X0306 4 2018-06-18 0 0001232582 ASHFORD HOSPITALITY TRUST INC AHT 0001314182 PANTERMUEHL SHERI L 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Special Limited Partnership Units 0 2018-06-18 4 A 0 12839 0.05 A Common Stock 12839 D 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. The LTIP Units reported herein were issued as an annual award under the Issuer's 2011 Stock Incentive Plan after the Reporting Person's election to the Issuer's Board of Directors. Neither the LTIP Units nor the Common Units have an expiration date. Per LTIP Unit purchase price. 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 the Amendment No. 5 to the Seventh Amended and Restated Agreement of the Limited Partnership dated December 13, 2017, which, on June 18, 2018, was 1.0 shares of the Issuer's common stock for each Common Unit. /s/ SHERI L. PANTERMUEHL 2018-06-26