Ashford Hospitality Trust, Inc. is a real estate investment trust that owns and operates a portfolio of full-service hotel properties in the United States. As of September 30, 2025, the company’s portfolio consisted of 69 consolidated operating hotel properties representing 16,821 total rooms, with an additional consolidated operating hotel property owned through a 29.3% interest in a consolidated entity representing 188 total rooms. All properties are located domestically and are primarily full-service hotels in the upper upscale segment. The company does not operate any hotel properties directly but employs third-party management companies under contractual agreements to manage day-to-day operations.

Ashford Hospitality Trust generates revenue primarily through the operation of its hotel portfolio, which includes rooms revenue, food and beverage sales, and other ancillary hotel revenues such as internet access, parking, and spa services. Rooms revenue is driven by occupancy levels and average daily rates across its properties. The company also derives income from asset sales, gains on debt extinguishment, and other non-recurring transactions, though its core operating performance is measured by hotel-level metrics such as occupancy, average daily rate, and revenue per available room.

The company operates through the following segments:

Ashford Hospitality Trust operates in the highly competitive upscale and upper upscale hotel segment of the lodging industry, competing with other hotel REITs, privately owned hotel companies, and major hospitality brands such as Marriott, Hilton, Hyatt, and IHG. Its competitive advantages include a focus on full-service hotels in markets with moderate RevPAR relative to the national average, access to affiliated management and advisory services through Ashford LLC and Remington Hospitality, and a strategy aimed at capitalizing on cyclical industry trends through selective acquisitions, dispositions, and capital improvements.

The company serves a diverse customer base that includes business travelers, leisure tourists, and group or conference attendees staying at its full-service hotel properties. Guests range from individual travelers to corporate clients and event organizers utilizing the hotels’ meeting and event spaces. Specific customer names are not disclosed in the filing, but the customer base reflects typical patrons of upscale hotel brands operating in major metropolitan and destination markets across the United States.