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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June&nbsp;11, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 13.5pt"><B>FORM&nbsp;S-8<BR>
</B></FONT><B><FONT STYLE="font-size: 14pt">REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</FONT></B></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASHFORD HOSPITALITY TRUST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><B>Maryland<BR>
</B>(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 48%; font-size: 10pt; text-align: center"><FONT STYLE="background-color: white"><B>86-1062192</B></FONT><B><BR>
</B>(I.R.S. Employer<BR>
Identification Number)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ashford Hospitality Trust,&nbsp;Inc.<BR>
2021 Stock Incentive Plan<BR>
</B>(Full title of the plan)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>14185 Dallas Parkway, Suite&nbsp;1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>
</B>(Address, including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alex Rose<BR>
Executive Vice President, General Counsel and Secretary<BR>
14185 Dallas Parkway, Suite&nbsp;1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>
</B>(Name, address, including zip code, and telephone number, including area code, of agent for service)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard M. Brand<BR>
Erica L. Hogan<BR>
White&nbsp;&amp; Case LLP<BR>
1221 Avenue of the Americas<BR>
New York, NY 10020-1095<BR>
(212)&nbsp;819-8200</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):</P>

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    <TD STYLE="width: 24%; padding-left: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 27%; padding-left: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 25%; padding-left: 0.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-accelerated filer
    <FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="width: 24%; padding-left: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Smaller reporting
    company <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXPLANATORY
NOTE</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Registration Statement on Form&nbsp;S-8 is
filed pursuant to General Instruction E to Form&nbsp;S-8 for the purpose of registering an additional 150,000 shares of the Common Stock
of Ashford Hospitality Trust,&nbsp;Inc. (the &ldquo;Company&rdquo; or &ldquo;Registrant&rdquo;), which may be issued pursuant to awards
under the Ashford Hospitality Trust,&nbsp;Inc. 2021 Stock Incentive Plan, as further amended <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">to
make such shares available for issuance</FONT> (the &ldquo;Plan&rdquo;). In accordance with General Instruction E to Form&nbsp;S-8, the
Company hereby incorporates herein by reference the Registration Statements on Form&nbsp;S-8 filed with the Securities and Exchange Commission
on <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465923061460/tm2315843d1_s8.htm">May&nbsp;16, 2023 (No.&nbsp;333-271977)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922058867/tm2214732d1_s8.htm">May&nbsp;11, 2022 (No.&nbsp;333-264868)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921065154/tm2116029d1_s8.htm">May&nbsp;12, 2021 (No.&nbsp;333-256037)</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917040702/a17-15522_1s8.htm">June&nbsp;21, 2017 (No.&nbsp;333-218887)</A>, together with all exhibits filed therewith or incorporated therein by reference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART&nbsp;II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Item 8. Exhibits.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Exhibits to this Registration Statement are
listed in the Index to Exhibits immediately following the signature pages.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant 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 this 11<SUP>th</SUP> day of June, 2025.</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Ashford Hospitality Trust,&nbsp;Inc.</TD></TR>
  </TABLE>


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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Alex Rose</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Alex Rose</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President, General Counsel and Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>POWER
OF ATTORNEY</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Deric S. Eubanks, Alex Rose and Stephen Zsigray and each of them, with full power
to act without the other, such person&rsquo;s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign this registration statement, and any and all pre-effective
and post-effective amendments thereto as well as any related registration statements (or amendment thereto) filed pursuant to Rule&nbsp;462(b)&nbsp;promulgated
under the Securities Act of 1933, as amended, and to file the same, with exhibits and schedules thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to
all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents,
or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Name</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Title</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Date</B></TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Stephen Zsigray </TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">Chief Executive Officer and President; Director </TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Stephen Zsigray &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Alex Rose &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Executive Vice President, General Counsel and </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Alex Rose </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Secretary</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Deric S. Eubanks </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Chief Financial Officer and Treasurer </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Deric S. Eubanks &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Justin Coe </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Chief Accounting Officer</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Justin Coe &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Monty J. Bennett </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director and Chairman of the Board</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Monty J. Bennett &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Amish V. Gupta &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Lead Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Amish V. Gupta</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ David Johnson </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">David Johnson &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Frederick J. Kleisner &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Frederick J. Kleisner</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Sheri L. Pantermuehl </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Sheri L. Pantermuehl &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ Davinder Sra </TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">June&nbsp;11, 2025</TD></TR>
<TR>
<TD STYLE="text-align: center; width: 35%">Davinder Sra</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; width: 26%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 6%"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 92%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm">3.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm">Articles of Amendment and Restatement, as amended by Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;4.6 to Registration Statement on Form&nbsp;S-3 filed May&nbsp;15, 2015) (File No.&nbsp;333-204235).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm">3.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm">Amendment Number Two to Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on May&nbsp;22, 2017) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm">3.3</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm">Articles of Amendment to the Company&rsquo;s charter (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on July&nbsp;1, 2020) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm">3.4</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm">Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on July&nbsp;16, 2021) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258224000135/amendmenttothearticlesofam.htm">3.5</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258224000135/amendmenttothearticlesofam.htm">Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K, filed on October&nbsp;25, 2024) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922053531/tm2213690d2_ex4-10.htm">3.6</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922053531/tm2213690d2_ex4-10.htm">Articles Supplementary, dated April&nbsp;28, 2022 (incorporated by reference to Exhibit&nbsp;4.10 to the Registrant&rsquo;s Registration Statement on Form&nbsp;S-3, filed on April&nbsp;29, 2022) (File No.&nbsp;33-263323).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm" STYLE="-sec-extract: exhibit">3.7</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary establishing the Series&nbsp;J Preferred Stock, dated September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm" STYLE="-sec-extract: exhibit">3.8</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Articles Supplementary establishing the Series&nbsp;K Preferred Stock, dated September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-10.htm">3.9</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-10.htm">Articles Supplementary, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.10 to Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-11 filed with the SEC on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm">3.10</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm">Articles Supplementary establishing the Series&nbsp;L Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.11 to Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-11 filed with the SEC on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm">3.11</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm">Articles on Supplementary establishing the Series&nbsp;M Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.12 to Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-11 filed with the SEC on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm">3.12</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm">Second Amended and Restated Bylaws, as amended by Amendment No.&nbsp;1 on October&nbsp;26, 2014, by Amendment No.&nbsp;2 on October&nbsp;19, 2015, by Amendment No.&nbsp;3 on August&nbsp;2, 2016, by Amendment No.&nbsp;4 on March&nbsp;17, 2022, by Amendment No.&nbsp;5 on February&nbsp;23, 2023, by Amendment No.&nbsp;6 on August&nbsp;8, 2023, by Amendment No.&nbsp;7 on February&nbsp;27, 2024 and by Amendment No.&nbsp;8 on February&nbsp;25, 2025 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on February&nbsp;26, 2025) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm">4.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm">Form&nbsp;of Certificate for Common Stock (incorporated by reference to Exhibit&nbsp;4.1 of Form&nbsp;S-11/A, filed on August&nbsp;20, 2003)(No.&nbsp;333-105277).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm">4.1.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm">Articles Supplementary for Series&nbsp;A Cumulative Preferred Stock, dated September&nbsp;15, 2004 (incorporated by reference to Exhibit&nbsp;4.1.1 of Form&nbsp;10-K, filed on February&nbsp;28, 2012) (File No.&nbsp;001-31775).</A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 6%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm">4.1.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 92%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm">Form&nbsp;of Certificate of Series&nbsp;A Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;4.1.2 of Form&nbsp;10-K, filed on February&nbsp;28, 2012) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm">4.2.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm">Articles Supplementary for Series&nbsp;D Cumulative Preferred Stock, dated July&nbsp;17, 2007 (incorporated by reference to Exhibit&nbsp;3.5 to the Registrant&rsquo;s Form&nbsp;8-A, filed July&nbsp;17, 2007) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm">4.2.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm">Form&nbsp;of Certificate of Series&nbsp;D Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Form&nbsp;8-A, filed July&nbsp;17, 2007) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm">4.3.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm">Articles Supplementary for Series&nbsp;E Cumulative Preferred Stock, dated April&nbsp;15, 2011 (incorporated by reference to Exhibit&nbsp;3.6 to the Registrant&rsquo;s Form&nbsp;8-A, filed April&nbsp;18, 2011) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm">4.3.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm">Form&nbsp;of Certificate of Series&nbsp;E Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Form&nbsp;8-A, filed April&nbsp;18, 2011) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for Series&nbsp;F Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on July&nbsp;11, 2016 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed July&nbsp;12, 2016) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm">4.5</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm">Articles Supplementary for Series&nbsp;G Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on October&nbsp;17, 2016 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on October&nbsp;18, 2016) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm">4.6</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm">Articles Supplementary for Series&nbsp;H Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on August&nbsp;18, 2017 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on August&nbsp;22, 2017) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm">4.7</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm">Articles Supplementary for Series&nbsp;I Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on November&nbsp;14, 2017 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on November&nbsp;14, 2017) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm">4.8</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm"><FONT STYLE="background-color: white">Articles Supplementary establishing the Series&nbsp;J Preferred Stock, accepted for record and certified by the SDAT on September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm">4.9</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm">Articles Supplementary establishing the Series&nbsp;K Preferred Stock, accepted for record and certified by the SDAT on September&nbsp;14, 2022 (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Form&nbsp;8-K, filed on September&nbsp;14, 2022) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm">4.10</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm"><FONT STYLE="background-color: white">Articles Supplementary establishing the Series&nbsp;L Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.11 to the Registrant&rsquo;s Form&nbsp;S-11, filed on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm">4.11</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm"><FONT STYLE="background-color: white">Articles Supplementary establishing the Series&nbsp;M Preferred Stock, accepted for record and certified by the SDAT on January&nbsp;22, 2025 (incorporated by reference to Exhibit&nbsp;4.12 to the Registrant&rsquo;s Form&nbsp;S-11, filed on January&nbsp;23, 2025) (File No.&nbsp;333-283802).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000055/aht2024q410-kxex410.htm">4.12</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000055/aht2024q410-kxex410.htm">Description of Securities (incorporated by reference to Exhibit&nbsp;4.10 to the Registrant&rsquo;s Form&nbsp;10-K, filed on March&nbsp;21, 2025) (File No.&nbsp;001-31775).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000072/aht-20250401.htm#i24a63f5ee2e44688bde225a13eda1929_549755814994">10.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258225000072/aht-20250401.htm#i24a63f5ee2e44688bde225a13eda1929_549755814994">2021 Stock Incentive Plan of Ashford Hospitality Trust,&nbsp;Inc., as amended and restated through May&nbsp;13, 2025 <FONT STYLE="background-color: white">(incorporated by reference to Annex B to the Registrant&rsquo;s Definitive Proxy Statement on Schedule 14A, filed on April&#8239;1,&#8239;2025) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1 *</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Hogan Lovells US LLP.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Hogan Lovells US LLP (included in Exhibit&nbsp;5.1).</A></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 6%"><A HREF="tm2517568d1_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 92%"><A HREF="tm2517568d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of BDO USA, P.C.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#a_001">24.1*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#a_001">Power of Attorney (included in the signature page&nbsp;to this registration statement).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107*</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2517568d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filing Fee Table.</A></TD></TR>
  </TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD></TR></TABLE>

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[{"type": "S-8", "sequence": "1", "filename": "tm2517568d1_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 61199}]
{"company-data": {"conformed-name": "ASHFORD HOSPITALITY TRUST INC", "cik": "0001232582", "assigned-sic": "6798", "organization-name": "05 Real Estate & Construction", "ein": "861062192", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-287950", "film-number": "251039985"}, "business-address": {"street1": "14185 DALLAS PARKWAY SUITE 1100", "city": "DALLAS", "state": "TX", "zip": "75254", "phone": "9724909600"}, "mail-address": {"street1": "14185 DALLAS PARKWAY SUITE 1100", "city": "DALLAS", "state": "TX", "zip": "75254"}}
As filed with the Securities and Exchange Commission
on June 11, 2025
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)
Ashford Hospitality Trust, Inc.
2021 Stock Incentive Plan
(Full title of the plan)
14185 Dallas Parkway, Suite 1200
Dallas, Texas 75254
(972) 490-9600
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Alex Rose
Executive Vice President, General Counsel and Secretary
14185 Dallas Parkway, Suite 1200
Dallas, Texas 75254
(972) 490-9600
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Richard M. Brand
Erica L. Hogan
White & Case LLP
1221 Avenue of the Americas
New York, NY 10020-1095
(212) 819-8200
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting
    company
x
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act.
¨
EXPLANATORY
NOTE
This Registration Statement on Form S-8 is
filed pursuant to General Instruction E to Form S-8 for the purpose of registering an additional 150,000 shares of the Common Stock
of Ashford Hospitality Trust, Inc. (the "Company" or "Registrant"), which may be issued pursuant to awards
under the Ashford Hospitality Trust, Inc. 2021 Stock Incentive Plan, as further amended
to
make such shares available for issuance
(the "Plan"). In accordance with General Instruction E to Form S-8, the
Company hereby incorporates herein by reference the Registration Statements on Form S-8 filed with the Securities and Exchange Commission
on
May 16, 2023 (No. 333-271977)
,
May 11, 2022 (No. 333-264868)
,
May 12, 2021 (No. 333-256037)
and
June 21, 2017 (No. 333-218887)
, together with all exhibits filed therewith or incorporated therein by reference.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 8. Exhibits.
The Exhibits to this Registration Statement are
listed in the Index to Exhibits immediately following the signature pages.
2
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant 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 this 11
th
day of June, 2025.
Ashford Hospitality Trust, Inc.
By:
/s/ Alex Rose
Name:
Alex Rose
Title:
Executive Vice President, General Counsel and Secretary
3
POWER
OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Deric S. Eubanks, Alex Rose and Stephen Zsigray and each of them, with full power
to act without the other, such person's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign this registration statement, and any and all pre-effective
and post-effective amendments thereto as well as any related registration statements (or amendment thereto) filed pursuant to Rule 462(b) promulgated
under the Securities Act of 1933, as amended, and to file the same, with exhibits and schedules thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to
all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents,
or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Title
Date
/s/ Stephen Zsigray
Chief Executive Officer and President; Director
June 11, 2025
Stephen Zsigray
(Principal Executive Officer)
/s/ Alex Rose
Executive Vice President, General Counsel and
June 11, 2025
Alex Rose
Secretary
/s/ Deric S. Eubanks
Chief Financial Officer and Treasurer
June 11, 2025
Deric S. Eubanks
(Principal Financial Officer)
/s/ Justin Coe
Chief Accounting Officer
June 11, 2025
Justin Coe
(Principal Accounting Officer)
/s/ Monty J. Bennett
Director and Chairman of the Board
June 11, 2025
Monty J. Bennett
/s/ Amish V. Gupta
Lead Director
June 11, 2025
Amish V. Gupta
/s/ David Johnson
Director
June 11, 2025
David Johnson
/s/ Frederick J. Kleisner
Director
June 11, 2025
Frederick J. Kleisner
/s/ Sheri L. Pantermuehl
Director
June 11, 2025
Sheri L. Pantermuehl
/s/ Davinder Sra
Director
June 11, 2025
Davinder Sra
4
EXHIBIT INDEX
Exhibit
Description
3.1
Articles of Amendment and Restatement, as amended by Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-3 filed May 15, 2015) (File No. 333-204235).
3.2
Amendment Number Two to Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on May 22, 2017) (File No. 001-31775).
3.3
Articles of Amendment to the Company's charter (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on July 1, 2020) (File No. 001-31775).
3.4
Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on July 16, 2021) (File No. 001-31775).
3.5
Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on October 25, 2024) (File No. 001-31775).
3.6
Articles Supplementary, dated April 28, 2022 (incorporated by reference to Exhibit 4.10 to the Registrant's Registration Statement on Form S-3, filed on April 29, 2022) (File No. 33-263323).
3.7
Articles Supplementary establishing the Series J Preferred Stock, dated September 14, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).
3.8
Articles Supplementary establishing the Series K Preferred Stock, dated September 14, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).
3.9
Articles Supplementary, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.10 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802).
3.10
Articles Supplementary establishing the Series L Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.11 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802).
3.11
Articles on Supplementary establishing the Series M Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.12 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802).
3.12
Second Amended and Restated Bylaws, as amended by Amendment No. 1 on October 26, 2014, by Amendment No. 2 on October 19, 2015, by Amendment No. 3 on August 2, 2016, by Amendment No. 4 on March 17, 2022, by Amendment No. 5 on February 23, 2023, by Amendment No. 6 on August 8, 2023, by Amendment No. 7 on February 27, 2024 and by Amendment No. 8 on February 25, 2025 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on February 26, 2025) (File No. 001-31775).
4.1
Form of Certificate for Common Stock (incorporated by reference to Exhibit 4.1 of Form S-11/A, filed on August 20, 2003)(No. 333-105277).
4.1.1
Articles Supplementary for Series A Cumulative Preferred Stock, dated September 15, 2004 (incorporated by reference to Exhibit 4.1.1 of Form 10-K, filed on February 28, 2012) (File No. 001-31775).
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4.1.2
Form of Certificate of Series A Cumulative Preferred Stock (incorporated by reference to Exhibit 4.1.2 of Form 10-K, filed on February 28, 2012) (File No. 001-31775).
4.2.1
Articles Supplementary for Series D Cumulative Preferred Stock, dated July 17, 2007 (incorporated by reference to Exhibit 3.5 to the Registrant's Form 8-A, filed July 17, 2007) (File No. 001-31775).
4.2.2
Form of Certificate of Series D Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-A, filed July 17, 2007) (File No. 001-31775).
4.3.1
Articles Supplementary for Series E Cumulative Preferred Stock, dated April 15, 2011 (incorporated by reference to Exhibit 3.6 to the Registrant's Form 8-A, filed April 18, 2011) (File No. 001-31775).
4.3.2
Form of Certificate of Series E Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-A, filed April 18, 2011) (File No. 001-31775).
4.4
Articles Supplementary for Series F Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on July 11, 2016 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed July 12, 2016) (File No. 001-31775).
4.5
Articles Supplementary for Series G Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on October 17, 2016 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on October 18, 2016) (File No. 001-31775).
4.6
Articles Supplementary for Series H Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on August 18, 2017 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on August 22, 2017) (File No. 001-31775).
4.7
Articles Supplementary for Series I Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on November 14, 2017 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on November 14, 2017) (File No. 001-31775).
4.8
Articles Supplementary establishing the Series J Preferred Stock, accepted for record and certified by the SDAT on September 14, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).
4.9
Articles Supplementary establishing the Series K Preferred Stock, accepted for record and certified by the SDAT on September 14, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).
4.10
Articles Supplementary establishing the Series L Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.11 to the Registrant's Form S-11, filed on January 23, 2025) (File No. 333-283802).
4.11
Articles Supplementary establishing the Series M Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.12 to the Registrant's Form S-11, filed on January 23, 2025) (File No. 333-283802).
4.12
Description of Securities (incorporated by reference to Exhibit 4.10 to the Registrant's Form 10-K, filed on March 21, 2025) (File No. 001-31775).
10.1
2021 Stock Incentive Plan of Ashford Hospitality Trust, Inc., as amended and restated through May 13, 2025
(incorporated by reference to Annex B to the Registrant's Definitive Proxy Statement on Schedule 14A, filed on April 1, 2025) (File No. 001-31775).
5.1 *
Opinion of Hogan Lovells US LLP.
23.1*
Consent of Hogan Lovells US LLP (included in Exhibit 5.1).
6
23.2*
Consent of BDO USA, P.C.
24.1*
Power of Attorney (included in the signature page to this registration statement).
107*
Filing Fee Table.
*
Filed herewith.
7