SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

NUNNELEY MARK

(Last)

(First)

(Middle)

14180 DALLAS PARKWAY

9TH FL

(Street)

DALLAS

75254

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ASHFORD HOSPITALITY TRUST INC [ AHT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/29/2003		A		17,034	A	$0⁽¹⁾	17,034	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Limited Partnership Units	$0⁽²⁾	08/29/2003		J⁽²⁾		19,275		08/29/2004	08/08/1988⁽²⁾	Common Stock	19,275	$0⁽²⁾	19,275	I	See Footnote⁽²⁾
Limited Partnership Units	$0⁽²⁾	08/29/2003		J⁽²⁾		13,237		08/29/2004	08/08/1988⁽²⁾	Common Stock	13,237	$0⁽²⁾	32,512	I	See Footnote⁽²⁾
Limited Partnership Units	$0⁽²⁾	08/29/2003		J⁽²⁾		26,837		08/29/2004	08/08/1988⁽²⁾	Common Stock	26,837	$0⁽²⁾	59,349	I	See Footnote⁽²⁾
Limited Partnership Units	$0⁽²⁾	08/29/2003		J⁽²⁾		28,908		08/29/2004	08/08/1988⁽²⁾	Common Stock	28,908	$0⁽²⁾	88,257	I	See Footnote⁽²⁾

Explanation of Responses:

1. The Reporting Person acquired the shares via a restricted stock grant by Issuer as incentive compensation. The restricted stock vests in three (3) equal annual installments on the first three anniversaries of the date of grant.

2. Limited Partnership Units ("Units") in Ashford Hospitality Limited Partnership, the Issuer's operating subsidiary. The Units are convertible into cash or, at the option of the Issuer, shares of the Issuer's common stock, on a 1-for-1 basis, on or after August 29, 2004. The Units were issued by the Issuer to limited partnerships in which the Reporting Person has an interest as consideration for such respective limited partnership's interest in certain real property. The Units have no expiration date.

	/s/ Mark L. Nunneley	08/29/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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