Exhibit 99.2

Non-GAAP Financial Measures

The non-GAAP presentations of Adjusted EBITDA, Hotel EBITDA and AFFO in the Current Report on Form 8-K of Ashford Hospitality Trust, Inc. (“Ashford Trust”) to which this Exhibit 99.2 is attached are made to help investors in evaluating the operating performance of the Ashford Hospitality Prime, Inc. and subsidiaries (“Ashford Prime”).

EBITDA is defined as net income (loss) attributable to Ashford Prime or the Ashford Prime Hotels, as applicable, before interest expense and amortization of loan costs, interest income other than interest from mezzanine loans, income taxes and depreciation and amortization. Adjusted EBITDA is adjusted to exclude certain additional items such as write-off of loan costs and exit fees, non-cash items, and various other items which are detailed in the following tables. Also presented is Hotel EBITDA on a combined and on a property-by-property basis. Hotel EBITDA is Adjusted EBITDA for the combined hotel properties or each hotel property, as applicable, before corporate general and administrative expense, before corporate property taxes, insurance and other items and after other adjustments shown in the following table. EBITDA, Adjusted EBITDA and Hotel EBITDA exclude amounts attributable to the portion of our joint venture owned by the third party. Adjusted EBITDA and Hotel EBITDA are presented in this report because Ashford Trust believes they reflect more accurately the ongoing performance of the hotel assets and other investments and provide more useful information to investors as they are indicators of the ability of Ashford Prime or the Ashford Prime Hotels, as applicable, to meet applicable future debt payment requirements, working capital requirements and they provide an overall evaluation of the financial condition of Ashford Prime and subsidiaries or the Ashford Prime Hotels, as applicable. Ashford Trust also believes, with respect to Hotel EBITDA, that property-level results provide investors with supplemental information on the ongoing operational performance of the Ashford Prime Hotels and effectiveness of the management companies operating the business on a property-level basis. Adjusted EBITDA and Hotel EBITDA as calculated by Ashford Trust may not be comparable to Adjusted EBITDA and Hotel EBITDA reported by other companies that do not define EBITDA, Adjusted EBITDA and Hotel EBITDA exactly as Ashford Trust defines the terms. EBITDA, Adjusted EBITDA and Hotel EBITDA do not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to operating income or net income determined in accordance with GAAP as an indicator of performance or as an alternative to cash flows from operating activities as determined by GAAP as an indicator of liquidity.

The following table reconciles net loss to EBITDA and Adjusted EBITDA on an historical basis for the Ashford Prime Hotels and a pro forma basis for Ashford Prime and subsidiaries (in thousands) (unaudited):

The following table further reconciles Adjusted EBITDA to Hotel EBITDA on an historical basis for the Ashford Prime Hotels and a pro forma basis for Ashford Prime and subsidiaries (in thousands) (unaudited):

The following table reconciles hotel-level net income (loss) to Hotel EBITDA on a property-by-property basis for each of the Ashford Prime Hotels and on a corporate basis, in each case for the three months ended March 31, 2013 (in thousands) (unaudited):

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The following table reconciles hotel-level net income (loss) to Hotel EBITDA on a property-by-property basis for each of the Ashford Prime Hotels and on a corporate basis, in each case for the year ended December 31, 2012 (in thousands) (unaudited):

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Ashford Trust calculates FFO available to common stockholders and AFFO available to common stockholders in the following table. FFO is calculated on the basis defined by the National Association of Real Estate Investment Trusts (“NAREIT”), which is net income (loss) attributable to common stockholders, computed in accordance with GAAP, excluding gains or losses on sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets. NAREIT developed FFO as a relative measure of performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined by GAAP. The calculation of AFFO excludes write-off of loan costs and exit fees, non-cash items, and various other items as detailed in the following table. FFO and AFFO exclude amounts attributable to the portion of a partnership owned by the third party. Ashford Trust considers FFO and AFFO to be appropriate measures of the ongoing normalized operating performance as a REIT. We compute FFO in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that either do not define the term in accordance with the current NAREIT definition or interpret the NAREIT definition differently than us. FFO and AFFO do not represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to GAAP net income or loss as an indication of financial performance or GAAP cash flows from operating activities as a measure of liquidity. FFO and AFFO are also not indicative of funds available to satisfy cash needs, including the ability to make cash distributions. However, to facilitate a clear understanding of historical operating results, we believe that FFO and AFFO should be considered along with net income or loss and cash flows reported.

The following table reconciles net loss to FFO and AFFO on an historical basis for the Ashford Prime Hotels and on a pro forma basis for Ashford Prime and subsidiaries (in thousands) (unaudited):

The following tables reconcile hotel-level net income (loss) to Hotel EBITDA on a property-by-property basis for the two hotel properties subject to the option agreements for the year ended December 31, 2012 and the three months ended March 31, 2013 (in thousands) (unaudited):

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