ASHFORD HOSPITALITY TRUST INC

Ashford Hospitality Trust, Inc. (NYSE: AHT) operates as a real estate investment trust focused on owning and managing upscale and upper upscale hotel properties throughout the United States. The company's website is www.ahtreit.com.

As of December 31, 2025, Ashford Hospitality Trust owns interests in 68 consolidated operating hotel properties representing approximately 16,445 total rooms, along with an investment in the Meritage Resort and Spa in Napa, California. The company's portfolio consists primarily of full-service hotels branded under widely recognized names including Hilton, Hyatt, Marriott, and Intercontinental Hotel Group. Approximately 63 of the 68 operating properties operate under franchise licenses or brand management agreements with these major hotel brands.

The company's investment strategy focuses predominantly on acquiring upper upscale full-service hotels in the United States with revenue per available room generally less than twice the U.S. national average. Ashford Hospitality Trust does not directly operate any hotel properties. Instead, the company engages third-party and affiliated hotel management companies to operate the hotels under management contracts. Remington Hospitality, a subsidiary of Ashford Inc., manages 50 of the company's 68 hotel properties, while third-party management companies operate the remaining properties.

Ashford Hospitality Trust is advised by Ashford LLC, a subsidiary of Ashford Inc., which provides asset management services for all hotel properties in the portfolio. The company has no employees; all services that would typically be provided by employees are supplied by Ashford LLC and its subsidiaries, which maintain approximately 82 full-time employees providing acquisition, development, asset management, capital markets, accounting, tax, risk management, legal, and corporate management functions.

The company operates within a single business segment focused on direct hotel investments. Ashford Hospitality Trust conducts its business through Ashford Hospitality Limited Partnership, its operating partnership, with hotel properties leased to wholly-owned or majority-owned subsidiaries treated as taxable REIT subsidiaries for federal income tax purposes. The company's business model emphasizes capital preservation, strategic asset disposition, opportunistic acquisitions, and effective asset management to enhance long-term stockholder value.