ASHFORD HOSPITALITY TRUST INC

For the period ended Dec 31, 2024. Filed Mar 21, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 21, 2025

AHT$2.370.0%Stored close · as of Nov 9, 2026

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Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 21, 2025.

ASHFORD HOSPITALITY TRUST, INC.
By:	/s/ STEPHEN ZSIGRAY
	Stephen Zsigray
	President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on behalf of the Registrant in the capacities and on the dates indicated.

Monty J. Bennett
Signature	Title	Date
/s/ MONTY J. BENNETT	Chairman of the Board of Directors	March 21, 2025
/s/ STEPHEN ZSIGRAY	President and Chief Executive Officer (Principal Executive Officer)	March 21, 2025
Stephen Zsigray
/s/ DERIC S. EUBANKS	Chief Financial Officer (Principal Financial Officer)	March 21, 2025
Deric S. Eubanks
/s/ JUSTIN R. COE	Chief Accounting Officer (Principal Accounting Officer)	March 21, 2025
Justin R. Coe
/s/ J. ROBISON HAYS, III	Director	March 21, 2025
J. Robison Hays, III
/s/ DAVE JOHNSON	Director	March 21, 2025
Dave Johnson
/s/ FREDERICK J. KLEISNER	Director	March 21, 2025
Frederick J. Kleisner
/s/ AMISH GUPTA	Director	March 21, 2025
Amish Gupta
/s/ SHERI L. PANTERMUEHL	Director	March 21, 2025
Sheri L. Pantermuehl
/s/ DAVINDER SRA	Director	March 21, 2025
Davinder Sra

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2024

(dollars in thousands)

Column A · Column B · Column C · Column D · Column E · Column F · Column G · Column H · Column I
Initial Cost · Costs Capitalized Since Acquisition · Gross Carrying AmountAt Close of Period (6)
Hotel Property	Location	Encumbrances	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Total	AccumulatedDepreciation	ConstructionDate	AcquisitionDate	IncomeStatement
Embassy Suites	Austin, TX	$22,848	$1,204	$9,388	$193	$9,349	$1,397	$18,737	$20,134	$9,528	08/1998		(1), (2), (3)
Embassy Suites	Dallas, TX	15,123	1,878	8,907	238	15,053	2,116	23,960	26,076	10,577	12/1998		(1), (2), (3)
Embassy Suites	Herndon, VA	19,532	1,303	9,836	277	3,747	1,580	13,583	15,163	8,676	12/1998		(1), (2), (3)
Embassy Suites	Las Vegas, NV	29,613	3,307	16,952	397	4,387	3,704	21,339	25,043	12,590	05/1999		(1), (2), (3)
Embassy Suites	Houston, TX	17,417	1,799	10,404	—	3,115	1,799	13,519	15,318	6,805		03/2005	(1), (2), (3)
Embassy Suites	West Palm Beach, FL	19,365	3,277	13,949	—	10,867	3,277	24,816	28,093	9,386		03/2005	(1), (2), (3)
Embassy Suites	Philadelphia, PA	19,636	5,791	34,819	—	3,239	5,791	38,058	43,849	18,160		12/2006	(1), (2), (3)
Embassy Suites	Arlington, VA	38,140	36,065	41,588	—	7,571	36,065	49,159	85,224	23,514		04/2007	(1), (2), (3)
Embassy Suites (4)	Portland, OR	72,763	11,110	60,048	(5,615)	(39,309)	5,495	20,739	26,234	1,216		04/2007	(1), (2), (3)
Embassy Suites	Santa Clara, CA	55,489	8,948	46,239	—	7,987	8,948	54,226	63,174	25,860		04/2007	(1), (2), (3)
Embassy Suites	Orlando, FL	18,534	5,674	21,593	—	5,166	5,674	26,759	32,433	12,503		04/2007	(1), (2), (3)
Hilton Garden Inn	Jacksonville, FL	11,496	1,751	9,164	—	1,962	1,751	11,126	12,877	6,157		11/2003	(1), (2), (3)
Hilton Garden Inn	Austin, TX	62,970	7,605	48,725	—	9	7,605	48,734	56,339	12,855		03/2015	(1), (2), (3)
Hilton Garden Inn	Baltimore, MD	15,413	4,027	20,199	—	1,637	4,027	21,836	25,863	6,677		03/2015	(1), (2), (3)
Hilton Garden Inn	Virginia Beach, VA	30,545	4,101	26,329	—	1,355	4,101	27,684	31,785	6,986		03/2015	(1), (2), (3)
Hilton	Ft. Worth, TX	42,854	4,538	13,922	—	11,293	4,538	25,215	29,753	13,319		03/2005	(1), (2), (3)
Hilton	Houston, TX	19,509	2,200	13,247	—	5,072	2,200	18,319	20,519	9,807		03/2005	(1), (2), (3)
Hilton	St. Petersburg, FL	47,654	2,991	13,907	(1,130)	11,551	1,861	25,458	27,319	11,421		03/2005	(1), (2), (3)
Hilton	Santa Fe, NM	20,526	7,004	10,689	—	2,638	7,004	13,327	20,331	6,734		12/2006	(1), (2), (3)
Hilton	Bloomington, MN	32,348	5,685	59,139	—	4,588	5,685	63,727	69,412	29,457		04/2007	(1), (2), (3)
Hilton (4)	Costa Mesa, CA	54,033	12,917	91,791	(7,145)	(67,028)	5,772	24,763	30,535	507		04/2007	(1), (2), (3)
Hilton	Parsippany, NJ	36,184	7,293	58,098	—	1,533	7,293	59,631	66,924	16,479		03/2015	(1), (2), (3)
Hilton	Tampa, FL	26,081	5,206	21,186	—	2,504	5,206	23,690	28,896	8,809		03/2015	(1), (2), (3)
Hilton	Alexandria, VA	62,753	14,459	96,602	—	886	14,459	97,488	111,947	17,722		06/2018	(1), (2), (3)
Hilton	Santa Cruz, CA	22,132	9,399	38,129	—	1,638	9,399	39,767	49,166	8,890		02/2019	(1), (2), (3)
Hampton Inn	Evansville, IN	10,872	1,301	5,034	—	8,865	1,301	13,899	15,200	5,621		09/2004	(1), (2), (3)
Hampton Inn	Parsippany, NJ	17,716	3,268	24,306	—	(539)	3,268	23,767	27,035	6,205		03/2015	(1), (2), (3)
Marriott	Beverly Hills, CA	95,729	6,510	22,061	—	2,864	6,510	24,925	31,435	12,700		03/2005	(1), (2), (3)
Marriott	Arlington, VA	121,500	20,637	101,376	—	11,957	20,637	113,333	133,970	56,805		07/2006	(1), (2), (3)
Marriott	Dallas, TX	23,637	2,701	30,893	—	6,176	2,701	37,069	39,770	15,788		04/2007	(1), (2), (3)
Marriott	Fremont, CA	39,959	5,800	44,200	—	11,497	5,800	55,697	61,497	19,169		08/2014	(1), (2), (3)
Marriott	Memphis, TN	18,502	6,210	37,284	—	(2,152)	6,210	35,132	41,342	9,189		02/2015	(1), (2), (3)
Marriott	Irving, TX	63,346	8,330	82,272	—	13,890	8,330	96,162	104,492	31,902		03/2015	(1), (2), (3)
Marriott	Omaha, NE	15,061	6,641	49,887	—	2,743	6,641	52,630	59,271	15,922		03/2015	(1), (2), (3)

Column A · Column B · Column C · Column D · Column E · Column F · Column G · Column H · Column I
Initial Cost · Costs Capitalized Since Acquisition · Gross Carrying AmountAt Close of Period (6)
Hotel Property	Location	Encumbrances	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Land	FF&E,Buildings andImprovements	Total	AccumulatedDepreciation	ConstructionDate	AcquisitionDate	IncomeStatement
Marriott	Sugarland, TX	59,210	9,047	84,043	—	14,165	9,047	98,208	107,255	24,842		03/2015	(1), (2), (3)
Courtyard by Marriott	Bloomington, IN	13,933	900	10,741	—	4,129	900	14,870	15,770	6,342		09/2004	(1), (2), (3)
Courtyard by Marriott - Tremont (7)	Boston, MA	97,368	24,494	85,246	—	555	24,494	85,801	110,295	23,173		03/2015	(1), (2), (3)
Courtyard by Marriott	Denver, CO	31,720	9,342	29,656	—	918	9,342	30,574	39,916	9,399		03/2015	(1), (2), (3)
Courtyard by Marriott	Gaithersburg, MD	27,162	5,128	30,522	—	504	5,128	31,026	36,154	8,589		03/2015	(1), (2), (3)
Courtyard by Marriott	Crystal City, VA	41,599	5,411	38,610	—	6,893	5,411	45,503	50,914	24,395		06/2005	(1), (2), (3)
Courtyard by Marriott	Overland Park, KS	9,255	1,868	14,030	—	1,451	1,868	15,481	17,349	7,615		06/2005	(1), (2), (3)
Courtyard by Marriott	Foothill Ranch, CA	21,255	2,447	16,005	—	1,291	2,447	17,296	19,743	8,668		06/2005	(1), (2), (3)
Courtyard by Marriott	Alpharetta, GA	19,230	2,244	12,345	—	1,761	2,244	14,106	16,350	7,017		06/2005	(1), (2), (3)
Marriott Residence Inn	Evansville, IN	7,658	961	5,972	(1)	3,254	960	9,226	10,186	3,610		09/2004	(1), (2), (3)
Marriott Residence Inn	Orlando, FL	16,627	6,554	40,539	—	9,196	6,554	49,735	56,289	27,396		06/2005	(1), (2), (3)
Marriott Residence Inn	Falls Church, VA	25,573	2,752	34,979	—	3,692	2,752	38,671	41,423	19,479		06/2005	(1), (2), (3)
Marriott Residence Inn	San Diego, CA	28,635	3,156	29,514	—	1,606	3,156	31,120	34,276	15,677		06/2005	(1), (2), (3)
Tribute Portfolio	Santa Fe, NM	35,697	8,094	42,058	—	2,880	8,094	44,938	53,032	8,013		10/2018	(1), (2), (3)
Ritz-Carlton	Atlanta, GA	93,045	2,477	80,139	—	14,232	2,477	94,371	96,848	31,000		03/2015	(1), (2), (3)
Renaissance	Nashville, TN	267,200	20,671	158,260	—	31,119	20,671	189,379	210,050	61,562		03/2015	(1), (2), (3)
Renaissance	Palm Springs, CA	48,966	—	74,112	—	3,151	—	77,263	77,263	23,155		03/2015	(1), (2), (3)
Sheraton Hotel	Minneapolis, MN	17,223	2,953	14,280	(51)	1,528	2,902	15,808	18,710	7,926		03/2005	(1), (2), (3)
Sheraton Hotel	Indianapolis, IN	57,970	3,100	22,041	—	11,515	3,100	33,556	36,656	16,332		03/2005	(1), (2), (3)
Sheraton Hotel	Anchorage, AK	18,016	4,023	39,363	—	7,004	4,023	46,367	50,390	22,271		12/2006	(1), (2), (3)
Sheraton Hotel	San Diego, CA	24,992	7,294	36,382	—	3,679	7,294	40,061	47,355	18,166		12/2006	(1), (2), (3)
Hyatt Regency	Coral Gables, FL	43,683	4,805	50,820	—	11,803	4,805	62,623	67,428	30,403		04/2007	(1), (2), (3)
Hyatt Regency	Hauppauge, NY	34,304	6,284	35,669	—	(2,235)	6,284	33,434	39,718	12,628		03/2015	(1), (2), (3)
Hyatt Regency	Savannah, GA	65,789	14,041	72,721	—	3,739	14,041	76,460	90,501	21,651		03/2015	(1), (2), (3)
Crown Plaza	Key West, FL	53,466	—	27,514	—	38,707	—	66,221	66,221	23,106		03/2005	(1), (2), (3)
Annapolis Historic Inn	Annapolis, MD	15,352	3,028	7,833	—	1,627	3,028	9,460	12,488	4,731		03/2005	(1), (2), (3)
Lakeway Resort & Spa	Austin, TX	13,360	4,541	28,940	—	1,205	4,541	30,145	34,686	11,383		02/2015	(1), (2), (3)
Silversmith	Chicago, IL	26,363	4,782	22,398	—	(1,576)	4,782	20,822	25,604	6,643		03/2015	(1), (2), (3)
The Churchill	Washington, DC	39,074	25,898	32,304	—	1,819	25,898	34,123	60,021	9,932		03/2015	(1), (2), (3)
The Melrose	Washington, DC	71,710	29,277	62,507	—	(1,586)	29,277	60,921	90,198	15,664		03/2015	(1), (2), (3)
Le Pavillon	New Orleans, LA	37,000	10,933	51,549	(2,601)	22,745	8,332	74,294	82,626	18,993		06/2015	(1), (2), (3)
Westin	Princeton, NJ	—	6,475	52,195	—	2,865	6,475	55,060	61,535	16,427		03/2015	(1), (2), (3)
Atlanta Hotel Indigo	Atlanta, GA	12,330	3,230	23,713	—	3,081	3,230	26,794	30,024	8,459		10/2015	(1), (2), (3)
Le Meridien	Ft. Worth, TX	36,683	4,609	82,749	(9)	7,396	4,600	90,145	94,745	1,525	08/2025		(1), (2), (3)
Hampton Inn	Buford, GA	10,000	1,168	5,338	—	3,699	1,168	9,037	10,205	5,808		07/2004	(1), (2), (3)
SpringHill Suites by Marriott	Buford, GA	4,500	1,132	6,089	—	7,012	1,132	13,101	14,233	5,799		07/2004	(1), (2), (3)
Marriott Residence Inn	Manchester, CT	7,700	1,462	8,306	—	6,940	1,462	15,246	16,708	5,648		04/2007	(1), (2), (3)
Marriott Residence Inn	Jacksonville, FL	8,000	1,997	16,084	—	5,405	1,997	21,489	23,486	11,587		05/2007	(1), (2), (3)
Total(5)		$2,660,928	$477,508	$2,677,729	$(15,447)	$303,280	$462,061	$2,981,009	$3,443,070	$1,052,950

(1)Estimated useful life for buildings is 39 years.

(2)Estimated useful life for building improvements is 7.5 years.

(3)Estimated useful life for furniture and fixtures is 1.5 to 5 years.

(4)Amounts include impairment charges.

(5)Hilton Marietta is not included in this schedule as it is operated through a lease.

(6)The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $2.4 billion as of December 31, 2024.

(7) Hotel property was held for sale as of December 31, 2024.

	Year Ended December 31,
	2024	2023	2022
Investment in Real Estate:
Beginning balance	$4,245,264	$4,546,384	$4,663,153
Additions	102,232	206,737	125,244
Impairment/write-offs	(255,732)	(194,343)	(195,736)
Sales/disposals	(631,383)	(292,268)	(46,277)
Assets held for sale	(110,295)	(21,246)	—
Ending balance	$3,350,086	$4,245,264	$4,546,384
Accumulated Depreciation:
Beginning balance	1,293,332	1,428,053	1,432,443
Depreciation expense	152,832	188,021	201,926
Impairment/write-offs	(196,402)	(194,343)	(195,736)
Sales/disposals	(195,710)	(119,102)	(10,580)
Assets held for sale	(23,173)	(9,297)	—
Ending balance	$1,030,879	$1,293,332	$1,428,053
Investment in Real Estate, net	$2,319,207	$2,951,932	$3,118,331

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.