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

Exhibit 99.1

NEWS RELEASE

Contact:	David Kimichik	Deric Eubanks	Elise Chittick	Scott Eckstein
	Chief Financial Officer	SVP – Finance	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 490-9600	(972) 778-9487	(212) 827-3766

ASHFORD TRUST REPORTS THIRD QUARTER RESULTS

INCLUDING ASHFORD PRIME METRICS

RevPAR Growth of 4.3% for all hotels in the Ashford Prime Portfolio

Adjusted EBITDA for the Company increased 7% for the Third Quarter

DALLAS, October 24, 2013 — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“the Company” or “Ashford Trust”) today reported the following results and performance measures for the third quarter ended September 30, 2013. In anticipation of the proposed forthcoming spinout of Ashford Prime, the Company has changed how it’s reporting its pro rata share of the Highland Hospitality Portfolio’s pro forma hotel operating statistics. Previously, the Company reported its Legacy Portfolio and its pro rata share of the Highland Hospitality Portfolio’s pro forma hotel operating statistics separately. Beginning with the third quarter, the Company is now reporting its pro forma hotel operating statistics for both the Ashford Trust Portfolio and the Ashford Prime Portfolio. The Ashford Trust Portfolio includes the Company’s pro rata share of the Highland Hospitality Portfolio, but excludes the Ashford Prime hotels. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are pro forma. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2013, with the third quarter ended September 30, 2012 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

• RevPAR for the Ashford Prime Portfolio hotels not under renovation increased 4.6% during the quarter

• RevPAR for the Ashford Trust Portfolio hotels not under renovation increased 3.1% during the quarter

• RevPAR for all Ashford Prime Portfolio hotels increased 4.3% during the quarter

• RevPAR for all Ashford Trust Portfolio hotels increased 1.5% during the quarter

• Excluding assets located in the Washington, D.C. and Tampa, FL markets, RevPAR increased 7.9% for all Ashford Prime Portfolio hotels

• Excluding assets located in the Washington, D.C., Tampa, FL, and Charlotte, NC markets, RevPAR increased 4.5% for all Ashford Trust Portfolio hotels

• Adjusted EBITDA for the Company increased $5.5 million or 7% during the third quarter

• Hotel EBITDA flow-through was 51% for all Ashford Trust Portfolio hotels

• Net loss attributable to common shareholders for the Company was $24.8 million, or $0.31 per diluted share, compared with net loss attributable to common shareholders of $23.6 million, or $0.35 per diluted share, in the prior-year quarter

• Adjusted funds from operations (AFFO) for the Company was $0.25 per diluted share for the quarter as compared with $0.31 from the prior-year quarter; the prior year quarter included $8.1 million of interest rate derivative income, or $0.09 per diluted share

• During the quarter, the Company completed a $69 million property-level debt financing for the previously-closed acquisition of the 142-room Pier House Resort in Key West, Florida which is not part of the Ashford Prime initial portfolio of hotels, but for which Ashford Prime will have an option to purchase the hotel

-MORE-

AHT Reports Third quarter Results

Page 2

October 24, 2013

• At the end of the third quarter 2013, the Company had total net working capital of $492 million, including its pro rata share of the Highland Hospitality Portfolio net working capital

CAPITAL EXPENDITURES

• Capex invested in the quarter for the Ashford Prime Portfolio was $3.1 million

• Capex invested in the quarter for the Ashford Trust Portfolio was $40.2 million

ASHFORD PRIME FINANCIAL AND OPERATING HIGHLIGHTS

• RevPAR increased 4.3% to $163.02 for all hotels in the Ashford Prime Portfolio on a 3.3% increase in ADR and a 87 basis point increase in occupancy

• Hotel EBITDA flow-through for all Ashford Prime Portfolio hotels was 33%

• Ashford Prime will have an initial cash balance, including property level working capital, of at least $160.0 million upon spin-off

• Ashford Prime is expected to have an initial annual dividend policy of $0.04 per Ashford Trust share equivalent

• No debt maturities until 2017; all debt is non-recourse

ASHFORD TRUST FINANCIAL AND OPERATING HIGHLIGHTS

• RevPAR increased 1.5% to $97.19 for all hotels in the Ashford Trust Portfolio on a 2.7% increase in ADR and a 81 basis point decrease in occupancy

• Hotel EBITDA flow-through for all Ashford Trust Portfolio hotels was 51%

• All debt is non-recourse

Earlier this year, the Company’s Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford Trust common stock in the form of a taxable special distribution. The distribution is expected to be comprised of common stock in Ashford Hospitality Prime, Inc. (“Ashford Prime”), a newly formed company to which Ashford Trust plans to transfer the portfolio interests. This distribution will be made on a pro rata basis to holders of Ashford Trust common stock as of the distribution record date. The Company currently expects to complete the spin-off sometime during the fourth quarter of this year. Ashford Prime is expected to qualify as a real estate investment trust (“REIT”) for federal income tax purposes, and has filed an application to list its shares of common stock on the New York Stock Exchange, under the symbol “AHP.”

The Company has also prepared an Ashford Prime Questions and Answers Presentation, available on the Company’s website at www.ahtreit.com both on the front page and under the Investors tab in the Presentations section. The presentation contains answers to commonly asked questions regarding the spin-off. Additional information can be found in the information statement for Ashford Hospitality Prime that has been filed with the SEC.

CAPITAL STRUCTURE

At September 30, 2013, the Company had total assets of $3.6 billion in continuing operations, and $4.5 billion overall including the Highland Hospitality Portfolio which is not consolidated. As of September 30, 2013, the Company had $2.4 billion of mortgage debt in continuing operations and $3.2 billion overall including the Highland Hospitality Portfolio. Ashford Trust’s total combined debt had a blended average interest rate of 5.3%, with a weighted average debt maturity of 3.0 years. Ashford Prime’s total combined debt had a blended average interest rate of 5.3%, with a weighted average debt maturity of 3.8 years.

On September 11, 2013, the Company announced it had completed a $69 million property-level debt financing

-MORE-

AHT Reports Third quarter Results

Page 3

October 24, 2013

for the previously-closed acquisition of the 142-room Pier House Resort in Key West, Florida. The new financing has a two-year term and three, one-year extension options with no test requirements for the first two extensions. The loan provides for a floating interest rate of LIBOR + 4.90%, with no LIBOR Floor.

PORTFOLIO REVPAR

As of September 30, 2013, the Ashford Trust Portfolio consisted of direct hotel investments with 115 properties classified in continuing operations. During the third quarter of 2013, 100 of the Ashford Trust Portfolio hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for the Ashford Trust Portfolio hotels in continuing operations on a pro forma total basis (all 115 hotels) and pro forma not under renovation basis (100 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

• Pro forma RevPAR increased 1.5% to $97.19 for all hotels in the Ashford Trust Portfolio on a 2.7% increase in ADR and a 81 basis point decrease in occupancy

• Pro forma RevPAR increased 3.1% to $97.12 for hotels not under renovation in the Ashford Trust Portfolio on a 3.0% increase in ADR and a 7 basis point increase in occupancy

As of September 30, 2013, the Ashford Prime Portfolio consisted of direct hotel investments with 8 properties classified in continuing operations. During the third quarter of 2013, 7 of the Ashford Prime Portfolio hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for the Ashford Prime Portfolio hotels in continuing operations on a pro forma total basis (all 8 hotels) and pro forma not under renovation basis (7 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.

• Pro forma RevPAR increased 4.3% to $163.02 for all hotels in the Ashford Prime Portfolio on a 3.3% increase in ADR and a 87 basis point increase in occupancy

• Pro forma RevPAR increased 4.6% to $171.22 for hotels not under renovation in the Ashford Prime Portfolio on a 2.6% increase in ADR and a 163 basis point increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company 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 Hotel EBITDA and Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Ashford Trust Portfolio, including its pro-rata share of the Highland Hospitality Portfolio, and the Ashford Prime Portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time so will the seasonality for Pro forma Hotel EBITDA and Pro forma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the 115 Ashford Trust Portfolio hotels included in continuing operations and the 8 Ashford Prime Portfolio hotels included in continuing operations are provided in the table attached to this release.

In addition, in 2013, Marriott Hotels and Resorts converted to a monthly reporting calendar as opposed to its traditional thirteen-period reporting calendar. Historically, the Company has recorded four of its Marriott-managed hotels’ accounting periods in the fourth quarter and three in each of the other quarters during the year. Presently, Marriott manages 38 hotels for the Company, comprising 32 hotels in the Ashford Trust Portfolio and 6 hotels in the Ashford Prime Portfolio, making it one of the Company’s largest property managers. Accordingly, this year the Company has converted its 2012 numbers on a pro forma basis to calendar months, consistent with the new Marriott monthly reporting calendar, to provide necessary consistency in period-to-period comparisons.

- MORE -

AHT Reports Third quarter Results

Page 4

October 24, 2013

ASSET MANAGEMENT

On August 12, 2013, the Company announced that it had entered into a franchise agreement to convert the 258-room, Crowne Plaza Beverly Hills, in the Ashford Trust Portfolio, to a Marriott after the expiration of the existing Crowne Plaza license agreement in March of 2015. The conversion includes an extensive product improvement plan (PIP), estimated at $25 million, to include an upgrade of the Heating, Ventilation and Air Conditioning (HVAC) system, an extensive renovation of the guestrooms and public areas, including a transformational lobby renovation, and exterior improvements which will enhance the sense of arrival for guests. The newly-minted Marriott Beverly Hills will continue to be managed by Remington Lodging & Hospitality following the completion of the conversion.

Additionally, the Company also announced that on May 31, 2013, it completed the transfer of management from Marriott to Remington Lodging & Hospitality at seven of its select-service hotels in the Ashford Trust Portfolio (SpringHill Suites Richmond Virginia Center; Residence Inn Phoenix Airport; Residence Inn Newark Silicon Valley, CA; Courtyard Oakland Airport; Courtyard Newark Silicon Valley, CA; Courtyard Palm Desert; and Residence Inn Palm Desert) and one full-service hotel in the Ashford Trust Portfolio (Marriott Suites Market Center Dallas). All of the franchise agreements include PIPs.

COMMON STOCK DIVIDEND

On September 13, 2013, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company’s common stock for the third quarter ending September 30, 2013, payable on October 15, 2013, to shareholders of record as of September 30, 2013.

“Our Ashford Prime Portfolio experienced solid RevPAR growth during the quarter as our west coast assets continued to outperform, despite difficult year-over year comparisons we faced in the Tampa and Charlotte markets due to last year’s political conventions. Additionally, our investment in the Pier House Resort continues to pay off as this asset showed further increases in both RevPAR growth and Hotel EBITDA Margin,” commented Monty J. Bennett, Ashford’s Chairman and Chief Executive Officer. “The Pier House also demonstrates the opportunities we are currently seeing in the debt markets, given the successful property-level debt financing we were able to achieve. Interest rates and other market conditions remain very favorable and we will selectively pursue refinancing opportunities throughout our portfolio to capitalize on these trends, consistent with our standing goal of finding new and innovative ways to maximize shareholder value.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, October 25, 2013, at 11:00 a.m. ET. The number to call for this interactive teleconference is (480) 629-9819. A replay of the conference call will be available through Friday November 1, 2013, by dialing (303) 590-3030 and entering the confirmation number, 4644872.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2013 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 Friday, October 25, 2013, beginning at 11:00 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

-MORE-

AHT Reports Third quarter Results

Page 5

October 24, 2013

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 real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry across all segments and at all levels of the capital structure primarily within the United States.

Ashford Hospitality Prime will be a conservatively capitalized real estate investment trust (REIT) focused on investing in high RevPAR full-service and urban select-service hotels located predominantly in domestic and international gateway markets.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.

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 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; the degree and nature of our competition; the satisfaction of the conditions to the completion of the spin-off; and the estimated timing of completion. 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. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total 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.

-MORE-

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

	September 30,			December 31,
	2013			2012
	(Unaudited)
ASSETS
Cash and cash equivalents	$	310,427		$	185,935
Marketable securities		25,029			23,620
Total cash, cash equivalents and marketable securities		335,456			209,555
Investment in hotel properties, net		2,929,773			2,872,304
Restricted cash		84,215			84,786
Accounts receivable, net of allowance of $396 and $265, respectively		30,520			35,116
Inventories		2,243			2,111
Notes receivable, net of allowance of $8,037 and $8,333, respectively		11,443			11,331
Investment in unconsolidated joint ventures		144,068			158,694
Deferred costs, net		14,010			17,194
Prepaid expenses		13,832			10,145
Derivative assets, net		256			6,391
Other assets		6,252			4,594
Intangible asset, net		2,654			2,721
Due from affiliates		1,416			1,168
Due from third-party hotel managers		53,218			48,619
Total assets	$	3,629,356		$	3,464,729
LIABILITIES AND EQUITY
Liabilities:
Indebtedness	$	2,440,413		$	2,339,410
Capital leases payable		37			—
Accounts payable and accrued expenses		98,697			84,293
Dividends payable		20,734			18,258
Unfavorable management contract liabilities		8,313			11,165
Due to related party, net		1,157			3,725
Due to third-party hotel managers		1,846			1,410
Liabilities associated with marketable securities and other		1,422			1,641
Other liabilities		6,040			6,348
Total liabilities		2,578,659			2,466,250
Redeemable noncontrolling interests in operating partnership		196,427			151,179
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized -
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at September 30, 2013 and December 31, 2012		17			17
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at September 30, 2013 and December 31, 2012		95			95
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at September 30, 2013 and December 31, 2012		46			46
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 80,565,563 and 68,150,617 shares outstanding, respectively		1,249			1,249
Additional paid-in capital		1,882,100			1,766,168
Accumulated other comprehensive loss		(240	)		(282	)
Accumulated deficit		(889,035	)		(770,467	)
Treasury stock, at cost (44,331,202 shares and 56,746,148 shares, respectively)		(140,054	)		(164,884	)
Total shareholders’ equity of the Company		854,178			831,942
Noncontrolling interests in consolidated entities		92			15,358
Total equity		854,270			847,300
Total liabilities and equity	$	3,629,356		$	3,464,729

- MORE -

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,
	2013			2012			2013			2012
	(Unaudited)						(Unaudited)
REVENUE
Rooms	$	197,067		$	181,511		$	586,276		$	540,799
Food and beverage		34,444			33,732			117,328			115,382
Other		10,364			8,852			28,509			25,595
Total hotel revenue		241,875			224,095			732,113			681,776
Other		149			100			392			252
Total Revenue		242,024			224,195			732,505			682,028
EXPENSES
Hotel operating expenses
Rooms		45,079			41,673			132,310			122,076
Food and beverage		25,860			24,486			80,651			78,436
Other expenses		74,275			67,723			215,923			203,988
Management fees		9,888			9,261			30,467			28,142
Total hotel operating expenses		155,102			143,143			459,351			432,642
Property taxes, insurance, and other		12,474			11,487			36,385			33,337
Depreciation and amortization		32,777			33,558			98,099			100,691
Impairment charges		(101	)		(5,066	)		(296	)		(5,253	)
Transaction acquisition costs		126			—			1,296			—
Corporate, general, and administrative:
Stock/unit-based compensation		4,156			4,332			17,049			13,701
Other general and administrative		9,309			6,519			25,631			19,326
Total Operating Expenses		213,843			193,973			637,515			594,444
OPERATING INCOME		28,181			30,222			94,990			87,584
Equity in loss of unconsolidated joint ventures		(10,105	)		(7,373	)		(14,626	)		(17,654	)
Interest income		12			30			61			84
Other income		314			8,671			6,446			22,988
Interest expense		(34,679	)		(35,532	)		(102,300	)		(104,046	)
Amortization of loan costs		(1,946	)		(1,597	)		(5,731	)		(4,243	)
Write-off of deferred loan costs and exit fees		—			—			(1,971	)		—
Unrealized gain (loss) on marketable securities		257			(48	)		2,039			3,365
Unrealized loss on derivatives		(817	)		(9,353	)		(7,177	)		(26,753	)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(18,783	)		(14,980	)		(28,269	)		(38,675	)
Income tax expense		(619	)		(639	)		(1,688	)		(2,884	)
LOSS FROM CONTINUING OPERATIONS		(19,402	)		(15,619	)		(29,957	)		(41,559	)
Loss from discontinued operations		—			(2,412	)		—			(6,966	)
NET LOSS		(19,402	)		(18,031	)		(29,957	)		(48,525	)
Loss from consolidated entities attributable to noncontrolling interests		175			219			890			444
Net loss attributable to redeemable noncontrolling interests in operating partnership		2,892			2,665			5,152			6,902
NET LOSS ATTRIBUTABLE TO THE COMPANY		(16,335	)		(15,147	)		(23,915	)		(41,179	)
Preferred dividends		(8,490	)		(8,490	)		(25,471	)		(25,312	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(24,825	)	$	(23,637	)	$	(49,386	)	$	(66,491	)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Loss from continuing operations attributable to common shareholders	$	(0.31	)	$	(0.32	)	$	(0.69	)	$	(0.90	)
Loss from discontinued operations attributable to common shareholders		—			(0.03	)		—		$	(0.09	)
Net loss attributable to common shareholders	$	(0.31	)	$	(0.35	)	$	(0.69	)	$	(0.99	)
Weighted average common shares outstanding – basic		79,898			67,659			72,068			67,484
Diluted:
Loss from continuing operations attributable to common shareholders	$	(0.31	)	$	(0.32	)	$	(0.69	)	$	(0.90	)
Loss from discontinued operations attributable to common shareholders		—		$	(0.03	)		—		$	(0.09	)
Net loss attributable to common shareholders	$	(0.31	)	$	(0.35	)	$	(0.69	)	$	(0.99	)
Weighted average common shares outstanding – diluted		79,898			67,659			72,068			67,484
Dividends declared per common share:	$	0.12		$	0.11		$	0.36		$	0.33
Amounts attributable to common shareholders:
Loss from continuing operations	$	(16,335	)	$	(13,038	)	$	(23,915	)	$	(35,082	)
Loss from discontinued operations		—			(2,109	)		—			(6,097	)
Preferred dividends		(8,490	)		(8,490	)		(25,471	)		(25,312	)
Net loss attributable to common shareholders	$	(24,825	)	$	(23,637	)	$	(49,386	)	$	(66,491	)

- MORE -

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO EBITDA

(in thousands)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Net loss	$	(19,402	)	$	(18,031	)	$	(29,957	)	$	(48,525	)
Loss from consolidated entities attributable to noncontrolling interests		175			219			890			444
Net loss attributable to redeemable noncontrolling interests in operating partnership		2,892			2,665			5,152			6,902
Net loss attributable to the Company		(16,335	)		(15,147	)		(23,915	)		(41,179	)
Interest income		(12	)		(30	)		(60	)		(84	)
Interest expense and amortization of loan costs		36,120			37,190			106,621			108,280
Depreciation and amortization		31,952			33,434			95,618			100,451
Impairment charges		(101	)		(5,066	)		(296	)		(1,133	)
Income tax expense		619			639			1,688			2,884
Net loss attributable to redeemable noncontrolling interests in operating partnership		(2,892	)		(2,665	)		(5,152	)		(6,902	)
Equity in loss of unconsolidated joint ventures		10,105			7,373			14,626			17,654
Company’s portion of EBITDA of unconsolidated joint ventures		19,262			17,996			63,398			57,676
EBITDA		78,718			73,724			252,528			237,647
Amortization of unfavorable management contract liabilities		(533	)		(565	)		(1,730	)		(1,694	)
Write-off of loan costs and exit fees		—			—			1,971			—
Other income (1)		(314	)		(8,671	)		(6,446	)		(22,988	)
Transaction, acquisition and management conversion costs		326			—			1,626			—
Transaction costs related to proposed spin-off		2,587			—			6,442			—
Legal costs related to litigation settlements (2)		—			755			—			2,463
Unrealized (gain) loss on marketable securities		(257	)		48			(2,039	)		(3,365	)
Unrealized loss on derivatives		817			9,353			7,177			26,753
El Conquistador results since appointment of receiver (3)		—			897			—			897
Equity-based compensation		4,156			4,332			17,049			13,701
Company’s portion of adjustments to EBITDA of unconsolidated joint ventures		2			81			24			225
Adjusted EBITDA	$	85,502		$	79,954		$	276,602		$	253,639

(1) Other income, primarily consisting of income from interest rate derivatives in both periods and net realized loss on marketable securities in both periods, is excluded from Adjusted EBITDA.

(2) Legal costs associated with litigation settlements are excluded from Adjusted EBITDA.

(3) On August 15, 2012, a receiver was appointed to take over this hotel and had full control of the hotel operations and cash flow. The operating results for the Hilton El Conquistador in Tucson, AZ from that date through September 30, 2012 are excluded from Adjusted EBITDA.

RECONCILIATION OF NET LOSS TO FUNDS FROM OPERATIONS (“FFO”)

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Net loss	$	(19,402	)	$	(18,031	)	$	(29,957	)	$	(48,525	)
Loss from consolidated entities attributable to noncontrolling interests		175			219			890			444
Net loss attributable to redeemable noncontrolling interests in operating partnership		2,892			2,665			5,152			6,902
Preferred dividends		(8,490	)		(8,490	)		(25,471	)		(25,312	)
Net loss attributable to common shareholders		(24,825	)		(23,637	)		(49,386	)		(66,491	)
Depreciation and amortization on real estate		31,842			33,398			95,304			100,289
Impairment charges		(101	)		(5,066	)		(296	)		(1,133	)
Net loss attributable to redeemable noncontrolling interests in operating partnership		(2,892	)		(2,665	)		(5,152	)		(6,902	)
Equity in loss of unconsolidated joint ventures		10,105			7,373			14,626			17,654
Company’s portion of FFO of unconsolidated joint ventures		6,991			5,845			27,245			21,255
FFO available to common shareholders		21,120			15,248			82,341			64,672
Write-off of loan costs and exit fees		—			—			1,971			—
Other income (1)		(314	)		(607	)		(231	)		1,065
Legal costs related to litigation settlements (2)		—			755			—			2,463
Transaction, acquisition and management conversion costs		326			—			1,626			���
Transaction costs related to proposed spin-off		2,587			—			6,442			—
Unrealized (gain) loss on marketable securities		(257	)		48			(2,039	)		(3,365	)
Unrealized loss on derivatives		817			9,353			7,177			26,753
El Conquistador results since appointment of receiver (3)		—			1,144			—			1,144
Equity-based compensation adjustment related to modified employment terms		—			—			4,678			480
Company’s portion of adjustments to FFO of unconsolidated joint ventures		2			89			24			233
Adjusted FFO available to common shareholders	$	24,281		$	26,030		$	101,989		$	93,445
Adjusted FFO per diluted share available to common shareholders	$	0.25		$	0.31		$	1.12		$	1.10
Weighted average diluted shares		98,982			85,344			90,800			84,976

(1) Other income, primarily consisting of net realized loss on marketable securities in both periods, is excluded from Adjusted FFO.

(2) Legal costs associated with litigation settlements are excluded from Adjusted FFO.

(3) On August 15, 2012, a receiver was appointed to take over this hotel and had full control of the hotel operations and cash flow. The operating results for the Hilton El Conquistador in Tucson, AZ from that date through September 30, 2012 are excluded from Adjusted FFO.

- MORE -

ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME)

SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS

SEPTEMBER 30, 2013

(dollars in thousands)

(Unaudited)

												Proforma		Proforma
			Fixed-Rate			Floating-Rate			Total			TTM Hotel		TTM EBITDA
Indebtedness	Maturity	Interest Rate	Debt			Debt			Debt			EBITDA		Debt Yield
BoA MIP - 5 hotels	March 2014	LIBOR + 4.50%	$	—		$	167,327	(1)	$	167,327		$	18,579		11.1	%
Wells Senior - 25 hotels	March 2014	LIBOR + 3.00%		—			380,222	(5)		380,222			65,846		17.3	%
Mezz 1 - 28 hotels	March 2014	Greater of 7.00% or LIBOR + 6.00%		—			93,581	(5)		93,581			88,233		14.4	%
Mezz 2 - 28 hotels	March 2014	Greater of 8.00% or LIBOR + 7.00%		—			89,087	(5)		89,087			88,233		12.6	%
Mezz 3 - 28 hotels	March 2014	Greater of 10.50% or LIBOR + 9.50%		—			76,360	(5)		76,360			88,233		11.3	%
Mezz 4 - 28 hotels	March 2014	LIBOR + 2.00%					13,218	(5)		13,218			88,233		11.1	%
JPM Floater - 9 hotels	May 2014	LIBOR + 6.50%		—			135,000	(2)		135,000			17,462		12.9	%
GEMSA Manchester - 1 hotel	May 2014	8.32%		5,147			—			5,147			679		13.2	%
Senior credit facility - Various	September 2014	LIBOR + 2.75% to 3.5%		—			—			—			N/A		N/A
Goldman Sachs - 5 hotels	November 2014	Greater of 6.40% or LIBOR + 6.15%		—			211,000	(3)		211,000			24,225		11.5	%
UBS 1 - 8 hotels	December 2014	5.75%		102,948			—			102,948			11,888		11.5	%
Merrill 1 - 10 hotels	July 2015	5.22%		150,177			—			150,177			21,402		14.3	%
JPM Pier House - 1 hotel	September 2015	LIBOR + 4.90%		—			69,000	(4)		69,000			6,867		10.0	%
UBS 2 - 8 hotels	December 2015	5.70%		95,415			—			95,415			11,381		11.9	%
Merrill 2 - 5 hotels	February 2016	5.53%		108,557			—			108,557			16,546		15.2	%
Merrill 3 - 5 hotels	February 2016	5.53%		90,027			—			90,027			15,703		17.4	%
Merrill 7 - 5 hotels	February 2016	5.53%		77,983			—			77,983			13,005		16.7	%
Wachovia 1 - 5 hotels	April 2017	5.95%		113,703			—			113,703			12,458		11.0	%
Wachovia 5 - 5 hotels	April 2017	5.95%		102,201			—			102,201			10,451		10.2	%
Wachovia 6 - 5 hotels	April 2017	5.95%		155,511			—			155,511			16,415		10.6	%
Wachovia 2 - 7 hotels	April 2017	5.95%		124,391			—			124,391			12,519		10.1	%
Morgan Stanley Boston Back Bay - 1 hotel	January 2018	4.38%		73,113			—			73,113			9,223		12.6	%
Morgan Stanley Princeton/Nashville - 2 hotels	January 2018	4.44%		79,938			—			79,938			13,164		16.5	%
GACC Gateway - 1 hotel	November 2020	6.26%		101,604			—			101,604			14,693		14.5	%
Zion Jacksonville RI - 1 hotel	April 2034	Greater of 6% or Prime + 1%		—			6,393			6,393			1,278		20.0	%
Unencumbered hotels				—			—			—			973		N/A
Total			$	1,380,715		$	1,241,188		$	2,621,903		$	314,757		12.0	%
Percentage				52.7	%		47.3	%		100.0	%
Weighted average interest rate				5.62	%		5.50	%		5.56	%
Weighted average interest rate with the effect of interest rate swaps				5.17	%(6)		5.50	%(6)		5.33	%

All indebtedness is non-recourse with the exception of the senior credit facility.

⁽¹⁾  This mortgage loan has a one-year extension option beginning March 2014, subject to satisfaction of certain conditions.

⁽²⁾  This mortgage loan has three one-year extension options beginning May 2014, subject to satisfaction of certain conditions.

⁽³⁾  This mortgage loan has three one-year extension options beginning November 2014, subject to satisfaction of certain conditions.

⁽⁴⁾  This mortgage loan has three one-year extension options beginning September 2015, subject to satisfaction of certain conditions.

⁽⁵⁾  Each of these loans has two one-year extension options beginning March 2014.

⁽⁶⁾  These rates are calculated assuming the LIBOR rate stays at the September 30, 2013 level and with the effect of our interest rate derivatives.

ASHFORD PRIME

SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS

SEPTEMBER 30, 2013

(dollars in thousands)

(Unaudited)

												Proforma		Proforma
			Fixed-Rate			Floating-Rate			Total			TTM Hotel		TTM EBITDA
Indebtedness	Maturity	Interest Rate	Debt			Debt			Debt			EBITDA		Debt Yield
Wachovia Philly CY - 1 hotel	April 2017	5.91%	$	34,420		$	—		$	34,420		$	10,530		30.6	%
Wachovia 3 - 2 hotels	April 2017	5.95%		126,147			—			126,147			17,209		13.6	%
Wachovia 7 - 3 hotels	April 2017	5.95%		256,698			—			256,698			25,443		9.9	%
Aareal - 2 hotels	February 2018	LIBOR + 3.50%		—			198,666			198,666			23,910		12.0	%
TIF Philly CY - 1 hotel	June 2018	12.85%		8,098			—			8,098			N/A		N/A
Total			$	425,363		$	198,666		$	624,029		$	77,092		12.4	%
Percentage				68.2	%		31.8	%		100.0	%
Weighted average interest rate				6.08	%		3.68	%		5.32	%

All indebtedness is non-recourse.

- MORE -

ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME)

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

SEPTEMBER 30, 2013

(in thousands)

(Unaudited)

	2013		2014		2015		2016		2017		Thereafter		Total
GEMSA Manchester - 1 hotel	$	—	$	5,004	$	—	$	—	$	—	$	—	$	5,004
Senior credit facility - Various		—		—		—		—		—		—		—
UBS 1 - 8 hotels		—		100,119		—		—		—		—		100,119
BoA MIP - 5 hotels		—		—		167,327		—		—		—		167,327
Merrill 1 - 10 hotels		—		—		142,922		—		—		—		142,922
UBS 2 - 8 hotels		—		—		90,680		—		—		—		90,680
Merrill 2 - 5 hotels		—		—		—		101,740		—		—		101,740
Merrill 3 - 5 hotels		—		—		—		84,374		—		—		84,374
Merrill 7 - 5 hotels		—		—		—		73,086		—		—		73,086
Wells Senior - 25 hotels		—		—		—		380,222		—		—		380,222
Mezz 1 - 28 hotels		—		—		—		93,581		—		—		93,581
Mezz 2 - 28 hotels		—		—		—		89,087		—		—		89,087
Mezz 3 - 28 hotels		—		—		—		76,360		—		—		76,360
Mezz 4 - 28 hotels		—		—		—		13,218		—		—		13,218
JPM Floater - 9 hotels		—		—		—		—		135,000		—		135,000
Wachovia 1 - 5 hotels		—		—		—		—		107,351		—		107,351
Wachovia 5 - 5 hotels		—		—		—		—		96,491		—		96,491
Wachovia 6 - 5 hotels		—		—		—		—		146,823		—		146,823
Wachovia 2 - 7 hotels		—		—		—		—		117,441		—		117,441
Goldman Sachs - 5 hotels		—		—		—		—		211,000		—		211,000
GACC Gateway - 1 hotel		—		—		—		—		—		89,886		89,886
JPM Pier House - 1 hotel		—		—		—		—		—		69,000		69,000
Morgan Stanley Boston Back Bay - 1 hotel		—		—		—		—		—		67,358		67,358
Morgan Stanley Princeton/Nashville - 2 hotels		—		—		—		—		—		73,703		73,703
Zion Jacksonville RI - 1 hotel		—		—		—		—		—		—		—
Principal due in future periods	$	—	$	105,123	$	400,929	$	911,667	$	814,106	$	299,946	$	2,531,772
Scheduled amortization payments remaining		9,297		24,967		23,202		13,035		15,989		3,641		90,132
Total indebtedness of continuing operations	$	9,297	$	130,090	$	424,131	$	924,702	$	830,095	$	303,587	$	2,621,903

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

ASHFORD PRIME

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

SEPTEMBER 30, 2013

(in thousands)

(Unaudited)

	2013		2014		2015		2016		2017		Thereafter		Total
Wachovia Philly CY - 1 hotel	$	—	$	—	$	—	$	—	$	32,532	$	—	$	32,532
Wachovia 3 - 2 hotels		—		—		—		—		119,245		—		119,245
Wachovia 7 - 3 hotels		—		—		—		—		242,201		—		242,201
Aareal - 2 hotels		—		—		—		—		—		186,259		186,259
TIF Philly CY - 1 hotel		—		—		—		—		—		8,098		8,098
Principal due in future periods	$	—	$	—	$	—	$	—	$	393,978	$	194,357	$	588,335
Scheduled amortization payments remaining		3,030		8,403		8,917		9,464		5,350		530		35,694
Total indebtedness of continuing operations	$	3,030	$	8,403	$	8,917	$	9,464	$	399,328	$	194,887	$	624,029

- MORE -

ASHFORD TRUST (INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME)

KEY PERFORMANCE INDICATORS - PRO FORMA

(dollars in thousands)

(Unaudited)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
ALL HOTELS INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS:
Room revenues (in thousands)	$	204,188		$	201,080			1.55	%	$	625,474		$	607,446			2.97	%
RevPAR	$	97.19		$	95.72			1.54	%	$	99.92		$	96.95			3.06	%
Occupancy		73.97	%		74.78	%		-0.81	%		74.05	%		74.26	%		-0.21	%
ADR	$	131.39		$	128.00			2.65	%	$	134.93		$	130.56			3.35	%

NOTES:

(1) The above pro forma table assumes the 115 hotel properties owned and included in continuing operations at September 30, 2013 were owned as of the beginning of the period presented.

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS:
Room revenues (in thousands)	$	170,369		$	165,227			3.11	%	$	511,654		$	494,665			3.43	%
RevPAR	$	97.12		$	94.20			3.10	%	$	97.91		$	94.57			3.53	%
Occupancy		74.76	%		74.69	%		0.07	%		74.09	%		73.95	%		0.14	%
ADR	$	129.91		$	126.12			3.01	%	$	132.16		$	127.87			3.35	%

NOTES:

(1) The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2013, but not under renovation for three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2) Excluded Hotels Under Renovation:

Hampton Inn Buford, Hampton Inn Terre Haute, Embassy Suites Palm Beach Gardens, Hilton Garden Inn Jacksonville, Marriott DFW, Hilton St. Petersburg, Residence Inn Atlanta Buckhead, Hyatt Coral Gables, Marriott Crystal Gateway, Courtyard Boston Downtown, Hyatt Regency Wind Watch, Silversmith, Renaissance Nashville, Hilton Parsippany, Hilton Garden Inn Austin

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD PRIME

KEY PERFORMANCE INDICATORS - PRO FORMA

(dollars in thousands)

(Unaudited)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
ALL HOTELS INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS:
Room revenues (in thousands)	$	47,184		$	45,228			4.32	%	$	132,852		$	125,325			6.01	%
RevPAR	$	163.02		$	156.27			4.32	%	$	153.50		$	145.02			5.85	%
Occupancy		84.44	%		83.57	%		0.87	%		80.39	%		79.33	%		1.06	%
ADR	$	193.07		$	187.00			3.25	%	$	190.94		$	182.80			4.45	%

NOTES:

(1) The above pro forma table assumes the eight hotel properties included in the Prime portfolio at September 30, 2013 were owned as of the beginning of the period presented.

(2) Prime portfolio includes: Capital Hilton Washington DC, Hilton La Jolla Torrey Pines, Courtyard Philadelphia Downtown, Marriott Dallas Plano Legacy, Courtyard San Francisco Downtown, Courtyard Seattle Downtown Lake Union, Marriott Seattle Waterfront, Renaissance Tampa International Plaza

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS:
Room revenues (in thousands)	$	43,193		$	41,303			4.58	%	$	119,922		$	113,463			5.69	%
RevPAR	$	171.22		$	163.73			4.57	%	$	159.05		$	150.66			5.57	%
Occupancy		87.94	%		86.31	%		1.63	%		82.35	%		81.32	%		1.03	%
ADR	$	194.70		$	189.70			2.64	%	$	193.14		$	185.27			4.25	%

NOTES:

(1) The above pro forma table assumes the seven hotel properties included in the Prime portfolio at September 30, 2013, but not under renovation for the three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2) Excluded Hotels Under Renovation:

Marriott Dallas Plano Legacy

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD HOSPITALITY TRUST, INC.

PRO FORMA HOTEL OPERATING PROFIT MARGIN

(Unaudited)

THE FOLLOWING PRO FORMA EBITDA MARGIN TABLES REFLECT: (I) THE 87 HOTELS INCLUDED IN THE COMPANY’S CONTINUING OPERATIONS AND THE COMPANY’S 71.74% SHARE OF THE 28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (II) THE EIGHT HOTELS INCLUDED IN ASHFORD PRIME, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

	115 Ashford			8 Ashford
	Trust			Prime
	Properties			Properties
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN:
3rd Quarter 2013		29.74	%		34.20	%
3rd Quarter 2012		29.62	%		34.24	%
Variance		0.12	%		-0.04	%
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
Rooms		-0.22	%		0.06	%
Food & Beverage and Other Departmental		0.18	%		0.79	%
Administrative & General		0.00	%		0.29	%
Sales & Marketing		0.23	%		0.27	%
Hospitality		-0.12	%		0.00	%
Repair & Maintenance		-0.18	%		0.24	%
Energy		0.04	%		0.35	%
Franchise Fee		-0.10	%		0.00	%
Management Fee		0.01	%		-0.08	%
Incentive Management Fee		-0.01	%		-1.36	%
Insurance		0.04	%		-0.08	%
Property Taxes		-0.03	%		-0.42	%
Other Taxes		0.03	%		0.00	%
Leases/Other		0.25	%		-0.10	%
Total		0.12	%		-0.04	%

NOTE:

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD PRIME

SELECTED PRO FORMA FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

The following tables present selected financial and operating information by property for the eight properties included in Ashford Hospitality Prime, Inc.

	Three Months Ended									Nine Months Ended									TTM
	September 30,									September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance			2013
CAPITAL HILTON WASHINGTON DC
Selected Financial Information:
Room Revenue	$	8,116		$	8,508			-4.61	%	$	27,983		$	27,126			3.16	%	$	35,917
Total Revenue	$	10,773		$	11,695			-7.88	%	$	38,719		$	37,758			2.55	%	$	50,122
EBITDA	$	2,356		$	3,471			-32.12	%	$	12,144		$	12,227			-0.68	%	$	15,202
EBITDA Margin		21.87	%		29.68	%		-7.81	%		31.36	%		32.38	%		-1.02	%		30.33	%
Selected Operating Information:
RevPAR	$	162.16		$	170.00			-4.61	%	$	188.42		$	181.99			3.53	%	$	180.89
Occupancy		91.59	%		90.26	%		1.47	%		87.17	%		84.96	%		2.60	%		83.95	%
ADR	$	177.05		$	188.34			-6.00	%	$	216.16		$	214.20			0.92	%	$	215.46
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Room Revenue	$	6,048		$	5,522			9.53	%	$	14,578		$	14,560			0.12	%	$	18,215
Total Revenue	$	9,136		$	8,353			9.37	%	$	23,899		$	24,101			-0.84	%	$	30,731
EBITDA	$	3,039		$	2,593			17.20	%	$	6,901		$	7,092	��		-2.69	%	$	8,708
EBITDA Margin		33.26	%		31.04	%		2.22	%		28.88	%		29.43	%		-0.55	%		28.34	%
Selected Operating Information:
RevPAR	$	166.86		$	152.35			9.52	%	$	135.53		$	134.87			0.49	%	$	126.66
Occupancy		93.47	%		86.61	%		7.92	%		78.26	%		79.99	%		-2.17	%		74.52	%
ADR	$	178.51		$	175.90			1.49	%	$	173.18		$	168.61			2.71	%	$	169.96
PHILADELPHIA COURTYARD DOWNTOWN
Selected Financial Information:
Room Revenue	$	5,844		$	5,850			-0.10	%	$	18,194		$	17,682			2.90	%	$	23,273
Total Revenue	$	7,135		$	7,063			1.02	%	$	21,941		$	21,265			3.18	%	$	28,151
EBITDA	$	2,755		$	2,484			10.91	%	$	8,422		$	7,697			9.42	%	$	10,530
EBITDA Margin		38.61	%		35.17	%		3.44	%		38.38	%		36.20	%		2.19	%		37.41	%
Selected Operating Information:
RevPAR	$	127.55		$	127.67			-0.09	%	$	132.37		$	129.11			2.52	%	$	128.03
Occupancy		82.78	%		80.20	%		3.22	%		80.52	%		79.94	%		0.73	%		78.34	%
ADR	$	154.07		$	159.20			-3.22	%	$	164.39		$	161.51			1.78	%	$	163.44
PLANO MARRIOTT LEGACY TOWN CENTER
Selected Financial Information:
Room Revenue	$	3,991		$	3,925			1.68	%	$	12,930		$	11,861			9.01	%	$	16,938
Total Revenue	$	5,578		$	5,899			-5.44	%	$	19,572		$	18,839			3.89	%	$	26,063
EBITDA	$	1,716		$	1,950			-12.00	%	$	6,572		$	6,280			4.65	%	$	8,684
EBITDA Margin		30.76	%		33.06	%		-2.29	%		33.58	%		33.34	%		0.24	%		33.32	%
Selected Operating Information:
RevPAR	$	107.38		$	105.60			1.69	%	$	115.96		$	106.76			8.62	%	$	114.86
Occupancy		60.66	%		64.94	%		-6.59	%		67.16	%		65.85	%		1.99	%		67.36	%
ADR	$	177.02		$	162.61			8.86	%	$	172.66		$	162.13			6.50	%	$	170.52
SAN FRANCISCO COURTYARD DOWNTOWN
Selected Financial Information:
Room Revenue	$	8,421		$	7,745			8.73	%	$	22,624		$	20,144			12.31	%	$	28,523
Total Revenue	$	9,804		$	8,882			10.38	%	$	26,189		$	23,387			11.98	%	$	33,034
EBITDA	$	3,828		$	3,188			20.08	%	$	9,617		$	7,751			24.07	%	$	12,001
EBITDA Margin		39.05	%		35.89	%		3.15	%		36.72	%		33.14	%		3.58	%		36.33	%
Selected Operating Information:
RevPAR	$	226.01		$	207.86			8.73	%	$	202.39		$	180.87			11.90	%	$	192.95
Occupancy		92.70	%		92.69	%		0.01	%		90.09	%		86.94	%		3.62	%		87.75	%
ADR	$	243.82		$	224.25			8.72	%	$	224.66		$	208.04			7.99	%	$	219.89

ASHFORD PRIME

SELECTED PRO FORMA FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

The following tables present selected financial and operating information by property for the eight properties included in Ashford Prime.

	Three Months Ended									Nine Months Ended									TTM
	September 30,									September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance			2013
SEATTLE COURTYARD DOWNTOWN
Selected Financial Information:
Room Revenue	$	4,074		$	3,475			17.24	%	$	8,903		$	7,683			15.88	%	$	10,960
Total Revenue	$	4,655		$	3,970			17.25	%	$	10,343		$	8,965			15.37	%	$	12,801
EBITDA	$	1,776		$	1,716			3.50	%	$	4,248		$	3,900			8.92	%	$	5,207
EBITDA Margin		38.15	%		43.22	%		-5.07	%		41.07	%		43.50	%		-2.43	%		40.68	%
Selected Operating Information:
RevPAR	$	177.15		$	151.08			17.26	%	$	129.03		$	111.75			15.46	%	$	120.10
Occupancy		87.11	%		87.21	%		-0.12	%		76.96	%		73.11	%		5.27	%		74.95	%
ADR	$	203.37		$	173.24			17.39	%	$	167.66		$	152.86			9.68	%	$	160.25
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Room Revenue	$	7,948		$	7,149			11.18	%	$	17,782		$	16,124			10.28	%	$	21,940
Total Revenue	$	9,860		$	9,009			9.45	%	$	23,215		$	21,420			8.38	%	$	28,990
EBITDA	$	4,725		$	3,982			18.66	%	$	9,680		$	8,308			16.51	%	$	11,893
EBITDA Margin		47.92	%		44.20	%		3.72	%		41.70	%		38.79	%		2.91	%		41.02	%
Selected Operating Information:
RevPAR	$	241.31		$	217.04			11.18	%	$	179.97		$	163.78			9.89	%	$	167.90
Occupancy		88.56	%		88.24	%		0.36	%		80.21	%		79.70	%		0.65	%		78.09	%
ADR	$	272.47		$	245.96			10.78	%	$	224.36		$	205.50			9.18	%	$	215.02
TAMPA RENAISSANCE
Selected Financial Information:
Room Revenue	$	2,742		$	3,055			-10.25	%	$	9,858		$	10,144			-2.82	%	$	12,574
Total Revenue	$	4,019		$	4,494			-10.57	%	$	14,512		$	15,104			-3.92	%	$	18,844
EBITDA	$	655		$	943			-30.54	%	$	3,764		$	4,042			-6.88	%	$	4,866
EBITDA Margin		16.30	%		20.98	%		-4.69	%		25.94	%		26.76	%		-0.82	%		25.82	%
Selected Operating Information:
RevPAR	$	101.72		$	113.33			-10.24	%	$	121.90		$	125.89			-3.17	%	$	117.57
Occupancy		75.87	%		77.00	%		-1.47	%		78.55	%		79.90	%		-1.69	%		76.93	%
ADR	$	134.07		$	147.17			-8.90	%	$	155.20		$	157.56			-1.50	%	$	152.82
PRIME PROPERTIES TOTAL (8)
Selected Financial Information:
Room Revenue	$	47,184		$	45,228			4.32	%	$	132,852		$	125,325			6.01	%	$	168,339
Total Revenue	$	60,961		$	59,364			2.69	%	$	178,388		$	170,839			4.42	%	$	228,737
EBITDA	$	20,849		$	20,327			2.57	%	$	61,349		$	57,296			7.07	%	$	77,091
EBITDA Margin		34.20	%		34.24	%		-0.04	%		34.39	%		33.54	%		0.85	%		33.70	%
Selected Operating Information:
RevPAR	$	163.02		$	156.27			4.32	%	$	153.50		$	145.02			5.85	%	$	146.60
Occupancy		84.44	%		83.57	%		1.04	%		80.39	%		79.33	%		1.34	%		78.20	%
ADR	$	193.07		$	187.00			3.25	%	$	190.94		$	182.80			4.45	%	$	187.46

ASHFORD TRUST (INCLUDING 71.74% PRO-RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO, EXCLUDING ASHFORD PRIME)

PRO FORMA HOTEL OPERATING PROFIT

(dollars in thousands)

(Unaudited)

ALL HOTELS INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
REVENUE
Rooms	$	204,188		$	201,080			1.5	%	$	625,474		$	607,445			3.0	%
Food and beverage		39,906			42,255			-5.6	%		136,722			138,892			-1.6	%
Other		10,129			9,353			8.3	%		28,524			27,571			3.5	%
Total hotel revenue		254,223			252,688			0.6	%		790,720			773,908			2.2	%
EXPENSES
Rooms		46,804			45,640			2.6	%		138,971			135,064			2.9	%
Food and beverage		29,568			29,904			-1.1	%		93,589			94,586			-1.1	%
Other direct		5,331			5,240			1.7	%		15,560			15,641			-0.5	%
Indirect		73,634			73,243			0.5	%		219,691			217,013			1.2	%
Management fees, includes base and incentive fees		9,879			10,511			-6.0	%		33,798			34,372			-1.7	%
Total hotel operating expenses		165,216			164,538			0.4	%		501,609			496,676			1.0	%
Property taxes, insurance, and other		13,394			13,313			0.6	%		40,371			37,321			8.2	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		75,613			74,837			1.0	%		248,740			239,911			3.7	%
Hotel EBITDA Margin		29.74	%		29.62	%		0.12	%		31.46	%		31.00	%		0.46	%
Minority interest in earnings of consolidated joint ventures		79			59			33.9	%		192			154			24.7	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	75,534		$	74,778			1.0	%	$	248,548		$	239,757			3.7	%

NOTES:

(1) The above pro forma table assumes the 115 hotel properties owned and included in continuing operations at September 30, 2013 were owned as of the beginning of the period presented.

(2) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN ASHFORD TRUST CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
REVENUE
Rooms	$	170,369		$	165,227			3.1	%	$	511,654		$	494,665			3.4	%
Food and beverage		28,989			29,693			-2.4	%		95,728			97,095			-1.4	%
Other		7,849			7,564			3.8	%		22,600			22,355			1.1	%
Total hotel revenue		207,207			202,484			2.3	%		629,983			614,115			2.6	%
EXPENSES
Rooms		38,694			37,308			3.7	%		113,121			109,684			3.1	%
Food and beverage		21,217			21,160			0.3	%		65,844			66,570			-1.1	%
Other direct		4,420			4,291			3.0	%		12,831			12,904			-0.6	%
Indirect		59,893			59,044			1.4	%		177,023			174,152			1.6	%
Management fees, includes base and incentive fees		8,655			8,758			-1.2	%		26,851			27,077			-0.8	%
Total hotel operating expenses		132,879			130,562			1.8	%		395,670			390,387			1.4	%
Property taxes, insurance, and other		10,561			10,416			1.4	%		31,878			29,785			7.0	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		63,766			61,506			3.7	%		202,435			193,943			4.4	%
Hotel EBITDA Margin		30.77	%		30.38	%		0.39	%		32.13	%		31.58	%		0.55	%
Minority interest in earnings of consolidated joint ventures		1,428			1,575			-9.3	%		4,953			4,984			-0.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	62,338		$	59,931			4.0	%	$	197,482		$	188,959			4.5	%

NOTES:

(1) The above pro forma table assumes the 100 hotel properties owned and included in continuing operations at September 30, 2013, but not under renovation for the three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2) Excluded Hotels Under Renovation:

Hampton Inn Buford, Hampton Inn Terre Haute, Embassy Suites Palm Beach Gardens, Hilton Garden Inn Jacksonville, Marriott DFW, Hilton St. Petersburg, Residence Inn Atlanta Buckhead, Hyatt Coral Gables, Marriott Crystal Gateway, Courtyard Boston Downtown, Hyatt Regency Wind Watch, Silversmith, Renaissance Nashville, Hilton Parsippany, Hilton Garden Inn Austin

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD PRIME

PRO FORMA HOTEL OPERATING PROFIT

(dollars in thousands)

(Unaudited)

ALL HOTELS INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
REVENUE
Rooms	$	47,184		$	45,228			4.3	%	$	132,852		$	125,325			6.0	%
Food and beverage		11,014			11,409			-3.5	%		37,799			38,171			-1.0	%
Other		2,764			2,727			1.4	%		7,738			7,344			5.4	%
Total hotel revenue		60,962			59,364			2.7	%		178,389			170,840			4.4	%
EXPENSES
Rooms		10,330			10,096			2.3	%		30,183			28,614			5.5	%
Food and beverage		8,045			8,263			-2.6	%		25,323			25,346			-0.1	%
Other direct		1,106			1,114			-0.7	%		3,132			3,171			-1.2	%
Indirect		13,814			14,085			-1.9	%		40,259			40,578			-0.8	%
Management fees, includes base and incentive fees		3,829			2,878			33.0	%		9,695			8,127			19.3	%
Total hotel operating expenses		37,124			36,436			1.9	%		108,592			105,836			2.6	%
Property taxes, insurance, and other		2,989			2,601			14.9	%		8,448			7,708			9.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		20,849			20,327			2.6	%		61,349			57,296			7.1	%
Hotel EBITDA Margin		34.20	%		34.24	%		-0.04	%		34.39	%		33.54	%		0.85	%
Minority interest in earnings of consolidated joint ventures		1,349			1,516			-11.0	%		4,761			4,830			-1.4	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	19,500		$	18,811			3.7	%	$	56,588		$	52,466			7.9	%

NOTES:

(1) The above pro forma table assumes the eight hotel properties owned and included in continuing operations at September 30, 2013 were owned as of the beginning of the period presented.

(2) Prime portfolio includes: Capital Hilton Washington DC, Hilton La Jolla Torrey Pines, Courtyard Philadelphia Downtown, Marriott Dallas Plano Legacy, Courtyard San Francisco Downtown, Courtyard Seattle Downtown Lake Union, Marriott Seattle Waterfront, Renaissance Tampa International Plaza

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN ASHFORD PRIME CONTINUING OPERATIONS:

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2013			2012			% Variance			2013			2012			% Variance
REVENUE
Rooms	$	43,193		$	41,303			4.6	%	$	119,922		$	113,463			5.7	%
Food and beverage		9,646			9,744			-1.0	%		31,893			32,001			-0.3	%
Other		2,544			2,418			5.2	%		7,001			6,536			7.1	%
Total hotel revenue		55,383			53,465			3.6	%		158,816			152,000			4.5	%
EXPENSES
Rooms		9,497			9,278			2.4	%		27,600			26,195			5.4	%
Food and beverage		7,037			7,199			-2.3	%		21,914			22,002			-0.4	%
Other direct		1,000			994			0.6	%		2,774			2,817			-1.5	%
Indirect		12,317			12,505			-1.5	%		35,641			35,790			-0.4	%
Management fees, includes base and incentive fees		3,715			2,786			33.3	%		8,587			7,288			17.8	%
Total hotel operating expenses		33,566			32,762			2.5	%		96,516			94,092			2.6	%
Property taxes, insurance, and other		2,684			2,326			15.4	%		7,524			6,891			9.2	%
HOTEL OPERATING PROFIT (Hotel EBITDA)		19,133			18,377			4.1	%		54,776			51,017			7.4	%
Hotel EBITDA Margin		34.55	%		34.37	%		0.17	%		34.49	%		33.56	%		0.93	%
Minority interest in earnings of consolidated joint ventures		1,428			1,575			-9.3	%		4,953			4,984			-0.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures	$	17,705		$	16,802			5.4	%	$	49,823		$	46,033			8.2	%

NOTES:

(1) The above pro forma table assumes the seven hotel properties owned and included in continuing operations at September 30, 2013 but not under renovation for three and nine months ended September 30, 2013 were owned as of the beginning of the periods presented.

(2) Excluded Hotels Under Renovation:

Marriott Dallas Plano Legacy

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD HOSPITALITY TRUST, INC.

PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(Unaudited)

THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) THE 87 HOTELS INCLUDED IN THE COMPANY’S CONTINUING OPERATIONS AND THE COMPANY’S 71.74% SHARE OF THE 28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (II) THE EIGHT HOTELS INCLUDED IN ASHFORD PRIME, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

	2013			2013			2013			2012
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			TTM
Ashford Trust
Total Hotel Revenue	$	254,223		$	281,029		$	255,472		$	239,208		$	1,029,932
Hotel EBITDA	$	75,613		$	95,732		$	77,394		$	66,018		$	314,757
Hotel EBITDA Margin		29.74	%		34.06	%		30.29	%		27.60	%		30.56	%
EBITDA % of Total TTM		24.0	%		30.4	%		24.6	%		21.0	%		100.0	%
JV Interests in EBITDA	$	79		$	75		$	37		$	56		$	247
Ashford Prime
Total Hotel Revenue	$	60,962		$	63,342		$	54,087		$	50,349		$	228,740
Hotel EBITDA	$	20,849		$	23,952		$	16,548		$	15,743		$	77,092
Hotel EBITDA Margin		34.20	%		37.81	%		30.60	%		31.27	%		33.70	%
EBITDA % of Total TTM		27.0	%		31.1	%		21.5	%		20.4	%		100.0	%
JV Interests in EBITDA	$	1,349		$	2,056		$	1,357		$	1,216		$	5,978

NOTE:

On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma tables assume the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD HOSPITALITY TRUST, INC. (ENTIRE COMPANY)

PRO FORMA HOTEL REVPAR BY MARKET

(Unaudited)

					Three Months Ended							Nine Months Ended
	Number of		Number of		September 30,							September 30,
Region	Hotels		Rooms		2013		2012		% Change			2013		2012		% Change
Atlanta, GA Area		9		1,429	$	87.93	$	81.15		8.4	%	$	87.93	$	81.43		8.0	%
Boston, MA Area		2		506	$	185.30	$	187.25		-1.0	%	$	163.45	$	165.78		-1.4	%
Dallas / Ft. Worth Area		7		1,745	$	91.01	$	89.70		1.5	%	$	96.75	$	92.76		4.3	%
Houston, TX Area		3		608	$	105.50	$	97.42		8.3	%	$	109.21	$	102.63		6.4	%
Los Angeles, CA Metro Area		8		1,785	$	92.92	$	86.02		8.0	%	$	96.06	$	90.01		6.7	%
Miami, FL Metro Area		3		576	$	77.16	$	75.29		2.5	%	$	110.09	$	104.20		5.7	%
Minneapolis - St. Paul, MN-WI Area		2		522	$	101.52	$	98.05		3.5	%	$	92.99	$	89.97		3.4	%
New York / New Jersey Metro Area		7		1,560	$	107.52	$	102.83		4.6	%	$	104.21	$	98.04		6.3	%
Orlando, FL Area		6		1,834	$	67.08	$	64.90		3.4	%	$	79.67	$	76.78		3.8	%
Philadelphia, PA Area		4		1,147	$	106.27	$	111.69		-4.9	%	$	107.75	$	107.54		0.2	%
San Diego, CA Area		3		706	$	136.56	$	128.99		5.9	%	$	115.27	$	115.94		-0.6	%
San Francisco - Oakland, CA Metro Area		6		1,416	$	150.77	$	136.72		10.3	%	$	137.57	$	123.69		11.2	%
Seattle, WA Area		2		608	$	214.93	$	189.92		13.2	%	$	159.02	$	142.39		11.7	%
Tampa, FL Area		4		875	$	77.53	$	92.27		-16.0	%	$	100.55	$	104.66		-3.9	%
Washington DC - MD - VA Area		11		2,698	$	112.65	$	127.97		-12.0	%	$	129.52	$	134.24		-3.5	%
Other Areas		46		7,700	$	99.98	$	95.60		4.6	%	$	99.09	$	94.92		4.4	%
Total Portfolio		123		25,715	$	105.16	$	103.05		2.1	%	$	106.43	$	102.78		3.6	%

NOTES:

(1) The above pro forma table presents the 95 hotel properties included in Company’s continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented.

ASHFORD HOSPITALITY TRUST, INC. (ENTIRE COMPANY)

PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET

(Unaudited)

					Three Months Ended													Nine Months Ended
					September 30,													September 30,
Region	Number of Hotels		Number of Rooms		2013		% of Total			2012		% of Total			% Change			2013		% of Total			2012		% of Total			% Change
Atlanta, GA Area		9		1,429	$	3,963		4.1	%	$	3,504		3.7	%		13.1	%	$	11,757		3.8	%	$	10,216		3.4	%		15.1	%
Boston, MA Area		2		506		4,349		4.5	%		4,470		4.7	%		-2.7	%		10,431		3.4	%		10,647		3.6	%		-2.0	%
Dallas / Ft. Worth Area		7		1,745		5,128		5.3	%		5,411		5.7	%		-5.2	%		19,797		6.4	%		18,752		6.3	%		5.6	%
Houston, TX Area		3		608		2,588		2.7	%		2,192		2.3	%		18.1	%		8,307		2.7	%		8,037		2.7	%		3.4	%
Los Angeles, CA Metro Area		8		1,785		5,262		5.5	%		4,813		5.1	%		9.3	%		19,002		6.1	%		17,650		5.9	%		7.7	%
Miami, FL Metro Area		3		576		526		0.5	%		403		0.4	%		30.5	%		6,571		2.1	%		5,718		1.9	%		14.9	%
Minneapolis - St. Paul, MN-WI Area		2		522		2,345		2.4	%		2,369		2.5	%		-1.0	%		5,968		1.9	%		5,990		2.0	%		-0.4	%
New York / New Jersey Metro Area		7		1,560		6,293		6.5	%		6,335		6.7	%		-0.7	%		19,678		6.3	%		17,899		6.0	%		9.9	%
Orlando, FL Area		6		1,834		2,434		2.5	%		2,376		2.5	%		2.4	%		12,757		4.1	%		11,646		3.9	%		9.5	%
Philadelphia, PA Area		4		1,147		4,481		4.6	%		4,547		4.8	%		-1.5	%		13,406		4.3	%		13,070		4.4	%		2.6	%
San Diego, CA Area		3		706		4,712		4.9	%		4,248		4.5	%		10.9	%		11,028		3.6	%		11,602		3.9	%		-4.9	%
San Francisco - Oakland, CA Metro Area		6		1,416		8,602		8.9	%		7,387		7.8	%		16.4	%		22,715		7.3	%		18,858		6.3	%		20.5	%
Seattle, WA Area		2		608		6,501		6.7	%		5,698		6.0	%		14.1	%		13,928		4.5	%		12,208		4.1	%		14.1	%
Tampa, FL Area		4		875		1,439		1.5	%		2,370		2.5	%		-39.3	%		9,426		3.0	%		10,171		3.4	%		-7.3	%
Washington DC - MD - VA Area		11		2,698		9,956		10.3	%		13,395		14.1	%		-25.7	%		41,194		13.3	%		44,874		15.1	%		-8.2	%
Other Areas		46		7,700		27,884		28.9	%		25,486		26.8	%		9.4	%		84,124		27.1	%		79,712		26.8	%		5.5	%
Total Portfolio		123		25,715	$	96,462		100.0	%	$	95,004		100.0	%		1.5	%	$	310,089		100.0	%	$	297,047		100.0	%		4.4	%

NOTES:

(1) The above pro forma table presents the 95 hotel properties included in Company’s continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented.

(2) The above pro forma table includes hotel operating profit for 100% of the 95 hotel properties included in the Company’s continuting operations and the Company’s 71.74% share of the 28 hotels included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented.

(3) On January 1, 2013, Marriott converted from a fiscal year with 12 weeks of operations in each of the first three quarters of the year and 16 weeks in the fourth quarter of the year, to calendar quarters. The above proforma table assumes the Marriott-managed properties were reported on calendar quarters for all periods presented.

- MORE -

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES (ENTIRE COMPANY)

TOTAL ENTERPRISE VALUE

SEPTEMBER 30, 2013

(in thousands except share price)

(Unaudited)

	September 30,
	2013
End of quarter common shares outstanding		80,566
Partnership units outstanding (common share equivalents)		18,991
Combined common shares and partnership units outstanding		99,557
Common stock price at quarter end	$	12.34
Market capitalization at quarter end	$	1,228,533
Series A preferred stock	$	41,430
Series D preferred stock	$	236,718
Series E preferred stock	$	115,750
Debt on balance sheet date*	$	3,245,932
Joint venture partners’ share of consolidated debt	$	(50,439	)
Net working capital (see below)*	$	(492,096	)
Total enterprise value (TEV)	$	4,325,829
Cash & cash equivalents*	$	332,448
Marketable securities, net		23,607
Restricted cash*		155,451
Accounts receivable, net*		42,748
Prepaid expenses*		20,548
Due from affiliates, net*		(1,270	)
Due from 3rd party hotel managers, net*		66,957
Total current assets	$	640,489
Accounts payable, net & accrued expenses*	$	127,659
Dividends payable		20,734
Total current liabilities	$	148,393
Net working capital	$	492,096

* Includes AHT’s 71.74% interest in Highland Hospitality

- MORE -

Ashford Trust

Anticipated Capital Expenditures Calendar (a)

2013

Proposed 2014

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 Hartford Manchester

90

x

Courtyard Savannah

156

x

Embassy Suites Dulles

150

x

Embassy Suites East Syracuse

215

x

Hampton Inn Lawrenceville

86

x

Hyatt Regency Savannah

351

x

x

Marriott San Antonio Plaza

251

x

Residence Inn Lake Buena Vista

210

x

Sheraton San Diego Mission Valley

260

x

The Melrose

240

x

Hilton Boston Back Bay

390

x

x

Courtyard Dallas Plano in Legacy Park

153

x

x

Hilton Santa Fe

158

x

x

Courtyard Boston Downtown

315

x

x

x

x

x

x

Hilton Costa Mesa

486

x

x

x

Marriott Sugarland

300

x

x

x

Embassy Suites Walnut Creek

249

x

Hilton Garden Inn BWI

158

x

Hilton Garden Inn Virginia Beach

176

x

Residence Inn Palm Desert

130

x

Hampton Inn Buford

92

x

x

Hampton Inn Terre Haute

112

x

x

Hyatt Regency Wind Watch

358

x

x

x

x

x

Embassy Suites Palm Beach Garden

160

x

x

x

Hilton Garden Inn Austin

254

x

Hilton Garden Inn Jacksonville

119

x

Hyatt Coral Gables

250

x

x

Marriott Crystal Gateway

697

x

x

Marriott DFW

491

x

Hilton Parsippany

354

x

x

x

Hilton St Petersburg

333

x

x

Renaissance Nashville

673

x

x

x

x

Residence Inn Atlanta Buckhead Lenox Park

150

x

x

Silversmith

143

x

x

Courtyard Marriott Village at LBV

312

x

Crowne Plaza Key West

160

x

x

x

Crowne Plaza Ravinia

495

x

x

x

Embassy Suites Dallas

150

x

Embassy Suites Portland Downtown

276

x

x

Residence Inn Salt Lake City

144

x

Residence Inn San Diego Sorrento Mesa

150

x

Residence Inn Hartford

96

x

Sheraton Indianapolis

378

x

x

Residence Inn Newark

168

x

x

Courtyard Bloomington

117

x

x

Westin Princeton

296

x

x

Hilton Minneapolis

300

x

x

Residence Inn Phoenix Airport

200

x

x

Courtyard Newark/Silicon Valley

181

x

x

Springhill Suites Orlando LBV

400

x

x

Crowne Plaza Beverly Hills

258

x

��

x

Sheraton Bucks County

186

x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2013-2014 are included in this table.

Ashford Prime

Anticipated Capital Expenditures Calendar (a)

			2013				Proposed 2014
			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
Hilton LaJolla Torrey Pines		394	x	x
Marriott Dallas Plano Legacy		404		x	x	x	x
Courtyard Philadelphia Downtown		498				x	x	x
Marriott Seattle Waterfront		358					x	x

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2013-2014 are included in this table.