AHT Ashford Hospitality Trust Inc

DALLAS, Feb. 25 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the fourth quarter ended December 31, 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 December 31, 2008. Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2008, with the fourth quarter ended December 31, 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 $242 million -- Total revenue decreased 4.9% to $295.1 million from $310.4 million -- Net income available to common shareholders was $135.1 million, or $1.35 per diluted share, compared with a net loss of $9.9 million, or $0.08 loss per diluted share, in the prior-year quarter -- Adjusted funds from operations (AFFO) per diluted share increased 20.0% to $0.36 per diluted share -- AFFO per diluted share for the year was $1.31 as compared to a previous estimate of $1.29 - $1.33 -- Cash available for distribution (CAD) per diluted share increased 21.7% to $0.28 per diluted share -- CAD per diluted share for the year was $1.02 as compared to a previous estimate of $1.00 - $1.04 -- Fixed charge ratios were 1.72x and 1.77x under the senior credit facility covenants and the Series B convertible preferred covenants, relatively unchanged from the previous quarter's results of 1.72x and 1.75x, versus required minimums of 1.25x each PORTFOLIO HIGHLIGHTS -- Proforma RevPAR was down 7.4% for hotels not under renovation on a 2.0% decrease in ADR to $138.84 and a 388-basis point decline in occupancy -- Proforma RevPAR was down 8.8% for all hotels on a 2.3% decrease in ADR to $138.10 and a 459-basis point decline in occupancy -- Proforma Hotel Operating Profit for hotels not under renovation declined by 8.7% -- Proforma Hotel Operating Profit margin for hotels not under renovation declined by 110 basis points CAPITAL ALLOCATION -- 2008 asset sales reach $437 million on a 6.6% trailing 12-month NOI cap rate and 12.0x trailing 12-month EBITDA multiple -- Repurchased 23.4 million common shares in the quarter for a total of $51.0 million, and repurchased 1.7 million shares of Series A and Series D preferred stock combined for a total of $9.9 million -- Capex invested in the quarter totaled $24.6 million -- Capex for 2009 above and beyond reserve amounts equals $37.8 million NOTE RECEIVABLE IMPAIRMENT At December 31, 2008 a loss reserve was established for a note receivable held by our unconsolidated joint venture in which we have a 25% interest. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts recorded as assets on the balance sheet according to the contractual terms of the loan agreement. Our assessment of impairment was based on considerable judgment and estimates. Based on our assessment a reserve was established for $5.5 million, the full amount of the loan. CAPITAL STRUCTURE On February 20, 2009, the company closed on the refinancing of the Gateway Marriott hotel in Washington D.C. for an amount of $60.8 million. The three year loan bears interest at a rate of 400 over LIBOR and has two one year extension options. The loan was used to retire a $47.0 million loan that was secured by the same asset. At December 31, 2008, the Company's net debt to total gross assets (defined by the corporate credit facility) was 57%. As of December 31, 2008, the Company had $2.8 billion of debt with a blended average interest rate of 3.35%. Including its $1.8 billion interest rate swap, 95% of the Company's debt is variable-rate debt. The Company's weighted average debt maturity including extension options is 6.0 years. PORTFOLIO REVPAR As of December 31, 2008, the Company had a portfolio of direct hotel investments consisting of 103 properties classified in continuing operations. During the fourth quarter, 96 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 (96 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 decreased 7.4% for hotels not under renovation on a 2.0% decrease in ADR to $138.84 and a 388-basis point decline in occupancy -- Proforma RevPAR decreased 8.8% for all hotels on a 2.3% decrease in ADR to $138.10 and a 459-basis point decline in occupancy HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS For the 96 hotels as of December 31, 2008 that were not under renovation, Proforma Hotel EBITDA decreased 8.7% to $74.2 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) declined 110 basis points to 26.8%. For all 103 hotels included in continuing operations as of December 31, 2008, Proforma Hotel EBITDA decreased 13.0% to $75.1 million and Hotel EBITDA margin decreased 185 basis points to 25.7%. 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, Chief Executive Officer, commented, "Our strong year-over-year growth in AFFO and CAD per share confirm our investment, asset management and capital markets strategies are offsetting some of the significant headwinds our industry faces. The diversity of our high quality branded portfolio across price segment and region provides some cushion against localized economic downturn and new supply. Our asset management efforts have mitigated the decline in operating margin. The capital market strategies to improve financial covenants, reduce interest expense and extend loan maturities enhance our sustainability. Going forward, we will remain proactive addressing weakening lodging industry fundamentals. Visibility will remain challenging in 2009, but we have a solid liquidity position and will continue to aggressively manage all areas of our business." INVESTOR CONFERENCE CALL AND SIMULCAST Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 26, 2009, at 1:00 p.m. ET. The number to call for this interactive teleconference is (303) 262-2175. A replay of the conference call will be available through March 5, 2009, by dialing (303) 590-3000 and entering the confirmation number, 11124956#. The Company will also provide an online simulcast and rebroadcast of its fourth 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 http://www.ahtreit.com/ on Thursday, February 26, 2009, beginning at 1:00 p.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=54809. 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 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 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. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) December 31, 2008 2007 (Unaudited) ASSETS Investment in hotel properties, net $3,568,215 $3,885,737 Cash and cash equivalents 241,597 92,271 Restricted cash 69,806 52,872 Accounts receivable, net 41,110 51,314 Inventories 3,341 4,100 Assets held for sale - 75,739 Notes receivable 212,815 94,225 Investment in unconsolidated joint venture 19,122 - Deferred costs, net 24,211 25,714 Prepaid expenses 12,903 20,223 Interest rate derivatives 88,603 21 Other assets 6,766 6,006 Intangible assets, net 3,077 13,889 Due from third-party hotel managers 48,116 58,300 Total assets $4,339,682 $4,380,411 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Indebtedness - continuing operations $2,790,364 $2,639,546 Indebtedness - discontinued operations - 61,229 Capital leases payable 207 498 Accounts payable and accrued expenses 93,476 124,696 Dividends payable 6,285 35,031 Unfavorable management contract liabilities 20,950 23,396 Due to related parties 2,378 2,732 Due to third-party hotel managers 3,855 4,699 Other liabilities 8,124 8,514 Total liabilities 2,925,639 2,900,341 Minority interests in consolidated joint ventures 19,355 19,036 Minority interests in operating partnership 107,469 101,031 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, 2,185,500 and 2,300,000 shares issued and outstanding at December 31, 2008 and 2007 22 23 Series D Cumulative Preferred Stock, 6,394,347 and 8,000,000 shares issued and outstanding at December 31, 2008 and 2007 64 80 Common stock, $0.01 par value, 200,000,000 shares authorized, 122,748,859 shares issued and 86,555,149 shares outstanding at December 31, 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 1,450,146 1,455,917 Accumulated other comprehensive loss (860) (115) Accumulated deficit (124,782) (153,664) Treasury stock, at cost (36,193,710 shares and 2,389,636 shares at December 31, 2008 and 2007) (113,598) (18,466) Total shareholders' equity 1,212,219 1,285,003 Total liabilities and shareholders' equity $4,339,682 $4,380,411 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2008 2007 2008 2007 (Unaudited) REVENUE Rooms $208,347 $222,655 $850,611 $740,237 Food and beverage 62,427 69,958 237,579 208,289 Rental income from operating leases 1,979 1,915 6,218 4,548 Other 13,461 13,109 52,385 42,388 Total hotel revenue 286,214 307,637 1,146,793 995,462 Interest income from notes receivable 8,777 2,411 24,050 11,005 Asset management fees and other 60 338 2,013 1,334 Total Revenue 295,051 310,386 1,172,856 1,007,801 EXPENSES Hotel operating expenses Rooms 48,025 50,898 188,556 165,129 Food and beverage 44,080 47,616 168,317 147,091 Other direct 7,497 7,651 28,714 23,874 Indirect 84,169 85,441 322,574 276,385 Management fees 11,701 12,670 45,426 38,955 Total hotel expenses 195,472 204,276 753,587 651,434 Property taxes, insurance, and other 16,733 16,298 62,509 52,409 Depreciation and amortization 41,325 40,981 167,730 138,154 Corporate general and administrative: Stock-based compensation 1,646 1,556 6,834 6,225 Other general and administrative 2,152 5,593 21,868 20,728 Total Operating Expenses 257,328 268,704 1,012,528 868,950 OPERATING INCOME 37,723 41,682 160,328 138,851 Equity loss in unconsolidated joint venture (4,509) - (2,205) - Interest income 468 928 2,062 3,178 Other income 3,910 - 10,153 - Interest expense (37,857) (38,691) (149,859) (129,744) Amortization of loan costs (1,757) (1,869) (6,524) (6,097) Write-off of loan costs and exit fees - (143) (1,226) (3,850) Unrealized gains/(losses) on derivatives 118,481 (67) 79,620 (211) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTERESTS 116,459 1,840 92,349 2,127 Income tax benefit/(expense) 183 (3,073) (967) (3,835) Minority interests in losses/(earnings) of consolidated joint ventures 1,463 (1,660) (1,444) (323) Minority interests in (earnings)/loss of operating partnership (11,919) 61 (9,932) (876) INCOME/(LOSS) FROM CONTINUING OPERATIONS 106,186 (2,832) 80,006 (2,907) Income/(loss) from discontinued operations, net 34,528 (91) 49,188 33,067 NET INCOME/(LOSS) 140,714 (2,923) 129,194 30,160 Preferred dividends (5,588) (7,018) (26,642) (23,990) NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS $135,126 $(9,941) $102,552 $6,170 INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE: Basic Income/(loss) from continuing operations $1.09 $(0.08) $0.48 $(0.25) Income/(loss) from discontinued operations 0.38 (0.00) 0.44 0.31 Net income/(loss) $1.47 $(0.08) $0.92 $0.06 Diluted Income/(loss) from continuing operations $1.01 $(0.08) $0.48 $(0.25) Income/(loss) from discontinued operations 0.34 (0.00) 0.44 0.31 Net income/(loss) $1.35 $(0.08) $0.92 $0.06 Weighted Average Common Shares Outstanding: Basic 91,905 120,871 111,295 105,787 Diluted 112,802 120,871 111,306 105,787 ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO EBITDA (in thousands, except per share amounts and ratios) Three Months Ended Year Ended December 31, December 31, 2008 2007 2008 2007 (Unaudited) Net income/(loss) $140,714 $(2,923) $129,194 $30,160 Interest income (456) (814) (2,020) (3,064) Interest expense and amortization of loan costs 38,885 44,483 157,274 154,338 Depreciation and amortization 40,545 48,516 172,262 166,161 Minority interest in earnings/(losses) of operating partnership 15,771 (69) 15,033 3,957 Income tax (benefit)/expense (267) 514 1,093 5,599 EBITDA 235,192 89,707 472,836 357,151 Amortization of unfavorable management contract liabilities (753) (753) (2,446) (2,254) Impairment charge in unconsolidated joint venture 5,461 - 5,461 - Non-recurring severance payments 582 - 582 - (Gains)/losses on sale of properties (40,199) 166 (48,514) (35,071) Write-off of loan costs, premiums and exit fees (1) 789 2,697 798 8,664 Unrealized (gains)/losses on derivatives (118,481) 67 (79,620) 211 Adjusted EBITDA $82,591 $91,884 $349,097 $328,701 RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS ("FFO") (in thousands) Three Months Ended Year Ended December 31, December 31, 2008 2007 2008 2007 (Unaudited) Net income/(loss) $140,714 $(2,923) $129,194 $30,160 Preferred dividends (5,588) (7,018) (26,642) (23,990) Net income/(loss) available to common shareholders 135,126 (9,941) 102,552 6,170 Depreciation and amortization on real estate 40,441 48,391 171,791 165,757 Gains on sales of hotel properties, net of related income taxes (40,199) 166 (48,514) (28,204) Minority interest in earnings/(loss) of operating partnership 15,771 (69) 15,033 3,957 FFO available to common shareholders 151,139 38,547 240,862 147,680 Impairment charge in unconsolidated joint venture 5,461 - 5,461 - Non-recurring severance payments 582 - 582 - Dividends on convertible preferred stock 1,043 1,564 5,735 6,256 Non-cash dividends on Series C preferred stock - - - 845 Write-off of loan costs, premiums and exit fees (1) 789 2,697 798 8,664 Unrealized (gains)/losses on derivatives (118,481) 67 (79,620) 211 Adjusted FFO $40,533 $42,875 $173,818 $163,656 Adjusted FFO per diluted share available to common shareholders $0.36 $0.30 $1.31 $1.29 Weighted average diluted shares 112,802 141,721 132,677 127,195 (1) For the year ended December 31, 2008, the amount includes a write-off of debt premium of $2,086,000 at the sale of a hotel property. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CASH AVAILABLE FOR DISTRIBUTION ("CAD") (in thousands, except per share amounts) Three Months Three Months Ended Per Ended Per December 31, Diluted December 31, Diluted 2008 Share 2007 Share Net income/(loss) available to common shareholders $135,126 $1.20 $(9,941) $(0.07) Dividends on convertible preferred stock 1,043 0.01 1,564 0.01 Total 136,169 1.21 (8,377) (0.06) Depreciation and amortization on real estate 40,441 0.36 48,391 0.34 Non-cash dividends on Series C preferred stock - - - - Minority interest in earnings/(loss) of operating partnership 15,771 0.14 (69) (0.00) Stock-based compensation 1,646 0.02 1,556 0.01 Amortization of loan costs 1,686 0.01 2,335 0.02 Write-off of loan costs, premiums and exit fees (1) 789 0.01 2,697 0.02 Amortization of unfavorable management contract liabilities (753) (0.01) (753) (0.01) Gains on sales of properties, net of related income taxes (40,199) (0.36) 166 0.00 Impairment charge in unconsolidated joint venture 5,461 0.05 - - Unrealized (gains)/losses on derivatives (118,481) (1.05) 67 0.00 Non-recurring severance payments 582 0.01 - - Capital improvements reserve (12,047) (0.11) (13,389) (0.09) CAD $31,065 0.28 $32,624 $0.23 (1) For the year ended December 31, 2008, the amount includes a write-off of debt premium of $2,086,000 at the sale of a hotel property. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CASH AVAILABLE FOR DISTRIBUTION ("CAD") (in thousands, except per share amounts) Year Ended Per Year Ended Per December 31, Diluted December 31, Diluted 2008 Share 2007 Share Net income/(loss) available to common shareholders $102,552 $0.77 $6,170 $0.05 Dividends on convertible preferred stock 5,735 0.05 6,256 0.05 Total 108,287 0.82 12,426 0.10 Depreciation and amortization on real estate 171,791 1.30 165,757 1.30 Non-cash dividends on Series C preferred stock - - 845 0.01 Minority interest in earnings/(loss) of operating partnership 15,033 0.11 3,957 0.03 Stock-based compensation 6,834 0.05 6,225 0.05 Amortization of loan costs 6,610 0.05 7,781 0.06 Write-off of loan costs, premiums and exit fees (1) 798 0.01 8,664 0.07 Amortization of unfavorable management contract liabilities (2,446) (0.02) (2,254) (0.02) Gains on sales of properties, net of related income taxes (48,514) (0.36) (28,204) (0.22) Impairment charge in unconsolidated joint venture 5,461 0.04 - - Unrealized (gains)/losses on derivatives (79,620) (0.60) 211 0.00 Non-recurring severance payments 582 0.00 - - Capital improvements reserve (50,108) (0.38) (47,309) (0.37) CAD $134,708 1.02 $128,099 $1.01 (1) For the year ended December 31, 2008, the amount includes a write-off of debt premium of $2,086,000 at the sale of a hotel property. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES DEBT SUMMARY DECEMBER 31, 2008 (dollars in thousands) Floating- Fixed-Rate 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 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 2.75% to 3.5% depending on the loan-to- value ratio, with two one-year extension options - 250,000 250,000 Mortgage loan secured by one hotel property, matures December 1, 2017, with an interest rate of 7.39% at December 31, 2008 47,412 - 47,412 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 - 203,400 203,400 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% 5,071 - 5,071 Mortgage loan secured by one hotel property, matures January 1, 2023, at an interest rate of 7.78% 5,620 - 5,620 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% 29,396 - 29,396 Mortgage loan secured by three hotel properties, matures April 5, 2011, at an interest rate of 5.47% 66,420 - 66,420 Mortgage loan secured by four hotel properties, 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 - 119,250 119,250 Mortgage loan secured by one hotel property, 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 1,931,901 814,592 2,746,493 Mark-to-Market Premium 1,378 - 1,378 Plus Debt Attributable to joint venture partners 2,743 39,750 42,493 Total Debt Including Premium and debt attributable to joint venture partners $1,936,022 $854,342 $2,790,364 Percentage 69.4% 30.6% 100.0% Weighted average interest rate at December 31, 2008 5.85% 2.85% 4.93% Total with the effect of interest rate swap $136,022 $2,654,342 $2,790,364 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 3.57% 2.85% 3.35% ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE TESTS ARE EXERCISED DECEMBER 31, 2008 (in thousands) 2009 2010 2011 2012 Mortgage loan secured by Dearborn Hyatt Regency $29,396 $- $- $- Mortgage loan secured by Rye Town Hilton - 75,000 - - Mortgage loan secured by Manchester Courtyard - - 5,071 - Mortgage loan secured by Auburn Hills Hilton Suites, Costa Mesa Hilton and Portland Embassy Suites - - 66,420 - Mortgage loan secured by El Conquistador Hilton - - 19,740 - Mortgage loan secured by Anchorage Sheraton, Minneapolis Airport Hilton, San Diego Sheraton and Walnut Creek Embassy Suites - - 203,400 - Secured credit facility - 250,000 * - - Mortgage loan secured by 10 hotel properties, Wachovia Floater 7 - - - 167,202 Mortgage loan secured by JW Marriott San Francisco - 55,000 * - - Mortgage loan secured by La Jolla Hilton and Capital Hilton - - 119,250 * - Mortgage loan secured by eight hotel properties, UBS Pool 1 - - - - Mortgage loan secured by eight hotel properties, UBS Pool 2 - - - - Mortgage loan secured by 25 hotel properties, Merrill Lynch Pool 1 - - - - Mortgage loan secured by Westin O'Hare - - - - Mortgage loan secured by 25 hotel properties, Merrill Lynch Pool 2, 3 and 7 - - - - Mortgage loan secured by Arlington Marriott - - - - Mortgage loan secured by 28 hotel properties, Wachovia Floaters 1 to 6 - - - - Mortgage loan secured by Philly Courtyard, Wachovia Stand-Alone - - - - TIF loan secured by Philly Courtyard - - - - Mortgage loan secured by Houston Hampton Inn - - - - 29,396 380,000 413,881 167,202 Mark-to-Market premium Debt attributable to joint venture partners - - 40,645 - Total $29,396 $380,000 $454,526 $167,202 NOTE: These maturities assume no event of default would occur. * Extensions available but certain coverage tests have to be met. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE TESTS ARE EXERCISED DECEMBER 31, 2008 (in thousands) 2013 Thereafter Total Mortgage loan secured by Dearborn Hyatt Regency $- $- $29,396 Mortgage loan secured by Rye Town Hilton - - 75,000 Mortgage loan secured by Manchester Courtyard - - 5,071 Mortgage loan secured by Auburn Hills Hilton Suites, Costa Mesa Hilton and Portland Embassy Suites - - 66,420 Mortgage loan secured by El Conquistador Hilton - - 19,740 Mortgage loan secured by Anchorage Sheraton, Minneapolis Airport Hilton, San Diego Sheraton and Walnut Creek Embassy Suites - - 203,400 Secured credit facility - - 250,000 Mortgage loan secured by 10 hotel properties, Wachovia Floater 7 - - 167,202 Mortgage loan secured by JW Marriott San Francisco - - 55,000 Mortgage loan secured by La Jolla Hilton and Capital Hilton - - 119,250 Mortgage loan secured by eight hotel properties, UBS Pool 1 - 110,899 110,899 Mortgage loan secured by eight hotel properties, UBS Pool 2 - 100,576 100,576 Mortgage loan secured by 25 hotel properties, Merrill Lynch Pool 1 - 160,490 160,490 Mortgage loan secured by Westin O'Hare - 101,000 101,000 Mortgage loan secured by 25 hotel properties, Merrill Lynch Pool 2, 3 and 7 - 294,625 294,625 Mortgage loan secured by Arlington Marriott - 47,412 47,412 Mortgage loan secured by 28 hotel properties, Wachovia Floaters 1 to 6 - 893,465 893,465 Mortgage loan secured by Philly Courtyard, Wachovia Stand-Alone - 35,000 35,000 TIF loan secured by Philly Courtyard - 6,927 6,927 Mortgage loan secured by Houston Hampton Inn - 5,620 5,620 - 1,756,014 2,746,493 Mark-to-Market premium 1,378 1,378 Debt attributable to joint venture partners - 1,848 42,493 Total $- $1,759,240 $2,790,364 NOTE: These maturities assume no event of default would occur. * Extensions available but certain coverage tests have to be met. ASHFORD HOSPITALITY TRUST, INC. KEY PERFORMANCE INDICATORS - PRO FORMA (Unaudited) Three Months Ended Year Ended December 31, December 31, 2008 2007 % Variance 2008 2007 % Variance ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: Room revenues (in thousands) $215,574 $229,596 -6.11% $873,477 $884,500 -1.25% RevPAR $89.65 $98.28 -8.78% $102.03 $104.32 -2.20% Occupancy 64.92% 69.51% -4.59% 71.35% 73.92% -2.57% ADR $ 138.10 $ 141.38 -2.32% $142.99 $141.13 1.32% Three Months Ended Year Ended December 31, December 31, 2008 2007 % Variance 2008 2007 % Variance ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: Room revenues (in thousands) $205,059 $214,915 -4.59% $818,090 $821,567 -0.42% RevPAR $91.02 $98.34 -7.44% $102.58 $104.07 -1.43% Occupancy 65.56% 69.44% -3.88% 71.84% 73.94% -2.10% ADR $ 138.84 $ 141.61 -1.96% $142.78 $140.74 1.45% Excluded Hotels Under Renovation: Sheraton Anchorage, Hampton Inn Jacksonville, Embassy Suites West Palm Beach, Hyatt Regency Coral Gables, Hampton Inn Lawrenceville, Courtyard Ft. Lauderdale Weston, Hilton Rye Town 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. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT (dollars in thousands) (Unaudited) ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: Three Months Ended December 31, 2008 2007 % Variance REVENUE Rooms $215,574 $229,596 -6.1% Food and beverage 63,766 70,494 -9.5% Other 13,226 13,645 -3.1% Total hotel revenue 292,566 313,735 -6.7% EXPENSES Rooms 49,422 52,473 -5.8% Food and beverage 44,894 48,422 -7.3% Other direct 7,565 7,724 -2.1% Indirect 84,814 85,877 -1.2% Management fees, includes base and incentive fees 13,760 16,335 -15.8% Total hotel operating expenses 200,455 210,831 -4.9% Property taxes, insurance, and other 17,042 16,579 2.8% HOTEL OPERATING PROFIT (Hotel EBITDA) 75,069 86,325 -13.0% Hotel EBITDA Margin 25.66% 27.51% -1.85% Minority interest in earnings of consolidated joint ventures 1,732 1,567 10.5% HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures $73,337 $84,758 -13.5% Year Ended December 31, 2008 2007 % Variance REVENUE Rooms $873,477 $884,500 -1.2% Food and beverage 241,256 246,554 -2.1% Other 50,601 54,365 -6.9% Total hotel revenue 1,165,334 1,185,419 -1.7% EXPENSES Rooms 193,239 196,803 -1.8% Food and beverage 170,837 176,195 -3.0% Other direct 28,974 29,901 -3.1% Indirect 322,868 317,164 1.8% Management fees, includes base and incentive fees 54,556 58,202 -6.3% Total hotel operating expenses 770,474 778,265 -1.0% Property taxes, insurance, and other 63,111 62,771 0.5% HOTEL OPERATING PROFIT (Hotel EBITDA) 331,749 344,383 -3.7% Hotel EBITDA Margin 28.47% 29.05% -0.58% Minority interest in earnings of consolidated joint ventures 7,999 7,130 12.2% HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures $323,750 $337,253 -4.0% ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: Three Months Ended December 31, 2008 2007 % Variance REVENUE Rooms (1) $205,059 $214,915 -4.6% Food and beverage 58,917 63,400 -7.1% Other 12,685 12,847 -1.3% Total hotel revenue 276,661 291,162 -5.0% EXPENSES Rooms (1) 46,436 48,725 -4.7% Food and beverage 40,779 43,343 -5.9% Other direct 7,170 7,427 -3.5% Indirect 78,987 79,426 -0.6% Management fees, includes base and incentive fees 13,139 15,443 -14.9% Total hotel operating expenses 186,511 194,364 -4.0% Property taxes, insurance, and other 15,912 15,481 2.8% HOTEL OPERATING PROFIT (Hotel EBITDA) 74,238 81,317 -8.7% Hotel EBITDA Margin 26.83% 27.93% -1.10% Minority interest in earnings of consolidated joint ventures 1,732 1,567 10.5% HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures $72,506 $79,750 -9.1% Year Ended December 31, 2008 2007 % Variance REVENUE Rooms (1) $818,090 $821,567 -0.4% Food and beverage 221,279 223,490 -1.0% Other 48,333 51,241 -5.7% Total hotel revenue 1,087,702 1,096,298 -0.8% EXPENSES Rooms (1) 179,662 181,738 -1.1% Food and beverage 154,305 157,769 -2.2% Other direct 27,710 28,767 -3.7% Indirect 298,988 292,415 2.2% Management fees, includes base and incentive fees 51,530 54,721 -5.8% Total hotel operating expenses 712,195 715,410 -0.4% Property taxes, insurance, and other 58,092 57,401 1.2% HOTEL OPERATING PROFIT (Hotel EBITDA) 317,415 323,487 -1.9% Hotel EBITDA Margin 29.18% 29.51% -0.33% Minority interest in earnings of consolidated joint ventures 7,999 7,130 12.2% HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures $309,416 $316,357 -2.2% NOTES: (1) Excluded hotels under renovation: Sheraton Anchorage, Hampton Inn Jacksonville, Embassy Suites West Palm Beach, Hyatt Regency Coral Gables, Hampton Inn Lawrenceville, Courtyard Ft. Lauderdale Weston, Hilton Rye Town 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 operating results related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL REVPAR BY REGION (Unaudited) Number Number Three Months Ended of of December 31, Region Hotels Rooms 2008 2007 % Change Pacific (1) 21 5,205 $99.83 $110.62 -9.8% Mountain (2) 8 1,704 $77.17 $94.54 -18.4% West North Central (3) 3 690 $73.97 $84.66 -12.6% West South Central (4) 10 2,086 $98.66 $99.32 -0.7% East North Central (5) 10 2,624 $64.87 $76.31 -15.0% East South Central (6) 2 236 $70.61 $77.61 -9.0% Middle Atlantic (7) 9 2,481 $94.50 $106.04 -10.9% South Atlantic (8) 38 7,728 $90.71 $96.54 -6.0% New England (9) 2 159 $79.25 $85.79 -7.6% Total Portfolio 103 22,913 $89.65 $98.28 -8.8% ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL REVPAR BY REGION (Unaudited) Year Ended December 31, Region 2008 2007 % Change Pacific (1) $115.52 $117.98 -2.1% Mountain (2) $96.63 $102.09 -5.3% West North Central (3) $86.48 $89.48 -3.4% West South Central (4) $103.50 $101.20 2.3% East North Central (5) $77.91 $80.82 -3.6% East South Central (6) $88.22 $85.78 2.8% Middle Atlantic (7) $101.32 $107.15 -5.4% South Atlantic (8) $104.10 $105.72 -1.5% New England (9) $85.76 $84.39 1.6% Total Portfolio $102.03 $104.32 -2.2% (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 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 room revenues related to this hotel are reflected, which is consistent with the Company's other hotels. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL REVPAR BY BRAND (Unaudited) Number Number Three Months Ended of of December 31, Brand Hotels Rooms 2008 2007 % Change Hilton 34 7,513 $94.09 $102.93 -8.6% Hyatt 2 1,014 $63.85 $84.46 -24.4% InterContinental 2 420 $123.26 $136.86 -9.9% Independent 2 317 $55.87 $42.99 30.0% Marriott 57 11,714 $91.74 $99.24 -7.6% Starwood 6 1,935 $67.83 $80.75 -16.0% Total Portfolio 103 22,913 $89.65 $98.28 -8.8% ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL REVPAR BY BRAND (Unaudited) Year Ended December 31, Brand 2008 2007 % Change Hilton $109.09 $111.64 -2.3% Hyatt $84.45 $90.69 -6.9% InterContinental $145.12 $148.35 -2.2% Independent $55.66 $63.59 -12.5% Marriott $100.93 $102.35 -1.4% Starwood $88.01 $91.27 -3.6% Total Portfolio $102.03 $104.32 -2.2% NOTE: As the Company's Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net 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. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT BY REGION (dollars in thousands) (Unaudited) Number of Number of Region Hotels Rooms Pacific (1) 21 5,205 Mountain (2) 8 1,704 West North Central (3) 3 690 West South Central (4) 10 2,086 East North Central (5) 10 2,624 East South Central (6) 2 236 Middle Atlantic (7) 9 2,481 South Atlantic (8) 38 7,728 New England (9) 2 159 Total Portfolio 103 22,913 ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT BY REGION (dollars in thousands) (Unaudited) Three Months Ended December 31, Region 2008 % Total 2007 % Total % Change Pacific (1) $20,688 27.5% $23,021 26.7% -10.1% Mountain (2) 3,652 4.9% 6,195 7.2% -41.0% West North Central (3) 1,995 2.7% 2,371 2.7% -15.9% West South Central (4) 8,372 11.1% 8,202 9.5% 2.1% East North Central (5) 4,103 5.5% 6,185 7.2% -33.7% East South Central (6) 552 0.7% 510 0.6% 8.2% Middle Atlantic (7) 8,562 11.4% 10,568 12.2% -19.0% South Atlantic (8) 26,705 35.6% 28,836 33.4% -7.4% New England (9) 440 0.6% 437 0.5% 0.7% Total Portfolio $75,069 100.0% $86,325 100.0% -13.0% ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT BY REGION (dollars in thousands) (Unaudited) Year Ended December 31, Region 2008 % Total 2007 % Total % Change Pacific (1) $91,489 27.6% $92,766 26.9% -1.4% Mountain (2) 22,238 6.7% 25,780 7.5% -13.7% West North Central (3) 9,498 2.9% 9,866 2.9% -3.7% West South Central (4) 31,633 9.5% 30,873 9.0% 2.5% East North Central (5) 26,581 8.0% 26,723 7.7% -0.5% East South Central (6) 3,154 1.0% 2,976 0.9% 6.0% Middle Atlantic (7) 31,467 9.5% 36,062 10.5% -12.7% South Atlantic (8) 113,894 34.3% 117,698 34.2% -3.2% New England (9) 1,795 0.5% 1,639 0.4% 9.5% Total Portfolio $331,749 100.0% $344,383 100.0% -3.7% (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 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. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT MARGIN (Unaudited) 96 HOTELS NOT UNDER RENOVATION AND INCLUDED IN CONTINUING OPERATIONS AT DECEMBER 31, 2008 AS IF SUCH HOTELS WERE OWNED AS OF THE BEGINNING OF THE PERIODS PRESENTED: HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN: 4th Quarter 2008 26.83% 4th Quarter 2007 27.93% Variance -1.10% HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN: Rooms -0.05% Food & Beverage and Other Departmental 0.11% Administrative & General -0.37% Sales & Marketing -0.74% Hospitality 0.00% Repair & Maintenance -0.21% Energy -0.24% Franchise Fee -0.08% Management Fee 0.06% Incentive Management Fee 0.49% Insurance 0.19% Property Taxes -0.63% Leases/Other 0.37% Total -1.10% 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. ASHFORD HOSPITALITY TRUST, INC. PRO FORMA SEASONALITY TABLE (dollars in thousands) (Unaudited) ALL 103 HOTELS OWNED AND INCLUDED IN CONTINUING OPERATIONS AS OF DECEMBER 31, 2008: 2008 2008 2008 2008 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter TTM Total Hotel Revenue $292,566 $278,523 $307,691 $286,555 $1,165,335 Hotel EBITDA $75,069 $75,373 $97,530 $83,777 $331,749 Hotel EBITDA Margin 25.7% 27.1% 31.7% 29.2% 28.5% EBITDA % of Total TTM 22.6% 22.7% 29.4% 25.3% 100.0% JV Interests in EBITDA $1,732 $1,644 $2,868 $1,754 $7,998 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. ASHFORD HOSPITALITY TRUST, INC. Capital Expenditures Calendar 103 Core Hotels 2008 Actual Actual Actual Actual 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter Rooms JW Marriott San Francisco 338 x Sheraton San Diego Mission Valley 260 x Hilton Minneapolis Airport 300 x Courtyard Basking Ridge 235 x TownePlace Suites Manhattan Beach 144 x Embassy Suites Walnut Creek 249 x Marriott at Research Triangle Park 225 x x Marriott Crystal Gateway 697 x x One Ocean 193 x x Courtyard San Francisco Downtown 405 x x Embassy Suites Santa Clara - Silicon Valley 257 x x Sheraton Anchorage 370 x x x Embassy Suites Philadelphia Airport 263 x x x Hampton Inn Houston Galleria 150 x x Hilton Tucson El Conquistador Golf Resort 428 x Hampton Inn Jacksonville 118 x x Embassy Suites West Palm Beach 160 x x Hyatt Regency Coral Gables 242 x x Hampton Inn Lawrenceville 86 x Courtyard Ft. Lauderdale Weston 174 x Hilton Rye Town 446 x Hilton Nassau Bay - Clear Lake 243 Marriott Legacy Center 404 Embassy Suites Portland - Downtown 276 Capital Hilton 408 Residence Inn Orlando Sea World 350 Marriott Bridgewater 347 2009 Estimated Estimated Estimated Estimated 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter Rooms JW Marriott San Francisco 338 Sheraton San Diego Mission Valley 260 Hilton Minneapolis Airport 300 Courtyard Basking Ridge 235 TownePlace Suites Manhattan Beach 144 Embassy Suites Walnut Creek 249 Marriott at Research Triangle Park 225 Marriott Crystal Gateway 697 One Ocean 193 Courtyard San Francisco Downtown 405 Embassy Suites Santa Clara - Silicon Valley 257 Sheraton Anchorage 370 x Embassy Suites Philadelphia Airport 263 Hampton Inn Houston Galleria 150 Hilton Tucson El Conquistador Golf Resort 428 Hampton Inn Jacksonville 118 Embassy Suites West Palm Beach 160 Hyatt Regency Coral Gables 242 Hampton Inn Lawrenceville 86 Courtyard Ft. Lauderdale Weston 174 Hilton Rye Town 446 x x Hilton Nassau Bay - Clear Lake 243 x Marriott Legacy Center 404 x Embassy Suites Portland - Downtown 276 x x Capital Hilton 408 x x x Residence Inn Orlando Sea World 350 x x Marriott Bridgewater 347 x NOTE: Only hotels which have had or are expected to have significant capital expenditures during 2008 or 2009 are included in this table. DATASOURCE: Ashford Hospitality Trust CONTACT: Doug Kessler, President, Ashford Hospitality Trust, +1-972-490-9600, or Tripp Sullivan, Corporate Communications, Inc., +1-615-254-3376 Web site: http://www.ahtreit.com/

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