United States

Security and Exchange Commission

Washington, D.C. 20549

Schedule 13G

Under the Securities Act of 1934

(Amendment No.     )*

Ashford Hospitality Trust Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

044103109

                                (CUSIP Number)                                

December 31, 2004

Date of Event Which Requires Filing of this Statement

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No.   044103109 13G

1	NAME OF REPORTING PERSON S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON             DePrince, Race & Zollo, Inc.             59-3299598
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  x (b)  ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION             Incorporated in the State of Florida

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH   5    SOLE VOTING POWER                 1,677,800   6    SHARED VOTING POWER                 none   7    SOLE DISPOSITIVE POWER                 1,677,800   8    SHARED DISPOSITIVE POWER                 none

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON             1,677,800
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*             No
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9             6.50%
12	TYPE OF REPORTING PERSON*             IA

SCHEDULE 13 G

Item 1.	(a)	Ashford Hospitality Trust Inc.
	(b)	14180 Dallas Parkway 9th Fl
		Dallas, TX 75254
Item 2.	(a)	DePrince, Race & Zollo, Inc.
	(b)	201 S. Orange Ave, Suite 850
		Orlando, FL 32801
	(c)	USA
	(d)	common stock
	(e)	044103109
Item 3.	(e)	X

Item 4.	Ownership
	(a)	1,677,800 shares
	(b)	6.50%
	(c)	(i)	1,677,800 shares
		(iii)	1,677,800 shares
Item 5.	Ownership of Five Percent or Less of a Class
	N/A
Item 6.	Ownership of More than Five Percent on Behalf of Another Person.
	N/A
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
	N/A
Item 8.	Identification and Classification of Members of the Group
	N/A
Item 9.	Notice of Dissolution of Group
	N/A

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: 1/07/2005

/s/ Victor A. Zollo, Jr.

Signature

Victor A. Zollo, Jr. - President