exv10w5w4






EXHIBIT 10.5.4




AMENDMENT TO EMPLOYMENT AGREEMENT




     THIS AMENDMENT TO EMPLOYMENT AGREEMENT, effective as of January 23, 2009 (the “Effective
Date”), between ASHFORD HOSPITALITY TRUST, INC., a corporation organized under the laws of the
State of Maryland and having its principal place of business at Dallas, Texas (hereinafter, the
“REIT”), ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a limited partnership organized under the
laws of the State of Delaware and having its principal place of business at Dallas, Texas (the
Operating Partnership”), and DOUGLAS KESSLER, an individual residing in Dallas, Texas (the
“Executive”):



RECITALS:





	 	A.	 	The REIT and the Operating Partnership (collectively, the “Company”)
and the Executive are parties to a certain Employment Agreement (as amended, the
“Agreement”), dated as of March 21, 2008, effective as of January 1, 2008; and
	 
	 	B.	 	The Compensation Committee, with the approval granted by the Board of Directors
of the Company on January 23, 2009, desire to modify the Employment Agreement as
specifically set forth herein;
	 
	 	C.	 	The Executive has agreed to accept this Amendment pursuant to the terms and
conditions set forth herein; and
	 
	 	D.	 	All terms with their initial letter capitalized as set forth in the Employment
Agreement shall have the same meaning herein as given such terms in the Employment
Agreement





     NOW, THEREFORE, the Company and the Executive, in consideration of the respective covenants
set forth in the Employment Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree that the Employment Agreement is modified as
set forth below:



     1. POSITION. Section 1(a) of the Employment Agreement is hereby modified by providing
that the Executive shall be employed by the Company as President. Except for this modification to
the Executive’s position and title, no other modification is made to Section 1(a) of the Employment
Agreement.



     2. RESPONSIBILITIES. Section 1(b) of the Employment Agreement is hereby modified by
deleting the reference to “Chief Operating Officer and Head of Acquisitions” and inserting in lieu
thereof the reference of “President.”



-1-









 





     3. OTHER REFERENCES. All additional references in the Employment Agreement referring
to Executive’s title or position of “Chief Operating Officer and Head of Acquisitions” are hereby
modified to “President.”



-2-









 





     4. LIMITED MODIFICATION. Except as expressly modified above, the terms and conditions
of the Employment Agreement shall remain in full force and effect, and the Company and the
Executive ratify and confirm to each other the enforceability thereof.



     5. MISCELLANEOUS.




     5.1 Severability. If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or
impaired.




     5.2 Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one such counterpart.




     5.3 Entire Agreement. This Amendment (together with the Employment Agreement,
as modified herein) contains the entire understanding of the parties, supersedes all prior
agreements and understandings, whether written or oral, relating to the subject matter
hereof and may not be amended except by a written instrument hereafter signed by the
Executive and a duly authorized representative of the Board.




     5.4 Governing Law. This Amendment and the performance hereof shall be
construed and governed in accordance with the laws of the State of Texas, without giving
effect to principles of conflicts of law. Jurisdiction and venue shall be solely in the
federal or state courts of Dallas County, Texas. This provision shall not be read as a
waiver of any right to removal to federal court in Dallas County, Texas.




     5.5 Construction. The language used in this Amendment will be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party. The headings of sections of this Amendment
are for convenience of reference only and shall not affect its meaning or construction.




     5.6 Consultation with Counsel. The Executive acknowledges that he has had a
full and complete opportunity to consult with counsel or other advisers of his own choosing
concerning the terms, enforceability and implications of this Amendment, and that the
Company has not made any representations or warranties to the Executive concerning the
terms, enforceability and implications of this Amendment other than as are reflected in this
Amendment.



-3-









 





     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused
this Agreement to be duly executed under seal as of the date first above written.



	 	 	 	 	 
	 	REIT:





ASHFORD HOSPITALITY TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	Dated:  	                                         	 
	 
	 	OPERATING PARTNERSHIP:





ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 	 
	 	By:  	Ashford OP General Partner, LLC
 	 
	 	 	 	 
	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	Dated:  	                                         	 
	 
	 	EXECUTIVE:





 

Name: DOUGLAS KESSLER



Dated:                                        

 	 
	 	 	 
	 	 	 
	 	 	 
	 




-4-