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<P align="center"><FONT size="2"><B>As filed with the Securities and Exchange Commission on August&nbsp;28, 2003</B>
</FONT>
<P align="right"><FONT size="2"><B>Registration No.&nbsp;333-</B><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT>
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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT>

<DIV align="center"><B><FONT size="3">Washington, D.C. 20549</FONT></B></DIV>

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<P align="center"><FONT size="5"><B>FORM S-8</B></FONT>

<DIV align="center"><FONT size="2"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</FONT></DIV>
<P align="center"><FONT size="6"><B>ASHFORD HOSPITALITY TRUST,
INC.</B></FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT></DIV>

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    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Maryland</B><BR>
(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>86-1062192</B><BR>
(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>14180 Dallas Parkway, 9th Floor<BR>
Dallas, Texas</B><BR>
(Address of Principal Executive Offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom"><FONT size="2">
<B>75254</B><BR>
(Zip Code)</FONT></TD>
</TR>
</TABLE>
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<P align="center"><FONT size="2"><B>Ashford Hospitality Trust, Inc.<BR>
2003 Stock Incentive Plan</B><BR>
(Full title of the plan)
</FONT>
<P align="center"><FONT size="2"><B>Montgomery J. Bennett<BR>
David A. Brooks<BR>
14180 Dallas Parkway, 9th Floor<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;980-2700</B><BR>
(Name, address and telephone number, including area code, of agent for service)
</FONT>
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<P align="center"><FONT size="2"><B><I>Copies to:</I></B>
</FONT>
<P align="center"><FONT size="2"><B>David Barbour<BR>
Muriel C. McFarling<BR>
Andrews &#038; Kurth L.L.P.<BR>
1717 Main Street, Suite&nbsp;3700<BR>
Dallas, Texas 75201<BR>
(214)&nbsp;659-4400</B>
</FONT>
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<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>
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<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>to be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Fee (2)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Common Stock, par value $0.01 per share (1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
1,445,000 shares
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">9.00</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">13,005,000</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,053</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The number of shares of Common Stock registered hereby is subject to
adjustment to prevent dilution resulting from Common Stock splits, Common
Stock dividends or similar transactions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Estimated solely for the purpose of determining the registration fee in
accordance with Rule&nbsp;457(o).</FONT></TD>
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<P align="center"><FONT size="2">&nbsp;</FONT>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="d08758exv4w3.txt">EX-4.3 Certificate of Correction</A></TD></TR>
<TR><TD colspan="9"><A HREF="d08758exv5w1.txt">EX-5.1 Opinion & Consent of Hogan & Hartson L.L.P.</A></TD></TR>
<TR><TD colspan="9"><A HREF="d08758exv23w3.txt">EX-23.3 Consent of Ernst & Young LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="d08758exv99w1.txt">EX-99.1 2003 Stock Incentive Plan</A></TD></TR>
</TABLE>
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<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the information required in Part I of Form&nbsp;S-8
will be sent or given to participants as specified by Rule&nbsp;428(b)(1) under the
Securities Act of 1933, as amended. These documents and the documents
incorporated herein by reference pursuant to Item&nbsp;3 of Part II of this
registration statement, taken together, constitute a prospectus that meets the
requirements of Section&nbsp;10(a) of the Securities Act.
</FONT>
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<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashford Hospitality Trust, Inc. (&#147;Registrant&#148;) incorporates by reference
in this registration statement the following documents filed with the
Securities and Exchange Commission:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">The Registrant&#146;s audited financial statements contained in
the Post Effective Amendment No.&nbsp;1 to Form&nbsp;S-11, filed on August&nbsp;26,
2003 (Registration No.&nbsp;333-105277); and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">the description of our common stock set forth in the
registration statement on Form&nbsp;8-A, filed on August&nbsp;19, 2003 (File
No.&nbsp;001-31775).</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents that we file pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Exchange Act subsequent to the date of this registration statement and
prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to
be a part hereof from the date of filing of such documents. Any statement
contained herein or in a document incorporated or deemed to be incorporated
herein by reference shall be deemed to be modified or superseded for purposes
of the registration statement and the prospectus to the extent that a statement
contained herein or in any subsequently filed document which also is, or is
deemed to be, incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of the registration
statement or the prospectus.
</FONT>
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<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares of common stock to be issued pursuant to this
registration statement will be passed upon for Registrant by Hogan &#038; Hartson
L.L.P., Maryland counsel.
</FONT>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland General Corporation Law permits a corporation to indemnify
its present and former directors, among others, against judgments, penalties,
fines, settlements and reasonable expenses actually incurred by them in
connection with any proceeding to which they may be made a party by reason of
their services in those capacities, unless it is established that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">the act or omission of the director was material to the
matter giving rise to such proceeding and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">A.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">was committed in bad faith or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">B.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">was the result of active and
deliberate dishonesty;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">the director actually received an improper personal
benefit in money, property, or services; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">in the case of any criminal proceeding, the
director had reasonable cause to believe that the act or
omission was unlawful.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland law permits a corporation to indemnify a present and former
officer to the same extent as a director.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, a court of appropriate jurisdiction may
under certain circumstances order indemnification if it determines that the
director or officer is fairly and reasonably entitled to indemnification in
view of all of the relevant circumstances, whether or not the director or
officer has met the standards of conduct set forth in the preceding paragraph
or has been declared liable on the basis that a personal benefit improperly
received in a proceeding charging improper personal benefit to the director or
the officer. If the proceeding was an action by or in the right of the
corporation or involved a determination that the director or officer received
an improper personal benefit, however, no indemnification may be made if the
individual is adjudged liable to the corporation, except to the extent of
expenses approved by a court of appropriate jurisdiction.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland General Corporation Law additionally permits a corporation
to pay or reimburse, in advance of the final disposition of a proceeding,
reasonable expenses incurred by a present or former director or officer made a
party to the proceeding by reason of his service in that capacity, provided
that the corporation shall have received
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">a written affirmation by the director or officer of his
good faith belief that he has met the standard of conduct
necessary for indemnification by the corporation; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">a written undertaking by or on behalf of the director
to repay the amount paid or reimbursed by the corporation if it
shall ultimately be determined that the standard of conduct was
not met.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summary is necessarily subject to the complete text of the
statutes referred to above and are qualified in their entirety by reference
thereto.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has provided for indemnification of directors, officers,
employees and agents in Article&nbsp;IX of the Articles of Amendment and Restatement
(&#147;Articles&#148;) and Article&nbsp;V of the Bylaws of the Registrant. The Articles
provide:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">The Corporation (a)&nbsp;shall indemnify its directors to the
fullest extent provided by the general laws of the State of
Maryland now or hereafter in force, including the advance of
expenses under the procedures provided by such laws and (b)
may indemnify its officers to the extent it shall deem
appropriate and as shall be authorized by the Board of
Directors, consistent with law. The foregoing shall not
limit the authority of the Corporation to indemnify other
employees and agents consistent with law.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1 of the Bylaws provide:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">The Corporation shall, to the maximum extent permitted by
the Maryland General Corporation Law in effect from time to
time, indemnify, and, without a preliminary determination of
the ultimate entitlement to indemnification, pay or
reimburse reasonable expenses in advance of final
disposition of a proceeding to (a)&nbsp;any individual who is a
present or former director or officer of the Corporation or
(b)&nbsp;any individual who, while a director or officer of the
Corporation and at the request of the Corporation, serves or
has served another corporation, real estate investment
trust, partnership, joint venture, trust, employee benefit
plan or any other enterprise as a director, officer, partner
or trustee from and against any claim or liability to which
such person may become subject or which such person may
incur by reason of his status as a present or former
director or officer of the Corporation or director, officer,
partner or trustee of such other entity (each, an
&#147;Indemnitee&#148;). The Corporation shall, to the maximum extent
permitted by the Maryland General Corporation Law in effect
from time to time, provide such indemnification and
advancement of expenses to a person who served a predecessor
of the Corporation in any of the capacities described above
(any such person shall also be deemed to be an
&#147;Indemnitee&#148;).</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2 of the Bylaws provide:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">With the approval of the Board of Directors, the Corporation
shall, to the maximum extent permitted by the Maryland
General Corporation Law in effect from time to time, and to
such further extent as it shall deem appropriate under the
circumstances, provide such indemnification and advancement
of expenses as described in Section&nbsp;1 above, to any employee
or agent of the Corporation or a predecessor of the
Corporation (each such person shall also be deemed to be an
&#147;Indemnitee&#148;).</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland General Corporation Law authorizes a Maryland corporation to
limit by provision in its charter the liability of directors and officers to
the corporation or to its stockholders for money damages except to the extent:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">the director or officer actually receives an improper
benefit or profit in money, property, or services, for the
amount of the benefit or profit actually received, or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">a judgment or other final adjudication adverse to
the director or officer is entered in a proceeding based on a
finding in the proceeding that the director&#146;s or officer&#146;s
action, or failure to act, was the result of active and
deliberate dishonesty and was material to the cause of
action adjudicated in the proceeding.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summary is necessarily subject to the complete text of the
statutes referred to above and are qualified in their entirety by reference
thereto.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has limited the liability of its directors and officers for
money damages in Article&nbsp;VIII, Section&nbsp;1 of the Articles. This provision reads
as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">To the maximum extent that Maryland law in effect from time
to time permits limitation of the liability of directors and
officers of a corporation, no director or officer of the
Corporation shall be liable to the Corporation or its
stockholders for money damages. Neither the amendment nor
repeal of this Article&nbsp;VIII, nor the adoption or amendment
of any other provision of this Charter or the Bylaws
inconsistent with this Article&nbsp;VIII shall apply to or affect
in any respect the applicability of the preceding sentence
with respect to any act or failure to act which occurred
prior to such amendment, repeal or adoption.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted under Section&nbsp;2-418(k) of the Maryland General Corporation
Law, the Registrant has purchased and maintains insurance on behalf of certain
directors and officers against any liability asserted against such directors
and officers in their capacities as such, whether or not Registrant would have
the power to indemnify such persons under the provisions of Maryland law
governing indemnification.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Item&nbsp;9 for our undertakings with respect to
indemnification for liabilities arising under the Securities Act of 1933.
</FONT>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption from Registration Claimed</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#043;4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles of Amendment and Restatement of the Registrant
(incorporated by reference to Exhibit&nbsp;3.1 to Registrant&#146;s
Registration Statement on the Form&nbsp;S-11 (No.&nbsp;333-105277).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#043;4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Bylaws of the Registrant (incorporated
by reference to Exhibit&nbsp;3.2 to Registrant&#146;s Registration Statement
on the Form&nbsp;S-11 (No.&nbsp;333-105277)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Correction to Articles of Amendment and Restatement of the Registrant.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Hogan &#038; Hartson L.L.P. with respect to legality of the securities.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Hogan &#038; Hartson L.L.P. (included as part of Exhibit&nbsp;5.1).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (set forth on the signature page of this registration statement).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Ashford Hospitality Trust, Inc. 2003 Stock Incentive Plan.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#043;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Incorporated by reference.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Filed herewith.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The undersigned Registrant hereby undertakes:</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with
or furnished to the Commission by the Registrant pursuant to Section&nbsp;13
or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in this registration statement.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp; To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>
<P><FONT size="2">(b)&nbsp; The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT>
<P><FONT size="2">(c)&nbsp; Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas, on August&nbsp;28, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">Ashford Hospitality Trust, Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ David Kimichik</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">David Kimichik<BR>
<I>Chief Financial Officer</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="center"><FONT size="2"><B>POWER OF ATTORNEY</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned officers and
directors of Ashford Hospitality Trust, Inc. hereby constitutes and appoints
David Kimichik, Montgomery J. Bennett and David A. Brooks and each of them
(with full power to each of them to act alone), his true and lawful
attorney-in-fact and agent, with full power of substitution, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file this registration statement under the Securities Act of 1933,
as amended, and any or all amendments (including, without limitation,
post-effective amendments), with all exhibits and any and all documents
required to be filed with respect thereto, with the Securities and Exchange
Commission or any regulatory authority, granting unto such attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done in order to
effectuate the same, as fully to all intents and purposes as he himself might
or could do if personally present, hereby ratifying and confirming all that
such attorneys-in-fact and agents, or any of them, or their substitute or
substitutes, may lawfully do or cause to be done.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated on August&nbsp;28, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>


<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ Archie Bennett, Jr.
<HR size="1" noshade>
Archie Bennett, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chairman of the Board of Directors</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ Montgomery J. Bennett
<HR size="1" noshade>
Montgomery J. Bennett</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Executive Officer, President and Director<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ David Kimichik
<HR size="1" noshade>
David Kimichik</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Financial Officer (Principal Executive Officer)</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">/s/ Mark Nunneley
<HR size="1" noshade>
Mark Nunneley</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Chief Accounting Officer (Principal Accounting Officer)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#043;4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles of Amendment and Restatement of the Registrant
(incorporated by reference to Exhibit&nbsp;3.1 to Registrant&#146;s
Registration Statement on the Form&nbsp;S-11 (No.&nbsp;333-105277).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&#043;4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Bylaws of the Registrant (incorporated
by reference to Exhibit&nbsp;3.2 to Registrant&#146;s Registration Statement
on the Form&nbsp;S-11 (No.&nbsp;333-105277)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Correction to Articles of Amendment and Restatement of the Registrant.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Hogan &#038; Hartson L.L.P. with respect to legality of the securities.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Hogan &#038; Hartson L.L.P. (included as part of Exhibit&nbsp;5.1).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*23.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (set forth on the signature page of this registration statement).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">*99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Ashford Hospitality Trust, Inc. 2003 Stock Incentive Plan.</FONT></TD>
</TR>
</TABLE>
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    <TD width="1%" align="left" nowrap><FONT size="2">&#043;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Incorporated by reference.</FONT></TD>
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<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
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    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Filed herewith.</FONT></TD>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 28, 2003
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
ASHFORD HOSPITALITY TRUST,
INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or other jurisdiction
of incorporation or organization)
86-1062192
(I.R.S. Employer
Identification Number)
14180 Dallas Parkway, 9th Floor
Dallas, Texas
(Address of Principal Executive Offices)
75254
(Zip Code)
Ashford Hospitality Trust, Inc.
2003 Stock Incentive Plan
(Full title of the plan)
Montgomery J. Bennett
David A. Brooks
14180 Dallas Parkway, 9th Floor
Dallas, Texas 75254
(972) 980-2700
(Name, address and telephone number, including area code, of agent for service)
Copies to:
David Barbour
Muriel C. McFarling
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
(214) 659-4400
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
Amount to be
Offering Price
Aggregate Offering
Registration
to be Registered
Registered
Per Share (2)
Price (2)
Fee (2)
Common Stock, par value $0.01 per share (1)
1,445,000 shares
$
9.00
$
13,005,000
$
1,053
(1)
The number of shares of Common Stock registered hereby is subject to
adjustment to prevent dilution resulting from Common Stock splits, Common
Stock dividends or similar transactions.
(2)
Estimated solely for the purpose of determining the registration fee in
accordance with Rule 457(o).
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
POWER OF ATTORNEY
EXHIBIT INDEX
EX-4.3 Certificate of Correction
EX-5.1 Opinion & Consent of Hogan & Hartson L.L.P.
EX-23.3 Consent of Ernst & Young LLP
EX-99.1 2003 Stock Incentive Plan
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
The document(s) containing the information required in Part I of Form S-8
will be sent or given to participants as specified by Rule 428(b)(1) under the
Securities Act of 1933, as amended. These documents and the documents
incorporated herein by reference pursuant to Item 3 of Part II of this
registration statement, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Ashford Hospitality Trust, Inc. ("Registrant") incorporates by reference
in this registration statement the following documents filed with the
Securities and Exchange Commission:
(1)
The Registrant's audited financial statements contained in
the Post Effective Amendment No. 1 to Form S-11, filed on August 26,
2003 (Registration No. 333-105277); and
(2)
the description of our common stock set forth in the
registration statement on Form 8-A, filed on August 19, 2003 (File
No. 001-31775).
All documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d)
of the Exchange Act subsequent to the date of this registration statement and
prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to
be a part hereof from the date of filing of such documents. Any statement
contained herein or in a document incorporated or deemed to be incorporated
herein by reference shall be deemed to be modified or superseded for purposes
of the registration statement and the prospectus to the extent that a statement
contained herein or in any subsequently filed document which also is, or is
deemed to be, incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of the registration
statement or the prospectus.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
The validity of the shares of common stock to be issued pursuant to this
registration statement will be passed upon for Registrant by Hogan & Hartson
L.L.P., Maryland counsel.
Item 6. Indemnification of Directors and Officers
The Maryland General Corporation Law permits a corporation to indemnify
its present and former directors, among others, against judgments, penalties,
fines, settlements and reasonable expenses actually incurred by them in
connection with any proceeding to which they may be made a party by reason of
their services in those capacities, unless it is established that:
a)
the act or omission of the director was material to the
matter giving rise to such proceeding and
A.
was committed in bad faith or
B.
was the result of active and
deliberate dishonesty;
b)
the director actually received an improper personal
benefit in money, property, or services; or
c)
in the case of any criminal proceeding, the
director had reasonable cause to believe that the act or
omission was unlawful.
Maryland law permits a corporation to indemnify a present and former
officer to the same extent as a director.
Table of Contents
In addition to the foregoing, a court of appropriate jurisdiction may
under certain circumstances order indemnification if it determines that the
director or officer is fairly and reasonably entitled to indemnification in
view of all of the relevant circumstances, whether or not the director or
officer has met the standards of conduct set forth in the preceding paragraph
or has been declared liable on the basis that a personal benefit improperly
received in a proceeding charging improper personal benefit to the director or
the officer. If the proceeding was an action by or in the right of the
corporation or involved a determination that the director or officer received
an improper personal benefit, however, no indemnification may be made if the
individual is adjudged liable to the corporation, except to the extent of
expenses approved by a court of appropriate jurisdiction.
The Maryland General Corporation Law additionally permits a corporation
to pay or reimburse, in advance of the final disposition of a proceeding,
reasonable expenses incurred by a present or former director or officer made a
party to the proceeding by reason of his service in that capacity, provided
that the corporation shall have received
a)
a written affirmation by the director or officer of his
good faith belief that he has met the standard of conduct
necessary for indemnification by the corporation; and
b)
a written undertaking by or on behalf of the director
to repay the amount paid or reimbursed by the corporation if it
shall ultimately be determined that the standard of conduct was
not met.
The foregoing summary is necessarily subject to the complete text of the
statutes referred to above and are qualified in their entirety by reference
thereto.
The Registrant has provided for indemnification of directors, officers,
employees and agents in Article IX of the Articles of Amendment and Restatement
("Articles") and Article V of the Bylaws of the Registrant. The Articles
provide:
The Corporation (a) shall indemnify its directors to the
fullest extent provided by the general laws of the State of
Maryland now or hereafter in force, including the advance of
expenses under the procedures provided by such laws and (b)
may indemnify its officers to the extent it shall deem
appropriate and as shall be authorized by the Board of
Directors, consistent with law. The foregoing shall not
limit the authority of the Corporation to indemnify other
employees and agents consistent with law.
Section 1 of the Bylaws provide:
The Corporation shall, to the maximum extent permitted by
the Maryland General Corporation Law in effect from time to
time, indemnify, and, without a preliminary determination of
the ultimate entitlement to indemnification, pay or
reimburse reasonable expenses in advance of final
disposition of a proceeding to (a) any individual who is a
present or former director or officer of the Corporation or
(b) any individual who, while a director or officer of the
Corporation and at the request of the Corporation, serves or
has served another corporation, real estate investment
trust, partnership, joint venture, trust, employee benefit
plan or any other enterprise as a director, officer, partner
or trustee from and against any claim or liability to which
such person may become subject or which such person may
incur by reason of his status as a present or former
director or officer of the Corporation or director, officer,
partner or trustee of such other entity (each, an
"Indemnitee"). The Corporation shall, to the maximum extent
permitted by the Maryland General Corporation Law in effect
from time to time, provide such indemnification and
advancement of expenses to a person who served a predecessor
of the Corporation in any of the capacities described above
(any such person shall also be deemed to be an
"Indemnitee").
Section 2 of the Bylaws provide:
With the approval of the Board of Directors, the Corporation
shall, to the maximum extent permitted by the Maryland
General Corporation Law in effect from time to time, and to
such further extent as it shall deem appropriate under the
circumstances, provide such indemnification and advancement
of expenses as described in Section 1 above, to any employee
or agent of the Corporation or a predecessor of the
Corporation (each such person shall also be deemed to be an
"Indemnitee").
Table of Contents
The Maryland General Corporation Law authorizes a Maryland corporation to
limit by provision in its charter the liability of directors and officers to
the corporation or to its stockholders for money damages except to the extent:
a)
the director or officer actually receives an improper
benefit or profit in money, property, or services, for the
amount of the benefit or profit actually received, or
b)
a judgment or other final adjudication adverse to
the director or officer is entered in a proceeding based on a
finding in the proceeding that the director's or officer's
action, or failure to act, was the result of active and
deliberate dishonesty and was material to the cause of
action adjudicated in the proceeding.
The foregoing summary is necessarily subject to the complete text of the
statutes referred to above and are qualified in their entirety by reference
thereto.
The Registrant has limited the liability of its directors and officers for
money damages in Article VIII, Section 1 of the Articles. This provision reads
as follows:
To the maximum extent that Maryland law in effect from time
to time permits limitation of the liability of directors and
officers of a corporation, no director or officer of the
Corporation shall be liable to the Corporation or its
stockholders for money damages. Neither the amendment nor
repeal of this Article VIII, nor the adoption or amendment
of any other provision of this Charter or the Bylaws
inconsistent with this Article VIII shall apply to or affect
in any respect the applicability of the preceding sentence
with respect to any act or failure to act which occurred
prior to such amendment, repeal or adoption.
As permitted under Section 2-418(k) of the Maryland General Corporation
Law, the Registrant has purchased and maintains insurance on behalf of certain
directors and officers against any liability asserted against such directors
and officers in their capacities as such, whether or not Registrant would have
the power to indemnify such persons under the provisions of Maryland law
governing indemnification.
Reference is made to Item 9 for our undertakings with respect to
indemnification for liabilities arising under the Securities Act of 1933.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit
Number
Description
+4.1
Articles of Amendment and Restatement of the Registrant
(incorporated by reference to Exhibit 3.1 to Registrant's
Registration Statement on the Form S-11 (No. 333-105277).
+4.2
Amended and Restated Bylaws of the Registrant (incorporated
by reference to Exhibit 3.2 to Registrant's Registration Statement
on the Form S-11 (No. 333-105277)).
*4.3
Certificate of Correction to Articles of Amendment and Restatement of the Registrant.
*5.1
Opinion of Hogan & Hartson L.L.P. with respect to legality of the securities.
*23.1
Consent of Hogan & Hartson L.L.P. (included as part of Exhibit 5.1).
*23.3
Consent of Ernst & Young LLP.
*24.1
Power of Attorney (set forth on the signature page of this registration statement).
*99.1
Ashford Hospitality Trust, Inc. 2003 Stock Incentive Plan.
+
Incorporated by reference.
*
Filed herewith.
Table of Contents
Item 9. Undertakings
(a)
The undersigned Registrant hereby undertakes:
(1)  To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with
or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in this registration statement.
(2)  That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(3)  To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b)  The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c)  Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas, on August 28, 2003.
Ashford Hospitality Trust, Inc.
By:
/s/ David Kimichik
David Kimichik
Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned officers and
directors of Ashford Hospitality Trust, Inc. hereby constitutes and appoints
David Kimichik, Montgomery J. Bennett and David A. Brooks and each of them
(with full power to each of them to act alone), his true and lawful
attorney-in-fact and agent, with full power of substitution, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file this registration statement under the Securities Act of 1933,
as amended, and any or all amendments (including, without limitation,
post-effective amendments), with all exhibits and any and all documents
required to be filed with respect thereto, with the Securities and Exchange
Commission or any regulatory authority, granting unto such attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done in order to
effectuate the same, as fully to all intents and purposes as he himself might
or could do if personally present, hereby ratifying and confirming all that
such attorneys-in-fact and agents, or any of them, or their substitute or
substitutes, may lawfully do or cause to be done.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated on August 28, 2003.
Signature
Title
/s/ Archie Bennett, Jr.
Archie Bennett, Jr.
Chairman of the Board of Directors
/s/ Montgomery J. Bennett
Montgomery J. Bennett
Chief Executive Officer, President and Director
(Principal Executive Officer)
/s/ David Kimichik
David Kimichik
Chief Financial Officer (Principal Executive Officer)
/s/ Mark Nunneley
Mark Nunneley
Chief Accounting Officer (Principal Accounting Officer)
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Description
+4.1
Articles of Amendment and Restatement of the Registrant
(incorporated by reference to Exhibit 3.1 to Registrant's
Registration Statement on the Form S-11 (No. 333-105277).
+4.2
Amended and Restated Bylaws of the Registrant (incorporated
by reference to Exhibit 3.2 to Registrant's Registration Statement
on the Form S-11 (No. 333-105277)).
*4.3
Certificate of Correction to Articles of Amendment and Restatement of the Registrant.
*5.1
Opinion of Hogan & Hartson L.L.P. with respect to legality of the securities.
*23.1
Consent of Hogan & Hartson L.L.P. (included as part of Exhibit 5.1).
*23.3
Consent of Ernst & Young LLP.
*24.1
Power of Attorney (set forth on the signature page of this registration statement).
*99.1
Ashford Hospitality Trust, Inc. 2003 Stock Incentive Plan.
+
Incorporated by reference.
*
Filed herewith.