Ashford Hospitality Trust Upsizes and Closes Follow-On Offering of 10.35 Million Shares of Common Stock DALLAS, Jan. 20 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE:AHT) today announced it has closed on the follow-on public offering of a total of 10,350,000 shares of common stock at $9.62 per share, resulting in net proceeds after expenses of approximately $94.3 million. The 10,350,000 shares consist of 9,000,000 firm shares as well as 1,350,000 shares sold pursuant to the exercise in full by the underwriters of their over-allotment option. Wachovia Securities and Friedman Billings Ramsey acted as the joint book- running managers of the offering and A.G. Edwards, Legg Mason Wood Walker, Incorporated, Calyon Securities (USA) Inc., JMP Securities, and Stifel, Nicolaus & Company, Incorporated acted as co-managers. Monty J. Bennett, President and Chief Executive Officer of Ashford, commented, "We are very pleased with the execution of this offering and, with the upsizing of the firm shares from 7.5 million to 9.0 million shares. While we expect these proceeds to be used for the acquisition of the 21-hotel portfolio we currently have under contract and repayment of certain indebtedness, we also intend to deploy the proceeds in additional hotel investments." 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, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company's web site at http://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 expectation that the 21-hotel portfolio will close, 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. 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. Contact: Douglas Kessler COO and Head of Acquisitions (972) 490-9600 or Tripp Sullivan Corporate Communications, Inc. (615) 254-3376 DATASOURCE: Ashford Hospitality Trust, Inc. CONTACT: Douglas Kessler, COO and Head of Acquisitions of Ashford Hospitality Trust, Inc., +1-972-490-9600; or Tripp Sullivan of Corporate Communications, Inc., +1-615-254-3376 Web site: http://www.ahtreit.com/

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