Ashford Hospitality Trust (AHT) 8-K Results of Operations and Financial Condition

Exhibit 99.1

NEWS RELEASE

Contact: David Kimichik
Chief Financial Officer
(972) 490-9600 Andrea Welch
Investor Relations
(972) 778-9487 Scott Eckstein
Financial Relations Board
(212) 827-3766

ASHFORD HOSPITALITY TRUST REPORTS
THIRD QUARTER RESULTS
230 Basis Point Hotel EBITDA Margin Improvement For Highland Portfolio
Achieves Record Trailing-Twelve Month AFFO Per Share of $1.86
Company Currently Has No Recourse Debt Outstanding

DALLAS, November 9, 2011 — Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the third quarter ended September 30, 2011. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are proforma. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2011, with the third quarter ended September 30, 2010 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS

• RevPAR increased 5.9% for all Legacy hotels in continuing operations, driven by a 2.8% increase in ADR and a 223 basis point increase in occupancy

• RevPAR increased 5.5% for all hotels in the Highland Hospitality Portfolio, driven by a 1.7% increase in ADR and a 265 basis point increase in occupancy

• Hotel operating profit margin increased 137 basis points for the 80 Legacy hotels not under renovation in continuing operations

• Hotel operating profit margin increased 230 basis points for all 28 hotels in the Highland Hospitality Portfolio (no Highland hotels were under renovation during the third quarter)

• Net loss attributable to common shareholders was $28.6 million, or $0.43 per diluted share, compared with net income attributable to common shareholders of $36.3 million, or $0.71 per diluted share, in the prior-year quarter

• Adjusted funds from operations (AFFO) was $0.39 per diluted share for the quarter as compared with $0.33 from the prior-year quarter

• On a trailing-twelve month basis, AFFO was a record $1.86 per diluted share

• Fixed charge coverage ratio was 1.72x under the senior credit facility covenant versus a required minimum of 1.35x

• The Company has one mortgage maturing in 2011 with an outstanding balance of $203.4 million and one mortgage maturing in 2012 with an outstanding balance of $167.2 million.

• In September, Ashford obtained a new $105 million senior credit facility, the Company’s only recourse obligation with currently no outstanding balance

• At the end of the third quarter, Ashford had cash and cash equivalents of $180.9 million

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AHT Reports Third Quarter Results
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November 9, 2011

CAPITAL ALLOCATION

• Capex invested in the quarter for the Legacy portfolio was $17.5 million and $45.9 million year to date

CAPITAL STRUCTURE

As previously disclosed, in July 2011, Ashford reissued 7.0 million of the Company’s treasury shares at $12.50 per share and received net proceeds of $83.3 million. The net proceeds were used to repay the outstanding borrowings under the senior credit facility and for general corporate purposes, including financing future hotel related investments, capital expenditures, working capital, or repayment of other debt obligations.

On September 26, 2011, the Company announced it had entered into a new $105 million senior credit facility which replaced the Company’s previous credit line that was scheduled to mature in April 2012. The new credit facility provides for a three-year revolving line of credit at 275 to 350 basis points over LIBOR, which is the same as the Company’s previous credit line. There is a one-year extension option subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $45 million to an aggregate size of $150 million. The financial covenant tests with respect to fixed charge coverage ratio and leverage tests are similar to the Company’s previous credit line. The previous credit line was repaid in full in July 2011. Since the Company had a zero balance on the previous credit line, no cash was utilized to pay it down upon termination.

On September 27, 2011, Ashford’s Board of Directors authorized the reinstatement of the Company’s 2007 Stock Repurchase Program with a $141.6 million increase, bringing the total authorization to $200 million (excluding fees, commissions and all other ancillary expenses). The plan provides for: (i) the repurchase of shares of the Company’s common stock, Series A preferred stock, Series D preferred stock and Series E preferred stock, and /or (ii) discounted purchases of outstanding debt obligations of the Company and its subsidiaries, including debt secured by the Company’s hotel assets

Subsequent to the end of the third quarter, on October 12, 2011 the Company priced an underwritten public offering of 1,280,000 shares of its existing 9.00% Series E Cumulative Preferred Stock at $23.47 per share including accrued dividends; receiving net proceeds of $29.1 million after underwriting fees. The net proceeds from the sale of these securities are being used for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future hotel-related investments, capital expenditures and working capital. Net proceeds may also be used for repurchasing shares of common stock under Ashford’s repurchase program.

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AHT Reports Third Quarter Results
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November 9, 2011

HIGHLAND HOSPITALITY PORTFOLIO UPDATE

The RevPAR growth for the Highland Hospitality portfolio of 5.5% was only slightly lower than RevPAR growth of the Company’s legacy portfolio of 5.9% and significantly improved on a sequential basis compared with RevPAR growth of 3.4% experienced during the second quarter of this year. This improved performance was a direct result of filling sales positions at 17 hotels that had been vacant during the first and second quarter due to a change in property manager as well as the continuing integration of the Highland Hospitality Portfolio into the Company’s total portfolio. Hotel EBITDA Margin increased 230 basis points to 25.1% reflecting a 62% EBITDA flow. The Company expects both the revenue and EBITDA performance of the Highland Hospitality Portfolio to continue to improve as the hotels in the Portfolio continue to be fully integrated into Ashford’s total portfolio.

DISPOSITION ACTIVITY

On July 29, 2011, Ashford completed the previously announced sale of the Hampton Inn Jacksonville for $10.0 million in cash. The hotel was unencumbered by debt.

PORTFOLIO REVPAR

As of September 30, 2011, the Company had a portfolio of direct hotel investments consisting of 96 properties classified in continuing operations. During the third quarter, 80 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 96 hotels) and proforma not-under-renovation basis (80 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 96 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

• Proforma RevPAR increased 6.2% to $96.12 for hotels not under renovation on a 3.3% increase in ADR and a 209 basis point increase in occupancy

• Proforma RevPAR increased 5.9% to $94.63 for all hotels on a 2.8% increase in ADR and a 223 basis point increase in occupancy

• Proforma RevPAR increased 5.5% to $97.30 for all hotels in the Highland Hospitality Portfolio on a 1.7% increase in ADR and a 265 basis point increase in occupancy (no Highland hotels were under renovation during the third quarter)

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 80 hotels as of September 30, 2011, that were not under renovation, Proforma Hotel EBITDA increased 11.1% to $52.1 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 137 basis points to 28.3%. For all 96 hotels included in continuing operations as of September 30, 2011, Proforma Hotel EBITDA increased 10.9% to $60.4 million and Hotel EBITDA margin increased 126 basis points to 27.8%. For the Company’s 71.74% share of the 28 hotels in the Highland Hospitality Portfolio, Proforma Hotel EBITDA increased 17.0% to $17.5 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 230 basis points to 25.1%.

Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as well as its pro-rata share of the Highland

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AHT Reports Third Quarter Results
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November 9, 2011

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 96 hotels included in continuing operations together with Ashford’s pro-rata share of the Highland portfolio are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On September 15, 2011, Ashford announced that its Board of Directors had declared a common stock dividend for the third quarter ended September 30, 2011, of $0.10 per diluted share, payable October 17, 2011, for shareholders of record on September 30, 2011.

Monty J. Bennett, Chief Executive Officer, commented, “Ashford continues to report strong AFFO and operating profit growth, including significant sequential improvement in our Highland Hospitality Portfolio. Our integration process is progressing well and the Highland transaction continues to meet our expectations. Despite larger macroeconomic uncertainty, our outlook for the remainder of the year remains strong as the fundamentals of our industry continue to improve. At the same time, we are focused on risk mitigation and strategic opportunities. We remain conservative in our approach and continue to take steps to enhance our capital structure and liquidity as demonstrated by our recent public offerings, new senior credit facility, and absence of recourse debt. We continue to evaluate our relative cost of capital and seek out investment opportunities with a disciplined view on shareholder accretion. We believe this balanced approach will continue to drive improved operating performance and provide substantial returns to our shareholders.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, November 10, 2011, at 11 a.m. ET. The number to call for this interactive teleconference is (480) 629-9818. A replay of the conference call will be available through Thursday, November 17, 2011, by dialing (303) 590-3030 and entering the confirmation number, 4478474.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2011 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s web site, www.ahtreit.com on Thursday, November 10, 2011, beginning at 11 a.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.

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November 9, 2011

Ashford 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. Additional information can be found on the Company’s website atwww.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 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,
	2011			2010
	(Unaudited)
ASSETS
Investment in hotel properties, net	$	2,967,797		$	3,023,736
Cash and cash equivalents		180,886			217,690
Restricted cash		78,478			67,666
Accounts receivable, net		33,942			27,493
Inventories		2,527			2,909
Notes receivable		3,069			20,870
Investment in unconsolidated joint ventures		184,595			15,000
Assets held for sale		—			144,511
Investments in securities and other		28,938			—
Deferred costs, net		16,207			17,519
Prepaid expenses		13,278			12,727
Derivative assets		54,721			106,867
Other assets		4,448			7,502
Intangible assets, net		2,832			2,899
Due from third-party hotel managers		56,685			49,135
Total assets	$	3,628,403		$	3,716,524
LIABILITIES AND EQUITY
Liabilities
Indebtedness of continuing operations	$	2,391,057		$	2,518,164
Indebtedness of assets held for sale		—			50,619
Capital leases payable		—			36
Accounts payable and accrued expenses		88,092			79,248
Dividends payable		16,221			7,281
Unfavorable management contract liabilities		14,364			16,058
Due to related parties		1,837			2,400
Due to third-party hotel managers		2,078			1,870
Liabilities associated with investments in securities and other		10,096			—
Other liabilities		5,384			4,627
Other liabilities of assets held for sale		—			2,995
Total liabilities		2,529,129			2,683,298
Series B-1 Cumulative Convertible Redeemable Preferred stock, 7,247,865 shares issued and outstanding at December 31, 2010		—			72,986
Redeemable noncontrolling interests in operating partnership		107,637			126,722
						��
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		15			15
Series D Cumulative Preferred Stock, 8,966,797 shares issued and outstanding		90			90
Series E Cumulative Preferred Stock, 3,350,000 shares issued and outstanding at September 30, 2011		34			—
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares and 123,403,893 shares issued, respectively, 61,030,940 and 68,034,685 shares outstanding, respectively		1,249			1,234
Additional paid-in capital		1,712,746			1,552,657
Accumulated other comprehensive loss		(173	)		(550	)
Accumulated deficit		(571,930	)		(543,788	)
Treasury stock, at cost (56,862,080 shares and 64,404,569 shares, respectively)		(164,749	)		(192,850	)
Total shareholders’ equity of the Company		977,282			816,808
Noncontrolling interests in consolidated joint ventures		14,355			16,710
Total equity		991,637			833,518
Total liabilities and equity	$	3,628,403		$	3,716,524

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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,
	2011			2010			2011			2010
	(Unaudited)						(Unaudited)
REVENUE
Rooms	$	169,145		$	159,069		$	508,934		$	474,889
Food and beverage		33,486			31,932			113,135			108,918
Rental income from operating leases		1,304			1,185			4,008			3,728
Other		10,583			9,520			30,182			29,443
Total hotel revenue		214,518			201,706			656,259			616,978
Interest income from notes receivable		—			349			—			1,032
Asset management fees and other		69			100			217			312
Total Revenue		214,587			202,155			656,476			618,322
EXPENSES
Hotel operating expenses
Rooms		39,863			37,372			116,114			108,587
Food and beverage		25,155			24,154			78,757			76,755
Other direct		5,994			6,097			17,575			17,732
Indirect		62,357			59,048			185,178			177,943
Management fees		8,466			8,275			26,509			25,441
Total hotel operating expenses		141,835			134,946			424,133			406,458
Property taxes, insurance, and other		12,297			12,298			34,953			37,688
Depreciation and amortization		33,776			33,027			99,580			99,777
Impairment charges		(92	)		694			(4,748	)		(1,263	)
Gain on insurance settlement		—			—			(1,905	)		—
Transaction acquisition costs		27			—			(791	)		—
Corporate general and administrative:
Stock/unit-based compensation		3,069			1,929			8,428			5,168
Other general and administrative		6,025			5,771			25,554			17,512
Total Operating Expenses		196,937			188,665			585,204			565,340
OPERATING INCOME		17,650			13,490			71,272			52,982
Equity in earnings (loss) of unconsolidated joint ventures		(6,228	)		3			19,596			1,325
Interest income		11			114			70			226
Other income		17,349			15,874			83,509			47,045
Interest expense		(33,388	)		(34,096	)		(100,407	)		(101,779	)
Amortization of loan costs		(1,142	)		(1,143	)		(3,509	)		(3,845	)
Write-off of deferred debt issuance cost		(729	)		—			(729	)		—
Unrealized gain on investments		1,223			—			1,223			—
Unrealized gain (loss) on derivatives		(18,302	)		382			(52,813	)		30,824
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(23,556	)		(5,376	)		18,212			26,778
Income tax (expense) benefit		(1,077	)		22			(2,407	)		(436	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		(24,633	)		(5,354	)		15,805			26,342
Income (loss) from discontinued operations		(351	)		53,019			(4,170	)		34,050
NET INCOME (LOSS)		(24,984	)		47,665			11,635			60,392
(Income) loss from consolidated joint ventures attributable to noncontrolling interests		832			293			(537	)		1,422
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		2,935			(6,689	)		1,207			(8,610	)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		(21,217	)		41,269			12,305			53,204
Preferred dividends		(7,415	)		(4,988	)		(38,741	)		(14,649	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(28,632	)	$	36,281		$	(26,436	)	$	38,555
INCOME (LOSS) PER SHARE — BASIC AND DILUTED:
Income (loss) from continuing operations attributable to common shareholders	$	(0.43	)	$	(0.18	)	$	(0.37	)	$	0.17
Income (loss) from discontinued operations attributable to common shareholders		—			0.89			(0.07	)		0.56
Net income (loss) attributable to common shareholders	$	(0.43	)	$	0.71		$	(0.44	)	$	0.73
Weighted average common shares outstanding — basic and diluted		66,801			49,714			60,601			51,251
Amounts attributable to common shareholders:
Income (loss) from continuing operations, net of tax	$	(20,906	)	$	(4,304	)	$	16,862		$	23,567
Income (loss) from discontinued operations, net of tax		(311	)		45,573			(4,557	)		29,637
Preferred dividends		(7,415	)		(4,988	)		(38,741	)		(14,649	)
Net income (loss) attributable to common shareholders	$	(28,632	)	$	36,281		$	(26,436	)	$	38,555

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net income (loss)	$	(24,984	)	$	47,665		$	11,635		$	60,392
(Income) loss from consolidated joint ventures attributable to noncontrolling interests		832			293			(537	)		1,422
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		2,935			(6,689	)		1,207			(8,610	)
Net income (loss) attributable to the Company		(21,217	)		41,269			12,305			53,204
Interest income		(11	)		(105	)		(69	)		(216	)
Interest expense and amortization of loan costs		34,071			36,873			103,233			111,415
Depreciation and amortization		32,947			35,200			97,510			106,841
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership		(2,935	)		6,689			(1,207	)		8,610
Income tax expense		1,077			96			2,492			517
EBITDA		43,932			120,022			214,264			280,371
Amortization of unfavorable management contract liabilities		(565	)		(565	)		(1,694	)		(1,694	)
(Gain) loss on sale/disposition of properties		311			(55,931	)		(2,650	)		(55,931	)
Noncash gain on insurance settlements		—			—			(1,157	)		—
Write-off of deferred debt issuance cost		729			—			1,677			—
Other income (1)		(17,349	)		(15,879	)		(83,509	)		(47,120	)
Impairment charges		(92	)		694			1,489			10,805
Transaction acquisition costs		27			—			(791	)		—
Legal costs related to litigation settlement (2)		—			—			6,875			—
Unrealized gain on investments		(1,223	)		—			(1,223	)		—
Unrealized (gain) loss on derivatives		18,302			(382	)		52,813			(30,824	)
Add back Equity in (earnings) loss of unconsolidated joint ventures (Highland for 2011)		6,228			(3	)		(19,596	)		(1,325	)
Company’s portion of adjusted EBITDA of unconsolidated joint ventures (Highland for 2011)		16,926			3			45,535			1,325
Adjusted EBITDA	$	67,226		$	47,959		$	212,033		$	155,607

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,
	2011			2010			2011			2010
Net income (loss)	$	(24,984	)	$	47,665		$	11,635		$	60,392
(Income) loss from consolidated joint ventures attributable to noncontrolling interests		832			293			(537	)		1,422
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		2,935			(6,689	)		1,207			(8,610	)
Preferred dividends		(7,415	)		(4,988	)		(38,741	)		(14,649	)
Net income (loss) attributable to common shareholders		(28,632	)		36,281			(26,436	)		38,555
Depreciation and amortization on real estate		32,883			35,138			97,322			106,643
(Gain) loss on sale/disposition of properties		311			(55,931	)		(2,650	)		(55,931	)
Noncash gain on insurance settlements		—			—			(1,157	)		—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership		(2,935	)		6,689			(1,207	)		8,610
FFO available to common shareholders		1,627			22,177			65,872			97,877
Dividends on convertible preferred stock		—			1,043			1,374			3,128
Write-off of deferred debt issuance cost		729			—			1,677			—
Impairment charges		(92	)		694			1,489			10,805
Transaction acquisition costs		27			—			(791	)		—
Other income (1)		853			—			(29,147	)		—
Legal costs related to litigation settlement (2)		—			—			6,875			—
Unrealized gain on investments		(1,223	)		—			(1,223	)		—
Unrealized (gain) loss on derivatives		18,302			(382	)		52,813			(30,824	)
Non-cash dividends on Series B-1 preferred stock		—			—			17,363			—
Add back Equity in (earnings) loss of unconsolidated joint ventures (Highland for 2011)		6,228			(3	)		(19,596	)		(1,325	)
Company’s portion of adjusted FFO of unconsolidated joint ventures (Highland for 2011)		5,710			3			19,482			1,325
Adjusted FFO available to common shareholders	$	32,161		$	23,532		$	116,188		$	80,986
Adjusted FFO per diluted share available to common shareholders	$	0.39		$	0.33		$	1.45		$	1.09
Weighted average diluted shares		83,512			72,221			79,885			73,967

(1)

Other income consisting of income from interest rate derivatives and net investment loss on investments in securities is excluded from the adjusted EBITDA for all periods presented. A gain of $30,000 from litigation settlement is excluded from the Adjusted EBITDA and Adjusted FFO for the nine months ended September 30, 2011. In addition, the net investment loss of $853, including a realized loss on investments of $777 for the three and nine months ended September 30, 2011, was also excluded for Adjusted AFFO.

(2)

The legal costs associated with the litigation settlement are also excluded from the Adjusted EBITDA and Adjusted FFO for the nine months ended September 30, 2011.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
SEPTEMBER 30, 2011
(dollars in thousands)
(Unaudited)

				Fixed-Rate			Floating-Rate			Total
Indebtedness	Collateral	Maturity	Interest Rate	Debt			Debt			Debt
Mortgage loan	5 hotels	December 2011	LIBOR + 1.72%	$	—		$	203,400		$	203,400
Mortgage loan	10 hotels	May 2012	LIBOR + 1.65%		—			167,202			167,202
Mortgage loan	2 hotels	August 2013	LIBOR + 2.75%		—			146,667			146,667
Mortgage loan	1 hotel	May 2014	8.32%		5,521			—			5,521
Senior credit facility	Various	September 2014	LIBOR + 2.75% to 3.5%		—			—			—
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%		107,398			—			107,398
Mortgage loan	10 hotels	July 2015	5.22%		156,622			—			156,622
Mortgage loan	8 hotels	December 2015	5.70%		99,247			—			99,247
Mortgage loan	5 hotels	December 2015	12.66%		150,343			—			150,343
Mortgage loan	5 hotels	February 2016	5.53%		112,995			—			112,995
Mortgage loan	5 hotels	February 2016	5.53%		93,707			—			93,707
Mortgage loan	5 hotels	February 2016	5.53%		81,171			—			81,171
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	November 2020	6.26%		103,951			—			103,951
Mortgage loan	1 hotel	April 2034	Greater of 6% or Prime + 1%		—			6,687			6,687
Total indebtedness				$	1,847,361		$	543,696		$	2,391,057
Percentage					77.3	%		22.7	%		100.0	%
Weighted average interest rate at September 30, 2011					6.40	%		2.39	%		5.49	%
Weighted average interest rate				$	2,346,711		$	44,346			2,391,057
Percentage with the effect of interest rate swaps					98.1	%		1.9	%		100.0	%
Weighted average interest rate with the effect of interest rate swap and flooridor					2.63%	(1)		2.27%	(1)		2.55	%

⁽¹⁾ These rates are calculated assuming the LIBOR rate stays at the September 30, 2011 level and with the effect of our interest rate derivatives.

PIM HIGHLAND HOLDING LLC
SUMMARY OF INDEBTEDNESS
SEPTEMBER 30, 2011
(dollars in thousands)
(Unaudited)

				Fixed-Rate			Floating-Rate			Total
Indebtedness	Collateral	Maturity	Interest Rate	Debt			Debt			Debt
Mortgage loan	1 hotel	January 2013	5.96%	$	64,544		$	—		$	64,544
Mortgage loan	1 hotel	April 2013	6.11%		46,333						46,333
Mortgage loan	1 hotel	February 2013	5.97%		32,789						32,789
Mortgage loan	25 hotels	March 2014	LIBOR + 2.75%		—			530,000	(1)		530,000
Mezzanine loan	None	March 2014	Greater of 6.50% or LIBOR + 6.00%		—			144,636	(1)		144,636
Mezzanine loan	None	March 2014	Greater of 7.5% or LIBOR + 7.00%		—			137,691	(1)		137,691
Mezzanine loan	None	March 2014	Greater of 10.00% or LIBOR + 9.50%		—			118,021	(1)		118,021
Mezzanine loan	None	March 2014	LIBOR + 2.00%					18,425	(1)		18,425
Total indebtedness					143,666			948,773			1,092,439
Ashford’s proportionate obligations					x 71.74	%		x 71.74	%		x 71.74	%
				$	103,066		$	680,650		$	783,716
Percentage					13.2	%		86.8	%		100.0	%
Weighted average interest rate at September 30, 2011					6.01	%		5.04	%		5.17	%
Percentage with the effect of interest rate swaps				$	783,716		$	—		$	783,716
Total indebtedness of Ashford plus Ashford’s 71.74% share of PIM Highland Holding LLC				$	1,950,427		$	1,224,346		$	3,174,773
Percentage with the effect of interest rate swaps				$	3,130,427		$	44,346		$	3,174,773
Weighted average interest rate with the effect of interest rate swap and flooridor					2.90	%		3.68	%		3.20	%
			��

⁽¹⁾ Each of these loans has two one-year extension options beginning March 2014.

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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS OF CONTINUING OPERATIONS BY MATURITY
SEPTEMBER 30, 2011
(in thousands)
(Unaudited)

	2011		2012		2013		2014		2015		Thereafter		Total
Mortgage loan secured by five hotel properties	$	203,400	$	—	$	—	$	—	$	—	$	—	$	203,400
Mortgage loan secured by 10 hotel properties, Wachovia Floater		—		167,202		—		—		—		—		167,202
Mortgage loan secured by two hotel properties		—		—		146,667		—		—		—		146,667
Mortgage loan secured by Manchester Courtyard		—		—		—		5,521		—		—		5,521
Senior credit facility		—		—		—		—		—		—		—
Mortgage loan secured by El Conquistador Hilton		—		—		—		19,740		—		—		19,740
Mortgage loan secured by eight hotel properties, UBS Pool 1		—		—		—		107,398		—		—		107,398
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1		—		—		—		—		156,622		—		156,622
Mortgage loan secured by eight hotel properties, UBS Pool 2		—		—		—		—		99,247		—		99,247
Mortgage loan secured by five hotel properties		—		—		—		—		150,343		—		150,343
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2		—		—		—		—		—		112,995		112,995
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3								—		—		93,707		93,707
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7								—		—		81,171		81,171
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 Arlington Marriott		—		—		—		—		—		103,951		103,951
Mortgage loan secured by Jacksonville Residence Inn		—		—		—		—		—		6,687		6,687
Total indebtedness of continuing operations	$	203,400	$	167,202	$	146,667	$	132,659	$	406,212	$	1,334,917	$	2,391,057

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

⁽¹⁾ The outstanding balance was repaid in July 2011.

PIM HIGHLAND HOLDING LLC
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
SEPTEMBER 30, 2011
(in thousands)
(Unaudited)

	2011			2012			2013			2014			2015			Thereafter			Total
Mortgage loan secured by Boston Hilton	$	—		$	—		$	64,544		$	—		$	—		$	—		$	64,544
Mortgage loan secured by Nashville Renaissance		—			—			46,333			—			—			—			46,333
Mortgage loan secured by Princeton Westin		—			—			32,789			—			—			—			32,789
Mortgage loan secured by 25 hotel properties		—			—			—			—			—			530,000			530,000
Mezzanine loan		—			—			—			—			—			144,636			144,636
Mezzanine loan		—			—			—			—			—			137,691			137,691
Mezzanine loan		—			—			—			—			—			118,021			118,021
Mezzanine loan		—			—			—			—			—			18,425			18,425
Total indebtedness		—			—			143,666			—			—			948,773			1,092,439
Ashford’s proportionate obligations		x 71.74	%		x 71.74	%		x 71.74	%		x 71.74	%		x 71.74	%		x 71.74	%		x 71.74	%
	$	—		$	—		$	103,066		$	—		$	—		$	680,650		$	783,716
Total indebtedness of continuing operations plus Ashford’s 71.74% share of PIM Highland Holding LLC	$	203,400		$	167,202		$	249,733		$	132,659		$	406,212		$	2,015,567		$	3,174,773

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ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS — PRO FORMA
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2011			2010			% Variance			2011			2010			% Variance
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	172,708		$	163,023			5.94	%	$	520,942		$	487,438			6.87	%
RevPAR	$	94.63		$	89.32			5.94	%	$	95.73		$	89.57			6.88	%
Occupancy		74.94	%		72.71	%		2.23	%		73.73	%		71.64	%		2.09	%
ADR	$	126.26		$	122.84			2.78	%	$	129.84		$	125.02			3.86	%

NOTES: The above pro forma table assumes the 96 hotel properties owned and included in continuing operations as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)	$	146,381		$	137,813		6.22	%	$	432,136		$	405,202		6.65	%
RevPAR	$	96.12		$	90.49		6.22	%	$	95.20		$	89.26		6.65	%
Occupancy		76.06	%		73.97	%	2.09	%		74.19	%		72.25	%	1.94	%
ADR	$	126.37		$	122.33		3.30	%	$	128.31		$	123.55		3.85	%

NOTES:
(1)	The above pro forma table assumes the 80 hotel properties owned and included in continuing operations as of September 30, 2011, but not under renovation for the three months ended September 30, 2011, were owned as of the beginning of the first comparative reporting period.
(2)	Excluded Hotels Under Renovation: Courtyard Louisville Airport, Courtyard Crystal City Reagan Airport, Embassy Suites Austin Arboretum Embassy Suites Dallas Galleria, Marriott Legacy Center, Capital Hilton, Courtyard Newark, Courtyard Legacy Park, Embassy Suites Houston, Hilton Nassau Bay Clear Lake, SpringHill Suites Raleigh Airport, SpringHill Suites Richmond, Courtyard Old Town Scottsdale, Marriott Dallas Center Residence Inn Newark, Residence Inn Phoenix Airport
(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.

PIM HIGHLAND HOLDING LLC
KEY PERFORMANCE INDICATORS — PRO FORMA
(dollars in thousands)
(Unaudited)

THE FOLLOWING TABLE PRESENTS THE COMPANY’S 71.74% OF THE PRO FORMA PERFORMANCE OF THE 28-HOTEL PROPERTY PORTFOLIO INCLUDED IN PIM HIGHLAND HOLDING LLC AS IF THEY WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2011			2010			% Variance			2011			2010			% Variance
HOTEL PERFORMANCE INDICATORS:
Room revenues (in thousands)	$	50,855		$	48,206			5.50	%	$	151,430		$	144,634			4.70	%
RevPAR	$	97.30		$	92.22			5.51	%	$	97.41		$	93.03			4.71	%
Occupancy		74.16	%		71.51	%		2.65	%		72.02	%		70.35	%		1.67	%
ADR	$	131.21		$	128.96			1.74	%	$	135.25		$	132.23			2.28	%

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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)

ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2011			2010			% Variance			2011			2010			% Variance
REVENUE
Rooms	$	172,708		$	163,023			5.9	%	$	520,942		$	487,438			6.9	%
Food and beverage		34,141			32,457			5.2	%		115,095			110,983			3.7	%
Other		10,184			9,460			7.7	%		29,202			29,141			0.2	%
Total hotel revenue		217,033			204,940			5.9	%		665,239			627,562			6.0	%
EXPENSES
Rooms		40,620			38,384			5.8	%		118,595			111,568			6.3	%
Food and beverage		25,624			24,585			4.2	%		80,212			78,197			2.6	%
Other direct		5,996			6,128			-2.2	%		17,594			17,802			-1.2	%
Indirect		63,206			60,469			4.5	%		186,187			179,275			3.9	%
Management fees, includes base and incentive fees		8,631			8,451			2.1	%		29,348			28,703			2.2	%
Total hotel operating expenses		144,077			138,017			4.4	%		431,936			415,545			3.9	%
Property taxes, insurance, and other		12,603			12,520			0.7	%		35,843			38,272			-6.3	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		60,353			54,403			10.9	%		197,460			173,745			13.6	%
Hotel EBITDA Margin		27.81	%		26.55	%		1.26	%		29.68	%		27.69	%		2.00	%
Minority interest in earnings of consolidated joint ventures		1,486			1,125			32.1	%		5,325			4,101			29.8	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	58,867		$	53,278			10.5	%	$	192,135		$	169,644			13.3	%

NOTE: The above pro forma table assumes the 96 hotel properties owned and included in continuing operations as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.

80 HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2011			2010			% Variance			2011			2010			% Variance
REVENUE
Rooms	$	146,381		$	137,813			6.2	%	$	432,136		$	405,202			6.6	%
Food and beverage		28,521			27,545			3.5	%		94,079			91,762			2.5	%
Other		8,891			8,517			4.4	%		26,141			25,884			1.0	%
Total hotel revenue		183,793			173,875			5.7	%		552,356			522,848			5.6	%
EXPENSES
Rooms		33,591			31,987			5.0	%		97,480			92,314			5.6	%
Food and beverage		21,353			20,645			3.4	%		66,350			65,083			1.9	%
Other direct		5,525			5,515			0.2	%		16,131			15,973			1.0	%
Indirect		53,268			51,046			4.4	%		156,422			151,043			3.6	%
Management fees, includes base and incentive fees		7,594			7,386			2.8	%		24,540			24,047			2.1	%
Total hotel operating expenses		121,331			116,579			4.1	%		360,923			348,460			3.6	%
Property taxes, insurance, and other		10,395			10,423			-0.3	%		29,285			31,780			-7.9	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		52,067			46,873			11.1	%		162,148			142,608			13.7	%
Hotel EBITDA Margin		28.33	%		26.96	%		1.37	%		29.36	%		27.28	%		2.08	%
Minority interest in earnings of consolidated joint ventures		818			687			19.1	%		2,445			1,915			27.7	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	51,249		$	46,186			11.0	%	$	159,703		$	140,693			13.5	%

NOTES:
(1)	The above pro forma table assumes the 80 hotel properties owned and included in continuing operations as of September 30, 2011, but not under renovation during the three months ended September 30, 2011 were owned as of the beginning of the first comparative reporting period.
(2)	Excluded Hotels Under Renovation: Courtyard Louisville Airport, Courtyard Crystal City Reagan Airport, Embassy Suites Austin Arboretum Embassy Suites Dallas Galleria, Marriott Legacy Center, Capital Hilton, Courtyard Newark, Courtyard Legacy Park, Embassy Suites Houston, Hilton Nassau Bay Clear Lake, SpringHill Suites Raleigh Airport, SpringHill Suites Richmond, Courtyard Old Town Scottsdale, Marriott Dallas Center Residence Inn Newark, Residence Inn Phoenix Airport
(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 in consistent with the Company’s other hotels.

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PIM HIGHLAND HOLDING LLC
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2011			2010			% Variance			2011			2010			% Variance
REVENUE
Rooms	$	50,855		$	48,206			5.5	%	$	151,430		$	144,634			4.7	%
Food and beverage		16,176			14,709			10.0	%		53,047			49,869			6.4	%
Other		2,815			2,805			0.4	%		8,702			8,471			2.7	%
Total hotel revenue		69,846			65,720			6.3	%		213,179			202,974			5.0	%
EXPENSES
Rooms		11,707			12,051			-2.9	%		35,278			35,394			-0.3	%
Food and beverage		11,624			11,663			-0.3	%		36,923			36,372			1.5	%
Other direct		1,392			1,334			4.3	%		4,079			3,939			3.6	%
Indirect		21,030			19,964			5.3	%		61,883			59,370			4.2	%
Management fees, includes base and incentive fees		2,358			1,902			24.0	%		7,093			6,123			15.8	%
Total hotel operating expenses		48,111			46,914			2.6	%		145,256			141,198			2.9	%
Property taxes, insurance, and other		4,197			3,816			10.0	%		12,399			11,801			5.1	%
HOTEL OPERATING PROFIT (Hotel EBITDA),	$	17,538		$	14,990			17.0	%	$	55,524		$	49,975			11.1	%
Hotel EBITDA Margin		25.11	%		22.81	%		2.30	%		26.05	%		24.62	%		1.42	%

NOTES:
(1)	All data in the table above includes our 71.74% pro-rata share of assets in PIM Highland Holding JV.
(2)	The above pro forma table assumes the 28 hotel properties owned as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.

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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVPAR BY REGION
LEGACY PORTFOLIO ONLY
(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Region	Hotels		Rooms		2011		2010		% Change			2011		2010		% Change
Pacific (1)		20		4,867	$	120.06	$	108.75		10.4	%	$	105.37	$	95.67		10.1	%
Mountain (2)		8		1,704		71.09		71.41		-0.4	%		78.92		79.02		-0.1	%
West North Central (3)		3		690		88.82		83.36		6.5	%		81.73		76.45		6.9	%
West South Central (4)		9		1,936		84.52		79.27		6.6	%		92.88		85.30		8.9	%
East North Central (5)		7		1,103		79.54		71.63		11.0	%		73.83		67.61		9.2	%
East South Central (6)		2		236		81.60		96.21		-15.2	%		81.44		88.62		-8.1	%
Middle Atlantic (7)		8		2,035		102.60		94.14		9.0	%		99.56		91.05		9.3	%
South Atlantic (8)		37		7,610		87.29		85.12		2.5	%		98.23		93.44		5.1	%
New England (9)		2		159		87.70		84.94		3.2	%		83.45		78.11		6.8	%
Total Portfolio		96		20,340	$	94.63	$	89.32		5.9	%	$	95.73	$	89.57		6.9	%

(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 96 hotel properties owned and included in continuing operations as of September 30, 2011 were owned as of the beginning of the comparative reporting period.
(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.

PIM HIGHLAND HOLDING LLC
PRO FORMA HOTEL REVPAR BY REGION
(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Region	Hotels		Rooms		2011		2010		% Change			2011		2010		% Change
Pacific (1)		1		294	$	44.34	$	31.95		38.8	%	$	72.06	$	60.13		19.8	%
Mountain (2)		1		145		91.63		83.31		10.0	%		82.12		81.47		0.8	%
West North Central (3)		1		215		83.44		78.97		5.7	%		85.34		84.56		0.9	%
West South Central (4)		4		929		86.12		80.72		6.7	%		93.52		88.55		5.6	%
East North Central (5)		1		103		111.85		106.71		4.8	%		92.63		86.35		7.3	%
East South Central (6)		1		483		106.63		100.40		6.2	%		110.06		102.71		7.2	%
Middle Atlantic (7)		4		832		97.45		85.08		14.5	%		88.65		78.27		13.3	%
South Atlantic (8)		13		2,293		90.92		91.40		-0.5	%		93.33		94.03		-0.7	%
New England (9)		2		506		175.87		163.91		7.3	%		152.75		141.09		8.3	%
Total Portfolio		28		5,800	$	97.30	$	92.22		5.5	%	$	97.41	$	93.03		4.7	%

(1)	Includes California
(2)	Includes Colorado
(3)	Includes Nebraska
(4)	Includes Texas
(5)	Includes Illinois
(6)	Includes Tennessee
(7)	Includes New York and New Jersey
(8)	Includes Virginia, Florida, Georgia, Maryland, and District of Columbia
(9)	Includes Massachusetts

NOTES:

(1)	All data in the table above includes our 71.74% pro-rata share of assets in PIM Highland Holding JV.
(2)	The above pro forma table assumes the 28 hotel properties owned as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.

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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVPAR BY BRAND
LEGACY PORTFOLIO ONLY
(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Brand	Hotels		Rooms		2011		2010		% Change			2011		2010		% Change
Hilton		30		6,575	$	102.02	$	98.25		3.8	%	$	103.83	$	98.00		5.9	%
Hyatt		1		242		92.65		78.71		17.7	%		128.04		112.71		13.6	%
InterContinental		2		420		144.43		129.04		11.9	%		150.39		135.90		10.7	%
Independent		2		317		89.23		78.35		13.9	%		91.16		81.26		12.2	%
Marriott		56		11,376		87.88		82.88		6.0	%		90.05		84.47		6.6	%
Starwood		5		1,410		96.59		87.33		10.6	%		78.94		71.77		10.0	%
Total Portfolio		96		20,340	$	94.63	$	89.32		5.9	%	$	95.73	$	89.57		6.9	%

NOTES:

(1)	The above pro forma table assumes the 96 hotel properties owned and included in continuing operations as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.
(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.

PIM HIGHLAND HOLDING LLC
PRO FORMA HOTEL REVPAR BY BRAND
(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Region	Hotels		Rooms		2011		2010		% Change			2011		2010		% Change
Hilton		7		1,235	$	116.59	$	109.31		6.7	%	$	110.36	$	103.09		7.1	%
Hyatt		2		509		102.27		100.79		1.5	%		98.77		96.25		2.6	%
InterContinental		1		355		68.27		58.63		16.4	%		61.19		63.18		-3.1	%
Independent		3		399		110.53		128.76		-14.2	%		120.11		126.30		-4.9	%
Marriott		13		2,949		90.98		83.79		8.6	%		94.78		89.22		6.2	%
Starwood		2		353		87.69		80.28		9.2	%		82.07		76.34		7.5	%
Total Portfolio		28		5,800	$	97.30	$	92.22		5.5	%	$	97.41	$	93.03		4.7	%

NOTES:

(1)	All data in the table above includes our 71.74% pro-rata share of assets in PIM Highland Holding JV.
(2)	The above pro forma table assumes the 28 hotel properties owned as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.

- MORE -

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT BY REGION
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)

					Three Months Ended													Nine Months Ended
	Number of		Number of		September 30,													September 30,
Region	Hotels		Rooms		2011		% Total			2010		% Total			% Change			2011		% Total			2010		% Total			% Change
Pacific (1)		20		4,867	$	22,824		37.8	%	$	18,996		34.9	%		20.2	%	$	57,462		29.1	%	$	45,962		26.4	%		25.0	%
Mountain (2)		8		1,704		1,451		2.4	%		2,413		4.5	%		-39.9	%		9,339		4.7	%		10,420		6.0	%		-10.4	%
West North Central (3)		3		690		2,655		4.4	%		2,360		4.3	%		12.5	%		6,758		3.4	%		5,809		3.3	%		16.3	%
West South Central (4)		9		1,936		4,873		8.1	%		4,414		8.1	%		10.4	%		18,652		9.4	%		16,273		9.4	%		14.6	%
East North Central (5)		7		1,103		3,275		5.4	%		2,875		5.3	%		13.9	%		8,234		4.2	%		7,084		4.1	%		16.2	%
East South Central (6)		2		236		727		1.2	%		916		1.7	%		-20.6	%		2,304		1.2	%		2,450		1.4	%		-6.0	%
Middle Atlantic (7)		8		2,035		6,603		10.9	%		5,885		10.8	%		12.2	%		19,496		9.9	%		17,152		9.9	%		13.7	%
South Atlantic (8)		37		7,610		17,438		28.9	%		16,056		29.5	%		8.6	%		73,929		37.4	%		67,425		38.8	%		9.6	%
New England (9)		2		159		507		0.9	%		488		0.9	%		3.9	%		1,286		0.7	%		1,170		0.7	%		9.9	%
Total Portfolio		96		20,340	$	60,353		100.0	%	$	54,403		100.0	%		10.9	%	$	197,460		100.0	%	$	173,745		100.0	%		13.6	%

(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 96 hotel properties owned and included in continuing operations as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.
(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.

PIM HIGHLAND HOLDING LLC
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		2011			% Total			2010			% Total			% Change			2011		% Total			2010		% Total			% Change
Pacific (1)		1		294	$	(264	)		-1.5	%	$	(607	)		-4.1	%		-56.5	%	$	1,045		1.9	%	$	128		0.3	%		716.4	%
Mountain (2)		1		145		509			2.9	%		434			2.9	%		17.3	%		1,151		2.1	%		1,248		2.5	%		-7.8	%
West North Central (3)		1		215		640			3.6	%		548			3.7	%		16.8	%		2,065		3.7	%		2,041		4.1	%		1.2	%
West South Central (4)		4		929		2,837			16.2	%		2,325			15.5	%		22.0	%		10,049		18.1	%		9,218		18.4	%		9.0	%
East North Central (5)		1		103		276			1.6	%		348			2.3	%		-20.7	%		611		1.1	%		583		1.2	%		4.8	%
East South Central (6)		1		483		1,155			6.6	%		1,013			6.8	%		14.0	%		4,705		8.5	%		4,268		8.5	%		10.2	%
Middle Atlantic (7)		4		832		2,670			15.2	%		1,886			12.6	%		41.6	%		7,091		12.8	%		5,105		10.2	%		38.9	%
South Atlantic (8)		13		2,293		5,832			33.3	%		5,537			36.9	%		5.3	%		19,781		35.6	%		19,417		38.9	%		1.9	%
New England (9)		2		506		3,883			22.1	%		3,506			23.4	%		10.8	%		9,026		16.2	%		7,967		15.9	%		13.3	%
Total Portfolio		28		5,800	$	17,538			100.0	%	$	14,990			100.0	%		17.0	%	$	55,524		100.0	%	$	49,975		100.0	%		11.1	%

(1)	Includes California
(2)	Includes Colorado
(3)	Includes Nebraska
(4)	Includes Texas
(5)	Includes Illinois
(6)	Includes Tennessee
(7)	Includes New York and New Jersey
(8)	Includes Virginia, Florida, Georgia, Maryland, and District of Columbia
(9)	Includes Massachusetts

NOTES:

(1)	All data in the table above includes our 71.74% pro-rata share of assets in PIM Highland Holding JV.
(2)	The above pro forma table assumes the 28 hotel properties owned as of September 30, 2011 were owned as of the beginning of the first comparative reporting period.

- MORE -

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

THE FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE 80 HOTELS INCLUDED IN THE COMPANY’S CONTINUING OPERATIONS THAT WERE NOT UNDER RENOVATION AND THE 28 HOTELS NOT UNDER RENOVATION INCLUDED IN PIM HIGHLAND HOLDING AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

				PIM Highland
	80 Legacy			Holding LLC
	Properties			28 Properties
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:
Third Quarter 2011		28.33	%		25.11	%
Third Quarter 2010		26.96	%		22.81	%
Variance		1.37	%		2.30	%
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
Rooms		0.14	%		1.62	%
Food & Beverage and Other Departmental		0.42	%		1.14	%
Administrative & General		0.14	%		-0.37	%
Sales & Marketing		0.06	%		1.82	%
Hospitality		-0.02	%		-0.06	%
Repair & Maintenance		0.16	%		0.24	%
Energy		0.21	%		0.35	%
Franchise Fee		-0.33	%		-1.57	%
Management Fee		0.14	%		-0.30	%
Incentive Management Fee		-0.02	%		-0.18	%
Insurance		-0.09	%		-0.78	%
Property Taxes		0.35	%		0.55	%
Other Taxes		0.06	%		0.03	%
Leases/Other		0.15	%		-0.19	%
Total		1.37	%		2.30	%

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

- MORE -

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

THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) ALL 96 HOTELS INCLUDED IN THE COMPANY’S CONTINUING OPERATIONS, (II) THE COMPANY’S 71.74% SHARE OF THE 28 HOTELS INCLUDED IN PIM HIGHLAND HOLDING LLC, AND (III) THE COMBINED PORTFOLIO, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

	2011			2011			2011			2010
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Legacy Portfolio
Total Hotel Revenue	$	217,033		$	233,609		$	214,596		$	224,811		$	890,049
Hotel EBITDA	$	60,353		$	74,621		$	62,486		$	60,400		$	257,860
Hotel EBITDA Margin		27.8	%		31.9	%		29.1	%		26.9	%		29.0	%
EBITDA % of Total TTM		23.4	%		28.9	%		24.2	%		23.4	%		99.9	%
JV Interests in EBITDA	$	1,486		$	2,237		$	1,602		$	1,445		$	6,770

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.

PIM Highland Holding LLC Portfolio
Total Hotel Revenue	$	69,846		$	77,475		$	65,859		$	73,684		$	286,864
Hotel EBITDA	$	17,538		$	24,140		$	13,848		$	18,366		$	73,892
Hotel EBITDA Margin		25.1	%		31.2	%		21.0	%		24.9	%		25.8	%
EBITDA % of Total TTM		23.7	%		32.7	%		18.8	%		24.9	%		100.0	%

Legacy and PIM Highland Holding LLC Combined
Total Hotel Revenue	$	286,879		$	311,084		$	280,455		$	298,495		$	1,176,913
Hotel EBITDA	$	77,891		$	98,761		$	76,334		$	78,766		$	331,752
Hotel EBITDA Margin		27.2	%		31.7	%		27.2	%		26.4	%		28.2	%
EBITDA % of Total TTM		23.5	%		29.8	%		23.0	%		23.7	%		100.0	%
JV Interests in EBITDA	$	1,486		$	2,237		$	1,602		$	1,445		$	6,770

- MORE -

Ashford Hospitality Trust, Inc.
Anticipated Capital Expenditures Calendar
96 Legacy Hotels (a)

2011

2012

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Actual

Actual

Estimated

Estimated

Estimated

Estimated

Estimated

Courtyard Louisville Airport

150

x

x

x

x

Courtyard Crystal City Reagan Airport

272

x

x

Courtyard Edison

146

x

Courtyard Philadelphia Downtown

498

x

x

Crowne Plaza Beverly Hills

260

x

Embassy Suites Crystal City — Reagan Airport

267

x

x

Fairfield Inn and Suites Kennesaw

87

x

Hilton Costa Mesa

486

x

x

x

x

x

Marriott Seattle Waterfront

358

x

x

One Ocean

193

x

Renaissance Tampa

293

x

Sheraton Minneapolis West

222

x

x

Embassy Suites Austin Arboretum

150

x

x

x

Embassy Suites Dallas Galleria

150

x

x

x

Marriott Legacy Center

404

x

x

x

x

x

Capital Hilton

408

x

x

x

Courtyard Newark

181

x

x

x

Courtyard Legacy Park

153

x

x

x

x

Embassy Suites Houston

150

x

x

x

x

Hilton Nassau Bay — Clear Lake

243

x

x

x

x

SpringHill Suites Raleigh Airport

120

x

x

SpringHill Suites Richmond

136

x

x

Courtyard Old Town Scottsdale

180

x

x

Marriott Dallas Market Center

265

x

Residence Inn Newark

168

x

Residence Inn Phoenix Airport

200

x

Crowne Plaza La Concha — Key West

160

x

x

x

Hilton Santa Fe

157

x

x

x

Embassy Suites Walnut Creek

249

x

x

x

x

Courtyard Basking Ridge

235

x

x

Courtyard Oakland Airport

156

x

x

Courtyard Seattle Downtown

250

x

x

Embassy Suites Portland — Downtown

276

x

x

x

Marriott Bridgewater

347

x

x

Residence Inn Jacksonville

120

x

x

SpringHill Suites Charlotte

136

x

x

SpringHill Suites Manhattan Beach

164

x

x

SpringHill Suites Philadelphia

199

x

x

Hilton Tucson El Conquistador Golf Resort

428

x

x

Sheraton San Diego Mission Valley

260

x

x

x

Sheraton City Center — Indianapolis

371

x

x

x

Courtyard Foothill Ranch Irvine

156

x

Courtyard San Francisco Downtown

405

x

Embassy Suites Flagstaff

119

x

Embassy Suites Santa Clara — Silicon Valley

257

x

Historic Inn Annapolis

124

x

Residence Inn Las Vegas

256

x

SpringHill Suites Buford Mall of Georgia

96

x

Marriott Crystal Gateway

697

x

x

x

Courtyard Hartford — Manchester

90

x

x

x

Courtyard Atlanta Alpharetta

154

x

Hilton Minneapolis Airport

300

x

x

Residence Inn Dallas Plano

126

x

x

Residence Inn Lake Buena Vista

210

x

x

Residence Inn Palm Desert

130

x

x

Hampton Inn Evansville

141

x

Courtyard Marriott Village LBV

312

x

x

Embassy Suites Dulles Int’l

150

x

x

Embassy Suites East Syracuse

215

x

x

Hampton Inn Lawrenceville

86

x

x

Hilton La Jolla Torrey Pines

296

x

x

Marriott at Research Triangle Park

225

x

x

Residence Inn Atlanta — Buckhead

150

x

x

Residence Inn Salt Lake City

144

x

x

Courtyard Ft. Lauderdale Weston

174

x

Courtyard Palm Desert

151

x

Embassy Suites West Palm Beach

160

x

Fairfield Inn Marriott Village LBV

388

x

Hilton St. Petersburg Bayfront

333

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2011 and 2012 are included in this table.

- MORE -

PIM Highland Holding LLC
Anticipated Capital Expenditures Calendar
28 Highland Hotels (a)

2011

2012

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Actual

Actual

Estimated

Estimated

Estimated

Estimated

Estimated

Courtyard Denver Airport

202

x

Marriott San Antonio Plaza

251

x

x

x

x

The Melrose

240

x

x

x

Courtyard Savannah

156

x

x

Hilton Garden Inn Virginia Beach

176

x

x

Marriott Omaha

300

x

x

The Churchill

173

x

x

Hilton Boston Back Bay

390

x

x

Renaissance Portsmouth

249

x

Courtyard Boston Tremont

315

x

x

x

x

Renaissance Nashville

673

x

x

x

x

Marriott Sugarland

300

x

x

x

The Silversmith

143

x

x

x

Ritz-Carlton Atlanta

444

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2011 and 2012 are included in this table.