<SEC-DOCUMENT>0001104659-23-061460.txt : 20230516
<SEC-HEADER>0001104659-23-061460.hdr.sgml : 20230516
<ACCEPTANCE-DATETIME>20230516170531
ACCESSION NUMBER:		0001104659-23-061460
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230516
DATE AS OF CHANGE:		20230516
EFFECTIVENESS DATE:		20230516

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271977
		FILM NUMBER:		23928545

	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>S-8
<SEQUENCE>1
<FILENAME>tm2315843d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May&nbsp;16, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B>&nbsp;</P>



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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-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: center"><FONT STYLE="font-size: 13.5pt"><B>FORM&nbsp;S-8<BR>
</B></FONT><B><FONT STYLE="font-size: 14pt">REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</FONT></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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASHFORD HOSPITALITY TRUST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</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: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><B>Maryland<BR>
</B>(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="background-color: white"><B>86-1062192</B></FONT><B><BR>
</B>(I.R.S. Employer<BR>
Identification Number)</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: center"><B>Ashford Hospitality Trust,&nbsp;Inc.<BR>
2021 Stock Incentive Plan<BR>
</B>(Full title of the plan)</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>14185 Dallas Parkway, Suite&nbsp;1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>
</B>(Address, including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alex Rose<BR>
Executive Vice President, General Counsel and Secretary<BR>
14185 Dallas Parkway, Suite&nbsp;1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>
</B>(Name, address, including zip code, and telephone number, including area code, of agent for service)</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 5pt 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>Copies to:</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: center"><B>Richard M. Brand<BR>
Gregory P. Patti Jr.<BR>
Cadwalader, Wickersham&nbsp;&amp; Taft LLP<BR>
200 Liberty Street<BR>
New York, NY 10281<BR>
(212)&nbsp;504-6000</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">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule&nbsp;12b-2 of the Exchange
Act. (Check one):</P>

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</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"></P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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">&nbsp;</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: center"><FONT STYLE="text-transform: uppercase"><B>EXPLANATORY
NOTE</B></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">This Registration Statement on Form&nbsp;S-8 is
filed pursuant to General Instruction E to Form&nbsp;S-8 for the purpose of registering an additional 960,000 shares of the Common Stock
of Ashford Hospitality Trust,&nbsp;Inc. (the &ldquo;Company&rdquo; or &ldquo;Registrant&rdquo;), which may be issued pursuant to awards
under the Ashford Hospitality Trust,&nbsp;Inc. 2021 Stock Incentive Plan, as further amended <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">to
make such shares available for issuance</FONT> (the &ldquo;Plan&rdquo;). In accordance with General Instruction E to Form&nbsp;S-8, the
Company hereby incorporates herein by reference the Registration Statements on Form&nbsp;S-8 filed with the Securities and Exchange Commission
on <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922058867/tm2214732d1_s8.htm" STYLE="-sec-extract: exhibit">May&nbsp;11, 2022 (No.&nbsp;333-264868)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921065154/tm2116029d1_s8.htm" STYLE="-sec-extract: exhibit">May&nbsp;12, 2021 (No.&nbsp;333-256037)</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917040702/a17-15522_1s8.htm" STYLE="-sec-extract: exhibit">June&nbsp;21, 2017 (No.&nbsp;333-218887)</A>, together
with all exhibits filed therewith or incorporated therein by reference.</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"><FONT STYLE="text-transform: uppercase"><B>PART&nbsp;II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></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 0pt 0.25in; text-indent: -0.25in"><B>Item 8. Exhibits.</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">The Exhibits to this Registration Statement are
listed in the Index to Exhibits immediately following the signature pages.</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; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</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: center"><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></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">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Dallas, State of Texas, on this 16<SUP>th</SUP> day of May, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashford
    Hospitality Trust,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alex Rose</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Alex Rose</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, General Counsel and Secretary</FONT></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"></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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&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="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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>POWER
OF ATTORNEY</B></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">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Deric S. Eubanks, J. Robison Hays,&nbsp;III and Alex Rose and each of them, with
full power to act without the other, such person&rsquo;s true and lawful attorneys-in-fact and agents, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign this registration statement, and any
and all pre-effective and post-effective amendments thereto as well as any related registration statements (or amendment thereto) filed
pursuant to Rule&nbsp;462(b)&nbsp;promulgated under the Securities Act of 1933, as amended, and to file the same, with exhibits and schedules
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done
in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.</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">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    J. Robison Hays,&nbsp;III</FONT></P>
</DIV>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.
    Robison Hays,&nbsp;III</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and President; Director (Principal Executive Officer)</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alex Rose</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alex
    Rose</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, General Counsel and Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Deric S. Eubanks</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deric
    S. Eubanks</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Treasurer <BR>
    (Principal Financial Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Mark L. Nunneley</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark
    L. Nunneley</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Accounting Officer<BR>
    (Principal Accounting Officer)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Monty J. Bennett</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monty
    J. Bennett</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    and Chairman of the Board</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Benjamin J. Ansell, MD</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benjamin
    J. Ansell, MD</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Amish V. Gupta</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amish
    V. Gupta</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
    Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Kamal Jafarnia</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kamal
    Jafarnia</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Frederick J. Kleisner</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frederick
    J. Kleisner</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Sheri L. Pantermuehl</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sheri
    L. Pantermuehl</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Alan L. Tallis</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan
    L. Tallis</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"></P>

<!-- Field: Page; Sequence: 4 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&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="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>EXHIBIT&nbsp;INDEX</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 6%"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 94%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm" STYLE="-sec-extract: exhibit">Articles of Amendment and Restatement, as amended by Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;4.6 to Registration Statement on Form&nbsp;S-3 filed May&nbsp;15, 2015).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm" STYLE="-sec-extract: exhibit">3.2</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm" STYLE="-sec-extract: exhibit">Amendment Number Two to Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on May&nbsp;22, 2017) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm" STYLE="-sec-extract: exhibit">3.3</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm" STYLE="-sec-extract: exhibit">Articles of Amendment to the Company&rsquo;s charter (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on July&nbsp;1, 2020) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm" STYLE="-sec-extract: exhibit">3.4</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on July&nbsp;16, 2021) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258223000019/aht-secondarbylawsasamende.htm" STYLE="-sec-extract: exhibit">3.5</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258223000019/aht-secondarbylawsasamende.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Bylaws, as amended by Amendment No.&nbsp;1 on October&nbsp;26, 2014, by Amendment No.&nbsp;2 on October&nbsp;19, 2015, by Amendment No.&nbsp;3 on August&nbsp;2, 2016 and by Amendment No.&nbsp;4 on March&nbsp;17, 2022 and by Amendment No.&nbsp;5 on February&nbsp;23, 2023 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on February&nbsp;23, 2023) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm" STYLE="-sec-extract: exhibit">4.1 </A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Certificate for Common Stock (incorporated by reference to Exhibit&nbsp;4.1 of Form&nbsp;S-11/A, filed on August&nbsp;20, 2003).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm" STYLE="-sec-extract: exhibit">4.1.1</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;A Cumulative Preferred Stock, dated September&nbsp;15, 2004 (incorporated by reference to Exhibit&nbsp;4.1.1 of Form&nbsp;10-K, filed on February&nbsp;28, 2012) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm" STYLE="-sec-extract: exhibit">4.1.2</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Certificate of Series&nbsp;A Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;4.1.2 of Form&nbsp;10-K, filed on February&nbsp;28, 2012) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm" STYLE="-sec-extract: exhibit">4.2.1</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;D Cumulative Preferred Stock, dated July&nbsp;17, 2007 (incorporated by reference to Exhibit&nbsp;3.5 to the Registrant&rsquo;s Form&nbsp;8-A, filed July&nbsp;17, 2007).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm" STYLE="-sec-extract: exhibit">4.2.2</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Certificate of Series&nbsp;D Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Form&nbsp;8-A, filed July&nbsp;17, 2007).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm" STYLE="-sec-extract: exhibit">4.3.1</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;E Cumulative Preferred Stock, dated April&nbsp;15, 2011 (incorporated by reference to Exhibit&nbsp;3.6 to the Registrant&rsquo;s Form&nbsp;8-A, filed April&nbsp;18, 2011).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm" STYLE="-sec-extract: exhibit">4.3.2</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Certificate of Series&nbsp;E Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Form&nbsp;8-A, filed April&nbsp;18, 2011).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;F Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on July&nbsp;11, 2016 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed July&nbsp;12, 2016) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.5</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;G Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on October&nbsp;17, 2016 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on October&nbsp;18, 2016) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.6</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;H Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on August&nbsp;18, 2017 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on August&nbsp;22, 2017) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 5 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&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: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 6%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.7</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 94%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles
    Supplementary for Series&nbsp;I Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of
    Assessments and Taxation on November&nbsp;14, 2017 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K,
    filed on November&nbsp;14, 2017) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258223000032/aht2022q410-kxex410.htm" STYLE="-sec-extract: exhibit">4.8</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258223000032/aht2022q410-kxex410.htm" STYLE="-sec-extract: exhibit">Description
    of Securities (incorporated by reference to Exhibit&nbsp;4.10 to the Registrant&rsquo;s Form&nbsp;10-K, filed on March&nbsp;10, 2023).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex5-1.htm">5.1 *</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex5-1.htm">Opinion of Hogan Lovells US LLP.</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000114036123014231/ny20006550x1_def14a.htm#tB11" STYLE="-sec-extract: exhibit">10.1</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000114036123014231/ny20006550x1_def14a.htm#tB11" STYLE="-sec-extract: exhibit">2021
    Stock Incentive Plan of Ashford Hospitality Trust,&nbsp;Inc., as amended and restated through May&nbsp;9, 2023 (incorporated by reference
    to Annex B to the Registrant&rsquo;s Definitive Proxy Statement on Schedule 14A, filed on March 28, 2023) (File No. 001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex5-1.htm">23.1*</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex5-1.htm">Consent of Hogan Lovells US LLP (included in
    Exhibit&nbsp;5.1).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex23-2.htm">23.2*</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex23-2.htm">Consent of BDO USA, LLP.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#a_001">24.1*</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#a_001">Power of Attorney (included in the signature page&nbsp;to this
    registration statement).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex-filingfees.htm">107*</A></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2315843d1_ex-filingfees.htm">Filing Fee Table.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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="text-align: justify">Filed herewith.</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"></P>

<!-- Field: Page; Sequence: 6; 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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2315843d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;5.1</B></FONT></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%; padding-right: 5.75pt; padding-left: 0; text-align: justify"><IMG SRC="tm2315843d1_ex5-1img01.jpg" ALT="">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hogan
Lovells US LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Harbor
    East</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
    International Drive</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite&nbsp;2000</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baltimore,
    MD 21202</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T
    +1 410 659 2700</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F
    +1 410 659 2701</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.hoganlovells.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
2023</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashford
Hospitality Trust Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14185
Dallas Parkway</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dallas,
Texas 75254</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the addressee referred to above:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are acting as counsel to Ashford Hospitalty Trust Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with
its registration statement on Form&nbsp;S-8, as amended (the &ldquo;<B>Registration Statement</B>&rdquo;),&nbsp; filed with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;) relating to the proposed public offering
of up to an additional 960,000 newly issued shares of the common stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;)
of the Company (the &ldquo;<B>Shares</B>&rdquo;),&nbsp; all of which shares are issuable pursuant to the Company&rsquo;s 2021 Stock Incentive
Plan, as amended and restated through May&nbsp;9, 2023. This opinion letter is furnished to you at your request to enable you to fulfill
the requirements of Item&nbsp;601(b)(5)&nbsp;of Regulation S-K, 17&nbsp;C.F.R. &sect;&nbsp;229.601(b)(5), in connection with the Registration
Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate
basis on which to render the opinions hereinafter expressed.&nbsp; In our examination of the aforesaid documents, we have assumed the
genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to
us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as
copies (including pdfs). We also have assumed that the Shares will not be issued in violation of the ownership limit contained in the
Company&rsquo;s charter. As to all matters of fact, we have relied on the representations and statements of fact made in the documents
so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein
are made, in the context of the foregoing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion letter is based as to matters of law solely on the Maryland&nbsp; General Corporation Law, as amended. We express no opinion
herein as to any other statutes, rules&nbsp;or regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon, subject to and limited by the foregoing, we are of the opinion that following (i)&nbsp;effectiveness of the Registration Statement,
(ii)&nbsp;issuance of the Shares pursuant to the terms of the Plan, and (iii)&nbsp;receipt by the Company of the consideration for the
Shares specified in the resolutions of the Board of Directors and in the Plan, the Shares will be validly issued,&nbsp; fully paid, and
nonassessable.</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 39%; padding-right: 0; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
                                            of Directors</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashford
    Hospitality Trust Inc.</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 37%; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;16,
    2023</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes
in the foregoing subsequent to the effective date of the Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1 to the Registration Statement and to the reference to this firm
under the caption &ldquo;Legal Matters&rdquo; in the prospectus constituting a part of the Registration Statement. In giving this consent,
we do not thereby admit that we are an &ldquo;expert&rdquo; within the meaning of the Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
Hogan Lovells US LLP</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOGAN
LOVELLS US LLP</FONT></P>

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

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

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2315843d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.2</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: center"><U>Consent of Independent Registered Public Accounting
Firm</U></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">Ashford Hospitality Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, Texas</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">We hereby consent to the incorporation by reference
in this Registration Statement of our reports dated March&nbsp;10, 2023, relating to the consolidated financial statements, financial
statement schedule, and the effectiveness of Ashford Hospitality Trust,&nbsp;Inc.&rsquo;s internal control over financial reporting appearing
in the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 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">BDO USA, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, Texas</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">May&nbsp;16, 2023</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: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2315843d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 107</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Calculation of
Filing Fee Tables</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form S-8</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ashford Hospitality
Trust, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of Registrant
as Specified in its Charter)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Table 1. Newly
Registered Securities</U></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; padding-right: 5.9pt; padding-left: 5.9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 29%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security
    Class Title</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
    Calculation<BR>
    Rule</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
    Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed
    Maximum<BR>
    Offering Price Per<BR>
    Unit</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum
    Aggregate<BR>
    Offering Price</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee
    Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    of<BR>
    Registration<BR>
    Fee</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Common
    Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">960,000<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">$3.89
    <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">$3,734,400</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0001102</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">$411.53</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt"><FONT STYLE="font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">$3,734,400</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">$411.53</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt"><FONT STYLE="font-size: 10pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center">&nbsp;&mdash;</TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center">&nbsp;&mdash;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt"><FONT STYLE="font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">$411.53</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pursuant to Rule 416 under the Securities Act
    of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement shall also cover any additional shares of common
    stock which become issuable under the above-named plans by reason of any stock dividend, stock split, recapitalization or any other
    similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares
    of common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Represents 960,000 shares
    of Common Stock available for issuance under the Ashford Hospitality Trust, Inc. 2021 Stock Incentive Plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating
    the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. The offering price per share and aggregate
    offering price are based upon the average of the high and low prices per share of Common Stock as reported on the New York Stock
    Exchange on May 12, 2023, which was $3.89 per share.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2315843d1_ex5-1img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2315843d1_ex5-1img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "0 )$# 2(  A$! Q$!_\0
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M (2K_IR_\B__ %J/^$J_Z<O_ "+_ /6KG**/[=S#_GY^"_R#V<3H_P#A*O\
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3M)/5_?YDRDK/4VZ***_1#G/_V0$!

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