1,228
Additional paid-in capital		1,458,687			1,455,917
Accumulated other comprehensive loss		(203	)		(115	)
Accumulated deficit		(259,620	)		(153,664	)
Treasury stock, at cost (12,774,874 shares at September 30, 2008 and 2,389,636 shares at December 31, 2007)		(62,767	)		(18,466	)

Total shareholders’ equity		1,137,427			1,285,003

Total liabilities and owners’ equity	$	4,334,367		$	4,380,411

AHT Announces Third Quarter Results
Page 6
November 5, 2008

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,
	2008			2007			2008			2007
				(Unaudited)
REVENUE
Rooms	$	208,856		$	210,276		$	642,264		$	517,582
Food and beverage		53,143			52,928			175,153			138,330
Rental income from operating leases		1,367			1,449			4,239			2,633
Other		12,604			12,106			38,924			29,280

Total hotel revenue		275,970			276,759			860,580			687,825
Interest income from notes receivable		8,801			2,373			15,273			8,594
Asset management fees and other		510			334			1,953			996

Total Revenue		285,281			279,466			877,806			697,415


EXPENSES
Hotel operating expenses Rooms		47,258			48,128			140,530			114,229
Food and beverage		39,468			39,878			124,237			99,476
Other direct		6,726			7,203			21,218			16,223
Indirect		80,110			79,714			238,405			190,944
Management fees		10,690			10,755			33,726			26,285

Total hotel expenses		184,252			185,678			558,116			447,157
Property taxes, insurance, and other		14,918			14,248			45,776			36,106
Depreciation and amortization		44,406			33,137			126,405			97,171
Corporate general and administrative:
Stock-based compensation		1,719			1,704			5,188			4,669
Other general and administrative		7,115			6,365			19,715			15,141

Total Operating Expenses		252,410			241,132			755,200			600,244

OPERATING INCOME		32,871			38,334			122,606			97,171
Equity in earnings of unconsolidated joint venture		491			—			2,304			—
Interest income		697			776			1,594			2,249
Other income		3,379			—			6,244			—
Interest expense		(38,436	)		(38,911	)		(112,004	)		(91,054	)
Amortization of loan costs		(1,434	)		(1,931	)		(4,767	)		(4,229	)
Write-off of loan costs and exit fees		(1,226	)		—			(1,226	)		(3,709	)
Unrealized gains/(losses) on derivatives		12,528			(175	)		(38,861	)		(144	)

INCOME/(LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTERESTS		8,870			(1,907	)		(24,110	)		284
Income tax expense		(421	)		(2,116	)		(1,150	)		(762	)
Minority interests in (earnings)/losses of consolidated joint ventures		(123	)		(106	)		(2,907	)		417
Minority interests in (earnings)/losses of operating partnership		(747	)		253			1,987			(741	)

INCOME/(LOSS) FROM CONTINUING OPERATIONS		7,579			(3,876	)		(26,180	)		(802	)
Income from discontinued operations, net		1,220			4,384			14,660			33,885

NET INCOME/(LOSS)		8,799			508			(11,520	)		33,083
Preferred dividends		(7,018	)		(7,146	)		(21,054	)		(16,972	)

NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	1,781		$	(6,638	)	$	(32,574	)	$	16,111


INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE:
Basic —
Income/(loss) from continuing operations	$	0.01		$	(0.09	)	$	(0.40	)	$	(0.18	)
Income from discontinued operations		0.01			0.04			0.12			0.34

Net income/(loss)	$	0.02		$	(0.05	)	$	(0.28	)	$	0.16

Diluted —
Income/(loss) from continuing operations	$	0.01		$	(0.09	)	$	(0.40	)	$	(0.18	)
Income from discontinued operations		0.01			0.04			0.12			0.34

Net income/(loss)	$	0.02		$	(0.05	)	$	(0.28	)	$	0.16

Weighted Average Common Shares Outstanding:
Basic		115,819			121,235			117,828			100,708

Diluted		115,852			121,235			117,828			100,708

AHT Announces Third Quarter Results
Page 7
November 5, 2008

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO EBITDA
(in thousands, except per share amounts and ratios)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
				(Unaudited)
Net income/(loss)	$	8,799		$	508		$	(11,520	)	$	33,083
Interest income		(697	)		(776	)		(1,594	)		(2,249	)
Interest expense and amortization of loan costs		39,756			47,649			118,389			109,857
Depreciation and amortization		44,731			40,235			131,716			117,644
Minority interest in earnings/(losses) of operating partnership		856			219			(738	)		4,026
Income tax expense (benefit)		421			(1,309	)		1,360			5,085

EBITDA		93,866			86,526			237,613			267,446
Amortization of unfavorable management contract liabilities		(565	)		(564	)		(1,693	)		(1,501	)
Gains on sale of properties		(1,411	)		(531	)		(8,315	)		(35,237	)
Write-off of loan costs, premiums and exit fees (1)		1,354			—			8			5,966
Unrealized (gains)/losses on derivatives		(12,528	)		175			38,861			144

Adjusted EBITDA	$	80,716		$	85,606		$	266,474		$	236,818

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS (“FFO”)
(in thousands)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
				(Unaudited)
Net income	$	8,799		$	508		$	(11,520	)	$	33,083
Preferred dividends		(7,018	)		(7,146	)		(21,054	)		(16,972	)

Net income/(loss) available to common shareholders		1,781			(6,638	)		(32,574	)		16,111
Depreciation and amortization on real estate		44,609			40,128			131,351			117,372
Gains on sales of hotel properties, net of related income taxes		(1,411	)		(531	)		(8,315	)		(28,370	)
Minority interest in earnings/(loss) of operating partnership		856			219			(738	)		4,026

FFO available to common shareholders		45,835			33,178			89,724			109,139
Dividends on convertible preferred stock		1,564			1,564			4,692			4,692
Non-cash dividends on Series C preferred stock		—			140			—			845
Write-off of loan costs, premiums and exit fees (1)		1,354			—			8			5,966
Unrealized (gains)/losses on derivatives		(12,528	)		175			38,861			144

Adjusted FFO	$	36,225		$	35,057		$	133,285		$	120,786

Adjusted FFO per diluted share available to common shareholders	$	0.26		$	0.25		$	0.96		$	0.99

Weighted average diluted shares		137,690			142,249			139,372			122,152

Dividend declared on common stock, units and Series B Preferred	$	27,614		$	30,077		$	86,940		$	79,965

Dividend declared coverage ratio		131	%		117	%		153	%		151	%


(1)		For the nine months ended September 30, 2008, the amount includes a write-off of debt premium of $2,086,000 at the sale of a hotel property.

AHT Announces Third Quarter Results
Page 8
November 5, 2008

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


	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
	2008			Share			2007			Share			2008			Share			2007			Share
Net income/(loss) available to common shareholders	$	1,781		$	0.01		$	(6,638	)	$	(0.05	)	$	(32,574	)	$	(0.23	)	$	16,111		$	0.13
Dividends on convertible preferred stock		1,564			0.01			1,564			0.01			4,692			0.03			4,692			0.04

Total		3,345			0.02			(5,074	)		(0.04	)		(27,882	)		(0.20	)		20,803			0.17
Depreciation and amortization on real estate		44,609			0.33			40,128			0.28			131,351			0.94			117,372			0.96
Non-cash dividends on Series C preferred stock		—			—			140			0.00			—			—			845			0.01
Minority interest in (losses)/earnings of operating partnership		856			0.01			219			0.00			(738	)		(0.01	)		4,026			0.03
Stock-based compensation		1,719			0.01			1,704			0.01			5,188			0.04			4,669			0.04
Amortization of loan costs		1,440			0.01			2,524			0.02			4,924			0.04			5,447			0.04
Write-off of loan costs, premiums and exit fees (1)		1,354			0.01			—			—			8			0.00			5,966			0.05
Amortization of unfavorable management contract liabilities		(565	)		(0.00	)		(564	)		(0.00	)		(1,693	)		(0.01	)		(1,501	)		(0.01	)
Gains on sales of properties, net of related income taxes		(1,411	)		(0.01	)		(531	)		(0.00	)		(8,315	)		(0.06	)		(28,370	)		(0.23	)
Unrealized (gains)/losses on derivatives		(12,528	)		(0.09	)		175			0.00			38,861			0.28			144			0.00
Capital improvements reserve		(11,948	)		(0.09	)		(13,430	)		(0.09	)		(38,061	)		(0.27	)		(33,920	)		(0.28	)

CAD	$	26,871		$	0.20		$	25,291		$	0.18		$	103,643		$	0.75		$	95,481		$	0.78

Dividends declared	$	27,614					$	30,077					$	86,940					$	79,965

Dividend declared coverage ratio		97	%					84	%					119	%					119	%


(1)		For the nine months ended September 30, 2008, the amount includes a write-off of debt premium of $2,086,000 at the sale of a hotel property.

AHT Announces Third Quarter Results
Page 9
November 5, 2008

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT SUMMARY
SEPTEMBER 30, 2008
(dollars in thousands)


	Fixed-Rate			Floating-Rate			Total
	Debt			Debt			Debt
Mortgage loan secured by 25 hotel properties, matures between July 1, 2015 and February 1, 2016, at an average interest rate of 5.42%	$	455,115		$	—		$	455,115
Mortgage loan secured by 16 hotel properties, matures between December 11, 2014 and December 11, 2015, at an average average interest rate of 5.73%		211,475			—			211,475
Secured credit facility, matures April 9, 2010, at an interest rate of LIBOR plus a range of 1.55% to 1.95% depending on the loan-to- value ratio, with two one-year extension options		—			195,000			195,000
Mortgage loan secured by one hotel property, matures December 1, 2017, with an interest rate of 7.39% at September 30, 2008		48,019			—			48,019
Mortgage loan secured by one hotel property, matures December 8, 2016, at an interest rate of 5.81%		101,000			—			101,000
Mortgage loan secured by five hotel properties, matures December 11, 2009, at an interest rate of LIBOR plus 1.72%, with two one-year extension options		—			189,570			189,570
Mortgage loan secured by 28 hotel properties, matures April 11, 2017, at an average blended interest rate of 5.95%		928,465			—			928,465
Mortgage loan secured by 10 hotel properties, matures May 9, 2009, at an interest rate of LIBOR plus 1.65%, with three one-year extension options		—			167,202			167,202
Mortgage loan secured by one hotel property, matures January 1, 2011, at an interest rate of 8.32%		5,111			—			5,111
Mortgage loan secured by one hotel property, matures January 1, 2023, at an interest rate of 7.78%		6,122			—			6,122
TIF loan secured by one hotel property, matures June 30, 2018, at an interest rate of 12.85%		6,927			—			6,927
Mortgage loan secured by one hotel property, matures April 1, 2009, at an interest rate of 5.6%		29,641			—			29,641
Mortgage loan secured by three hotel property, matures April 5, 2011, at an interest rate of 5.47%		66,801			—			66,801
Mortgage loan secured by four hotel property, matures March 1, 2010, at an interest rate of 5.95%		75,000			—			75,000
Mortgage loan secured by one hotel property, matures June 1, 2011, at an interest rate of LIBOR plus 2%		—			19,740			19,740
Mortgage loan secured by two hotel properties, matures August 8, 2011, at an interest rate of LIBOR plus 2.75%, with two one-year extension options					119,850			119,850
Mortgage loan secured by one hotel properties, matures August 6, 2011, at an interest rate of LIBOR plus 2.5%, with two one-year extension options					65,000			65,000
Mortgage loan secured by one hotel properties, matures September 9, 2010, at an interest rate of LIBOR plus 3.75%, with two one-year extension options					55,000			55,000

Total Debt Excluding Premium	$	1,933,676		$	811,362			2,745,038

Mark-to-Market Premium								1,447
Plus Debt Attributable to joint venture partners								42,788

Total Debt Including Premium and debt attributable to joint venture partners							$	2,789,273


Percentage		70.4	%		29.6	%		100.0	%


Weighted average interest rate at September 30, 2008								5.90	%


Total with the effect of interest rate swap	$	133,676		$	2,611,362		$	2,745,038


Percentage with the effect of interest rate swap		4.9	%		95.1	%		100.0	%


Weighted average interest rate with the effect of interest rate swap								6.25	%

AHT Announces Third Quarter Results
Page 10
November 5, 2008

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE TESTS ARE EXERCISED
SEPTEMBER 30, 2008
(in thousands)


	2009		2010			2011			2012		2013		Thereafter		Total
Mortgage loan secured by one hotel property	$	29,641	$	—		$	—		$	—	$	—	$	—	$	29,641
Mortgage loan secured by four hotel property		—		75,000			—			—		—		—		75,000
Mortgage loan secured by one hotel property		—		—			5,111			—		—		—		5,111
Mortgage loan secured by three hotel property		—		—			66,801			—		—		—		66,801
Mortgage loan secured by one hotel property		—		—			19,740			—		—		—		19,740
Mortgage loan secured by five hotel property		—		—			189,570			—		—		—		189,570
Secured credit facility		—		195,000	*(1)		—			—		—		—		195,000
Mortgage loan secured by 10 hotel property		—		—			—			167,202		—		—		167,202
Mortgage loan secured by one hotel property		—		—			55,000	*		—		—		—		55,000
Mortgage loan secured by two hotel property		—		—			119,850	*		—		—		—		119,850
Mortgage loan secured by one hotel property		—		—			65,000	**		—		—		—		65,000
Mortgage loan secured by eight hotel property		—		—			—			—		—		110,899		110,899
Mortgage loan secured by eight hotel property		—		—			—			—		—		100,576		100,576
Mortgage loan secured by 25 hotel property part I		—		—			—			—		—		160,490		160,490
Mortgage loan secured by one hotel property		—		—			—			—		—		101,000		101,000
Mortgage loan secured by 25 hotel property part II		—		—			—			—		—		294,625		294,625
Mortgage loan secured by one hotel property		—		—			—			—		—		49,466		49,466
Mortgage loan secured by 28 hotel property part I		—		—			—			—		—		893,465		893,465
Mortgage loan secured by 28 hotel property part II		—		—			—			—		—		35,000		35,000
TIF loan secured by one hotel property		—		—			—			—		—		6,927		6,927
Mortgage loan secured by one hotel property		—		—			—			—		—		6,122		6,122

		29,641		270,000			521,072			167,202		—		1,758,570		2,746,485

Debt attributable to joint venture partners		—		—			40,852			—		—		1,936		42,788

	$	29,641	$	270,000		$	561,924		$	167,202	$	—	$	1,760,506	$	2,789,273


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

*		Extensions available but certain tests have to be met.

**		No extension test but must be in compliance with the covenants.

***		Paid off October 2, 2008.

(1)		Since has been fully drawn to $300 million.

AHT Announces Third Quarter Results
Page 11
November 5, 2008

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


	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2008			2007			% Variance			2008			2007			% Variance
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	213,820		$	215,763			-0.90	%	$	657,903		$	654,904			0.46	%
RevPAR	$	103.76		$	104.68			-0.88	%	$	106.87		$	106.62			0.23	%
Occupancy		74.58	%		76.64	%		-2.06	%		73.87	%		75.60	%		-1.73	%
ADR	$	139.12		$	136.58			1.86	%	$	144.67		$	141.04			2.57	%


NOTE:		The above pro forma table assumes the 103 hotel properties owned and included in continuing operations at September 30, 2008 were owned as of the beginning of period presented.


	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2008			2007			% Variance			2008			2007			% Variance
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	204,141		$	204,249			-0.05	%	$	617,063		$	611,268			0.95	%
RevPAR	$	105.60		$	105.63			-0.03	%	$	106.83		$	106.06			0.73	%
Occupancy		75.65	%		77.03	%		-1.38	%		74.22	%		75.56	%		-1.34	%
ADR	$	139.59		$	137.13			1.80	%	$	143.93		$	140.36			2.55	%


NOTE:		The above pro forma table assumes the 97 hotel properties owned and included in continuing operations at September 30, 2008 but not under renovation for the three and nine months ended September 30, 2008 were owned as of the beginning of the periods presented.

Excluded Hotels Under Renovation:

Embassy Suites Philadelphia Airport, Hilton Tucson El Conquistador, Hampton Inn Houston Galleria, Hampton Inn Jacksonville

Embassy Suites West Palm Beach, Hyatt Regency Coral Gables

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 tables, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

AHT Announces Third Quarter Results
Page 12
November 5, 2008

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,
	2008			2007			% Variance			2008			2007			% Variance
REVENUE
Rooms	$	213,820		$	215,763			-0.9	%	$	657,903		$	654,904			0.5	%
Food and beverage		53,853			52,496			2.6	%		177,490			176,060			0.8	%
Other		10,850			12,772			-15.0	%		37,375			40,721			-8.2	%

Total hotel revenue		278,523			281,031			-0.9	%		872,768			871,685			0.1	%


EXPENSES
Rooms		48,342			49,358			-2.1	%		143,817			144,330			-0.4	%
Food and beverage		40,017			40,442			-1.1	%		125,943			127,773			-1.4	%
Other direct		6,792			7,266			-6.5	%		21,410			22,177			-3.5	%
Indirect		79,441			78,706			0.9	%		238,053			231,287			2.9	%
Management fees, includes base and incentive fees		13,376			13,846			-3.4	%		40,796			41,867			-2.6	%

Total hotel operating expenses		187,968			189,618			-0.9	%		570,019			567,434			0.5	%
Property taxes, insurance, and other		15,182			14,719			3.1	%		46,069			45,922			0.3	%

HOTEL OPERATING PROFIT (Hotel EBITDA)		75,373			76,694			-1.7	%		256,680			258,329			-0.6	%
Hotel EBITDA Margin		27.06	%		27.29	%		-0.23	%		29.41	%		29.64	%		-0.23	%

Minority interest in earnings of consolidated joint ventures		1,644			1,577			4.2	%		6,267			5,564			12.6	%

HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	73,729		$	75,117			-1.8	%	$	250,413		$	252,765			-0.9	%


NOTE:		The above pro forma table assumes the 103 hotel properties owned and included in continuing operations at September 30, 2008 were owned as of the beginning of the periods presented.

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:


	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2008			2007			% Variance			2008			2007			% Variance
REVENUE
Rooms (1)	$	204,141		$	204,249			-0.1	%	$	617,063		$	611,268			0.9	%
Food and beverage		49,845			48,165			3.5	%		162,028			159,694			1.5	%
Other		9,347			10,665			-12.4	%		30,352			32,182			-5.7	%

Total hotel revenue		263,333			263,079			0.1	%		809,443			803,144			0.8	%


EXPENSES
Rooms (1)		45,582			46,274			-1.5	%		134,496			134,532			0.0	%
Food and beverage		36,607			36,934			-0.9	%		114,668			116,001			-1.1	%
Other direct		5,202			5,479			-5.1	%		16,021			16,335			-1.9	%
Indirect		73,636			72,846			1.1	%		219,802			212,573			3.4	%
Management fees, includes base and incentive fees		13,078			13,217			-1.1	%		38,699			39,542			-2.1	%

Total hotel operating expenses		174,105			174,750			-0.4	%		523,686			518,983			0.9	%
Property taxes, insurance, and other		13,916			13,689			1.7	%		42,132			41,861			0.6	%

HOTEL OPERATING PROFIT (Hotel EBITDA)		75,312			74,640			0.9	%		243,625			242,300			0.5	%
Hotel EBITDA Margin		28.60	%		28.37	%		0.23	%		30.09	%		30.17	%		-0.08	%

Minority interest in earnings of consolidated joint ventures		1,644			1,577			4.2	%		6,267			5,564			12.6	%

HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	73,668		$	73,063			0.8	%	$	237,358		$	236,736			0.3	%


NOTES:

(1)		The above pro forma table assumes the 97 hotel properties owned and included in continuing operations at September 30, 2008 but not under renovation during the three and nine months ended September 30, 2008 were owned as of the beginning of the periods presented.

(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 form tables, all operating results related to this hotel are reflected, which is consistent with the Company’s other hotels.

AHT Announces Third Quarter Results
Page 13
November 5, 2008

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		2008		2007		% Change			2008		2007		% Change
Pacific (1)		21		5,209	$	132.97	$	130.07		2.2	%	$	121.86	$	120.85		0.8	%
Mountain (2)		8		1,704	$	82.41	$	87.23		-5.5	%	$	104.38	$	104.99		-0.6	%
West North Central (3)		3		690	$	102.46	$	96.82		5.8	%	$	91.07	$	91.22		-0.2	%
West South Central (4)		10		2,086	$	99.32	$	97.53		1.8	%	$	105.41	$	101.92		3.4	%
East North Central (5)		10		2,624	$	83.59	$	87.24		-4.2	%	$	82.28	$	82.34		-0.1	%
East South Central (6)		2		236	$	93.07	$	85.87		8.4	%	$	94.13	$	88.53		6.3	%
Middle Atlantic (7)		9		2,481	$	107.01	$	115.25		-7.1	%	$	104.06	$	107.58		-3.3	%
South Atlantic (8)		38		7,728	$	96.81	$	97.58		-0.8	%	$	109.46	$	109.28		0.2	%
New England (9)		2		158	$	87.06	$	92.54		-5.9	%	$	87.94	$	83.92		4.8	%

Total Portfolio		103		22,916	$	103.76	$	104.68		-0.9	%	$	106.87	$	106.62		0.2	%


(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

NOTES:

(1)		The above pro forma table assumes the 103 hotel properties owned and included in continuing operations as of September 30, 2008 were owned as of the beginning of the periods presented.

(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.

AHT Announces Third Quarter Results
Page 14
November 5, 2008

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		2008		2007		% Change			2008		2007		% Change
Hilton		34		7,512	$	108.91	$	110.98		-1.9	%	$	114.14	$	114.58		-0.4	%
Hyatt		2		1,014	$	74.48	$	85.44		-12.8	%	$	91.38	$	92.80		-1.5	%
InterContinental		2		420	$	143.38	$	135.05		6.2	%	$	152.46	$	152.22		0.2	%
Independent		2		317	$	65.03	$	64.15		1.4	%	$	55.59	$	70.53		-21.2	%
Marriott		57		11,713	$	101.14	$	101.14		0.0	%	$	105.04	$	103.67		1.3	%
Starwood		6		1,940	$	111.01	$	109.45		1.4	%	$	94.78	$	94.82		0.0	%

Total Portfolio		103		22,916	$	103.76	$	104.68		-0.9	%	$	106.87	$	106.62		0.2	%


NOTES:

(1)		The above pro forma table assumes the 103 hotel properties owned and included in continuing operations as of September 30, 2008 were owned as of the beginning of the periods presented.

(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.

AHT Announces Third Quarter Results
Page 15
November 5, 2008

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		2008		% Total			2007		% Total			% Change			2008		% Total			2007		% Total			% Change
Pacific (1)		21		5,209	$	26,196		34.8	%	$	24,231		31.6	%		8.1	%	$	70,801		27.6	%	$	69,940		27.1	%		1.2	%
Mountain (2)		8		1,704		2,600		3.4	%		3,695		4.8	%		-29.6	%		18,586		7.2	%		19,585		7.6	%		-5.1	%
West North Central (3)		3		690		2,952		3.9	%		2,625		3.4	%		12.5	%		7,503		2.9	%		7,495		2.9	%		0.1	%
West South Central (4)		10		2,086		5,974		7.9	%		6,714		8.8	%		-11.0	%		23,261		9.1	%		22,671		8.8	%		2.6	%
East North Central (5)		10		2,624		7,769		10.3	%		7,366		9.6	%		5.5	%		22,477		8.8	%		20,613		8.0	%		9.0	%
East South Central (6)		2		236		848		1.1	%		778		1.0	%		9.0	%		2,602		1.0	%		2,466		0.9	%		5.5	%
Middle Atlantic (7)		9		2,481		8,042		10.7	%		9,212		12.0	%		-12.7	%		22,905		8.9	%		25,494		9.9	%		-10.2	%
South Atlantic (8)		38		7,728		20,537		27.3	%		21,565		28.1	%		-4.8	%		87,189		34.0	%		88,862		34.4	%		-1.9	%
New England (9)		2		158		455		0.6	%		508		0.7	%		-10.4	%		1,356		0.5	%		1,203		0.5	%		12.7	%


Total Portfolio		103		22,916	$	75,373		100.0	%	$	76,694		100.0	%		-1.7	%	$	256,680		100.0	%	$	258,329		100.0	%		-0.6	%


(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

NOTES:

	(1)		The above pro forma table assumes the 103 hotel properties owned and included in continuing operations as of September 30, 2008 were owned as of the beginning of the periods presented.

	(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 operating results related to this hotel are reflected, which is consistent with the Company’s other hotels.

AHT Announces Third Quarter Results
Page 16
November 5, 2008

ASHFORD HOSPITALITY TRUST, INC.

PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)

97 HOTELS NOT UNDER RENOVATION AND INCLUDED IN CONTINUING
OPERATIONS AT SEPTEMBER 30, 2008 AS IF SUCH HOTELS WERE OWNED AS OF
THE BEGINNING OF THE PERIODS PRESENTED:

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:


3rd Quarter 2008	28.60	%
3rd Quarter 2007	28.37	%

Variance	0.23	%

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:


Rooms	0.30	%
Food & Beverage and Other Departmental	0.25	%
Administrative & General	0.25	%
Sales & Marketing	-0.31	%
Hospitality	-0.02	%
Repair & Maintenance	-0.03	%
Energy	-0.30	%
Franchise Fee	-0.08	%
Management Fee	0.01	%
Incentive Management Fee	0.04	%
Insurance	0.19	%
Property Taxes	-0.28	%
Leases/Other	0.21	%

Total	0.23	%


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.

AHT Announces Third Quarter Results
Page 17
November 5, 2008

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, 2008:


	2008			2008			2008			2007
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Total Hotel Revenue	$	278,523		$	307,691		$	286,555		$	313,735		$	1,186,504
Hotel EBITDA	$	75,373		$	97,770		$	83,861		$	86,543		$	343,547
Hotel EBITDA Margin		27.1	%		31.8	%		29.3	%		27.6	%		29.0	%

EBITDA % of Total TTM		21.9	%		28.5	%		24.4	%		25.2	%		100.0	%

JV Interests in EBITDA	$	1,644		$	2,868		$	1,754		$	1,567		$	7,833


NOTES:

(1)		The above pro forma table assumes that the 103 hotel properties owned and included in continuing operations as of September 30, 2008 were owned as of the beginning of the periods presented.

(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 operating results related to this hotel are reflected, which is consistent with the Company’s other hotels.

AHT Announces Third Quarter Results
Page 18
November 5, 2008

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

2007

2008

Actual

Estimated

Rooms

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Residence Inn Evansville

SpringHill Suites BWI Airport

133

SpringHill Suites Centreville

136

SpringHill Suites Gaithersburg

162

Courtyard Overland Park

168

Hilton Santa Fe

157

Hilton Garden Inn Jacksonville

119

Marriott at Research Triangle Park

225

Marriott Crystal Gateway

697

One Ocean

193

Sheraton City Center — Indianapolis

371

JW Marriott San Francisco

338

Embassy Suites Las Vegas Airport

220

Homewood Suites Mobile

Residence Inn Lake Buena Vista

210

Embassy Suites Walnut Creek

249

Embassy Suites Philadelphia Airport

263

Residence Inn Jacksonville

120

Hilton Tucson El Conquistador Golf Resort

428

Sheraton San Diego Mission Valley

260

Hilton Minneapolis Airport

300

Courtyard Basking Ridge

235

TownePlace Suites Manhattan Beach

144

Courtyard San Francisco Downtown

405

Embassy Suites Santa Clara - Silicon Valley

257

Sheraton Anchorage

375

Hampton Inn Houston Galleria

150

Hampton Inn Jacksonville

118

Embassy Suites West Palm Beach

160

Hyatt Regency Coral Gables

242

Hampton Inn Lawrenceville

Courtyard Ft. Lauderdale Weston

174

Hilton Rye Town

446


(a)		Only hotels which have had or are expected to have significant capital expenditures during 2007 or 2008 are included in this table. This table excludes a possible $50.0 million related to ROI projects.