<SEC-DOCUMENT>0001104659-24-032536.txt : 20240308
<SEC-HEADER>0001104659-24-032536.hdr.sgml : 20240308
<ACCEPTANCE-DATETIME>20240308180101
ACCESSION NUMBER:		0001104659-24-032536
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240306
FILED AS OF DATE:		20240308
DATE AS OF CHANGE:		20240308

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hays J Robison III
		CENTRAL INDEX KEY:			0001623909
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31775
		FILM NUMBER:		24735983

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHFORD HOSPITALITY TRUST INC
		CENTRAL INDEX KEY:			0001232582
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				861062192
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	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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<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>OWNERSHIP DOCUMENT
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        <issuerName>ASHFORD HOSPITALITY TRUST INC</issuerName>
        <issuerTradingSymbol>AHT</issuerTradingSymbol>
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            <rptOwnerName>Hays J Robison III</rptOwnerName>
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            <rptOwnerStreet1>14185 DALLAS PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1200</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75254</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
            <otherText></otherText>
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                <underlyingSecurityTitle>
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    <footnotes>
        <footnote id="F1">Each performance stock unit (&quot;Performance Stock Unit&quot;) represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.</footnote>
        <footnote id="F2">Represents shares of common stock forfeited to the Issuer to satisfy certain tax-withholding obligations of the Reporting Person arising as a result of the vesting of restricted stock held by the Reporting Person.</footnote>
        <footnote id="F3">Represents the closing price of the common stock on February 26, 2024, the last trading day before the date of forfeiture.</footnote>
        <footnote id="F4">Each Performance Stock Unit award granted in 2021 and 2023 represents a right to receive between 0% and 250% of the target number of Performance Stock Units reflected in the table.</footnote>
        <footnote id="F5">Represents 10,688 shares that were forfeited due to certain performance criteria of the 2021 Performance Stock Unit award not being met.</footnote>
        <footnote id="F6">Represents the target number of common stock shares that may be issued pursuant to the award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 250% of the target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2023 (with respect to the 2021 grant) and December 31, 2025 (with respect to the 2023 grant).</footnote>
        <footnote id="F7">Each performance LTIP unit (&quot;Performance LTIP Unit&quot;) award represents a special long-term incentive partnership unit (&quot;LTIP Units&quot;) in Ashford Hospitality Limited Partnership, the Issuer's operating subsidiary (&quot;Subsidiary&quot;) subject to specified performance-based vesting criteria.</footnote>
        <footnote id="F8">Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 250% of the target number of LTIP Units. The actual number of Performance LTIP Units that may vest can range from 0% to 250% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units will generally vest on December 31, 2024. See Footnote 9 discussing the convertibility of vested LTIP Units.</footnote>
        <footnote id="F9">Common Limited Partnership Units of the Subsidiary (&quot;Common Units&quot;). Common Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis.</footnote>
        <footnote id="F10">The Common Units do not have an expiration date.</footnote>
        <footnote id="F11">Reflects the aggregate number of Common Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 9 discussing the convertibility of the Common Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ J. Robison Hays, III</signatureName>
        <signatureDate>2024-03-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
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</SEC-DOCUMENT>
