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EXHIBIT 21.1
SUBSIDIARIES LISTING AS OF DECEMBER 31, 2017
All the subsidiaries listed below are incorporated in Delaware except that Ashford Hospitality Trust, Inc. is incorporated in Maryland. Subsidiaries not included in the list are omitted because, in the aggregate, they are insignificant as defined by Item 601(b)(21) of Regulation S-K.
| Ashford Hospitality Trust, Inc. |
| Ashford Hospitality Advisors LLC |
| Ashford Hospitality Limited Partnership |
| Ashford OP General Partner LLC |
| Ashford OP Limited Partner LLC |
| Ashford Crystal Gateway LP |
| Ashford TRS Corporation |
| PIM Highland Holding LLC |
| PIM Highland TRS Corporation |
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