Ashford Hospitality Trust (AHT) S-3 Shelf registration

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)

				Year Ended December 31,
	Six Months Ended June 30, 2017
				2016			2015		2014			2013			2012
Earnings
Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests	$	(20,749	)	$	(57,250	)	$	310,523	$	(40,465	)	$	(46,949	)	$	(56,385	)
Amount recorded for equity in (earnings) loss of unconsolidated entities		2,901			6,110			6,831		(2,495	)		23,404			20,833
Add:
Distributions of earnings from unconsolidated entities		—			—			996		995			—			—
Interest on indebtedness, net of premiums		101,890			199,870			168,834		107,598			133,697			140,066
Amortization of loan costs		8,371			24,097			18,680		7,237			7,772			6,194
Interest component of operating leases		142			343			288		115			341			354
	$	92,555		$	173,170		$	506,152	$	72,985		$	118,265		$	111,062
Fixed charges
Interest on indebtedness, net of premiums	$	101,890		$	199,870		$	168,834	$	107,598		$	133,697		$	140,066
Amortization of loan costs		8,371			24,097			18,680		7,237			7,772			6,194
Interest component of operating leases		142			343			288		115			341			354
Dividends to Class B unit holders		—			2,110			2,813		2,879			2,943			2,943
	$	110,403		$	226,420		$	190,615	$	117,829		$	144,753		$	149,557
Preferred stock dividends
Preferred Series A	$	1,771		$	3,542		$	3,542	$	3,542		$	3,542		$	3,516
Preferred Series D		10,001			20,002			20,002		20,002			20,002			19,869
Preferred Series E		—			6,280			10,418		10,418			10,418			10,417
Preferred Series F		4,425			4,130			—		—			—			—
Preferred Series G		5,715			2,318			—		—			—			—
	$	21,912		$	36,272		$	33,962	$	33,962		$	33,962		$	33,802
Combined fixed charges and preferred stock dividends	$	132,315		$	262,692		$	224,577	$	151,791		$	178,715		$	183,359
Ratio of earnings to fixed charges								2.66
Ratio of earnings to combined fixed charges and preferred stock dividends								2.25
Deficit (Fixed charges)	$	17,848		$	53,250				$	44,844		$	26,488		$	38,495
Deficit (Combined fixed charges and preferred stock dividends)	$	39,760		$	89,522				$	78,806		$	60,450		$	72,297

QuickLinks

Exhibit 12.1

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollars in thousands)