May 2018 Forward Looking Statements and Non-GAAP Measures In - PowerPoint PPT Presentation

May 2018

Forward Looking Statements and Non-GAAP Measures 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 or debt amount. 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 or in the appendix to this presentation. 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

Overview Opportunistic platform focused on upper upscale, full-service hotels Valuation Disciplined capital Hilton, Embassy Suites, opportunity management Parsippany, NJ Walnut Creek, CA Value added Targets debt levels asset of 55-60% net management debt/gross assets Targets cash level Attractive Le Pavillon of 25-30% of total dividend yield New Orleans, LA equity market cap Highest insider ownership Ritz-Carlton, Atlanta, GA 3

Management Team D OUGLAS A. K ESSLER D ERIC S. E UBANKS , CFA J EREMY J. W ELTER Chief Executive Officer & Chief Financial Officer Chief Operating Officer President    33 years of real estate & 18 years of hospitality experience 13 years of hospitality experience hospitality experience  8 years with Ashford (5 years with  15 years with Ashford Ashford predecessor)  15 years with Ashford  3 years with ClubCorp  5 years with Stephens Investment  10 years with Goldman Sachs  CFA charterholder Bank  Stanford BA, MBA  Southern Methodist University BBA  Oklahoma State University BS M ARK L. N UNNELEY J. R OBISON H AYS Chief Accounting Officer Chief Strategy Officer   33 years of hospitality experience 13 years of hospitality experience   15 years with Ashford (18 years 13 years with Ashford with Ashford predecessor)  3 years of M&A experience at  Pepperdine University BS, Dresser Inc. & Merrill Lynch University of Houston MS, CPA  Princeton University AB 4

Portfolio Overview T OP T EN M ETRO A REAS (2),(3) 119 24,922 TTM Q1 2018 % of EBITDA Total Washington DC $43,566 9.4% San Fran/Oakland, CA $35,149 7.6% Hotels (1) Rooms (1) Los Angeles, CA $33,899 7.3% New York/New Jersey $31,304 6.7% DFW, TX $26,542 5.7% 31 $5.7B $124 Boston, MA $25,753 5.5% Atlanta, GA $25,550 5.5% Nashville, TN $23,876 5.1% Minn./St. Paul, MN $15,622 3.4% Miami, FL $13,031 2.8% States (1) Gross Assets (1) RevPAR (1),(2) Other Areas $190,723 41.0% Total $465,015 100.0% P ORTFOLIO BY H OTEL EBITDA (1) Brand Property Manager MSA Chain Scale Interstate Independent IHG Upper Independent Luxury Hyatt <1% 6% 2% Midscale 6% 5% 4% 3% Other 10% Marriott Upscale 31% Top 50 32% 17% Hilton 30% Marriott Remington Top 25 58% 60% Upper Upscale 73% 54% Hilton 6% Hyatt 3% (1) As of March 31, 2018, net rooms, excludes WorldQuest 5 (2) TTM as of March 31, 2018 (3) Hotel EBITDA in thousands Note: the Company recently sold SpringHill Suites Centreville and Residence Inn Tampa

Geographically Diverse Las Vegas – 1.8% Dallas / Ft. Worth – 5.7% Minneapolis – 3.4% Indianapolis – 2.3% Boston – 5.5% New York – 6.7% Portland – 2.0% Philadelphia – 1.7% San Francisco – 7.6% Washington D.C. – 9.4% Los Angeles – 7.3% Nashville – 5.1% Atlanta – 5.5% San Diego – 1.6% Savannah – 2.6% Phoenix – 1.5% Jacksonville – 2.4% Austin – 2.8% Orlando – 2.2% <1% Houston – 2.7% Tampa – 2.7% Key West – 1.5% Miami – 2.8% Notes: 1.) Percent of total portfolio TTM Hotel EBITDA for the 119 properties owned as of March 31, 2018 6 2.) The company recently sold SpringHill Suites Centreville, and Residence Inn Tampa

High Quality W Atlanta Downtown Marriott Beverly Hills Crowne Plaza La Concha Le Pavillon Atlanta, GA Beverly Hills, CA Key West, FL New Orleans, LA One Ocean Le Meridien Minneapolis W Minneapolis The Silversmith Jacksonville, FL Minneapolis, MN Minneapolis, MN Chicago, IL The Churchill Renaissance Nashville Hyatt Savannah Washington, D.C. Nashville, TN Savannah, GA Hyatt Coral Gables Coral Gables, FL 7

Full-Service Rationale E STIMATED C AP R ATES V ALUE -A DD O PPORTUNITIES 39% 6.5% 8.5+% Franchised Upper Upscale Rooms as a % of H IGHER T RANSACTION ACTIVITY (2) Total Upper Upscale Chain Scale Segment (1) Full-Service (Luxury) $ 2.5B Limited 10% Service $10.5B 43% Full-Service (Non-Luxury) $11.6B 47% W Atlanta Downtown Atlanta, GA Limited Service Full Service (Non-Luxury) Full Service (Luxury) (1) Estimate based upon MAR, HLT, H, and IHG branded rooms (2) 2017 Hotel Transactions from Real Capital Analytics 8

Financially Calibrated Sales Ashford Trust Hotel Sales 2015 - 2018 SALES OF MAINLY SELECT - SERVICE PROPERTIES PROPERTIES SOLD Hampton Inn Terre Haute $375 million Sales Proceeds Courtyard Marriott Village LBV SpringHill Suites Marriott Village LBV REMOVAL OF LOWER REVPAR HOTELS Fairfield Inn Marriott Village LBV Residence Inn Atlanta Buckhead $80 TTM Avg. RevPAR Courtyard Edison Hampton Inn & Suites Gainesville T RANSACTIONS AT FAVORABLE CAP RATES SpringHill Suites Gaithersburg Residence Inn Palm Desert 8.1% TTM Avg. Cap Rate Courtyard Palm Desert 6.9% All-in Basis Cap Rate (1) Renaissance Portsmouth Embassy Suites Syracuse Crowne Plaza Atlanta Ravinia SpringHill Suites Richmond Glen Allen SpringHill Suites Centreville Residence Inn Tampa (1) Based on expected capex to be invested by the buyer 9

Disciplined Capital Management Track record of increasing shareholder returns by capitalizing upon cyclical changes and advantageous pricing situations C OMMON S HARE B UYBACKS 73.6M 50% $3.28 $1,400 Of Outstanding Average Shares Financial Crisis Shares Buyback $1,200 $200 R ECENT P REFERRED E QUITY A CTIVITY $1,000 2016 2017 9.0%  7.4% 8.5%  7.5% (In millions $) $800 $400 Old Coupon New Coupon Old Coupon New Coupon $600 $18 $400 $218 $116 $574 $73 $200 $65 $76 $305 $10 $112 $11 $52 $275 $230 $218 $45 $170 $147 $112 $97 $90 $89 $81 $68 $72 $17 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Common Raises Common Buybacks Preferred Raises Preferred Buybacks / Redemptions 10

Leverage Target Non-recourse, property level mortgage Leverage policy consistent since IPO debt $6,000 70% 64.9% 65% 62.3% 61.2% 61.9% 59.6% $5,000 59.1% 58.7% 58.5% 58.3% 60% 56.4% 56.1% 55.7% 55.5% 55% $4,000 49.2% 50% (In millions $) $3,000 45% 42.4% 40% $2,000 35% 30% $1,000 25% $0 20% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 (1) (1) Gross Assets Net Debt Net Debt / Gross Assets (1) Based on public filings; adjusted for unconsolidated Highland JV from 2011 – 2014 Note: Gross Assets and Net Debt adjusted for cash & cash equivalents and other liquid cash-like items as reported 11