Ashford Hospitality Trust is a self-administered real estate investment trust listed on the NYSE (symbol: AHT) that invests in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans, construction loans and sale-leaseback transactions.

Ashford implements two successful strategies to manage its growth and deliver shareholder value: a Portfolio Management Investment Strategy and an Internal Growth Strategy.

Ashford's Portfolio Management Investment Strategy seeks to maximize returns while minimizing performance risk. Investments must meet targeted return requirements utilizing market research underwriting assumptions. Each investment is then evaluated on the relative contribution to the overall investment portfolio in terms of total return and volatility. This capital allocation strategy focuses on achieving optimal total return performance at any given point in a cycle by having the right asset mix given Ashford's ongoing analysis of micro market trends as well as lodging and capital market fundamentals. While Ashford's dominant strategy is direct hotel investments, supplemental strategies involving structured finance and loans enhance returns. The core objectives of the Portfolio Management Strategy are value creation and dividend growth via investment allocation, an efficient capital structure and risk/reward balance.

Ashford's Internal Growth Strategy utilizes a variety of techniques to increase hotel performance and recycle capital. Each investment typically has one or more of the following strategies: hotel brand change, price segment repositioning, capital expenditure upgrade, margin improvement via expense controls or top-line growth, outsized market recovery, initial high yield or capital recycle via sale of non-core assets from a portfolio transaction. The goals of the Investment Growth Strategy are RevPAR growth, market penetration, and margin improvement to increase EBITDA and per share metrics.

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Ashford Hospitality Trust, Inc. is not a chartered bank or trust company or depository institution. It is not authorized to
accept deposits or trust accounts and is not licensed or regulated by any state or federal banking authority.