# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-25-000187
**Filing Date:** 2025-12
**Character Count:** 9695
**Document Hash:** 76c007f3c9575bada65a472882268525
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-25-000187.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001232582-25-000187

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251223

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD HOSPITALITY TRUST INC
- **CENTRAL INDEX KEY:** 0001232582
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 861062192
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31775
- **FILM NUMBER:** 251614364

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** 9724909600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

?xml version='1.0' encoding='ASCII'? aht-20251223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): December 23, 2025** 

**ASHFORD HOSPITALITY TRUST, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Maryland | 001-31775 | 86-1062192 |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification number) |
| 14185 Dallas Parkway, Suite 1200 |  |  |
| Dallas |  |  |
| Texas |  | 75254 |
| (Address of principal executive offices) |  | (Zip code) |

---

Registrant's telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **AHT** | **New York Stock Exchange** |
| **Preferred Stock, Series D** | **AHT-PD** | **New York Stock Exchange** |
| **Preferred Stock, Series F** | **AHT-PF** | **New York Stock Exchange** |
| **Preferred Stock, Series G** | **AHT-PG** | **New York Stock Exchange** |
| **Preferred Stock, Series H** | **AHT-PH** | **New York Stock Exchange** |
| **Preferred Stock, Series I** | **AHT-PI** | **New York Stock Exchange** |

---

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**ITEM 1.01&nbsp;&nbsp;&nbsp;&nbsp;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.**

As previously disclosed, Ashford Hospitality Trust, Inc. (the "<u>Company</u>"), Ashford Hospitality Limited Partnership and Ashford TRS Corporation are parties to that certain Third Amended and Restated Advisory Agreement, dated as of March 12, 2024 (as amended, the "<u>Advisory Agreement</u>"), with Ashford Inc. and Ashford Hospitality Advisors LLC (together, the "<u>Advisor</u>"). On December 23, 2025, the Advisor delivered written notice to the Company of the Advisor's election to extend the term of the Advisory Agreement (the "<u>Extension Notice</u>"). Pursuant to Section 12(b) of the Advisory Agreement, the Advisor exercised its right to extend the Agreement for an additional ten-year term, commencing on January 14, 2031 and expiring on January 14, 2041. All terms, conditions, rights and obligations under the Advisory Agreement will remain in full force and effect during the extended term, subject to Section 6.5 of the Advisory Agreement that provides the parties to the Advisory Agreement the right to renegotiate the amount of the Base Fee or Incentive Fee (as such terms are defined in the Advisory Agreement) payable by the Company.

The foregoing description of the Extension Notice does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Extension Notice, a copy of which is attached hereto as Exhibit 10.2 and incorporated herein by reference.

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.**

(d) Exhibits

<u>Exhibit Number</u> <u>Description</u>

10.1 <u>[T](https://www.sec.gov/Archives/edgar/data/1232582/000123258224000035/a3rdaradvisoryagreementaht.htm)[hird Amended and Restated Advisory Agreement, dated as of March 12, 2024, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc. and Ashford Hospitality Advisors LLC (incorporated by reference to Exhibit 10.64 to the Company's Annual Report on Form 10-K, filed on March 14, 2024) (File No. 001-31775)](https://www.sec.gov/Archives/edgar/data/1232582/000123258224000035/a3rdaradvisoryagreementaht.htm)</u>

10.2\* <u>[Notice of Exercise of Extension of Term under Third Amended and Restated Advisory Agreement, as amended, dated as of December 23, 2025](noticeofexerciseofextensio.htm)</u>

104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

\* Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **ASHFORD HOSPITALITY TRUST, INC.** | **ASHFORD HOSPITALITY TRUST, INC.** |
| Dated: December 30, 2025 | By: | /s/ Jim Plohg |
|  |  | Jim Plohg |
|  |  | Executive Vice President, General Counsel & Secretary |

---

## Exhibit 10.2

**EXHIBIT 10.2**

**ASHFORD INC.**

14185 Dallas Parkway, Suite 1200

Dallas, Texas 75225

December 23, 2025

Ashford Hospitality Trust, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***VIA HAND DELIVERY AND EMAIL***<br>14185 Dallas Parkway, Suite 1100<br>Dallas, TX 75254<br>Attention: Chief Executive Officer

Email: szsigray@ashfordinc.com

***Re: Notice of Exercise of Extension of Term under Third Amended and Restated Advisory Agreement, as amended***

Mr. Zsigray:

Ashford Inc., a Maryland corporation, and Ashford Hospitality Advisors LLC, a Delaware limited liability company (together, the "Advisor"), hereby provide written notice to Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership and Ashford TRS Corporation, (collectively, "Ashford Trust" or the "Company") of the Advisor's election to extend the term of that certain Third Amended and Restated Advisory Agreement, dated as of March 12, 2024, as amended (the "Advisory Agreement").

This notice is delivered pursuant to <u>Section 12(b)</u> of the Advisory Agreement, which grants the Advisor the right to extend the Agreement for up to seven successive additional ten-year terms upon written notice given to the Company at least 210 days prior to the expiration of the then current term, on the same terms and conditions, subject to the rights of the parties under <u>Section 6.5</u>. The initial term of the Advisory Agreement expires on January 14, 2031. Accordingly, the Advisor hereby exercises its right to extend the Advisory Agreement for the next successive ten-year term, which will commence immediately upon the expiration of the current term and continue through January 14, 2041, on the same terms and conditions set forth in the Advisory Agreement, subject to <u>Section 6.5</u>.

For the avoidance of doubt, this notice is timely and effective under <u>Section 12(b)</u>, and all terms, conditions, rights, and obligations under the Advisory Agreement will remain in full force and effect during the extended term, subject to the Parties' rights under <u>Section 6.5</u> of the Advisory Agreement. This notice is delivered in accordance with the notice provisions set forth in <u>Section 15</u> of the Advisory Agreement.

------

Please direct any questions regarding this notice to the undersigned.

Sincerely,

Ashford Inc.

<br>By: <u>/s/ Jim Plohg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Jim Plohg<br>Title: Executive Vice President

Ashford Hospitality Advisors LLC

<br>By: <u>/s/ Jim Plohg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Jim Plohg<br>Title: Executive Vice President

cc: &nbsp;&nbsp;&nbsp;&nbsp;Ashford Hospitality Trust, Inc.<br>14185 Dallas Parkway, Suite 1100<br>Dallas, TX 75254<br>Attention: General Counsel

<br>