<SEC-DOCUMENT>0001104659-23-041898.txt : 20230405
<SEC-HEADER>0001104659-23-041898.hdr.sgml : 20230405
<ACCEPTANCE-DATETIME>20230405081559
ACCESSION NUMBER:		0001104659-23-041898
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230405
DATE AS OF CHANGE:		20230405

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-263323
		FILM NUMBER:		23801233

	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

FILED BY:		

	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:		FWP

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Dated April&nbsp;5, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333- 263323</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 issuer has filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with
the SEC for more complete information about the issuer and this offering. You&nbsp;may get these documents for free by visiting EDGAR
on the SEC&rsquo;s web site at www.sec.gov. Alternatively, the issuer, the dealer manager or any dealer participating in the offering
will arrange to send you the prospectus if you request it by calling toll-free 1-877-787-9239.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><IMG SRC="tm2311806d1_fwpimg01.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">NEWS RELEASE</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>
ASHFORD SECURITIES ANNOUNCES INITIAL SALES FOR ITS SECOND INVESTMENT PRODUCT</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">DALLAS, April&nbsp;4, 2023 &ndash; Ashford Securities
LLC (&ldquo;Ashford Securities&rdquo;), a wholly-owned subsidiary of Ashford Inc. (NYSE American: AINC) (&ldquo;Ashford&rdquo;), continues
to receive strong interest from the investment community for its recently launched product, shares of Series&nbsp;J Redeemable Preferred
Stock (brokerage shares) and Series&nbsp;K Redeemable Preferred Stock (advisory shares) of Ashford Hospitality Trust,&nbsp;Inc. (NYSE:
AHT) (&ldquo;Ashford Trust&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">In total, Ashford Trust has sold more than $13.3
million of its Series&nbsp;J and Series&nbsp;K Redeemable Preferred Stock through Ashford Securities as dealer manager since the offering
commenced, including $9.1 million in March&nbsp;of 2023. In connection with the Ashford Trust offering of Series&nbsp;J&nbsp;&amp; K Redeemable
Preferred Stock (the &ldquo;Offering&rdquo;), Ashford Securities has assembled a syndicate of 27 broker-dealers and RIA firms.</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"><FONT STYLE="background-color: white">&ldquo;We
are very pleased with the early success of the Ashford Trust Redeemable Preferred Stock offering,&rdquo; </FONT>commented C. Jay Steigerwald
III, President of Ashford Securities. &ldquo;Adoption of the offering by independent broker dealers and RIAs has been very strong. We
are very excited about our continued success and look forward to meeting the needs of our broker dealer, RIA, and institutional partners.&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-top: 0pt; margin-bottom: 0pt; text-align: center">* * * *</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>

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<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>About Ashford Securities LLC</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">Ashford Securities, member FINRA/SIPC, is an SEC-registered
broker-dealer that is wholly-owned by Ashford and serves as the distributor for investment products within the Ashford group of companies.</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>About Ashford Hospitality Trust,&nbsp;Inc.</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">Ashford Hospitality Trust is a real estate investment
trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.</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>About Ashford Inc.</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">Ashford is an alternative asset management company
with a portfolio of strategic operating businesses that provides global asset management, investment management, and related services
to the real estate and hospitality sectors.</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><I>Forward-Looking Statements</I></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>Certain statements and assumptions in this
press release contain or are based upon &ldquo;forward-looking&rdquo; information and are being made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements
about the success of the Offering. These forward-looking statements are subject to risks and uncertainties. When we use the words &ldquo;will
likely result,&rdquo; &ldquo;may,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; or similar expressions, we intend to identify forward-looking statements. Such statements
are subject to numerous assumptions and uncertainties, many of which are outside of our control.</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>These forward-looking statements are subject
to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including,
without limitation: the impact of COVID-19 on our business and investment strategy; our ability to repay, refinance, or restructure our
debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results;
completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact
of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred
stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in
which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are
more fully discussed in Ashford Trust&rsquo;s filings with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).</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 forward-looking statements included in
this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business,
financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking
statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should
not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements
will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required
by law.</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>

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<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>Additional Information</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 SEC has declared effective the registration
statement (including a prospectus) filed by Ashford Trust for the Offering to which this communication relates. Before you invest, you
should read the final prospectus and the accompanying prospectus supplements, forming a part of that registration statement and other
documents Ashford Trust has filed with the SEC for more complete information about Ashford Trust and the Offering to which this communication
relates. In&nbsp;particular, you should carefully read the risk factors described in the final prospectus, the accompanying prospectus
supplements and the documents incorporated by reference therein. You may get these documents for free by visiting EDGAR on the SEC&rsquo;s
website at www.sec.gov. Alternatively, Ashford Trust, Ashford Securities or any dealer participating in the offering will arrange to send
you the prospectus if you request it by calling toll-free 1-800-970-8929.</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 final prospectus and prospectus supplement
no. 1 for the Offering, dated May&nbsp;4, 2022 and September&nbsp;14, 2022, respectively, can be accessed through the following links:</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: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922056200/tm2213690-3_424b3.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1232582/000110465922056200/tm2213690-3_424b3.htm</A></FONT></TD></TR>
  </TABLE>
<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: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100064/tm2225818-1_424b3.htm" STYLE="-sec-extract: exhibit">https://www.sec.gov/Archives/edgar/data/1232582/000110465922100064/tm2225818-1_424b3.htm</A></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">Contact:<BR>
C. Jay Steigerwald III, President of Ashford Securities<BR>
(469) 729-0500</P>

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

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

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