ASHFORD TRUST REPORTS THIRD QUARTER 2018 RESULTS

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1 NEWS RELEASE Contact: Deric Eubanks Jordan Jennings Joe Calabrese Chief Financial Officer Investor Relations Financial Relations Board (972) (972) (212) ASHFORD TRUST REPORTS THIRD QUARTER 2018 RESULTS Actual RevPAR Increased 0.5% for All Hotels Not Under Renovation Completed Acquisition of La Posada de Santa Fe DALLAS, November 1, 2018 Ashford Hospitality Trust, Inc. (NYSE: AHT) ( Ashford Trust or the Company ) today reported financial results and performance measures for the third quarter ended September 30, The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the properties in the Company s portfolio as of September 30, 2018 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2018 with the third quarter ended September 30, 2017 (see discussion below). The reconciliation of non-gaap financial measures is included in the financial tables accompanying this press release. STRATEGIC OVERVIEW Opportunistic focus on upper upscale, full-service Targets moderate leverage levels of approximately 55-60% to enhance equity returns Highly-aligned management team and advisory structure Attractive dividend yield of approximately 9.3% Targets cash and cash equivalents at a level of 25-35% of total equity market capitalization for the purposes of: working capital needs at property and corporate levels providing a hedge in the event of uncertain economic times being prepared to pursue accretive investments or stock buybacks as those opportunities arise FINANCIAL AND OPERATING HIGHLIGHTS Net loss attributable to common stockholders was $38.2 million or $0.40 per diluted share for the quarter Actual RevPAR for all increased 0.2% to $ during the quarter Actual RevPAR for all not under renovation increased 0.5% to $ during the quarter Comparable RevPAR for all decreased 0.6% to $ during the quarter Comparable RevPAR for all not under renovation decreased 0.4% to $ during the quarter Adjusted EBITDAre was $101.7 million for the quarter Adjusted funds from operations (AFFO) was $0.30 per diluted share for the quarter

2 AHT Reports Third Quarter Results Page 2 November 1, 2018 As of November 1, 2018, the Company s common stock is trading at an approximate 9.3% dividend yield During the quarter, the Company entered into a new $100 million acquisition credit facility Subsequent to quarter end, the Company completed the acquisition of the 157-room La Posada de Santa Fe for $50 million Capex invested during the quarter was $47.0 million ENHANCED RETURN FUNDING PROGRAM On June 26, 2018, the Company announced that it had entered into an Enhanced Return Funding Program ( ERFP ) with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of Ashford Trust acquisitions, up to an amount of $50 million in aggregate funding. The Program has the potential to be upsized to $100 million based upon mutual agreement. The Program is structured to significantly improve the 5-year internal rate of return for new acquisitions at Ashford Trust. LA POSADA DE SANTA FE ACQUISITION On October 31, 2018, the Company completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico ( La Posada ) for $50 million. The purchase of La Posada is the Company s second acquisition to benefit from the ERFP. Remington Lodging took over management of the property upon closing of the acquisition. Remington Lodging, who also manages the Hilton Santa Fe owned by Ashford Trust, and the Company expect to realize significant synergies from the joint management of La Posada and the Hilton Santa Fe. CAPITAL STRUCTURE At September 30, 2018, the Company had total mortgage loans of $3.9 billion with a blended average interest rate of 5.5%. During the quarter, the Company repurchased a $56 million junior mezzanine loan on one of the loan pools from its $1.07 billion refinancing that it completed during the second quarter The junior mezzanine loan is priced at LIBOR %. During the quarter, under its at the market equity offering program, the Company issued an aggregate of 2.4 million shares of common stock resulting in gross proceeds of approximately $15.5 million. During the quarter, the Company entered into a new $100 million acquisition credit facility that provides for a one-year revolving line of credit and bears interest at rate of LIBOR %. PORTFOLIO REVPAR As of September 30, 2018, the portfolio consisted of 118 properties. During the third quarter of 2018, 106 of the Company s were not under renovation. The Company believes reporting its operating metrics for its on a comparable total basis (all 118 ) and comparable not under renovation basis (106 ) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release. Comparable RevPAR decreased 0.6% to $ for all on a 1.8% increase in ADR and a 2.3% decrease in occupancy Comparable RevPAR decreased 0.4% to $ for not under renovation on a 1.7% increase in ADR and a 2.0% decrease in occupancy

3 AHT Reports Third Quarter Results Page 3 November 1, 2018 HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company s than sequential quarter-over-quarter comparisons. Given the seasonality in the Company s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of in the Company s portfolio as of the end of the current period. As the Company s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the 118 are provided in the table attached to this release. COMMON STOCK DIVIDEND On September 14, 2018, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the third quarter ending September 30, 2018, payable on October 15, 2018, to shareholders of record as of September 28, Over the last several months, we have, in a disciplined manner, diligently executed on two accretive acquisitions that have benefitted from our recently-announced ERFP with Ashford Inc., commented Douglas A. Kessler, Ashford Trust s President and Chief Executive Officer. Through the ERFP, we have acquired both the Hilton Alexandria Old Town as well as the La Posada de Santa Fe and recently entered into a definitive agreement to acquire the Hilton Scotts Valley. We remain very excited about the ERFP program and, looking ahead, expect that this funding arrangement will be a competitive advantage when identifying opportunities to accretively grow our platform and increase stockholder value. INVESTOR CONFERENCE CALL AND SIMULCAST Ashford Hospitality Trust, Inc. will conduct a conference call on Friday November 2, 2018, at 1:00 p.m. ET. The number to call for this interactive teleconference is (323) A replay of the conference call will be available through Friday, November 9, 2018, by dialing (719) and entering the confirmation number, The Company will also provide an online simulcast and rebroadcast of its third quarter 2018 earnings release conference call. The live broadcast of Ashford Hospitality Trust s quarterly conference call will be available online at the Company's web site, on Friday, November 2, 2018, beginning at 1:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year. We use certain non-gaap measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. The non-gaap financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-gaap measures are calculated. The reconciliation of non-gaap measures to the closing GAAP measures are provided below and provide further details of our results for the period being reported. * * * * * Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically

4 AHT Reports Third Quarter Results Page 4 November 1, 2018 in the hospitality industry in upper upscale, full-service. Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple s App Store and the Google Play Store by searching Ashford. Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward looking statements in this press release may include, among others, statements about the Company s strategy and future plans. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust s control. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust s filings with the Securities and Exchange Commission. The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

5 ASSETS CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) September 30, 2018 December 31, 2017 Investments in properties, net $ 4,089,985 $ 4,035,915 Cash and cash equivalents 325, ,805 Restricted cash 141, ,787 Marketable securities 24,173 26,926 Accounts receivable, net of allowance of $608 and $770, respectively 60,208 44,257 Inventories 4,223 4,244 Investment in Ashford Inc. 1, Investment in OpenKey 2,751 2,518 Deferred costs, net 3,427 2,777 Prepaid expenses 29,662 19,269 Derivative assets 2,969 2,010 Other assets 18,117 14,152 Intangible asset, net 9,854 9,943 Due from third-party managers 19,277 17,387 Assets held for sale 18,423 Total assets $ 4,733,340 $ 4,669,850 LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 3,894,447 $ 3,696,300 Accounts payable and accrued expenses 147, ,401 Dividends and distributions payable 28,095 25,045 Due to Ashford Inc., net 5,176 15,146 Due to related party, net 1,078 1,067 Due to third-party managers 2,745 2,431 Intangible liabilities, net 15,572 15,839 Derivative liabilities, net 205 Other liabilities 19,613 18,376 Liabilities associated with assets held for sale 13,977 Total liabilities 4,114,739 3,920,582 Redeemable noncontrolling interests in operating partnership 118, ,122 Equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized : Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2018 and December 31, Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2018 and December 31, Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2018 and December 31, Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2018 and December 31, Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2018 and December 31, Common stock, $0.01 par value, 400,000,000 shares authorized, 101,038,430 and 97,409,113 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 1, Additional paid-in capital 1,811,391 1,784,997 Accumulated deficit (1,313,327) (1,153,697) Total shareholders' equity of the Company 499, ,500 Noncontrolling interests in consolidated entities Total equity 499, ,146 Total liabilities and equity $ 4,733,340 $ 4,669,850 5

6 REVENUE CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, Rooms $ 288,016 $ 289,017 $ 868,090 $ 876,927 Food and beverage 49,396 48, , ,005 Other 17,309 15,006 51,358 43,720 Total revenue 354, ,336 1,084,317 1,095,652 Other 1, ,984 2,052 Total revenue 355, ,325 1,087,301 1,097,704 EXPENSES Hotel operating expenses Rooms 64,197 63, , ,857 Food and beverage 37,649 37, , ,619 Other expenses 109, , , ,978 Management fees 13,198 13,027 40,306 40,100 Total operating expenses 225, , , ,554 Property taxes, insurance and other 20,774 18,194 59,363 55,293 Depreciation and amortization 64,923 60, , ,380 Impairment charges (27) 1,785 1,652 1,785 Transaction costs Advisory services fee: Base advisory fee 9,156 8,579 26,644 25,934 Reimbursable expenses 2,251 1,641 5,777 5,800 Non-cash stock/unit-based compensation 4,855 4,392 20,540 7,748 Incentive fee (3,457) Corporate, general and administrative: Non-cash stock/unit-based compensation Other general and administrative 3,090 2,412 7,914 10,271 Total operating expenses 326, , , ,341 OPERATING INCOME (LOSS) 29,329 29,616 95, ,363 Equity in earnings (loss) of unconsolidated entities 310 (679) 892 (3,580) Interest income 1, ,779 1,460 Gain (loss) on sale of properties (9) ,024 Other income (expense), net (202) (273) 80 (3,539) Interest expense, net of premium amortization (54,057) (54,413) (159,063) (156,303) Amortization of loan costs (6,674) (2,550) (14,617) (10,921) Write-off of premiums, loan costs and exit fees (1,572) (9,316) (1,629) Unrealized gain (loss) on marketable securities 68 (936) (758) (4,813) Unrealized gain (loss) on derivatives (2,085) (1,479) (3,672) (1,804) INCOME (LOSS) BEFORE INCOME TAXES (33,742) (29,993) (87,655) (50,742) Income tax benefit (expense) (519) 1,267 (2,606) 507 NET INCOME (LOSS) (34,261) (28,726) (90,261) (50,235) (Income) loss from consolidated entities attributable to noncontrolling interest (10) (22) 8 (4) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 6,682 6,940 18,087 13,202 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (27,589) (21,808) (72,166) (37,037) Preferred dividends (10,645) (11,440) (31,933) (33,352) Extinguishment of issuance costs uon redemption of prefered stock (4,507) (4,507) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (38,234) $ (37,755) $ (104,099) $ (74,896) INCOME (LOSS) PER SHARE BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (0.40) $ (0.40) $ (1.09) $ (0.80) Weighted average common shares outstanding basic 97,467 95,332 96,591 95,169 Diluted: Net income (loss) attributable to common stockholders $ (0.40) $ (0.40) $ (1.09) $ (0.80) Weighted average common shares outstanding diluted 97,467 95,332 96,591 95,169 Dividends declared per common share: $ 0.12 $ 0.12 $ 0.36 $

7 RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre Three Months Ended Nine Months Ended September 30, September 30, Net income (loss) $ (34,261) $ (28,726) $ (90,261) $ (50,235) Interest expense and amortization of premiums and loan costs, net 60,731 56, , ,224 Depreciation and amortization 64,923 60, , ,380 Income tax expense (benefit) 519 (1,267) 2,606 (507) Equity in (earnings) loss of unconsolidated entities (310) 679 (892) 3,632 Company's portion of EBITDA of Ashford Inc. (1,607) (384) 959 (20) Company's portion of EBITDA of OpenKey (158) (113) (419) (361) EBITDA 89,837 87, , ,113 Impairment charges on real estate (27) 1,785 1,652 1,785 (Gain) loss on sale of properties 9 (15) (394) (14,024) EBITDAre 89,819 89, , ,874 Amortization of unfavorable contract liabilities (39) (363) (117) (1,151) Uninsured hurricane related costs (43) 3,711 (271) 3,711 Write-off of premiums, loan costs and exit fees 1,572 9,316 1,629 Other (income) expense, net (80) 3,539 Transaction, acquisition and management conversion costs ,770 Legal judgment and related legal costs ,091 Unrealized (gain) loss on marketable securities (68) ,813 Unrealized (gain) loss on derivatives 2,085 1,479 3,672 1,804 Dead deal costs Software implementation costs 1,034 Non-cash stock/unit-based compensation 5,143 4,613 21,946 8,751 Company's portion of (gain) loss of investment in securities investment fund (52) Company's portion of adjustments to EBITDA of Ashford Inc. 2,814 1,703 4,997 3,752 Company's portion of adjustments to EBITDA of OpenKey Adjusted EBITDAre $ 101,741 $ 101,645 $ 321,279 $ 328,578 RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO (in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, Net income (loss) $ (34,261) $ (28,726) $ (90,261) $ (50,235) (Income) loss from consolidated entities attributable to noncontrolling interest (10) (22) 8 (4) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 6,682 6,940 18,087 13,202 Preferred dividends (10,645) (11,440) (31,933) (33,352) Extinguishment of issuance costs upon redemption of preferred stock (4,507) (4,507) Net income (loss) attributable to common stockholders (38,234) (37,755) (104,099) (74,896) Depreciation and amortization on real estate 64,865 60, , ,197 Gain (loss) on sale of properties 9 (15) (394) (14,024) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (6,682) (6,940) (18,087) (13,202) Equity in (earnings) loss of unconsolidated entities (310) 679 (892) 3,632 Impairment charges on real estate (27) 1,785 1,652 1,785 Company's portion of FFO of Ashford Inc. 470 (570) 1,391 (3,265) Company's portion of FFO of unconsolidated entities (160) (116) (426) (366) FFO available to common stockholders and OP unitholders 19,931 17,143 71,508 84,861 Extinguishment of issuance costs upon redemption of preferred stock 4,507 4,507 Write-off of premiums, loan costs and exit fees 1,572 9,316 1,629 Uninsured hurricane related costs (43) 3,711 (271) 3,711 Other (income) expense, net (80) 3,539 Transaction, acquisition and management conversion costs ,770 Legal judgment and related legal costs ,091 Unrealized (gain) loss on marketable securities (68) ,813 Unrealized (gain) loss on derivatives 2,085 1,479 3,672 1,804 Dead deal costs Software implementation costs 1,034 Non-cash stock/unit-based compensation 5,143 4,613 21,946 8,751 Amortization of loan costs 6,673 2,549 14,612 10,917 Company's portion of (gain) loss of investment in securities investment fund (52) Company's portion of adjustments to FFO of Ashford Inc. (1,453) 1, ,130 Company's portion of adjustments to FFO of OpenKey Adjusted FFO available to common stockholders and OP unitholders $ 34,298 $ 37,027 $ 123,782 $ 139,518 Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.30 $ 0.33 $ 1.08 $ 1.23 Weighted average diluted shares 115, , , ,203 7

8 SUMMARY OF INDEBTEDNESS SEPTEMBER 30, 2018 (dollars in thousands) Indebtedness Maturity Interest Rate Fixed- Rate Debt Floating- Rate Debt Total Debt Comparable TTM Hotel EBITDA (7) Comparable TTM EBITDA Debt Yield Le Pavillon - 1 June 2019 LIBOR % $ $ 43,750 (1) $ 43,750 $ 2, % Omni American Bank Ashton - 1 July % 5,267 5,267 1, % Stanley Ann Arbor - 1 July 2019 LIBOR % 35,200 (2) 35,200 3, % Stanley - 8 July 2019 LIBOR % 144,000 (2) 144,000 11, % NorthStar HGI Wisconsin Dells - 1 August 2019 LIBOR % 7,778 (3) 7, % Secured credit facility - various September 2019 Base Rate (4) % or LIBOR % N/A N/A Stanley Pool - 17 November 2019 LIBOR % 427,000 (5) 427,000 50, % JP Chase - 8 February 2020 LIBOR % 395,000 (5) 395,000 45, % Highland Pool - 21 April 2020 LIBOR % 962,575 (5) 962, , % Indigo Atlanta - 1 May 2020 LIBOR % 16,100 (6) 16,100 2, % A - 7 June 2020 LIBOR % 180,720 (5) 180,720 21, % B - 7 June 2020 LIBOR % 174,400 (5) 174,400 21, % C - 5 June 2020 LIBOR % 221,040 (5) 221,040 25, % D - 5 June 2020 LIBOR % 262,640 (5) 262,640 28, % E - 5 June 2020 LIBOR % 160,000 (5) 160,000 24, % F - 5 June 2020 LIBOR % 215,120 (5) 215,120 24, % GACC Gateway - 1 November % 93,891 93,891 14, % Aareal Princeton/Nashville - 2 June 2022 LIBOR % 174, ,211 27, % Prudential Boston Back Bay - 1 November 2022 LIBOR % 97,000 97,000 13, % Deutsche Bank W Minneapolis - 1 May % 53,086 53,086 6, % Aareal Hilton Alexandria - 1 June 2023 LIBOR % 73,450 73,450 8, % GACC Manchester RI - 1 January % 6,913 6,913 1, % GACC Jacksonville RI - 1 January % 10,089 10, % Key Bank Manchester CY - 1 May % 6,444 6, % Stanley Pool C1-3 August % 65,572 65,572 8, % Stanley Pool C2-2 August % 12,114 12,114 1, % Stanley Pool C3-3 August % 24,215 24,215 3, % Pool 5-2 February % 19,962 19,962 2, % Pool 3-3 February % 51,633 51,633 6, % Unencumbered 2,267 N/A Total $ 349,186 $ 3,589,984 $ 3,939,170 $ 467, % Percentage 8.9% 91.1% 100.0% Weighted average interest rate 5.33% 5.55% 5.53% All indebtedness is non-recourse with the exception of the secured credit facility. (1) (2) (3) (4) (5) (6) (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in July This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in August Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. See Exhibit 1 for reconciliation of net income (loss) to EBITDA. 8

9 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED SEPTEMBER 30, 2018 (dollars in thousands) Thereafter Total Secured credit facility - various $ $ $ $ $ $ $ Omni American Bank Ashton - 1 5,168 5,168 Le Pavillon ,750 43,750 Stanley , ,000 Stanley Ann Arbor ,200 35,200 NorthStar HGI Wisconsin Dells - 1 7,778 7,778 GACC Gateway ,886 89,886 Indigo Atlanta ,470 15,470 Aareal Princeton/Nashville , ,211 Prudential Boston Back Bay ,000 97,000 Deutsche Bank W Minneapolis ,182 48,182 Aareal Hilton Alexandria ,450 73,450 GACC Jacksonville RI - 1 9,036 9,036 GACC Manchester RI - 1 6,191 6,191 Key Bank Manchester CY - 1 5,671 5,671 Stanley Pool C1-3 58,612 58,612 Stanley Pool C2-2 10,755 10,755 Stanley Pool C3-3 21,522 21,522 Stanley Pool , ,000 JP Chase , ,000 Pool ,413 44,413 Pool ,073 17,073 Highland Pool , ,575 A , ,720 B , ,400 C , ,040 D , ,640 E , ,000 F , ,120 Principal due in future periods 5, , ,681 3,293,400 3,899,863 Scheduled amortization payments remaining 1,604 6,554 8,035 8,170 6,805 8,139 39,307 Total indebtedness $ 1,604 $ 11,722 $ 328,649 $ 8,170 $ 287,486 $ 3,301,539 $ 3,939,170 9

10 KEY PERFORMANCE INDICATORS ALL HOTELS: Actual Adjustments Comparable Actual Three Months Ended September 30, Adjustments Comparable Actual Comparable % Variance % Variance Rooms revenue $ 287,104 $ $ 287,104 $ 287,955 $ 705 $ 288,660 (0.30)% (0.54)% RevPAR $ $ $ $ $ $ % (0.58)% Occupancy 78.04% % 78.04% 79.68% (41.25)% 79.88% (2.06)% (2.30)% ADR $ $ $ $ $ $ % 1.77 % ALL HOTELS: Actual Adjustments Comparable Actual Nine Months Ended September 30, Adjustments Comparable Actual Comparable % Variance % Variance Rooms revenue $ 864,604 $ 4,258 $ 868,862 $ 872,993 $ (6,519) $ 866,474 (0.96)% 0.28 % RevPAR $ $ $ $ $ (44.87) $ % 0.26 % Occupancy 77.59% % 77.69% 78.57% (62.74)% 78.91% (1.25)% (1.54)% ADR $ $ $ $ $ (71.51) $ % 1.83 % (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. ALL HOTELS NOT UNDER RENOVATION: Actual Adjustments Comparable Actual Three Months Ended September 30, Adjustments Comparable Actual Comparable % Variance % Variance Rooms revenue $ 243,027 $ $ 243,027 $ 243,159 $ 705 $ 243,864 (0.05)% (0.34)% RevPAR $ $ $ $ $ $ % (0.37)% Occupancy 78.95% % 78.95% 80.36% (41.25)% 80.60% (1.75)% (2.04)% ADR $ $ $ $ $ $ % 1.70 % ALL HOTELS NOT UNDER RENOVATION: Nine Months Ended September 30, Actual Adjustments Comparable Actual Adjustments Comparable Actual Comparable % Variance % Variance Rooms revenue $ 718,187 $ 4,258 $ 722,445 $ 722,943 $ (6,519) $ 716,424 (0.66)% 0.84 % RevPAR $ $ $ $ $ (44.87) $ % 0.84 % Occupancy 78.14% % 78.25% 78.49% (62.74)% 78.88% (0.45)% (0.80)% ADR $ $ $ $ $ (71.51) $ % 1.65 % (1) The above comparable information assumes the 106 properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) Excluded Hotels Under Renovation: Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta 10

11 HOTEL EBITDA (dollars in thousands) ALL HOTELS: Three Months Ended Nine Months Ended September 30, September 30, % Variance % Variance Total revenue $ 353,504 $ 350, % $ 1,079,802 $ 1,090,603 (0.99)% Non-comparable adjustments 2,036 7,054 (5,871) Comparable total revenue $ 353,504 $ 352, % $ 1,086,856 $ 1,084, % Hotel EBITDA $ 111,389 $ 113,302 (1.69)% $ 356,795 $ 365,253 (2.32)% Non-comparable adjustments (60) 1,904 3,705 2,762 Comparable EBITDA $ 111,329 $ 115,206 (3.37)% $ 360,500 $ 368,015 (2.04)% Hotel EBITDA margin 31.51% 32.28% (0.77)% 33.04% 33.49% (0.45)% Comparable EBITDA margin 31.49% 32.64% (1.15)% 33.17% 33.93% (0.76)% Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 101 $ 116 (12.93)% $ 258 $ 283 (8.83)% Hotel EBITDA attributable to the Company and OP unitholders $ 111,288 $ 113,186 (1.68)% $ 356,537 $ 364,970 (2.31)% Comparable EBITDA attributable to the Company and OP unitholders $ 111,228 $ 115,090 (3.36)% $ 360,242 $ 367,732 (2.04)% (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. ALL HOTELS NOT UNDER RENOVATION: Three Months Ended Nine Months Ended September 30, September 30, % Variance % Variance Total revenue $ 294,015 $ 291, % $ 880,708 $ 883,074 (0.27)% Non-comparable adjustments 2,036 7,054 (5,869) Comparable total revenue $ 294,015 $ 293, % $ 887,762 $ 877, % Hotel EBITDA $ 96,749 $ 97,401 (0.67)% $ 299,170 $ 300,994 (0.61)% Non-comparable adjustments (60) 1,872 3,705 2,667 Comparable EBITDA $ 96,689 $ 99,273 (2.60)% $ 302,875 $ 303,661 (0.26)% Hotel EBITDA margin 32.91% 33.46% (0.55)% 33.97% 34.08% (0.11)% Comparable EBITDA margin 32.89% 33.86% (0.97)% 34.12% 34.62% (0.50)% Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 101 $ 116 (12.93)% $ 258 $ 283 (8.83)% Hotel EBITDA attributable to the Company and OP unitholders $ 96,648 $ 97,285 (0.65)% $ 298,912 $ 300,711 (0.60)% Comparable EBITDA attributable to the Company and OP unitholders $ 96,588 $ 99,157 (2.59)% $ 302,617 $ 303,378 (0.25)% (1) The above comparable information assumes the 106 properties owned and included in the Company's operations at September 30, 2018, and not under renovation during the three months ended September 30, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. (4) Excluded Hotels Under Renovation: Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta 11

12 HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS (dollars in thousands) Actual Adjustments Comparable Actual Adjustments Comparable Actual Adjustments Comparable Actual Adjustments Comparable 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter Total revenue $ 353,504 $ $ 353,504 $ 386,834 $ 5,301 $ 392,135 $ 339,465 $ 1,752 $ 341,217 $ 339,160 $ 2,271 $ 341,431 Hotel EBITDA $ 111,389 $ (60) $ 111,329 $ 136,792 $ 2,795 $ 139,587 $ 108,614 $ 970 $ 109,584 $ 106,630 $ 494 $ 107,124 Hotel EBITDA margin 31.51% 31.49% 35.36% 35.60% 32.00% 32.12% 31.44% 31.38% EBITDA % of total TTM 24.0% 23.8% 29.5% 29.9% 23.4% 23.4% 23.1% 22.9% JV interests in EBITDA $ 101 $ $ 101 $ 108 $ $ 108 $ 49 $ $ 49 $ 85 $ $ 85 Actual Adjustments Comparable TTM TTM TTM Total revenue $ 1,418,963 $ 9,324 $ 1,428,287 Hotel EBITDA $ 463,425 $ 4,199 $ 467,624 Hotel EBITDA margin 32.66% 32.74% EBITDA % of total TTM 100.0% 100.0% JV interests in EBITDA $ 343 $ $ 343 (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. 12

13 HOTEL REVPAR BY MARKET Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Three Months Ended September 30, Non-comparable Adjustments Comparable Actual Comparable % Variance % Variance Atlanta, GA Area 9 1,425 $ $ $ $ $ $ % 0.1 % Boston, MA Area % 4.9 % Dallas / Ft. Worth, TX Area 7 1, (2.8)% (2.8)% Houston, TX Area (7.6)% (7.6)% Los Angeles, CA Metro Area 6 1, % 1.4 % Miami, FL Metro Area (5.8)% (5.8)% Minneapolis - St. Paul, MN-WI Area (4.6)% (4.6)% Nashville, TN Area % 0.3 % New York / New Jersey Metro Area 6 1, (3.1)% (3.1)% Orlando, FL Area (7.4)% (7.4)% Philadelphia, PA Area % 4.5 % San Diego, CA Area % 1.8 % San Francisco - Oakland, CA Metro Area 6 1, % 4.1 % Tampa, FL Area (92.52) (3.7)% (3.4)% Washington D.C. - MD - VA Area 9 2, % (2.7)% Other Areas 51 8, (80.80) % (0.3)% Total Portfolio ,930 $ $ $ $ $ $ % (0.6)% (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. HOTEL EBITDA BY MARKET Number of Hotels Number of Rooms Three Months Ended September 30, Actual Adjustments Comparable Actual Adjustments Comparable Actual Comparable % of Total % of Total % Variance % Variance Atlanta, GA Area 9 1,425 $ 6,135 $ 19 $ 6, % $ 5,857 $ 289 $ 6, % 4.7 % 0.1 % Boston, MA Area ,110 9, % 8, , % 8.1 % 8.0 % Dallas / Ft. Worth, TX Area 7 1,518 5,449 5, % 5, , % (0.1)% (0.2)% Houston, TX Area ,371 2, % 2, , % (10.2)% (10.9)% Los Angeles, CA Metro Area 6 1,619 7,388 7, % 7, , % (4.6)% (5.0)% Miami, FL Metro Area ,027 1, % 1, , % (19.1)% (19.3)% Minneapolis - St. Paul, MN-WI Area ,159 4, % 4, , % (14.6)% (14.7)% Nashville, TN Area ,577 6, % 6,294 6, % 4.5 % 4.5 % New York / New Jersey Metro Area 6 1,741 7,527 7, % 7, , % (3.9)% (4.0)% Orlando, FL Area ,350 1, % 1, , % (26.2)% (26.4)% Philadelphia, PA Area ,437 2, % 2, , % 2.3 % 2.0 % San Diego, CA Area ,180 2, % 2, , % (3.7)% (3.9)% San Francisco - Oakland, CA Metro Area 6 1,369 10,038 10, % 9, , % 7.0 % 6.4 % Tampa, FL Area ,185 (77) 1, % 1,564 (254) 1, % (24.2)% (15.4)% Washington D.C. - MD - VA Area 9 2,424 9,743 9, % 9,320 1,927 11, % 4.5 % (13.4)% Other Areas 51 8,795 34,713 (2) 34, % 36,179 (219) 35, % (4.1)% (3.5)% Total Portfolio ,930 $ 111,389 $ (60) $ 111, % $ 113,302 $ 1,904 $ 115, % (1.7)% (3.4)% (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. 13

14 HOTEL REVPAR BY MARKET Number of Hotels Number of Rooms Actual Non-comparable Adjustments Comparable Actual Nine Months Ended September 30, Non-comparable Adjustments Comparable Actual Comparable % Variance % Variance Atlanta, GA Area 9 1,425 $ $ $ $ $ (88.18) $ % 0.5 % Boston, MA Area % 0.9 % Dallas / Ft. Worth, TX Area 7 1, % 2.6 % Houston, TX Area (2.2)% (2.2)% Los Angeles, CA Metro Area 6 1, % 1.3 % Miami, FL Metro Area % 3.6 % Minneapolis - St. Paul, MN-WI Area % 1.0 % Nashville, TN Area (1.4)% (1.4)% New York / New Jersey Metro Area 6 1, % 1.4 % Orlando, FL Area (4.6)% (4.6)% Philadelphia, PA Area % 2.8 % San Diego, CA Area % 0.9 % San Francisco - Oakland, CA Metro Area 6 1, % 3.9 % Tampa, FL Area (154.79) (123.57) (1.4)% (3.4)% Washington D.C. - MD - VA Area 9 2, (2.1)% (3.6)% Other Areas 51 8, (48.05) (66.35) % 0.4 % Total Portfolio ,930 $ $ $ $ $ (44.87) $ % 0.3 % (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. HOTEL EBITDA BY MARKET Number of Hotels Number of Rooms Nine Months Ended September 30, Actual Adjustments Comparable Actual Adjustments Comparable Actual Comparable % of Total % of Total % Variance % Variance Atlanta, GA Area 9 1,425 $ 18,644 $ 31 $ 18, % $ 21,829 $ (2,255) $ 19, % (14.7)% (4.6)% Boston, MA Area ,270 19, % 20, , % (6.1)% (6.2)% Dallas / Ft. Worth, TX Area 7 1,518 20,626 20, % 19, , % 7.2 % 7.1 % Houston, TX Area ,008 9, % 9, , % (3.5)% (3.9)% Los Angeles, CA Metro Area 6 1,619 25,717 25, % 26, , % (2.1)% (2.4)% Miami, FL Metro Area ,373 9, % 8, , % 4.9 % 4.8 % Minneapolis - St. Paul, MN-WI Area ,519 11, % 11, , % (2.0)% (2.1)% Nashville, TN Area ,666 18, % 20,935 20, % (10.8)% (10.8)% New York / New Jersey Metro Area 6 1,741 22, , % 23, , % (1.7)% (1.9)% Orlando, FL Area ,181 7, % 8, , % (11.6)% (11.7)% Philadelphia, PA Area ,554 6, % 6, , % 8.4 % 8.1 % San Diego, CA Area ,774 5, % 5, , % (1.1)% (1.2)% San Francisco - Oakland, CA Metro Area 6 1,369 28,077 28, % 26, , % 4.7 % 4.3 % Tampa, FL Area ,968 (1,131) 7, % 9,416 (1,493) 7, % (4.8)% (1.1)% Washington D.C. - MD - VA Area 9 2,424 33,087 4,697 37, % 36,103 6,603 42, % (8.4)% (11.4)% Other Areas 51 8, , , % 110,701 (485) 110, % 0.6 % 1.1 % Total Portfolio ,930 $ 356,795 $ 3,705 $ 360, % $ 365,253 $ 2,762 $ 368, % (2.3)% (2.0)% (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (3) See Exhibit 1 for reconciliation of net income (loss) to EBITDA. 14

15 TOTAL ENTERPRISE VALUE SEPTEMBER 30, 2018 (in thousands, except share price) September 30, 2018 End of quarter common shares outstanding 101,038 Partnership units outstanding 20,660 Combined common shares and partnership units outstanding 121,698 Common stock price at quarter end $ 6.39 Market capitalization at quarter end $ 777,650 Series D preferred stock $ 59,735 Series F preferred stock $ 120,000 Series G preferred stock $ 155,000 Series H preferred stock $ 95,000 Series I preferred stock $ 135,000 Debt on balance sheet date $ 3,939,170 Joint venture partner's share of consolidated debt $ (2,004) Net working capital (see below) $ (460,329) Total enterprise value (TEV) $ 4,819,222 Ashford Inc. Investment: Common stock owned at end of quarter 598 Common stock price at quarter end $ Market value of Ashford Inc. investment $ 45,383 Cash and cash equivalents $ 325,716 Restricted cash $ 140,886 Accounts receivable, net $ 60,184 Prepaid expenses $ 29,639 Investment in securities $ 24,173 Due from third-party managers, net $ 16,528 Market value of Ashford Inc. investment $ 45,383 Total current assets $ 642,509 Accounts payable, net & accrued expenses $ 147,734 Dividends and distributions payable $ 28,095 Due to affiliates, net $ 6,351 Total current liabilities $ 182,180 Net working capital* $ 460,329 * Includes the Company's pro rata share of net working capital in joint ventures. 15

16 ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) st Quarter 2nd Quarter 3rd Quarter 4th Quarter Rooms Actual Actual Actual Estimated Courtyard Crystal City Reagan Airport 272 x Courtyard Denver Airport 202 x Courtyard Gaithersburg 210 x x Courtyard Louisville Airport 150 x Embassy Suites Crystal City 267 x Embassy Suites Philadelphia Airport 263 x x Embassy Suites Santa Clara Silicon Valley 258 x x Hampton Inn Suites Columbus Easton 145 x Hampton Inn Suites Phoenix Airport 106 x x Hilton St. Petersburg Bayfront 333 x x x Hilton Tampa Westshore 238 x x x Hilton Garden Inn BWI Airport 158 x Hilton Garden Inn Jacksonville 119 x Hotel Indigo Atlanta Midtown 140 x x x Hyatt Regency Coral Gables 253 x x Le Meridien Chambers Minneapolis 60 x Le Pavillon Hotel 226 x Marriott Crystal Gateway 701 x x x x Marriott Omaha 300 x Marriott RTP 225 x Renaissance Nashville 673 x x x x Renaissance Palm Springs 410 x Residence Inn Jacksonville 120 x x x Residence Inn Orlando Sea World 350 x x x x Ritz-Carlton Atlanta 444 x x x x Sheraton Anchorage 370 x The Churchill 173 x Westin Princeton 296 x x Total (a) Only which have had or are expected to have significant capital expenditures that could result in displacement in 2018 are included in this table. 16

17 September 30, rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM Net income (loss) $ 42,925 $ 68,862 $ 40,311 $ 33,102 $ 185,200 Non-property adjustments (17) (394) 1,669 8,246 9,504 Interest income (73) (58) (30) (28) (189) Interest expense 2,096 1,634 1,600 1,258 6,588 Amortization of loan costs Depreciation and amortization 64,745 64,385 62,869 61, ,181 Income tax expense (benefit) Non- EBITDA ownership expense 1,550 2,176 2,083 2,624 8,433 Hotel EBITDA including amounts attributable to noncontrolling interest 111, , , , ,425 Non-comparable adjustments (60) 2, ,199 Comparable EBITDA $ 111,329 $ 139,587 $ 109,584 $ 107,124 $ 467,624 (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. 17

18 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Three Months Ended September 30, 2018 Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 41,995 $ 930 $ 42,925 $ 91 $ (77,277) $ (34,261) Non-property adjustments (2) (15) (17) 17 Interest income (72) (1) (73) 73 Interest expense 1, ,096 51,961 54,057 Amortization of loan cost ,525 6,674 Depreciation and amortization 51,511 13,234 64, ,923 Income tax expense (benefit) Non- EBITDA ownership expense 1, ,550 9 (1,559) Hotel EBITDA including amounts attributable to noncontrolling interest 96,749 14, , (19,705) 91,912 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (101) (101) 101 Equity in (earnings) loss of unconsolidated entities (310) (310) Company's portion of EBITDA of Ashford Inc. (1,607) (1,607) Company's portion of EBITDA of OpenKey (158) (158) Hotel EBITDA attributable to the Company and OP unitholders $ 96,648 $ 14,640 $ 111,288 $ 228 $ (21,679) $ 89,837 Non-comparable adjustments (60) (60) Comparable EBITDA $ 96,689 $ 14,640 $ 111,329 (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (2) Excluded Hotels Under Renovation: Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta 18

19 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Three Months Ended June 30, 2018 Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 60,530 $ 8,332 $ 68,862 $ 244 $ (92,457) $ (23,351) Non-property adjustments (429) 35 (394) 394 Interest income (58) (58) 58 Interest expense 1, ,634 51,082 52,716 Amortization of loan cost ,312 5,490 Depreciation and amortization 51,743 12,642 64, ,566 Income tax expense (benefit) 9 9 2,964 2,973 Non- EBITDA ownership expense 1, , (2,197) Hotel EBITDA including amounts attributable to noncontrolling interest 115,082 21, , (34,795) 102,394 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (108) (108) 108 Equity in (earnings) loss of unconsolidated entities (1,170) (1,170) Company's portion of EBITDA of Ashford Inc. 3,551 3,551 Company's portion of EBITDA of OpenKey (122) (122) Hotel EBITDA attributable to the Company and OP unitholders $ 114,974 $ 21,710 $ 136,684 $ 397 $ (32,428) $ 104,653 Non-comparable adjustments 2,795 2,795 Comparable EBITDA $ 117,877 $ 21,710 $ 139,587 (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (2) Excluded Hotels Under Renovation: Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta 19

20 Hotel Properties Not Under Renovation Hotel Properties Under Renovation Three Months Ended March 31, 2018 Hotel Total Orlando WorldQuest Resort Corporate / Allocated Ashford Hospitality Trust, Inc. Net income (loss) $ 31,188 $ 9,123 $ 40,311 $ 483 $ (73,443) $ (32,649) Non-property adjustments 1,770 (101) 1,669 (1,669) Interest income (30) (30) 30 Interest expense 1, ,600 50,690 52,290 Amortization of loan cost ,341 2,453 Depreciation and amortization 51,250 11,619 62, ,047 Income tax expense (benefit) (886) (886) Non- EBITDA ownership expense 1, ,083 (11) (2,072) Hotel EBITDA including amounts attributable to noncontrolling interest 87,339 21, , (24,961) 84,255 Less: EBITDA adjustments attributable to consolidated noncontrolling interest (49) (49) 49 Equity in (earnings) loss of unconsolidated entities Company's portion of EBITDA of Ashford Inc. (964) (964) Company's portion of EBITDA of OpenKey (139) (139) Hotel EBITDA attributable to the Company and OP unitholders $ 87,290 $ 21,275 $ 108,565 $ 602 $ (25,427) $ 83,740 Non-comparable adjustments Comparable EBITDA $ 88,309 $ 21,275 $ 109,584 (1) The above comparable information assumes the 118 properties owned and included in the Company's operations at September 30, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from properties acquired during the period offset by results from properties sold during the period. (2) Excluded Hotels Under Renovation: Hampton Inn Suites Phoenix Airport, Hilton St. Petersburg Bayfront, Hilton Tampa Westshore, Hotel Indigo Atlanta Midtown, Hyatt Regency Coral Gables, Le Pavillon Hotel, Marriott Crystal Gateway, Marriott Omaha, Renaissance Nashville, Residence Inn Jacksonville, Residence Inn Orlando Sea World, Ritz-Carlton Atlanta 20