Notes: Oct. 31, 2014 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) announced today that its Board of Directors has formally declared the conditional distribution of shares of common stock of Ashford Inc. (NYSE MKT: AINC), a wholly owned subsidiary of Ashford Trust. The distribution will consist of common stock representing at least 40% of the outstanding shares of Ashford Inc. and will be distributed to Ashford Trust shareholders. The Board may increase the distribution ratio up to the business day preceding the distribution date to allow Ashford Trust to distribute as much as 100% of the common stock of Ashford Inc. Following the distribution, Ashford Inc. will be an independent asset management company with long-term, external advisory agreements in place to advise Ashford Trust and Ashford Hospitality Prime (NYSE: AHP). The spin-off will be completed through a pro-rata taxable dividend of Ashford Inc. common stock on November 12, 2014 (the Distribution Date) to Ashford Trust stockholders of record as of the close of business of the NYSE on November 11, 2014 (the Record Date). On the Distribution Date, each Ashford Trust stockholder will receive at least one share of Ashford Inc. common stock for every 137 shares of Ashford Trust common stock held by such stockholder on the Record Date; however, if Ashford Trust distributes 100% of the common stock of Ashford Inc., each Ashford Trust stockholder will receive one share of Ashford Inc. common stock for every fifty-five (55) shares of Ashford Trust common stock held by such stockholder on the Record Date. The distribution of these shares will be made in book-entry form, which means that no physical share certificates will be issued. Following the spin-off, Ashford Trust's shares of common stock will continue to trade on the NYSE under the ticker symbol AHT. Ashford Inc. intends to have its common stock listed on the NYSE MKT under the symbol AINC. ___________________Nov. 19, 2013 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) announced today that it has completed the previously announced spin-off of Ashford Hospitality Prime, Inc. (NYSE: AHP) Starting tomorrow, November 20, 2013, Ashford Prime will trade on the New York Stock Exchange under the ticker symbol AHP, and Ashford Trust's shares of common stock will continue to trade on the NYSE under the ticker symbol AHT. Following the spin-off, Ashford Prime is now an independent and conservatively capitalized publicly-traded real estate investment trust (REIT) focused on investing in high RevPAR full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets. Ashford Prime is externally advised by Ashford Hospitality Advisors, a subsidiary of Ashford Trust. ________________ Nov. 6, 2013 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) announced today that, in connection with the previously announced spin-off of Ashford Hospitality Prime, Inc. (NYSE: AHP) shares of Ashford Prime common stock and Ashford Trust common stock ex-distribution are expected to begin trading today on a when-issued basis on the New York Stock Exchange under the symbols AHP WI and AHT WI, respectively, and continuing through November 19, 2013 (the Distribution Date). Shares of Ashford Trust common stock that trade in the regular-way market under the symbol AHT will continue to trade with an entitlement to shares of common stock of Ashford Prime distributed pursuant to the spin-off up to the Distribution Date. On the Distribution Date, each Ashford Trust stockholder will receive one share of Ashford Prime common stock for every five shares of Ashford Trust common stock held by such stockholder on the Record Date. Following the spin-off, Ashford Trust's shares of common stock will continue to trade on the NYSE under the ticker symbol AHT Ashford Prime, a wholly owned subsidiary of Ashford Trust, intends to have its common stock listed on the NYSE under the symbol AHP.