Item 7.01 Regulation FD Disclosure.
As previously disclosed, on October 16, 2020, the independent members of the
board of directors of Ashford Inc. (the "Ashford Inc. Directors") provided
Ashford Hospitality Trust, Inc. ("Ashford Trust"): (i) a 30-day deferral on the
payment of certain fees and reimbursable expenses with respect to the month of
October 2020 payable under the Amended and Restated Advisory Agreement,
effective as of June 10, 2015, by and among Ashford Trust, Ashford Hospitality
Limited Partnership, Ashford TRS Corporation, Ashford Inc. and Ashford
Hospitality Advisors LLC, as amended (the "Advisory Agreement"); and (ii) a
30-day deferral on the payment of certain fees payable to Lismore Capital II LLC
("Lismore"), a subsidiary of Ashford Inc., pursuant to the amended and restated
agreement, effective as of April 6, 2020, with Lismore, whereby Lismore, acting
as agent for Ashford Trust, was engaged to seek maturity extensions,
refinancings, forbearances, principal reductions and debt-to-equity conversions
of Ashford Trust's existing mortgage and mezzanine loans (the "Lismore
Agreement"). On November 5, 2020, the Ashford Inc. Directors provided Ashford
Trust: (i) an additional 30-day deferral of the base advisory fees and Lismore
success fees for the month of October 2020 that were previously deferred; and
(ii) a 30-day deferral of the base advisory fees and any Lismore success fees
for the month of November 2020. On November 26, 2020, the Ashford Inc. Directors
provided Ashford Trust: (i) an additional deferral of the base advisory fees and
any Lismore success fees for the months of October 2020 and November 2020 that
were previously deferred; and (ii) a deferral of the base advisory fees and any
Lismore success fees for the month of December 2020 such that all such fees
would be due and payable on January 4, 2021.
Additionally, as previously disclosed on January 7, 2021, the Ashford Inc.
Directors provided Ashford Trust: (i) an additional deferral of the base
advisory fees and any Lismore success fees for the months of October 2020,
November 2020 and December 2020 that were previously deferred; and (ii) a
deferral of the base advisory fees and any Lismore success fees for the month of
January 2021 such that all such fees would be due and payable on January 11,
2021.
On January 11, 2021, the independent members of the board of directors of
Ashford Trust requested that Ashford Inc. provide Ashford Trust an additional
deferral of the base advisory fees and any Lismore success fees for the months
of October 2020, November 2020, December 2020 and January 2021 that were
previously deferred such that all such fees would be due and payable on the
earlier of (x) January 18, 2021 and (y) immediately prior to the closing of that
certain proposed credit facility (the "Credit Facility") by and among Ashford
Trust and certain of its affiliates and certain affiliates of Oaktree Capital
Management, L.P. On January 11, 2021, the Ashford Inc. Directors provided
Ashford Trust with the foregoing request. Additionally, the Ashford Inc.
Directors waived any claim against Ashford Trust and Ashford Trust's affiliates
and each of their officers and directors for breach of the Advisory Agreement
and Lismore Agreement or any damages that may have arisen in absence of such fee
deferral.
In accordance with the terms of the previously disclosed deferrals, Ashford
Trust paid Ashford Inc. $14,411,432 immediately prior to the closing of the
Credit Facility.
The information in this Current Report shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, except
as shall be expressly set forth by specific reference in such filing.
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ASHFORD HOSPITALITY TRUST, INC. 
