Ashford Hospitality Trust (AHT) 8-K Ashford Hospitality Trust Reports Third Quarter Results

Exhibit 99.1

The premier capital provider to the hospitality industry ^TM NEWS RELEASE

Contact:	David Kimichik	Tripp Sullivan
	Chief Financial Officer	Corporate Communications, Inc.
	(972) 490-9600	(615) 324-7318

ASHFORD HOSPITALITY TRUST REPORTS THIRD QUARTER RESULTS

DALLAS — (November 3, 2010) — Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the third quarter ended September 30, 2010. 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 100 hotels owned and included in continuing operations as of September 30, 2010. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2010, with the third quarter ended September 30, 2009 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS AND LIQUIDITY

• RevPAR increased 6.1% for the quarter for the hotels not under renovation

• Operating profit margin increased 192 basis points for the hotels not under renovation

• Net income attributable to common shareholders was $36.3 million, or $0.73 per diluted share, compared with net loss attributable to common shareholders of $33.6 million, or ($0.52) per diluted share, in the prior-year quarter

• Adjusted funds from operations (AFFO) was $0.33 per diluted share

• Net debt to gross assets ratio improved to 54.9% compared with 57.8% a year ago

• Fixed charge coverage ratio was 1.83x under the senior credit facility covenant versus a required minimum of 1.25x

CAPITAL ALLOCATION

• Capex invested in the quarter was $13.0 million and $46.5 million year to date

CAPITAL STRUCTURE

On July 9, 2010, the Company restructured its $52.5 million loan with Capmark Bank secured by the JW Marriott San Francisco. The modification provided a full extension of the loan maturity to March 2013 without tests and maintained the interest rate at 3.75% over LIBOR, subject to a LIBOR floor of 2.5%, in exchange for a reduction in the loan balance of $5.0 million. The loan had been set to mature in March 2011 and had two one-year extension options.

On September 1, 2010, the Company sold the Hilton Suites in Auburn Hills, Michigan for $5.1 million, and on September 10, 2010, the Company transferred the Westin O’Hare in Rosemont, Illinois to the special servicer via a consensual deed in lieu of foreclosure, which resulted in a gain of $56.2 million in the third quarter and offset a previous impairment taken on the asset in 2009 to the level of non-recourse debt on the property.

On September 3, 2010, the Company entered into an “at-the-market” (ATM) program with JMP Securities to sell from time to time up to $50 million in common stock. No shares were sold during the third quarter pursuant to this program. Proceeds from the ATM program are expected to be used for

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

AHT Announces Third Quarter Results
Page 2
November 3, 2010

general corporate purposes or to reduce outstanding borrowings on the Company’s senior credit facility.

On September 22, 2010, the Company issued and sold 3,300,000 shares of its 8.45% Series D Cumulative Preferred Stock (liquidation preference $25.00 per share) for a gross price of $23.178 per share. The proceeds from the offering, along with available cash, were used by the Company to reduce outstanding borrowings under its existing senior credit facility from $250 million to approximately $75 million at quarter end.

SUBSEQUENT EVENTS

On October 19, 2010, the Company converted its $1.8 billion interest rate swap to a fixed rate of 4.09%. Under the previous swap, which expires in 2013, the Company received a fixed rate of 5.84% and paid a variable rate of LIBOR plus 2.64%, subject to a LIBOR floor of 1.25%. Under the terms of the new swap transaction, the Company will continue to receive a fixed rate of 5.84%, but will pay a fixed rate of 4.09%. The new transaction results in locked-in annual interest expense savings of approximately $32 million for the remaining term of the swap.

On October 29, 2010, the Company closed on a $105 million refinancing of the Marriott Gateway in Arlington, Virginia. The new loan, which has a 10-year term and fixed interest rate of 6.26%, replaces a $60.8 million loan set to mature in 2012 with an interest rate of LIBOR plus 4.0%. The excess proceeds were used to further reduce outstanding borrowings on the Company’s senior credit facility.

PORTFOLIO REVPAR

As of September 30, 2010, the Company had a portfolio of direct hotel investments consisting of 100 properties classified in continuing operations. During the third quarter, 94 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 100 hotels) and proforma not-under-renovation basis (94 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 100 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

• Proforma RevPAR increased 6.1% for hotels not under renovation on a 0.7% increase in ADR to $122.88 and a 372 basis point increase in occupancy

• Proforma RevPAR increased 5.1% for all hotels on a 0.6% increase in ADR to $124.15 and a 313 basis point increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 94 hotels as of September 30, 2010 that were not under renovation, Proforma Hotel EBITDA increased 13.3% to $50.5 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 192 basis points to 25.6%. For all 100 hotels included in continuing operations as of September 30, 2010, Proforma Hotel EBITDA increased 11.7% to $55.2 million and Hotel EBITDA margin increased 173 basis points to 25.4%.

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 100 hotels included in continuing operations are provided in the tables attached to this release.

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AHT Announces Third Quarter Results
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November 3, 2010

Monty J. Bennett, Chief Executive Officer, commented, “We have sustained a sharp focus on improving our balance sheet and enhancing liquidity. The transactions completed during and subsequent to the quarter have reduced our leverage ratio, extended our maturities and locked-in significant interest expense savings. Our capital allocation strategies have also created tremendous shareholder value through the repurchase of over 73 million shares of common stock during a period when most of our peers were issuing equity, and the repurchase and subsequent reissuance of preferred stock at substantial premiums.

“Our asset management strategies have also delivered significant results as our strong flowthrough and operating discipline across the portfolio, continue to leverage improving RevPAR trends. While we are encouraged by the continued traction in lodging fundamentals, we will maintain a cautiously optimistic outlook until we see more clarity in job growth, business travel, and the general economic recovery.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 4, 2010, at 12 p.m. ET. The number to call for this interactive teleconference is (212) 231-2901. A replay of the conference call will be available through Thursday, November 11, 2010, by dialing (402) 977-9140 and entering the confirmation number, 21463991.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2010 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 4, 2010, beginning at 12 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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, and Hotel Operating Profit. 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, nor Hotel Operating Profit 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, and Hotel Operating Profit 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

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AHT Announces Third Quarter Results
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November 3, 2010

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 of 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.

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

	September 30,			December 31,
	2010			2009
	(Unaudited)
ASSETS
Investment in hotel properties, net	$	3,253,095		$	3,383,759
Cash and cash equivalents		72,120			165,168
Restricted cash		68,113			77,566
Accounts receivable, net		36,682			31,503
Inventories		2,816			2,975
Notes receivable		33,095			55,655
Investment in unconsolidated joint ventures		36,590			20,736
Deferred costs, net		19,832			20,960
Prepaid expenses		15,410			13,234
Interest rate derivatives		125,256			94,645
Other assets		3,492			3,471
Intangible assets, net		2,921			2,988
Due from third-party hotel managers		45,122			41,838
Total assets	$	3,714,544		$	3,914,498
LIABILITIES AND EQUITY
Liabilities
Indebtedness	$	2,489,475		$	2,772,396
Capital leases payable		49			83
Accounts payable and accrued expenses		98,940			91,387
Dividends payable		7,309			5,566
Unfavorable management contract liabilities		16,810			18,504
Due to related parties		1,929			1,009
Due to third-party hotel managers		2,059			1,563
Other liabilities		7,714			7,932
Total liabilities		2,624,285			2,898,440
Series B-1 Cumulative Convertible Redeemable Preferred stock, 7,447,865 issued and outstanding		75,000			75,000
Redeemable noncontrolling interests in operating partnership		118,720			85,167
Equity:
Shareholders’ equity of the Company —
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock, 1,487,900 shares issued and outstanding at September 30, 2010 and December 31, 2009		15			15
Series D Cumulative Preferred Stock, 8,966,797 shares issued and outstanding at September 30, 2010 and December 31, 2009		90			57
Common stock, $0.01 par value, 200,000,000 shares authorized, 123,026,246 shares issued, 51,121,677 shares and 57,596,878 shares outstanding at September 30, 2010 and December 31, 2009		1,230			1,227
Additional paid-in capital		1,513,224			1,436,009
Accumulated other comprehensive loss		(796	)		(897	)
Accumulated deficit		(405,802	)		(412,011	)
Treasury stock, at cost (71,904,569 shares and 65,151,981 shares at September 30, 2010 and December 31, 2009)		(228,422	)		(186,424	)
Total shareholders’ equity of the Company		879,539			837,976
Noncontrolling interests in consolidated joint ventures		17,000			17,915
Total equity		896,539			855,891
Total liabilities and equity	$	3,714,544		$	3,914,498

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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,
	2010			2009			2010			2009
				(Unaudited)
REVENUE
Rooms	$	168,351		$	159,798		$	502,626		$	494,555
Food and beverage		34,483			33,488			117,518			118,106
Rental income from operating leases		1,185			1,236			3,727			3,830
Other		9,914			10,641			30,636			32,576
Total hotel revenue		213,933			205,163			654,507			649,067
Interest income from notes receivable		349			1,761			1,032			10,397
Asset management fees and other		100			173			312			552
Total Revenue		214,382			207,097			655,851			660,016
EXPENSES
Hotel operating expenses
Rooms		40,304			38,091			117,244			112,758
Food and beverage		26,602			26,220			84,265			85,153
Other direct		6,321			6,340			18,405			18,517
Indirect		63,568			62,347			190,902			192,016
Management fees		8,616			8,270			26,486			26,115
Total hotel operating expenses		145,411			141,268			437,302			434,559
Property taxes, insurance, and other		13,281			14,643			40,715			42,433
Depreciation and amortization		35,836			36,868			108,158			111,941
Impairment charges		694			19,816			(1,263	)		149,272
Corporate general and administrative:
Stock/unit-based compensation		1,929			1,139			5,168			3,896
Other general and administrative		5,771			8,118			17,512			19,118
Total Operating Expenses		202,922			221,852			607,592			761,219
OPERATING INCOME (LOSS)		11,460			(14,755	)		48,259			(101,203	)
Equity in earnings of unconsolidated joint ventures		3			642			1,325			1,863
Interest income		114			56			226			253
Other income		15,874			13,228			47,045			35,140
Interest expense		(34,926	)		(32,653	)		(104,437	)		(97,678	)
Amortization of loan costs		(1,261	)		(1,825	)		(4,251	)		(5,818	)
Write-off of premiums, loan costs, premiums and exit fees, net		—			—			—			930
Unrealized gain (loss) on derivatives		382			5,525			30,824			(14,166	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(8,354	)		(29,782	)		18,991			(180,679	)
Income tax benefit (expense)		14			(138	)		(395	)		(397	)
(LOSS) INCOME FROM CONTINUING OPERATIONS		(8,340	)		(29,920	)		18,596			(181,076	)
Income (loss) from discontinued operations		56,005			(3,776	)		41,796			(23,318	)
NET INCOME (LOSS)		47,665			(33,696	)		60,392			(204,394	)
Loss from consolidated joint ventures attributable to noncontrolling interests		293			476			1,422			629
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		(6,689	)		4,424			(8,610	)		25,567
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		41,269			(28,796	)		53,204			(178,198	)
Preferred dividends		(4,988	)		(4,831	)		(14,649	)		(14,492	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	36,281		$	(33,627	)	$	38,555		$	(192,690	)
INCOME PER SHARE – BASIC AND DILUTED:
(Loss) income from continuing operations attributable to common shareholders	$	(0.24	)	$	(0.47	)	$	0.04		$	(2.39	)
Income (loss) from discontinued operations attributable to common shareholders		0.97			(0.05	)		0.69			(0.28	)
Net income (loss) attributable to common shareholders	$	0.73		$	(0.52	)	$	0.73		$	(2.67	)
Weighted average common shares outstanding – basic and diluted		49,714			65,266			51,251			72,167
Amounts attributable to common shareholders:
(Loss) income from continuing operations, net of tax	$	(6,842	)	$	(25,519	)	$	16,959		$	(157,722	)
Income (loss) from discontinued operations, net of tax		48,111			(3,277	)		36,245			(20,476	)
Preferred dividends		(4,988	)		(4,831	)		(14,649	)		(14,492	)
Net income (loss) attributable to common shareholders	$	36,281		$	(33,627	)	$	38,555		$	(192,690	)

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
				(Unaudited)
Net income (loss)	$	47,665		$	(33,696	)	$	60,392		$	(204,394	)
Loss from consolidated joint ventures attributable to noncontrolling interests		293			476			1,422			629
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		(6,689	)		4,424			(8,610	)		25,567
Net income (loss) attributable to the Company		41,269			(28,796	)		53,204			(178,198	)
Interest income		(105	)		(54	)		(216	)		(245	)
Interest expense and amortization of loan costs		36,873			36,064			111,415			108,226
Depreciation and amortization		35,200			38,140			106,841			116,566
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership		6,689			(4,424	)		8,610			(25,567	)
Income tax expense		96			193			517			585
EBITDA		120,022			41,123			280,371			21,367
Amortization of unfavorable management contract liabilities		(565	)		(565	)		(1,694	)		(1,694	)
Gain on sale/disposition of properties		(55,931	)		—			(55,931	)		—
Write-off of loan costs, premiums and exit fees, net (1)		—			—			—			(930	)
Income from interest rate derivatives (2)		(15,879	)		(11,279	)		(47,120	)		(33,203	)
Impairment charges		694			19,816			10,805			160,143
Unrealized (gain) loss on derivatives		(382	)		(5,525	)		(30,824	)		14,166
Adjusted EBITDA	$	47,959		$	43,570		$	155,607		$	159,849

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”)
(in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
				(Unaudited)
Net income (loss)	$	47,665		$	(33,696	)	$	60,392		$	(204,394	)
Loss from consolidated joint ventures attributable to noncontrolling interests		293			476			1,422			629
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		(6,689	)		4,424			(8,610	)		25,567
Preferred dividends		(4,988	)		(4,831	)		(14,649	)		(14,492	)
Net income (loss) attributable to common shareholders		36,281			(33,627	)		38,555			(192,690	)
Depreciation and amortization on real estate		35,138			38,071			106,643			116,350
Gain on sale/disposition of properties		(55,931	)		—			(55,931	)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership		6,689			(4,424	)		8,610			(25,567	)
FFO available to common shareholders		22,177			20			97,877			(101,907	)
Dividends on convertible preferred stock		1,043			1,043			3,128			3,128
Write-off of loan costs, premiums and exit fees, net (1)		—			—			—			(930	)
Impairment charges		694			19,816			10,805			160,143
Unrealized (gain) loss on derivatives		(382	)		(5,525	)		(30,824	)		14,166
Adjusted FFO	$	23,532		$	15,354		$	80,986		$	74,600
Adjusted FFO per diluted share available to common shareholders	$	0.33		$	0.18		$	1.09		$	0.80
Weighted average diluted shares		72,221			86,747			73,967			93,424

(1)	The amounts include write-off of debt premiums of $1,341 for the refinancing of a mortgage loan for the nine months ended September 30, 2009.
(2)	Income from interest rate derivatives is excluded from the adjusted EBITDA calculations for all periods presented.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT SUMMARY
SEPTEMBER 30, 2010
(dollars in thousands)
(Unaudited)

				Fixed-Rate			Floating-Rate			Total
Indebtedness	Collateral	Maturity	Interest Rate	Debt			Debt			Debt
Mortgage loan	5 hotels	December 2010	LIBOR + 1.72%	$	—		$	203,400	(1)	$	203,400
Mortgage loan	1 hotel	January 2011	8.32%		5,775	(2)		—			5,775
Senior credit facility	Notes receivable	April 2011	LIBOR + 2.75% to 3.5%		—			75,000	(1) (3)		75,000
Mortgage loan	10 hotels	May 2011	LIBOR + 1.65%		—			167,202	(1)		167,202
Mortgage loan	1 hotel	March 2012	LIBOR + 4%		—			60,800	(4)		60,800
Mortgage loan	1 hotel	March 2013	Greater of 6.25% or LIBOR + 3.75%		—			47,500			47,500
Mortgage loan	2 hotel	August 2013	LIBOR + 2.75%		—			151,808			151,808
Mortgage loan	1 hotel	December 2014	Greater of 5.5% or LIBOR + 3.5%		—			19,740			19,740
Mortgage loan	8 hotels	December 2014	5.75%		109,445			—			109,445
Mortgage loan	1 hotel	January 2015	7.78%		3,909			—			3,909
Mortgage loan	10 hotels	July 2015	5.22%		160,014			—			160,014
Mortgage loan	8 hotels	December 2015	5.70%		100,576			—			100,576
Mortgage loan	5 hotels	December 2015	12.26%		147,276			—			147,276
Mortgage loan	5 hotels	February 2016	5.53%		115,321			—			115,321
Mortgage loan	5 hotels	February 2016	5.53%		95,637			—			95,637
Mortgage loan	5 hotels	February 2016	5.53%		82,842			—			82,842
Mortgage loan	1 hotel	April 2017	5.91%		35,000			—			35,000
Mortgage loan	2 hotels	April 2017	5.95%		128,251			—			128,251
Mortgage loan	3 hotels	April 2017	5.95%		260,980			—			260,980
Mortgage loan	5 hotels	April 2017	5.95%		115,600			—			115,600
Mortgage loan	5 hotels	April 2017	5.95%		103,906			—			103,906
Mortgage loan	5 hotels	April 2017	5.95%		158,105			—			158,105
Mortgage loan	7 hotels	April 2017	5.95%		126,466			—			126,466
TIF loan	1 hotel	June 2018	12.85%		8,098			—			8,098
Mortgage loan	1 hotel	April 2034	Greater of 6% or Prime + 1%		—			6,824			6,824
Total debt				$	1,757,201		$	732,274		$	2,489,475
Percentage					70.6	%		29.4	%		100.0	%
Weighted average interest rate at September 30, 2010					6.37	%		2.90	%		5.35	%
Total debt with the effect of interest rate derivatives				$	—		$	2,489,475		$	2,489,475
Percentage with the effect of interest rate derivatives					0.0	%		100.0	%		100.0	%
Weighted average interest rate with the effect of interest rate derivatives					0.00	%(5)		2.90	%(5)		2.90	%(5)

(1)	Each of these loans has a one-year extension option as of September 30, 2010.
(2)	We are currently working with the loan servicer for an extension or a restructure of the loan.
(3)	Based on the debt-to-assets ratio defined in the loan agreement, interest rate on this debt was at LIBOR plus 3% as of September 30, 2010.
(4)	This loan has two one-year extension options remaining as of September 30, 2010.
(5)	These rates are calculated assuming the LIBOR rate stays at the September 30, 2010 level and with the effect of our interest rate derivatives.

4 of 13

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED
SEPTEMBER 30, 2010
(in thousands)
(Unaudited)

	2010		2011			2012		2013		2014		Thereafter		Total
Mortgage loan secured by 10 hotel properties, Wachovia Floater	$	—	$	—		$	167,202	$	—	$	—	$	—	$	167,202
Mortgage loan secured by five hotel properties		—		203,400			—		—		—		—		203,400
Mortgage loan secured by Manchester Courtyard		—		5,775	(1)		—		—		—		—		5,775
Secured credit facility		—		75,000	(2)		—		—		—		—		75,000
Mortgage loan secured by JW Marriott San Francisco		—		—			—		47,500		—		—		47,500
Mortgage loan secured by two hotel properties		—		—			—		151,808		—		—		151,808
Mortgage loan secured by Arlington Marriott		—		—			—		—		60,800		—		60,800
Mortgage loan secured by El Conquistador Hilton		—		—			—		—		19,740		—		19,740
Mortgage loan secured by eight hotel properties, UBS Pool 1		—		—			—		—		109,445		—		109,445
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1		—		—			—		—		—		160,014		160,014
Mortgage loan secured by eight hotel properties, UBS Pool 2		—		—			—		—		—		100,576		100,576
Mortgage loan secured by five hotel properties		—		—			—		—		—		147,276		147,276
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2		—		—			—		—		—		115,321		115,321
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3											—		95,637		95,637
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7											—		82,842		82,842
Mortgage loan secured by Philadelphia Courtyard, Wachovia Stand-Alone		—		—			—		—		—		35,000		35,000
Mortgage loan secured by two hotel properties, Wachovia Fixed Rate Pool 3		—		—			—		—		—		128,251		128,251
Mortgage loan secured by three hotel properties, Wachovia Fixed Rate Pool 7		—		—			—		—		—		260,980		260,980
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 1		—		—			—		—		—		115,600		115,600
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 5		—		—			—		—		—		103,906		103,906
Mortgage loan secured by five hotel properties, Wachovia Fixed Rate Pool 6		—		—			—		—		—		158,105		158,105
Mortgage loan secured by seven hotel properties, Wachovia Fixed Rate Pool 2		—		—			—		—		—		126,466		126,466
TIF loan secured by Philadelphia Courtyard		—		—			—		—		—		8,098		8,098
Mortgage loan secured by Houston Hampton Inn		—		—			—		—		—		3,909		3,909
Mortgage loan secured by Jacksonville Residence Inn		—		—			—		—		—		6,824		6,824
	$	—	$	284,175		$	167,202	$	199,308	$	189,985	$	1,648,805	$	2,489,475

NOTE:	These maturities assume no event of default would occur.
(1)	We are currently working with the loan servicer for an extension or a restructure of the loan.
(2)	Extensions available but certain coverage tests have to be met.

5 of 13

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

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2010			2009			% Variance			2010			2009			% Variance
ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS:
Room revenues (in thousands)	$	172,305		$	163,851			5.16	%	$	515,174		$	507,618			1.49	%
RevPAR	$	89.66		$	85.27			5.15	%	$	89.92		$	88.60			1.49	%
Occupancy		72.22	%		69.09	%		3.13	%		71.23	%		67.33	%		3.90	%
ADR	$	124.15		$	123.41			0.60	%	$	126.24		$	131.60			-4.07	%

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2010			2009			% Variance			2010			2009			% Variance
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	157,009		$	147,954			6.12	%	$	467,753		$	455,814			2.62	%
RevPAR	$	89.06		$	83.93			6.11	%	$	88.95		$	86.68			2.62	%
Occupancy		72.47	%		68.75	%		3.72	%		71.42	%		66.77	%		4.65	%
ADR	$	122.88		$	122.07			0.66	%	$	124.55		$	129.82			-4.06	%

NOTES:
(1)	The above pro forma table assumes the 94 hotel properties owned and included in continuing operations at September 30, 2010, but not under renovation for the three and nine months ended September 30, 2010, were owned as of the beginning of the periods presented.
(2)	Excluded Hotels Under Renovation: Hilton Nassau Bay, Capital Hilton, Sheraton Indianapolis, Courtyard Edison, Embassy Suites Philadelphia Airport, and Embassy Suites Austin Arboretum
(3)	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.

6 of 13

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,
	2010			2009			% Variance			2010			2009			% Variance
REVENUE
Rooms	$	172,305		$	163,851			5.2	%	$	515,174		$	507,618			1.5	%
Food and beverage		35,008			34,285			2.1	%		119,583			120,406			-0.7	%
Other		9,854			10,515			-6.3	%		30,334			32,147			-5.6	%
Total hotel revenue		217,167			208,651			4.1	%		665,091			660,171			0.7	%
EXPENSES
Rooms		41,316			39,039			5.8	%		120,225			115,719			3.9	%
Food and beverage		27,034			26,753			1.1	%		85,708			86,738			-1.2	%
Other direct		6,351			6,396			-0.7	%		18,476			18,692			-1.2	%
Indirect		64,990			63,404			2.5	%		192,234			193,895			-0.9	%
Management fees, includes base and incentive fees		8,793			8,789			0.0	%		29,748			29,137			2.1	%
Total hotel operating expenses		148,484			144,381			2.8	%		446,391			444,181			0.5	%
Property taxes, insurance, and other		13,501			14,870			-9.2	%		41,296			43,091			-4.2	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		55,182			49,400			11.7	%		177,404			172,899			2.6	%
Hotel EBITDA Margin		25.41	%		23.68	%		1.73	%		26.67	%		26.19	%		0.48	%
Minority interest in earnings of consolidated joint ventures		1,177			1,139			3.3	%		4,308			4,548			-5.3	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	54,005		$	48,261			11.9	%	$	173,096		$	168,351			2.8	%

NOTE: The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at December 31, 2009 were owned as of the The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2010 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,
	2010			2009			% Variance			2010			2009			% Variance
REVENUE
Rooms	$	157,009		$	147,954			6.1	%	$	467,753		$	455,814			2.6	%
Food and beverage		30,795			30,306			1.6	%		104,697			105,262			-0.5	%
Other		9,038			9,488			-4.7	%		27,643			29,173			-5.2	%
Total hotel revenue		196,842			187,748			4.8	%		600,093			590,249			1.7	%
EXPENSES
Rooms		37,442			35,187			6.4	%		108,706			103,992			4.5	%
Food and beverage		23,707			23,505			0.9	%		75,194			75,841			-0.9	%
Other direct		5,929			5,945			-0.3	%		17,223			17,231			0.0	%
Indirect		58,986			57,117			3.3	%		174,363			174,653			-0.2	%
Management fees, includes base and incentive fees		8,165			8,098			0.8	%		27,741			26,848			3.3	%
Total hotel operating expenses		134,229			129,852			3.4	%		403,227			398,565			1.2	%
Property taxes, insurance, and other		12,134			13,361			-9.2	%		37,115			38,228			-2.9	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		50,479			44,535			13.3	%		159,751			153,456			4.1	%
Hotel EBITDA Margin		25.64	%		23.72	%		1.92	%		26.62	%		26.00	%		0.62	%
Minority interest in earnings of consolidated joint ventures		1,177			1,139			3.3	%		4,308			4,548			-5.3	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	49,302		$	43,396			13.6	%	$	155,443		$	148,908			4.4	%

NOTES:
(1)	The above pro forma table assumes the 94 hotel properties owned and included in continuing operations at September 30, 2010, but not under renovation during the three and nine months ended September 30, 2010 were owned as of the beginning of the periods presented.
(2)	Excluded Hotels Under Renovation: Hilton Nassau Bay, Capital Hilton, Sheraton Indianapolis, Courtyard Edison, Embassy Suites Philadelphia Airport, and Embassy Suites Austin Arboretum
(3)	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.

7 of 13

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		2010		2009		% Change			2010		2009		% Change
Pacific (1)		21		5,205	$	112.25	$	103.78		8.2	%	$	99.44	$	93.50		6.4	%
Mountain (2)		8		1,704		71.41		67.81		5.3	%		79.02		77.78		1.6	%
West North Central (3)		3		690		83.36		81.31		2.5	%		76.45		72.16		5.9	%
West South Central (4)		10		2,086		78.12		79.65		-1.9	%		84.55		86.09		-1.8	%
East North Central (5)		7		1,103		71.63		69.32		3.3	%		67.61		65.68		2.9	%
East South Central (6)		2		236		96.21		74.87		28.5	%		88.62		78.67		12.6	%
Middle Atlantic (7)		9		2,481		89.90		85.59		5.0	%		87.55		84.60		3.5	%
South Atlantic (8)		38		7,728		84.62		81.37		4.0	%		92.90		95.25		-2.5	%
New England (9)		2		159		84.94		73.26		15.9	%		78.11		68.41		14.2	%
Total Portfolio		100		21,392	$	89.66	$	85.27		5.1	%	$	89.92	$	88.60		1.5	%

(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 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 Connecticut
NOTES:
(1)	The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2010 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.

8 of 13

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		2010		2009		% Change			2010		2009		% Change
Hilton		33		7,289	$	95.19	$	90.22		5.5	%	$	95.36	$	94.28		1.1	%
Hyatt		1		242		78.71		70.50		11.6	%		112.71		106.31		6.0	%
InterContinental		2		420		129.04		127.82		1.0	%		135.90		129.71		4.8	%
Independent		2		317		78.35		72.92		7.4	%		81.26		72.12		12.7	%
Marriott		57		11,714		85.23		80.98		5.2	%		86.52		85.85		0.8	%
Starwood		5		1,410		87.33		84.90		2.9	%		71.77		68.19		5.3	%
Total Portfolio		100		21,392	$	89.66	$	85.27		5.1	%	$	89.92	$	88.60		1.5	%

NOTES:
(1)	The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2010 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.

9 of 13

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		2010		% Total			2009		% Total			% Change			2010		% Total			2009		% Total			% Change
Pacific (1)		21		5,205	$	19,602		35.5	%	$	16,721		33.8	%		17.2	%	$	48,025		27.1	%	$	43,160		25.0	%		11.3	%
Mountain (2)		8		1,704		2,413		4.4	%		1,490		3.0	%		61.9	%		10,420		5.9	%		10,621		6.1	%		-1.9	%
West North Central (3)		3		690		2,360		4.3	%		2,209		4.5	%		6.8	%		5,809		3.3	%		5,091		2.9	%		14.1	%
West South Central (4)		10		2,086		4,763		8.6	%		4,771		9.7	%		-0.2	%		17,658		9.9	%		18,039		10.4	%		-2.1	%
East North Central (5)		7		1,103		2,875		5.2	%		2,685		5.4	%		7.1	%		7,084		4.0	%		6,316		3.7	%		12.2	%
East South Central (6)		2		236		916		1.7	%		626		1.3	%		46.3	%		2,450		1.4	%		2,050		1.2	%		19.5	%
Middle Atlantic (7)		9		2,481		5,545		10.0	%		5,282		10.7	%		5.0	%		16,786		9.5	%		15,436		8.9	%		8.7	%
South Atlantic (8)		38		7,728		16,220		29.4	%		15,235		30.8	%		6.5	%		68,002		38.3	%		71,387		41.3	%		-4.7	%
New England (9)		2		159		488		0.9	%		381		0.8	%		28.1	%		1,170		0.6	%		799		0.5	%		46.4	%
Total Portfolio		100		21,392	$	55,182		100.0	%	$	49,400		100.0	%		11.7	%	$	177,404		100.0	%	$	172,899		100.0	%		2.6	%

(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 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 Connecticut

NOTES:

(1)	The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2010 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.

10 of 13

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)

94 HOTELS INCLUDED IN CONTINUING OPERATIONS AT SEPTEMBER 30, 2010 AS IF SUCH HOTELS WERE OWNED AS OF THE BEGINNING OF THE PERIODS PRESENTED:

HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:
Third Quarter 2010	25.64	%
Third Quarter 2009	23.72	%
Variance	1.92	%
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
Rooms	-0.28	%
Food & Beverage and Other Departmental	0.63	%
Administrative & General	0.16	%
Sales & Marketing	-0.24	%
Hospitality	0.00	%
Repair & Maintenance	0.08	%
Energy	0.28	%
Franchise Fee	-0.07	%
Management Fee	0.00	%
Incentive Management Fee	0.16	%
Insurance	0.15	%
Property Taxes	0.85	%
Other Taxes	-0.05	%
Leases/Other	0.25	%
Total	1.92	%

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.

11 of 13

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA SEASONALITY TABLE
(dollars in thousands)
(Unaudited)

ALL 100 HOTELS OWNED AND INCLUDED IN CONTINUING OPERATIONS AS OF SEPTEMBER 30, 2010:

	2010			2010			2010			2009
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Total Hotel Revenue	$	217,167		$	234,507		$	213,417		$	231,396		$	896,487
Hotel EBITDA	$	55,182		$	66,851		$	55,371		$	55,021		$	232,425
Hotel EBITDA Margin		25.4	%		28.5	%		25.9	%		23.8	%		25.9	%
EBITDA % of Total TTM		23.7	%		28.8	%		23.8	%		23.7	%		100.0	%
JV Interests in EBITDA	$	1,177		$	1,974		$	1,157		$	1,483		$	5,791

NOTES:

(1)	The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2010 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.

12 of 13

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

		2010				2011
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Hilton Nassau Bay — Clear Lake	243	x		x			x	x
Hilton La Jolla Torrey Pines	296	x
Embassy Suites Portland — Downtown	276	x							x
Marriott Bridgewater	347	x							x
Capital Hilton	408	x	x	x	x
Sheraton City Center — Indianapolis	371		x	x
Embassy Suites Austin Arboretum	150			x
Embassy Suites Philadelphia Airport	263			x	x
Embassy Suites Las Vegas Airport	220				x
Sheraton Anchorage	370				x
Courtyard Edison	146			x	x	x
Hilton Costa Mesa	486				x	x			x
Sheraton Minneapolis West	222				x	x
Crowne Plaza Beverly Hills	260				x	x
Embassy Suites Crystal City — Reagan Airport	267				x	x
Hilton Minneapolis Airport	300				x	x
Marriott Seattle Waterfront	358				x	x
Fairfield Inn and Suites Kennesaw	87				x	x
Renaissance Tampa	293				x	x
Courtyard Crystal City Reagan Airport	272				x	x
Courtyard Philadelphia Downtown	498				x	x
Courtyard Louisville Airport	150				x	x	x	x
Marriott Legacy Center	404				x	x			x
Embassy Suites Walnut Creek	249						x	x
Hilton Fort Worth	294						x	x
Marriott Suites Dallas Market Center	266						x	x
Residence Inn Jacksonville	120						x	x
Residence Inn Las Vegas	256						x	x
Residence Inn Newark	168						x	x
Residence Inn Phoenix Airport	200						x	x
SpringHill Suites Richmond	136						x	x
Crowne Plaza La Concha — Key West	160						x	x
Courtyard Legacy Park	153								x
Courtyard Oakland Airport	156								x
Courtyard Old Town Scottsdale	180								x
Courtyard Newark	181								x
Courtyard Basking Ridge	235								x
Courtyard Foothill Ranch Irvine	156								x
Courtyard Hartford — Manchester	90								x
Courtyard Seattle Downtown	250								x
SpringHill Suites Mall of Georgia	96								x
SpringHill Suites Philadelphia	199								x
SpringHill Suites Manhattan Beach	164								x
Embassy Suites Dallas Galleria	150								x
Embassy Suites Houston	150								x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2010 and 2011 are included in this table.

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