Consistent with the company's Corporate Governance Guidelines, Mr. Archie Bennett, Jr. tendered to the Board of Directors of Ashford Hospitality Trust Inc. a letter of proposed retirement from the Board, effective on January 18, 2013. On December 21, 2012, the Board accepted Mr. Bennett's resignation, effective January 18, 2013. Upon his retirement, Mr. Bennett will assume the role of Chairman Emeritus pursuant to a Chairman Emeritus Agreement.

In connection with Mr. Archie Bennett's retirement, the Non-Compete/Services Agreement between Mr. Archie Bennett and the company will be terminated and replaced with a Chairman Emeritus Agreement to reflect Mr. Bennett's new role with the company. The Chairman Emeritus position will be an advisory position, and Mr. Bennett will not be a voting member of the Board nor will he be an executive officer of the company. The agreement will terminate on the death of Mr. Bennett or on such earlier date as he elects to terminate the agreement.