Exhibit 99.1

		NEWS RELEASE

Contact:		David Kimichik Chief Financial Officer (972) 490-9600				Tripp Sullivan Corporate Communications, Inc. (615) 324-7335

ASHFORD HOSPITALITY TRUST REPORTS
FIRST QUARTER RESULTS

DALLAS — (May 8, 2011) — Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the first quarter ended March 31, 2011. 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 March 31, 2011, but does not include the 28 recently acquired Highland Hospitality hotels. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2011, with the first quarter ended March 31, 2010 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL HIGHLIGHTS

	•		RevPAR increased 8.8% for the hotels not under renovation
	•		Operating profit margin increased 280 basis points for the hotels not under renovation
	•		Net income attributable to common shareholders was $31.3 million, or $0.46 per diluted share, compared with net income attributable to common shareholders of $305,000, or $0.01 per diluted share, in the prior-year quarter
	•		Adjusted funds from operations (AFFO) was $0.41 per diluted share for the quarter as compared to $0.31 from the prior-year quarter
	•		Fixed charge coverage ratio was 1.70x under the senior credit facility covenant versus a required minimum of 1.25x

CAPITAL ALLOCATION

•

Capex invested in the quarter was $13.9 million

ACQUISITION ACTIVITY

On March 10, 2011, the Company together with an institutional partner took ownership of the 28-hotel Highland Hospitality portfolio. The acquisition and restructuring were completed through a consensual foreclosure for total consideration of $1.277 billion, which equates to a purchase price of $158,000 per key. Based on 2010 results, the purchase price equates to an EBITDA multiple of 13.4x and a capitalization rate of 6.1% utilizing NOI that is approximately 36% below its peak levels. Ashford invested $150 million and owns 71.74% of the joint venture. The new money investment from Ashford and the institutional partner was utilized to reduce debt and to fund projected capital expenditures. Ashford funded its contribution from available cash. As a result of equal control provisions, the joint venture is not consolidated in Ashford’s financial statements.

-MORE-

AHT Reports First Quarter Results
Page 2
May 8, 2011

Also on March 10, 2011, Ashford acquired 96 units at the World Quest Resort Hotel in Orlando, Florida, for $12.0 million in cash, or a total investment of $125,000 per key. The purchase includes 62 furnished units, 34 unfurnished units and developable land for up to 179 additional units. The hotel, which was developed in 2006, is located between two major convention hotels and in close proximity to Walt Disney World.

DISPOSITION ACTIVITY

On February 24, 2011, Ashford completed the sale of the JW Marriott San Francisco for $96.0 million in cash to an affiliate of Thayer Lodging Group. Ashford used the proceeds from the sale to payoff a $47.5 million loan secured by the hotel that was maturing in March 2013 and to reduce borrowings on its credit facility.

On March 7, 2011, the Company completed the sale of the Hilton Rye Town in Rye Brook, New York for $35.5 million in cash to an investment group spearheaded by Lodging Capital Partners. Ashford used the proceeds from the sale to reduce borrowings on its credit facility.

On March 14, 2011, the Company completed the sale of the Hampton Inn Houston Galleria in Houston, Texas, for $20.3 million in cash to an undisclosed buyer. Ashford used the proceeds from the sale to pay off a $2.7 million mortgage secured by the hotel, pay the joint venture partner $2.7 million and to reduce borrowings on its credit facility. The sales of these three hotels equated to an NOI capitalization rate of 2.5% on a trailing twelve month basis.

CAPITAL STRUCTURE

On April 7, 2011, the Company received a discounted payoff of $22 million on its $25.7 million mezzanine loan secured by interests in a portfolio of limited service hotels owned by affiliates of Goldman Sach’s Whitehall Funds, representing a debt yield of approximately 6.9% on the Company’s last dollar of investment in the loan. The Company had previously written down its investment in the mezzanine loan by $7.8 million in the fourth quarter of 2010. The discounted payoff will result in a $4.2 million gain recognized as a credit to impairment charges in the second quarter of 2011.

During April 2011, the Company completed an offering of 3,350,000 shares of 9.000% Series E Cumulative Preferred Stock at $25.00 per share. The annual dividend for the preferred stock is $2.25 per share, payable quarterly.

On May 3, 2011, Ashford used $73 million of the net proceeds of the Series E offering to repurchase 5,854,993 shares of the Company’s Series B-1 Cumulative Preferred Stock, all of the shares of which were held by Security Capital Preferred Growth Incorporated. In addition, Security Capital Preferred Growth Incorporated converted the remaining 1,392,872 shares of its Series B-1 Preferred Stock to common stock.

On May 5, 2011, Ashford closed a three-year extension on the Company’s $5.8 million mortgage secured by the Courtyard in Manchester, Connecticut. Basic terms for the loan, which now matures in May 2014, remain unchanged.

PORTFOLIO REVPAR

As of March 31, 2011, the Company had a portfolio of direct hotel investments consisting of 97 properties classified in continuing operations. During the first quarter, 85 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 (85 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

-MORE-

AHT Reports First Quarter Results
Page 3
May 8, 2011

hotels in continuing operations. Details of each category are provided in the tables attached to this release.

	•		Proforma RevPAR increased 8.8% for hotels not under renovation on a 4.6% increase in ADR to $130.08 and a 271 basis point increase in occupancy
	•		Proforma RevPAR increased 7.6% for all hotels on a 4.3% increase in ADR to $131.94 and a 209 basis point increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 85 hotels as of March 31, 2011, that were not under renovation, Proforma Hotel EBITDA increased 19.1% to $54.1 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 280 basis points to 30.1%. For all 97 hotels included in continuing operations as of March 31, 2011, Proforma Hotel EBITDA increased 15.3% to $62.8 million and Hotel EBITDA margin increased 219 basis points to 29.2%.

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

Monty J. Bennett, Chief Executive Officer, commented, “We executed well on all aspects of our business strategies. Our asset management efforts succeeded in driving RevPAR and operating margin growth within our portfolio. With the strong trends in the lodging market, we will look to continue this improvement over the balance of the year. The transformational acquisition of the former Highland Hospitality portfolio, combined with over $150 million of dispositions, $81.1 million of net proceeds from our Series E preferred offering and the retirement of the Company’s Series B-1 preferred stock, should propel our growth even further.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Monday, May 9, 2011, at 11 a.m. ET. The number to call for this interactive teleconference is (212) 231-2912. A replay of the conference call will be available through Monday, May 16, 2011, by dialing (402) 977-9140 and entering the confirmation number 21520625.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2011 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 Monday, May 9, 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

-MORE-

AHT Reports First Quarter Results
Page 4
May 8, 2011

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, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company’s website 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; 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.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

		March 31,				December 31,
		2011				2010
		(Unaudited)
ASSETS
Investment in hotel properties, net		$	3,017,661			$	3,023,736
Cash and cash equivalents			92,411				217,690
Restricted cash			73,485				67,666
Accounts receivable, net			70,111				27,493
Inventories			2,588				2,909
Notes receivable			20,897				20,870
Investment in unconsolidated joint ventures			193,125				15,000
Assets held for sale			—				144,511
Deferred costs, net			18,050				17,519
Prepaid expenses			10,296				12,727
Interest rate derivatives			90,058				106,867
Other assets			4,637				7,502
Intangible assets, net			2,877				2,899
Due from third-party hotel managers			50,571				49,135
Total assets		$	3,646,767			$	3,716,524
LIABILITIES AND EQUITY
Liabilities
Indebtedness of continuing operations		$	2,444,610			$	2,518,164
Indebtedness of assets held for sale			—				50,619
Capital leases payable			24				36
Accounts payable and accrued expenses			98,760				79,248
Dividends payable			14,269				7,281
Unfavorable management contract liabilities			15,493				16,058
Due to related parties			1,998				2,400
Due to third-party hotel managers			2,328				1,870
Other liabilities			4,597				4,627
Other liabilities of assets held for sale			—				2,995
Total liabilities			2,582,079				2,683,298
Series B-1 Cumulative Convertible Redeemable Preferred stock, 7,247,865 shares issued and outstanding at March 31, 2011 and December 31, 2010			72,986				72,986
Redeemable noncontrolling interests in operating partnership			142,998				126,722
Equity:
Shareholders’ equity of the Company
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
Series A Cumulative Preferred Stock, 1,487,900 shares issued and outstanding at March 31, 2011 and December 31, 2010			15				15
Series D Cumulative Preferred Stock, 8,966,797 shares issued and outstanding at March 31, 2011 and December 31, 2010			90				90
Common stock, $0.01 par value, 200,000,000 shares authorized, 123,503,893 shares and 123,403,893 shares issued at March 31, 2011 and December 31, 2010, 59,403,816 and 58,999,324 shares outstanding at March 31, 2011 and December 31, 2010			1,235				1,234
Additional paid-in capital			1,556,040				1,552,657
Accumulated other comprehensive loss			(411	)			(550	)
Accumulated deficit			(531,547	)			(543,788	)
Treasury stock, at cost (64,100,077 shares and 64,404,569 shares at March 31, 2011 and December 31, 2010)			(191,578	)			(192,850	)
Total shareholders’ equity of the Company			833,844				816,808
Noncontrolling interests in consolidated joint ventures			14,860				16,710
Total equity			848,704				833,518
Total liabilities and equity		$	3,646,767			$	3,716,524

- MORE -

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

		Three Months Ended
		March 31,
		2011				2010
		(Unaudited)
REVENUE
Rooms		$	163,060			$	151,726
Food and beverage			38,394				36,169
Rental income from operating leases			1,220				1,089
Other			9,282				9,808
Total hotel revenue			211,956				198,792
Interest income from notes receivable			—				337
Asset management fees and other			338				74
Total Revenue			212,294				199,203
EXPENSES
Hotel operating expenses
Rooms			37,088				34,635
Food and beverage			26,473				25,482
Other direct			5,437				5,409
Indirect			60,156				57,261
Management fees			8,879				8,368
Total hotel operating expenses			138,033				131,155
Property taxes, insurance, and other			10,929				13,154
Depreciation and amortization			32,973				34,040
Impairment charges			(340	)			(769	)
Transaction acquisition costs			(1,224	)			—
Corporate general and administrative:
Stock/unit-based compensation			1,814				1,172
Other general and administrative			12,069				5,486
Total Operating Expenses			194,254				184,238
OPERATING INCOME			18,040				14,965
Equity in earnings of unconsolidated joint ventures			28,124				658
Interest income			36				61
Other income			48,003				15,519
Interest expense			(33,499	)			(33,541	)
Amortization of loan costs			(1,079	)			(1,523	)
Unrealized gain (loss) on derivatives			(16,817	)			13,908
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			42,808				10,047
Income tax expense			(1,044	)			(44	)
INCOME FROM CONTINUING OPERATIONS			41,764				10,003
Income (loss) from discontinued operations			2,118				(4,777	)
NET INCOME			43,882				5,226
(Income) loss from consolidated joint ventures attributable to noncontrolling interests			(931	)			701
Net income attributable to redeemable noncontrolling interests in operating partnership			(5,118	)			(792	)
NET INCOME ATTRIBUTABLE TO THE COMPANY			37,833				5,135
Preferred dividends			(6,555	)			(4,830	)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	31,278			$	305
INCOME PER SHARE — BASIC AND DILUTED:
Basic —
Income from continuing operations attributable to common shareholders		$	0.51			$	0.08
Income (loss) from discontinued operations attributable to common shareholders			0.02				(0.07	)
Net income attributable to common shareholders		$	0.53			$	0.01
Weighted average common shares outstanding — basic			57,931				53,073
Diluted —
Income from continuing operations attributable to common shareholders		$	0.45			$	0.08
Income (loss) from discontinued operations attributable to common shareholders			0.01				(0.07	)
Net income attributable to common shareholders		$	0.46			$	0.01
Weighted average common shares outstanding — diluted			79,330				53,073
Amounts attributable to common shareholders:
Income from continuing operations, net of tax		$	36,873			$	9,208
Income (loss) from discontinued operations, net of tax			960				(4,073	)
Preferred dividends			(6,555	)			(4,830	)
Net income attributable to common shareholders		$	31,278			$	305

- MORE -

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

		Three Months Ended
		March 31,
		2011				2010
		(Unaudited)
Net income		$	43,882			$	5,226
(Income) loss from consolidated joint ventures attributable to noncontrolling interests			(931	)			701
Net income attributable to redeemable noncontrolling interests in operating partnership			(5,118	)			(792	)
Net income attributable to the Company			37,833				5,135
Interest income			(36	)			(60	)
Interest expense and amortization of loan costs			34,817				37,105
Depreciation and amortization			32,161				36,318
Net income attributable to redeemable noncontrolling interests in operating partnership			5,118				792
Income tax expense			1,129				(15	)
EBITDA			111,022				79,275
Amortization of unfavorable management contract liabilities			(565	)			(565	)
Gain on sale/disposition of properties			(2,802	)			—
Write-off of loan costs, premiums and exit fees, net			948				—
Other income (1)			(48,003	)			(15,534	)
Impairment charges			(340	)			(769	)
Transaction acquisition costs			(1,223	)			—
Fees related to a litigation settlement			5,500				—
Unrealized (gain) loss on derivatives			16,817				(13,908	)
Equity earnings in unconsolidated joint ventures			(28,124	)			(658	)
The Company’s portion of adjusted EBITDA of unconsolidated joint ventures			5,126				658
Adjusted EBITDA		$	58,356			$	48,499

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

		Three Months Ended
		March 31,
		2011				2010
		(Unaudited)
Net income		$	43,882			$	5,226
(Income) loss from consolidated joint ventures attributable to noncontrolling interests			(931	)			701
Net income attributable to redeemable noncontrolling interests in operating partnership			(5,118	)			(792	)
Preferred dividends			(6,555	)			(4,830	)
Net loss attributable to common shareholders			31,278				305
Depreciation and amortization on real estate			32,100				36,250
Gain on sale/disposition of properties			(2,802	)			—
Net income attributable to redeemable noncontrolling interests in operating partnership			5,118				792
FFO available to common shareholders			65,694				37,347
Dividends on convertible preferred stock			1,025				1,042
Write-off of loan costs, premiums and exit fees, net			948				—
Impairment charges			(340	)			(769	)
Transaction acquisition costs			(1,223	)			—
Fees related to a litigation settlement			5,500				—
Other income (1)			(30,000	)			—
Unrealized (gain) loss on derivatives			16,817				(13,908	)
Equity earnings in unconsolidated joint ventures			(28,124	)			(658	)
The Company’s portion of adjusted FFO of unconsolidated joint ventures			2,179				658
Adjusted FFO		$	32,476			$	23,712
Adjusted FFO per diluted share available to common shareholders		$	0.41			$	0.31
Weighted average diluted shares			80,118				75,791

- MORE -

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
MARCH 31, 2011
(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
Mortgage loan		5 hotels				December 2011				LIBOR + 1.72%					—				203,400				203,400
Senior credit facility		Notes receivable				April 2012				LIBOR + 2.75% to 3.5%					—				45,000	(2)			45,000
Mortgage loan		10 hotels				May 2011				LIBOR + 1.65%					—				167,202	(3)			167,202
Mortgage loan		2 hotels				August 2013				LIBOR + 2.75%					—				148,958				148,958
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	%			108,410				—				108,410
Mortgage loan		10 hotels				July 2015					5.22	%			158,443				—				158,443
Mortgage loan		8 hotels				December 2015					5.70	%			100,119				—				100,119
Mortgage loan		5 hotels				December 2015					12.26	%			148,753				—				148,753
Mortgage loan		5 hotels				February 2016					5.53	%			114,242				—				114,242
Mortgage loan		5 hotels				February 2016					5.53	%			94,742				—				94,742
Mortgage loan		5 hotels				February 2016					5.53	%			82,067				—				82,067
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	%			104,600				—				104,600
Mortgage loan		1 hotel				April 2034				Greater of 6% or Prime + 1%					—				6,753				6,753
Total indebtedness of continuing operations														$	1,853,557			$	591,053			$	2,444,610
Percentage															75.8	%			24.2	%			100.0	%
Weighted average interest rate at March 31, 2011															6.38	%			2.47	%			5.43	%
Weighted average interest rate with the effect of interest rate swap and flooridor															2.58%	(4)			2.47%	(4)			2.55%	(4)

PIM HIGHLAND HOLDING LLC
SUMMARY OF INDEBTEDNESS
MARCH 31, 2011
(dollars in thousands)
(Unaudited)

														Fixed-Rate				Floating-Rate				Total
Indebtedness		Collateral				Maturity				Interest Rate				Debt				Debt				Debt
Mortgage loan		1 hotel				January 2013					5.96	%		$	65,082			$	—			$	65,082
Mortgage loan		1 hotel				April 2013					6.11	%			46,938								46,938
Mortgage loan		1 hotel				February 2013					5.97	%			33,061								33,061
Mortgage loan		25 hotels				March 2014				LIBOR + 2.75%					—				530,000	(1)			530,000
Mezzanine loan		None				March 2014				Greater of 6.50% or LIBOR + 6.00%					—				144,681	(1)			144,681
Mezzanine loan		None				March 2014				Greater of 7.5% or LIBOR + 7.00%					—				137,734	(1)			137,734
Mezzanine loan		None				March 2014				Greater of 10.00% or LIBOR + 9.50%					—				118,057	(1)			118,057
Mezzanine loan		None				March 2014				LIBOR + 2.00%									18,425	(1)			18,425
Total indebtedness															145,081				948,897				1,093,978
Ashford’s proportionate obligations															x 71.74	%			x 71.74	%			x 71.74	%
														$	104,081			$	680,739			$	784,820
Percentage															13.3	%			86.7	%			100.0	%
Weighted average interest rate at March 31, 2011															6.01	%			5.04	%			5.17	%
Total indebtedness of continuing operations plus Ashford’s 71.74% share of PIM Highland Holding LLC														$	1,957,638			$	1,271,792			$	3,229,430
Weighted average interest rate with the effect of interest rate swap and flooridor															2.76	%			3.84	%			3.19	%

- MORE -

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS OF CONTINUING OPERATIONS BY MATURITY
ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED
MARCH 31, 2011
(in thousands)
(Unaudited)

		2011				2012				2013				2014				2015				Thereafter				Total
Mortgage loan secured by Manchester Courtyard		$	5,775 (1)			$	—			$	—			$	—			$	—			$	—			$	5,775
Secured credit facility			—				45,000				—				—				—				—				45,000
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			—				—				148,958				—				—				—				148,958
Mortgage loan secured by El Conquistador Hilton			—				—				—				19,740				—				—				19,740
Mortgage loan secured by eight hotel properties, UBS Pool 1			—				—				—				108,410				—				—				108,410
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1			—				—				—				—				158,443				—				158,443
Mortgage loan secured by eight hotel properties, UBS Pool 2			—				—				—				—				100,119				—				100,119
Mortgage loan secured by five hotel properties			—				—				—				—				148,753				—				148,753
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2			—				—				—				—				—				114,242				114,242
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3															—				—				94,742				94,742
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7															—				—				82,067				82,067
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			—				—				—				—				—				104,600				104,600
Mortgage loan secured by Jacksonville Residence Inn			—				—				—				—				—				6,753				6,753
Total indebtedness of continuing operations		$	209,175			$	212,202			$	148,958			$	128,150			$	407,315			$	1,338,810			$	2,444,610

PIM HIGHLAND HOLDING LLC
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
MARCH 31, 2011
(in thousands)
(Unaudited)

		2011				2012				2013				2014				2015				Thereafter				Total
Mortgage loan secured by Boston Hilton		$	—			$	—			$	65,082			$	—			$	—			$	—			$	65,082
Mortgage loan secured by Nashville Renaissance			—				—				46,938				—				—				—				46,938
Mortgage loan secured by Princeton Westin			—				—				33,061				—				—				—				33,061
Mortgage loan secured by 25 hotel properties			—				—				—				—				—				530,000				530,000
Mezzanine loan			—				—				—				—				—				144,681				144,681
Mezzanine loan			—				—				—				—				—				137,734				137,734
Mezzanine loan			—				—				—				—				—				118,057				118,057
Mezzanine loan			—				—				—				—				—				18,425				18,425
Total indebtedness			—				—				145,081				—				—				948,897				1,093,978
Ashford’s proportionate obligations			x 71.74	%			x 71.74	%			x 71.74	%			x 71.74	%			x 71.74	%			x 71.74	%			x 71.74	%
		$	—			$	—			$	104,081			$	—			$	—			$	680,739			$	784,820
Total indebtedness of continuing operations plus Ashford’s 71.74% share of PIM Highland Holding LLC		$	209,175			$	212,202			$	253,039			$	128,150			$	407,315			$	2,019,549			$	3,229,430

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

		Three Months Ended
		March 31,
		2011				2010				% Variance
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)		$	167,203			$	155,444				7.56	%
RevPAR		$	92.20			$	85.72				7.56	%
Occupancy			69.88	%			67.79	%			2.09	%
ADR		$	131.94			$	126.45				4.34	%

ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)		$	140,482			$	129,083				8.83	%
RevPAR		$	91.72			$	84.28				8.83	%
Occupancy			70.51	%			67.80	%			2.71	%
ADR		$	130.08			$	124.31				4.64	%

NOTES:

	(1)		The above pro forma table assumes the 85 hotel properties owned and included in continuing operations as of March 31, 2011, but not under renovation for the three months ended March 31, 2011, were owned as of the beginning of the first comparative reporting period.
	(2)		Excluded Hotels Under Renovation: Courtyard Edison, Hilton Costa Mesa, Sheraton Minneapolis West, Crowne Plaza Beverly Hills, Embassy Suites Crystal City-Reagan Airport, Marriott Seattle Waterfront, Fairfield Inn and Suites Kennesaw, Renaissance Tampa, Courtyard Crystal City Reagan Airport, Courtyard Philadelphia Downtown, One Ocean, and Courtyard Louisville Airport,
	(3)		As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma tables, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

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

ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:

		Three Months Ended
		March 31,
		2011				2010				% Variance
REVENUE
Rooms		$	167,203			$	155,444				7.6	%
Food and beverage			38,939				36,771				5.9	%
Other			9,229				9,710				-5.0	%
Total hotel revenue			215,371				201,925				6.7	%
EXPENSES
Rooms			38,094				35,584				7.1	%
Food and beverage			26,921				25,948				3.7	%
Other direct			5,459				5,429				0.6	%
Indirect			61,443				58,677				4.7	%
Management fees, includes base and incentive fees			9,300				8,540				8.9	%
Total hotel operating expenses			141,217				134,178				5.2	%
Property taxes, insurance, and other			11,381				13,310				-14.5	%
HOTEL OPERATING PROFIT (Hotel EBITDA)			62,773				54,437				15.3	%
Hotel EBITDA Margin			29.15	%			26.96	%			2.19	%
Minority interest in earnings of consolidated joint ventures			1,602				1,084				47.8	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures		$	61,171			$	53,353				14.7	%

85 HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:

						Three Months Ended
		March 31,
		2011				2010				% Variance
REVENUE
Rooms		$	140,482			$	129,083				8.8	%
Food and beverage			31,711				29,262				8.4	%
Other			7,256				7,718				-6.0	%
Total hotel revenue			179,449				166,063				8.1	%
EXPENSES
Rooms			31,912				29,527				8.1	%
Food and beverage			21,369				20,369				4.9	%
Other direct			4,296				4,259				0.9	%
Indirect			50,505				48,054				5.1	%
Management fees, includes base and incentive fees			8,205				7,422				10.5	%
Total hotel operating expenses			116,287				109,631				6.1	%
Property taxes, insurance, and other			9,069				11,031				-17.8	%
HOTEL OPERATING PROFIT (Hotel EBITDA)			54,093				45,401				19.1	%
Hotel EBITDA Margin			30.14	%			27.34	%			2.80	%
Minority interest in earnings of consolidated joint ventures			579				467				24.0	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures		$	53,514			$	44,934				19.1	%

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

										Three Months Ended
		Number of				Number of				March 31,
Region		Hotels				Rooms				2011				2010				% Change
Pacific (1)			20				4,867			$	91.67			$	84.26				8.8	%
Mountain (2)			8				1,704				86.87				84.56				2.7	%
West North Central (3)			3				690				72.23				68.63				5.2	%
West South Central (4)			9				1,936				99.62				88.07				13.1	%
East North Central (5)			7				1,103				64.13				57.93				10.7	%
East South Central (6)			2				236				75.48				78.06				-3.3	%
Middle Atlantic (7)			8				2,035				87.64				81.18				8.0	%
South Atlantic (8)			38				7,728				99.85				93.71				6.6	%
New England (9)			2				159				76.10				69.26				9.9	%
Total Portfolio			97				20,458			$	92.20			$	85.72				7.6	%

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

										Three Months Ended
		Number of				Number of				March 31,
Brand		Hotels				Rooms				2011				2010				% Change
Hilton			31				6,693			$	100.22			$	92.80				8.0	%
Hyatt			1				242				172.36				157.33				9.6	%
InterContinental			2				420				163.53				151.06				8.3	%
Independent			2				317				73.40				66.34				10.6	%
Marriott			56				11,376				87.28				81.77				6.7	%
Starwood			5				1,410				59.61				53.61				11.2	%
Total Portfolio			97				20,458			$	92.20			$	85.72				7.6	%

NOTES:

	(1)		The above pro forma table assumes the 97 hotel properties owned and included in continuing operations as of March 31, 2011 were owned as of the beginning of the first comparative reporting period.
	(2)		As the Company’s Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is leased to a third-party tenant on a triple-net lease basis, the Company only records rental income related to this operating lease for GAAP purposes. However, in the above pro forma table, all room revenues related to this hotel are reflected, which is consistent with the Company’s other hotels.

- MORE -

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

										Three Months Ended
		Number of				Number of				March 31,
Region		Hotels				Rooms				2011				% Total				2010				% Total				% Change
Pacific (1)			20				4,867			$	14,736				23.5	%		$	11,958				22.0	%			23.2	%
Mountain (2)			8				1,704				4,539				7.2	%			4,757				8.7	%			-4.6	%
West North Central (3)			3				690				1,662				2.7	%			1,427				2.6	%			16.5	%
West South Central (4)			9				1,936				7,370				11.7	%			5,721				10.5	%			28.8	%
East North Central (5)			7				1,103				1,952				3.1	%			1,359				2.5	%			43.6	%
East South Central (6)			2				236				621				1.0	%			709				1.3	%			-12.4	%
Middle Atlantic (7)			8				2,035				4,678				7.5	%			3,907				7.2	%			19.7	%
South Atlantic (8)			38				7,728				26,874				42.8	%			24,322				44.7	%			10.5	%
New England (9)			2				159				342				0.5	%			277				0.5	%			23.5	%
Total Portfolio			97				20,458			$	62,774				100.0	%		$	54,437				100.0	%			15.3	%