<SEC-DOCUMENT>0001104659-25-121402.txt : 20251216
<SEC-HEADER>0001104659-25-121402.hdr.sgml : 20251216
<ACCEPTANCE-DATETIME>20251216090115
ACCESSION NUMBER:		0001104659-25-121402
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251216
DATE AS OF CHANGE:		20251216

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:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31775
		FILM NUMBER:		251573509

	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>8-A12B
<SEQUENCE>1
<FILENAME>tm2533452d2_8a12b.htm
<DESCRIPTION>FORM 8-A12B
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>FORM&nbsp;8-A</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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES<BR>
Pursuant to Section&nbsp;12(b)&nbsp;or (g)&nbsp;of the</B></P>

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

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

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

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

<P STYLE="font: 24pt 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"><B>(Exact name of registrant as specified in its
charter)</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>86-1062192</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification No.)</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>14185 Dallas Parkway, Suite&nbsp;1200</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas</B></P></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>75254</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities to be registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</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="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class<BR>
<U>to be registered</U></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which<BR>
<U>each class is to be registered</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred Stock Purchase Rights</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The New York Stock Exchange</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form relates to the registration of a class of securities pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act and is effective
pursuant to General Instruction A.(c)&nbsp;or (e), check the following box. <FONT STYLE="font-family: Wingdings">&#120;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form relates to the registration of a class of securities pursuant to Section&nbsp;12(g)&nbsp;of the Exchange Act and is effective
pursuant to General Instruction A.(d)&nbsp;or (e), check the following box. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form relates to the registration of a class of securities concurrently with a Regulation A offering, check the following box. </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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: center"><B>Securities Act registration statement or Regulation
A offering statement file number to which this form relates: N/A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities to be registered pursuant to Section&nbsp;12(g)&nbsp;of
the Act: None.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item <FONT STYLE="text-transform: uppercase">1. </FONT>Description
of Registrant&rsquo;s Securities to be Registered.</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; background-color: white">On December&nbsp;15,
2025, the Board of Directors (the &ldquo;<U>Board</U>&rdquo;) of Ashford Hospitality Trust,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;)
declared a dividend of one preferred share purchase right (a &ldquo;<U>Right</U>&rdquo;) for each outstanding share of common stock, par
value $0.01 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;), each Right initially representing the right to purchase
from the Company one one-thousandth of a share of Series&nbsp;N Junior Participating Preferred Stock, par value $0.01 per share, of the
Company (the &ldquo;<U>Series&nbsp;N Preferred Stock</U>&rdquo;) at a price of $20.00 per one one-thousandth of a share of Series&nbsp;N
Preferred Stock (the &ldquo;<U>Purchase Price</U>&rdquo;), subject to adjustment as provided in the Rights Agreement (defined below).
The dividend is payable to holders of Common Stock of record as of 5:00 p.m.&nbsp;New York City time on December&nbsp;26, 2025 (the
 &ldquo;<U>Record Date</U>&rdquo;). The description and terms of the Rights are set forth in a Rights Agreement, dated as of December&nbsp;15,
2025, as the same may be amended from time to time (the &ldquo;<U>Rights Agreement</U>&rdquo;), between the Company and Computershare
Trust Company, N.A., as Rights Agent (the &ldquo;<U>Rights Agent</U>&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; background-color: white">The Rights Agreement
is designed to prevent the Company from facing a substantial limitation on its ability to use its Tax Benefits (as such term is defined
in the Rights Agreement) to offset potential future income taxes for federal income tax purposes and realize other efficiencies.</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; background-color: white">The following is a summary
of the terms of the Rights Agreement. The summary does not purport to be complete and is qualified in its entirety by reference to the
full text of the Rights Agreement, a copy of which is attached as Exhibit&nbsp;2 and incorporated herein 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: justify; background-color: white"><I>Effectiveness</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; background-color: white">The Rights Agreement
became effective at 5:00 p.m.&nbsp;New York City time on December&nbsp;15, 2025 (the &ldquo;<U>Effective Date</U>&rdquo;). Upon and
following the Effective Date, Rights will be issued in respect of all outstanding shares of Common Stock on the Record Date, and for all
shares of Common Stock issued after the Record Date and, subject to the terms described in the Rights Agreement, prior to the earliest
of the Distribution Date (as defined below), the redemption of the Rights or the expiration of the Rights as provided by the Rights Agreement.</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; background-color: white"><I>Distribution and Transfer
of Rights; Distribution Date; Rights Certificates</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; background-color: white">Subject to certain exceptions
specified in the Rights Agreement, the Rights will separate from the Common Stock and become exercisable at 5:00 p.m.&nbsp;New York City
time on the next business day following the earlier of (i)&nbsp;the Flip-In Date (as defined below) or (ii)&nbsp;10 business days after
the date (prior to such time as any person or group of affiliated persons becomes an Acquiring Person), if any, as may be determined by
action of the Board, in its sole discretion, following the commencement of, or public announcement of an intention to commence, a tender
or exchange offer the consummation of which would result in any person or group of affiliated or associated persons becoming an Acquiring
Person (the earlier of such dates being called the &ldquo;<U>Distribution Date</U>&rdquo;). A person or group of affiliated or associated
persons becomes an &ldquo;<U>Acquiring Person</U>&rdquo; upon acquiring Beneficial Ownership of 4.99% or more of any class of Company
Securities then outstanding, except in certain situations (including a person or group of affiliated or associated persons that currently
has Beneficial Ownership of any class of Company Securities then outstanding in excess of such threshold unless and until such person
or group becomes the Beneficial Owner of a percentage of any class of Company Securities outstanding that exceeds by 0.5% or more the
percentage of any class of Company Securities outstanding that such person or group owned as of the first public announcement of the adoption
of the Rights Agreement). For purposes of the Rights Agreement, &ldquo;<U>Company Securities</U>&rdquo; means the Common Stock and any
other interest that the Board determines would be treated as &ldquo;stock&rdquo; of the Company for purposes of Section&nbsp;382 of the
Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;) (including Treasury Regulation Sections 1.382-2(a)(3)&nbsp;and
1.382-2T(f)(18)).</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; background-color: white">The Rights Agreement
provides that, until the Distribution Date (or earlier redemption or expiration of the Rights), the Rights will be transferred with and
only with the Common Stock. Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock certificates
issued after the Record Date upon transfer or new issuances of Common Stock will contain a legend incorporating the Rights Agreement by
reference (and notice of such legend will be furnished to holders of book entry shares). Until the Distribution Date (or earlier redemption
or expiration of the Rights), the surrender for transfer of any certificates for shares of Common Stock (or of any book entry shares of
Common Stock) outstanding as of the Record Date, even without such legend (or notice of such legend) or a copy of the Summary of Rights
(as such term is defined in the Rights Agreement), will also constitute the transfer of the Rights associated with the shares of Common
Stock represented by such certificate (or book entry). As soon as practicable following the Distribution Date, separate certificates evidencing
the Rights (&ldquo;<U>Right Certificates</U>&rdquo;) will be mailed to holders of record of the Common Stock as of the close of business
on the Distribution Date and such separate Right Certificates alone will evidence the Rights.</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; background-color: white">The Rights are not exercisable
until the Distribution Date.&nbsp;Pursuant to the terms of the Rights Agreement, the Rights will expire on the earliest of (i)&nbsp;5:00
p.m.&nbsp;New York City time on December&nbsp;14, 2026, (ii)&nbsp;the effective date of the repeal of Section&nbsp;382 of the Code or
any successor statute if the Board determines in its sole discretion that the Rights Agreement is no longer necessary or desirable for
the preservation of Tax Benefits, or (iii)&nbsp;the first day of a taxable year of the Company to which the Board determines in its sole
discretion that no Tax Benefits may be carried forward, unless the Rights are earlier redeemed or exchanged by the Company, in each case
as described below, or upon the occurrence of certain transactions.</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; background-color: white"><I>Series&nbsp;N Preferred
Stock Purchasable Upon Exercise of Rights</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; background-color: white">Because of the nature
of the Series&nbsp;N Preferred Stock&rsquo;s dividend, liquidation and voting rights, the value of the one one-thousandth interest in
a share of Series&nbsp;N Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.</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; background-color: white"><I>Exempt Persons and
Transactions</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; background-color: white">The Rights Agreement
includes procedures whereby the Board will consider requests to exempt (a)&nbsp;any person or group (an &ldquo;<U>Exempt Person</U>&rdquo;)
which would otherwise be an Acquiring Person, or (b)&nbsp;any transaction (an &ldquo;<U>Exempt Transaction</U>&rdquo;) resulting in the
Beneficial Ownership of Company Securities, prior to the consummation of such transaction, from the Acquiring Person trigger, in each
case as determined by the Board in its sole discretion, provided that it will only grant such an exemption if it determines in its sole
discretion that such ownership would not reasonably be expected to jeopardize or endanger the availability of the Tax Benefits to the
Company or if it otherwise determines that the exemption is in the best interests of the Company; provided further that, (A)&nbsp;in the
case of an Exempt Person, if the Board later makes a contrary determination with respect to the effect of such person or group&rsquo;s
Beneficial Ownership with respect to the availability to the Company of its Tax Benefits, such person or group will cease to be an Exempt
Person and (B)&nbsp;in the case of an Exempt Person or Exempt Transaction, the Board in its sole discretion may require the applicable
person or group to make certain representations or undertakings, the violation or attempted violation of which will be subject to such
consequences as the Board may determine in its sole discretion, including that such person or group will become an Acquiring Person.</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; background-color: white"><I>Flip-In Trigger</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; background-color: white">On the first date of
public announcement by the Company that any person or group of affiliated or associated persons has become an Acquiring Person pursuant
to the Rights Agreement, which announcement makes express reference to such status as an Acquiring Person pursuant to the Rights Agreement
(the &ldquo;<U>Stock Acquisition Date</U>&rdquo;), or on such later date as the Board may fix by resolution adopted prior to such Stock
Acquisition Date (such date, a &ldquo;<U>Flip-In Date</U>&rdquo;, and the first Flip-In Date to occur, a &ldquo;<U>Flip-In Event</U>&rdquo;),
each holder of a Right (other than Rights beneficially owned by the Acquiring Person, affiliates and associates of the Acquiring Person
and certain transferees thereof which will thereupon become null and void) will thereafter have the right to receive upon exercise of
a Right that number of shares of Common Stock or, at the Company&rsquo;s option, shares of Series&nbsp;N Preferred Stock (or fraction
thereof, having an equivalent value to the substituted Common Stock) having a market value of two times the exercise price of the Right;
provided that if such exercise of Rights would result in a person becoming the Beneficial Owner of more than 4.99% of any class of Company
Securities then outstanding, the Board may elect (in its sole discretion) to distribute cash to such person or a note or other form of
indebtedness of equivalent value.</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; background-color: white"><I>Flip-Over Trigger</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; background-color: white">If, after a Flip-In Event,
the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power
are sold, proper provisions will be made so that each holder of a Right (other than Rights beneficially owned by an Acquiring Person,
affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void) will thereafter
have the right to receive upon the exercise of a Right that number of shares of common stock of the person with whom the Company has engaged
in the foregoing transaction (or its parent) that at the time of such transaction have a market value of two times the exercise price
of the Right.</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; background-color: white"><I>Exchange Provision</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; background-color: white">At any time after a Flip-In
Event and prior to the earlier of one of the events described in the previous paragraph or the acquisition by such Acquiring Person of
50% or more of the outstanding shares of Common Stock, the Board may exchange the Rights (other than Rights owned by such Acquiring Person,
affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void), in whole or in
part, for shares of Common Stock or Series&nbsp;N Preferred Stock (or a series of the Company&rsquo;s preferred stock having equivalent
rights, preferences, privileges and restrictions), at an exchange ratio of one share of Common Stock, or a fractional share of Series&nbsp;N
Preferred Stock (or other preferred stock) equivalent in value thereto, per Right; provided that if such exchange of Rights would result
in a person becoming the Beneficial Owner of more than 4.99% of any class of Company Securities then outstanding, the Board may elect
(in its sole discretion) to distribute cash to such person or a note or other form of indebtedness of equivalent value.</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; background-color: white"><I>Redemption of the
Rights</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; background-color: white">At any time prior to
a Flip-In Event, the Board may redeem the Rights in whole, but not in part, at a price of $0.0001 per Right (the &ldquo;<U>Redemption
Price</U>&rdquo;) payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board
determines in its sole discretion. The redemption of the Rights may be made effective at such time, on such basis and with such conditions
as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will
terminate and the only right of the holders of Rights will be to receive the Redemption Price.</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; background-color: white"><I>Amendment of Terms
of Rights Agreement and Rights</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; background-color: white">For so long as the Rights
are then redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner without the
approval of any holders of the Rights. After the Rights are no longer redeemable, the Company may, except with respect to the Redemption
Price, amend the Rights Agreement in any manner that does not adversely affect the interests of holders of the Rights (other than an Acquiring
Person, affiliates and associates of the Acquiring Person and certain transferees thereof).</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; background-color: white"><I>Voting Rights; Other
Stockholder Rights</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; background-color: white">Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Anti-Dilution Provisions</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; background-color: white">The Purchase Price payable,
and the number of shares of Series&nbsp;N Preferred Stock or other securities or property issuable, upon exercise of the Rights is subject
to adjustment from time to time to prevent dilution (i)&nbsp;in the event of a stock dividend on, or a subdivision, combination or reclassification
of, the Series&nbsp;N Preferred Stock, (ii)&nbsp;upon the grant to holders of the Series&nbsp;N Preferred Stock of certain rights or warrants
to subscribe for or purchase Series&nbsp;N Preferred Stock at a price, or securities convertible into Series&nbsp;N Preferred Stock with
a conversion price, less than the then-current market price of the Series&nbsp;N Preferred Stock or (iii)&nbsp;upon the distribution to
holders of the Series&nbsp;N Preferred Stock of evidences of indebtedness or assets (other than regular periodic cash dividends or dividends
payable in Series&nbsp;N Preferred Stock) or of subscription rights or warrants (other than those 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; background-color: white">The number of outstanding
Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of Common Stock, or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.</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">The Articles Supplementary Establishing and Fixing
the Rights and Preference of a Series&nbsp;of Preferred Stock and the Rights Agreement, dated as of December&nbsp;15, 2025, between
Ashford Hospitality Trust,&nbsp;Inc. and Computershare Trust Company, N.A., as Rights Agent, specifying the terms of the Rights are attached
hereto as exhibits and are incorporated herein by reference. The foregoing description of the Rights is qualified in its entirety by reference
to such exhibits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item <FONT STYLE="text-transform: uppercase">2. </FONT>Exhibits<FONT STYLE="text-transform: uppercase">.</FONT></B></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="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit&nbsp;<BR>
No.</U></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925121398/tm2533452d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925121398/tm2533452d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary Establishing and Fixing the Rights and Preference of a Series&nbsp;of Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1 of the Current Report on Form&nbsp;8-K dated December&nbsp;16, 2025 of Ashford Hospitality Trust,&nbsp;Inc.).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925121398/tm2533452d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925121398/tm2533452d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agreement, dated as of December&nbsp;15, 2025, between Ashford Hospitality Trust,&nbsp;Inc. and Computershare Trust Company, N.A., as Rights Agent, which includes the Form&nbsp;of Articles Supplementary Establishing and Fixing the Rights and Preference of a Series&nbsp;of Preferred Stock as Exhibit&nbsp;A, the Form&nbsp;of Rights Certificate as Exhibit&nbsp;B, and the Summary of Rights as Exhibit&nbsp;C (incorporated by reference to Exhibit&nbsp;4.1 of the Current Report on Form&nbsp;8-K dated December&nbsp;16, 2025 of Ashford Hospitality Trust,&nbsp;Inc.).</FONT></A></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>SIGNATURE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of Section&nbsp;12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on
its behalf by the undersigned, thereto duly authorized.</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: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASHFORD HOSPITALITY TRUST,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: December&nbsp;16, 2025</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jim Plohg</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim Plohg</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President, General Counsel and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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