Ashford Hospitality Trust Reports Third Quarter Results

           Ashford Hospitality Trust Reports Third Quarter Results

RevPAR Growth of 6.6% for All Legacy Hotels

Adjusted EBITDA Increased 14.4% for the Third Quarter

Hotel EBITDA Margin Improved 216 Basis Points for All Hotels

PR Newswire

DALLAS, Oct. 31, 2012

DALLAS, Oct. 31, 2012 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE:
AHT) today reported the following results and performance measures for the
third quarter ended September 30, 2012. 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 third quarter ended September 30,
2012, with the third quarter ended September 30, 2011 (see discussion below).
The reconciliation of non-GAAP financial measures is included in the financial
tables accompanying this press release.

FINANCIAL HIGHLIGHTS

  oAdjusted EBITDA increased $10.1 million or 14.4% during the quarter
  oRevPAR increased 6.6% for all Legacy hotels in continuing operations,
    driven by a 5.2% increase in ADR and a 102 basis point increase in
    occupancy
  oRevPAR for all hotels in continuing operations, including the Highland
    Hospitality portfolio, increased 5.9% during the quarter
  oRevPAR increased 3.4% for all hotels in the Highland Hospitality
    portfolio, driven by a 4.7% increase in ADR
  oRevPAR for hotels in the Washington D.C. market area increased 6.1% during
    the quarter
  oHotel operating profit for all hotels, including the Highland Hospitality
    portfolio, increased by $10.3 million, or 13.0%
  oHotel operating profit margin increased 249 basis points for all Legacy
    hotels not under renovation in continuing operations
  oHotel operating profit margin increased 230 basis points for all Highland
    Hospitality hotels not under renovation in continuing operations
  oNet loss attributable to common shareholders was $23.6 million, or $0.35
    per diluted share, compared with net loss attributable to common
    shareholders of $28.6 million, or $0.43 per diluted share, in the
    prior-year quarter
  oAdjusted funds from operations (AFFO) was $0.31 per diluted share for the
    quarter as compared with $0.38 from the prior-year quarter; Interest Rate
    Derivative Income decreased by $10.2 million as the benefits from our
    Flooridor terminated in 2011, impacting AFFO per share by $0.12
  oIn September 2012, the Company added a new participant to its senior
    credit facility, upsizing this facility to $165 million from $145 million
  oDuring the quarter a receiver was appointed to take over operations of the
    Hilton El Conquistador Resort in Tucson, AZ; the receiver now has full
    control of the hotel operations and cash flows; hotel cash flows since the
    appointment of the receiver have been excluded for purposes of calculating
    Adjusted EBITDA and AFFO
  oAt the end of the third quarter 2012, Ashford had cash and cash
    equivalents of $146 million

CAPITAL ALLOCATION 

  oCapex invested in the quarter for the Legacy portfolio was $18.5 million
    bringing the year-to-date total to $62.6 million
  oAshford's pro rata share of capex invested in the quarter for the Highland
    Hospitality portfolio was $6.7 million bringing the year-to-date total to
    $19.9 million

CAPITAL STRUCTURE
At September 30, 2012, Ashford had total assets of $3.5 billion in continuing
operations and $4.5 billion overall including the Highland Hospitality
portfolio which is not consolidated. As of September 30, 2012, the Company
had $2.3 billion of mortgage debt in continuing operations and $3.1 billion
overall including Highland Hospitality.The Company's total combined debt had
a blended average interest rate of 4.9%, with a weighted average debt maturity
of 3.6 years.

During the third quarter of 2012, Ashford added a new participant to its
senior credit facility, upsizing the revolving commitments under this facility
to $165 million from $145 million. The terms of the credit facility remain
unchanged including the option, subject to lender approval, to further expand
the revolving commitments under the facility to an aggregate size of $225
million. As part of the expansion, Bank of America Merrill Lynch has been
added to the syndicate of banks supporting the facility, which now consists of
six banks including Bank of America Merrill Lynch, Deutsche Bank, Morgan
Stanley, UBS, Credit Suisse, and KeyBank as lead agent. The senior credit
facility remains undrawn and all other Company debt is non-recourse.

Ashford continues to make progress regarding the refinancing or extension of
its $101 million of loans in the Highland Hospitality portfolio set to mature
in early 2013. The trailing 12-month NOI debt yield on this high quality
portfolio is currently 17.5%. At this time, given the potential loan
proceeds, there is no anticipated pay down required. Further, Ashford has
been in discussions with lenders regarding the refinancing of its $154 million
non-recourse loan set to mature in December 2015, with a combined interest
rate of 12.72%. Given the current favorable interest rate environment and
improved hotel performance, Ashford believes it is an appropriate time to
address this portfolio loan. The loan is secured by five hotels including:
the Embassy Suites Crystal City, Embassy Suites Orlando Airport, Embassy
Suites Santa Clara, Embassy Suites Portland and the Hilton Costa Mesa.

During the quarter a receiver was appointed to take over the Hilton El
Conquistador in Tucson, AZ. The receiver has been granted possession and full
control of the property including all accounts and cash flow. Despite Ashford
having no control of the property or cash flows and no ongoing liability, for
GAAP purposes, the property will continue to be included in our consolidated
financial statements until title to the property has been transferred from
Ashford. For purposes of calculating Adjusted EBITDA and AFFO, we have
adjusted the results of operations for the period beginning when the receiver
was appointed and Ashford no longer had any control or financial obligations
for the hotel. At the time the receiver was appointed, the hotel had $19.7
million of non-recourse mortgage debt and a trailing twelve-month EBITDA of
negative $1.7 million. By transferring this hotel to the lender, the Company
will lower its overall debt level while increasing both EBITDA and AFFO.

The Company also received a payment of $5 million during the quarter from a
guarantor on a previously impaired mezzanine loan. This payment is reflected
on the income statement as a negative impairment charge and has been excluded
for purposes of calculating Adjusted EBITDA and AFFO.

PORTFOLIO REVPAR
As of September 30, 2012, the Company's Legacy portfolio consisted of direct
hotel investments with 95 properties classified in continuing operations,
excluding the Hilton El Conquistador. During the third quarter of 2012, 86 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 95 hotels) and proforma not under renovation basis
(86 hotels) is a measure that reflects a meaningful and focused comparison of
the operating results in its direct hotel portfolio. Details of each category
are provided in the tables attached to this release.

  oProforma RevPAR increased 6.6% to $101.93 for all hotels in the Legacy
    portfolio on a 5.2% increase in ADR and a 102 basis point increase in
    occupancy
  oProforma RevPAR increased 7.3% to $105.01 for hotels not under renovation
    in the Legacy portfolio on a 5.3% increase in ADR and a 148 basis point
    increase in occupancy
  oProforma RevPAR increased 3.4% to $100.59 for all hotels in the Highland
    Hospitality portfolio on a 4.7% increase in ADR and a 90 basis point
    decrease in occupancy
  oProforma RevPAR increased 4.3% to $100.00 for hotels not under renovation
    in the Highland Hospitality portfolio on a 4.7% increase in ADR and a 30
    basis point decrease in occupancy

HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality portfolio experienced RevPAR growth of 3.4% during
the third quarter of 2012, with RevPAR growth for hotels not under renovation
in continuing operations of 4.3%. The Highland Hospitality portfolio
continued to experience strong EBITDA flow-through during the third quarter as
a result of improved property management and the benefits of capital
expenditures previously completed. For all 28 hotels in the Highland
Hospitality portfolio, Hotel EBITDA Margin increased 189 bps and Hotel EBITDA
flow-through was 97%. For the 25 hotels not under renovation during the third
quarter 2012, Hotel EBITDA Margin increased 230 basis points and Hotel EBITDA
flow-through was 95%. Hotel EBITDA increased 10.5% in the third quarter for
all hotels in the Highland Hospitality portfolio, and since the closing of the
acquisition, trailing 12-month EBITDA has increased 18.5%.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for all Legacy
hotels increased 13.8% to $70.2 million. For the 86 hotels that were not
under renovation, Proforma Hotel EBITDA increased 15.2% to $65.9 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel
Revenue) increased 249 basis points to 31.8% for the 86 Legacy hotels not
under renovation. For all 95 Legacy hotels included in continuing operations,
Proforma Hotel EBITDA margin increased 221 basis points to 31.2%.

For the Company's 71.74% share of all hotels in the Highland Hospitality
portfolio, Hotel operating profit (Hotel EBITDA) increased 10.5% to $19.4
million. For the 25 hotels in the Highland Hospitality portfolio that were
not under renovation, Proforma Hotel EBITDA increased 13.1% to $16.7 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel
Revenue) increased 230 basis points to 26.7% for the 25 Highland Hospitality
hotels not under renovation. For all 28 Highland Hospitality hotels included
in continuing operations, Proforma Hotel EBITDA margin increased 189 basis
points to 27.0%.

Starting with its second quarter 2012 financial results, the Company added
additional disclosure information regarding property level trailing 12-month
Hotel EBITDA by debt pool. The Company believes this additional disclosure
will assist the investment community in analyzing Ashford and help analysts
and investors see the benefits of the non-recourse nature of its property
level debt. Prior to providing this information, the investment community
could only reference the Company's total EBITDA and total debt when applying a
valuation multiple. With this additional disclosure, analysts and investors
can analyze the EBITDA of the Company by debt pool and when using a valuation
multiple approach, can see where the market might be inadvertently implying
negative equity value to certain debt pools. Implied negative equity value in
any debt pools may underestimate the benefits of non-recourse debt, and all of
the Company's property level debt is non-recourse.

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 Hospitality 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 95 Legacy 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 September 14, 2012, Ashford announced that its Board of Directors had
declared a quarterly cash dividend of $0.11 per diluted share for the
Company's common stock for the third quarter ending September 30, 2012,
payable October 15, 2012, to shareholders of record as of September 28, 2012.

Monty J. Bennett, Chief Executive Officer, commented, "Our third quarter
results demonstrate the continuing improvement in the U.S. lodging industry as
we make further progress in key areas such as operating margin expansion,
RevPAR growth, and risk mitigation. Year to date, our capital markets
strategies continued to focus on improving our financial liquidity while
addressing near-term debt maturities, both of which are top priorities for
us. Given the improving trends we are seeing in the real estate and debt
markets, now is an opportune time for us to take advantage of these attractive
interest rates to actively address our debt maturity schedule. We remain
committed to these objectives, which we consider essential to creating both
near term and long term shareholder value within an environment where we
continue to see improving trends in the hotel industry and the U.S. economy in
general."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday,
November 1, 2012, at 11:00 a.m. ET. The number to call for this interactive
teleconference is (480) 629-9819. A replay of the conference call will be
available through Thursday November 8, 2012, by dialing (303) 590-3030 and
entering the confirmation number, 4569160.

The Company will also provide an online simulcast and rebroadcast of its third
quarter 2012 earnings release conference call. The live broadcast of Ashford
Hospitality Trust's quarterly conference call will be available online at the
Company's web site, www.ahtreit.com on Thursday, November 1, 2012, beginning
at 11:00 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.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
                                              September 30,    December 31,
                                              2012             2011
                                              (Unaudited)
ASSETS
  Investment in hotel properties, net         $   2,911,638  $   2,957,899
  Cash and cash equivalents                   146,393          167,609
  Restricted cash                             76,878           84,069
  Accounts receivable, net of allowance of    35,399           28,623
  $224 and $212, respectively
  Inventories                                 2,369            2,371
  Notes receivable                            11,297           11,199
  Investment in unconsolidated joint ventures 161,873          179,527
  Investments in securities and other         24,298           21,374
  Deferred costs, net                         16,581           17,421
  Prepaid expenses                            11,304           11,308
  Derivative assets                           14,247           37,918
  Other assets                                5,773            4,851
  Intangible asset, net                       2,743            2,810
  Due from third-party hotel managers         64,239           62,747
    Total assets                              $   3,485,032  $   3,589,726
LIABILITIES AND EQUITY
Liabilities:
  Indebtedness                                $   2,312,208  $   2,362,458
  Accounts payable and accrued expenses       100,285          82,282
  Dividends payable                           18,259           16,941
  Unfavorable management contract liabilities 11,918           13,611
  Due to related party, net                   2,456            2,569
  Due to third-party hotel managers           2,035            1,602
  Liabilities associated with investments in  3,028            2,246
  securities and other
  Other liabilities                           5,938            5,400
    Total liabilities                         2,456,127        2,487,109
Redeemable noncontrolling interests in        129,918          112,796
operating partnership
Equity:
    Preferred stock, $0.01 par value,
    50,000,000 shares authorized:
      Series A Cumulative Preferred Stock,
      1,657,206 shares issued and outstanding
      at
        September 30, 2012 and 1,487,900
        shares issued and outstanding at      17               15
        December 31, 2011
      Series D Cumulative Preferred Stock,
      9,468,706 shares issued and outstanding
      at
        September 30, 2012 and 8,966,797
        shares issued and outstanding at      95               90
        December 31, 2011
      Series E Cumulative Preferred Stock,    46               46
      4,630,000 shares issued and outstanding
    Common stock, $0.01 par value,
    200,000,000 shares authorized,
    124,896,765 shares
      issued, 68,159,616 and 68,032,289       1,249            1,249
      shares outstanding, respectively
    Additional paid-in capital                1,762,755        1,746,259
    Accumulated other comprehensive loss      (283)            (184)
    Accumulated deficit                       (716,316)        (609,272)
    Treasury stock, at cost (56,737,149
    shares and 56,864,476 shares,             (164,846)        (164,796)
    respectively)
      Total shareholders' equity of the       882,717          973,407
      Company
  Noncontrolling interests in consolidated    16,270           16,414
  joint ventures
    Total equity                              898,987          989,821
      Total liabilities and equity            $   3,485,032  $   3,589,726





ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
                                    Three Months Ended  Nine Months Ended
                                    September 30,       September 30,
                                    2012       2011       2012       2011
                                    (Unaudited)         (Unaudited)
REVENUE
  Rooms                             $         $         $         $ 
                                    184,966   169,145   553,702   508,934
  Food and beverage                 35,034     33,486     121,151    113,135
  Rental income from operating      -          1,304      -          4,008
  leases
  Other                             10,069     10,583     30,084     30,182
      Total hotel revenue           230,069    214,518    704,937    656,259
  Asset management fees and other   100        69         252        217
      Total Revenue                230,169    214,587    705,189    656,476
EXPENSES
  Hotel operating expenses
      Rooms                         42,677     39,863     125,268    116,114
      Food and beverage             25,911     25,155     83,311     78,757
      Other expenses                72,121     68,351     217,182    202,753
      Management fees              9,378      8,466      28,576     26,509
           Total hotel operating    150,087    141,835    454,337    424,133
           expenses
  Property taxes, insurance, and    11,876     12,297     34,556     34,953
  other
  Depreciation and amortization     34,200     33,776     102,739    99,580
  Impairment charges                (5,066)    (92)       (1,133)    (4,748)
  Gain on insurance settlement      -          -          -          (1,905)
  Transaction acquisition costs     -          27         -          (791)
  Corporate, general, and
  administrative:
      Stock/unit-based compensation 4,332      3,069      13,701     8,428
      Other general and             6,519      6,025      19,327     25,554
      administrative
           Total Operating Expenses 201,948    196,937    623,526    585,204
OPERATING INCOME                    28,221     17,650     81,663     71,272
  Equity in earnings (loss) of      (7,373)    (6,228)    (17,654)   19,596
  unconsolidated joint ventures
  Interest income                   30         11         84         70
  Other income                      8,671      17,349     22,988     83,509
  Interest expense                  (35,928)   (33,388)   (105,045)  (100,384)
  Amortization of loan costs        (1,612)    (1,142)    (4,289)    (3,532)
  Write-off of deferred loan costs  -          (729)      -          (729)
  Unrealized gain (loss) on         (48)       (352)      3,365      (314)
  investments
  Unrealized loss on derivatives    (9,353)    (16,727)   (26,753)   (51,276)
INCOME (LOSS) FROM CONTINUING       (17,392)   (23,556)   (45,641)   18,212
OPERATIONS BEFORE INCOME TAXES
  Income tax expense                (639)      (1,077)    (2,884)    (2,407)
INCOME (LOSS) FROM CONTINUING       (18,031)   (24,633)   (48,525)   15,805
OPERATIONS
Loss from discontinued operations   -          (351)      -          (4,170)
NET INCOME (LOSS)                   (18,031)   (24,984)   (48,525)   11,635
(Income) loss from consolidated
joint ventures attributable to      219        832        444        (537)
noncontrolling interests
Net (income) loss attributable to
redeemable noncontrolling interests 2,665      2,935      6,902      1,207
in operating partnership
NET INCOME (LOSS) ATTRIBUTABLE TO   (15,147)   (21,217)   (41,179)   12,305
THE COMPANY
Preferred dividends                 (8,490)    (7,415)    (25,312)   (38,741)
NET INCOME (LOSS) ATTRIBUTABLE TO   $         $         $         $ 
COMMON SHAREHOLDERS                 (23,637)  (28,632)  (66,491)  (26,436)
INCOME PER SHARE – BASIC AND
DILUTED:
  Basic:
      Income (loss) from continuing $       $       $       $   
      operations attributable to    (0.35)    (0.43)    (0.99)    (0.37)
      common shareholders
      Loss from discontinued
      operations attributable to    -          -          -          (0.07)
      common shareholders
      Net income (loss)             $       $       $       $   
      attributable to common        (0.35)    (0.43)    (0.99)    (0.44)
      shareholders
      Weighted average common       67,659     66,801     67,484     60,601
      shares outstanding – basic
  Diluted:
      Income (loss) from continuing $       $       $       $   
      operations attributable to    (0.35)    (0.43)    (0.99)    (0.37)
      common shareholders
      Loss from discontinued                   $    
      operations attributable to    -            -     -          (0.07)
      common shareholders
      Net income (loss)             $       $       $       $   
      attributable to common        (0.35)    (0.43)    (0.99)    (0.44)
      shareholders
      Weighted average common       67,659     66,801     67,484     60,601
      shares outstanding – diluted
  Dividends declared per common     $      $      $      $    
  share:                            0.11      0.10      0.33      0.30
Amounts attributable to common
shareholders:
  Income (loss) from continuing     $         $         $         $  
  operations, net of tax            (15,147)  (20,906)  (41,179)  16,862
  Loss from discontinued            -          (311)      -          (4,557)
  operations, net of tax
  Preferred dividends               (8,490)    (7,415)    (25,312)   (38,741)
  Net income (income) attributable  $         $         $         $ 
  to common shareholders            (23,637)  (28,632)  (66,491)  (26,436)



ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)
(Unaudited)
                                Three Months Ended      Nine Months Ended
                                September 30,           September 30,
                                2012         2011         2012        2011
Net income (loss)             $           $           $          $  
                                (18,031)    (24,984)    (48,525)   11,635
(Income) loss from
consolidated joint ventures     219          832          444         (537)
attributable to noncontrolling
interests
Net (income) loss attributable
to redeemable noncontrolling    2,665        2,935        6,902       1,207
interests in operating
partnership
Net income (loss) attributable (15,147)     (21,217)     (41,179)    12,305
to the Company
         Interest income      (30)         (11)         (84)        (70)
         Interest expense and
         amortization of loan   37,190       34,071       108,280     103,233
         costs
         Depreciation and      33,434       32,947       100,451     97,510
         amortization
         Impairment charges   (5,066)      (92)         (1,133)     1,489
         Income tax expense   639          1,077        2,884       2,492
         Net income (loss)
         attributable to
         redeemable             (2,665)      (2,935)      (6,902)     (1,207)
         noncontrolling
         interests in operating
         partnership
         Equity in (earnings)
         loss of unconsolidated 7,373        6,228        17,654      (19,596)
         joint ventures
         Company's portion of
         EBITDA of              17,996       18,276       57,676      86,185
         unconsolidated joint
         ventures
EBITDA                        73,724       68,344       237,647     282,341
         Amortization of
         unfavorable management (565)        (565)        (1,694)     (1,694)
         contract liabilities
         Gain on
         sale/disposition of    -            311          -           (2,650)
         properties
         Non-cash gain on      -            -            -           (1,157)
         insurance settlements
         Write-off of loan
         costs, premiums, and   -            729          -           1,677
         exit fees, net
         Other income (1)     (8,671)      (17,349)     (22,988)    (83,509)
         Transaction           -            27           -           (791)
         acquisition costs
         Legal costs related
         to litigation          755          -            2,463       6,875
         settlements (2)
         Unrealized (gain)     48           352          (3,365)     314
         loss on investments
         Unrealized loss on    9,353        16,727       26,753      51,276
         derivatives
         El Conquistador
         results since          897          -            897         -
         appointment of
         receiver
         Equity-based          4,332        3,069        13,701      8,428
         compensation
         Company's portion of
         adjustments to EBITDA  81           (1,772)      225         (41,566)
         of unconsolidated
         joint ventures
Adjusted EBITDA               $          $          $          $ 
                                79,954      69,873      253,639    219,544
         Other income primarily consisting of income from interest rate
(1)      derivatives in both periods, net realized (gain) loss on investments
         in securities and other in both periods, and a $30.0 million
         litigation settlement in the nine months ended September 30, 2011 are
         excluded from Adjusted EBITDA.
(2)      Legal costs associated with litigation settlements are excluded from
         Adjusted EBITDA.
         The above table excludes the operating results for the Hilton El
         Conquistador in Tucson, AZ after August 15, 2012. During the third
NOTE: quarter 2012, a receiver was appointed to take over this hotel and
         the receiver now has full control of the hotel operations and cash
         flow.



RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO")
(in thousands, except per share amounts)
(Unaudited)
                                    Three Months Ended  Nine Months Ended
                                    September 30,       September 30,
                                    2012       2011       2012       2011
Net income (loss)               $         $         $         $  
                                    (18,031)  (24,984)  (48,525)  11,635
(Income) loss from consolidated
joint ventures attributable to      219        832        444        (537)
noncontrolling interests
Net (income) loss attributable to
redeemable noncontrolling interests 2,665      2,935      6,902      1,207
in operating partnership
Preferred dividends               (8,490)    (7,415)    (25,312)   (38,741)
Net income (loss) attributable to  (23,637)   (28,632)   (66,491)   (26,436)
common shareholders
       Depreciation and            33,398     32,883     100,289    97,322
       amortization on real estate
       Impairment charges         (5,066)    (92)       (1,133)    1,489
       Gain on sale/dispoistion of -          311        -          (2,650)
       properties
       Non-cash gain on insurance  -          -          -          (1,157)
       settlements
       Net income (loss)
       attributable to redeemable   (2,665)    (2,935)    (6,902)    (1,207)
       noncontrolling interests in
       operating partnership
       Equity in (earnings) loss
       of unconsolidated joint      7,373      6,228      17,654     (19,596)
       ventures
       Company's portion of FFO of
       unconsolidated joint         5,845      4,453      21,255     3,454
       ventures
FFO available to common            15,248     12,216     64,672     51,219
shareholders
       Dividends on convertible    -          -          -          1,374
       preferred stock
       Write-off of loan costs,
       premiums, and exit fees,     -          729        -          1,677
       net
       Transaction acquisition     -          27         -          (791)
       costs
       Legal costs related to      755        -          2,463      6,875
       litigation settlements (2)
       Other income (1)           (607)      853        1,065      (29,147)
       Unrealized (gain) loss on   48         352        (3,365)    314
       investments
       Unrealized loss on          9,353      16,727     26,753     51,276
       derivatives
       Non-cash dividends on       -          -          -          17,363
       Series B-1 preferred stock
       El Conquistador results,
       interest, and amortization   1,144      -          1,144      -
       of deferred loan costs since
       appointment of receiver
       Equity-based compensation
       adjustment related to        -          -          480        -
       modified employment terms
       Company's portion of
       adjustments to FFO of        89         836        233        15,114
       unconsolidated joint
       ventures
Adjusted FFO available to common   $        $        $        $ 
shareholders                       26,030    31,740    93,445    115,274
Adjusted FFO per diluted share     $      $      $      $    
available to common shareholders   0.31      0.38      1.10      1.44
Weighted average diluted shares   85,344     83,512     84,976     79,885
       Other income primarily consisting of
(1)    net realized (gain) loss on
       investments in securities and other in
       both periods and a $30.0 million
       litigation settlement in the nine
       months ended September 30, 2011 are
       excluded from Adjusted FFO.
       Legal costs associated with
(2)    litigation settlements are
       excluded from Adjusted FFO.
       The above table excludes the operating results for the
       Hilton El Conquistador in Tucson, AZ after August 15, 2012.
NOTE: During the third quarter 2012, a receiver was appointed to
       take over this hotel and the receiver now has full control
       of the hotel operations and cash flow.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGACY PORTFOLIO ONLY
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
                                           Fixed-Rate     Floating-Rate     Total    TTM      TTM
                                                                                           Hotel    EBITDA
Indebtedness          Maturity   Interest  Debt           Debt              Debt     EBITDA  Debt
                                 Rate                                                                Yield
                      August     LIBOR +   $           $              $      $   
Aareal - 2 hotels   2013       2.75%        -          142,667                           17.2%
                                                                                142,667   24,533
BoA MIP - 5 hotels  March      LIBOR +   -                175,083         (1) 175,083    18,548    10.6%
                      2014       4.50%
JPM Floater - 9      May 2014   LIBOR +   -                135,000         (2) 135,000    16,098    11.9%
hotels                          6.50%
GEMSA Manchester -   May 2014   8.32%     5,350            -                   5,350      509       9.5%
1 hotel
Senior credit        September  LIBOR +
facility - Various   2014       2.75% to  -                -                   -          N/A     N/A
                                 3.5%
UBS 1 - 8 hotels    December   5.75%     105,246          -                   105,246    12,292    11.7%
                      2014
Merrill 1 - 10       July 2015  5.22%     153,638          -                   153,638    19,246    12.5%
hotels
UBS 2 - 8 hotels    December   5.70%     97,394           -                   97,394     13,190    13.5%
                      2015
Prudential/Wheelock  December   12.72%    153,859          -                   153,859    24,170    15.7%
- 5 hotels           2015
Merrill 2 - 5        February   5.53%     110,945          -                   110,945    17,065    15.4%
hotels               2016
Merrill 3 - 5        February   5.53%     92,007           -                   92,007     15,133    16.4%
hotels               2016
Merrill 7 - 5        February   5.53%     79,699           -                   79,699     12,635    15.9%
hotels               2016
Wachovia Philly CY   April      5.91%     34,838           -                   34,838     9,637     27.7%
- 1 hotel            2017
Wachovia 3 - 2       April      5.95%     127,665          -                   127,665    13,882    10.9%
hotels               2017
Wachovia 7 - 3       April      5.95%     259,786          -                   259,786    23,354    9.0%
hotels               2017
Wachovia 1 - 5       April      5.95%     115,071          -                   115,071    10,508    9.1%
hotels               2017
Wachovia 5 - 5       April      5.95%     103,431          -                   103,431    9,316     9.0%
hotels               2017
Wachovia 6 - 5       April      5.95%     157,382          -                   157,382    15,022    9.5%
hotels               2017
Wachovia 2 - 7       April      5.95%     125,887          -                   125,887    11,424    9.1%
hotels               2017
TIF Philly CY - 1    June 2018  12.85%    8,098            -                   8,098      N/A     N/A
hotel
GACC Gateway - 1     November   6.26%     102,877          -                   102,877    16,485    16.0%
hotel                2020
                                 Greater
Zion Jacksonville    April      of 6% or  -                6,545               6,545      1,099     16.8%
RI - 1 hotel         2034       Prime +
                                 1%
Unencumbered                              -                -                   -          2,724     N/A
hotels
                                           $               $              $      $   
Total                                    1,833,173       459,295                             12.5%
                                                                                2,292,468  286,870
Percentage                               80.0%            20.0%               100.0%
Weighted average interest rate           6.44%            4.78%               6.11%
Total indebtedness with effect of         $               $              $    
interest rate swaps                       1,833,173       459,295              
                                                                                2,292,468
Percentage with the effect of interest    80.0%            20.0%               100.0%
rate swaps
Weighted average interest rate with the   4.72%        (3) 4.78%           (3) 4.73%
effect of interest rate swaps
All indebtedness is non-recourse with the
exception of the credit facility.
^(1)This mortgage loan has a one-year extension option beginning March
2014, subject to satisfaction of certain conditions.
^(2)This mortgage loan has three one-year extension options
beginning May 2014, subject to satisfaction of certain
conditions.
^(3)These rates are calculated assuming the LIBOR rate stays at the
September 30, 2012 level and with the effect of our interest rate
derivatives.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ. During the
third quarter a receiver was appointed to take over this hotel and the receiver now has full control of the
hotel operations and cash flow.

HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
SUMMARY OF INDEBTEDNESS
ASHFORD'S PRO RATA 71.74% SHARE
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
                                  Fixed-Rate  Floating-Rate     Total    TTM      TTM
                                                                               Hotel    EBITDA
Indebtedness  Maturity  Interest  Debt        Debt              Debt     EBITDA  Debt
                        Rate                                                             Yield
CIGNA                                                              $      $   
Boston Back   January   5.96%     $         $                         19.8%
Bay - 1       2013                45,426          -              45,426     9,003
hotel
CIGNA
Westin        February  5.97%     23,081        -                   23,081     3,396     14.7%
Princeton -   2013
1 hotel
CIGNA
Nashville     April     6.11%     32,330        -                   32,330     8,247     25.5%
Renaissance   2013
- 1 hotel
Wells        March     LIBOR +
Senior - 25   2014      2.75%     -             380,222         (1) 380,222    60,392    15.9%
hotels
                        Greater
Mezz 1 - 28  March     of 7.00%  -             103,512         (1) 103,512    81,038    13.9%
hotels       2014      or LIBOR
                        + 6.00%
                        Greater
Mezz 2 - 28  March     of 8.00%  -             98,541          (1) 98,541     81,038    11.9%
hotels       2014      or LIBOR
                        + 7.00%
                        Greater
Mezz 3 - 28  March     of
hotels       2014      10.50%    -             84,464          (1) 84,464     81,038    10.6%
                        or LIBOR
                        + 9.50%
Mezz 4 - 28  March     LIBOR +                 13,218          (1) 13,218     81,038    10.4%
hotels       2014      2.00%
Total                                                              $      $   
(Ashford's                        $          $                            10.4%
71.74% share                      100,837       679,957             780,794   81,038
only)
Percentage                      12.9%         87.1%               100.0%
Weighted
average                           6.01%         5.23%               5.33%
interest
rate
Percentage
with the
effect of                         12.9%         87.1%               100.0%
interest rate
swaps
Total Ashford plus Ashford's     $            $                $      $   
71.74% share of PIM Highland      1,934,010    1,139,252                          12.0%
Holding LLC                                                        3,073,262  367,908
Percentage with the
effect of interest                62.9%         37.1%               100.0%
rate swaps
Weighted average
interest rate with the            4.79%         5.05%               4.88%
effect of interest rate
swaps
^(1)Each of these loans has two
one-year extension options
beginning March 2014.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in Tucson, AZ.
During the third quarter a receiver was appointed to take over this hotel and the receiver now has
full control of the hotel operations and cash flow.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGACY PORTFOLIO ONLY
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
                     2012    2013      2014      2015      2016      Thereafter  Total
Aareal - 2          $     $      $      $      $      $     
hotels                   140,167           -     -     -      140,167
                      -              -
GEMSA Manchester -  -       -         5,004     -         -         -             5,004
1 hotel
Senior credit       -       -         -         -         -         -             -
facility - Various
UBS 1 - 8           -       -         100,119   -         -         -             100,119
hotels
BoA MIP - 5         -       -         -         176,400   -         -             176,400
hotels
Merrill 1 - 10      -       -         -         142,922   -         -             142,922
hotels
UBS 2 - 8           -       -         -         90,680    -         -             90,680
hotels
Prudential/Wheelock -       -         -         147,683   -         -             147,683
- 5 hotels
Merrill 2 - 5       -       -         -         -         101,740   -             101,740
hotels
Merrill 3 - 5       -       -         -         -         84,374    -             84,374
hotels
Merrill 7 - 5       -       -         -         -         73,086    -             73,086
hotels
JPM Floater - 9     -       -         -         -         -         135,000       135,000
hotels
Wachovia Philly CY  -       -         -         -         -         32,532        32,532
- 1 hotel
Wachovia 3 - 2      -       -         -         -         -         119,245       119,245
hotels
Wachovia 7 - 3      -       -         -         -         -         242,201       242,201
hotels
Wachovia 1 - 5      -       -         -         -         -         107,351       107,351
hotels
Wachovia 5 - 5      -       -         -         -         -         96,491        96,491
hotels
Wachovia 6 - 5      -       -         -         -         -         146,823       146,823
hotels
Wachovia 2 - 7      -       -         -         -         -         117,441       117,441
hotels
TIF Philly CY - 1   -       -         -         -         -         8,098         8,098
hotel
GACC Gateway - 1    -       -         -         -         -         89,886        89,886
hotel
Zion Jacksonville   -       -         -         -         -         -             -
RI - 1 hotel
Principal due in    $     $      $       $        $        $           $  
future periods                    105,123  557,685  259,200  1,095,068     2,157,243
                      -    140,167
Scheduled
amortization         10,507  31,030    30,978    28,230    16,723    17,757        135,225
payments remaining
Total indebtedness  $     $      $       $        $        $           $  
of continuing        10,507           136,101  585,915  275,923  1,112,825     2,292,468
operations                  171,197
NOTE: These maturities assume no event of
default would occur.
NOTE: The above table excludes the debt associated with the Hilton El Conquistador in
Tucson, AZ. During the third quarter a receiver was appointed to take over this hotel and
the receiver nowhas full control of the hotel operations and cash flow.

HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
ASHFORD'S PRO RATA 71.74% SHARE
SEPTEMBER 30, 2012
(in thousands)
(Unaudited)
             2012     2013      2014      2015      2016      Thereafter  Total
CIGNA       $     $      $      $      $   
Boston Back                                 $        $    
Bay - 1      -        45,215   -         -         -            -      45,215
hotel
CIGNA
Westin       -        22,939    -         -         -         -             22,939
Princeton -
1 hotel
CIGNA
Nashville    -        31,774    -         -         -         -             31,774
Renaissance
- 1 hotel
Wells
Senior - 25  -        -         -         -         380,222   -             380,222
hotels
Mezz 1 -    -        -         -         -         103,512   -             103,512
28 hotels
Mezz 2 -    -        -         -         -         98,541    -             98,541
28 hotels
Mezz 3 -    -        -         -         -         84,464    -             84,464
28 hotels
Mezz 4 -    -        -         -         -         13,218    -             13,218
28 hotels
Principal   $     $      $      $   
due in                                $        $        $   
future       -        99,928   -         -         679,957     -      779,885
periods
Scheduled
amortization 447      462       -         -         -         -             909
payments
remaining
Total
indebtedness
of                    $      $      $   
continuing   $                          $        $        $   
operations     447  100,390  -         -         679,957     -      780,794
(Ashford's
71.74% share
only)
Total
indebtedness
of
continuing
operations
plus
Ashford's
 71.74%           $   
share of PIM $               $        $        $        $            $  
Highland     10,954  271,587  136,101  585,915  955,880  1,112,825    3,073,262
Holding LLC
NOTE: The above table excludes the debt associated with the Hilton El Conquistador
in Tucson, AZ. During the third quarter a receiver was appointed to take over this
hotel and the receiver nowhas full control of the hotel operations and cash flow.



ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS - PRO FORMA
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
                   Three Months Ended             Nine Months Ended
                   September 30,                  September 30,
                   2012       2011      %         2012      2011      %
                                        Variance                      Variance
ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS:
       Room
       revenues    $       $      6.63%     $       $       5.72%
       (in         182,019    170,699             542,244  512,928
       thousands)
                   $      $                $      $   
       RevPAR      101.93             6.63%     101.63    96.32  5.51%
                              95.59
       Occupancy   76.46%     75.44%    1.02%     75.40%    74.10%    1.30%
       ADR         $      $      5.22%     $      $      3.68%
                   133.32      126.71            134.78   129.99
NOTES:
       The above pro forma table assumes the 95 hotel properties owned and
  (1)  included in continuing operations at September 30, 2012 were owned as
       of the
       beginning
       of the
       period
       presented.
       The above table excludes the operating results for the Hilton
  (2)  El Conquistador in Tucson, AZ. During the third quarter
       2012, a receiver was appointed to take over this hotel and
       the receiver now has full control of the hotel operations and
       cash flow.
ALL HOTELS NOT
UNDER RENOVATION
  INCLUDED IN CONTINUING
  OPERATIONS:
       Room
       revenues    $       $      7.30%     $       $       5.77%
       (in         168,923    157,434             500,290  473,013
       thousands)
                   $      $                $      $   
       RevPAR      105.01             7.31%     104.08    98.59  5.57%
                              97.86
       Occupancy   77.25%     75.77%    1.48%     75.86%    74.48%    1.38%
       ADR         $      $      5.27%     $      $      3.65%
                   135.95      129.15            137.21   132.38
NOTES:
       The above pro forma table assumes the 86 hotel properties owned and
  (1)  included in continuing operations at September 30, 2012 but not under
       renovation for
       three and nine months ended September 30,
       2012 were owned as of the beginning of
       the periods presented.
  (2)  Excluded Hotels Under
       Renovation:
       Hampton Inn Evansville, Sheraton Indy City Center, Hilton Costa Mesa,
       Sheraton San Diego Mission Valley, Courtyard Ft. Lauderdale Weston,
       Courtyard Palm Desert, Residence Inn Dallas Plano, Residence Inn Palm
       Desert, Residence Inn Salt Lake City
       The above table excludes the operating results for the Hilton
       El Conquistador in Tucson, AZ. During the third quarter
  (3)  2012, a receiver was appointed to take over this hotel and
       the receiver now has full control of the hotel operations and
       cash flow.

HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
KEY PERFORMANCE INDICATORS - PRO FORMA
(dollars in thousands)
(Unaudited)
THE FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND
HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC) AS IF THESE HOTELS WERE OWNED
AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
                       Three Months Ended         Nine Months Ended
                       September 30,              September 30,
                       2012     2011    %         2012      2011      %
                                        Variance                      Variance
71.74% PRO-RATA SHARE OF ALL
HOTELS INCLUDED IN
     CONTINUING OPERATIONS:
         Room revenues $     $               $       $  
         (in                         3.38%     157,648  151,430  4.11%
         thousands)    52,573   50,855
                       $     $               $      $   
         RevPAR                     3.38%     101.12    97.41  3.81%
                       100.59   97.30
         Occupancy     73.26%   74.16%  -0.90%    72.66%    72.02%    0.64%
                       $     $               $      $   
         ADR                         4.65%     139.16   135.25   2.89%
                       137.31   131.21
         The above pro forma table assumes the 28 hotel properties owned and
NOTE:    included in continuing operations at September 30, 2012 were owned as
         of the
         beginning of the
         periods presented.
71.74% PRO-RATA SHARE OF ALL
HOTELS NOT UNDER RENOVATION
     INCLUDED IN
     CONTINUING
     OPERATIONS:
         Room revenues $     $               $       $  
         (in                         4.28%     139,368  133,519  4.38%
         thousands)    46,020   44,131
                       $     $               $      $   
         RevPAR                     4.29%     101.53    97.55  4.08%
                       100.00   95.89
         Occupancy     72.66%   72.96%  -0.30%    72.67%    71.46%    1.21%
                       $     $               $      $   
         ADR                         4.70%     139.72   136.50   2.36%
                       137.61   131.43
NOTES:
         The above pro forma table assumes the 25 hotel properties owned and
     (1) included in continuing operations at September 30, 2012 but not under
         renovation for
         the three and nine months ended
         September 30, 2012 were owned as of the
         beginning of the periods presented.
         Excluded
     (2) Hotels Under
         Renovation:
         Hyatt Regency Wind Watch,
         Courtyard Boston Tremont,
         Marriott Omaha



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          Nine Months Ended
                     September 30,               September 30,
                     2012      2011     %         2012      2011      %
                                        Variance                      Variance
REVENUE
   Rooms           $      $      6.6%       $       $        5.7%
                     182,019  170,699             542,244  512,928
   Food and         33,850    32,794   3.2%       115,827   109,837   5.5%
   beverage
   Other           8,735     8,988    -2.8%      25,253    24,749    2.0%
         Total
         hotel       224,604   212,481  5.7%       683,324   647,514   5.5%
         revenue
EXPENSES
   Rooms           41,626    39,898   4.3%       121,945   116,403   4.8%
   Food and         24,626    24,346   1.2%       78,878    76,021    3.8%
   beverage
   Other direct    4,752     4,504    5.5%       13,941    13,265    5.1%
   Indirect       61,409    61,135   0.4%       183,167   179,720   1.9%
   Management fees,
   includes base and 10,363    8,563    21.0%      32,710    28,884    13.2%
   incentive fees
         Total
         hotel       142,776   138,446  3.1%       430,641   414,293   3.9%
         operating
         expenses
   Property taxes,
   insurance, and    11,663    12,358   -5.6%      33,509    34,991    -4.2%
   other
HOTEL OPERATING
PROFIT (Hotel        70,165    61,677   13.8%      219,174   198,230   10.6%
EBITDA)
         Hotel
         EBITDA      31.24%    29.03%   2.21%      32.07%    30.61%    1.46%
         Margin
   Minority
   interest in
   earnings of       1,575     1,313    20.0%      4,984     4,767     4.6%
   consolidated
   joint ventures
HOTEL OPERATING
PROFIT (Hotel
EBITDA),
   excluding
   minority interest $      $      13.6%      $        $         10.7%
   in joint          68,590   60,364              214,190  193,463
   ventures
                     $         $                   $         $
NOTES:
         The above pro forma table assumes the 95 hotel
   (1)   properties owned and included in continuing
         operations at were owned as of the
         beginning
         of the
         period
         presented.
         The above table excludes the operating results for
   (2)   the Hilton El Conquistador in Tucson, AZ. During
         the third quarter 2012, a receiver was appointed
         to take over this hotel and the receiver now has
         full control of the hotel operations and cash
         flow.
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN
CONTINUING OPERATIONS:
                     Three Months Ended          Nine Months Ended
                     September 30,               September 30,
                     2012      2011     %         2012      2011      %
                                        Variance                      Variance
REVENUE
   Rooms           $      $      7.3%       $       $        5.8%
                     168,923  157,434             500,290  473,013
   Food and         30,609    29,978   2.1%       104,945   101,011   3.9%
   beverage
   Other           7,848     7,950    -1.3%      22,482    21,836    3.0%
         Total
         hotel       207,380   195,362  6.2%       627,717   595,860   5.3%
         revenue
EXPENSES
   Rooms           38,227    36,592   4.5%       111,757   106,864   4.6%
   Food and         22,178    22,118   0.3%       71,125    69,162    2.8%
   beverage
   Other direct    4,465     4,215    5.9%       13,024    12,383    5.2%
   Indirect       56,467    55,980   0.9%       167,884   164,710   1.9%
   Management fees,
   includes base and 9,579     7,773    23.2%      30,135    26,611    13.2%
   incentive fees
         Total
         hotel       130,916   126,678  3.3%       393,925   379,730   3.7%
         operating
         expenses
   Property taxes,
   insurance, and    10,606    11,501   -7.8%      30,548    31,999    -4.5%
   other
HOTEL OPERATING
PROFIT (Hotel        65,858    57,183   15.2%      203,244   184,131   10.4%
EBITDA)
         Hotel
         EBITDA      31.76%    29.27%   2.49%      32.38%    30.90%    1.48%
         Margin
   Minority
   interest in
   earnings of       1,575     1,313    20.0%      4,984     4,767     4.6%
   consolidated
   joint ventures
HOTEL OPERATING
PROFIT (Hotel
EBITDA),
   excluding
   minority interest $      $      15.1%      $        $         10.5%
   in joint          64,283   55,870              198,260  179,364
   ventures
NOTES:
         The above pro forma table assumes the 86 hotel properties owned and
   (1)   included in continuing operations at September 30, 2012 but not under
         renovation for
         three and nine months ended September
         30, 2012 were owned as of the beginning
         of the periods presented.
         Excluded
   (2)   Hotels
         Under
         Renovation:
         Hampton Inn Evansville, Sheraton Indy City Center, Hilton Costa Mesa,
         Sheraton San Diego Mission Valley, Courtyard Ft. Lauderdale Weston,
         Courtyard Palm Desert, Residence Inn Dallas Plano, Residence Inn Palm
         Desert, Residence Inn Salt Lake City
         The above table excludes the operating results for the Hilton El
   (3)   Conquistador in Tucson, AZ. During the third quarter 2012, a receiver
         was appointed to take over this hotel and the receiver now has full
         control of the hotel operations and cash flow.



HIGHLAND HOSPITALITY PORTFOLIO
(PIM Highland Holding LLC)
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO
CONTINUING OPERATIONS:
                     Three Months Ended        Nine Months Ended
                     September 30,             September 30,
                     2012     2011    %         2012      2011      %
                                      Variance                      Variance
REVENUE
                     $     $                $       $ 
    Rooms                         3.4%       157,648  151,430  4.1%
                     52,573  50,855
    Food and        16,383   16,176  1.3%       53,733    53,047    1.3%
    beverage
    Other          2,774    2,815   -1.5%      8,078     8,702     -7.2%
         Total
         hotel       71,730   69,846  2.7%       219,459   213,179   2.9%
         revenue
EXPENSES
    Rooms          11,754   11,707  0.4%       35,126    35,278    -0.4%
    Food and        11,481   11,624  -1.2%      35,964    36,923    -2.6%
    beverage
    Other direct   1,287    1,392   -7.5%      3,859     4,079     -5.4%
    Indirect      21,352   21,031  1.5%       63,925    62,090    3.0%
    Management
    fees, includes   2,557    2,358   8.4%       8,008     7,093     12.9%
    base and
    incentive fees
         Total
         hotel       48,431   48,112  0.7%       146,882   145,463   1.0%
         operating
         expenses
    Property taxes,
    insurance, and   3,929    4,197   -6.4%      10,582    12,399    -14.7%
    other
HOTEL OPERATING     $     $                $       $ 
PROFIT (Hotel        19,370  17,537  10.5%      61,995   55,317   12.1%
EBITDA)
         Hotel
         EBITDA      27.00%   25.11%  1.89%      28.25%    25.95%    2.30%
         Margin
         The above pro forma table assumes the 28 hotel properties owned and
NOTE:  included in continuing operations at September 30, 2012 were owned as
         of the beginning of the periods presented.
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN PIM HIGHLAND PORTFOLIO
CONTINUING OPERATIONS NOT UNDER RENOVATION:
                     Three Months Ended        Nine Months Ended
                     September 30,             September 30,
                     2012     2011    %         2012      2011      %
                                      Variance                      Variance
REVENUE
                     $     $                $       $ 
    Rooms                         4.3%       139,368  133,519  4.4%
                     46,020  44,131
    Food and        14,222   14,080  1.0%       47,650    46,632    2.2%
    beverage
    Other          2,504    2,492   0.5%       7,283     7,817     -6.8%
         Total
         hotel       62,746   60,703  3.4%       194,301   187,968   3.4%
         revenue
EXPENSES
    Rooms          10,261   10,172  0.9%       30,904    30,861    0.1%
    Food and        10,122   10,289  -1.6%      32,024    32,735    -2.2%
    beverage
    Other direct   1,222    1,325   -7.8%      3,660     3,860     -5.2%
    Indirect      18,803   18,531  1.5%       56,579    54,911    3.0%
    Management
    fees, includes   2,178    2,013   8.2%       6,937     6,159     12.6%
    base and
    incentive fees
         Total
         hotel       42,586   42,330  0.6%       130,104   128,526   1.2%
         operating
         expenses
    Property taxes,
    insurance, and   3,411    3,564   -4.3%      9,465     10,642    -11.1%
    other
HOTEL OPERATING     $     $                $       $ 
PROFIT (Hotel        16,749  14,809  13.1%      54,732   48,800   12.2%
EBITDA)
         Hotel
         EBITDA      26.69%   24.40%  2.30%      28.17%    25.96%    2.21%
         Margin
NOTES:
         The above pro forma table assumes the 25 hotel properties owned and
    (1)  included in continuing operations at September 30, 2012 but not under
         renovation for
         the three and nine months ended
         September 30, 2012 were owned as of
         the beginning of the periods
         presented.
         Excluded
    (2)  Hotels
         Under
         Renovation:
         Hyatt Regency Wind Watch,
         Courtyard Boston Tremont,
         Marriott Omaha



           ASHFORD HOSPITALITY TRUST, INC.
           PRO FORMA HOTEL OPERATING PROFIT MARGIN
           (Unaudited)
           THE FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE
           95 HOTELS INCLUDED IN THE COMPANY'S CONTINUING OPERATIONS AND THE
           28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
           HOLDING LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF
           THE FIRST COMPARATIVE REPORTING PERIOD.
                                                            PIM Highland
                                95 Legacy
                                                            Holding LLC
                                Properties                  28 Properties
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN:
3rd Quarter 2012                31.24%                      27.00%
3rd Quarter 2011                29.03%                      25.11%
           Variance             2.21%                       1.89%
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN VARIANCE
BREAKDOWN:
Rooms                          0.23%                       0.39%
Food & Beverage and Other       0.50%                       0.84%
Departmental
Administrative & General       0.31%                       0.50%
Sales & Marketing               0.27%                       0.39%
Hospitality                     0.02%                       -0.01%
Repair & Maintenance           0.21%                       0.03%
Energy                         0.38%                       0.27%
Franchise Fee                  0.15%                       -1.25%
Management Fee                 -0.20%                      -0.01%
Incentive Management Fee       -0.39%                      -0.18%
Insurance                      0.48%                       0.60%
Property Taxes                  0.12%                       -0.06%
Other Taxes                     0.02%                       -0.01%
Leases/Other                    0.11%                       0.39%
           Total                2.21%                       1.89%
           For comparative purposes, data in the table above for PIM Highland
(1)        LLC properties has been adjusted to eliminateone-time real estate
           tax refunds received by prior owner.
           The Legacy table above excludes the operating results for the
(2)        Hilton El Conquistador in Tucson, AZ. During the third quarter
           2012, a receiver was appointed to take over this hotel and the
           receiver now has full control of the hotel operations and cash
           flow.

ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(Unaudited)
THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) ALL 95 HOTELS
INCLUDED IN
THE COMPANY'S CONTINUING OPERATIONS, (II) THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS INCLUDED
IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (III) THE
COMBINED PORTFOLIO,
AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE
REPORTING PERIOD.
                  2012       2012       2012       2011
                  3rd        2nd        1st        4th         TTM
                  Quarter    Quarter    Quarter    Quarter
Legacy Portfolio
Total Hotel       $      $      $      $       $   
Revenue                                                915,155
                  224,604    241,199    217,523    231,829
                  $      $      $      $       $   
Hotel EBITDA                                       286,870
                  70,165     82,668     66,341     67,695
Hotel EBITDA      31.2%      34.3%      30.5%      29.2%       31.3%
Margin
EBITDA % of Total 24.5%      28.8%      23.1%      23.6%       100.0%
TTM
JV Interests in   $      $      $      $       $     
EBITDA                                         6,350
                  1,575      2,069      1,340      1,366
PIM Highland
Holding LLC
Portfolio
Total Hotel       $      $      $      $       $   
Revenue                                            294,319
                  71,730     80,878     66,852     74,859
                  $      $      $      $       $    
Hotel EBITDA                                       81,038
                  19,370     26,856     15,770     19,042
Hotel EBITDA      27.0%      33.2%      23.6%      25.4%       27.5%
Margin
EBITDA % of Total 23.9%      33.1%      19.5%      23.5%       100.0%
TTM
Legacy and PIM Highland Holding LLC
Combined
Total Hotel       $      $      $      $       $ 
Revenue                                                1,209,474
                  296,334    322,077    284,375    306,688
                  $      $      $      $       $   
Hotel EBITDA                                        367,908
                  89,535     109,524    82,111     86,737
Hotel EBITDA      30.2%      34.0%      28.9%      28.3%       30.4%
Margin
EBITDA % of Total 24.3%      29.8%      22.3%      23.6%       100.0%
TTM
JV Interests in   $      $      $      $       $     
EBITDA                                         6,350
                  1,575      2,069      1,340      1,366
NOTES:
            For comparative purposes, data in the tables above for
(1)         Highland Hospitality Portfolio (PIM Highland Holding LLC)
            properties have been adjusted to eliminate one-time real
            estate tax refunds received by prior owner.
            The above table excludes the operating results for the Hilton
(2)         El Conquistador in Tucson, AZ. During the third quarter 2012,
            a receiver was appointed to take over this hotel and the
            receiver now has full control of the hotel operations and cash
            flow.


ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD'S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM
HIGHLAND HOLDING LLC)
PRO FORMA HOTEL REVPAR BY MARKET
(Unaudited)
                               Three Months Ended     Nine Months Ended
               Number  Number  September 30,          September 30,
               of      of
Region         Hotels  Rooms   2012    2011   %       2012     2011    %
                                              Change                   Change
Atlanta, GA                    $    $            $     $   
Area           9       1,429   80.87        1.3%                  6.5%
                                       79.80          81.42   76.49
Boston, MA                     $     $            $     $   
Area           2       506     185.38 175.87 5.4%    165.30         8.2%
                                                               152.75
Dallas / Ft.                   $    $            $     $   
Worth Area     7       1,745   87.13        5.2%                  0.9%
                                       82.84          92.38   91.52
Houston, TX                    $    $            $     $   
Area           3       608     97.42        15.6%   102.63        12.3%
                                       84.27                   91.39
Los Angeles,                   $    $            $     $   
CA Metro Area  8       1,785   87.61        3.4%                  5.1%
                                       84.73          90.99   86.59
Miami, FL                      $    $            $     $   
Metro Area     3       576     75.05        2.6%    105.26         4.9%
                                       73.13                   100.36
Minneapolis -                  $    $            $     $   
St. Paul,      2       522     98.05        0.2%                  0.2%
MN-WI Area                             97.90          89.97   89.78
New York /                     $     $            $     $   
New Jersey     7       1,560   100.12 102.43 -2.3%                 0.8%
Metro Area                                            96.73   95.99
Orlando, FL                    $    $            $     $   
Area           6       1,834   69.65        9.1%                  4.2%
                                       63.83          78.70   75.55
Philadelphia,                  $     $            $     $   
PA Area        4       1,147   108.75 100.29 8.4%    106.44        8.8%
                                                               97.80
San Diego, CA                  $     $            $     $   
Area           3       706     130.24 121.78 7.0%    115.87         9.4%
                                                               105.92
San Francisco                  $     $            $     $   
- Oakland, CA  6       1,416   130.73 115.33 13.4%   121.54         11.2%
Metro Area                                                     109.26
Seattle, WA                    $     $            $     $   
Area           2       608     189.16 177.13 6.8%    139.00         7.4%
                                                               129.45
Tampa, FL                      $    $            $     $   
Area           4       875     90.59        18.8%   104.46        15.1%
                                       76.28                   90.79
Washington DC                  $     $            $     $   
- MD - VA      11      2,698   127.78 120.41 6.1%    134.60         1.1%
Area                                                           133.11
                               $    $            $     $   
Other Areas    46      7,752   92.93        4.9%                  4.7%
                                       88.61          91.46   87.34
Total                          $     $            $     $   
Portfolio      123     25,767  101.63       5.9%    101.51        5.1%
                                       95.98                   96.57
NOTES:
            The above pro forma table presents the 95 hotel properties included
      (1)   in Company's continuing operations and the 28 hotel properties
            included in Highland Hospitality Portfolio (PIM Highland Holding
            LLC) as if these hotels were owned as of the beginning of the
            periods presented.
            The above table excludes the operating results for the Hilton El
      (2)   Conquistador in Tucson, AZ. During the third quarter 2012, a
            receiver was appointed to take over this hotel and the receiver now
            has full control of the hotel operations and cash flow.





ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD'S 71.74% SHARE OF PIM HIGHLAND HOLDING LLC
PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET
(Unaudited)
                               Three Months Ended                  Nine Months Ended
               Number  Number  September 30,                       September 30,
               of      of
Region         Hotels  Rooms   2012   % of  2011   % of  %       2012     % of  2011     % of  %
                                      Total        Total Change           Total          Total Change
Atlanta, GA                    $           $                   $            $   
Area           9       1,429        3.8%        3.8%   13.4%         3.6%         3.3%   20.8%
                               3,434         3,028                 10,081          8,348
Boston, MA     2       506     4,169  4.7%   3,883  4.9%   7.4%    10,088   3.6%   9,026    3.6%   11.8%
Area
Dallas / Ft.   7       1,745   4,656  5.2%   4,402  5.6%   5.8%    17,254   6.1%   16,845   6.6%   2.4%
Worth Area
Houston, TX    3       608     2,192  2.4%   1,803  2.3%   21.6%   8,037    2.9%   6,344    2.5%   26.7%
Area
Los Angeles,   8       1,785   4,830  5.4%   4,374  5.5%   10.4%   17,320   6.2%   14,950   5.9%   15.9%
CA Metro Area
Miami, FL      3       576     348    0.4%   224    0.3%   55.4%   5,607    2.0%   4,756    1.9%   17.9%
Metro Area
Minneapolis -
St. Paul,      2       522     2,369  2.6%   2,382  3.0%   -0.5%   5,990    2.1%   6,003    2.4%   -0.2%
MN-WI Area
New York /
New Jersey     7       1,560   5,605  6.3%   5,499  6.9%   1.9%    16,639   5.9%   15,579   6.1%   6.8%
Metro Area
Orlando, FL    6       1,834   2,723  3.0%   1,827  2.3%   49.0%   11,428   4.1%   10,358   4.1%   10.3%
Area
Philadelphia,  4       1,147   4,070  4.5%   3,090  3.9%   31.7%   12,084   4.3%   9,276    3.7%   30.3%
PA Area
San Diego, CA  3       706     4,275  4.8%   3,890  4.9%   9.9%    11,383   4.0%   10,500   4.1%   8.4%
Area
San Francisco
- Oakland, CA  6       1,416   6,810  7.6%   5,120  6.5%   33.0%   17,565   6.2%   14,726   5.8%   19.3%
Metro Area
Seattle, WA    2       608     5,300  5.9%   5,192  6.6%   2.1%    10,884   3.9%   10,268   4.0%   6.0%
Area
Tampa, FL      4       875     2,185  2.4%   1,087  1.4%   101.0%  9,883    3.5%   7,230    2.9%   36.7%
Area
Washington DC
- MD - VA      11      2,698   12,343 13.8%  11,168 14.1%  10.5%   42,181   15.0%  41,871   16.5%  0.7%
Area
Other Areas    46      7,752   24,227 27.1%  22,244 28.1%  8.9%    74,747   26.6%  67,468   26.6%  10.8%
Total          123     25,767  $    100.0% $    100.0% 13.0%   $     100.0% $     100.0% 10.9%
Portfolio                      89,534        79,214                281,169        253,547
NOTES:
            The above pro forma table presents the 95 hotel properties included in Company's continuing
      (1)   operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM
            Highland Holding LLC) as if these hotels were owned as of the beginning of the periods
            presented.
            The above pro forma table includes hotel operating profit for 100% of the 95 hotel properties
      (2)   included in the Company's continuting operations and the Company's 71.74% share of the 28
            hotels included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these
            hotels were owned as of the biginning of the periods presented.
      (3)   The above table excludes the operating results for the Hilton El Conquistador in Tucson, AZ.
            During the third quarter 2012, a receiver was appointed to take over this hotel and the
            receiver now has full control of the hotel operations and cash flow.


ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
SEPTEMBER 30, 2012
(dollars in thousands)
(Unaudited)
                               September 30,
                               2012
End of quarter common shares  68,160                Ties to Exhibit A
outstanding
Partnership units outstanding 17,610                Ties to Exhibit A
(common share equivalents)
Combined common shares and    85,770                Ties to Exhibit A
partnership units outstanding
Common stock price at quarter $       8.40    Ties to Google Finance
end
Market capitalization at      $    720,468       Formula
quarter end
Series A preferred stock     $     41,430      Shares x Liquidation
                                                     Price
Series D preferred stock     $    236,718       Shares x Liquidation
                                                     Price
Series E preferred stock     $    115,750       Shares x Liquidation
                                                     Price
Consolidated debt on balance  $  2,292,468        Ties to ER Balance
sheet date                                          Sheet
Joint venture partners' share $    (36,469)      Ties to Debt WAVG File
of consolidated debt
Ashford's share of Highland   $    780,794       Ties to ER Debt
portfolio debt                                      Schedule
Cash and cash equivalents    $   (145,779)       Ties to ER Balance
                                                     Sheet
Total enterprise value (TEV)  $  4,005,380
as of September 30, 2012
NOTE: The above table excludes the debt associated with the Hilton El
Conquistador in Tucson, AZ. During the third quarter a receiver was
appointed to take over this hotel and the receiver now has full control
of the hotel operations and cash flow.





Ashford Hospitality Trust, Inc.
Anticipated Capital Expenditures Calendar
Legacy Hotels (a)
                               2012
                       Rooms   1st Quarter   2nd       3rd       4th Quarter
                                             Quarter   Quarter
                               Actual        Actual    Actual    Estimated
Hilton Santa Fe        157     x             x                   x
Crowne Plaza Key West  160     x             x
Embassy Suites         119     x             x
Flagstaff
Hilton Capital         408     x             x
SpringHill Suites      164     x             x
Manhattan Beach
Hilton Costa Mesa     486     x                       x         x
Sheraton San Diego     260     x                       x         x
Mission Valley
Courtyard Hartford     90      x                                 x
Manchester
Courtyard Seattle      250     x                                 x
Downtown Lake Union
Embassy Suites Houston 150     x
Embassy Suites Walnut  249     x
Creek
Hilton Nassau Bay      243     x
Embassy Suites         276     x
Portland Downtown
Courtyard Basking      235     x
Ridge
Courtyard Oakland      156     x
Airport
Courtyard Philadelphia 498     x
Downtown
Embassy Suites Santa   257     x
Clara
Historic Inn Annapolis 124     x
Marriott Bridgewater   347     x
Residence Inn          120     x
Jacksonville
Residence Inn Las      256     x
Vegas
Springhill Suites      96      x
Buford Mall of Georgia
Springhill Suites      136     x
Charlotte
Springhill Suites      199     x
Philadelphia
Sheraton Indy City     371                   x         x         x
Center
Hampton Inn Evansville 141                   x         x         x
Courtyard Atlanta      154                   x
Alpharetta
Residence Inn Dallas   126                             x         x
Plano
Courtyard              174                             x         x
Ft.Lauderdale Weston
Courtyard Palm Desert  151                             x         x
Residence Inn Palm     130                             x         x
Desert
Residence Inn Salt     144                             x         x
Lake City
Hilton LaJolla Torrey  296                                       x
Pines
Courtyard Dallas Plano 153                                       x
in Legacy Park
Embassy Suites Dulles  150                                       x
Embassy Suites East    215                                       x
Syracuse
Hilton Garden Inn      119                                       x
Jacksonville
Residence Inn Atlanta  150                                       x
Buckhead Lenox Park
Hampton Inn Terre      112
Haute
Hampton Inn Buford     92
Embassy Suites Dallas  150
Embassy Suites Palm    160
Beach Garden
Hampton Inn            86
Lawrenceville
Residence Inn Lake     210
Buena Vista
Embassy Suites Austin  150
Marriott Seattle       358
Waterfront
Courtyard Marriott     312
Village at LBV
Marriott Dallas Plano  404
Legacy
Residence Inn San      150
Diego Sorrento Mesa
Residence Inn          78
Evansville
Courtyard Columbus     90
Tipton Lakes
Courtyard Kansas City  168
Overland Park
Residence Inn Newark   168
Courtyard Bloomington  117
Courtyard Philadelphia 498
(a)Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2012-2013 are included
in this table.



                            2013
                     Rooms  1st Quarter  2nd Quarter  3rd Quarter  4th Quarter
                            Estimated   Estimated   Estimated   Estimated
Hilton Santa Fe      157    x
Crowne Plaza Key     160
West
Embassy Suites       119
Flagstaff
Hilton Capital       408
SpringHill Suites    164
Manhattan Beach
Hilton Costa Mesa   486    x
Sheraton San Diego   260
Mission Valley
Courtyard Hartford   90     x
Manchester
Courtyard Seattle    250    x
Downtown Lake Union
Embassy Suites       150    x            x
Houston
Embassy Suites       249    x
Walnut Creek
Hilton Nassau Bay    243    x
Embassy Suites       276                 x
Portland Downtown
Courtyard Basking    235
Ridge
Courtyard Oakland    156
Airport
Courtyard
Philadelphia         498
Downtown
Embassy Suites Santa 257
Clara
Historic Inn         124
Annapolis
Marriott Bridgewater 347
Residence Inn        120
Jacksonville
Residence Inn Las    256
Vegas
Springhill Suites
Buford Mall of       96
Georgia
Springhill Suites    136
Charlotte
Springhill Suites    199
Philadelphia
Sheraton Indy City   371    x
Center
Hampton Inn          141
Evansville
Courtyard Atlanta    154
Alpharetta
Residence Inn Dallas 126                                           x
Plano
Courtyard            174
Ft.Lauderdale Weston
Courtyard Palm       151
Desert
Residence Inn Palm   130
Desert
Residence Inn Salt   144
Lake City
Hilton LaJolla       296    x            x
Torrey Pines
Courtyard Dallas
Plano in Legacy      153    x
Park
Embassy Suites       150    x
Dulles
Embassy Suites East  215    x
Syracuse
Hilton Garden Inn    119                              x
Jacksonville
Residence Inn
Atlanta Buckhead     150                                           x
Lenox Park
Hampton Inn Terre    112    x            x                         x
Haute
Hampton Inn Buford   92     x            x
Embassy Suites       150    x            x
Dallas
Embassy Suites Palm  160    x
Beach Garden
Hampton Inn          86     x
Lawrenceville
Residence Inn Lake   210    x
Buena Vista
Embassy Suites       150                 x
Austin
Marriott Seattle     358                 x
Waterfront
Courtyard Marriott   312                 x            x
Village at LBV
Marriott Dallas      404                              x            x
Plano Legacy
Residence Inn San    150                              x            x
Diego Sorrento Mesa
Residence Inn        78                                            x
Evansville
Courtyard Columbus   90                                            x
Tipton Lakes
Courtyard Kansas     168                                           x
City Overland Park
Residence Inn Newark 168                                           x
Courtyard            117                                           x
Bloomington
Courtyard            498                                           x
Philadelphia
(a)Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2012-2013 are included
in this table.

PIM Highland Holding LLC
Anticipated Capital Expenditures Calendar
Highland Hotels (a)
                           2012
                    Rooms  1st Quarter  2nd Quarter  3rd Quarter  4th Quarter
                           Actual       Actual       Actual       Estimated
Courtyard Boston    315    x            x            x            x
Tremont
Courtyard Savannah  156    x            x                         x
The Melrose         240    x            x                         x
Marriott San        251    x            x                         x
Antonio Plaza
Hilton Garden Inn   176    x            x
Virginia Beach
Ritz-Carlton        444    x
Atlanta
The Churchill       173    x
Hyatt Regency Wind  358                 x            x            x
Watch
Marriott Omaha     300                              x            x
Hilton Boston Back  390                                           x
Bay
Marriott Sugarland 300                                           x
Hyatt Regency       351                                           x
Savannah
Marriott DFW        491
Hilton Parsippany   354
Silversmith         143
Hilton Garden Inn   158
BWI
Crowne Plaza        495
Ravinia
                           2013
                    Rooms  1st Quarter  2nd Quarter  3rd Quarter  4th Quarter
                           Estimated   Estimated   Estimated   Estimated
Courtyard Boston    315    x            x            x
Tremont
Courtyard Savannah  156    x
The Melrose         240    x
Marriott San        251
Antonio Plaza
Hilton Garden Inn   176
Virginia Beach
Ritz-Carlton        444
Atlanta
The Churchill       173
Hyatt Regency Wind  358    x            x            x            x
Watch
Marriott Omaha     300
Hilton Boston Back  390    x            x
Bay
Marriott Sugarland 300    x                         x            x
Hyatt Regency       351    x
Savannah
Marriott DFW        491                 x            x
Hilton Parsippany   354                 x            x            x
Silversmith         143                 x            x
Hilton Garden Inn   158                              x
BWI
Crowne Plaza        495                                           x
Ravinia
(a) Only hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2012-2013 are included
in this table.

SOURCE Ashford Hospitality Trust, Inc.

Website: http://www.ahtreit.com
Contact: David Kimichik, Chief Financial Officer, +1-972-490-9600, or Elise
Chittick, Investor Relations, +1-972-778-9487; or Scott Eckstein, Financial
Relations Board, +1-212-827-3766
 
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