ASHFORD HOSPITALITY TRUST INC

Ashford Hospitality Trust, Inc. is a real estate investment trust (REIT) that invests in hotels. The company's investment strategy primarily targets upper upscale full-service hotels in the United States with revenue per available room (RevPAR) generally less than twice the U.S. national average. These investments are made through direct real estate, equity, and debt. The company owns its lodging investments and conducts business through Ashford Hospitality Limited Partnership, its operating partnership. Its hotel properties are primarily branded under Hilton, Hyatt, Marriott, and Intercontinental Hotel Group. As of December 31, 2025, Ashford Hospitality Trust, Inc. held interests in 67 consolidated operating hotel properties, representing 16,445 total rooms. It also held an interest in one consolidated operating hotel property, representing 188 total rooms, through a 29.3%-owned investment in a consolidated entity. Additionally, the company had an investment in an entity that owns the Meritage Resort and Spa and the Grand Reserve at the Meritage in Napa, California, with a carrying value of approximately $7.3 million. The company's 68 operating hotel properties are leased by its wholly-owned or majority-owned subsidiaries, which engage third-party or affiliated hotel management companies to operate the hotels. Ashford LLC, a subsidiary of Ashford Inc., advises the company and asset-manages all hotel properties in its portfolio.