ASHFORD TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

ASHFORD TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS.

Highlights:

* Fourth Quarter Net Loss Attributable to Common Stockholders was $(59.3) Million

* Fourth Quarter Comparable Hotel EBITDA was $55.4 Million

* Fourth Quarter Adjusted EBITDAre was $40.7 Million

* Fourth Quarter AFFO Per Diluted Share was $(0.09)

DALLAS - Ashford Hospitality Trust, Inc. (NYSE: AHT) ('Ashford Trust' or the 'Company') today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2021. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2021 with the fourth quarter and year ended December 31, 2020 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

Comparable RevPAR for all hotels increased 164% to $94.87 during the quarter on a 43.6% increase in ADR and an 84.1% increase in occupancy. Comparable RevPAR for all hotels decreased 21% compared to the comparable period in 2019.

Net loss attributable to common stockholders was $(59.3) million or $(1.75) per diluted share for the quarter. For the full year of 2021, net loss attributable to common stockholders was $(267.9) million or $(12.43) per diluted share.

Adjusted EBITDAre was $40.7 million for the quarter. Adjusted EBITDAre for the full year of 2021 was $113.6 million.

Adjusted funds from operations (AFFO) was $(0.09) per diluted share for the quarter. For the full year of 2021, AFFO per diluted share was $(1.23).

The Company ended the quarter with cash and cash equivalents of $592.1 million and restricted cash of $99.5 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $26.9 million in due from thirdparty hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs. Net working capital at the end of the quarter was $639.5 million, which equates to approximately $18.33 per diluted share.

During the quarter, the Company completed the refinancing of the Marriott Gateway Crystal City.

Capex invested during the quarter was $17.7 million and $36.7 million for the full year.

AHT Reports Fourth Quarter Results

CAPITAL STRUCTURE

At December 31, 2021, the Company had total loans of $3.9 billion with a blended average interest rate of 4.1%. At the end of the quarter, approximately 93% of the Company's hotels were in cash traps under their respective loans. This means any excess cash flow generated by those hotels will be held by the lender and will not be available for corporate purposes. The Company expects many of these hotels to remain in cash traps for the foreseeable future.

The Company has been selectively exchanging its preferred stock for common stock. To date, the Company has exchanged 16.1 million shares of its preferred stock, approximately 71% of its preferred shares prior to initiating the exchanges and representing approximately $401.8 million of liquidation value, into 11.9 million shares of common stock.

The Company opportunistically raised equity capital in 2021 to delever its balance sheet and improve its liquidity. For the full year, the Company raised approximately $564 million of gross proceeds at an average price of $28.17 per share.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors previously announced a suspension of its common stock dividend

policy. Accordingly, the Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2021. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations.

During the quarter, the Company paid current the deferred interest on its corporate loan facility with Oaktree Capital Management, L.P. ('Oaktree'). Also during the quarter, the Company announced that its Board of Directors declared cash dividends on the Company's Series D, Series F, Series G, Series H, and Series I cumulative preferred stock reflecting accrued and unpaid dividends for the quarters ending June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021. The Company paid a cash dividend of $3.1686 per Series D preferred share, $2.7654 per Series F preferred share, $2.7654 per Series G preferred share, $2.8125 per Series H preferred share, and $2.8125 per Series I preferred share. These preferred share dividends were paid on December 10, 2021 to holders of record as of December 1, 2021. With both the Oaktree loan and preferred dividends being current, the Company is now in a position to be S-3 eligible once it files its Form 10-K for 2021.

PORTFOLIO REVPAR

As of December 31, 2021, the portfolio consisted of 100 hotels.

Comparable RevPAR increased 164% to $94.87 for all hotels during the quarter on a 43.6% increase in ADR and an 84.1% increase in occupancy.

'We are pleased to report strong financial results and solid hotel performance for the fourth quarter,' commented Rob Hays, Ashford Trust's President and Chief Executive Officer. 'We had a strong finish to the year operationally. We continued to take decisive actions to improve our liquidity, build our cash balance and enhance our operational and financial flexibility. Ashford Trust enters 2022 with a significantly de-levered balance sheet, and we believe our attractive hotel portfolio, with its high exposure to transient leisure customers, is well-positioned to capitalize on the lodging industry recovery.

We continue to be encouraged by the positive momentum in our portfolio. While we don't provide formal earnings guidance we do expect to achieve 2019 Comparable RevPAR levels by calendar year 2023 and expect to meet or exceed 2019 Comparable Hotel EBITDA by calendar year 2024.'

AHT Reports Fourth Quarter Results

NVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday, February 24, 2022, at 11:00 a.m. ET. The number to call for this interactive teleconference is [phone]. A replay of the conference call will be available through Thursday, March 3, 2022, by dialing [phone] and entering the confirmation number, 13725851.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2021 earnings release conference call. The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's website, www.ahtreit.com on Thursday, February 24, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

All data presented in this press release gives effect to the 1-for-10 reverse stock split completed on July 16, 2021 with regard to share counts and per share data. We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

* * * * *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.

Follow CEO Rob Hays on Twitter at https://twitter.com/aht_rob or @aht_rob.

Certain statements and assumptions in this press release contain or are based upon 'forward-looking' information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words 'will likely result,' 'may,'

'anticipate,' 'estimate,' 'should,' 'expect,' 'believe,' 'intend,' or similar expressions, we intend to identify forward-looking

statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's

control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to

differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and

efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to repay, refinance, or restructure

our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating

results; completion of any pending transactions; our understanding of our competition; market trends; projected capital

expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market

price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel;

changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature

of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and

Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

See full release at: https://s1.q4cdn.com/906437698/files/doc_financials/2021/q4/AHT-2021-Q4-Earnings-Release-(Final).pdf

Contact: Deric Eubanks Jordan Jennings Joe Calabrese

Chief Financial Officer Investor Relations Financial Relations Board

[phone] [phone] [phone]

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