Document:

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                                                                   EXHIBIT 10.22

                          MUTUAL EXCLUSIVITY AGREEMENT

         THIS MUTUAL EXCLUSIVITY AGREEMENT (this "AGREEMENT") is entered as of
the ____ day of __________, 2003 (the "EFFECTIVE DATE") by and between ASHFORD
HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (the
"PARTNERSHIP"), ASHFORD HOSPITALITY TRUST, INC., a Maryland corporation (the
"REIT"), REMINGTON HOTEL CORPORATION, a Texas corporation ("RHC"), and REMINGTON
LODGING & HOSPITALITY, L.P., a Delaware limited partnership ("MANAGER"), and is
consented and agreed to by ARCHIE BENNETT, JR. and MONTGOMERY J. BENNETT as
Remington Affiliates.

         THE PARTIES HERETO ENTER THIS AGREEMENT on the basis of the following
facts, understandings and intentions:

         A. Prior to the date hereof, the Remington Parties have been actively
engaged in various aspects of acquisition, development, renovation, management
and operation of Hotel Properties, including, without limitation, the hotel
properties described on EXHIBIT A attached hereto (the "INITIAL HOTELS").

         B. The Remington Parties plan to continue to engage in various aspects
of development, renovation, management and operation of Hotel Properties.

         C. The REIT has undertaken, or will concurrently with its initial
public offering, undertake to acquire, develop, invest in, or purchase or make
loans with respect to Hotel Properties that meet the REIT's investment criteria.

         D. The REIT Parties desire to benefit from the hotel development and
management experience of the Remington Parties and have agreed to engage Manager
in connection with certain investment opportunities (subject to the ability of
the Independent Directors of the REIT to unanimously vote not to engage
Manager); provided, the Remington Parties agree to grant the REIT Parties a
first right of refusal with respect to any Remington Transaction that any of the
Remington Parties resource or identify.

         NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises
of the parties hereto, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

         1. DEFINITIONS. All terms used in this Agreement but not defined herein
shall have the meanings as set forth on EXHIBIT B attached hereto and
incorporated herein for all purposes (applicable to both the singular and plural
forms of the terms defined).

         2. TERM OF AGREEMENT. This Agreement shall commence as of the Effective
Date and shall terminate ten (10) years thereafter (the "INITIAL TERM"), unless
earlier terminated in whole or in part (with respect to the Remington
Exclusivity Rights or the REIT Exclusivity Rights, or both, as applicable), due
to (a) an Event of Default under this Agreement and the non-defaulting party
elects to terminate this Agreement, (b) the occurrence of a Remington
Termination Event, (c) the occurrence of a REIT Termination Event, or (d)
termination or

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expiration of the Master Management Agreement with respect to all of the
properties covered thereby or that may be covered thereby in the future, (the
events in subparagraphs (a) through (d) herein each called, a "TERMINATION
EVENT"). Notwithstanding the foregoing, the Initial Term shall automatically be
extended at the expiration of the Initial Term (with respect to the Remington
Exclusivity Rights or the REIT Exclusivity Rights, or both, as applicable), on
the same terms and conditions contained herein, for each of three (3) successive
periods of seven (7) Fiscal Years each and one final period of four (4) years;
provided, however, that at the time of the expiration of the Initial Term or
extension term, as applicable, a Termination Event with respect to the entirety
of this Agreement does not then exist. The Initial Term as extended by any
extension terms, if any, shall herein be called the "TERM." Upon the occurrence
of a Termination Event (except where such Termination Event is due to an Event
of Default by any of the Remington Parties under this Agreement), the Remington
Parties shall be entitled to receive the Reimbursement Amount payable under this
Agreement. Subject to SECTION 8(b) below, upon termination of the entirety of
this Agreement, the Remington Parties and the REIT Parties shall have no further
obligations to one another pursuant to this Agreement, except for any
indemnification obligations contained herein, which shall survive such
termination. Any termination of this Agreement in whole or in part shall not
terminate any existing management and/or development agreements executed between
the parties hereto that are then continuing and in full force and effect.

         3. EARLY TERMINATION EVENTS.

         (a) REMINGTON TERMINATION EVENT. Upon the occurrence of any of the
following events, the Remington Parties acting through Manager may, at their
election exercised in their sole and absolute discretion and upon written notice
to the REIT Parties, terminate the REIT Exclusivity Rights:

         (i)      Montgomery J. Bennett (1) is removed without Cause, (2) is not
                  re-appointed as chief executive officer of the REIT, or (3)
                  resigns as chief executive officer of the REIT for Good
                  Reason, or the Employment Agreement is not renewed, or there
                  is a Change in Control; but with respect to all of the
                  foregoing, excluding in connection with the death of
                  Montgomery J. Bennett;

         (ii)     Archie Bennett, Jr. (1) is removed as a director of the REIT
                  without Cause, (2) is not renominated to serve as Chairman of
                  the board of directors of the REIT, (3) resigns from the board
                  of directors for Good Reason, or (4) there is a Change in
                  Control; but with respect to all of the foregoing, excluding
                  in connection with the death of Archie Bennett, Jr.;

         (iii)    Upon expiration of the non-compete restrictions contained in
                  the Employment Agreement of Montgomery J. Bennett, if the REIT
                  Parties have not already terminated the Remington Exclusivity
                  Rights with respect to the REIT Termination Events set forth
                  in SECTION 3(b)(ii) OR (iii) below; and

         (iv)     Subject to each party's obligation to act in good faith, if
                  Montgomery J. Bennett is then no longer chief executive
                  officer of the REIT and subject to the non-compete

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                  restrictions in his Employment Agreement, and three times in
                  any Fiscal Year during the Term hereof, in any combination set
                  forth below:

                  (a)      the Independent Directors elect not to pursue a
                           Remington Transaction presented to the REIT
                           Affiliates by the Remington Affiliates pursuant to
                           SECTION 4(a);

                  (b)      the Independent Directors elect not to engage Manager
                           with respect to the management or development
                           opportunities part of a Remington Transaction which
                           the REIT Parties have elected to pursue pursuant to
                           SECTION 4(a); and/or

                  (c)      the REIT Parties fail to close on a Remington
                           Transaction presented to the REIT Affiliates by the
                           Remington Affiliates, and the failure to close is
                           caused by a REIT Affiliate and not the third party
                           selling the Remington Transaction (it being
                           understood that a failure to close shall not be
                           "caused" by a REIT Affiliate if a REIT Party elects
                           not to close because of the third party's breach of
                           an applicable agreement);

         (v)      If the REIT Parties terminate the Remington Exclusivity Rights
                  based upon a REIT Termination Event set forth in SECTIONS
                  3(b)(ii) THROUGH (iv).

         Upon the REIT Parties' receipt of written notice of termination of the
REIT Exclusivity Rights from the Remington Parties, the REIT Exclusivity Rights
set forth in this Agreement shall terminate; however, all other terms and
provisions of this Agreement shall remain in full force and effect, including
the Remington Exclusivity Rights, until this Agreement expires or is otherwise
terminated as permitted under this Agreement.

         (b) REIT TERMINATION EVENT. Upon the occurrence of any of the following
events, the REIT Parties may, at their election exercised in their sole and
absolute discretion and upon written notice to the Remington Parties, terminate
the Remington Exclusivity Rights:

         (i)      The Manager fails to qualify as an "eligible independent
                  contractor" as defined in Section 856(d)(9) of the Internal
                  Revenue Code;

         (ii)     If Montgomery J. Bennett resigns as chief executive officer of
                  the REIT without Good Reason;

         (iii)    If Montgomery J. Bennett's Employment Agreement is terminated
                  for Cause;

         (iv)     Any one of the Remington Parties ceases to be controlled by
                  Archie Bennett, Jr. and/or Montgomery J. Bennett and/or their
                  respective family partnership or trusts, the sole members of
                  which are at all times lineal descendants of Archie Bennett,
                  Jr. or Montgomery J. Bennett (including step children) and
                  spouses of any of the foregoing, with "control" meaning (a)
                  the possession, directly or indirectly, of a majority of the
                  capital stock and voting power of such Remington Parties, or
                  (b) the power to direct or cause the direction of the
                  management and policies of the

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                  Remington Parties in the capacity of chief executive officer,
                  president, chairman, or other similar capacity where they are
                  actively engaged and/or involved in providing such direction
                  or control and spend substantial time managing the Remington
                  Parties; and

         (v)      If the Remington Parties terminate the REIT Exclusivity Rights
                  by reason of a Remington Termination Event.

         Upon the Remington Parties' receipt of written notice of termination of
the Remington Exclusivity Rights from the REIT Parties, the Remington
Exclusivity Rights set forth in this Agreement shall terminate; however, all
other terms and provisions of this Agreement shall remain in full force and
effect, including the REIT Exclusivity Rights, until this Agreement expires or
is otherwise terminated as permitted under this Agreement.

         4. REIT EXCLUSIVITY RIGHTS.

         (a) REMINGTON TRANSACTION; REMINGTON NOTICE. If any of the Remington
Affiliates identify an opportunity to develop and construct, acquire all or a
portion of, invest in, make loans with respect to, or acquire all or a portion
of the debt with respect to, a Hotel Property (herein each called, a "REMINGTON
TRANSACTION"), the Remington Parties on behalf of themselves and their
Affiliates, hereby grant to the REIT Parties the exclusive first right of
refusal to purchase and assume such Remington Transaction and agree not to
pursue any such opportunity (except as provided in this SECTION 4) and
acknowledge that each such opportunity will belong to the REIT Parties (the
"REIT EXCLUSIVITY RIGHTS"). In connection with each Remington Transaction, the
Remington Parties on behalf of the Remington Affiliates shall deliver to the
REIT Parties, with a copy to the Independent Directors, a written notice (the
"REMINGTON NOTICE") in reasonable detail sufficient to describe the material
terms of the Remington Transaction, including without limitation, as applicable,
a description of the nature of the transaction (acquisition, development, or
other investment), description and location of the asset, name of franchisor,
inspection period, timing for closing, earnest money requirements, closing
costs, a break down estimate of the Reimbursement Amount, and to the extent
available and in the possession of the Remington Parties, copies of any letters
of intent, purchase and sale agreements, or development agreements, as
applicable (the "REIT TRANSACTION DOCUMENTS"). Such Remington Notice shall be
delivered to the REIT Parties (with a copy to the Independent Directors), as
soon as reasonably practical after the opportunity of the Remington Transaction
is identified for any of the Remington Affiliates.

         (b) REIT ROFR. The REIT Parties shall have the right, through any of
the REIT Affiliates, to accept or decline such Remington Transaction (the "REIT
ROFR") by giving written notice (the "REIT ROFR NOTICE") to the Remington
Parties at any time on or before ten (10) business days from its receipt of a
Remington Notice (the "REIT ROFR PERIOD").

         (c) ACCEPTANCE OF REMINGTON TRANSACTION. Any acceptance of the
Remington Transaction by the REIT Parties shall be in accordance with the
following terms and conditions:

         (i)      Upon delivery of a REIT ROFR Notice accepting the Remington
                  Transaction, the REIT Parties (through any of the REIT
                  Affiliates) shall assume (and the

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                  applicable Remington Affiliate shall assign) any applicable
                  REIT Transaction Documents containing materially the same
                  terms and conditions as set forth in the Remington Notice
                  within ten (10) business days of the receipt by the Remington
                  Parties of the REIT ROFR Notice;

         (ii)     The REIT Parties (through any of the REIT Affiliates) shall
                  pay the Reimbursement Amount to the applicable Remington
                  Affiliate;

         (iii)    The REIT Parties (through any of the REIT Affiliates) shall
                  pursue the Remington Transaction in accordance with the
                  applicable REIT Transaction Documents with commercially
                  reasonable diligence; and

         (iv)     If the Remington Transaction involves the management and
                  operation of a hotel property and/or the construction and/or
                  development of a Hotel Property, the applicable REIT Affiliate
                  assuming the Remington Transaction shall engage Manager, and
                  Manager agrees to accept such engagement, to perform such
                  services and execute the applicable documents as described in
                  SECTION 5(c) below, provided the Independent Directors have
                  not unanimously voted not to engage Manager.

         (d) REJECTION OR LAPSE OF REIT ROFR; FAILURE TO CLOSE. If the REIT
Parties fail to deliver a REIT ROFR Notice within the REIT ROFR Period or by
REIT ROFR Notice reject or decline to purchase and assume the Remington
Transaction, or the applicable REIT Affiliate fails to timely prepare and
execute the proper REIT Transaction Documents with respect to the Remington
Transaction, then the REIT ROFR shall lapse. In such event, the applicable
Remington Affiliate shall be entitled to proceed with the Remington Transaction
described in the Remington Notice on materially the same terms and conditions as
outlined therein within the time period established therein and in accordance
with the underlying REIT Transaction Documents, subject to reasonable extensions
of the closing date. If the applicable Remington Affiliate fails to consummate
the Remington Transaction on materially the same terms and conditions, or if the
terms and conditions materially differ, then the Remington Parties hereby grant
(on behalf of themselves and the applicable Remington Affiliate) to the REIT
Parties the exclusive first right of refusal to purchase and assume the rights
and obligations of the applicable Remington Affiliate with respect to such
Remington Transaction on the changed terms and conditions and in connection
therewith shall deliver to the REIT Parties a new Remington Notice (subject to
the same time requirements for review and exercise as set forth in this
Agreement).

         (e) ADDITIONAL INFORMATION. During the REIT ROFR Period with respect to
each Remington Transaction and the related Hotel Property, the Remington Parties
shall deliver to the REIT Parties upon the written request of the REIT Parties,
from time to time and to the extent available, (i) any and all documents,
correspondence and reports, including, without limitation, due diligence
information (including, property condition reports, surveys, environmental
reports), information and documents bearing on contracts, litigation and such
other matters, and title and lien information; (ii) any notices of
non-compliance with applicable laws bearing on such Hotel Property; (iii)
quarterly financial information with respect to such Hotel Property showing
hotel revenues and hotel operating expenses; and (iv) such other information
relating to the Hotel Property or the Remington Transaction as reasonably
requested by the REIT Parties.

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         (f) NO ADDITIONAL FEES. Reimbursement to the Remington Parties of the
Reimbursement Amount shall be the sole payment to the applicable Remington
Affiliate with regard to a Remington Transaction. The Remington Parties shall
not receive any finder's fee, brokerage fee, development fee, or other
commissions or compensation with regard to any Remington Transaction.

         5. REMINGTON EXCLUSIVITY RIGHTS.

         (a) REIT TRANSACTION; REIT NOTICE. If any of the REIT Parties and their
subsidiaries (i) acquires Property for the purposes of development or
construction of a Hotel Property, or (ii) acquires all or a portion of, invests
in, or acquires all or a portion of the debt with respect to a Hotel Property,
or makes a loan with respect to a Hotel Property, and such REIT Affiliates have
the right and/or control the right to direct the management of and/or
development and construction of and/or capital improvements to or refurbishment
of, or the provision of other services, such as purchasing, interior design,
freight management, and construction management for such Hotel Property (herein
each called, a "REIT TRANSACTION"), the REIT Parties hereby agree (on behalf of
themselves and the applicable REIT Affiliate) to engage Manager or an Affiliate
of Manager (so long as such Affiliate constitutes an Eligible Independent
Contractor) (provided that the Independent Directors have not unanimously voted
not to engage Manager or its Affiliate) to provide, and Manager agrees to
provide or cause such Affiliate to provide, any development, construction,
improvement, refurbishment, capital improvement budget, and/or management
services in connection with such REIT Transaction (the "REMINGTON EXCLUSIVITY
RIGHTS") and in connection therewith shall deliver to the Remington Parties, a
written notice (the "REIT NOTICE") which describes such REIT Transaction and the
services to be provided by Manager and the general economic terms of such
services, including, the description and location of the asset, name of the
franchisor, and the development, construction or improvement timeline. The REIT
Parties may engage a third party and not Manager or an Affiliate of Manager to
provide the services in connection with the REIT Transaction if the Independent
Directors unanimously vote not to engage Manager in connection with said REIT
Transaction.

         (b) REMINGTON TRANSACTION DOCUMENTS.

         (i)      MASTER MANAGEMENT AGREEMENT. In the event that a REIT
                  Transaction (for which Manager has been engaged) relates to
                  the management and operation of a Hotel Property, the terms
                  and conditions of the management, operation and any
                  construction, renovations, improvements, refurbishments, or
                  other services, such as purchasing, interior design, freight
                  management, and construction management, to be undertaken with
                  respect to such Hotel Property during the term of such
                  management and operation, including the amount of any
                  management, incentive, project or other service fees shall be
                  either pursuant to the terms and conditions of the Master
                  Management Agreement (and the Master Management Agreement
                  shall be amended accordingly to include such Hotel Property),
                  or pursuant to a management agreement with a subsidiary of
                  Manager substantially in form of the Master Management
                  Agreement.

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         (ii)     DEVELOPMENT AGREEMENT. In the event that a REIT Transaction
                  relates to the development and construction of a Hotel
                  Property, then the terms and conditions of any such
                  development and construction, including the project oversight
                  and developer management fees, shall be pursuant to the terms
                  set forth in that certain form of Development Agreement
                  attached hereto as EXHIBIT C.

         6. EXCEPTED TRANSACTIONS. Notwithstanding anything contained in this
Agreement to the contrary, the REIT Parties' rights under SECTION 4 do not
extend to the Excluded Remington Transactions and the Remington Parties' rights
under SECTION 4(c) or SECTION 5 do not extend to the Excluded REIT Transactions.
Each party hereto agrees to give written notice to the other party of any
Excluded REIT Transaction or Excluded Remington Transaction, as applicable,
describing said transaction with reasonable detail.

         7. INDEMNITY.

         (a) REMINGTON PARTIES' INDEMNITY. The Remington Parties shall indemnify
and hold the REIT Affiliates (and their respective agents, principals,
shareholders, partners, members, officers, directors, attorneys and employees)
harmless from and against all liabilities, losses, claims, damages, costs and
expenses (including, but not limited to, reasonable attorneys' fees and
expenses) that may be incurred by or asserted against any such party and that
arise from (i) the fraud, willful misconduct or gross negligence of any of the
Remington Affiliates, (ii) the breach by the Remington Affiliates of any
provision of this Agreement, or (iii) the breach by the Remington Affiliates of
any Remington Transaction Documents first occurring prior to the date of the
assumption of same by any of the REIT Affiliates. The REIT Parties shall
promptly provide the Remington Parties with written notice of any claim or suit
brought against any of them by a third party which might result in such
indemnification.

         (b) REIT PARTIES' INDEMNITY. Except as set forth in SECTION 7(a) herein
above, the REIT Parties shall indemnify and hold the Remington Affiliates (and
their respective agents, principals, shareholders, partners, members, officers,
directors, attorneys and employees) harmless from and against all liabilities,
losses, claims, damages, costs and expenses (including, but not limited to,
reasonable attorneys' fees and expenses) that may be incurred by or asserted
against any such party and that arise from (i) the fraud, willful misconduct or
gross negligence of the REIT Affiliates (other than any Remington Affiliate), or
(ii) the breach by the REIT Affiliates of any provision of this Agreement (other
than any Remington Affiliate). The Remington Parties shall promptly provide the
REIT Parties with written notice of any claim or suit brought against any of
them by a third party which might result in such indemnification.

         (c) INDEMNIFICATION PROCEDURE. Any party obligated to indemnify the
other party under this Agreement (the "INDEMNIFYING PARTY") shall have the
right, by written notice to the indemnified party, to assume the defense of any
claim with respect to which the indemnified party is entitled to indemnification
hereunder. If the Indemnifying Party gives such notice, (i) such defense shall
be conducted by counsel selected by the Indemnifying Party and approved by the
indemnified party, such approval not to be unreasonably withheld or delayed
(provided, however, that the indemnified party's approval shall not be required
with respect to counsel designated by the Indemnifying Party's insurer); (ii) so
long as the Indemnifying Party is conducting such defense with reasonable
diligence, the Indemnifying Party shall have the right to

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control said defense and shall not be required to pay the fees or disbursements
of any counsel engaged by the indemnified party for services rendered after the
Indemnifying Party has given the written notice provided for above to the
indemnified party, except if there is a conflict of interest between the parties
with respect to such claim or defense; and (iii) the Indemnifying Party shall
have the right, without the consent of the indemnified party, to settle such
claim, provided that such settlement involves only the payment of money, the
Indemnifying Party pays all amounts due in connection with or by reason of such
settlement and, as part thereof, the indemnified party is unconditionally
released from all liability in respect of such claim. The indemnified party
shall have the right to participate in the defense of such claim being defended
by the Indemnifying Party at the expense of the indemnified party, but the
Indemnifying Party shall have the right to control such defense (other than in
the event of a conflict of interest between the parties with respect to such
claim or defense). In no event shall (i) the indemnified party settle any claim
without the consent of the Indemnifying Party so long as the Indemnifying Party
is conducting the defense thereof in accordance with this Agreement; or (ii) if
a claim is covered by the Indemnifying Party's liability insurance, take or omit
to take any action which would cause the insurer not to defend such claim or to
disclaim liability in respect thereof.

         8. EVENTS OF DEFAULT; CONSEQUENCES; REMEDIES.

         (a) EVENTS OF DEFAULT. The following shall constitute events of default
(each an "EVENT OF DEFAULT"):

         (i)      The filing of a voluntary petition in bankruptcy or insolvency
                  or a petition for reorganization under any bankruptcy law by
                  any of the Remington Parties or the REIT Parties;

         (ii)     The consent to any involuntary petition in bankruptcy or the
                  failure to vacate, within ninety (90) days from the date of
                  entry thereof, any order approving an involuntary petition by
                  any of the Remington Parties or the REIT Parties;

         (iii)    The entering of an order, judgment or decree by any court of
                  competent jurisdiction, on the application of a creditor,
                  adjudicating any of the Remington Parties or the REIT Parties
                  as bankrupt or insolvent, or approving a petition seeking
                  reorganization or appointing a receiver, trustee, or
                  liquidator of all or a substantial part of such party's
                  assets, and such order, judgment or decree continues unstayed
                  and in effect for any period of ninety (90) days or more;

         (iv)     The appointment of a receiver for all or any substantial
                  portion of the property of any of the Remington Parties or the
                  REIT Parties;

         (v)      The failure of any of the REIT Parties to make any payment
                  required to be made in accordance with the terms of this
                  Agreement within thirty (30) days after receipt of written
                  notice from the Remington Parties specifying said default with
                  reasonable specificity as to when such payment is due and
                  payable;

         (vi)     The failure of any of the Remington Parties or the REIT
                  Parties to perform, keep or fulfill any of the other
                  covenants, undertakings, obligations or conditions set

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                  forth in this Agreement, and the continuance of such default
                  for a period of thirty (30) days after written notice of said
                  failure; provided, however, if such default cannot be cured
                  within such thirty (30) day period and the Remington Parties
                  or the REIT Parties, as the case may be, commences to cure
                  such default within such thirty (30) day period and thereafter
                  diligently and expeditiously proceeds to cure the same, such
                  thirty (30) day period shall be extended so long as it shall
                  require the Remington Parties or the REIT Parties, as the case
                  may be, in the exercise of due diligence to cure such default,
                  it being agreed that no such extension shall be for a period
                  in excess of one hundred twenty (120) days; or

         (vii)    The occurrence of an event of default by any of the Remington
                  Affiliates under any Remington Transaction Document accepted
                  by any of the REIT Affiliates, which continues beyond any
                  applicable grace and cure periods set forth therein.

         (b) CONSEQUENCE OF DEFAULT. Upon the occurrence of any Event of
Default, the non-defaulting party may, at its election, give the defaulting
party written notice of intention to terminate this Agreement (after the
expiration of any applicable grace or cure period provided in SECTION 8(a)
above), and upon the expiration of thirty (30) days from the date of such
notice, this Agreement shall terminate and the non-defaulting party shall be
entitled to pursue any and all rights and remedies available, at law or in
equity, to the non-defaulting party under this Agreement (including any
indemnity obligations which shall survive this Agreement) or under applicable
law.

         9. MISCELLANEOUS.

         (a) NOTICES. All notices and other communications required or permitted
hereunder shall be in writing, shall be deemed duly given upon actual receipt
and shall be delivered (i) in person, (ii) by registered or certified mail (air
mail if addressed to an address outside of the country in which mailed), postage
prepaid, return receipt requested, or (iii) by facsimile or other generally
accepted means of electronic transmission (provided that a copy of any notice
delivered pursuant to this clause (iii) shall also be sent pursuant to clause
(ii), addressed as follows (or to such other addresses as may be specified by
like notice to the other parties):

         To the Remington Parties:      Remington Hotel Corporation
                                        Remington Lodging & Hospitality, L.P.
                                        14180 Dallas Parkway
                                        9th Floor
                                        Dallas, Texas 75254
                                        Attn:    Mr. Montgomery J. Bennett

         To the REIT Parties:           Ashford Hospitality Trust, Inc.
                                        Ashford Hospitality Limited Partnership
                                        14180 Dallas Parkway
                                        7th Floor
                                        Dallas, Texas 75254
                                        Attn:    Chief Financial Officer

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         with a copy to:                Ashford Hospitality Trust, Inc.
                                        Ashford Hospitality Limited Partnership
                                        14180 Dallas Parkway
                                        7th Floor
                                        Dallas, Texas 75254
                                        Attn:    Legal Department

         with a copy to:                Ashford Hospitality Trust, Inc.
                                        14180 Dallas Parkway
                                        9th Floor
                                        Dallas, Texas 75254
                                        Attn: Independent Directors

         (b) AMENDMENTS. No amendment, modification or supplement to this
Agreement shall be binding on any of the parties hereto unless it is in writing
and signed by the parties in interest at the time of the modification, and
further provided any such modification is approved by a majority of the
Independent Directors.

         (c) SUCCESSORS AND ASSIGNS. Neither this Agreement nor any rights or
obligations hereunder shall be assignable by a party to this Agreement without
the prior, express written consent of the other party. This Agreement and all of
the provisions hereof shall be binding upon and inure to the benefit of the
parties to this Agreement and their respective successors and permitted assigns.

         (d) NO THIRD-PARTY BENEFICIARIES. This Agreement is solely for the
benefit of the parties to this Agreement and should not be deemed to confer upon
third parties any remedy, claim, liability, reimbursement, claims or action or
other right in excess of those existing without reference to this Agreement.

         (e) TITLES AND HEADINGS. Titles and headings to paragraphs and sections
in this Agreement are inserted for the convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this
Agreement.

         (f) MAXIMUM LEGAL ENFORCEABILITY; TIME OF ESSENCE. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof. Any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Without prejudice
to any rights or remedies otherwise available to any party to this Agreement,
each party hereto acknowledges that damages would not be an adequate remedy for
any breach of the provisions of this Agreement and agrees that the obligations
of the parties hereunder shall be specifically enforceable. Time shall be of the
essence as to each and every provision of this Agreement.

         (g) FURTHER ASSURANCES. The parties to this Agreement will execute and
deliver or cause the execution and delivery of such further instruments and
documents and will take such

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other actions as any other party to the Agreement may reasonably request in
order to effectuate the purpose of this Agreement and to carry out the terms
hereof.

         (h) COMPLETE AGREEMENT; CONSTRUCTION. This Agreement, and the other
agreements and documents referred to herein, shall constitute the entire
agreement between the parties with respect to the subject matter thereof and
shall supersede all previous negotiations, commitments and writings with respect
to such subject matter.

         (i) GOVERNING LAW. THIS AGREEMENT AND ITS INTERPRETATION, VALIDITY AND
PERFORMANCE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND, WITHOUT
REGARD TO ITS CONFLICTS OF INTEREST PRINCIPLES. IN THE EVENT ANY COURT OF LAW OF
APPROPRIATE JUDICIAL AUTHORITY SHALL HOLD OR DECLARE THAT THE LAW OF ANOTHER
JURISDICTION IS APPLICABLE, THIS AGREEMENT SHALL REMAIN ENFORCEABLE UNDER THE
LAWS OF THE APPROPRIATE JURISDICTION.

                           [SIGNATURE PAGES TO FOLLOW]

                                      -11-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first written above.

                                  PARTNERSHIP:

                                  ASHFORD HOSPITALITY LIMITED PARTNERSHIP,
                                  a Delaware limited partnership

                                  By:  Ashford GP Limited Liability Company,
                                       a Delaware limited liability company,
                                       its general partner

                                       By:  Ashford Hospitality Trust, Inc.,
                                            a Maryland corporation, its sole
                                            member

                                            By:
                                               --------------------------------

                                            Name:
                                                 ------------------------------

                                            Title:
                                                  -----------------------------

                                  REIT:

                                  ASHFORD HOSPITALITY TRUST, INC.,
                                  a Maryland corporation

                                  By:
                                     ------------------------------------------

                                  Name:
                                       ----------------------------------------

                                  Title:
                                        ---------------------------------------

                                  RHC:

                                  REMINGTON HOTEL CORPORATION, a Texas
                                  corporation

                                  By:
                                     ------------------------------------------

                                  Name:
                                       ----------------------------------------

                                  Title:
                                        ---------------------------------------

                                      -12-
<PAGE>

                              MANAGER:

                              REMINGTON LODGING & HOSPITALITY, L.P.,
                              a Delaware limited partnership

                                   By:  Remington Lodging & Hospitality, LLC,
                                        a Delaware limited liability company,
                                        its general partner

                                        By:                                   ,
                                           -----------------------------------
                                           a Delaware corporation, its Manager

                                        By:
                                           -----------------------------------

                                        Name:
                                             ---------------------------------

                                        Title:
                                              --------------------------------

CONSENTED AND AGREED
TO THIS _______ DAY OF
_______________, 2003, AS
REMINGTON AFFILIATES:

--------------------------------------
ARCHIE BENNETT, JR.

--------------------------------------
MONTGOMERY J. BENNETT

                                      -13-
<PAGE>

                                    EXHIBIT A

                                 INITIAL HOTELS

<Table>
<Caption>
Hotel Property          Location/Address                  Owner                         Year Built       No. of Rooms
--------------          ----------------                  -----                         ----------       ------------
<S>                     <C>                               <C>                           <C>              <C>
Embassy Suites          9505 Stonelake Boulevard          Remington Suites Austin,         1998               150
                        Austin, TX                        L.P.

Embassy Suites          14021 Noel Road                   Remington Suites Dallas,         1998               150
                        Dallas, TX                        L.P.

Embassy Suites          2339 Centreville Road             Remington Suites Dulles,         1998               150
                        Herndon, VA 20171-3021            L.P.

Embassy Suites          4315 Swenson Street               Remington Suites Las             1999               220
                        Las Vegas, NV                     Vegas, L.P.

Radisson Hotel          1730 North Ocean Ave.             Remington Long Island            1989               188
                        Holtsville, NY                    Hotel, L.P.

Radisson Hotel          668 West Fifth Street             Chicago Illinois Hotel           1972               236
                        Covington, KY                     Limited Partnership
</Table>

<PAGE>

                                    EXHIBIT B

                                   DEFINITIONS

         "AFFILIATE" means with respect to a person, any person directly or
indirectly controlling, controlled by or under common control with such person.
The term "person" means and includes any natural person, corporation,
partnership, association, limited liability company or any other legal entity.

         "CAUSE" shall have the meaning as set forth in the Employment Agreement
or the Non-Competition Agreement, as applicable.

         "CHANGE OF CONTROL" shall have the meaning as defined in the Employment
Agreement or the Non-Competition Agreement, as applicable.

         "EMPLOYMENT AGREEMENT" shall mean the employment agreement of
Montgomery J. Bennett dated on or about the date of this Agreement and executed
with the REIT as employer.

         "EVENT OF DEFAULT" shall have the meaning as set forth in SECTION 8.

         "EXCLUDED REIT TRANSACTIONS" shall mean a REIT Transaction with respect
to which all of the Independent Directors of the REIT have affirmatively voted
not to engage Manager.

         "EXCLUDED REMINGTON TRANSACTIONS" shall mean the following excluded
transactions of the Remington Affiliates:

         (a) Existing hotel investments made by one or more of the Remington
Affiliates with any of their Existing Investors;

         (b) Existing bona fide arm's length third party management arrangements
(or arrangements for other services such as project management) with parties
other than the REIT Affiliates pursuant to which one or more of the Remington
Affiliates provide customary hotel management and hotel construction management,
project management and other services; and

         (c) Like-kind exchanges under Section 1031 of the Internal Revenue Code
of 1986, as amended, made by any of the Existing Investors pursuant to
contractual obligations existing as of the date of this Agreement provided that
Manager provides ten (10) days prior notice to the REIT of said transaction.

         "EXISTING INVESTORS" shall mean the existing joint venture partners,
investors or property owners of the Remington Affiliates as listed on EXHIBIT D
attached hereto.

         "FISCAL YEAR" shall mean the twelve (12) month calendar year ending
December 31, except that the first Fiscal Year and last Fiscal Year of the term
of this Agreement may not be full calendar years.

                                       1
<PAGE>

         "GOOD REASON" shall have the meaning as set forth in the Employment
Agreement or the Non-Competition Agreement, as applicable.

         "HOTEL PROPERTY" means any Property that is used in whole or in part
for hotel purposes, including, without limitation, any motels, motor inns, or
hotels and the like (full service, limited service, extended stay or otherwise),
whether in fee or leasehold, together with any improvements and fixtures now or
hereafter located thereon, all rights, privileges and easements appurtenant
thereto, and all tangible and intangible personal property used in connection
therewith.

         "INDEMNIFYING PARTY" shall have the meaning as set forth in SECTION
7(c).

         "INDEPENDENT DIRECTORS" shall mean those directors of the REIT who are
"independent" within the meaning of the rules of the New York Stock Exchange or
such other national securities exchange or interdealer quotation system on which
the REIT's common stock is then principally traded.

         "INITIAL TERM" shall have the meaning as set forth in SECTION 2.

         "MANAGER" means Remington Lodging and Hospitality, Inc., a Texas
corporation.

         "MASTER MANAGEMENT AGREEMENT" means that certain Hotel Master
Management Agreement of even date herewith executed between Manager as the
manager and Tenant, as the owner in interest of the Hotel Properties subject of
such agreement, a copy of which is attached hereto as EXHIBIT E.

         "NON-COMPETITION AGREEMENT" shall mean that certain Non-Competition
Agreement dated on or about the date of this Agreement, executed between Archie
Bennett, Jr. and the REIT.

         "PARTNERSHIP" means Ashford Hospitality Limited Partnership, a Delaware
limited partnership.

         "PROPERTY" means any real property or any interest therein.

         "REIMBURSEMENT AMOUNT" shall mean the total of all actual out of pocket
and third party costs and expenses paid by and to be reimbursed to the Remington
Affiliates that were necessary and/or appropriate in connection with the
Remington Transaction, including all earnest money deposits. The Reimbursement
Amount shall be calculated by the Remington Parties and set forth in a
certificate delivered to the REIT Parties and certified as true and correct by
the Remington Parties. The Reimbursement Amount shall not include any finder's
fee, brokerage fee, development fee, or other compensation paid to the Remington
Affiliates.

         "REIT" means Ashford Hospitality Trust, Inc., a Maryland corporation.

         "REIT AFFILIATES" shall mean the REIT Parties and their Affiliates.

                                       2
<PAGE>

         "REIT EXCLUSIVITY RIGHTS" shall have the meaning as set forth in
SECTION 4(a).

         "REIT NOTICE" shall have the meaning as set forth in SECTION 4(a).

         "REIT ROFR" shall have the meaning as described in SECTION 5(a).

         "REIT ROFR NOTICE" shall have the meaning as described in SECTION 5(a).

         "REIT ROFR PERIOD" shall have the meaning as described in SECTION 5(a).

         "REIT PARTIES" shall mean the REIT and the Partnership.

         "REIT TERMINATION EVENT" shall mean the events described in SECTION
3(b).

         "REIT TRANSACTION" shall have the meaning as set forth in SECTION 5(a).

         "REIT TRANSACTION DOCUMENTS" shall have the meaning as set forth in
SECTION 4(a).

         "REMINGTON NOTICE" shall have the meaning as set forth in SECTION 5(a).

         "REMINGTON AFFILIATES" shall mean the Remington Parties and their
Affiliates.

         "REMINGTON EXCLUSIVITY RIGHTS" shall have the meaning as set forth in
SECTION 5(a).

         "REMINGTON PARTIES" shall mean RHC and Manager.

         "REMINGTON TERMINATION EVENT" shall mean the events described in
SECTION 3(a).

         "REMINGTON TRANSACTION" shall have the meaning as set forth in SECTION
4(a).

         "REMINGTON TRANSACTION DOCUMENTS" shall have the meaning as set forth
in SECTION 5(b).

         "TENANT" shall mean Ashford TRS Corporation, a Delaware corporation.

         "TERM" shall have the meaning as set forth in SECTION 2.

         "TERMINATION EVENT" shall have the meaning as set forth in SECTION 2.

                                       3
<PAGE>

                                    EXHIBIT C

                              DEVELOPMENT AGREEMENT

<PAGE>

                                   EXHIBIT D

                               EXISTING INVESTORS

<PAGE>

                                    EXHIBIT E

                           MASTER MANAGEMENT AGREEMENT<PAGE>
                                                                   EXHIBIT 10.23

                         ASHFORD HOSPITALITY TRUST, INC.
                             SUBSCRIPTION AGREEMENT

Ashford Hospitality Trust, Inc.
14180 Dallas Parkway, 9th Floor
Dallas, TX 75254
Attention:  David A. Brooks

Re:      Private Placement of Securities

Gentlemen:

         This SUBSCRIPTION AGREEMENT (this "Agreement"), is intended to set
forth certain representations, warranties, covenants, acknowledgments and
agreements of the undersigned (the "Subscriber") with Ashford Hospitality Trust,
Inc., a Maryland corporation and real estate investment trust (the "Company").

         THE SUBSCRIBER UNDERSTANDS THAT THE COMMON STOCK OF THE COMPANY IS
ILLIQUID AND INVOLVES A HIGH DEGREE OF SPECULATIVE RISK.

         THE SUBSCRIBER FURTHER UNDERSTANDS THAT THE COMMON STOCK HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND THAT WITHOUT SUCH
REGISTRATION, SUCH COMMON STOCK MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED, EXCEPT UPON DELIVERY TO COMPANY OF AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER,
OR SUBMISSION TO THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO
THE COMPANY TO THE EFFECT THAT SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE
ACT, OR ANY OTHER APPLICABLE SECURITIES LAWS OR ANY RULE OR REGULATION
PROMULGATED THEREUNDER.

         THE SUBSCRIBER FURTHER UNDERSTANDS THAT THE DOCUMENTS, RECORDS, BOOKS
AND OTHER INFORMATION PROVIDED TO THE SUBSCRIBER IN CONNECTION WITH THE
SUBSCRIPTION HEREUNDER IS FOR THE SUBSCRIBER'S CONFIDENTIAL USE ONLY AND MAY NOT
BE REPRODUCED IN ANY MANNER OR MADE AVAILABLE TO ANY OTHER PERSON, OTHER THAN
THE SUBSCRIBER'S ATTORNEYS, ACCOUNTANTS AND REPRESENTATIVES, IF ANY. ANY ACTION
IN VIOLATION OF THE PRECEDING SENTENCE MAY PLACE THE SUBSCRIBER AND THE COMPANY
IN VIOLATION OF SECURITIES LAWS, INCLUDING THE ACT AND THE TEXAS SECURITIES ACT
(DEFINED BELOW).

1.       Subscription. Subject to the terms and conditions hereof, the
         Subscriber hereby subscribes for and agrees to purchase TWO HUNDRED AND
         FIFTY THOUSAND (250,000) shares (the "Subscription") of the Company's
         Common Stock, $0.01 par value (the "Securities"), at a price per share
         (the "Purchase Amount") equal to the offering price, net of an amount
         equal to the underwriting discount, as more particularly described

<PAGE>

         in the Form S-11 as filed with the Securities and Exchange Commission
         on May 14, 2003 (the "Offering"), a copy of which has been delivered to
         and reviewed by the Subscriber. The Purchase Amount shall be due and
         payable to the Company at the closing of the Offering. In respect of
         such Subscription, the Subscriber delivers herewith, to the attention
         of the Company at the address of the Company set forth above, along
         with this Agreement, (i) two original signature pages of this
         Agreement, (ii) two originals of the Spousal Consent, attached hereto
         as Exhibit I , signed by the Subscriber's spouse, and (iii) a fully
         completed Investor Information Sheet and Accredited Investor
         Questionnaire, attached hereto as Exhibits II and III, respectively.

2.       Acceptance of Subscription; Delivery of Securities. The Subscriber
         understands and agrees that this Subscription is made subject to the
         following terms and conditions:

         (a)      The Company shall have the right to reject this Subscription,
                  in whole but not in part, if (i) the Subscriber fails to make
                  the deliveries to the Company set forth in Section 1 above, or
                  (ii) the Company, in its sole discretion, determines that the
                  offer of issuance of the Securities to the Subscriber would
                  not qualify for exemption from the securities laws as provided
                  herein below;

         and

         (b)      The Securities to be issued and delivered on account of this
                  Subscription will only be registered in the name of, and
                  delivered to, the Subscriber upon receipt by the Company of
                  the items listed in Section 1, subject to Section 2(a) above,
                  and the Subscriber agrees to comply with the terms of this
                  Agreement and to execute any and all further documents
                  necessary in connection with this Subscription.

3.       Representations and Warranties of the Subscriber. The Subscriber
         understands (i) that the Securities are being offered and sold under an
         exemption from registration under the Act and the Texas Securities Act
         of 1957, as amended (the "Texas Securities Act") or the Rules and
         Regulations promulgated thereunder, (ii) that this transaction has not
         been scrutinized by the Securities and Exchange Commission or by any
         agency charged with the administration of the securities laws of the
         State of Texas or any other State or jurisdiction, (iii) that all
         documents, records, books and other information pertaining to this
         investment have been made available to the Subscriber and the
         Subscriber's representatives, including the Subscriber's attorneys,
         accountants and purchaser representative, if any, and (iv) that the
         books and records of the Company will be available upon reasonable
         notice for inspection by investors during reasonable business hours at
         the address of the Company set forth above. The Subscriber hereby
         represents and warrants as follows:

         (a)      This Agreement is a valid and legally binding obligation of
                  the Subscriber, enforceable in accordance with its terms
                  except as affected by (i) bankruptcy law and (ii) equitable
                  principles, and the Subscriber has full power and authority to
                  enter in this Agreement;

                                       2
<PAGE>

         (b)      The Subscriber is an "accredited investor" within the meaning
                  of Rule 501(a) of Regulation D under the Act, as represented
                  by the Subscriber in the Accredited Investor Questionnaire
                  delivered by the Subscriber pursuant to Section 1;

         (c)      The Subscriber is a resident of the State of Texas;

         (d)      This investment pursuant to the Subscription does not exceed
                  twenty percent (20%) of the Subscriber's net worth (or joint
                  net worth with the Subscriber's spouse);

         (e)      The Subscriber is able (i) to bear the economic risk of this
                  investment, (ii) to hold the Securities indefinitely, and
                  (iii) at present, to afford a complete loss of this
                  investment;

         (f)      The Subscriber has adequate means of providing for current
                  needs and personal contingencies and has no need for liquidity
                  in this investment;

         (g)      The Subscriber or the Subscriber's purchaser representative,
                  if any, has knowledge of finance, securities and investments
                  generally, and has the experience and skill necessary to
                  evaluate the merits and risks of this investment and make an
                  informed investment decision;

         (h)      The Subscriber has received and reviewed such information
                  concerning (i) the Company, (ii) the operations and financial
                  condition of the Company and (iii) the Securities, as the
                  Subscriber deems necessary or desirable for the investment
                  decision required in connection with this Subscription;

         (i)      The Subscriber, in making the decision to purchase the
                  Securities, has relied solely upon independent investigations
                  made by the Subscriber or the Subscriber's purchaser
                  representative, if any, or other representatives of the
                  Subscriber, including professional tax and other advisors, and
                  the Subscriber and such representatives and advisors have been
                  given the opportunity to ask questions of, and to receive
                  answers from, persons acting on behalf of the Company
                  concerning the terms and conditions of this offering, and to
                  obtain any additional information, to the extent such persons
                  possess such information or can acquire it without
                  unreasonable effort or expense, necessary to verify the
                  accuracy of the information provided to the Subscriber or such
                  representatives of the Subscriber;

         (j)      The Securities hereby subscribed are being acquired by the
                  Subscriber in good faith solely for the Subscriber's own
                  account, for investment purposes only, and are not and will
                  not be acquired for resale, resyndication, distribution,
                  subdivision or fractionalization thereof; the Subscriber has
                  no contract or arrangement with any person to sell, pledge,
                  hypothecate or otherwise transfer to any person the Securities
                  or any part thereof; the Subscriber has no present plans to
                  enter into any such contract or arrangement; and the
                  Subscriber understands that as a result the Subscriber must
                  bear the economic risk of the investment for an indefinite
                  period of time because the Securities have not been registered
                  under the Act or the

                                       3
<PAGE>

                  securities laws of any State or other jurisdiction and,
                  therefore, cannot be sold, pledged, hypothecated or otherwise
                  transferred unless they are subsequently registered under the
                  Act and other applicable securities laws (which the Company is
                  not obligated to do, and has no present intention of doing) or
                  unless an exemption from such registration is available;

         (k)      The Subscriber understands that no federal or state agency has
                  passed on or made any recommendation or endorsement of the
                  Securities and that the Company is relying on the truth and
                  accuracy of the representations, warranties, covenants,
                  acknowledgments and agreements herein made by the Subscriber
                  in offering the Securities for sale to the Subscriber without
                  having first registered the same under the Act or any other
                  applicable securities laws;

         (l)      The funds provided by the Subscriber for this investment are
                  either separate property of the Subscriber, community property
                  over which the Subscriber has the right of control or are
                  otherwise funds as to which the Subscriber has the sole right
                  of management; and

         (m)      The Subscriber understands that the Securities are subject to
                  the limitations set forth in paragraph (2)-(4) of Section
                  109.13(j) of the Regulations promulgated under the Texas
                  Securities Act.

4.       Legends. The Subscriber consents to the placement of a legend on any
         certificate evidencing the Securities, which legend shall be in form
         substantially as follows:

                  THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE BEEN
                  ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
                  ANY STATE OR OTHER JURISDICTION. WITHOUT SUCH REGISTRATION,
                  SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR
                  OTHERWISE TRANSFERRED EXCEPT UPON DELIVERY TO ASHFORD
                  HOSPITALITY TRUST, INC. (THE "COMPANY") OF AN OPINION OF
                  COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
                  REQUIRED FOR SUCH TRANSFER OR THE SUBMISSION TO THE COMPANY OF
                  SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE COMPANY TO
                  THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF
                  THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
                  STATE OR FOREIGN SECURITIES LAWS OR ANY RULE OR REGULATION
                  PROMULGATED THEREUNDER.

5.       Transferability. The Subscriber agrees not to sell, pledge, hypothecate
         or otherwise transfer the Securities without registration under the Act
         and any other applicable securities laws or without exemptions
         therefrom.

                                       4
<PAGE>

6.       Revocation. This Agreement may not be canceled, terminated or revoked
         by the Subscriber, shall survive the death or disability of the
         Subscriber and shall be binding upon the Subscriber's heirs, executors,
         administrators, successors and assigns.

7.       No Waiver. Notwithstanding any of the representations, warranties,
         covenants, acknowledgments or agreements made herein by the Subscriber,
         the Subscriber does not hereby or in any other manner waive any rights
         granted to the Subscriber under federal or state securities laws.

8.       Miscellaneous.

         (a)      All notices or other communications given or made hereunder
                  shall be in writing and shall be delivered or mailed by
                  registered or certified mail, return receipt requested,
                  postage prepaid, to the Subscriber at the address set forth on
                  Exhibit II or to the Company at the address for the Company
                  set forth above.

         (b)      This Agreement shall be governed by and construed in
                  accordance with the laws of the State of Maryland.

         (c)      This Agreement constitutes the entire agreement among the
                  Company and the Subscriber with respect to the subject matter
                  hereof and may be amended only by a writing executed by the
                  Company and the Subscriber.

         (d)      Neither this Agreement nor any interest herein may be
                  transferred or assigned by the Subscriber.

         (e)      Captions herein are inserted for the convenience of reference
                  only and shall be ignored in construction or interpretation of
                  this Agreement.

9.       Waiver of Suitability Standards. The Company reserves the right to
         review the suitability of any person (or entity) desiring to purchase
         the Securities and in connection with such review to waive such
         suitability standards as to such person (or entity) as the Company
         deems appropriate under applicable law.

10.      Acknowledgments of the Subscriber.

         The Subscriber acknowledges that:

         (a)      There have been no representations, guarantees or warranties
                  made to the Subscriber by the Company, any officers, directors
                  or shareholders of the Company, their agents or employees or
                  any other person, expressly or by implication, with respect
                  to:

                  (i)      The length of time that the Subscriber will be
                           required to remain as owner of the Securities;

                                       5
<PAGE>

                  (ii)     The percentage of profit or amount of or type of
                           consideration, profit or loss (including tax
                           write-offs or tax benefits) to be realized, if any,
                           as a result of this investment; and

                  (iii)    The possibility that the past performance or
                           experience on the part of the Company or any of its
                           affiliates or employees might in any way indicate the
                           predictable results of the ownership of the
                           Securities or the relative success of the Company;

         (b)      This investment is speculative and involves a high degree of
                  risk;

         (c)      The Subscriber has had full and complete access to all
                  financial and business information relating to the Company;
                  and

         (d)      The offer and issuance of the Securities to the Subscriber
                  have not been accomplished by any form of general solicitation
                  or general advertising, including, but not limited to, (i) any
                  advertisement, article, notice or other communication
                  published in any newspaper, magazine or similar media, or
                  broadcast over television or radio, and (ii) any seminar or
                  meeting whose attendees have been invited by any general
                  solicitation or general advertising.

11.      Continuing Effect of Representations, Warranties and Acknowledgments.
         The representations, warranties and acknowledgments contained herein
         are true and accurate as of the date of this Agreement and shall be
         true and accurate as of the date of delivery of the purchase price, the
         executed signature pages of this Agreement and the other items listed
         in Section 1 and shall survive such delivery. If in any respect such
         representations, warranties and acknowledgments shall not be true and
         accurate prior to such delivery, the Subscriber shall give immediate
         written notice of such fact to the Company, specifying which
         representations, warranties and acknowledgments are not true and
         accurate and the reasons therefor.

12.      Indemnification. The Subscriber understands the meaning and legal
         consequences of the representations, warranties and acknowledgments
         contained herein, and hereby agrees to indemnify and hold harmless the
         Company, its officers, directors, or shareholders and any of its
         agents, representatives or employees, from and against any and all
         loss, damage or liability (including costs and reasonable attorney
         fees) due to or arising out of a breach of any representation, warranty
         or acknowledgment of the Subscriber contained in this Agreement or
         arising out of the Act, the Texas Securities Act or any other
         securities laws.

                            [Signature page follows]

                                       6
<PAGE>

         The Subscriber, desiring to enter into this Agreement for the
Subscription of the Securities, hereby agrees to all of the terms and provisions
of this Agreement and agrees to be bound by all such terms and provisions. The
Subscriber has executed this Agreement as of the 15th day of May, 2003.

                                   SUBSCRIBER:

                                   By: /s/ MONTGOMERY J. BENNETT
                                      -----------------------------------------
                                      Montgomery J. Bennett

         ASHFORD HOSPITALITY TRUST, INC. hereby accepts the foregoing
subscription subject to the terms and conditions of this Agreement as of the
15th day of May, 2003.

                                   COMPANY:
                                   ASHFORD HOSPITALITY TRUST, INC.

                                   By: /s/ MONTGOMERY J. BENNETT
                                      -----------------------------------------

                                   Name:  Montgomery J. Bennett
                                        ---------------------------------------
                                   Title: President
                                         --------------------------------------

                                       7

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