Exhibit 99.1

NEWS RELEASE

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

ASHFORD HOSPITALITY TRUST REPORTS FOURTH QUARTER RESULTS
AND REINSTATES QUARTERLY DIVIDEND OF $.10 PER SHARE

DALLAS — (February 24, 2011) — Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the fourth quarter ended December 31, 2010. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company’s 97 hotels owned and included in continuing operations as of December 31, 2010. Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2010, with the fourth quarter ended December 31, 2009 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS

	•		RevPAR increased 7.5% for the hotels not under renovation
	•		Operating profit margin increased 384 basis points for the hotels not under renovation
	•		Net loss attributable to common shareholders was $111.5 million, or $2.17 per diluted share, compared with net loss attributable to common shareholders of $76.9 million, or $1.30 per diluted share, in the prior-year quarter
	•		Adjusted funds from operations (AFFO) was $0.40 per diluted share for the quarter
	•		Adjusted funds from operations (AFFO) was $1.50 per diluted share for the entire year
	•		Net debt to gross assets ratio improved to 55.0% compared with 59.0% a year ago
	•		Fixed charge coverage ratio was 1.70x under the senior credit facility covenant versus a required minimum of 1.25x
	•		Reinstates common stock quarterly dividend at $0.10 per share, or $0.40 per share annualized rate

CAPITAL ALLOCATION

•

Capex invested in the quarter was $15.7 million and $62.2 million year to date

IMPAIRMENTS

During the fourth quarter due to assets being marketed for sale, the Company recorded impairments of $39.9 million for the Hilton Tucson and $23.6 million for the Hilton Rye Town. Also the Company took impairments of $21.6 million for its JER portfolio mezzanine loan six position and an impairment of $7.8 million for a partial write down of the Tharaldson portfolio mezzanine loan maturing in April 2011. In addition, the Company received in the fourth quarter a $4.4 million payoff of its mezzanine loan secured by interests in the Hotel La Jolla, which when combined with a payment of $1.8 million in the third quarter of 2010, resulted in a discounted payoff of 87.5%.

CAPITAL STRUCTURE

In October 2010, the Company converted its $1.8 billion interest rate swap to a fixed rate of 4.09%, resulting in locked-in annual interest expense savings of approximately $32 million for the remaining term of the swap. There was no cash cost to the Company in structuring the swap, and the Company’s

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AHT Reports Fourth Quarter Results
Page 2
February 24, 2011

flooridors for 2010 and 2011, remained outstanding, the latter of which may provide additional benefit.

In November 2010, the Company closed a $105 million loan with Deutsche Bank secured by the Marriott Crystal Gateway in Arlington, VA. The new financing, which has a 10-year term and a fixed interest rate of 6.26%, replaced an existing $60.8 million loan on the property that had an initial maturity date in March 2012 and had an interest rate of 400 basis points over LIBOR. The excess loan proceeds were used to pay down the Company’s credit facility and for general corporate purposes.

In December 2010, the Company closed its underwritten public offering of 7.5 million shares of its common stock at a price to the public of $9.65 per share. In January 2011, the underwriter exercised its option to purchase an additional 300,000 shares of common stock at $9.65 per share. The proceeds were used for general corporate purposes.

PORTFOLIO REVPAR

As of December 31, 2010, the Company had a portfolio of direct hotel investments consisting of 97 properties classified in continuing operations. During the fourth 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 97 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 97 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

	•		Proforma RevPAR increased 7.5% for hotels not under renovation on a 0.5% increase in ADR to $117.07 and a 429 basis point increase in occupancy
	•		Proforma RevPAR increased 5.3% for all hotels on a 0.2% increase in ADR to $122.80 and a 324 basis point increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 80 hotels as of December 31, 2010, that were not under renovation, Proforma Hotel EBITDA increased 23.5% to $42.8 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 384 basis points to 27.2%. For all 97 hotels included in continuing operations as of December 31, 2010, Proforma Hotel EBITDA increased 14.7% to $60.7 million and Hotel EBITDA margin increased 256 basis points to 26.9%.

Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as of the end of the current period. As Ashford’s portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 97 hotels included in continuing operations are provided in the tables attached to this release.

COMMON STOCK DIVIDEND REINSTATED

Ashford announced that the Board of Directors has declared a dividend on the Company’s common stock for the first quarter of 2011 of $0.10 per share and has given guidance that while each future quarter’s dividend, if any, will be definitively announced near the end of each quarter, the Company intends to maintain at least a $.10 per share dividend per quarter going forward. The dividend is payable on April 15, 2011, to shareholders of record as of March 31, 2011, and equates to an annualized yield of 4.1% based on today’s closing stock price.

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AHT Reports Fourth Quarter Results
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February 24, 2011

Monty J. Bennett, Chief Executive Officer, commented, “The strong results for the fourth quarter continue to reflect the benefit of an improving lodging market and our ability to achieve better margin improvement through differentiated asset management strategies. Combined with our opportunistic capital market activities, we have been able to position our portfolio for better performance.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Friday, February 25, 2011, at 11 a.m. ET. The number to call for this interactive teleconference is (212) 231-2906. A replay of the conference call will be available through Thursday, March 3, 2011, by dialing (402) 977-9140 and entering the confirmation number, 21508722.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2010 earnings release conference call. The live broadcast of Ashford’s quarterly conference call will be available online at the Company’s website at www.ahtreit.com on Friday, February 25, 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.

* * * * *

Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, second mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company’s web site at www.ahtreit.com.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the timing for closing, the impact of the transaction on our business and future 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;

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AHT Reports Fourth Quarter Results
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February 24, 2011

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)

		December 31,
		2010				2009
		(Unaudited)
ASSETS
Investment in hotel properties, net		$	3,023,736			$	3,383,759
Cash and cash equivalents			217,690				165,168
Restricted cash			67,666				77,566
Accounts receivable, net			27,493				31,503
Inventories			2,909				2,975
Notes receivable			20,870				55,655
Investment in unconsolidated joint ventures			15,000				20,736
Assets held for sale			144,511				—
Deferred costs, net			17,519				20,960
Prepaid expenses			12,727				13,234
Interest rate derivatives			106,867				94,645
Other assets			7,502				3,471
Intangible assets, net			2,899				2,988
Due from third-party hotel managers			49,135				41,838
Total assets		$	3,716,524			$	3,914,498
LIABILITIES AND EQUITY
Liabilities
Indebtedness of continuing operations		$	2,518,164			$	2,772,396
Indebtedness of assets held for sale			50,619				—
Capital leases payable			36				83
Accounts payable and accrued expenses			79,248				91,387
Dividends payable			7,281				5,566
Unfavorable management contract liabilities			16,058				18,504
Due to related parties			2,400				1,009
Due to third-party hotel managers			1,870				1,563
Other liabilities			4,627				7,932
Other liabilities of assets held for sale			2,995				—
Total liabilities			2,683,298				2,898,440
Series B-1 Cumulative Convertible Redeemable Preferred stock,
7,247,865 shares and 7,447,865 shares issued and outstanding at December 31, 2010
and 2009			72,986				75,000
Redeemable noncontrolling interests in operating partnership			126,722				85,167
Equity:
Shareholders’ equity of the Company —
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock, 1,487,900 shares issued and outstanding
at December 31, 2010 and 2009			15				15
Series D Cumulative Preferred Stock, 8,966,797 shares and 5,666,797 shares
issued and outstanding at December 31, 2010 and 2009			90				57
Common stock, $0.01 par value, 200,000,000 shares authorized, 123,403,893 shares
and 122,748,859 shares issued at December 31, 2010 and 2009, 58,999,324 and
57,596,878 shares outstanding at December 31, 2010 and 2009			1,234				1,227
Additional paid-in capital			1,552,657				1,436,009
Accumulated other comprehensive loss			(550	)			(897	)
Accumulated deficit			(543,788	)			(412,011	)
Treasury stock, at cost (64,404,569 shares and 65,151,981 shares at
December 31, 2010 and 2009)			(192,850	)			(186,424	)
Total shareholders’ equity of the Company			816,808				837,976
Noncontrolling interests in consolidated joint ventures			16,710				17,915
Total equity			833,518				855,891
Total liabilities and equity		$	3,716,524			$	3,914,498

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
						(Unaudited)
REVENUE
Rooms		$	166,901			$	157,646			$	643,694			$	629,298
Food and beverage			42,187				41,894				151,105				152,366
Rental income from operating leases			1,708				1,820				5,436				5,650
Other			9,858				10,401				39,327				41,676
Total hotel revenue			220,654				211,761				839,562				828,990
Interest income from notes receivable			346				479				1,378				10,876
Asset management fees and other			113				174				425				726
Total Revenue			221,113				212,414				841,365				840,592
EXPENSES
Hotel operating expenses
Rooms			39,865				37,756				148,854				143,024
Food and beverage			28,474				28,926				105,229				106,909
Other direct			5,855				6,105				23,618				24,084
Indirect			64,925				63,990				243,508				243,825
Management fees			9,504				9,039				35,051				34,327
Total hotel operating expenses			148,623				145,816				556,260				552,169
Property taxes, insurance, and other			11,761				13,904				49,623				53,386
Depreciation and amortization			33,071				34,268				133,435				139,385
Impairment charges			47,667				(593	)			46,404				148,679
Gain on insurance settlement			—				(1,329	)			—				(1,329	)
Transaction acquisition and contract termination costs			7,001				—				7,001				—
Corporate general and administrative:
Stock/unit-based compensation			1,899				1,141				7,067				5,037
Other general and administrative			6,039				5,796				23,552				24,914
Total Operating Expenses			256,061				199,003				823,342				922,241
OPERATING INCOME (LOSS)			(34,948	)			13,411				18,023				(81,649	)
Equity in (loss) earnings of unconsolidated joint ventures			(21,590	)			623				(20,265	)			2,486
Interest income			57				44				283				297
Other income			15,781				21,416				62,826				56,556
Interest expense			(33,906	)			(32,608	)			(135,685	)			(126,110	)
Amortization of loan costs			(1,079	)			(1,644	)			(4,924	)			(6,887	)
Write-off of premiums, loan costs, premiums and exit fees, net			(3,893	)			(559	)			(3,893	)			371
Unrealized (loss) gain on derivatives			(18,540	)			(17,616	)			12,284				(31,782	)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			(98,118	)			(16,933	)			(71,351	)			(186,718	)
Income tax benefit (expense)			591				(1,136	)			155				(1,508	)
(LOSS) INCOME FROM CONTINUING OPERATIONS			(97,527	)			(18,069	)			(71,196	)			(188,226	)
(Loss) income from discontinued operations			(24,658	)			(66,196	)			9,404				(100,434	)
NET (LOSS) INCOME			(122,185	)			(84,265	)			(61,792	)			(288,660	)
Loss from consolidated joint ventures attributable to noncontrolling interests			262				136				1,683				765
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership			16,979				12,085				8,369				37,653
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY			(104,944	)			(72,044	)			(51,740	)			(250,242	)
Preferred dividends			(6,545	)			(4,830	)			(21,194	)			(19,322	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	(111,489	)		$	(76,874	)		$	(72,934	)		$	(269,564	)
INCOME PER SHARE — BASIC AND DILUTED:
Loss from continuing operations attributable to common shareholders		$	(1.75	)		$	(0.34	)		$	(1.59	)		$	(2.66	)
(Loss) income from discontinued operations attributable to common shareholders			(0.42	)			(0.96	)			0.16				(1.27	)
Net loss attributable to common shareholders		$	(2.17	)		$	(1.30	)		$	(1.43	)		$	(3.93	)
Weighted average common shares outstanding — basic and diluted			51,407				59,101				51,159				68,597
Amounts attributable to common shareholders:
Loss from continuing operations, net of tax		$	(83,621	)		$	(15,301	)		$	(60,066	)		$	(163,432	)
(Loss) income from discontinued operations, net of tax			(21,323	)			(56,743	)			8,326				(86,810	)
Preferred dividends			(6,545	)			(4,830	)			(21,194	)			(19,322	)
Net loss attributable to common shareholders		$	(111,489	)		$	(76,874	)		$	(72,934	)		$	(269,564	)

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

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(Unaudited)
Net (loss) income		$	(122,185	)		$	(84,265	)		$	(61,792	)		$	(288,660	)
Loss from consolidated joint ventures attributable to noncontrolling interests			262				136				1,683				765
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership			16,979				12,085				8,369				37,653
Net (loss) income attributable to the Company			(104,944	)			(72,044	)			(51,740	)			(250,242	)
Interest income			(57	)			(44	)			(273	)			(289	)
Interest expense and amortization of loan costs			35,819				36,945				147,233				145,171
Depreciation and amortization			34,706				37,341				141,547				153,907
Net (loss) income attributable to redeemable noncontrolling interests in operating partnership			(16,979	)			(12,085	)			(8,369	)			(37,653	)
Income tax expense			(649	)			979				(132	)			1,565
EBITDA			(52,104	)			(8,908	)			228,266				12,459
Amortization of unfavorable management contract liabilities			(753	)			(752	)			(2,447	)			(2,446	)
Loss (gain) on sale/disposition of properties			—				511				(55,931	)			511
Gain on insurance settlement			—				(1,329	)			—				(1,329	)
Write-off of loan costs, premiums and exit fees, net			3,893				1,111				3,893				181
Income from interest rate derivatives (1)			(15,786	)			(19,079	)			(62,906	)			(52,282	)
Impairment charges			71,249				58,735				82,055				218,878
Impairment charge in unconsolidated joint venture			21,590				—				21,590				—
Transaction acquisition and contract termination costs			7,001				—				7,001				—
Unrealized loss (gain) on derivatives			18,540				17,616				(12,284	)			31,782
Adjusted EBITDA		$	53,630			$	47,905			$	209,237			$	207,754

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

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(Unaudited)
Net (loss) income		$	(122,185	)		$	(84,265	)		$	(61,792	)		$	(288,660	)
Loss from consolidated joint ventures attributable to noncontrolling interests			262				136				1,683				765
Net loss (income) attributable to redeemable noncontrolling interests in operating partnership			16,979				12,085				8,369				37,653
Preferred dividends			(6,545	)			(4,830	)			(21,194	)			(19,322	)
Net loss attributable to common shareholders			(111,489	)			(76,874	)			(72,934	)			(269,564	)
Depreciation and amortization on real estate			34,642				37,271				141,285				153,621
Loss (gain) on sale/disposition of properties			—				511				(55,931	)			511
Gain on insurance settlement			—				(1,329	)			—				(1,329	)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership			(16,979	)			(12,085	)			(8,369	)			(37,653	)
FFO available to common shareholders			(93,826	)			(52,506	)			4,051				(154,414	)
Dividends on convertible preferred stock			1,015				1,043				4,143				4,171
Write-off of loan costs, premiums and exit fees, net			3,893				1,111				3,893				181
Impairment charges			71,249				58,735				82,055				218,878
Impairment charge in unconsolidated joint venture			21,590				—				21,590				—
Transaction acquisition and contract termination costs			7,001				—				7,001				—
Unrealized loss (gain) on derivatives			18,540				17,616				(12,284	)			31,782
Adjusted FFO		$	29,462			$	25,999			$	110,449			$	100,598
Adjusted FFO per diluted share available to common shareholders		$	0.40			$	0.32			$	1.50			$	1.12
Weighted average diluted shares			73,956				80,892				73,833				89,987

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
DECEMBER 31, 2010
(dollars in thousands)
(Unaudited)

								Fixed-Rate				Floating-Rate				Total
Indebtedness		Collateral		Maturity		Interest Rate		Debt				Debt				Debt
Mortgage loan		1 hotel		January 2011		8.32%		$	5,775	(1)		$	—			$	5,775
Senior credit facility		Notes receivable		April 2011		LIBOR + 2.75% to 3.5%			—				115,000	(2) (3)			115,000
Mortgage loan		10 hotels		May 2011		LIBOR + 1.65%			—				167,202	(2)			167,202
Mortgage loan		5 hotels		December 2011		LIBOR + 1.72%			—				203,400				203,400
Mortgage loan		2 hotels		August 2013		LIBOR + 2.75%			—				150,383				150,383
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%			108,940				—				108,940
Mortgage loan		10 hotels		July 2015		5.22%			159,001				—				159,001
Mortgage loan		8 hotels		December 2015		5.70%			100,576				—				100,576
Mortgage loan		5 hotels		December 2015		12.26%			148,013				—				148,013
Mortgage loan		5 hotels		February 2016		5.53%			114,629				—				114,629
Mortgage loan		5 hotels		February 2016		5.53%			95,062				—				95,062
Mortgage loan		5 hotels		February 2016		5.53%			82,345				—				82,345
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%			104,901				—				104,901
Mortgage loan		1 hotel		April 2034		Greater of 6% or Prime + 1%			—				6,791				6,791
Total indebtedness of continuing operations								$	1,855,648			$	662,516			$	2,518,164
Percentage									73.7	%			26.3	%			100.0	%
Weighted average interest rate at December 31, 2010									6.38	%			2.57	%			5.37	%
Weighted average interest rate with the effect of interest rate swap and flooridor									3.18%	(4)			2.57%	(4)			3.02	%(4)

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS OF CONTINUING OPERATIONS BY MATURITY
ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED
DECEMBER 31, 2010
(in thousands)
(Unaudited)

		2010				2011				2012				2013				2014				Thereafter				Total
Mortgage loan secured by Manchester Courtyard		$	—			$	5,775	(1)		$	—			$	—			$	—			$	—			$	5,775
Secured credit facility			—				115,000	(2)			—				—				—				—				115,000
Mortgage loan secured by 10 hotel properties, Wachovia Floater			—				—				167,202				—				—				—				167,202
Mortgage loan secured by five hotel properties			—				203,400				—				—				—				—				203,400
Mortgage loan secured by two hotel properties			—				—				—				150,383				—				—				150,383
Mortgage loan secured by El Conquistador Hilton			—				—				—				—				19,740				—				19,740
Mortgage loan secured by eight hotel properties, UBS Pool 1			—				—				—				—				108,940				—				108,940
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1			—				—				—				—				—				159,001				159,001
Mortgage loan secured by eight hotel properties, UBS Pool 2			—				—				—				—				—				100,576				100,576
Mortgage loan secured by five hotel properties			—				—				—				—				—				148,013				148,013
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2			—				—				—				—				—				114,629				114,629
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3																			—				95,062				95,062
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7																			—				82,345				82,345
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			—				—				—				—				—				104,901				104,901
Mortgage loan secured by Jacksonville Residence Inn			—				—				—				—				—				6,791				6,791
Total indebtedness of continuing operations		$	—			$	324,175			$	167,202			$	150,383			$	128,680			$	1,747,724			$	2,518,164

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

		Three Months Ended												Year Ended
		December 31,												December 31,
		2010				2009				% Variance				2010				2009				% Variance
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)		$	172,678			$	164,066				5.25	%		$	662,019			$	648,781				2.04	%
RevPAR		$	82.17			$	78.07				5.25	%		$	87.39			$	85.64				2.04	%
Occupancy			66.92	%			63.68	%			3.24	%			70.27	%			66.73	%			3.54	%
ADR		$	122.80			$	122.60				0.16	%		$	124.35			$	128.35				-3.12	%

		Three Months Ended												Year Ended
		December 31,												December 31,
		2010				2009				% Variance				2010				2009				% Variance
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)		$	123,891			$	115,280				7.47	%		$	468,444			$	455,688				2.80	%
RevPAR		$	77.79			$	72.39				7.46	%		$	82.13			$	79.90				2.79	%
Occupancy			66.45	%			62.16	%			4.29	%			69.36	%			65.28	%			4.08	%
ADR		$	117.07			$	116.45				0.53	%		$	118.42			$	122.39				-3.24	%

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

ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:

		Three Months Ended												Year Ended
		December 31,												December 31,
		2010				2009				% Variance				2010				2009				% Variance
REVENUE
Rooms		$	172,678			$	164,066				5.2	%		$	662,019			$	648,781				2.0	%
Food and beverage			43,192				43,017				0.4	%			154,175				155,789				-1.0	%
Other			9,752				10,219				-4.6	%			38,919				41,064				-5.2	%
Total hotel revenue			225,622				217,302				3.8	%			855,113				845,634				1.1	%
EXPENSES
Rooms			41,121				39,056				5.3	%			153,091				147,284				3.9	%
Food and beverage			29,123				29,637				-1.7	%			107,320				109,205				-1.7	%
Other direct			5,883				6,190				-5.0	%			23,717				24,343				-2.6	%
Indirect			65,909				65,633				0.4	%			245,823				247,345				-0.6	%
Management fees, includes base and incentive fees			10,698				9,864				8.5	%			39,508				38,175				3.5	%
Total hotel operating expenses			152,734				150,380				1.6	%			569,459				566,352				0.5	%
Property taxes, insurance, and other			12,173				14,006				-13.1	%			50,617				54,145				-6.5	%
HOTEL OPERATING PROFIT (Hotel EBITDA)			60,715				52,916				14.7	%			235,037				225,137				4.4	%
Hotel EBITDA Margin			26.91	%			24.35	%			2.56	%			27.49	%			26.62	%			0.87	%
Minority interest in earnings of consolidated joint ventures			1,445				1,427				1.3	%			5,546				5,787				-4.2	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures		$	59,270			$	51,489				15.1	%		$	229,491			$	219,350				4.6	%

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:

		Three Months Ended												Year Ended
		December 31,												December 31,
		2010				2009%				Variance				2010				2009%				Variance
REVENUE
Rooms		$	123,891			$	115,280				7.5	%		$	468,444			$	455,688				2.8	%
Food and beverage			26,704				26,034				2.6	%			93,949				95,653				-1.8	%
Other			7,015				7,312				-4.1	%			28,137				29,492				-4.6	%
Total hotel revenue			157,610				148,626				6.0	%			590,530				580,833				1.7	%
EXPENSES
Rooms			29,251				27,716				5.5	%			107,619				103,720				3.8	%
Food and beverage			17,951				18,135				-1.0	%			66,070				67,229				-1.7	%
Other direct			4,201				4,431				-5.2	%			17,210				17,522				-1.8	%
Indirect			45,983				45,713				0.6	%			172,148				173,169				-0.6	%
Management fees, includes base and incentive fees			8,482				7,837				8.2	%			30,982				30,302				2.2	%
Total hotel operating expenses			105,868				103,832				2.0	%			394,029				391,942				0.5	%
Property taxes, insurance, and other			8,921				10,128				-11.9	%			36,531				39,248				-6.9	%
HOTEL OPERATING PROFIT (Hotel EBITDA)			42,821				34,666				23.5	%			159,970				149,643				6.9	%
Hotel EBITDA Margin			27.17	%			23.32	%			3.84	%			27.09	%			25.76	%			1.33	%
Minority interest in earnings of consolidated joint ventures			558				307				81.8	%			2,030				1,603				26.6	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures		$	42,263			$	34,359				23.0	%		$	157,940			$	148,040				6.7	%

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

										Three Months Ended												Year Ended
		Number of				Number of				December 31,												December 31,
Region		Hotels				Rooms				2010				2009				% Change				2010				2009				% Change
Pacific (1)			20				4,867			$	84.28			$	78.83				6.9	%		$	92.49			$	86.95				6.4	%
Mountain (2)			8				1,704				67.75				65.37				3.6	%			75.89				74.34				2.1	%
West North Central (3)			3				690				72.33				65.45				10.5	%			75.35				70.38				7.1	%
West South Central (4)			9				1,936				82.92				78.28				5.9	%			84.63				84.65				0.0	%
East North Central (5)			7				1,103				64.00				61.43				4.2	%			66.70				64.61				3.2	%
East South Central (6)			2				236				82.05				64.85				26.5	%			86.97				75.19				15.7	%
Middle Atlantic (7)			8				2,035				90.70				91.18				-0.5	%			90.95				90.96				0.0	%
South Atlantic (8)			38				7,728				84.68				80.39				5.3	%			90.60				91.10				-0.5	%
New England (9)			2				159				77.60				71.32				8.8	%			77.98				69.14				12.8	%
Total Portfolio			97				20,458			$	82.17			$	78.07				5.3	%		$	87.39			$	85.64				2.0	%