Exhibit 99.1

		NEWS RELEASE

The premier capital provider to the hospitality industry ^TM

Contact:		David Kimichik		Andrea Welch		Scott Eckstein
		Chief Financial Officer		Investor Relations		Financial Relations Board
		(972) 490-9600		(972) 778-9487		(212) 827-3766

ASHFORD HOSPITALITY TRUST REPORTS
SECOND QUARTER RESULTS
First Full Quarter Results For The Highland Hospitality Portfolio
Company Currently Has No Recourse Debt Outstanding

DALLAS — (August 3, 2011) — Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the following results and performance measures for the second quarter ended June 30, 2011. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are proforma. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2011, with the second quarter ended June 30, 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 7.2% for all Legacy hotels in continuing operations, driven by a 4.4% increase in ADR and a 199 basis point increase in occupancy
	•		RevPAR increased 3.4% for all hotels in the Highland Hospitality Portfolio, driven by a 2.6% increase in ADR and a 58 basis point increase in occupancy
	•		Approximately 70% of the Company’s hotel revenue from all hotels comes from transient guests (of which approximately 77% is business transient)
	•		Hotel operating profit margin increased 260 basis points for the 92 Legacy hotels not under renovation in continuing operations
	•		Hotel operating profit margin increased 209 basis points for the 27 hotels in the Highland Hospitality Portfolio that were not under renovation during the quarter
	•		Net loss attributable to common shareholders was $29.1 million, or $0.49 per diluted share, compared with net income attributable to common shareholders of $2.0 million, or $0.06 per diluted share, in the prior-year quarter
	•		Adjusted funds from operations (AFFO) was a quarterly record of $0.66 per diluted share for the quarter as compared with $0.46 from the prior-year quarter
	•		On a trailing-twelve month basis, AFFO was $1.80 per diluted share, which equates to a dividend coverage of 4.5x assuming an annualized $0.40 dividend per share
	•		Fixed charge coverage ratio was 1.74x under the senior credit facility covenant versus a required minimum of 1.35x
	•		The Company has one mortgage maturing in 2011 with an outstanding balance of $203.4 million and one mortgage maturing in 2012 with an outstanding balance of $167.2 million. The debt is non-recourse and based on the current financing market, the Company has enough cash on hand to paydown and re-finance these loans, if desired
	•		The Company currently has no recourse debt outstanding and at the end of the second quarter had cash and cash equivalents of $154.2 million

CAPITAL ALLOCATION

	•		Capex invested in the quarter for the Legacy portfolio was $14.4 million and $28.3 million year to date
	•		Capex invested in the quarter and year to date for the Highland Hospitality Portfolio was $2.7 million

CAPITAL STRUCTURE

As previously announced, on May 3, 2011, Ashford repurchased 5,854,993 shares of the Company’s

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AHT Reports Second Quarter Results
Page 2
August 3, 2011

Series B-1 Convertible Preferred Stock from Security Capital Preferred Growth Incorporated. The remaining 1,392,872 shares of Series B-1 Preferred Stock owned by Security Capital were converted into shares of the Company’s common stock. Ashford funded the repurchase of the Series B-1 Preferred Stock with proceeds from its offering of 3,350,000 shares of 9.000% Series E Cumulative Preferred Stock at $25.00 per share completed in April 2011.

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.

On May 25, 2011, the Company swapped $1.18 billion of its existing floating-rate debt to a fixed 1-Month LIBOR rate of 0.2675%. The swap is effective from June 13, 2011 and terminates on January 13, 2012. There was no upfront cost to Ashford for entering into this swap other than customary transaction costs.

On June 29, 2011, Ashford priced a public offering of 7,000,000 shares of its common stock at $12.50 per share generating gross proceeds of $87.5 million. Ashford used $50.0 million of these proceeds to repay all outstanding borrowings under its senior credit facility, leaving the Company with no current recourse debt obligations. The Company intends to use the additional proceeds for general corporate purposes, including, without limitation, financing future hotel-related investments, capital expenditures and working capital or repayment of other debt or obligations.

ONE-TIME GAIN

During the second quarter 2011, as previously disclosed, the Company recognized a $4.2 million gain as a credit to impairment charges. This was attributable to a discounted payoff of $22 million the Company received in April 2011 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. The Company had previously written down its investment in the mezzanine loan by $7.8 million in the fourth quarter of 2010.

HIGHLAND HOSPITALITY PORTFOLIO UPDATE

The second quarter was the first full quarter to incorporate the financial results from the Highland Hospitality portfolio. The RevPAR growth for the portfolio of 3.4% came in below the RevPAR growth of the Company’s legacy portfolio of 7.2%. This underperformance was a direct result of vacant sales positions at the 17 hotels that experienced a change in property manager. As of the end of the second quarter, all but a few of these sales positions had been filled. Hotel EBITDA Margin increased 193 basis points to 31.2% reflecting a 79% EBITDA flow. The Company expects both the revenue and EBITDA performance of the Highland Hospitality Portfolio to continue to improve as the hotels become fully integrated into the Company’s total portfolio.

DISPOSITION ACTIVITY

On July 29, 2011, Ashford completed the sale of the Hampton Inn Jacksonville for $10.0 million in cash. The hotel was unencumbered by debt.

PORTFOLIO REVPAR

As of June 30, 2011, the Company had a portfolio of direct hotel investments consisting of 96 properties classified in continuing operations. During the second quarter, 92 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 96 hotels) and proforma not-under-renovation basis (92 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its

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AHT Reports Second Quarter Results
Page 3
August 3, 2011

direct hotel portfolio. The Company’s reporting by region and brand includes the results of all 96 hotels in continuing operations. Details of each category are provided in the tables attached to this release.

	•		Proforma RevPAR increased 7.2% to $100.27 for hotels not under renovation on a 4.4% increase in ADR and a 196 basis point increase in occupancy
	•		Proforma RevPAR increased 7.2% to $100.22 for all hotels on a 4.4% increase in ADR and a 199 basis point increase in occupancy
	•		Proforma RevPAR increased 3.4% to $105.16 for all hotels in the Highland Hospitality Portfolio on a 2.6% increase in ADR and a 58 basis point increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

For the 92 hotels as of June 30, 2011, that were not under renovation, Proforma Hotel EBITDA increased 14.7% to $71.1 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 260 basis points to 31.8%. For all 96 hotels included in continuing operations as of June 30, 2011, Proforma Hotel EBITDA increased 14.6% to $74.6 million and Hotel EBITDA margin increased 254 basis points to 31.9%. For the Company’s 71.74% share of the 28 hotels in the Highland Hospitality Portfolio, Proforma Hotel EBITDA increased 10.9% to $24.1 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 193 basis points to 31.2%.

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 its 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 96 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.

COMMON STOCK DIVIDEND

On June 15, 2011, Ashford announced that its Board of Directors had declared a common stock dividend for the second quarter ended June 30, 2011, of $0.10 per diluted share, payable July 15, 2011, for shareholders of record on June 30, 2011.

Monty J. Bennett, Chief Executive Officer, commented, “This was an exceptional quarter in Ashford’s history, demonstrated by our record AFFO and operating margin growth. We continue to benefit from our operating strategy and active portfolio management which leverages improving lodging market fundamentals. Our recently acquired Highland Hospitality portfolio has performed well within our expectations even as we make operational improvements. We also continue to concentrate on enhancing our balance sheet, as evidenced by our recent equity offering which was used to repay our credit facility. Moving along these parallel paths, we are confident in our continued ability to drive operating results and deliver increased shareholder returns.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, August 4, 2011, at 11 a.m. ET. The number to call for this interactive teleconference is (480) 629-9722. A replay of the conference call will be available through Thursday, August 11, 2011, by dialing (303) 590-3030 and entering the confirmation number, 4456769.

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AHT Reports Second Quarter Results
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August 3, 2011

The Company will also provide an online simulcast and rebroadcast of its second 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 Thursday, August 4, 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 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. 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.

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

		June 30,				December 31,
		2011				2010
		(Unaudited)
ASSETS
Investment in hotel properties, net		$	2,983,582			$	3,023,736
Cash and cash equivalents			154,221				217,690
Restricted cash			74,257				67,666
Accounts receivable, net			39,758				27,493
Inventories			2,583				2,909
Notes receivable			3,039				20,870
Investment in unconsolidated joint ventures			190,824				15,000
Assets held for sale			10,032				144,511
Deferred costs, net			16,883				17,519
Prepaid expenses			15,134				12,727
Interest rate derivatives			72,327				106,867
Other assets			4,092				7,502
Intangible assets, net			2,854				2,899
Due from third-party hotel managers			55,248				49,135
Total assets		$	3,624,834			$	3,716,524
LIABILITIES AND EQUITY
Liabilities
Indebtedness of continuing operations		$	2,445,424			$	2,518,164
Indebtedness of assets held for sale			—				50,619
Capital leases payable			12				36
Accounts payable and accrued expenses			86,663				79,248
Dividends payable			15,165				7,281
Unfavorable management contract liabilities			14,928				16,058
Due to related parties			1,656				2,400
Due to third-party hotel managers			2,270				1,870
Other liabilities			4,567				4,627
Other liabilities of assets held for sale			—				2,995
Total liabilities			2,570,685				2,683,298
Series B-1 Cumulative Convertible Redeemable Preferred stock, 7,247,865 shares issued and outstanding at December 31, 2010			—				72,986
Redeemable noncontrolling interests in operating partnership			163,021				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 June 30, 2011 and December 31, 2010			15				15
Series D Cumulative Preferred Stock, 8,966,797 shares issued and outstanding at June 30, 2011 and December 31, 2010			90				90
Series E Cumulative Preferred Stock, 3,350,000 shares issued and outstanding at June 30, 2011			34				—
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares and 123,403,893 shares issued at June 30, 2011 and December 31, 2010, 61,030,940 and 58,999,324 shares outstanding at June 30, 2011 and December 31, 2010			1,249				1,234
Additional paid-in capital			1,654,956				1,552,657
Accumulated other comprehensive loss			(287	)			(550	)
Accumulated deficit			(589,434	)			(543,788	)
Treasury stock, at cost (63,865,825 shares and 64,404,569 shares at June 30, 2011 and December 31, 2010)			(190,650	)			(192,850	)
Total shareholders’ equity of the Company			875,973				816,808
Noncontrolling interests in consolidated joint ventures			15,155				16,710
Total equity			891,128				833,518
Total liabilities and equity		$	3,624,834			$	3,716,524

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
		(Unaudited)								(Unaudited)
REVENUE
Rooms		$	177,040			$	164,762			$	339,789			$	315,820
Food and beverage			41,242				40,817				79,649				76,986
Rental income from operating leases			1,484				1,454				2,704				2,543
Other			10,253				10,122				19,599				19,923
Total hotel revenue			230,019				217,155				441,741				415,272
Interest income from notes receivable			—				346				—				683
Asset management fees and other			80				138				148				212
Total Revenue			230,099				217,639				441,889				416,167
EXPENSES
Hotel operating expenses
Rooms			39,205				36,716				76,251				71,215
Food and beverage			27,121				27,119				53,602				52,601
Other direct			6,148				6,237				11,581				11,634
Indirect			62,780				61,854				122,821				118,895
Management fees			9,184				8,834				18,043				17,166
Total hotel operating expenses			144,438				140,760				282,298				271,511
Property taxes, insurance, and other			11,769				12,313				22,656				25,390
Depreciation and amortization			33,027				32,906				65,804				66,749
Impairment charges			(4,316	)			(1,188	)			(4,656	)			(1,957	)
Gain on insurance settlement			(1,905	)			—				(1,905	)			—
Transaction acquisition costs			406				—				(818	)			—
Corporate general and administrative:
Stock/unit-based compensation			3,546				2,067				5,360				3,239
Other general and administrative			7,459				6,256				19,528				11,742
Total Operating Expenses			194,424				193,114				388,267				376,674
OPERATING INCOME			35,675				24,525				53,622				39,493
Equity in earnings (loss) of unconsolidated joint ventures			(2,301	)			664				25,824				1,322
Interest income			23				51				59				112
Other income			18,157				15,652				66,160				31,171
Interest expense			(33,520	)			(34,142	)			(67,019	)			(67,683	)
Amortization of loan costs			(1,288	)			(1,179	)			(2,367	)			(2,702	)
Unrealized gain (loss) on derivatives			(17,694	)			16,534				(34,511	)			30,442
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			(948	)			22,105				41,768				32,155
Income tax expense			(285	)			(414	)			(1,329	)			(458	)
INCOME (LOSS) FROM CONTINUING OPERATIONS			(1,233	)			21,691				40,439				31,697
Loss from discontinued operations			(6,029	)			(14,189	)			(3,819	)			(18,970	)
NET INCOME (LOSS)			(7,262	)			7,502				36,620				12,727
(Income) loss from consolidated joint ventures attributable to noncontrolling interests			(438	)			427				(1,369	)			1,129
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			3,389				(1,129	)			(1,729	)			(1,921	)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(4,311	)			6,800				33,522				11,935
Preferred dividends			(24,771	)			(4,831	)			(31,326	)			(9,661	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	(29,082	)		$	1,969			$	2,196			$	2,274
INCOME (LOSS) PER SHARE — BASIC AND DILUTED:
Basic —
Income (loss) from continuing operations attributable to common shareholders		$	(0.40	)		$	0.27			$	0.11			$	0.34
Loss from discontinued operations attributable to common shareholders			(0.09	)			(0.23	)			(0.07	)			(0.30	)
Net income (loss) attributable to common shareholders		$	(0.49	)		$	0.04			$	0.04			$	0.04
Weighted average common shares outstanding — basic			59,482				50,716				58,157				51,953
Diluted —
Income (loss) from continuing operations attributable to common shareholders		$	(0.40	)		$	0.25			$	0.11			$	0.33
Loss from discontinued operations attributable to common shareholders			(0.09	)			(0.19	)			(0.07	)			(0.26	)
Net income (loss) attributable to common shareholders		$	(0.49	)		$	0.06			$	0.04			$	0.07
Weighted average common shares outstanding — diluted			59,482				72,981				58,157				59,401
Amounts attributable to common shareholders:
Income from continuing operations, net of tax		$	969			$	18,659			$	37,768			$	27,871
Loss from discontinued operations, net of tax			(5,280	)			(11,859	)			(4,246	)			(15,936	)
Preferred dividends			(24,771	)			(4,831	)			(31,326	)			(9,661	)
Net income (loss) attributable to common shareholders		$	(29,082	)		$	1,969			$	2,196			$	2,274

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Net income (loss)		$	(7,262	)		$	7,502			$	36,620			$	12,727
(Income) loss from consolidated joint ventures attributable to noncontrolling interests			(438	)			427				(1,369	)			1,129
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			3,389				(1,129	)			(1,729	)			(1,921	)
Net income (loss) attributable to the Company			(4,311	)			6,800				33,522				11,935
Interest income			(22	)			(51	)			(58	)			(111	)
Interest expense and amortization of loan costs			34,346				37,436				69,162				74,541
Depreciation and amortization			32,402				35,322				64,563				71,640
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership			(3,389	)			1,129				1,729				1,921
Income tax expense			285				436				1,414				421
EBITDA			59,311				81,072				170,332				160,347
Amortization of unfavorable management contract liabilities			(565	)			(564	)			(1,129	)			(1,129	)
Gain on sale/disposition of properties			(158	)			—				(2,961	)			—
Noncash gain on insurance settlements			(1,157	)			—				(1,157	)			—
Write-off of loan costs, premiums and exit fees, net			—				—				948				—
Other income (1)			(18,157	)			(15,707	)			(66,160	)			(31,241	)
Impairment charges			1,921				10,880				1,581				10,112
Transaction acquisition costs			406				—				(818	)			—
Legal costs related to a litigation settlement (2)			1,375				—				6,875				—
Unrealized (gain) loss on derivatives			17,694				(16,534	)			34,511				(30,442	)
Equity in earnings (loss) of unconsolidated joint ventures			2,301				(664	)			(25,824	)			(1,322	)
The Company’s portion of adjusted EBITDA of unconsolidated joint ventures			23,483				664				28,609				1,322
Adjusted EBITDA		$	86,454			$	59,147			$	144,807			$	107,647

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Net income (loss)		$	(7,262	)		$	7,502			$	36,620			$	12,727
(Income) loss from consolidated joint ventures attributable to noncontrolling interests			(438	)			427				(1,369	)			1,129
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership			3,389				(1,129	)			(1,729	)			(1,921	)
Preferred dividends			(24,771	)			(4,831	)			(31,326	)			(9,661	)
Net income (loss) attributable to common shareholders			(29,082	)			1,969				2,196				2,274
Depreciation and amortization on real estate			32,340				35,255				64,439				71,505
Gain on sale/disposition of properties			(158	)			—				(2,961	)			—
Noncash gain on insurance settlements			(1,157	)			—				(1,157	)			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership			(3,389	)			1,129				1,729				1,921
FFO available to common shareholders			(1,446	)			38,353				64,246				75,700
Dividends on convertible preferred stock			350				1,043				1,374				2,085
Write-off of loan costs, premiums and exit fees, net			—				—				948				—
Impairment charges			1,921				10,880				1,581				10,112
Transaction acquisition costs			406				—				(818	)			—
Other income (1)			—				—				(30,000	)			—
Legal costs related to a litigation settlement (2)			1,375				—				6,875				—
Unrealized (gain) loss on derivatives			17,694				(16,534	)			34,511				(30,442	)
Non-cash dividends on Series B-1 preferred stock			17,363				—				17,363				—
Equity in earnings (loss) of unconsolidated joint ventures			2,301				(664	)			(25,824	)			(1,322	)
The Company’s portion of adjusted FFO of unconsolidated joint ventures			11,593				664				13,773				1,322
Adjusted FFO		$	51,557			$	33,742			$	84,029			$	57,455
Adjusted FFO per diluted share available to common shareholders		$	0.66			$	0.46			$	1.07			$	0.77
Weighted average diluted shares			78,435				73,638				78,828				74,773

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
JUNE 30, 2011
(dollars in thousands)
(Unaudited)

								Fixed-Rate				Floating-Rate				Total
Indebtedness		Collateral		Maturity		Interest Rate		Debt				Debt				Debt
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%			—				50,000	(1)			50,000
Mortgage loan		10 hotels		May 2012		LIBOR + 1.65%			—				167,202				167,202
Mortgage loan		2 hotels		August 2013		LIBOR + 2.75%			—				147,533				147,533
Mortgage loan		1 hotel		May 2014		8.32%			5,580				—				5,580
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%			107,908				—				107,908
Mortgage loan		10 hotels		July 2015		5.22%			157,676				—				157,676
Mortgage loan		8 hotels		December 2015		5.70%			99,686				—				99,686
Mortgage loan		5 hotels		December 2015		12.60%			149,528				—				149,528
Mortgage loan		5 hotels		February 2016		5.53%			113,718				—				113,718
Mortgage loan		5 hotels		February 2016		5.53%			94,307				—				94,307
Mortgage loan		5 hotels		February 2016		5.53%			81,690				—				81,690
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%			104,330				—				104,330
Mortgage loan		1 hotel		April 2034		Greater of 6% or Prime + 1%			—				6,720				6,720
Total indebtedness								$	1,850,829			$	594,595			$	2,445,424
Percentage									75.7	%			24.3	%			100.0	%
Weighted average interest rate at June 30, 2011									6.39	%			2.46	%			5.43	%
Total indebtedness with the effect of interest rate swaps								$	2,350,090			$	95,334				2,445,424
Percentage with the effect of interest rate swaps									96.1	%			3.9	%			100.0	%
Weighted average interest rate with the effect of interest rate swap and floorid or									2.58	% (2)			2.50	% (2)			2.56	% (2)

PIM HIGHLAND HOLDING LLC
SUMMARY OF INDEBTEDNESS
JUNE 30, 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%		$	64,815			$	—			$	64,815
Mortgage loan		1 hotel		April 2013		6.11%			46,638								46,638
Mortgage loan		1 hotel		February 2013		5.97%			32,926								32,926
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									144,379				948,897				1,093,276
Ashford’s proportionate obligations									x 71.74	%			x 71.74	%			x 71.74	%
								$	103,577			$	680,739			$	784,316
Percentage									13.2	%			86.8	%			100.0	%
Weighted average interest rate at June 30, 2011									6.01	%			5.01	%			5.14	%
Percentage with the effect of interest rate swaps								$	784,316			$	-			$	784,316
Total indebtedness of Ashford plus Ashford’s 71.74% share of PIM Highland Holding LLC								$	1,954,406			$	1,275,334			$	3,229,740
Percentage with the effect of interest rate swaps								$	3,134,406			$	95,334			$	3,229,740
Weighted average interest rate with the effect of interest rate swap and flooridor									2.77	%			3.86	%			3.20	%

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
INDEBTEDNESS OF CONTINUING OPERATIONS BY MATURITY
ASSUMING EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED
JUNE 30, 2011
(in thousands)
(Unaudited)

		2011				2012				2013				2014				2015				Thereafter				Total
Secured credit facility		$	—			$	50,000	(1)		$	—			$	—			$	—			$	—			$	50,000
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			—				—				147,533				—				—				—				147,533
Mortgage loan secured by Manchester Courtyard			—				—				—				5,580				—				—				5,580
Mortgage loan secured by El Conquistador Hilton			—				—				—				19,740				—				—				19,740
Mortgage loan secured by eight hotel properties, UBS Pool 1			—				—				—				107,908				—				—				107,908
Mortgage loan secured by 10 hotel properties, Merrill Lynch Pool 1			—				—				—				—				157,676				—				157,676
Mortgage loan secured by eight hotel properties, UBS Pool 2			—				—				—				—				99,686				—				99,686
Mortgage loan secured by five hotel properties			—				—				—				—				149,528				—				149,528
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 2			—				—				—				—				—				113,718				113,718
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 3															—				—				94,307				94,307
Mortgage loan secured by five hotel properties, Merrill Lynch Pool 7															—				—				81,690				81,690
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			—				—				—				—				—				104,330				104,330
Mortgage loan secured by Jacksonville Residence Inn			—				—				—				—				—				6,720				6,720
Total indebtedness of continuing operations		$	203,400			$	217,202			$	147,533			$	133,228			$	406,890			$	1,337,171			$	2,445,424

PIM HIGHLAND HOLDING LLC
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
JUNE 30, 2011
(in thousands)
(Unaudited)

		2011				2012				2013				2014				2015				Thereafter				Total
Mortgage loan secured by Boston Hilton		$	—			$	—			$	64,815			$	—			$	—			$	—			$	64,815
Mortgage loan secured by Nashville Renaissance			—				—				46,638				—				—				—				46,638
Mortgage loan secured by Princeton Westin			—				—				32,926				—				—				—				32,926
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			—				—				144,379				—				—				948,897				1,093,276
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	%
		$	—			$	—			$	103,577			$	—			$	—			$	680,739			$	784,316
Total indebtedness of continuing operations plus Ashford’s 71.74% share of PIM Highland Holding LLC		$	203,400			$	217,202			$	251,110			$	133,228			$	406,890			$	2,017,910			$	3,229,740

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

		Three Months Ended												Six Months Ended
		June 30,												June 30,
		2011				2010%				%Variance				2011				2010				%Variance
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)		$	181,795			$	169,639				7.17	%		$	348,234			$	324,415				7.34	%
RevPAR		$	100.22			$	93.52				7.16	%		$	96.28			$	89.70				7.34	%
Occupancy			76.34	%			74.35	%			1.99	%			73.11	%			71.11	%			2.00	%
ADR		$	131.29			$	125.79				4.37	%		$	131.69			$	126.14				4.40	%
NOTES: The above pro forma table assumes the 96 hotel properties owned and included in continuing operations as of June 30, 2011 were owned as of the beginning of the first comparative reporting period.
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands)		$	174,388			$	162,726				7.17	%		$	333,506			$	310,892				7.27	%
RevPAR		$	100.27			$	93.57				7.16	%		$	96.18			$	89.66				7.27	%
Occupancy			76.61	%			74.65	%			1.96	%			73.31	%			71.29	%			2.02	%
ADR		$	130.90			$	125.34				4.44	%		$	131.19			$	125.76				4.32	%

PIM HIGHLAND HOLDING LLC
KEY PERFORMANCE INDICATORS — PRO FORMA
(dollars in thousands)
(Unaudited)

THE FOLLOWING TABLE PRESENTS THE COMPANY’S 71.74% OF THE PRO FORMA PERFORMANCE OF THE 28-HOTEL PROPERTY PORTFOLIO INCLUDED IN PIM HIGHLAND HOLDING LLC AS IF THEY WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.

		Three Months Ended												Six Months Ended
		June 30,												June 30,
		2011				2010				%Variance				2011				2010				%Variance
HOTEL PERFORMANCE INDICATORS:
Room revenues (in thousands)		$	54,495			$	52,729				3.35	%		$	100,575			$	96,428				4.30	%
RevPAR		$	105.16			$	101.74				3.36	%		$	97.46			$	93.44				4.30	%
Occupancy			74.16	%			73.58	%			0.58	%			70.94	%			69.77	%			1.17	%
ADR		$	141.80			$	138.27				2.55	%		$	137.38			$	133.93				2.58	%

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												Six Months Ended
		June 30,												June 30,
		2011				2010				%Variance				2011				2010				%Variance
REVENUE
Rooms		$	181,795			$	169,639				7.2	%		$	348,234			$	324,415				7.3	%
Food and beverage			42,015				41,755				0.6	%			80,953				78,526				3.1	%
Other			9,800				9,978				-1.8	%			19,018				19,681				-3.4	%
Total hotel revenue			233,610				221,372				5.5	%			448,205				422,622				6.1	%
EXPENSES
Rooms			40,031				37,737				6.1	%			77,975				73,185				6.5	%
Food and beverage			27,667				27,664				0.0	%			54,588				53,612				1.8	%
Other direct			6,147				6,257				-1.8	%			11,597				11,675				-0.7	%
Indirect			61,774				60,349				2.4	%			122,981				118,805				3.5	%
Management fees, includes base and incentive fees			11,453				11,748				-2.5	%			20,717				20,252				2.3	%
Total hotel operating expenses			147,072				143,755				2.3	%			287,858				277,529				3.7	%
Property taxes, insurance, and other			11,917				12,519				-4.8	%			23,240				25,752				-9.8	%
HOTEL OPERATING PROFIT (Hotel EBITDA)			74,621				65,098				14.6	%			137,107				119,341				14.9	%
Hotel EBITDA Margin			31.94	%			29.41	%			2.54	%			30.59	%			28.24	%			2.35	%
Minority interest in earnings of consolidated joint ventures			2,237				1,892				18.2	%			3,839				2,976				29.0	%
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures		$	72,384			$	63,206				14.5	%		$	133,268			$	116,365				14.5	%