Issuer Free Writing Prospectus

Dated December 3, 2024

Filed Pursuant to Rule 433

Registration Statement No. 333-263323

NEWS RELEASE

ASHFORD SECURITIES ANNOUNCES March 31, 2025 as final close
date for Ashford Hospitality Trust, Inc. sERIES J & SERIES K
PREFERRED STOCK OFFERING

DALLAS, December 3, 2024 – Ashford Securities LLC (“Ashford Securities”), a wholly-owned subsidiary of Ashford Inc. (“Ashford”), today announced the upcoming closing of the offering for the Series J & K Redeemable Preferred Stock of Ashford Hospitality Trust, Inc. (“Ashford Trust”).

With today’s announcement, the offering of Ashford Trust’s Series J & K Preferred Stock offering (the “Offering”) will now terminate on March 31, 2025.

Since the launch of the Offering in May of 2022, Ashford Securities has raised over $180 million of gross proceeds from a network of 52 broker-dealers and RIAs.

“We are thrilled with the success of the Series J & K Redeemable Preferred offering and look forward to providing additional, differentiated alternative investments to financial advisors going forward,” said C. Jay Steigerwald III, CEO of Ashford Securities. “Since July 2021, we have raised over $658 million for the Ashford Group of Companies. We look forward to continuing our contributions to the Ashford Group of Companies growth plans.”

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Issuer Free Writing Prospectus

Dated December 3, 2024

Filed Pursuant to Rule 433

Registration Statement No. 333-263323

About Ashford Securities LLC

Ashford Securities, member FINRA/SIPC, is an SEC-registered broker-dealer that is wholly owned by Ashford and serves as the distributor for investment products within the Ashford group of companies.

About Ashford Hospitality Trust, Inc.

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively, the issuer, the dealer manager or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-877-787-9239.

The final prospectus and prospectus supplement no. 1 for the Offering, dated May 4, 2022 and September 14, 2022, respectively, can be accessed through the following links:

· https://www.sec.gov/Archives/edgar/data/1232582/000110465922056200/tm2213690-3_424b3.htm

· https://www.sec.gov/Archives/edgar/data/1232582/000110465922100064/tm2225818-1_424b3.htm

About Ashford Inc.

Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provides global asset management, investment management and related services to the real estate and hospitality sectors.

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Issuer Free Writing Prospectus

Dated December 3, 2024

Filed Pursuant to Rule 433

Registration Statement No. 333-263323

Forward-Looking Statements

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. Forward-looking statements in this press release include, among others, statements about the closing of the offering and Ashford Trust’s strategy and future plans. 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 statements are subject to numerous assumptions and uncertainties, many of which are outside of our 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: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to repay, refinance, or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets 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 Trust’s filings with the Securities and Exchange Commission (the “SEC”).

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. We can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. 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, except to the extent required by law.

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