Ashford Hospitality Trust Prices Follow-on Offering of 42.5 Million Shares of Common Stock.

DALLAS -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has priced a follow-on public offering of 42,500,000 shares of common stock at $11.75 per share. The closing of the offering is scheduled for April 24, 2007. The company granted an over-allotment option to the underwriters for an additional 6,375,000 shares of common stock.

Wachovia Securities, Merrill Lynch & Co. and Morgan Stanley & Co. Incorporated acted as the joint book-running managers of the offering. Banc of America Securities LLC, Friedman Billings Ramsey, UBS Investment Bank, Robert W. Baird & Co., Calyon Securities (USA) Inc., JMP Securities, KeyBanc Capital Markets, RBC Capital Markets, Stifel Nicolaus, Davenport & Company LLC, and Morgan Keegan & Company, Inc. acted as co-managers.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common stock nor shall there be any sale of such common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the final prospectus related to the offering may be obtained from Wachovia Capital Markets, LLC, 375 Park Avenue, 4th Floor, New York, NY 10152, Attention: Equity Syndicate Department; Merrill Lynch & Co., 250 Vesey Street, New York, NY 10080; or Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department.

Ashford Hospitality Trust 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, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.