# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001104659-25-058533
**Filing Date:** 2025-6
**Character Count:** 26757
**Document Hash:** d89b0b3cd064508ea1430013478edcbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-058533.hdr.sgml**: 20250611

**ACCESSION NUMBER**: 0001104659-25-058533

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250611

**DATE AS OF CHANGE**: 20250611

**EFFECTIVENESS DATE**: 20250611

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287950
- **FILM NUMBER:** 251039985

**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

**As filed with the Securities and Exchange Commission on June 11, 2025**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM S-8**<br> **REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933**

**ASHFORD HOSPITALITY TRUST, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Maryland**<br> (State or other jurisdiction of<br> incorporation or organization) | **86-1062192** ****<br> (I.R.S. Employer<br> Identification Number) |

---

**Ashford Hospitality Trust, Inc.<br> 2021 Stock Incentive Plan**<br> (Full title of the plan)

**14185 Dallas Parkway, Suite 1200<br> Dallas, Texas 75254<br> (972) 490-9600**<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Alex Rose<br> Executive Vice President, General Counsel and Secretary<br> 14185 Dallas Parkway, Suite 1200<br> Dallas, Texas 75254<br> (972) 490-9600**<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:**

**Richard M. Brand<br> Erica L. Hogan<br> White & Case LLP<br> 1221 Avenue of the Americas<br> New York, NY 10020-1095<br> (212) 819-8200**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ◻ Accelerated filer ◻ Non-accelerated filer ⌧ Smaller reporting company ⌧ Emerging growth company ◻

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 7(a)(2)(B) of the Securities Act. ◻

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 is filed pursuant to General Instruction E to Form S-8 for the purpose of registering an additional 150,000 shares of the Common Stock of Ashford Hospitality Trust, Inc. (the "Company" or "Registrant"), which may be issued pursuant to awards under the Ashford Hospitality Trust, Inc. 2021 Stock Incentive Plan, as further amended to make such shares available for issuance (the "Plan"). In accordance with General Instruction E to Form S-8, the Company hereby incorporates herein by reference the Registration Statements on Form S-8 filed with the Securities and Exchange Commission on [May 16, 2023 (No. 333-271977)](https://www.sec.gov/Archives/edgar/data/1232582/000110465923061460/tm2315843d1_s8.htm), [May 11, 2022 (No. 333-264868)](https://www.sec.gov/Archives/edgar/data/1232582/000110465922058867/tm2214732d1_s8.htm), [May 12, 2021 (No. 333-256037)](https://www.sec.gov/Archives/edgar/data/1232582/000110465921065154/tm2116029d1_s8.htm) and [June 21, 2017 (No. 333-218887)](https://www.sec.gov/Archives/edgar/data/1232582/000110465917040702/a17-15522_1s8.htm), together with all exhibits filed therewith or incorporated therein by reference.

**PART II<br> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 8. Exhibits.**

The Exhibits to this Registration Statement are listed in the Index to Exhibits immediately following the signature pages.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on this 11<sup>th</sup> day of June, 2025.

Ashford Hospitality Trust, Inc.

---

| | | |
|:---|:---|:---|
| By: | /s/ Alex Rose | /s/ Alex Rose |
|  | Name: | Alex Rose |
|  | Title: | Executive Vice President, General Counsel and Secretary |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Deric S. Eubanks, Alex Rose and Stephen Zsigray and each of them, with full power to act without the other, such person's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign this registration statement, and any and all pre-effective and post-effective amendments thereto as well as any related registration statements (or amendment thereto) filed pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended, and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Stephen Zsigray | Chief Executive Officer and President; Director | June 11, 2025 |
| Stephen Zsigray | (Principal Executive Officer) |  |
| /s/ Alex Rose | Executive Vice President, General Counsel and | June 11, 2025 |
| Alex Rose | Secretary |  |
| /s/ Deric S. Eubanks | Chief Financial Officer and Treasurer | June 11, 2025 |
| Deric S. Eubanks | (Principal Financial Officer) |  |
| /s/ Justin Coe | Chief Accounting Officer | June 11, 2025 |
| Justin Coe | (Principal Accounting Officer) |  |
| /s/ Monty J. Bennett | Director and Chairman of the Board | June 11, 2025 |
| Monty J. Bennett |  |  |
| /s/ Amish V. Gupta | Lead Director | June 11, 2025 |
| Amish V. Gupta |  |  |
| /s/ David Johnson | Director | June 11, 2025 |
| David Johnson |  |  |
| /s/ Frederick J. Kleisner | Director | June 11, 2025 |
| Frederick J. Kleisner |  |  |
| /s/ Sheri L. Pantermuehl | Director | June 11, 2025 |
| Sheri L. Pantermuehl |  |  |
| /s/ Davinder Sra | Director | June 11, 2025 |
| Davinder Sra |  |  |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [3.1](https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm) | [Articles of Amendment and Restatement, as amended by Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit 4.6 to Registration Statement on Form S-3 filed May 15, 2015) (File No. 333-204235).](https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm) |
| [3.2](https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm) | [Amendment Number Two to Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on May 22, 2017) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm) |
| [3.3](https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm) | [Articles of Amendment to the Company's charter (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on July 1, 2020) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm) |
| [3.4](https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on July 16, 2021) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm) |
| [3.5](https://www.sec.gov/Archives/edgar/data/1232582/000123258224000135/amendmenttothearticlesofam.htm) | [Articles of Amendment to the Articles of Amendment and Restatement of the Company (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on October 25, 2024) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000123258224000135/amendmenttothearticlesofam.htm) |
| [3.6](https://www.sec.gov/Archives/edgar/data/1232582/000110465922053531/tm2213690d2_ex4-10.htm) | [Articles Supplementary, dated April 28, 2022 (incorporated by reference to Exhibit 4.10 to the Registrant's Registration Statement on Form S-3, filed on April 29, 2022) (File No. 33-263323).](https://www.sec.gov/Archives/edgar/data/1232582/000110465922053531/tm2213690d2_ex4-10.htm) |
| [3.7](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm) | [Articles Supplementary establishing the Series J Preferred Stock, dated September 14, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm) |
| [3.8](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm) | [Articles Supplementary establishing the Series K Preferred Stock, dated September 14, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm) |
| [3.9](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-10.htm) | [Articles Supplementary, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.10 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802).](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-10.htm) |
| [3.10](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm) | [Articles Supplementary establishing the Series L Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.11 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802).](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm) |
| [3.11](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm) | [Articles on Supplementary establishing the Series M Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.12 to Amendment No. 1 to the Registration Statement on Form S-11 filed with the SEC on January 23, 2025) (File No. 333-283802).](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm) |
| [3.12](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm) | [Second Amended and Restated Bylaws, as amended by Amendment No. 1 on October 26, 2014, by Amendment No. 2 on October 19, 2015, by Amendment No. 3 on August 2, 2016, by Amendment No. 4 on March 17, 2022, by Amendment No. 5 on February 23, 2023, by Amendment No. 6 on August 8, 2023, by Amendment No. 7 on February 27, 2024 and by Amendment No. 8 on February 25, 2025 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on February 26, 2025) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000034/aht-ex32xsecondarbylawsfeb.htm) |
| [4.1](https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm) | [Form of Certificate for Common Stock (incorporated by reference to Exhibit 4.1 of Form S-11/A, filed on August 20, 2003)(No. 333-105277).](https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm) |
| [4.1.1](https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm) | [Articles Supplementary for Series A Cumulative Preferred Stock, dated September 15, 2004 (incorporated by reference to Exhibit 4.1.1 of Form 10-K, filed on February 28, 2012) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm) |

---

---

| | |
|:---|:---|
| [4.1.2](https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm) | [Form of Certificate of Series A Cumulative Preferred Stock (incorporated by reference to Exhibit 4.1.2 of Form 10-K, filed on February 28, 2012) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm) |
| [4.2.1](https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm) | [Articles Supplementary for Series D Cumulative Preferred Stock, dated July 17, 2007 (incorporated by reference to Exhibit 3.5 to the Registrant's Form 8-A, filed July 17, 2007) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm) |
| [4.2.2](https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm) | [Form of Certificate of Series D Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-A, filed July 17, 2007) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm) |
| [4.3.1](https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm) | [Articles Supplementary for Series E Cumulative Preferred Stock, dated April 15, 2011 (incorporated by reference to Exhibit 3.6 to the Registrant's Form 8-A, filed April 18, 2011) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm) |
| [4.3.2](https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm) | [Form of Certificate of Series E Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-A, filed April 18, 2011) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm) |
| [4.4](https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm) | [Articles Supplementary for Series F Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on July 11, 2016 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed July 12, 2016) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm) |
| [4.5](https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm) | [Articles Supplementary for Series G Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on October 17, 2016 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on October 18, 2016) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm) |
| [4.6](https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm) | [Articles Supplementary for Series H Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on August 18, 2017 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on August 22, 2017) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm) |
| [4.7](https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm) | [Articles Supplementary for Series I Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on November 14, 2017 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on November 14, 2017) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm) |
| [4.8](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm) | [Articles Supplementary establishing the Series J Preferred Stock, accepted for record and certified by the SDAT on September 14, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-1.htm) |
| [4.9](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm) | [Articles Supplementary establishing the Series K Preferred Stock, accepted for record and certified by the SDAT on September 14, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed on September 14, 2022) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000110465922100066/tm2225701d1_ex3-2.htm) |
| [4.10](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm) | [Articles Supplementary establishing the Series L Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.11 to the Registrant's Form S-11, filed on January 23, 2025) (File No. 333-283802).](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-11.htm) |
| [4.11](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm) | [Articles Supplementary establishing the Series M Preferred Stock, accepted for record and certified by the SDAT on January 22, 2025 (incorporated by reference to Exhibit 4.12 to the Registrant's Form S-11, filed on January 23, 2025) (File No. 333-283802).](https://www.sec.gov/Archives/edgar/data/1232582/000110465925005682/tm2430524d4_ex4-12.htm) |
| [4.12](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000055/aht2024q410-kxex410.htm) | [Description of Securities (incorporated by reference to Exhibit 4.10 to the Registrant's Form 10-K, filed on March 21, 2025) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000055/aht2024q410-kxex410.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000072/aht-20250401.htm#i24a63f5ee2e44688bde225a13eda1929_549755814994) | [2021 Stock Incentive Plan of Ashford Hospitality Trust, Inc., as amended and restated through May 13, 2025 (incorporated by reference to Annex B to the Registrant's Definitive Proxy Statement on Schedule 14A, filed on April 1, 2025) (File No. 001-31775).](https://www.sec.gov/Archives/edgar/data/1232582/000123258225000072/aht-20250401.htm#i24a63f5ee2e44688bde225a13eda1929_549755814994) |
| [5.1 \*](tm2517568d1_ex5-1.htm) | [Opinion of Hogan Lovells US LLP.](tm2517568d1_ex5-1.htm) |
| [23.1\*](tm2517568d1_ex5-1.htm) | [Consent of Hogan Lovells US LLP (included in Exhibit 5.1).](tm2517568d1_ex5-1.htm) |

---

---

| | |
|:---|:---|
| [23.2\*](tm2517568d1_ex23-2.htm) | [Consent of BDO USA, P.C.](tm2517568d1_ex23-2.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included in the signature page to this registration statement).](#a_001) |
| [107\*](tm2517568d1_ex-filingfees.htm) | [Filing Fee Table.](tm2517568d1_ex-filingfees.htm) |

---

\* Filed herewith.

## Exhibit 5.1

**Exhibit 5.1**

June 11, 2025

Board of Directors

Ashford Hospitality Trust Inc.

14185 Dallas Parkway

Dallas, Texas 75254

To the addressee referred to above:

We are acting as counsel to Ashford Hospitalty Trust Inc., a Maryland corporation (the "**Company**"), in connection with its registration statement on Form S-8, as amended (the "**Registration Statement**"), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Act**") relating to the proposed public offering of up to an additional 150,000 newly issued shares of the common stock, par value $0.01 per share (the "**Common Stock**") of the Company (the "**Shares**"), all of which shares are issuable pursuant to the Company's 2021 Stock Incentive Plan, as amended and restated through the date hereof This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). We also have assumed that the Shares will not be issued in violation of the ownership limit contained in the Company's charter. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

This opinion letter is based as to matters of law solely on the Maryland General Corporation Law, as amended. We express no opinion herein as to any other statutes, rules or regulations.

Based upon, subject to and limited by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Plan, and (iii) receipt by the Company of the consideration for the Shares specified in the applicable resolutions of the Board of Directors and in the Plan, the Shares will be validly issued, fully paid, and nonassessable.

This opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Act.

Very truly yours,

*/s/ Hogan Lovells US LLP*

HOGAN LOVELLS US LLP

## Exhibit 23.2

**Exhibit 23.2**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in this Registration Statement of our report dated March 21, 2025, relating to the consolidated financial statements and schedule of Ashford Hospitality Trust, Inc. appearing in its Annual Report on Form 10-K for the year ended December 31, 2024.

/s/ BDO USA, P.C.

Dallas, Texas

June 11, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables** 

**Form S-8** 

(Form Type)

**Ashford Hospitality Trust, Inc.** 

(Exact Name of Registrant as Specified in its Charter)

**<u>Table 1. Newly Registered Securities</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security<br> Type** | &nbsp;&nbsp;**Security Class Title** | &nbsp;&nbsp;**Fee<br> Calculation<br> Rule** | &nbsp;&nbsp;**Maximum<br> Aggregate<br> Offering Price** | &nbsp;&nbsp;**Fee Rate** | &nbsp;&nbsp;**Amount of<br> Registration<br> Fee** |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common Stock, par value $0.01 per share | &nbsp;&nbsp;Other&nbsp;&nbsp;150000<sup>(2)</sup>&nbsp;&nbsp;$6.08<sup>(3)</sup> | &nbsp;&nbsp;$912000 | &nbsp;&nbsp;0.0001531 | &nbsp;&nbsp;$139.63 |
| &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;$912000 |  | &nbsp;&nbsp;$139.63 |
| &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp;**Total Fee Offsets** | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** |  |  | &nbsp;&nbsp;$139.63 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of common stock which become issuable under the above-named plans by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents 150,000 shares of Common Stock available for issuance under the Ashford Hospitality Trust, Inc. 2021 Stock Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. The offering price per share and aggregate offering price are based upon the average of the high and low prices per share of Common Stock as reported on the New York Stock Exchange on May 30, 2025, which was $6.08 per share.