Company Presentation June 2017 Safe Harbor In keeping with the - PowerPoint PPT Presentation

Company Presentation – June 2017

Safe Harbor In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, our business and investment strategy, our understanding of our competition, current market trends and opportunities, projected operating results, and projected capital expenditures. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy, and the degree and nature of our competition. These and other risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. EBITDA, FFO, AFFO, CAD and other terms are non-GAAP measures, reconciliations of which have been provided in prior earnings releases and filings with the SEC. This overview is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Ashford Hospitality Trust, Inc. or any of its respective affiliates, and may not be relied upon in connection with the purchase or sale of any such security. 2

Strategic Overview Opportunistic platform focused Superior long-term total on upper-upscale, full-service shareholder return performance hotels Targets moderate debt levels of Attractive dividend yield 55-60% net debt/gross assets Targets cash level of 25-35% of Highest insider ownership total equity market cap 3

Recent Developments Performance  Q1 2017 Earnings Release:  RevPAR growth for all hotels not under renovation of 4.5% • Hotel EBITDA margin for all hotels not under renovation increased 91 bps • Hotel EBITDA flow-through for all hotels not under renovation of 61% • Value-Add  In May 2017, announced the redevelopment and acquisition of the fee interest in the conference  facility at Renaissance Nashville In May 2017, converted the brand managed DFW Marriott to Remington managed  Capital Markets  In May 2017, completed the refinancing of the Renaissance Nashville and Westin Princeton with a  new floating rate loan totaling $181 million at LIBOR+3.00% & completed the refinancing of the Atlanta Indigo for $16 million at LIBOR+2.90% Next hard debt maturity is a $96 million loan that matures in January 2018 • Governance  Announced enhancements to corporate governance policies  Asset Recycling  Sold two low RevPAR, high capex full-service hotels (Renaissance Portsmouth & Embassy Suites  Syracuse) 4

Demonstrated Long-Term Track Record Total Shareholder Return* 900% 2,000% 1,497% Long-term 800% performance significantly 700% outperforms peers 600% 500% 400% 296% 300% 234% 202% 191% 200% 120% 117% 105% 95% 90% 82% 59% 100% 59% 33% 44% 29% 12% 25% 21% 0% -4% -8% -13% -16% -9% -100% 1, 2 3 2 2 2 2 2 2 2 2 2 2 Inception 10-Yr 9-Yr 8-Yr 7-Yr 6-Yr 5-Yr 4-Yr 3-Yr 2-Yr 1-Yr YTD 2017 4 Peer Avg AHT (1) Since IPO on August 26, 2003 (2) As of 12/30/2016 5 (3) From 12/30/16 through 5/22/17 (4) Includes: CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, RLJ, SHO *Includes dividend reinvestment as reported and tracked by SNL

Disciplined Capital Management Capital Markets Activity $700 Common Share Buybacks $18 During Global Financial Crisis $600 73.6 million shares $500 • Approximately 50% of shares outstanding • Aggregate buyback approximately $3.26/share $400 • $300 $574 $200 $305 $52 $218 $100 $45 $153 $147 $111 $97 $88 $86 $81 $75 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Common Raises Common Buybacks  Track record of increasing shareholder returns by capitalizing upon cyclical changes and advantageous pricing situations 6

Highest Insider Ownership Insider Ownership 20.0% 19.1% 18.0% 16.0% Most highly aligned management team among the lodging 14.0% REIT sector 12.0% 10.0% 7.6% 8.0% 6.1% 6.0% 3.6% 4.0% 2.8% 2.5% 2.5% 2.3% 2.0% 1.7% 1.6% 2.0% 1.1% 0.8% 0.5% 0.4% 0.0% 1,2 AHT HT APLE CLDT FCH REIT CHSP RLJ PEB INN HST DRH SHO XHR LHO Avg REIT average includes: APLE, HT, RLJ, CLDT, FCH, CHSP, INN, HST, PEB, DRH, SHO, LHO, XHR REIT Source: Latest proxy and other company filings. 7 (1) As of 5/22/2017 (2) Includes direct interests, indirect interests, and interests of related parties

Attractive Dividend Yield Dividend Yield 1 8.0% Highest dividend yield in the industry 7.5% 7.0% 6.8% 7.0% 6.7% 6.4% 6.3% 6.3% 6.3% 6.1% 5.9% 6.0% 5.6% 5.0% Dividend Yield 4.7% 4.5% 4.4% 4.3% 4.0% 3.6% 3.3% 3.0% 2.0% 1.0% 0.0% 2 3 2 AHT CLDT CHSP PK APLE LHO RLJ AHP XHR HT REIT PEB DRH HST SHO INN FCH Avg Source: Company filings and market data (1) As of 5/22/2017 8 (2) Annualized based on most recent dividend announcement (3) Includes: APLE, HT, RLJ, CLDT, FCH, CHSP, INN, HST, PEB, DRH, SHO, LHO, XHR, PK

High Quality, Geographically Diverse Portfolio Embassy Suites Portland Hilton Back Bay Westin Princeton Portland, OR Boston, MA Princeton, NJ Le Meridien Minneapolis Minneapolis, MN Chicago Silversmith Marriott Gateway Chicago, IL Arlington, VA Marriott Fremont The Churchill Fremont, CA Washington, D.C. Renaissance Nashville Nashville, TN Marriott Beverly Hills Beverly Hills, CA W Atlanta Downtown Hilton Santa Fe Atlanta, GA Santa Fe, NM Crowne Plaza Key West Lakeway Resort & Spa Key West, FL Le Pavillon Hotel Hilton Costa Mesa Austin, TX New Orleans, LA Costa Mesa, CA Marriott Sugar Land Sugar Land, TX Current Hotels 9

Portfolio Overview Hotel EBITDA by Brand Hotel EBITDA by Manager Interstate Independent IHG <1% 6% 6% Hyatt 4% Marriott 33% Hilton Marriott Remington 27% 57% 58% Hilton 6% Hyatt 3% Hotel EBITDA by Chainscale Hotel EBITDA by MSA Upper-Midscale Independent Top Ten Metro Areas 3% 4% Other TTM Hotel % of Luxury 8% EBITDA Total 5% Washington DC $47,137 9.9% Top 50 San Fran/Oakland, CA $34,543 7.3% Upscale 18% Los Angeles, CA $33,475 7.0% 34% Atlanta, GA $32,733 6.9% New York/New Jersey $30,435 6.4% Top 25 Nashville, TN $26,735 5.6% 74% DFW, TX $25,743 5.4% Upper-Upscale Boston, MA $25,620 5.4% Minn./St. Paul, MN $16,905 3.6% 54% Tampa, FL $12,142 2.6% Total Portfolio $475,510 100.0% TTM Hotel EBITDA as of March 31, 2017 for the 121 owned hotels as of May 22, 2017 10 Hotel EBITDA in thousands

Value Creation Through Active Asset Management W Atlanta Downtown W Minneapolis Foshay Le Meridien Minneapolis FY2016 EBITDA Flow-Thru: 115% FY2016 EBITDA Flow-Thru: 84% FY2016 EBITDA Flow-Thru: 157% First full year of ownership First full year of ownership First full year of ownership Portfolio Hotel EBITDA Flow-Through  Ashford management creates value in both brand and non-brand managed 60.0% 55.8% 52.0% assets 47.4% 50.0% 40.5%  Hotel EBITDA flow-through has 40.0% outperformed the peer average for the 30.0% last three years 20.0%  Portfolio has produced RevPAR gains 10.0% relative to our competitors for three 0.0% consecutive years 2016 3-Yr Avg AHT Peer Avg * *Peers include DRH, HST, INN, LHO, CHSP, HT, SHO, RLJ, FCH 11 Note: Pro forma Hotel EBITDA flow-through information not available for CLDT

Competitive Advantage – Affiliated Manager Hotel EBITDA Flow-Through 334% 100% 300% 70% 68% 68% 75% 63% 60% 59% 59% 58% 47% 56% 53% 52% 47% 46% 47% 44% 42% 50% 22% 25% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Q1 -25% 2017 -50% Affiliated property manager benefits - Remington outperformed in  -75% EBITDA flow-through 8 out of the last 10 years including YTD Q1 2017 -100% -125% Superior management of downside risk and cash flow loss  -150% -175% Non-Remington Remington -200% -800% -808% 12 NOTE: Remington managed hotels as compared to Non-Remington managed hotels owned by Ashford Trust