<SEC-DOCUMENT>0001104659-22-055822.txt : 20220504
<SEC-HEADER>0001104659-22-055822.hdr.sgml : 20220504
<ACCEPTANCE-DATETIME>20220504160933
ACCESSION NUMBER:		0001104659-22-055822
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220504
DATE AS OF CHANGE:		20220504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHFORD HOSPITALITY TRUST INC
		CENTRAL INDEX KEY:			0001232582
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				861062192
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31775
		FILM NUMBER:		22891574

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		9724909600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2214291d2_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.5in"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Proxy Statement
Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;)</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 2.5in"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT><BR>
Filed by a Party other than the Registrant &#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left">Check the appropriate box:<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary Proxy Statement<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</B><BR>
<FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive Proxy Statement<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive Additional Materials<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting Material under &sect;240.14a-12</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ashford Hospitality Trust, Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD STYLE="text-align: left">No fee required.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: left">Fee paid previously with preliminary materials.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed by Ashford Hospitality Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Pursuant to Rule&nbsp;14a-6(b)&nbsp;under the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2214291d2_defa14a-img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENT TO THE PROXY STATEMENT OF ASHFORD
HOSPITALITY TRUST,&nbsp;INC.,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATED MARCH&nbsp;30, 2022, FOR THE ANNUAL MEETING
OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO BE HELD ON MAY&nbsp;10, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May&nbsp;4, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To Our Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of the Board of
Directors (the &ldquo;<B><I>Board</I></B>&rdquo;) of Ashford Hospitality Trust,&nbsp;Inc. (&ldquo;<B><I>Ashford Trust</I></B>,&rdquo;
 &ldquo;<B><I>we</I></B>&rdquo; or &ldquo;<B><I>our</I></B>&rdquo;), we are writing to request your support at our 2022 Annual Meeting
of Stockholders (the &ldquo;<B><I>Annual Meeting</I></B>&rdquo;) by voting in favor of all of the Proposals described in our Proxy Statement,
dated March&nbsp;30, 2022, as supplemented on April&nbsp;22, 2022 (the &ldquo;<B><I>2022 Proxy Statement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Institutional Shareholder
Services (&ldquo;<B><I>ISS</I></B>&rdquo;) issued a report recommending that our stockholders vote &ldquo;WITHHOLD&rdquo; on all of the
director nominees. <B>We strongly disagree with ISS&rsquo;s recommendation to withhold our entire Board. </B>The Company believes that
the ISS report is heavy-handed by recommending against the entire Board, which acted quickly and appropriately to protect stockholder
interests during a difficult time for the Company. Glass Lewis, the other leading proxy advisor, apparently recognized this and made no
adverse recommendation because of the Board&rsquo;s actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proposal 1 &ndash; Election of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ISS recommends a &ldquo;WITHHOLD&rdquo;
vote on Proposal 1 to re-elect the incumbent directors on the basis that the Board unilaterally implemented a reverse stock split without
a proportionate reduction in authorized shares, resulting in an &ldquo;excessive&rdquo; increase in the share authorization. In rebuttal,
we would like to share the following with our stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
reverse stock split was approved to make the Company more stockholder-friendly</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company implemented a
one-for-ten reverse stock split of its common stock, effective close of business on July&nbsp;16, 2021, resulting in an increase in our
per share price from $1.82 to $18.20. The Company believed the reverse stock split would benefit all stockholders by addressing several
items impacting its common stock and options by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">meaningfully increasing the Company&rsquo;s market price per share of common stock above the $5.00 per
share threshold required by many institutions to hold shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reducing the cost and broadening the ability to buy our common stock on margin;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">reducing the per-share and per-contract stock price commissions and fees by as much as 90% for the same
dollar value transaction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify">avoiding an additional delisting notification from the New York Stock Exchange (the &ldquo;<B><I>NYSE</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By implementing the reverse
stock split, the Company believed it could realize increased incremental demand for both its common stock and its options while also making
the Company&rsquo;s shares more attractive to a broader range of potential long-term institutional investors, individual investors, and
buy-side analysts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Under
Maryland law and the Company&rsquo;s charter authorizing a change in the amount of authorized common stock requires an amendment to the
Company&rsquo;s charter which would have had to be approved by the stockholders. Holding a special meeting to approve an amendment to
the Company&rsquo;s charter concurrently with the reverse stock split would have exposed the Company&rsquo;s stockholders to significant
risks</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Like many companies in the
hospitality industry, COVID-19 had a significant negative impact on the Company. On April&nbsp;17, 2020, the Company was notified by the
NYSE that the average closing price of the Company&rsquo;s common stock over the prior 30 consecutive trading-day period was below $1.00
per share, in violation of the NYSE continued listing standards. In order to increase the share price of the Company&rsquo;s common stock
and to avoid delisting from the NYSE, the Company implemented a one-for-ten reverse stock split of its common stock on July&nbsp;15, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the COVID-19 pandemic continued
into 2021, the price of the Company&rsquo;s common stock continued to decline and displayed signs that it might again fall below $1.00
per share, in violation of the NYSE continued listing standards. Rather than waiting for the price of the Company&rsquo;s common stock
to fall below $1.00 per share, the Company took proactive steps to protect its stockholders and to avoid potential delisting from the
NYSE by implementing the reverse stock split. If the Company had delayed implementing the reverse stock split in order to seek approval
from the Company&rsquo;s stockholders to amend the Company&rsquo;s charter to proportionately reduce the amount of authorized shares,
the Company could have received a NYSE delisting notification in the interim, which would have been detrimental to its stockholders. The
Company stands behind its decision, as the price of its common stock did, in fact, continue to decline and would have fallen below $1.00
per share if the Company did not act swiftly and proactively to implement the reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that acting swiftly
to implement the reverse stock split was in the best interest of our stockholders to avoid the risk of receiving a delisting notification
from the NYSE. Delaying the reverse stock split to hold a special meeting to seek stockholder approval of an amendment to the charter
to reduce a proportionate amount of authorized shares would have exposed the Company stockholders to unacceptable risks. If the Company
did not proactively and swiftly implement the reverse stock split and if the Company was subsequently delisted from the NYSE, it&nbsp;would
have negatively impacted the Company and our stockholders by reducing the willingness of investors to hold our common stock because of
the resulting decreased price, liquidity and trading volume of our common stock, limited availability of price quotations, and reduced
news and analyst coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance
of equity securities to raise cash has been an important source of capital during the COVID-19 pandemic and allowed us to significantly
deleverage the Company</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">COVID-19 severely impacted
the amount of cash the Company was able to generate through normal operating activities, so opportunistically raising equity capital was
important to shore up our balance sheet. We successfully executed several equity lines and raised much needed capital to generate cash
and navigate the pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, making changes
to our leverage profile was an important part of our strategy to successfully guide the Company through COVID-19. We actively exchanged
our preferred stock for common stock as a way to deleverage our balance sheet, remove the accrued dividend liability and improve our equity
float. These exchanges also eliminated a significant amount of accrued preferred dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we emerge from COVID-19,
we are proud of our improved financial position and lower leverage ratio which will enable the Company to deliver stronger returns to
our stockholders as our recovery continues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In sum, having the flexibility
to issue equity securities to raise additional capital to successfully generate liquidity during COVID-19 and deleverage the Company was
an important part of our strategy to successfully navigate the pandemic. We have reinstated and caught up on all of our accrued preferred
dividends and currently plan to continue to pay quarterly dividends on our preferred stock going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>We believe our Board acted in the best interests
of our stockholders in approving and promptly executing the reverse stock split. Accordingly, we ask you to vote &ldquo;FOR&rdquo; each
of our director nominees in Proposal 1.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Remaining Proposals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company also wants to
reiterate the Board&rsquo;s unanimous recommendation that you vote for approval of Proposals 2, 3 and 4 to be presented at the Annual
Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
Two</I></FONT>. Advisory approval of our executive compensation. As described in the 2022 Proxy Statement, the Company&rsquo;s executive
compensation program is narrowly tailored to its purpose and appropriately motivates our executive officers, aligns the interests of leadership
with the long-term interests of our stockholders and serves to attract, retain and motivate our executive officers to perform in the best
interests of the Company and its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
Three. </I></FONT>Ratification of the Audit Committee&rsquo;s appointment of BDO USA, LLP as the Company&rsquo;s independent registered
public accounting firm for the fiscal year ending December&nbsp;31, 2022. BDO USA, LLP has served as the Company&rsquo;s auditor since
2015, and we agree with our Audit Committee&rsquo;s continuing confidence in them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
Four</I></FONT>. Increase in the number of shares of common stock available for issuance under the Company&rsquo;s Stock Incentive Plan.
If approved by our stockholders, the total number of shares under the Company&rsquo;s Stock Incentive Plan will be increased by 650,000
shares, as requested, to a total of 1,180,000 shares from the existing total of 530,000 shares, after giving effect to the one-for-ten
reverse stock split in 2021 (rather than 595,000 shares, as previously indicated). As explained in the 2022 Proxy Statement, equity compensation
is integral to the Company&rsquo;s operations. If the increase in the amount of common stock reserved for issuance under the Company&rsquo;s
Stock Incentive Plan is not approved, our ability to hire and retain talent will be severely limited, which could have an adverse impact
on our business and our ability to retain our workforce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if you have already returned your proxy or
provided your voting instructions pursuant to the Internet or telephone voting options, you may change your vote by (1)&nbsp;providing
later-dated voting instructions pursuant to the Internet or telephone voting options, (2)&nbsp;delivering another later-dated proxy, if
you requested a printed copy of the proxy materials, (3)&nbsp;voting during the Annual Meeting, or (4)&nbsp;notifying Ashford Trust&rsquo;s
Corporate Secretary in writing (14185 Dallas Parkway, Suite&nbsp;1200, Dallas, Texas 75254) that you want to change your proxy. If your
shares of Ashford Trust&rsquo;s common stock are held in street name with a brokerage firm, you should contact your broker regarding changing
your voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Monty J. Bennett</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monty J. Bennett</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chairman of the Board</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Solicitation of Proxies; Interests of Certain Persons in the
Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This Supplement to the 2022 Proxy Statement
is first being released to stockholders on or about May&nbsp;4, 2022, and should be read together with the 2022 Proxy Statement, as supplemented
on April&nbsp;22, 2022. Except as specifically supplemented by the information contained in this Supplement, all information set forth
in the 2022 Proxy Statement remains accurate and should be considered in voting your shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Information regarding Proposals 1, 2, 3 and
4 is set forth in more detail in the Company&rsquo;s Proxy Statement filed with the Securities and Exchange Commission on March&nbsp;30,
2022, as supplemented on April&nbsp;22, 2022, for the purpose of soliciting proxies from the holders of its Common Stock to approve the
relevant items upon which the holders of the Common Stock will be entitled to vote.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ashford Hospitality Trust,&nbsp;Inc. has mailed
a Proxy Statement to its common stockholders. ASHFORD HOSPITALITY TRUST,&nbsp;INC.&rsquo;S STOCKHOLDERS AND OTHER INTERESTED PERSONS ARE
ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN. Stockholders are also be able to obtain
copies of the definitive proxy statement and other documents filed with the SEC that will be incorporated by reference therein, without
charge, at the SEC&rsquo;s web site at www.sec.gov. Additional copies of the Proxy Statement will be available for free from the Company
for the applicable stockholders of the Company.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The identity of the people who, under SEC rules,
may be considered &ldquo;participants in the solicitation&rdquo; of Ashford Hospitality Trust,&nbsp;Inc. stockholders in connection with
the Proxy Statement and a description of their interests, is available in an SEC filing on Schedule 14A made by Ashford Hospitality Trust,&nbsp;Inc.
dated March&nbsp;30, 2022.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2214291d2_defa14a-img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214291d2_defa14a-img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !( 1D# 2(  A$! Q$!_\0
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M?LVI1Z9<0;@VR6%\9_[[K?J*XMX[F$Q2#*F@#"T[1IM,LWM=.@TJWMW)+)#
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MA,*OR6:9"R@?0$?SK!T#6];U?1YKV6.S3Y7$16-L!U=E((W<],]NM &=XH\
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@H **** "BBB@ HHHH **** "BBB@ HHHH **** /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
