X0306 4 2018-06-29 0 0001232582 ASHFORD HOSPITALITY TRUST INC AHT 0001187669 TALLIS ALAN 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Common Stock 2018-06-29 4 S 0 10000 8.0086 D 248045 I By Tallis Family Revocable Trust, Alan L. Tallis and Shirley A. Tallis, Trustees 7.375% Series F Cumulative Preferred Stock 2087 I By 2009 Tallis Family Irrevocable Trust 7.375% Series F Cumulative Preferred Stock 2087 I By 2012 Shirley A. Tallis Irrevocable Trust Special Limited Partnership Units 0 Common Stock 27700 D Common Limited Partnership 0 Common Stock 25444 D The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. Reflects the weighted average sales price for the reported transactions. The shares were sold in multiple transactions at prices ranging from $8.0000 to $8.0300, inclusive. The Reporting Person will provide the SEC staff, the Issuer, or any security holder of the Issuer, upon request for same, with the full information regarding the number of shares sold at each separate price within the range specified. Special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Units"), are convertible into Common Units at the option of the Reporting Person. See Footnote 5 discussing the convertibility of Common Units. Neither the LTIP Units nor the Common Units have an expiration date. Common Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock based on a conversion ratio described in Amendment No. 5 to the Seventh Amended and Restated Agreement of the Limited Partnership dated December 13, 2017, which is 1.0 share of the Issuer's common stock for each Common Unit. Reflects the aggregate number of Common Units currently beneficially owned by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 5 discussing the convertibility of the Common Units. /s/ ALAN TALLIS 2018-07-03