Ashford Hospitality Trust Inc. ▼

ASHFORD HOSPITALITY TRUST COMPLETES SECOND PORTFOLIO ACQUISITION FOR $33.9 MILLION

Transaction Highlights:

 
Acquired at 9.36 Trailing 12-Month EBITDA Multiple

 
Solidifies Strategic Relationship with One of the Premier Developers in the Hospitality Industry

 
Provides Substantial Diversification to Ashfords 15-Property Portfolio in Fast-Growing Markets

DALLAS (November 25, 2003) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has closed on the acquisition of a four-property, 393-room portfolio of hotels from Noble Investment Group for $33,850,000, or approximately $86,000 per key. The transaction is the second acquisition completed by the Company in as many months and increases its current portfolio to 15 hotel properties totaling 2,381 rooms.

The acquired portfolio consists of the following Hilton and Marriott branded hotels: the Hilton Garden Inn in Jacksonville, Florida; the SpringHill Suites by Marriott in Jacksonville, Florida; the Homewood Suites in Mobile, Alabama; and the Hampton Inn in Atlanta/Lawrenceville, Georgia. The Company purchased the four limited service hotels at a trailing 12-month EBITDA multiple of 9.36. Ashford intends to invest an additional $1.0 million of capital improvements into the newly built, high-quality hotels. Noble Management Group, a wholly owned management affiliate of Noble Investment Group, will continue to operate the four properties under incentive-based management agreements.

Diversification and flexibility are key tenets of Ashford Hospitality Trusts investment strategy, stated Monty J. Bennett, President and CEO. These four properties provide significant geographic, segment and service level diversification to our portfolio and are consistent with our focus on the elite hotel brands. Noble is an extremely qualified owner, developer and operator. This transaction cements a strategic relationship with one of the


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Exhibit 99.3

NEWS RELEASE

ASHFORD HOSPITALITY TRUST COMPLETES ACQUISITION
OF HOTEL PORTFOLIO FOR $50 MILLION

DALLAS ? (October 9, 2003) ? Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has closed on the acquisition of a five-property, 894- . . .

NEWS RELEASE

ASHFORD HOSPITALITY TRUST ANNOUNCES UNDERWRITERS
HAVE EXERCISED OVER-ALLOTMENT OPTION

DALLAS ? (September 29, 2003) ? Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that the Company?s underwriters, Friedman, Billings, Ramsey & Co., Inc. (NYSE: FBR), have exercised their over-allotment option to purchase 1,734,072 shares of common stock, all of which  . . .

Exhibit 99.1

NEWS RELEASE

ASHFORD HOSPITALITY TRUST ACQUIRES
$50 MILLION HOTEL PORTFOLIO

DALLAS ? (September 22, 2003) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has signed a  . . .

ASHFORD HOSPITALITY TRUST ACQUIRES SHERATON HOTEL IN
NORTHERN PHILADELPHIA FOR $16.7 MILLION

Transaction Highlights:

 
Acquired at less than 6.5x trailing twelve month EBITDA multiple
 


 
Expect to invest additional $5.7 million in full renovation of the property
 


 
Closed and committed direct hotel assets increase to 23 properties totaling 3,469 rooms
 


 
Capital committed or invested since IPO reaches $410 million

DALLAS (July 7, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has completed the acquisition of the 187-room Sheraton Bucks County and an adjacent 56,000-square-foot office building in suburban Philadelphia for $16.7 million in cash. The purchase price including the office building equates to a trailing twelve month EBITDA multiple of 7.6x and an EBITDA yield of 13.2%. Following the planned sale of the office building, the returns are expected to improve to a trailing twelve month EBITDA multiple below 6.5x and an EBITDA yield of 15.5%. The trailing twelve month net operating income capitalization rate is 11% including the office building and 13% after the planned sale of the office building. The property has annual revenues of approximately $9,000,000.

Conveniently located near I-95, Route 1 and the Pennsylvania Turnpike, the Sheraton Bucks County is adjacent to the Sesame Street Place Theme Park, the Oxford Valley Mall, and the Frankford Bucks Hospital. It is the premier full service hotel in the market featuring 12,000 square feet of meeting space, a restaurant, a lobby bar and a health club. Remington Lodging & Hospitality, L.P. will manage the property. Ashford is currently negotiating for the sale of the office building.


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NEWS RELEASE

ASHFORD HOSPITALITY TRUST SET TO JOIN RUSSELL 3000? INDEX
AND RUSSELL 2000? INDEX

DALLAS ? (June 28, 2004) Ashford Hospitality Trust (NYSE: AHT) was added to the Russell 3000? Index and Russell 2000? Index on June 25 when Russell Investment Group reconstituted its family of 21 U.S. indexes. Membership in the Russell  . . .

ASHFORD HOSPITALITY TRUST TO BROADCAST
INVESTOR PRESENTATION LIVE ON THE INTERNET

DALLAS (June 2, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it will provide an online simulcast of its presentation to the investment community at the 2004 NAREIT Institutional Investor Forum in New York City. The presentation will take place on Wednesday, June 9, 2004, at 11:30 a.m. Eastern Time.


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ASHFORD HOSPITALITY TRUST ACQUIRES SPRINGHILL SUITES AT BWI
AIRPORT FOR $15.86 MILLION

Transaction Highlights:

 
Acquired at a 10.3x trailing twelve month EBITDA multiple
 


 
Portfolio increases to 18 hotels owned totaling 2,917 rooms
 


 
Capital committed or invested since IPO reaches a total of $384 million

DALLAS (May 18, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has closed on the acquisition of the 133-suite SpringHill Suites at Baltimore Washington International Airport from The Buccini/Pollin Group for total consideration of $15,860,000. The purchase price equates to a 10.3x trailing twelve month EBITDA multiple.

The purchase price includes approximately $9,060,000 in cash and approximately $6,800,000 in non-recourse debt that bears interest at 350 basis points over the 30-day yield on Commercial Paper based upon a 20-year amortization schedule. The loan, which matures in April 2011, can be prepaid subject to declining premiums and provides a one-time option to borrow additional funds subject to certain conditions.


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ASHFORD HOSPITALITY TRUST TO ACQUIRE RESIDENCE INN
IN LAKE BUENA VISTA, FLORIDA

Transaction Highlights:

 
-
 
Acquired at a 9.7 trailing EBITDA multiple
 

 
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Newly built property, strong franchise, with minimal initial capex required
 

 
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Strategically located one mile from Disney World

DALLAS (January 28, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has signed a definitive agreement to acquire a 210-suite Marriott Residence Inn in Lake Buena Vista, Florida, for $25,250,000. The purchase price equates to a 9.7x trailing twelve month EBITDA multiple. The acquisition is expected to close in February 2004.

The Residence Inn is located off I-4 one mile from the entrance of Disney World. Built in 2001, the property includes approximately 3,400 square feet of meeting space, an outdoor pool, fitness room, and tennis court. Ashford intends to invest up to an additional $250,000 of capital improvements into the newly built, high-quality hotel. Remington Lodging & Hospitality, L.P. will manage the property.


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ASHFORD HOSPITALITY TRUST TO ACQUIRE BEACH FRONT RESORT
IN JACKSONVILLE, FLORIDA

Transaction Highlights:

 
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Acquired at an 8.2 first year EBITDA multiple
 

 
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Asset enjoys strong reputation in high barrier to entry market
 

 
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Consistent with stated investment strategy to acquire select independents
 

 
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Direct hotel portfolio to increase to 17 assets totaling 2,784 rooms

DALLAS (February 26, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has signed a definitive agreement to acquire the Sea Turtle Inn, a 193-room, independently operated, full service beach front resort in Atlantic Beach, Florida, for total consideration of $23,100,000. The acquisition is expected to close in March 2004.

The purchase price includes approximately $4.9 million in cash, operating partnership units valued at approximately $2.5 million and the assumption of $15.7 million in debt, equating to a 10.1 trailing twelve month EBITDA multiple. The assumed first mortgage bears interest at a rate of 7.25% based on a 25-year amortization schedule and matures in December 2005. The operating partnership units will be issued at par based upon the average closing price of the Companys common shares for the week preceding the third business day before closing.


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ASHFORD HOSPITALITY TRUST TO ACQUIRE SHERATON HOTEL IN
BUCKS COUNTY, PHILADELPHIA FOR $16.7 MILLION

Transaction Highlights:

t
 
Acquired at less than 6.5 trailing twelve month EBITDA multiple

t
 
Expects to invest additional $5.7 million in full renovation of the property

t
 
Direct hotel portfolio to increase to 18 assets totaling 2,971 rooms

DALLAS (March 16, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has signed a definitive agreement to acquire the 187-room Sheraton Bucks County and an adjacent 56,000-square-foot office building in suburban Philadelphia for $16,700,000 in cash. The purchase price equates to a 7.6 trailing twelve month EBITDA multiple including the office building and a trailing twelve month EBITDA multiple below 6.5 after the planned sale of the office building. The acquisition is expected to close in April 2004.

Conveniently located near I-95, Route 1 and the Pennsylvania Turnpike, the Sheraton Bucks County is adjacent to the Sesame Street Place Theme Park, the Oxford Valley Mall, and the Frankford Bucks Hospital. It is the premier full service hotel in the market featuring 12,000 square feet of meeting space, a restaurant, a lobby bar and an exercise facility. Remington Lodging & Hospitality, L.P. will manage the property. Ashford is actively seeking a buyer for the office building.


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ASHFORD HOSPITALITY TRUST TO ACQUIRE SPRINGHILL SUITES AT
BWI AIRPORT FOR $15.86 MILLION

Transaction Highlights:

 
-
 
Acquired at a 10.3x trailing twelve month EBITDA multiple
 

 
-
 
Direct hotel portfolio to increase to 19 assets totaling 3,104 rooms
 

 
-
 
Capital committed or invested since IPO reaches a total of $377 million

DALLAS (March 24, 2004) Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced it has signed a definitive agreement to acquire the 133-suite Springhill Suites at Baltimore Washington International Airport from The Buccini/Pollin Group for total consideration of $15,860,000. The purchase price equates to a 10.3x trailing twelve month EBITDA multiple. The acquisition is expected to close in April 2004.

The purchase price includes approximately $9,060,000 in cash and approximately $6,800,000 in non-recourse debt that bears interest at 350 basis points over the 30-day yield on Commercial Paper based upon a 20-year amortization schedule. The loan matures in April 2011, can be prepaid subject to declining premiums and provides a one-time option to borrow additional funds subject to certain conditions.


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