Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. The Company's management team has extensive experience in sourcing, underwriting, operating, repositioning, developing, selling and financing a wide variety of lodging investments. Ashford Hospitality Trust seeks to maximize shareholder returns throughout all lodging business cycles. Ashford's strategy is to make diversified equity and debt investments across capital structure, hotel property type, market, and brand. The Company's ongoing asset allocation strategy proactively adjusts the investment portfolio mix to capitalize on yield and appreciation opportunities based upon changing trends within the hotel and financial markets.