<SEC-DOCUMENT>0001104659-25-058533.txt : 20250611
<SEC-HEADER>0001104659-25-058533.hdr.sgml : 20250611
<ACCEPTANCE-DATETIME>20250611160629
ACCESSION NUMBER:		0001104659-25-058533
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250611
DATE AS OF CHANGE:		20250611
EFFECTIVENESS DATE:		20250611

FILER:

	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
		EIN:				861062192
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287950
		FILM NUMBER:		251039985

	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>tm2517568d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<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 June&nbsp;11, 2025</B></P>

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

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

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

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

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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: 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>

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<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>

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<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: 3%">&nbsp;</TD>
    <TD STYLE="width: 48%; 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"></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: 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">&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: 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>
Erica L. Hogan<BR>
White&nbsp;&amp; Case LLP<BR>
1221 Avenue of the Americas<BR>
New York, NY 10020-1095<BR>
(212)&nbsp;819-8200</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, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth 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: 24%; padding-left: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 27%; padding-left: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 25%; padding-left: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-accelerated filer
    <FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="width: 24%; padding-left: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Smaller reporting
    company <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P></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>

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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: 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 150,000 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/1232582/000110465923061460/tm2315843d1_s8.htm">May&nbsp;16, 2023 (No.&nbsp;333-271977)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922058867/tm2214732d1_s8.htm">May&nbsp;11, 2022 (No.&nbsp;333-264868)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921065154/tm2116029d1_s8.htm">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">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>

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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: center"><A NAME="a_001"></A><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 11<SUP>th</SUP> day of June, 2025.</P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Ashford Hospitality Trust,&nbsp;Inc.</TD></TR>
  </TABLE>


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

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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="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-size: 10pt">/s/ Alex Rose</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="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-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Alex Rose</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="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-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="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>

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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: center"><FONT STYLE="text-transform: uppercase"><B>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, Alex Rose and Stephen Zsigray 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="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Name</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Title</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Date</B></TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Stephen Zsigray </TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">Chief Executive Officer and President; Director </TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Stephen Zsigray &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Alex Rose &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Executive Vice President, General Counsel and </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Alex Rose </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Secretary</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Deric S. Eubanks </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Chief Financial Officer and Treasurer </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Deric S. Eubanks &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Justin Coe </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Chief Accounting Officer</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Justin Coe &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Monty J. Bennett </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director and Chairman of the Board</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Monty J. Bennett &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Amish V. Gupta &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Lead Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Amish V. Gupta</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ David Johnson </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">David Johnson &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Frederick J. Kleisner &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Frederick J. Kleisner</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Sheri L. Pantermuehl </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Sheri L. Pantermuehl &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Davinder Sra </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; width: 35%">Davinder Sra</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 26%">&nbsp;</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>

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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: 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="white-space: nowrap; width: 6%"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 92%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</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">3.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm">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) (File No.&nbsp;333-204235).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">3.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm">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: bottom; 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">3.3</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm">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: bottom; 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">3.4</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm">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: bottom; 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/1232582/000123258224000135/amendmenttothearticlesofam.htm">3.5</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258224000135/amendmenttothearticlesofam.htm">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 Current Report on Form&nbsp;8-K, filed on October&nbsp;25, 2024) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465922053531/tm2213690d2_ex4-10.htm">3.6</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922053531/tm2213690d2_ex4-10.htm">Articles Supplementary, dated April&nbsp;28, 2022 (incorporated by reference to Exhibit&nbsp;4.10 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-3, filed on April&nbsp;29, 2022) (File No.&nbsp;33-263323).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465922100066/tm2225701d1_ex3-1.htm" STYLE="-sec-extract: exhibit">3.7</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary establishing the Series&nbsp;J Preferred Stock, dated September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465922100066/tm2225701d1_ex3-2.htm" STYLE="-sec-extract: exhibit">3.8</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Articles Supplementary establishing the Series&nbsp;K Preferred Stock, dated September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465925005682/tm2430524d4_ex4-10.htm">3.9</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-10.htm">Articles Supplementary, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.10 to Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-11 filed with the SEC on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465925005682/tm2430524d4_ex4-11.htm">3.10</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm">Articles Supplementary establishing the Series&nbsp;L Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.11 to Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-11 filed with the SEC on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465925005682/tm2430524d4_ex4-12.htm">3.11</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm">Articles on Supplementary establishing the Series&nbsp;M Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.12 to Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-11 filed with the SEC on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm">3.12</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm">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, by Amendment No.&nbsp;4 on March&nbsp;17, 2022, by Amendment No.&nbsp;5 on February&nbsp;23, 2023, by Amendment No.&nbsp;6 on August&nbsp;8, 2023, by Amendment No.&nbsp;7 on February&nbsp;27, 2024 and by Amendment No.&nbsp;8 on February&nbsp;25, 2025 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on February&nbsp;26, 2025) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">4.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm">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)(No.&nbsp;333-105277).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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">4.1.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm">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>
</TABLE>

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

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<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/1232582/000119312512085352/d273182dex412.htm">4.1.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 92%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm">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: bottom; 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">4.2.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm">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) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">4.2.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm">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) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">4.3.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm">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) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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">4.3.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm">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) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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: bottom; text-align: justify">&nbsp;</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: bottom; 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">4.5</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm">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: bottom; 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">4.6</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm">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: bottom; 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/1232582/000110465917068558/a17-27110_1ex3d1.htm">4.7</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm">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: bottom; 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/1232582/000110465922100066/tm2225701d1_ex3-1.htm">4.8</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm"><FONT STYLE="background-color: white">Articles Supplementary establishing the Series&nbsp;J Preferred Stock, accepted for record and certified by the SDAT on September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465922100066/tm2225701d1_ex3-2.htm">4.9</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm">Articles Supplementary establishing the Series&nbsp;K Preferred Stock, accepted for record and certified by the SDAT on September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465925005682/tm2430524d4_ex4-11.htm">4.10</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm"><FONT STYLE="background-color: white">Articles Supplementary establishing the Series&nbsp;L Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.11 to the Registrant&rsquo;s Form&nbsp;S-11, filed on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000110465925005682/tm2430524d4_ex4-12.htm">4.11</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm"><FONT STYLE="background-color: white">Articles Supplementary establishing the Series&nbsp;M Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.12 to the Registrant&rsquo;s Form&nbsp;S-11, filed on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000123258225000055/aht2024q410-kxex410.htm">4.12</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000055/aht2024q410-kxex410.htm">Description of Securities (incorporated by reference to Exhibit&nbsp;4.10 to the Registrant&rsquo;s Form&nbsp;10-K, filed on March&nbsp;21, 2025) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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/1232582/000123258225000072/aht-20250401.htm#i24a63f5ee2e44688bde225a13eda1929_549755814994">10.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000072/aht-20250401.htm#i24a63f5ee2e44688bde225a13eda1929_549755814994">2021 Stock Incentive Plan of Ashford Hospitality Trust,&nbsp;Inc., as amended and restated through May&nbsp;13, 2025 <FONT STYLE="background-color: white">(incorporated by reference to Annex B to the Registrant&rsquo;s Definitive Proxy Statement on Schedule 14A, filed on April&#8239;1,&#8239;2025) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1 *</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Hogan Lovells US LLP.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Hogan Lovells US LLP (included in Exhibit&nbsp;5.1).</A></TD></TR>
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<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="tm2517568d1_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 92%"><A HREF="tm2517568d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of BDO USA, P.C.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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: bottom">&nbsp;</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107*</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filing Fee Table.</A></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2517568d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">Exhibit 5.1</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">June&nbsp;11, 2025</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">Board of Directors&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the addressee referred to above:</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 are acting as counsel to Ashford Hospitalty
Trust Inc., a Maryland corporation (the &ldquo;<B STYLE="font-size: 10pt">Company</B>&rdquo;), in connection with its registration statement on Form&nbsp;S-8,
as amended (the &ldquo;<B STYLE="font-size: 10pt">Registration Statement</B>&rdquo;),&nbsp; filed with the Securities and Exchange Commission under the Securities
Act of 1933, as amended (the &ldquo;<B STYLE="font-size: 10pt">Act</B>&rdquo;) relating to the proposed public offering of up to an additional 150,000 newly issued
shares of the common stock, par value $0.01 per share (the &ldquo;<B STYLE="font-size: 10pt">Common Stock</B>&rdquo;) of the Company (the &ldquo;<B STYLE="font-size: 10pt">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 the date hereof
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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">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.</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">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 applicable resolutions
of the Board of Directors and in the Plan, the Shares will be validly issued,&nbsp; fully paid, and nonassessable.</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 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.</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 filing of this opinion
letter as Exhibit&nbsp;5.1 to 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.</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">Very truly yours,</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"><I STYLE="font-size: 10pt">/s/ Hogan Lovells US LLP</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">HOGAN LOVELLS US LLP</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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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2517568d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered
Public Accounting Firm</U></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: justify">We hereby consent to the incorporation by reference
in this Registration Statement of our report dated March 21, 2025, relating to the consolidated financial statements and schedule of
Ashford Hospitality Trust, Inc. appearing in its Annual Report on Form 10-K for the year ended December 31, 2024. </P>

<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">/s/ BDO USA, P.C.</P>

<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">Dallas, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 11, 2025</P>

<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"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2517568d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)</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>Ashford Hospitality Trust,&nbsp;Inc.&nbsp;</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; text-align: center"><B><U>Table 1. Newly Registered Securities</U></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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 7%; border: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>
Type</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security Class&nbsp;Title</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee<BR>
Calculation<BR>
Rule</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
 Maximum<BR>
Offering Price<BR>
 Per<BR>
Unit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum<BR>
 Aggregate<BR>
Offering Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.08<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$912,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001531</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$139.63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$912,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$139.63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.9pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$139.63</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 3px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Pursuant to Rule&nbsp;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 4px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 150,000 shares of Common Stock available for issuance under the Ashford Hospitality Trust,&nbsp;Inc. 2021 Stock Incentive Plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 3px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Estimated solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(c)&nbsp;and Rule&nbsp;457(h)&nbsp;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&nbsp;30, 2025, which was $6.08 per share.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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