Document:

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                                                                    EXHIBIT 10.2

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT, dated as of _________, 2003, is
entered into by and between Ashford Hospitality Trust, Inc., a Maryland
corporation (the "Company"), holders of common partnership units in Ashford
Hospitality Trust, Inc., a Maryland corporation (the "Operating Partnership")
whose names are set forth on the signature pages hereto (each a "Unit Holder"
and collectively, the "Unit Holders") and holders of restricted shares of the
Company's common stock whose names are set forth on the signature pages hereto
(each a "Restricted Stock Holder" and collectively, the "Restricted Stock
Holders").

                                    RECITALS

         WHEREAS, in connection with the initial public offering of shares of
the Company's common stock, par value $0.01 per share (the "Common Stock"), the
Company, the Operating Partnership, the Unit Holders and the Restricted Stock
Holders will engage in certain formation transactions (the "Formation
Transactions") whereby:

                  (i) the Unit Holders will contribute to the Operating
         Partnership their respective interests in certain hotel properties,
         asset management and consulting agreements and other assets (the
         "Initial Contributed Assets") in exchange common partnership units ("OP
         Units") in the Operating Partnership;

                  (ii) Remington Long Island Hotel, L.P., a Restricted Stock
         Holder, will convey to the Operating Partnership its interests in a
         hotel property and other assets (the "Initial Conveyed Assets") in
         exchange for Common Stock;

                  (iii) Archie and Montgomery J. Bennett, each a Restricted
         Stock Holder, will acquire shares of Common Stock in exchange for cash
         in a privately negotiated transaction; and

                  (iv) Friedman Billings Ramsey, a Restricted Stock Holder, will
         acquire shares of Common Stock for services performed in connection
         with the Initial Public Offering (as defined below);

         WHEREAS, pursuant to the Partnership Agreement (as defined below), OP
Units owned by the Unit Holders will be redeemable for cash or exchangeable for
shares of Common Stock of the Company upon the terms and subject to the
conditions contained in the Partnership Agreement.

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

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                                    ARTICLE I
                                   DEFINITIONS

         SECTION 1.1 DEFINITIONS. In addition to the definitions set forth
above, the following terms, as used herein, have the following meanings:

         "Affiliate" of any Person means any other Person directly or indirectly
controlling or controlled by or under common control with such Person. For the
purposes of this definition, "control" when used with respect to any Person,
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

         "Agreement" means this Registration Rights Agreement, as it may be
amended, supplemented or restated from time to time.

         "Articles of Incorporation" means the Articles of Amendment and
Restatement of the Company as filed with the Secretary of State of the State of
Maryland on July __, 2003, as the same may be amended, modified or restated from
time to time.

         "Business Day" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions in Dallas, Texas
are authorized or required by law, regulation or executive order to close.

         "Commission" means the Securities and Exchange Commission.

         "Demand Registration" means a Demand Registration as defined in Section
2.2.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended
and the rules and regulations promulgated thereunder.

         "Exchangeable OP Units" means OP Units which may be redeemable for cash
or, at the sole and absolute discretion of the Company, exchangeable for Common
Stock pursuant to Section 7.4 of the Partnership Agreement (without regard to
any limitations on the exercise of such exchange right as a result of the
Ownership Limit Provisions).

         "Holder" means any Initial Holder who is the record or beneficial owner
of any Registrable Security or any assignee or transferee of such Registrable
Security (including assignments or transfers of Registrable Securities to such
assignees or transferees as a result of the foreclosure on any loans secured by
such Registrable Securities) to the extent (x) permitted under the Partnership
Agreement and (y) such assignee or transferee agrees in writing to be bound by
all the provisions hereof, unless such Registrable Security is acquired in a
public distribution pursuant to a registration statement under the Securities
Act or pursuant to transactions exempt from registration under the Securities
Act where securities sold in such transaction may be resold without subsequent
registration under the Securities Act.

         "Immediate Family" of any individual means such individual's estate and
heirs or current spouse, or former spouse, parents, parents-in-law, children
(whether natural or adoptive or by

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marriage), siblings and grandchildren and any trust or estate, all of the
beneficiaries of which consist of such individual or any of the foregoing.

         "Initial Holder" means (i) any Unit Holder, (ii) any Restricted Stock
Holder, (iii) any partner, member or stockholder of any Unit Holder or
Restricted Stock Holder, (iv) any Affiliate of any such partner, member or
stockholder, and (v) the Immediate Family of any of the foregoing.

         "Initial Public Offering" means the offering of the Company's Common
Stock pursuant to the Form S-11 Registration Statement (No. 333-105277) filed by
the Company with the Commission under the Securities Act.

         "Ownership Limit Provisions" mean the various provisions of the
Company's Charter set forth in ARTICLE VI thereof restricting the ownership of
Common Stock by Persons to specified percentages of the outstanding Common
Stock.

         "Partnership Agreement" means the Agreement of Limited Partnership of
the Operating Partnership dated as of _________, 2003, as the same may be
amended, modified or restated from time to time.

         "Person" means an individual or a corporation, partnership, limited
liability company, association, trust, or any other entity or organization,
including a government or political subdivision or an agency or instrumentality
thereof.

         "Piggy-Back Registration" means a Piggy-Back Registration as defined in
Section 2.3.

         "Registrable Securities" means shares of Common Stock of the Company at
any time owned, either of record or beneficially, by any Holder and issued
either in connection with the Initial Public Offering or the Formation
Transactions or upon exchange of Exchangeable OP Units received in the Formation
Transactions and any additional Common Stock issued as a dividend, distribution
or exchange for, or in respect of such shares until

                  (i) a registration statement covering such shares has been
         declared effective by the Commission and such shares have been disposed
         of pursuant to such effective registration statement;

                  (ii) such shares are sold under circumstances in which all of
         the applicable conditions of Rule 144 (or any similar provisions then
         in force) under the Securities Act are met or under which such shares
         may be sold pursuant to Rule 144(k);

                  (iii) such shares held by such Person may be sold pursuant to
         Rule 144 under the Securities Act and could be sold in one transaction
         in accordance with the volume limitations contained in Rule
         144(e)(1)(i) under the Securities Act; or

                  (iv) such shares have been otherwise transferred in a
         transaction that would constitute a sale thereof under the Securities
         Act, the Company has delivered a new certificate or other evidence of
         ownership for such shares not

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         bearing the Securities Act restricted stock legend and such shares may
         be resold without subsequent registration under the Securities Act;

provided, however, that "Registrable Securities" for purposes of the
indemnification obligations contained in Sections 2.7 and 2.8 shall mean all
shares that are registered on the applicable Shelf Registration, Demand
Registration or Piggy-Back Registration, notwithstanding that such shares may
not otherwise be "Registrable Securities" by operation of clause (iii) above.

         "Securities Act" means the Securities Act of 1933, as amended and the
rules and regulations promulgated thereunder.

         "Selling Holder" means a Holder who is selling Registrable Securities
pursuant to a registration statement under the Securities Act.

         "Shelf Registration Statement" means a Shelf Registration statement as
defined in Section 2.1.

         "Underwriter" means a securities dealer who purchases any Registrable
Securities as principal and not as part of such dealer's market-making
activities.

                                   ARTICLE II
                               REGISTRATION RIGHTS

         SECTION 2.1 SHELF REGISTRATION. Commencing on or after one year after
the consummation date of the Initial Public Offering, the Company shall prepare
and file a "shelf" registration statement with respect to the resale of the
shares of Common Stock issued to the Restricted Stock Holders in connection with
the Initial Public Offering or the Formation Transactions and the issuance and
the resale of the shares of Common Stock issuable upon the exchange of
Exchangeable OP Units issued to the Unit Holders in the Formation Transactions
and the resale of any other Registrable Securities on an appropriate form for an
offering to be made on a continuous basis pursuant to Rule 415 under the
Securities Act (the "Shelf Registration Statement") and shall use its best
efforts to cause the Shelf Registration Statement to be declared effective on or
as soon as practicable thereafter, and to keep such Shelf Registration Statement
continuously effective for a period ending when all shares of Common Stock
covered by the Shelf Registration Statement are no longer Registrable
Securities. In the event that the Company fails to file, or if filed fails to
maintain the effectiveness of, a Shelf Registration Statement, Holders of
Registrable Securities may make a written request for a Demand Registration (as
defined below) pursuant to Section 2.2 herein or participate in a Piggy Back
Registration (as defined below) pursuant to Section 2.3 herein; provided,
further, that if and so long as a Shelf Registration Statement is on file and
effective, then the Company shall have no obligation to effect a Demand
Registration or allow participation in a Piggy Back Registration.

         SECTION 2.2 DEMAND REGISTRATION.

         (a) Request for Registration. Subject to Section 2.1 hereof, commencing
on or after the date which is one year after the consummation date of the
Initial Public Offering, Holders of Registrable Securities may make a written
request for registration under the Securities Act of all or part of its or their
Registrable Securities (a "Demand Registration"); provided, that the

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Company shall not be obligated to effect more than one Demand Registration in
any twelve month period and not more than two such Demand Registrations in
total; and provided, further, that the Holders making such written request
number shall propose the sale of at least 100,000 shares of Registrable
Securities (such number to be adjusted successively in the event the Company
effects any stock split, stock consideration or recapitalization after the date
hereof). Any such request will specify the number of shares of Registrable
Securities proposed to be sold and will also specify the intended method of
disposition thereof. Within ten (10) days after receipt of such request, the
Company will give written notice of such registration request to all other
Holders of the Registrable Securities and include in such registration all such
Registrable Securities with respect to which the Company has received written
requests for inclusion therein within twenty (20) Business Days after the
receipt by the applicable Holder of the Company's notice. Each such request will
also specify the number of shares of Registrable Securities to be registered and
the intended method of disposition thereof. Unless the Holder or Holders of a
majority of the Registrable Securities to be registered in such Demand
Registration shall consent in writing, no other party, including the Company
(but excluding another Holder of a Registrable Security), shall be permitted to
offer securities under any such Demand Registration.

         (b) Effective Registration. A registration will not count as a Demand
Registration until it has become effective and has remained effective and
available for at least 180 days.

         (c) Selling Holders Become Party to Agreement. Each Holder acknowledges
that by asserting or participating in its registration rights pursuant to this
Article II, he or she may become a Selling Holder and thereby will be deemed a
party to this Agreement and will be bound by each of its terms.

         (d) Priority on Demand Registrations. If the Holders of a majority of
shares of the Registrable Securities to be registered in a Demand Registration
so elect by written notice to the Company, the offering of such Registrable
Securities pursuant to such Demand Registration shall be in the form of an
underwritten offering. The Company shall select the book-running managing
Underwriter in connection with any such Demand Registration; provided that such
managing Underwriter must be reasonably satisfactory to the Holders of a
majority of the shares of the Registrable Securities. The Company may select any
additional investment banks and managers to be used in connection with the
offering; provided that such additional investment bankers and managers must be
reasonably satisfactory to a majority of the Holders making such Demand
Registration. To the extent 10% or more of the Registrable Securities so
requested to be registered are excluded from the offering in accordance with
Section 2.4, the Holders of such Registrable Securities shall have the right to
one additional Demand Registration under this Section in such twelve-month
period with respect to such Registrable Securities.

         SECTION 2.3 PIGGY-BACK REGISTRATION. Subject to Section 2.1 hereof, if
the Company proposes to file a registration statement under the Securities Act
with respect to an underwritten equity offering by the Company for its own
account or for the account of any of its respective securityholders of any class
of security (other than (i) any registration statement filed by the Company
under the Securities Act relating to an offering of Common Stock for its own
account as a result of the exercise of the exchange rights set forth in Section
7.4 of the Partnership Agreement, (ii) any registration statement filed in
connection with a demand registration other than a Demand Registration under
this Agreement or (iii) a registration statement on Form S-4 or

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S-8 (or any substitute form that may be adopted by the Commission) or filed in
connection with an exchange offer or offering of securities solely to the
Company's existing securityholders), then the Company shall give written notice
of such proposed filing to the Holders of Registrable Securities as soon as
practicable (but in no event less than ten (10) days before the anticipated
filing date), and such notice shall offer such Holders the opportunity to
register such number of shares of Registrable Securities as each such Holder may
request (a "Piggy-Back Registration"). The Company shall use commercially
reasonable efforts to cause the managing Underwriter or Underwriters of a
proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration to be included on the same terms and
conditions as any similar securities of the Company included therein.

         SECTION 2.4 REDUCTION OF OFFERING. Notwithstanding anything contained
herein, if the managing Underwriter or Underwriters of an offering described in
Section 2.2 or 2.3 deliver a written opinion to the Company and the Holders of
the Registrable Securities included in such offering that (i) the size of the
offering that the Holders, the Company and such other persons intend to make or
(ii) the kind of securities that the Holders, the Company and/or any other
Persons intend to include in such offering are such that the success of the
offering would be materially and adversely affected by inclusion of the
Registrable Securities requested to be included, then

                  (A) if the size of the offering is the basis of such
         Underwriter's opinion, the amount of securities to be offered for the
         accounts of Holders shall be reduced pro rata (according to the number
         of Registrable Securities proposed for registration) to the extent
         necessary to reduce the total amount of securities to be included in
         such offering to the amount recommended by such managing Underwriter or
         Underwriters; provided that, in the case of a Piggy-Back Registration,
         if securities are being offered for the account of other Persons as
         well as the Company, then with respect to the Registrable Securities
         intended to be offered by Holders, the proportion by which the amount
         of such class of securities intended to be offered by Holders is
         reduced shall not exceed the proportion by which the amount of such
         class of securities intended to be offered by such other Persons is
         reduced; and

                  (B) if the combination of securities to be offered is the
         basis of such Underwriter's opinion, (x) the Registrable Securities to
         be included in such offering shall be reduced as described in clause
         (A) above (subject to the proviso in clause (A)) or (y) if the actions
         described in clause (x) would, in the judgment of the managing
         Underwriter, be insufficient to substantially eliminate the adverse
         effect that inclusion of the Registrable Securities requested to be
         included would have on such offering, such Registrable Securities will
         be excluded from such offering.

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         SECTION 2.5 REGISTRATION PROCEDURES; FILINGS; INFORMATION. In
connection with any Shelf Registration Statement under Section 2.1 or whenever
Holders request that any Registrable Securities be registered pursuant to
Section 2.2 hereof, the Company will use its best efforts to effect the
registration and the sale of such Registrable Securities in accordance with the
intended method of disposition thereof as quickly as practicable, and in
connection with any such request:

                  (a) The Company will as expeditiously as possible prepare and
         file with the Commission a registration statement on any form for which
         the Company then qualifies or which counsel for the Company shall deem
         appropriate and which form shall be available for the sale of the
         Registrable Securities to be registered thereunder in accordance with
         the intended method of distribution thereof, and use its best efforts
         to cause such filed registration statement to become and remain
         effective for a period of not less than 270 days; provided that if the
         Company shall furnish to the Holders making a request pursuant to
         Section 2.2 a certificate signed by either its Chairman, Chief
         Executive Officer or President stating that in his or her good faith
         judgment it would be significantly disadvantageous to the Company or
         its shareholders for such a registration statement to be filed as
         expeditiously as possible, the Company shall have a period of not more
         than 180 days within which to file such registration statement measured
         from the date of receipt of the request in accordance with Section 2.2.

                  (b) The Company will, if requested, prior to filing a
         registration statement or prospectus or any amendment or supplement
         thereto, furnish to each Selling Holder and each Underwriter, if any,
         of the Registrable Securities covered by such registration statement
         copies of such registration statement as proposed to be filed, and
         thereafter furnish to such Selling Holder and Underwriter, if any, such
         number of conformed copies of such registration statement, each
         amendment and supplement thereto (in each case including all exhibits
         thereto and documents incorporated by reference therein), the
         prospectus included in such registration statement (including each
         preliminary prospectus) and such other documents as such Selling Holder
         or Underwriter may reasonably request to facilitate the disposition of
         the Registrable Securities owned by such Selling Holder.

                  (c) After the filing of the registration statement, the
         Company will promptly notify each Selling Holder of Registrable
         Securities covered by such registration statement of any stop order
         issued or threatened by the Commission and take all reasonable actions
         required to prevent the entry of such stop order or to remove it if
         entered.

                  (d) The Company will use its best efforts to (i) register or
         qualify the Registrable Securities under such other securities or blue
         sky laws of such jurisdictions in the United States (where an exemption
         does not apply) as any Selling Holder or managing Underwriter or
         Underwriters, if any, reasonably (in light of such Selling Holder's
         intended plan of distribution) requests and (ii) cause such Registrable
         Securities to be registered with or approved by such other governmental
         agencies or authorities as may be necessary by virtue of the business
         and operations of the Company and do any and all other acts and things
         that may be reasonably necessary or advisable to enable such Selling
         Holder to consummate the disposition of the Registrable Securities
         owned by

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         such Selling Holder; provided that the Company will not be required to
         (A) qualify generally to do business in any jurisdiction where it would
         not otherwise be required to qualify but for this paragraph (d), (B)
         subject itself to taxation in any such jurisdiction or (C) consent to
         general service of process in any such jurisdiction.

                  (e) The Company will immediately notify each Selling Holder of
         such Registrable Securities, at any time when a prospectus relating
         thereto is required to be delivered under the Securities Act, of the
         occurrence of an event requiring the preparation of a supplement or
         amendment to such prospectus so that, as thereafter delivered to the
         purchasers of such Registrable Securities, such prospectus will not
         contain an untrue statement of a material fact or omit to state any
         material fact required to be stated therein or necessary to make the
         statements therein, in light of the circumstances under which they were
         made, not misleading and promptly make available to each Selling Holder
         any such supplement or amendment.

                  (f) The Company will enter into customary agreements
         (including an underwriting agreement, if any, in customary form) and
         take such other actions as are reasonably required to expedite or
         facilitate the disposition of such Registrable Securities.

                  (g) The Company will make available for inspection by any
         Selling Holder of such Registrable Securities, any Underwriter
         participating in any disposition pursuant to such registration
         statement and any attorney, accountant or other professional retained
         by any such Selling Holder or Underwriter (collectively, the
         "Inspectors"), all financial and other records, pertinent corporate
         documents and properties of the Company (collectively, the "Records")
         as shall be reasonably necessary to enable them to exercise their due
         diligence responsibility, and cause the Company's officers, directors
         and employees to supply all information reasonably requested by any
         Inspectors in connection with such registration statement. Records
         which the Company determines, in good faith, to be confidential and
         which it notifies the Inspectors are confidential shall not be
         disclosed by the Inspectors unless (i) the disclosure of such Records
         is necessary to avoid or correct a misstatement or omission in such
         registration statement or (ii) the release of such Records is ordered
         pursuant to a subpoena or other order from a court of competent
         jurisdiction. Each Selling Holder of such Registrable Securities agrees
         that information obtained by it as a result of such inspections shall
         be deemed confidential and shall not be used by it as the basis for any
         market transactions in the securities of the Company unless and until
         such is made generally available to the public. Each Selling Holder of
         such Registrable Securities further agrees that it will, upon learning
         that disclosure of such Records is sought in a court of competent
         jurisdiction, give notice to the Company and allow the Company, at its
         expense, to undertake appropriate action to prevent disclosure of the
         Records deemed confidential.

                  (h) The Company will furnish to each Selling Holder and to
         each Underwriter, if any, a signed counterpart, addressed to such
         Selling Holder or Underwriter, of (i) an opinion or opinions of counsel
         to the Company and (ii) if eligible under SAS 100, a comfort letter or
         comfort letters from the Company's independent public accountants, each
         in customary form and covering such matters of the type customarily
         covered by opinions or comfort letters, as the case may be, as the
         Holders of a majority of the

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         Registrable Securities included in such offering or the managing
         Underwriter or Underwriters therefor reasonably requests.

                  (i) The Company will otherwise comply with all applicable
         rules and regulations of the Commission, and make available to its
         securityholders, as soon as reasonably practicable, an earnings
         statement covering a period of 12 months, beginning within three months
         after the effective date of the registration statement, which earnings
         statement shall satisfy the provisions of Section 11(a) of the
         Securities Act and Rule 158 of the Commission promulgated thereunder
         (or any successor rule or regulation hereafter adopted by the
         Commission).

                  (j) The Company will use its best efforts to cause all such
         Registrable Securities to be listed on each securities exchange on
         which similar securities issued by the Company are then listed.

         The Company may require each Selling Holder of Registrable Securities
to promptly furnish in writing to the Company such information regarding such
Selling Holder, the Registrable Securities held by it and the intended method of
distribution of the Registrable Securities as the Company may from time to time
reasonably request and such other information as may be legally required in
connection with such registration.

         Each Selling Holder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 2.5(e)
hereof, such Selling Holder will forthwith discontinue disposition of
Registrable Securities pursuant to the registration statement covering such
Registrable Securities until such Selling Holder's receipt of the copies of the
supplemented or amended prospectus contemplated by Section 2.5(e) hereof, and,
if so directed by the Company, such Selling Holder will deliver to the Company
all copies, other than permanent file copies then in such Selling Holder's
possession, of the most recent prospectus covering such Registrable Securities
at the time of receipt of such notice. Each Selling Holder of Registrable
Securities agrees that it will immediately notify the Company at any time when a
prospectus relating to the registration of such Registrable Securities is
required to be delivered under the Securities Act of the happening of an event
as a result of which information previously furnished by such Selling Holder to
the Company in writing expressly for inclusion in such prospectus contains an
untrue statement of a material fact or omits to state any material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances in which they were made. In the event the Company
shall give such notice, the Company shall extend the period during which such
registration statement shall be maintained effective (including the period
referred to in Section 2.5(a) hereof) by the number of days during the period
from and including the date of the giving of notice pursuant to Section 2.5(e)
hereof to the date when the Company shall make available to the Selling Holders
of Registrable Securities covered by such registration statement a prospectus
supplemented or amended to conform with the requirements of Section 2.5(e)
hereof.

         SECTION 2.6 REGISTRATION EXPENSES. In connection with any registration
statement required to be filed hereunder, the Company shall pay the following
registration expenses incurred in connection with the registration hereunder
(the "Registration Expenses"): (i) all registration and filing fees, (ii) fees
and expenses of compliance with securities or blue sky laws

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(including reasonable fees and disbursements of counsel in connection with blue
sky qualifications of the Registrable Securities), (iii) printing expenses, (iv)
internal expenses (including, without limitation, all salaries and expenses of
its officers and employees performing legal or accounting duties), (v) the fees
and expenses incurred in connection with the listing of the Registrable
Securities, (vi) reasonable fees and disbursements of counsel for the Company
and customary fees and expenses for independent certified public accountants
retained by the Company (including the expenses of any comfort letters or costs
associated with the delivery by independent certified public accountants of a
comfort letter or comfort letters requested pursuant to Section 2.5(h) hereof),
and (vii) the reasonable fees and expenses of any special experts retained by
the Company in connection with such registration. The Company shall have no
obligation to pay any underwriting fees, discounts or commissions attributable
to the sale of Registrable Securities, or any out-of-pocket expenses of the
Holders (or the agents who manage their accounts) or any transfer taxes relating
to the registration or sale of the Registrable Securities.

         SECTION 2.7 INDEMNIFICATION BY THE COMPANY. The Company agrees to
indemnify and hold harmless each Selling Holder of Registrable Securities, its
officers, directors and agents, and each Person, if any, who controls such
Selling Holder within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act from and against any and all losses, claims, damages and
liabilities caused by any untrue statement or alleged untrue statement of a
material fact contained in any registration statement or prospectus relating to
the Registrable Securities (as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto) or any preliminary prospectus,
or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, except
insofar as such losses, claims, damages or liabilities are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon
information furnished in writing to the Company by such Selling Holder or on
such Selling Holder's behalf expressly for inclusion therein. The Company also
agrees to indemnify any Underwriters of the Registrable Securities, their
officers and directors and each Person who controls such underwriters within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on
substantially the same basis as that of the indemnification of the Selling
Holders provided in this Section 2.7, provided that the foregoing indemnity with
respect to any preliminary prospectus shall not inure to the benefit of any
Underwriter of the Registrable Securities from whom the person asserting any
such losses, claims, damages or liabilities purchased the Registrable Securities
which are the subject thereof if such person did not receive a copy of the
prospectus (or the prospectus as supplemented) at or prior to the confirmation
of the sale of such Registrable Securities to such person in any case where such
delivery is required by the Securities Act and the untrue statement or omission
of a material fact contained in such preliminary prospectus was corrected in the
prospectus (or the prospectus as supplemented). The indemnity provided for in
this Section 2.8 shall remain in full force and effect regardless of any
investigation made by or on behalf of any Selling Holder.

         SECTION 2.8 INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES.

         Each Selling Holder agrees, severally but not jointly, to indemnify and
hold harmless the Company, its officers, directors and agents and each Person,
if any, who controls the Company

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within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act to the same extent as the foregoing indemnity from the Company
to such Selling Holder, but only with respect to information relating to such
Selling Holder furnished in writing by such Selling Holder or on such Selling
Holder's behalf expressly for use in any registration statement or prospectus
relating to the Registrable Securities, or any amendment or supplement thereto,
or any preliminary prospectus. In case any action or proceeding shall be brought
against the Company or its officers, directors or agents or any such controlling
person, in respect of which indemnity may be sought against such Selling Holder,
such Selling Holder shall have the rights and duties given to the Company, and
the Company or its officers, directors or agents or such controlling person
shall have the rights and duties given to such Selling Holder, by Section 2.7.
Each Selling Holder also agrees to indemnify and hold harmless Underwriters of
the Registrable Securities, their officers and directors and each Person who
controls such Underwriters within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act on substantially the same basis as that of
the indemnification of the Company provided in this Section 2.8. The liability
of any Selling Holder pursuant to this Section 2.8 may, in no event, exceed the
net proceeds received by such Selling Holder from sales of Registrable
Securities giving rise to the indemnification obligations of such Selling
Holder.

         SECTION 2.9 CONDUCT OF INDEMNIFICATION PROCEEDINGS. In case any
proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to
Section 2.7 or 2.8, such person (an "Indemnified Party") shall promptly notify
the person against whom such indemnity may be sought (an "Indemnifying Party")
in writing and the Indemnifying Party shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such Indemnified
Party, and shall assume the payment of all fees and expenses. In any such
proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party unless (i) the Indemnifying Party and the Indemnified
Party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the Indemnified Party and the Indemnifying Party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the Indemnifying Party
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to any local counsel) at any time for
all such Indemnified Parties, and that all such fees and expenses shall be
reimbursed as they are incurred. In the case of any such separate firm for the
Indemnified Parties, such firm shall be designated in writing by (i) in the case
of Persons indemnified pursuant to Section 2.7 hereof, the Selling Holders which
owned a majority of the Registrable Securities sold under the applicable
registration statement and (ii) in the case of Persons indemnified pursuant to
Section 2.8, the Company. The Indemnifying Party shall not be liable for any
settlement of any proceeding effected without its written consent, but if
settled with such consent, or if there be a final judgment for the plaintiff,
the Indemnifying Party shall indemnify and hold harmless such Indemnified
Parties from and against any loss or liability (to the extent stated above) by
reason of such settlement or judgment. Notwithstanding the foregoing sentence,
if at any time an Indemnified Party shall have requested an Indemnifying Party
to reimburse the Indemnified Party for fees and expenses of counsel as
contemplated by the third sentence of this paragraph, the Indemnifying Party
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered

                                      -11-
<PAGE>

into more than 30 Business Days after receipt by such Indemnifying Party of the
aforesaid request and (ii) such Indemnifying Party shall not have reimbursed the
Indemnified Party in accordance with such request prior to the date of such
settlement. No Indemnifying Party shall, without the prior written consent of
the Indemnified Party, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Party is or could have been a
party and indemnity could have been sought hereunder by such Indemnified Party,
unless such settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such proceeding.

         SECTION 2.10 CONTRIBUTION. If the indemnification provided for in
Section 2.7 or 2.8 hereof is unavailable to an Indemnified Party or insufficient
in respect of any losses, claims, damages or liabilities referred to herein,
then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such losses, claims, damages or liabilities (i) as between the
Company and the Selling Holders on the one hand and the Underwriters on the
other, in such proportion as is appropriate to reflect the relative benefits
received by the Company and the Selling Holders on the one hand and the
Underwriters on the other from the offering of the securities, or if such
allocation is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits but also the relative
fault of the Company and the Selling Holders on the one hand and of the
Underwriters on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations and (ii) between the Company on the one hand
and each Selling Holder on the other, in such proportion as is appropriate to
reflect the relative fault of the Company and of each Selling Holder in
connection with such statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company and the Selling
Holders on the one hand and the Underwriters on the other shall be deemed to be
in the same proportion as the total proceeds from the offering (net of
underwriting discounts and commissions but before deducting expenses) received
by the Company and the Selling Holders bear to the total underwriting discounts
and commissions received by the Underwriters, in each case as set forth in the
table on the cover page of the prospectus. The relative fault of the Company and
the Selling Holders on the one hand and of the Underwriters on the other shall
be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company and the Selling
Holders or by the Underwriters. The relative fault of the Company on the one
hand and of each Selling Holder on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by such party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.

         The Company and the Selling Holders agree that it would not be just and
equitable if contribution pursuant to this Section 2.10 were determined by pro
rata allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an Indemnified Party as a result of the losses,
claims, damages or liabilities referred to in the immediately preceding
paragraph shall be

                                      -12-
<PAGE>

deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such Indemnified Party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 2.10, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total commissions and discounts
received by such Underwriter in connection with the sale of the securities
underwritten by it and distributed to the public exceeds the amount of any
damages which such Underwriter has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission, and no
Selling Holder shall be required to contribute any amount in excess of the
amount by which the net proceeds from the sale of the securities of such Selling
Holder to the public exceeds the amount of any damages which such Selling Holder
has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Selling Holder's obligations to contribute
pursuant to this Section 2.10 are several in proportion to the net proceeds of
the offering received by such Selling Holder bears to the total net proceeds of
the offering received by all the Selling Holders and not joint.

        SECTION 2.11 PARTICIPATION IN UNDERWRITTEN REGISTRATIONS. No Person may
participate in any underwritten registration hereunder unless such Person (a)
agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements and these
registration rights provided for in this Article II.

         SECTION 2.12 RULE 144. The Company covenants that it will file any
reports required to be filed by it under the Securities Act and the Exchange Act
and that it will take such further action as any Holder may reasonably request,
all to the extent required from time to time to enable Holders to sell
Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 under the Securities Act,
as such rule may be amended from time to time, or (b) any similar rule or
regulation hereafter adopted by the Commission. Upon the request of any Holder,
the Company will deliver to such Holder a written statement as to whether it has
complied with such requirements.

         SECTION 2.13 HOLDBACK AGREEMENTS.

         (a) Restrictions on Public Sale by Holder of Registrable Securities. To
the extent not inconsistent with applicable law and except with respect to a
Shelf Registration, each Holder whose securities are included in a registration
statement agrees not to effect any sale or distribution of the issue being
registered or a similar security of the Company, or any securities convertible
into or exchangeable or exercisable for such securities, including a sale
pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and
during the 90-day period beginning on, the effective date of such registration
statement (except as part of such registration), if and to the extent requested
in writing by the Company in the case of a non-underwritten public offering or
if and to the extent requested in writing by the managing Underwriter or
Underwriters in the case of an underwritten public offering.

                                      -13-
<PAGE>

         (b) Restrictions on Public Sale by the Company and Others. The Company
agrees that any agreement entered into after the date of this Agreement pursuant
to which the Company issues or agrees to issue any privately placed securities
shall contain a provision under which holders of such securities agree not to
effect any sale or distribution of any securities similar to those being
registered in accordance with Section 2.2 or Section 2.3 hereof, or any
securities convertible into or exchangeable or exercisable for such securities,
during the 14 days prior to, and during the 90-day period beginning on, the
effective date of any registration statement (except as part of such
registration statement where the Holders of a majority of the Registrable
Securities to be included in such registration statement consent or as part of
registration statements filed as set forth in Section 2.3(i) or (iii)), if and
to the extent requested in writing by the Company in the case of a
non-underwritten public offering or if and to the extent requested in writing by
the managing Underwriter or Underwriters in the case of an underwritten public
offering, in each case including a sale pursuant to Rule 144 under the
Securities Act (except as part of any such registration, if permitted);
provided, however, that the provisions of this paragraph (b) shall not prevent
the conversion or exchange of any securities pursuant to their terms into or for
other securities.

         (c) Temporary Suspension of Rights to Sell Based on Confidential
Information. If the Company determines in its good faith judgment that the
filing of the Shelf Registration Statement under Section 2.1 or a Demand
Registration under Section 2.2 hereof or the use of any related prospectus would
require the disclosure of material information that the Company has a bona fide
business purpose for preserving as confidential or the disclosure of which would
impede the Company's ability to consummate a significant transaction, and that
the Company is not otherwise required by applicable securities laws or
regulations to disclose, upon written notice of such determination by the
Company, the rights of the Holders to offer, sell or distribute any Registrable
Securities pursuant to the Shelf Registration Statement or a Demand Registration
or to require the Company to take action with respect to the registration or
sale of any Registrable Securities pursuant to the Shelf Registration Statement
or a Demand Registration shall be suspended until the earlier of (i) the date
upon which the Company notifies the Holders in writing that suspension of such
rights for the grounds set forth in this Section 2.12(c) is no longer necessary
and (ii) 180 days. The Company agrees to give such notice as promptly as
practicable following the date that such suspension of rights is no longer
necessary. Nothing in this Section 2.12(c) shall prevent a Holder from offering,
selling or distributing pursuant to Rule 144 at any time.

         (d) Temporary Suspension of Rights to Sell Based on Exchange Act
Reports not yet Filed or Regulation S-X. If all reports required to be filed by
the Company pursuant to the Exchange Act have not been filed by the required
date without regard to any extension, or if the consummation of any business
combination by the Company has occurred or is probable for purposes of Rule 3-05
or Article 11 of Regulation S-X under the Act, upon written notice thereof by
the Company to the Holders, the rights of the Holders to offer, sell or
distribute any Registrable Securities pursuant to the Shelf Registration
Statement or a Demand Registration or to require the Company to take action with
respect to the registration or sale of any Registrable Securities pursuant to
the Shelf Registration Statement or a Demand Registration shall be suspended
until the date on which the Company has filed such reports or obtained and filed
the financial information required by Rule 3-05 or Article 11 of Regulation S-X
to be included or incorporated by reference, as applicable, in the Shelf
Registration Statement, and the Company

                                      -14-
<PAGE>

shall notify the Holders as promptly as practicable when such suspension is no
longer required. Nothing in this Section 2.12(d) shall prevent a Holder from
offering, selling or distributing pursuant to Rule 144 at any time.

                                   ARTICLE III
                                  MISCELLANEOUS

         SECTION 3.1 NEW YORK STOCK EXCHANGE LISTING. In the event that the
Company shall issue any Common Stock in exchange for OP Units pursuant to
Section 7.4 of the Partnership Agreement, then in any such case the Company
agrees to cause any such shares of Common Stock to be listed on the New York
Stock Exchange prior to or concurrently with the issuance thereof by the
Company.

         SECTION 3.2 REMEDIES. In addition to being entitled to exercise all
rights provided herein and granted by law, including recovery of damages, the
Holders shall be entitled to specific performance of the rights under this
Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions
of this Agreement and hereby agrees to waive the defense in any action for
specific performance that a remedy at law would be adequate.

         SECTION 3.3 AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, in each case without the written consent of the Company and
the Holders of a majority of the Registrable Securities. No failure or delay by
any party to insist upon the strict performance of any covenant, duty, agreement
or condition of this Agreement or to exercise any right or remedy consequent
upon any breach thereof shall constitute waiver of any such breach or any other
covenant, duty, agreement or condition.

         SECTION 3.4 NOTICES. All notices and other communications in connection
with this Agreement shall be made in writing by hand delivery, registered
first-class mail, telex, telecopier, or air courier guaranteeing overnight
delivery to the address set forth on the signature page hereto, or to such other
address and to such other Persons as any party hereto may hereafter specify in
writing.

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; when received if
deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt acknowledged, if telecopied; and on the next business day,
if timely delivered to an air courier guaranteeing overnight delivery.

         SECTION 3.5 SUCCESSORS AND ASSIGNS. Except as expressly provided in
this Agreement the rights and obligations of the Initial Holders under this
Agreement shall not be assignable by any Initial Holder to any Person that is
not an Initial Holder. This Agreement shall be binding upon the parties hereto
and their respective successors and assigns.

         SECTION 3.6 COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed

                                      -15-
<PAGE>

shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Each party shall become bound by this
Agreement immediately upon affixing its signature hereto.

         SECTION 3.7 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Texas without
regard to the choice of law provisions thereof.

         SECTION 3.8 SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

         SECTION 3.9 ENTIRE AGREEMENT. This Agreement is intended by the parties
as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted by the Company with
respect to the Registrable Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

         SECTION 3.10 HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

         SECTION 3.11 NO THIRD PARTY BENEFICIARIES. Nothing express or implied
herein is intended or shall be construed to confer upon any person or entity,
other than the parties hereto and their respective successors and assigns, any
rights, remedies or other benefits under or by reason of this Agreement.

                                      -16-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

<PAGE>

                                    COMPANY:

                                    ASHFORD HOSPITALITY TRUST, INC.

                                    By:
                                        --------------------------------
                                        Montgomery J. Bennett, President

                                    Address:
                                    14180 Dallas Parkway, 9th Floor
                                    Dallas, TX  75254

                                    UNIT HOLDERS:

                                    REMINGTON SUITES AUSTIN, L.P.

                                    By: Remington Suites Austin, Inc.,
                                        its general partner

                                        By:
                                            --------------------------------
                                            Montgomery J.Bennett
                                            Executive Vice President

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

                                    REMINGTON SUITES DALLAS, L.P.

                                    By: Remington Suites Dallas, Inc.,
                                        its general partner

                                        By:
                                            --------------------------------
                                            Montgomery J.Bennett
                                            Executive Vice President

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

<PAGE>

                                    REMINGTON SUITES DULLES, L.P.

                                    By: Remington Suites Dulles, Inc.,
                                        its general partner

                                        By:
                                            --------------------------------
                                            Montgomery J.Bennett
                                            Executive Vice President

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

                                    REMINGTON SUITES LAS VEGAS, L.P.

                                    By: Remington Suites Las Vegas, Inc.,
                                        its general partner

                                        By:
                                            --------------------------------
                                            Montgomery J.Bennett
                                            Executive Vice President

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

<PAGE>

                                    CHICAGO ILLINOIS HOTEL LIMITED
                                    PARTNERSHIP

                                    By: Illinois Hotel II Corp.,
                                        its general partner

                                        By:
                                            --------------------------------
                                            Montgomery J.Bennett
                                            Vice President

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

                                    ASHFORD FINANCIAL CORPORATION

                                    By:
                                        --------------------------------
                                        David Kimichik
                                        President

                                    Address:
                                    14180 Dallas Parkway, 9th Floor
                                    Dallas, TX  75254

<PAGE>

                                    RESTRICTED STOCKHOLDERS:

                                    REMINGTON LONG ISLAND HOTEL, L.P.

                                    By: Remington Long Island Hotel Corp.
                                        its general partner

                                        By:
                                            --------------------------------
                                            Montgomery J.Bennett
                                            President

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

                                    FRIEDMAN BILLINGS RAMSEY

                                    By:
                                        --------------------------------
                                    Name:
                                          ------------------------------
                                    Title:
                                           -----------------------------

                                    Address:
                                    1001 9th Street North
                                    Arlington, VA  22209

                                    ------------------------------------
                                    Archie Bennett, individually

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254

<PAGE>

                                    ------------------------------------
                                    Montgomery J. Bennett, individually

                                    Address:
                                    14180 Dallas Parkway, 7th Floor
                                    Dallas, TX  75254<PAGE>
                                                                    EXHIBIT 10.3

                         ASHFORD HOSPITALITY TRUST, INC.

                            2003 STOCK INCENTIVE PLAN

                            ___________________, 2003

<PAGE>

                         ASHFORD HOSPITALITY TRUST, INC.

                            2003 STOCK INCENTIVE PLAN

                                TABLE OF CONTENTS

<Table>
<S>       <C>                                                                <C>
ARTICLE I INTRODUCTION ..............................................         1
1.1        Purpose ..................................................         1
1.2        Shares Subject to the Plan ...............................         1
1.3        Administration of the Plan ...............................         1
1.4        Amendment and Discontinuance of the Plan .................         2
1.5        Granting of Awards to Participants .......................         2
1.6        Term of Plan .............................................         2
1.7        Leave of Absence .........................................         2
1.8        Definitions ..............................................         2

ARTICLE II NONQUALIFIED STOCK OPTIONS ...............................         7
2.1        Grants ...................................................         7
2.2        Calculation of Exercise Price ............................         7
2.3        Terms and Conditions of Options ..........................         7
2.4        Amendment ................................................         9
2.5        Acceleration of Vesting ..................................         9
2.6        Other Provisions .........................................         9

ARTICLE III INCENTIVE OPTIONS .......................................         9
3.1        Eligibility ..............................................        10
3.2        Exercise Price ...........................................        10
3.3        Dollar Limitation ........................................        10
3.4        10% Stockholder ..........................................        10
3.5        Options Not Transferable .................................        10
3.6        Reload Options ...........................................        10
3.7        Compliance with 422 ......................................        10
3.8        Limitations on Exercise ..................................        10

ARTICLE IV PURCHASED STOCK ..........................................        10
4.1        Eligible Persons .........................................        10
4.2        Purchase Price ...........................................        11
4.3        Payment of Purchase Price ................................        11

ARTICLE V BONUS STOCK ...............................................        11

ARTICLE VI STOCK APPRECIATION RIGHTS AND PHANTOM STOCK ..............        11
6.1        Stock Appreciation Rights ................................        11
6.2        Phantom Stock Awards .....................................        11
</Table>

<PAGE>

<Table>
<S>         <C>                                                               <C>
ARTICLE VII RESTRICTED STOCK .........................................        12
   7.1      Eligible Persons .........................................        12
   7.2      Restricted Period and Vesting ............................        12

ARTICLE VIII I PERFORMANCE AWARDS ....................................        13
   8.1      Performance Awards .......................................        13
   8.2      Performance Goals ........................................        13

ARTICLE IX OTHER STOCK OR PERFORMANCE BASED AWARDS ...................        15

ARTICLE X CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS ................        15
  10.1      General ..................................................        15
  10.2      Stand-Alone, Additional, Tandem, and Substitute Awards ...        15
  10.3      Term of Awards ...........................................        16
  10.4      Form and Timing of Payment under Awards; Deferrals .......        16
  10.5      Vested and Unvested Awards ...............................        16
  10.6      Exemptions from Section 16(b) Liability ..................        17
  10.7      Other Provisions .........................................        17

ARTICLE XI WITHHOLDING FOR TAXES .....................................        17

ARTICLE XII MISCELLANEOUS ............................................        17
  12.1      No Rights to Awards ......................................        17
  12.2      No Right to Employment ...................................        17
  12.3      Governing Law ............................................        18
  12.4      Severability .............................................        18
  12.5      Other Laws ...............................................        18
  12.6      Shareholder Agreements ...................................        18
</Table>

                                      -ii-
<PAGE>

                         ASHFORD HOSPITALITY TRUST, INC.
                            2003 STOCK INCENTIVE PLAN

                                   ARTICLE I
                                  INTRODUCTION

         1.1 PURPOSE. The Ashford Hospitality Trust, Inc. 2003 Stock Incentive
Plan (the "Plan") is intended to promote the interests of Ashford Hospitality
Trust, Inc., a Maryland corporation, (the "Company") and its stockholders by
encouraging Employees, Consultants and Non-Employee Directors of the Company or
its Affiliates (as defined below) to acquire or increase their equity interests
in the Company, thereby giving them an added incentive to work toward the
continued growth and success of the Company. The Board of Directors of the
Company (the "Board") also contemplates that through the Plan, the Company and
its Affiliates will be better able to compete for the services of the
individuals needed for the continued growth and success of the Company.

         1.2 SHARES SUBJECT TO THE PLAN. The aggregate number of shares of
Common Stock, $.001 par value per share, of the Company ("Common Stock") that
may be issued under the Plan shall not exceed five percent (5%) of the fully
diluted shares of outstanding Common Stock as of the forty-fifth (45th) day
following the consummation of the initial public offering of Common Stock. No
more than 450,000 shares of Common Stock shall be issued to any one Participant
in any one calendar year. Notwithstanding the above, however, in the event that
at any time after the Effective Date the outstanding shares of Common Stock are
changed into or exchanged for a different number or kind of shares or other
securities of the Company by reason of a merger, consolidation,
recapitalization, reclassification, stock split, stock dividend, combination of
shares or the like, the aggregate number and class of securities available under
the Plan shall be ratably adjusted by the Committee (as defined below), whose
determination shall be final and binding upon the Company and all other
interested persons. In the event the number of shares to be delivered upon the
exercise or payment of any Award granted under the Plan is reduced for any
reason whatsoever or in the event any Award granted under the Plan can no longer
under any circumstances be exercised or paid, the number of shares no longer
subject to such Award shall thereupon be released from such Award and shall
thereafter be available under the Plan for the grant of additional Awards.
Shares issued pursuant to the Plan (i) may be treasury shares, authorized but
unissued shares or, if applicable, shares acquired in the open market and (ii)
shall be fully paid and nonassessable.

         1.3 ADMINISTRATION OF THE PLAN. The Plan shall be administered by the
Committee. Subject to the provisions of the Plan, the Committee shall interpret
the Plan and all Awards under the Plan, shall make such rules as it deems
necessary for the proper administration of the Plan, shall make all other
determinations necessary or advisable for the administration of the Plan and
shall correct any defect or supply any omission or reconcile any inconsistency
in the Plan or in any Award under the Plan in the manner and to the extent that
the Committee deems desirable to effectuate the Plan. Any action taken or
determination made by the Committee pursuant to this and the other paragraphs of
the Plan shall be conclusive on all parties. The act or determination of a
majority of the Committee shall be deemed to be the act or determination of the
Committee.

<PAGE>

         1.4 AMENDMENT AND DISCONTINUANCE OF THE PLAN. The Board may amend,
suspend or terminate the Plan; provided, however, no amendment, suspension or
termination of the Plan may without the consent of the holder of an Award
terminate such Award or adversely affect such person's rights with respect to
such Award in any material respect; provided further, however, that any
amendment which would constitute a "material revision" of the Plan (as that term
is used in the rules of the New York Stock Exchange) shall be subject to
shareholder approval.

         1.5 GRANTING OF AWARDS TO PARTICIPANTS. The Committee shall have the
authority to grant, prior to the expiration date of the Plan, Awards to such
Employees, Consultants and Non-Employee Directors as may be selected by it on
the terms and conditions hereinafter set forth in the Plan. In selecting the
persons to receive Awards, including the type and size of the Award, the
Committee may consider any factors that it may deem relevant.

         1.6 TERM OF PLAN. The Plan shall be effective as of August 1, 2003 (the
"Effective Date"), subject to approval by the shareholders of the Company. The
provisions of the Plan are applicable to all Awards granted on or after the
Effective Date. If not sooner terminated under the provisions of Section 1.4,
the Plan shall terminate upon, and no further Awards shall be made, after the
third anniversary of the Effective Date.

         1.7 LEAVE OF ABSENCE. If an employee is on military, sick leave or
other bona fide leave of absence, such person shall be considered an "Employee"
for purposes of an outstanding Award during the period of such leave provided it
does not exceed 90 days, or, if longer, so long as the person's right to
reemployment is guaranteed either by statute or by contract. If the period of
leave exceeds 90 days, the employment relationship shall be deemed to have
terminated on the 91st day of such leave, unless the person's right to
reemployment is guaranteed by statute or contract.

         1.8 DEFINITIONS. As used in the Plan, the following terms shall have
the meanings set forth below:

                  "1933 Act" means the Securities Act of 1933, as amended.

                  "1934 Act" means the Securities Exchange Act of 1934, as
         amended.

                  "Affiliate" means (i) Remington, (ii) any entity in which the
         Company or Remington, directly or indirectly, owns 10% or more of the
         combined voting power, as determined by the Committee, (iii) any
         "parent corporation" of the Company or Remington (as defined in section
         424(e) of the Code), (iv) any "subsidiary corporation" of any such
         parent corporation (as defined in section 424(f) of the Code) of the
         Company or Remington and (v) any trades or businesses, whether or not
         incorporated which are members of a controlled group or are under
         common control (as defined in Sections 414(b) or (c) of the Code) with
         the Company or Remington.

                  "Awards" means, collectively, Options, Purchased Stock, Bonus
         Stock, Stock Appreciation Rights, Phantom Stock, Restricted Stock,
         Performance Awards, or Other Stock or Performance Based Awards.

                                      -2-
<PAGE>

                  "Bonus Stock" is defined in Article V.

                  "Cause" for termination of any Participant who is a party to
         an agreement of employment with or services to the Company shall mean
         termination for "Cause" as such term is defined in such agreement, the
         relevant portions of which are incorporated herein by reference. If
         such agreement does not define "Cause" or if a Participant is not a
         party to such an agreement, "Cause" means (i) the willful commission by
         a Participant of a criminal or other act that causes or is likely to
         cause substantial economic damage to the Company or an Affiliate or
         substantial injury to the business reputation of the Company or
         Affiliate; (ii) the commission by a Participant of an act of fraud in
         the performance of such Participant's duties on behalf of the Company
         or an Affiliate; or (iii) the continuing willful failure of a
         Participant to perform the duties of such Participant to the Company or
         an Affiliate (other than such failure resulting from the Participant's
         incapacity due to physical or mental illness) after written notice
         thereof (specifying the particulars thereof in reasonable detail) and a
         reasonable opportunity to be heard and cure such failure are given to
         the Participant by the Committee. For purposes of the Plan, no act, or
         failure to act, on the Participant's part shall be considered "willful"
         unless done or omitted to be done by the Participant not in good faith
         and without reasonable belief that the Participant's action or omission
         was in the best interest of the Company or an Affiliate, as the case
         may be.

                  "Change of Control" shall be deemed to have occurred upon any
         of the following events:

                  (i) any "person" (as defined in Section 3(a)(9) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act"), and
         as modified in Section 13(d) and 14(d) of the Exchange Act) other than
         (A) the Company or any of its subsidiaries, (B) any employee benefit
         plan of the Company or any of its subsidiaries, (C) Remington or any
         Affiliate, (D) a company owned, directly or indirectly, by stockholders
         of the Company in substantially the same proportions as their ownership
         of the Company, or (E) an underwriter temporarily holding securities
         pursuant to an offering of such securities (a "Person"), becomes the
         "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act),
         directly or indirectly, of securities of the Company representing 30%
         or more of the shares of voting stock of the Company then outstanding;
         provided, however, that an initial public offering of Common Stock
         shall not constitute a Change of Control;

                  (ii) the consummation of any merger, organization, business
         combination or consolidation of the Company or one of its subsidiaries
         with or into any other company, other than a merger, reorganization,
         business combination or consolidation which would result in the holders
         of the voting securities of the Company outstanding immediately prior
         thereto holding securities which represent immediately after such
         merger, reorganization, business combination or consolidation more than
         50% of the combined voting power of the voting securities of the
         Company or the surviving company or the parent of such surviving
         company;

                                      -3-
<PAGE>

                  (iii) the consummation of a sale or disposition by the Company
         of all or substantially all of the Company's assets, other than a sale
         or disposition if the holders of the voting securities of the Company
         outstanding immediately prior thereto hold securities immediately
         thereafter which represent more than 50% of the combined voting power
         of the voting securities of the acquiror, or parent of the acquiror, of
         such assets, or the stockholders of the Company approve a plan of
         complete liquidation or dissolution of the Company; or

                  (iv) individuals who, as of the Effective Date, constitute the
         Board (the "Incumbent Board") cease for any reason to constitute at
         least a majority of the Board; provided, however, that any individual
         becoming a director subsequent to the Effective Date whose election by
         the Board, was approved by a vote of at least a majority of the
         directors then comprising the Incumbent Board shall be considered as
         though such individual were a member of the Incumbent Board, but
         excluding, for this purpose, any such individual whose initial
         assumption of office occurs as a result of an election contest with
         respect to the election or removal of directors or other solicitation
         of proxies or consents by or on behalf of a person other than the
         Board.

                  "Code" means the Internal Revenue Code of 1986, as amended
         from time to time, and the rules and regulations thereunder.

                  "Committee" means the compensation committee appointed by the
         Board to administer the Plan or, if none, the Board; provided however,
         that with respect to any Award granted to a Covered Employee which is
         intended to be "performance-based compensation" as described in Section
         162(m)(4)(c) of the Code, the Committee shall consist solely of two or
         more "outside directors" as described in Section 162(m)(4)(c)(i) of the
         Code.

                  "Consultant" means any individual, other than a Director or an
         Employee, who renders consulting or advisory services to the Company or
         an Affiliate.

                  "Covered Employee" shall mean the Chief Executive Officer of
         the Company or the four highest paid officers of the Company other than
         the Chief Executive Officer as described in Section 162(m)(3) of the
         Code.

                  "Disability" means an inability to perform the Participant's
         material services for the Company for a period of 90 consecutive days
         or a total of 180 days, during any 365-day period, in either case as a
         result of incapacity due to mental or physical illness, which is
         determined to be total and permanent. A determination of Disability
         shall be made by a physician satisfactory to both the Participant (or
         his guardian) and the Company, provided that if the Participant (or his
         guardian and the Company do not agree on a physician, the Participant
         and the Company shall each select a physician and these two together
         shall select a third physician, whose determination as to Disability
         shall be binding on all parties. Eligibility for disability benefits
         under any policy for long-term disability benefits provided to the
         Participant by the Company shall conclusively establish the
         Participant's disability.

                                      -4-
<PAGE>

                  "Employee" means any employee of the Company or an Affiliate.

                  "Employment" includes any period in which a Participant is an
         Employee or a paid Consultant to the Company or an Affiliate.

                  "Fair Market Value or FMV Per Share". The Fair Market Value or
         FMV Per Share of the Common Stock shall be the closing price on the New
         York Stock Exchange or other national securities exchange or
         over-the-counter market, if applicable, for the date of the
         determination, or if no trade of the Common Stock shall have been
         reported for such date, the closing sales price quoted on such exchange
         for the most recent trade prior to the determination date. If shares of
         the Common Stock are not listed or admitted to trading on any exchange,
         over-the-counter market or any similar organization as of the
         determination date, the FMV Per Share shall be determined by the
         Committee in good faith using any fair and reasonable means selected in
         its discretion.

                  "Good Reason" means termination of employment by an Employee,
         termination of service by a Consultant or resignation from the Board of
         a Non-Employee Director under any of the following circumstances:

                  (i) if such Employee, Consultant or Non-Employee Director is a
         party to an agreement for employment with or services to the Company,
         which agreement includes a definition of "Good Reason" for termination
         of employment with or services to the Company, "Good Reason" shall have
         the same definition for purposes of the Plan as is set forth in such
         agreement, the relevant portions of which are incorporated herein by
         reference.

                  (ii) if such Employee, Consultant or Non-Employee Director is
         not a party to an agreement with the Company that defines the term
         "Good Reason," such term shall mean termination of employment or
         service under any of the following circumstances, if the Company fails
         to cure such circumstances within thirty (30) days after receipt of
         written notice from the Participant to the Company setting forth a
         description of such Good Reason:

                           (i) the removal from or failure to re-elect the
                  Participant to the office or position in which he or she last
                  served;

                           (ii) the assignment to the Participant of any duties,
                  responsibilities, or reporting requirements inconsistent with
                  his or her position with the Company, or any material
                  diminishment, on a cumulative basis, of the Participant's
                  overall duties, responsibilities, or status;

                           (iii) a material reduction by the Company in the
                  Participant's fees, compensation, or benefits; or

                           (iv) the requirement by the Company that the
                  principal place of business at which the Participant performs
                  his duties be changed to a location more than fifty (50) miles
                  from downtown Dallas, Texas.

                                      -5-
<PAGE>

                  "Incentive Option" means any option which satisfies the
         requirements of Code Section 422 and is granted pursuant to Article III
         of the Plan.

                  "Non-Employee Director" means persons who are members of the
         Board but who are neither Employees nor Consultants of the Company or
         any Affiliate.

                  "Non-Qualified Option" shall mean an option not intended to
         satisfy the requirements of Code Section 422 and which is granted
         pursuant to Article II of the Plan.

                  "Option" means an option to acquire Common Stock granted
         pursuant to the provisions of the Plan, and refers to either an
         Incentive Stock Option or a Non-Qualified Stock Option, or both, as
         applicable.

                  "Option Expiration Date" means the date determined by
         Committee which shall not be more than ten years after the date of
         grant of an Option.

                  "Optionee" means a Participant who has received or will
         receive an Option.

                  "Other Stock-Based Award" means an award granted pursuant to
         Article IX of the Plan that is not otherwise specifically provided for,
         the value of which is based in whole or in part upon the value of a
         share of Common Stock.

                  "Outstanding Company Common Stock" means, as of any date of
         determination, the then outstanding shares of Common Stock of the
         Company.

                  "Outstanding Company Voting Securities" means, as of any date
         of determination, the combined voting power of the then outstanding
         voting securities of the Company entitled to vote generally on the
         election of directors.

                  "Participant" means any Non-Employee Director, Employee or
         Consultant granted an Award under the Plan.

                  "Performance Award" means an Award granted pursuant to Article
         VIII of the Plan, which, if earned, shall be payable in shares of
         Common Stock, cash or any combination thereof as determined by the
         Committee.

                  "Purchased Stock" means a right to purchase Common Stock
         granted pursuant to Article IV of the Plan.

                  "Phantom Shares" means an Award of the right to receive shares
         of Common Stock issued at the end of a Restricted Period which is
         granted pursuant to Article VI of the Plan.

                  "Reload Option" is defined in Section 2.3(f).

                                      -6-
<PAGE>

                  "Remington" means Remington Hotel Corporation, a Texas
         corporation or Remington Lodging & Hospitality, L.P., a Delaware
         limited partnership.

                  "Restricted Period" shall mean the period established by the
         Committee with respect to an Award during which the Award either
         remains subject to forfeiture or is not exercisable by the Participant.

                  "Restricted Stock" shall mean any share of Common Stock, prior
         to the lapse of restrictions thereon, granted under Article VII of the
         Plan.

                  "Stock Appreciation Rights" means an Award granted pursuant to
         Article VI of the Plan.

                                   ARTICLE II
                           NONQUALIFIED STOCK OPTIONS

         2.1 GRANTS. The Committee may grant Options to purchase the Common
Stock to any Employee, Consultant or Non-Employee Director according to the
terms set forth below.

         2.2 CALCULATION OF EXERCISE PRICE. The exercise price to be paid for
each share of Common Stock deliverable upon exercise of each Option granted
under this Article II shall not be less than the FMV Per Share on the date of
grant of such Option. The exercise price for each Option granted under Article
II shall be subject to adjustment as provided in Section 2.3(d).

         2.3 TERMS AND CONDITIONS OF OPTIONS. Options shall be in such form as
the Committee may from time to time approve, shall be subject to the following
terms and conditions and may contain such additional terms and conditions, not
inconsistent with this Article II, as the Committee shall deem desirable:

         (a) Option Period and Conditions and Limitations on Exercise. No Option
shall be exercisable later than the Option Expiration Date. To the extent not
prohibited by other provisions of the Plan, each Option shall be exercisable at
such time or times as the Committee in its discretion may determine at the time
such Option is granted.

         (b) Manner of Exercise. In order to exercise an Option, the person or
persons entitled to exercise it shall deliver to the Company payment in full for
the shares being purchased, together with any required withholding taxes. The
payment of the exercise price for each Option shall either be (i) in cash or by
check payable and acceptable to the Company, (ii) with the consent of the
Committee, by tendering to the Company shares of Common Stock owned by the
person for more than six months having an aggregate Fair Market Value as of the
date of exercise that is not greater than the full exercise price for the shares
with respect to which the Option is being exercised and by paying any remaining
amount of the exercise price as provided in (i) above, or (iii) subject to such
instructions as the Committee may specify, at the person's written request the
Company may deliver certificates for the shares of Common Stock for which the
Option is being exercised to a broker for sale on behalf of the person, provided
that the person has irrevocably instructed such broker to remit directly to the
Company on the person's behalf the full amount of the exercise price from the
proceeds of such sale. In the event that the person elects to make payment as
allowed under clause (ii) above, the Committee may, upon

                                      -7-
<PAGE>

confirming that the optionee owns the number of additional shares being
tendered, authorize the issuance of a new certificate for the number of shares
being acquired pursuant to the exercise of the Option less the number of shares
being tendered upon the exercise and return to the person (or not require
surrender of) the certificate for the shares being tendered upon the exercise.
If the Committee so requires, such person or persons shall also deliver a
written representation that all shares being purchased are being acquired for
investment and not with a view to, or for resale in connection with, any
distribution of such shares.

         (c) Options not Transferable. Except as provided below, no
Non-qualified Option granted hereunder shall be transferable other than by (i)
will or by the laws of descent and distribution or (ii) pursuant to a domestic
relations order and, during the lifetime of the Participant to whom any such
Option is granted, and it shall be exercisable only by the Participant (or his
guardian). Any attempt to transfer, assign, pledge, hypothecate or otherwise
dispose of, or to subject to execution, attachment or similar process, any
Option granted hereunder, or any right thereunder, contrary to the provisions
hereof, shall be void and ineffective, shall give no right to the purported
transferee, and shall, at the sole discretion of the Committee, result in
forfeiture of the Option with respect to the shares involved in such attempt.
With respect to a specific Non-qualified Option, the Participant (or his
guardian) may transfer, for estate planning purposes, all or part of such Option
to one or more immediate family members or related family trusts or partnerships
or similar entities.

         (d) Adjustment of Options. In the event that at any time after the
Effective Date the outstanding shares of Common Stock are changed into or
exchanged for a different number or kind of shares or other securities of the
Company by reason of merger, consolidation, recapitalization, reclassification,
stock split, stock dividend, combination of shares or the like, the Committee
shall make an appropriate and equitable adjustment in the number and kind of
shares as to which all outstanding Options granted, or portions thereof then
unexercised, shall be exercisable, to the end that after such event the shares
subject to the Plan and each Participant's proportionate interest shall be
maintained as before the occurrence of such event. Such adjustment in an
outstanding Option shall be made without change in the total price applicable to
the Option or the unexercised portion of the Option (except for any change in
the aggregate price resulting from rounding-off of share quantities or prices)
and with any necessary corresponding adjustment in exercise price per share. Any
such adjustment made by the Committee shall be final and binding upon all
Participants, the Company, and all other interested persons.

         (e) Listing and Registration of Shares. Each Option shall be subject to
the requirement that if at any time the Committee determines, in its discretion,
that the listing, registration, or qualification of the shares subject to such
Option under any securities exchange or under any state or federal law, or the
consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of, or in connection with, the issue or purchase of
shares thereunder, such Option may not be exercised in whole or in part unless
such listing, registration, qualification, consent or approval shall have been
effected or obtained and the same shall have been free of any conditions not
acceptable to the Committee.

         (f) Reload Options. A Non-qualified Option may, in the discretion of
the Committee, include a reload stock Option right which shall entitle the
Participant, upon (i) the exercise of such original Non-qualified Option prior
to the Participant's termination of

                                      -8-
<PAGE>

employment and (ii) payment of the appropriate exercise price in shares of
Common Stock that have been owned by such Participant for at least six months
prior to the date of exercise, to receive a new Non-qualified Option (the
"Reload Option") to purchase, at the FMV Per Share on the date of the exercise
of the original Non-qualified Option, the number of shares of Common Stock equal
to the number of whole shares delivered by the Participant in payment of the
exercise price of the original Non-qualified Option. Such Reload Option shall be
subject to the same terms and conditions, including expiration date, and shall
be exercisable at the same time or times as the original Non-qualified Option
with respect to which it is granted.

         2.4 AMENDMENT. The Committee may, without the consent of the person or
persons entitled to exercise any outstanding Option, amend, modify or terminate
such Option; provided, however, such amendment, modification or termination
shall not, without such person's consent, reduce or diminish the value of such
Option determined as if the Option had been exercised, vested, cashed in or
otherwise settled on the date of such amendment or termination. The Committee
may at any time or from time to time, in its discretion, in the case of any
Option which is not then immediately exercisable in full, accelerate the time or
times at which such Option may be exercised to any earlier time or times.

         2.5 ACCELERATION OF VESTING. Any Option granted hereunder which is not
otherwise vested shall vest (unless specifically provided to the contrary by the
Committee in the document or instrument evidencing an Option granted hereunder)
upon (i) termination of an Employee or Consultant or removal of a Non-Employee
Director without Cause or termination by an Employee or Consultant or
resignation of a Non-Employee Director with Good Reason; (ii) termination,
removal or resignation of an Employee, Consultant or Non-Employee Director for
any reason within one (1) year from the effective date of the Change of Control;
or death or Disability of the Participant.

         2.6 OTHER PROVISIONS.

         (a) The person or persons entitled to exercise, or who have exercised,
an Option shall not be entitled to any rights as a stockholder of the Company
with respect to any shares subject to such Option until he shall have become the
holder of record of such shares.

         (b) No Option granted hereunder shall be construed as limiting any
right which the Company or any Affiliate may have to terminate at any time, with
or without cause, the employment of any person to whom such Option has been
granted.

         (c) Notwithstanding any provision of the Plan or the terms of any
Option, the Company shall not be required to issue any shares hereunder if such
issuance would, in the judgment of the Committee, constitute a violation of any
state or federal law or of the rules or regulations of any governmental
regulatory body.

                                  ARTICLE III
                                INCENTIVE OPTIONS

         The terms specified below shall be applicable to all Incentive Options.
Except as modified by the provisions of this Article III, all the provisions of
Article II shall be applicable to

                                      -9-
<PAGE>

Incentive Options. Options which are specifically designated as Non-Qualified
Options shall NOT be subject to the terms of this Section III.

         3.1 ELIGIBILITY. Incentive Options may only be granted to Employees.

         3.2 EXERCISE PRICE. The exercise price per Share shall not be less than
one hundred percent (100%) of the FMV Per Share on the option grant date.

         3.3 DOLLAR LIMITATION. The aggregate Fair Market Value (determined as
of the respective date or dates of grant) of shares of Common Stock for which
one or more options granted to any Employee under the Plan (or any other option
plan of the Corporation or any Parent or Subsidiary) may for the first time
become exercisable as Incentive Options during any one (1) calendar year shall
not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the
Employee holds two (2) or more such options which become exercisable for the
first time in the same calendar year, the foregoing limitation on the
exercisability of such options as Incentive Options shall be applied on the
basis of the order in which such options are granted.

         3.4 10% STOCKHOLDER. If any Employee to whom an Incentive Option is
granted is a 10% Stockholder, then the exercise price per share shall not be
less than one hundred ten percent (110%) of the FMV Per Share on the option
grant date and the option term shall not exceed five (5) years measured from the
option grant date.

         3.5 OPTIONS NOT TRANSFERABLE. No Incentive Option granted hereunder
shall be transferable other than by will or by the laws of descent and
distribution and shall be exercisable during the Optionee's lifetime only by
such Optionee.

         3.6 RELOAD OPTIONS. No Reload Options shall be granted with respect to
any Incentive Options.

         3.7 COMPLIANCE WITH 422. All Options that are intended to be Incentive
Stock Options shall be designated as such in the Option grant and in all
respects shall be issued in compliance with Code Section 422.

         3.8 LIMITATIONS ON EXERCISE. No Incentive Option shall be exercisable
more than three (3) months after the Optionee ceases to be an Employee for any
reason other than death or Disability, or more than one (1) year after the
Optionee ceases to be an Employee due to death or Disability.

                                   ARTICLE IV
                                 PURCHASED STOCK

         4.1 ELIGIBLE PERSONS. The Committee shall have the authority to sell
shares of Common Stock to such Employees, Consultants and Non-Employee Directors
of the Company or its Affiliates as may be selected by it, on such terms and
conditions as it may establish, subject to the further provisions of this
Article IV. Each issuance of Common Stock under this Plan shall be evidenced by
an agreement which shall be subject to applicable provisions of this Plan and to
such other provisions not inconsistent with this Plan as the Committee may
approve for the particular sale transaction.

                                      -10-
<PAGE>

         4.2 PURCHASE PRICE. The price per share of Common Stock to be purchased
by a Participant under this Plan shall be determined in the sole discretion of
the Committee, and may be less than, but shall not greater than the FMV Per
Share at the time of purchase.

         4.3 PAYMENT OF PURCHASE PRICE. Payment of the purchase price of
Purchased Stock under this Plan shall be made in full in cash.

                                   ARTICLE V
                                  BONUS STOCK

         The Committee may, from time to time and subject to the provisions of
the Plan, grant shares of Bonus Stock to Employees, Consultants or Non-Employee
Directors. Bonus Stock shall be shares of Common Stock that are not subject to a
Restricted Period under Article VII.

                                   ARTICLE VI
                   STOCK APPRECIATION RIGHTS AND PHANTOM STOCK

         6.1 STOCK APPRECIATION RIGHTS. The Committee is authorized to grant
Stock Appreciation Rights to Employees, Consultants or Non-Employee Directors on
the following terms and conditions.

         (a) Right to Payment. A Stock Appreciation Right shall confer on the
Participant to whom it is granted a right to receive, upon exercise thereof, the
excess of (A) the FMV Per Share on the date of exercise over (B) the grant price
of the Stock Appreciation Right as determined by the Committee.

         (b) Rights Related to Options. A Stock Appreciation Right granted in
connection with an Option shall entitle a Participant, upon exercise thereof, to
surrender that Option or any portion thereof, to the extent unexercised, and to
receive payment of an amount computed pursuant to Subsection 5.1(a)(i) hereof.
That Option shall then cease to be exercisable to the extent surrendered. A
Stock Appreciation Right granted in connection with an Option shall be
exercisable only at such time or times and only to the extent that the related
Option is exercisable and shall not be transferable (other than by will or the
laws of descent and distribution) except to the extent that the related Option
is transferable.

         (c) Right Without Option. A Stock Appreciation Right granted
independent of an Option shall be exercisable as determined by the Committee and
set forth in the Award agreement governing the Stock Appreciation Right.

         (d) Terms. The Committee shall determine at the date of grant the time
or times at which and the circumstances under which a Stock Appreciation Right
may be exercised in whole or in part (including based on achievement of
performance goals and/or future service requirements), the method of exercise,
whether or not a Stock Appreciation Right shall be in tandem or in combination
with any other Award, and any other terms and conditions of any Stock
Appreciation Right.

         6.2 PHANTOM STOCK AWARDS. The Committee is authorized to grant Phantom
Stock Awards to Participants, which are rights to receive cash equal to the Fair
Market Value of

                                      -11-
<PAGE>

specified number of shares of Common Stock at the end of a specified deferral
period, subject to the following terms and conditions:

         (a) Award and Restrictions. Satisfaction of a Phantom Stock Award shall
occur upon expiration of the deferral period specified for such Phantom Stock
Award by the Committee or, if permitted by the Committee, as elected by the
Participant. In addition, Phantom Stock Awards shall be subject to such
restrictions (which may include a risk of forfeiture), if any, as the Committee
may impose, which restrictions may lapse at the expiration of the deferral
period or at earlier specified times (including based on achievement of
performance goals and/or future service requirements), separately or in
combination, installments or otherwise, as the Committee may determine.

         (b) Forfeiture. Except as otherwise determined by the Committee or as
may be set forth in any Award, employment or other agreement pertaining to a
Phantom Stock Award, upon termination of employment or services during the
applicable deferral period or portion thereof to which forfeiture conditions
apply, all Phantom Stock Awards that are at that time subject to deferral (other
than a deferral at the election of the Participant) shall be forfeited; provided
that the Committee may provide, by rule or regulation or in any Award agreement,
or may determine in any individual case, that restrictions or forfeiture
conditions relating to Phantom Stock Awards shall be waived in whole or in part
in the event of terminations resulting from specified causes, and the Committee
may in other cases waive in whole or in part the forfeiture of Phantom Stock
Awards.

         (c) Performance Goals. To the extent the Committee determines that any
Award granted pursuant to this Article VI shall constitute performance-based
compensation for purposes of Section 162(m) of the Code, the grant or settlement
of the Award shall, in the Committee's discretion, be subject to the achievement
of performance goals determined and applied in a manner consistent with Section
8.2.

                                  ARTICLE VII
                                RESTRICTED STOCK

         7.1 ELIGIBLE PERSONS. All Employees, Consultants and Non-Employee
Directors shall be eligible for grants of Restricted Stock.

         7.2 RESTRICTED PERIOD AND VESTING.

         (a) Unless the Award specifically provides otherwise, Restricted Stock
shall be subject to restrictions on transfer by the Participant and repurchase
by the Company such that the Participant shall not be permitted to transfer such
shares and the Company shall have the right to repurchase or recover such shares
for the amount of cash paid therefor, if any, if the Participant shall terminate
employment from or services to the Company, provided that such transfer and
repurchase restrictions shall lapse with respect to 33.33% of such initial
shares on the first anniversary of the date of grant and on each subsequent
anniversary of the date of grant that the Participant shall remain continuously
as an Employee, Non-Employee Director or Consultant of the Company; subject to
section 7.2(b) below.

                                      -12-
<PAGE>
         (b) Notwithstanding the foregoing, unless the Award specifically
provides otherwise, all Restricted Stock not otherwise vested shall vest upon
(i) termination of an Employee or Consultant or removal of a Non-Employee
Director without Cause; (ii) termination by an Employee or Consultant or
resignation of a Non-Employee Director with Good Reason; (iii) termination,
resignation or removal of an Employee, Consultant or Non-Employee Director for
any reason within one (1) year from the effective date of a Change of Control;
or (iv) death or Disability of the Participant.

         (c) Each certificate representing Restricted Stock awarded under the
Plan shall be registered in the name of the Participant and, during the
Restricted Period, shall be left in deposit with the Company and a stock power
endorsed in blank. The grantee of Restricted Stock shall have all the rights of
a stockholder with respect to such shares including the right to vote and the
right to receive dividends or other distributions paid or made with respect to
such shares. Any certificate or certificates representing shares of Restricted
Stock shall bear a legend similar to the following:

                  The shares represented by this certificate have been issued
                  pursuant to the terms of the Ashford Hospitality Trust, Inc.
                  2003 Stock Incentive Plan (as amended and restated) and may
                  not be sold, pledged, transferred, assigned or otherwise
                  encumbered in any manner except as is set forth in the terms
                  of such award dated __________, 200___.

                                  ARTICLE VIII
                               PERFORMANCE AWARDS

         8.1 PERFORMANCE AWARDS. The Committee may grant Performance Awards
based on performance criteria measured over a period of not less than one year
and not more than five years. The Committee may use such business criteria and
other measures of performance as it may deem appropriate in establishing any
performance conditions, and may exercise its discretion to increase the amounts
payable under any Award subject to performance conditions except as limited
under Section 8.2 in the case of a Performance Award granted to a Covered
Employee.

         8.2 PERFORMANCE GOALS. The grant and/or settlement of a Performance
Award shall be contingent upon terms set forth in this Section 8.2.

         (a) General. The performance goals for Performance Awards shall consist
of one or more business criteria and a targeted level or levels of performance
with respect to each of such criteria, as specified by the Committee. In the
case of any Award granted to a Covered Employee, performance goals shall be
designed to be objective and shall otherwise meet the requirements of Section
162(m) of the Code and regulations thereunder (including Treasury Regulations
sec. 1.162-27 and successor regulations thereto), including the requirement that
the level or levels of performance targeted by the Committee are such that the
achievement of performance goals is "substantially uncertain" at the time of
grant. The committee may determine that such Performance Awards shall be granted
and/or settled upon achievement of any one performance goal or that two or more
of the performance goals must be achieved as a

                                      -13-
<PAGE>

condition to the grant and/or settlement of such Performance Awards. Performance
goals may differ among Performance Awards granted to any one Participant or for
Performance Awards granted to different Participants.

         (b) Business Criteria. One or more of the following business criteria
for the Company, an a consolidated basis, and/or for specified subsidiaries,
divisions or business or geographical units of the Company (except with respect
to the total stockholder return and earnings per share criteria), shall be used
by the Committee in establishing performance goals for Performance Awards
granted to a Participant: (A) earnings per share; (B) increase in revenues; (C)
increase in cash flow; (D) increase in cash flow return; (E) return on net
assets; (F) return on assets; (G) return on investment; (H) return on capital;
(I) return on equity; (J) economic value added; (K) gross margin; (L) net
income; (M) pretax earnings; (N) pretax earnings before interest, depreciation
and amortization; (O) pretax operating earnings after interest expense and
before incentives, service fees, and extraordinary or special items; (P)
operating income; (Q) total stockholder return; (R) debt reduction; and (S) any
of the above goals determined on the absolute or relative basis or as compared
to the performance of a published or special index deemed applicable by the
Committee including, but not limited to, the Standard & Poor's 500 Stock Index
or a group of comparable companies.

         (c) Performance Period; Timing for Establishing Performance Goals.
Achievement of performance goals in respect of Performance Awards shall be
measured over a performance period of not less than one year and not more than
three years, as specified by the Committee. Performance goals in the case of any
Award granted to a Participant shall be established not later than 90 days after
the beginning of any performance period applicable to such Performance Awards,
or at such other date as may be required or permitted for "performance-based
compensation" under Section 162(m) of the Code.

         (d) Settlement of Performance Awards; Other Terms. After the end of
each performance period, the Committee shall determine the amount, if any, of
Performance Awards payable to each Participant based upon achievement of
business criteria over a performance period. The Committee may not exercise
discretion to increase any such amount payable in respect of a Performance Award
designed to comply with Section 162(m) of the Code. The Committee shall specify
the circumstances in which such Performance Awards shall be paid or forfeited in
the event of termination of employment by the Participant prior to the end of a
performance period or settlement of Performance Awards.

         (e) Written Determinations. All determinations by the Committee as to
the establishment of performance goals, the amount of any Performance Award, and
the achievement of performance goals relating to Performance Awards shall be
made in writing in the case of any Award granted to a Participant. The Committee
may not delegate any responsibility relating to such Performance Awards.

         (f) Status of Performance Awards under Section 162(m) of the Code. It
is the intent of the Company that Performance Awards granted to persons who are
designated by the Committee as likely to be Covered Employees within the meaning
of Section 162(m) of the Code and regulations thereunder (including Treasury
Regulations sec. 1.162-27 and successor regulations thereto) shall, if so
designated by the Committee, constitute "performance-based

                                      -14-
<PAGE>

compensation" within the meaning of Section 162(m) of the Code and regulations
thereunder. Accordingly, the terms of this Section 8.2 shall be interpreted in a
manner consistent with Section 162(m) of the Code and regulations thereunder.
The foregoing notwithstanding, because the Committee cannot determine with
certainty whether a given Participant will be a Covered Employee with respect to
a fiscal year that has not yet been completed, the term Covered Employee as used
herein shall mean only a person designated by the Committee, at the time of
grant of a Performance Award, who is likely to be a Covered Employee with
respect to that fiscal year. If any provision of the Plan as in effect on the
date of adoption or any agreements relating to Performance Awards that are
designated as intended to comply with Section 162(m) of the Code does not comply
or is inconsistent with the requirements of Section 162(m) of the Code or
regulations thereunder, such provision shall be construed or deemed amended to
the extent necessary to conform to such requirements.

                                   ARTICLE IX
                     OTHER STOCK OR PERFORMANCE BASED AWARDS

         The Committee is hereby authorized to grant to Employees, Non-Employee
Directors and Consultants of the Company or its Affiliates, Other Stock or
Performance-Based Awards, which shall consist of a right which (i) is not an
Award described in any other Article and (ii) is denominated or payable in,
valued in whole or in part by reference to, or otherwise based on or related to,
shares of Common Stock (including, without limitation, securities convertible
into shares of Common Stock) or cash as are deemed by the Committee to be
consistent with the purposes of the Plan. Subject to the terms of the Plan, the
Committee shall determine the terms and conditions of any such Other Stock or
Performance-Based Award.

                                   ARTICLE X
                   CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS

         10.1 GENERAL. Awards may be granted on the terms and conditions set
forth herein. In addition, the Committee may impose on any Award or the exercise
thereof, such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment by the
Participant and terms permitting a Participant to make elections relating to his
or her Award. The Committee shall retain full power and discretion to accelerate
or waive, at any time, any term or condition of an Award that is not mandatory
under the Plan; provided, however, that the Committee shall not have a
discretion to accelerate or waive any term or condition of an Award that is
intended to qualify as "performance-based compensation" for purposes of Section
162(m) of the Code if such discretion would cause the Award not to so qualify.
Except in cases in which the Committee is authorized to require other forms of
consideration under the Plan, or to the extent other forms of consideration must
be paid to satisfy the requirements of the Maryland General Corporation Law, no
consideration other than services may be required for the grant of any Award.

         10.2 STAND-ALONE, ADDITIONAL, TANDEM, AND SUBSTITUTE AWARDS. Awards
granted under the Plan may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution or exchange
for, any other Award or any award granted under another plan of the Company, any
Affiliate, or any business entity to be acquired by the

                                      -15-
<PAGE>

Company or an Affiliate, or any other right of a Participant to receive payment
from the Company or any Affiliate. Such additional, tandem and substitute or
exchange Awards may be granted at any time. If an Award is granted in
substitution or exchange for another Award, the Committee shall require the
surrender of such other Award in consideration for the grant of the new Award.
In addition, Awards may be granted in lieu of cash compensation, including in
lieu of cash amounts payable under other plans of the Company or any Affiliate.

         10.3 TERM OF AWARDS. The term or Restricted Period of each Award that
is an Option, Stock Appreciation Right, Phantom Stock or Restricted Stock shall
be for such period as may be determined by the Committee; provided that in no
event shall the term of any such Award exceed a period of ten years (or such
shorter terms as may be require in respect of an Incentive Stock Option under
Section 422 of the Code).

         10.4 FORM AND TIMING OF PAYMENT UNDER AWARDS; DEFERRALS. Subject to the
terms of the Plan and any applicable Award agreement, payments to be made by the
Company of a Subsidiary upon the exercise of an Option or other Award or
settlement of an Award may be made in a single payment or transfer, in
installments, or on a deferred basis. The settlement of any Award may, subject
to any limitations set forth in the Award agreement, be accelerated and cash
paid in lieu of shares in connection with such settlement, in the discretion of
the Committee or upon occurrence of one or more specified events. In the
discretion of the Committee, Awards granted pursuant to Article VI or VIII of
the Plan may be payable in shares to the extent permitted by the terms of the
applicable Award agreement. Installment or deferred payments may be required by
the Committee (subject to Section 1.4 of the Plan, including the consent
provisions thereof in the case of any deferral of an outstanding Award not
provided for in the original Award agreement) or permitted at the election of
the Participant on terms and conditions established by the Committee. Payments
may include, without limitation, provisions for the payment or crediting of
reasonable interest on installment or deferred payments or the grant or
crediting of amounts in respect of installment or deferred payments denominated
in shares. Any deferral shall only be allowed as is provided in a separate
deferred compensation plan adopted by the Company. The Plan shall not constitute
any "employee benefit plan" for purposes of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended.

         10.5 VESTED AND UNVESTED AWARDS. After the satisfaction of all of the
terms and conditions set by the Committee with respect to an Award of (i)
Restricted Stock, a certificate, without the legend set forth in Section 7.2(a),
for the number of shares that are no longer subject to such restrictions, terms
and conditions shall be delivered to the Employee, (ii) Phantom Stock, to the
extent not paid in cash, a certificate for the number of shares equal to the
number of shares of Phantom Stock earned, and (iii) Stock Appreciation Rights or
Performance Awards, cash and/or a certificate for the number of shares equal in
value to the number of Stock Appreciation Rights or amount of Performance Awards
vested shall be delivered to the person. Upon termination, resignation or
removal of a Participant under circumstances that do not cause such Participant
to become fully vested, any remaining unvested Options, shares of Restricted
Stock, Phantom Stock, Stock Appreciation Rights or Performance Awards, as the
case may be, shall either be forfeited back to the Company or, if appropriate
under the terms of the Award, shall continue to be subject to the restrictions,
terms and conditions set by the Committee with respect to such Award.

                                      -16-
<PAGE>

         10.6 EXEMPTIONS FROM SECTION 16(b) LIABILITY. It is the intent of the
Company that the grant of any Awards to or other transaction by a Participant
who is subject to Section 16 of the Exchange Act shall be exempt from Section
16(b) of the Exchange Act pursuant to an applicable exemption (except for
transactions acknowledged by the Participant in writing to be non-exempt).
Accordingly, if any provision of this Plan or any Award agreement does not
comply with the requirements of Rule 16b-3 as then applicable to any such
transaction, such provision shall be construed or deemed amended to the extent
necessary to conform to the applicable requirements of Rule 16b-3 so that such
Participant shall avoid liability under Section 16(b) of the Exchange Act.

         10.7 OTHER PROVISIONS. No grant of any Award shall be construed as
limiting any right which the Company or any Affiliate may have to terminate at
any time, with or without cause, the employment of any person to whom such Award
has been granted.

                                   ARTICLE XI
                              WITHHOLDING FOR TAXES

         Any issuance of Common Stock pursuant to the exercise of an Option or
payment of any other Award under the Plan shall not be made until appropriate
arrangements satisfactory to the Company have been made for the payment of any
tax amounts (federal, state, local or other) that may be required to be withheld
or paid by the Company with respect thereto. Such arrangements may, at the
discretion of the Committee, include allowing the person to tender to the
Company shares of Common Stock owned by the person, or to request the Company to
withhold shares of Common Stock being acquired pursuant to the Award, whether
through the exercise of an Option or as a distribution pursuant to the Award,
which have an aggregate FMV Per Share as of the date of such withholding that is
not greater than the sum of all tax amounts to be withheld with respect thereto,
together with payment of any remaining portion of such tax amounts in cash or by
check payable and acceptable to the Company.

         Notwithstanding the foregoing, if on the date of an event giving rise
to a tax withholding obligation on the part of the Company the person is an
officer or individual subject to Rule 16b-3, such person may direct that such
tax withholding be effectuated by the Company withholding the necessary number
of shares of Common Stock (at the tax rate required by the Code) from such Award
payment or exercise.

                                   ARTICLE XII
                                  MISCELLANEOUS

         12.1 NO RIGHTS TO AWARDS. No Participant or other person shall have any
claim to be granted any Award, there is no obligation for uniformity of
treatment of Participants, or holders or beneficiaries of Awards and the terms
and conditions of Awards need not be the same with respect to each recipient.

         12.2 NO RIGHT TO EMPLOYMENT. The grant of an Award shall not be
construed as giving a Participant the right to be retained in the employ of the
Company or any Affiliate. Further, the Company or any Affiliate may at any time
dismiss a Participant from employment,

                                      -17-
<PAGE>

free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award Agreement.

         12.3 GOVERNING LAW. The validity, construction, and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in
accordance with applicable federal law and the laws of the State of Maryland,
without regard to any principles of conflicts of law.

         12.4 SEVERABILITY. If any provision of the Plan or any Award is or
becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Participant or Award, or would disqualify the Plan or
any Award under any law deemed applicable by the Committee, such provision shall
be construed or deemed amended to conform to the applicable laws, or if it
cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, Participant or Award and
the remainder of the Plan and any such Award shall remain in full force and
effect.

         12.5 OTHER LAWS. The Committee may refuse to issue or transfer any
shares or other consideration under an Award if, acting in its sole discretion,
it determines that the issuance of transfer or such shares or such other
consideration might violate any applicable law.

         12.6 SHAREHOLDER AGREEMENTS. The Committee may condition the grant,
exercise or payment of any Award upon such person entering into a stockholders'
agreement in such form as approved from time to time by the Board.

                                      -18-

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