v3.26.1
REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(dollars in thousands)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period (6)
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		TotalAccumulated
Depreciation		Construction
Date		Acquisition
Date		Income
Statement
 Embassy Suites (7)
 Austin, TX $22,025 $1,204 $9,388 $193 $10,330 $1,397 $19,718 $21,115 $11,274  08/1998  (1), (2), (3)
 Embassy Suites  Dallas, TX 14,579 1,876 8,907 238 14,753 2,114 23,660 25,774 12,850  12/1998  (1), (2), (3)
 Embassy Suites  Herndon, VA 15,000 1,303 9,836 277 3,810 1,580 13,646 15,226 9,011  12/1998  (1), (2), (3)
 Embassy Suites  Las Vegas, NV 28,547 3,307 16,952 397 6,398 3,704 23,350 27,054 13,573  05/1999  (1), (2), (3)
 Embassy Suites (7)
 Houston, TX 16,790 1,799 10,404 — 3,289 1,799 13,693 15,492 7,109  03/2005  (1), (2), (3)
 Embassy Suites  West Palm Beach, FL 18,667 3,277 13,949 — 13,086 3,277 27,035 30,312 11,591  03/2005  (1), (2), (3)
 Embassy Suites  Philadelphia, PA 17,000 5,791 34,819 — 2,287 5,791 37,106 42,897 18,329  12/2006  (1), (2), (3)
 Embassy Suites  Arlington, VA 38,140 36,065 41,588 — 6,640 36,065 48,228 84,293 24,316  04/2007  (1), (2), (3)
 Embassy Suites  Portland, OR 72,763 11,110 60,048 (5,615)(38,476)5,495 21,572 27,067 2,936  04/2007  (1), (2), (3)
 Embassy Suites  Santa Clara, CA 55,489 8,948 46,239 — 5,625 8,948 51,864 60,812 24,614  04/2007  (1), (2), (3)
 Embassy Suites  Orlando, FL 18,534 5,674 21,593 — 4,452 5,674 26,045 31,719 12,594  04/2007  (1), (2), (3)
 Hilton Garden Inn  Jacksonville, FL 11,082 1,751 9,164 — 1,604 1,751 10,768 12,519 5,729  11/2003  (1), (2), (3)
 Hilton Garden Inn  Austin, TX 60,414 7,605 48,725 — 1,054 7,605 49,779 57,384 14,459  03/2015  (1), (2), (3)
 Hilton Garden Inn  Baltimore, MD 14,788 4,027 20,199 — 1,563 4,027 21,762 25,789 7,286  03/2015  (1), (2), (3)
 Hilton Garden Inn  Virginia Beach, VA 29,305 4,101 26,329 — 6,646 4,101 32,975 37,076 8,178  03/2015  (1), (2), (3)
 Hilton  Ft. Worth, TX 45,000 4,538 13,922 — 12,693 4,538 26,615 31,153 15,083  03/2005  (1), (2), (3)
 Hilton  St. Petersburg, FL 45,938 2,991 13,907 (1,130)10,415 1,861 24,322 26,183 10,864  03/2005  (1), (2), (3)
 Hilton  Santa Fe, NM 45,000 7,004 10,689 — 2,305 7,004 12,994 19,998 6,815  12/2006  (1), (2), (3)
 Hilton  Bloomington, MN 10,700 5,685 59,139 — 5,321 5,685 64,460 70,145 31,080  04/2007  (1), (2), (3)
 Hilton  Costa Mesa, CA 54,033 12,917 91,791 (7,145)(66,653)5,772 25,138 30,910 2,246  04/2007  (1), (2), (3)
 Hilton  Parsippany, NJ 34,716 7,293 58,098 — 2,432 7,293 60,530 67,823 18,925  03/2015  (1), (2), (3)
 Hilton  Tampa, FL 25,022 5,206 21,186 — 2,450 5,206 23,636 28,842 8,609  03/2015  (1), (2), (3)
 Hilton (4)
 Alexandria, VA 62,753 14,459 96,602 (4,982)(45,580)9,477 51,022 60,499 249  06/2018  (1), (2), (3)
 Hilton (4)
 Santa Cruz, CA 21,971 9,399 38,129 (4,092)(18,174)5,307 19,955 25,262 3,116  02/2019  (1), (2), (3)
 Hampton Inn  Evansville, IN 10,481 1,301 5,034 — 9,120 1,301 14,154 15,455 7,166  09/2004  (1), (2), (3)
 Hampton Inn  Parsippany, NJ 16,997 3,268 24,306 — (410)3,268 23,896 27,164 6,846  03/2015  (1), (2), (3)
 Marriott  Beverly Hills, CA 90,000 6,510 22,061 — 2,143 6,510 24,204 30,714 12,877  03/2005  (1), (2), (3)
 Marriott  Arlington, VA 121,500 20,637 101,376 — 8,354 20,637 109,730 130,367 55,356  07/2006  (1), (2), (3)
 Marriott  Dallas, TX 18,500 2,701 30,893 — 6,274 2,701 37,167 39,868 17,004  04/2007  (1), (2), (3)
 Marriott  Fremont, CA 40,000 5,800 44,200 — 9,827 5,800 54,027 59,827 20,315  08/2014  (1), (2), (3)
 Marriott  Memphis, TN 18,000 6,210 37,284 — (2,143)6,210 35,141 41,351 10,267  02/2015  (1), (2), (3)
 Marriott  Irving, TX 60,775 8,330 82,272 — 12,897 8,330 95,169 103,499 34,187  03/2015  (1), (2), (3)
 Marriott  Omaha, NE 14,450 6,641 49,887 — 1,068 6,641 50,955 57,596 16,378  03/2015  (1), (2), (3)
 Marriott  Sugarland, TX 56,807 9,047 84,043 — 14,493 9,047 98,536 107,583 30,215  03/2015  (1), (2), (3)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period (6)
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		LandFF&E,
Buildings and
Improvements		TotalAccumulated
Depreciation		Construction
Date		Acquisition
Date		Income
Statement
 Courtyard by Marriott  Bloomington, IN 13,432 900 10,741 — 7,789 900 18,530 19,430 7,676  09/2004  (1), (2), (3)
 Courtyard by Marriott  Denver, CO 30,432 9,342 29,656 — (1,153)9,342 28,503 37,845 8,444  03/2015  (1), (2), (3)
 Courtyard by Marriott  Gaithersburg, MD 26,059 5,128 30,522 — (362)5,128 30,160 35,288 8,573  03/2015  (1), (2), (3)
 Courtyard by Marriott  Crystal City, VA 40,101 5,411 38,610 — 3,406 5,411 42,016 47,427 22,507  06/2005  (1), (2), (3)
 Courtyard by Marriott  Overland Park, KS 9,500 1,868 14,030 — 1,664 1,868 15,694 17,562 8,095  06/2005  (1), (2), (3)
 Courtyard by Marriott  Foothill Ranch, CA 20,490 2,447 16,005 — 1,154 2,447 17,159 19,606 9,071  06/2005  (1), (2), (3)
 Courtyard by Marriott  Alpharetta, GA 18,538 2,244 12,345 — 1,691 2,244 14,036 16,280 7,478  06/2005  (1), (2), (3)
 Marriott Residence Inn  Orlando, FL 35,000 6,554 40,539 (380)4,536 6,174 45,075 51,249 24,574  06/2005  (1), (2), (3)
 Marriott Residence Inn  Falls Church, VA 24,652 2,752 34,979 — 3,798 2,752 38,777 41,529 20,695  06/2005  (1), (2), (3)
 Tribute Portfolio  Santa Fe, NM 35,697 8,094 42,058 — 3,428 8,094 45,486 53,580 9,744  10/2018  (1), (2), (3)
 Ritz-Carlton  Atlanta, GA 89,269 2,477 80,139 — 8,345 2,477 88,484 90,961 28,071  03/2015  (1), (2), (3)
 Renaissance  Nashville, TN 306,946 20,671 158,260 — 20,662 20,671 178,922 199,593 57,552  03/2015  (1), (2), (3)
 Renaissance  Palm Springs, CA 46,979 — 74,112 — (1,294)— 72,818 72,818 21,146  03/2015  (1), (2), (3)
 Sheraton Hotel  Minneapolis, MN 17,223 2,953 14,280 (51)1,732 2,902 16,012 18,914 8,352  03/2005  (1), (2), (3)
 Sheraton Hotel  Indianapolis, IN 55,882 3,100 22,041 — 19,422 3,100 41,463 44,563 16,445  03/2005  (1), (2), (3)
 Sheraton Hotel  Anchorage, AK 41,500 4,023 39,363 — 13,202 4,023 52,565 56,588 22,166  12/2006  (1), (2), (3)
 Sheraton Hotel  San Diego, CA 32,800 7,294 36,382 — 10,643 7,294 47,025 54,319 19,612  12/2006  (1), (2), (3)
 Hyatt Regency  Coral Gables, FL 84,000 4,805 50,820 — 10,564 4,805 61,384 66,189 31,074  04/2007  (1), (2), (3)
 Hyatt Regency  Hauppauge, NY 32,912 6,284 35,669 — (2,210)6,284 33,459 39,743 13,080  03/2015  (1), (2), (3)
 Hyatt Regency  Savannah, GA 63,119 14,041 72,721 — 1,952 14,041 74,673 88,714 22,640  03/2015  (1), (2), (3)
 Crown Plaza  Key West, FL 53,466 — 27,514 — 38,372 — 65,886 65,886 29,320  03/2005  (1), (2), (3)
 Annapolis Historic Inn  Annapolis, MD 15,352 3,028 7,833 — 1,658 3,028 9,491 12,519 4,966  03/2005  (1), (2), (3)
 Lakeway Resort & Spa  Austin, TX 33,000 4,541 28,940 — (487)4,541 28,453 32,994 10,780  02/2015  (1), (2), (3)
 Silversmith  Chicago, IL 25,293 4,782 22,398 — (849)4,782 21,549 26,331 7,362  03/2015  (1), (2), (3)
 The Churchill  Washington, DC 37,488 25,898 32,304 — 421 25,898 32,725 58,623 9,586  03/2015  (1), (2), (3)
 The Melrose  Washington, DC 68,800 29,277 62,507 — (1,794)29,277 60,713 89,990 17,135  03/2015  (1), (2), (3)
 Westin  Princeton, NJ 45,000 6,475 52,195 — 4,428 6,475 56,623 63,098 15,934  03/2015  (1), (2), (3)
 Atlanta Hotel Indigo  Atlanta, GA 12,329 3,230 23,713 — 2,139 3,230 25,852 29,082 8,383  10/2015  (1), (2), (3)
 Le Meridien
 Ft. Worth, TX 15,660 4,609 82,749 (9)(4,562)4,600 78,187 82,787 5,558 
08/2024
 (1), (2), (3)
 Hampton Inn  Buford, GA 10,000 1,168 5,338 — 3,734 1,168 9,072 10,240 6,237  07/2004  (1), (2), (3)
 SpringHill Suites by Marriott  Buford, GA 4,500 1,132 6,089 — 7,191 1,132 13,280 14,412 7,134  07/2004  (1), (2), (3)
 Marriott Residence Inn  Manchester, CT 7,700 1,462 8,306 — 7,087 1,462 15,393 16,855 6,975  04/2007  (1), (2), (3)
 Marriott Residence Inn  Jacksonville, FL 8,000 1,997 16,084 — 4,665 1,997 20,749 22,746 11,709  05/2007  (1), (2), (3)
Total (5)
$2,586,885 $435,762 $2,492,201 $(22,299)$180,865 $413,463 $2,673,066 $3,086,529 $999,521 
_________________________
(1)    Estimated useful life for buildings is 39 years.
(2)    Estimated useful life for building improvements is 7.5 years.
(3)    Estimated useful life for furniture and fixtures is 1.5 to 5 years.
(4)    Amounts include impairment charges.
(5)     Total includes properties held for sale as of December 31, 2025 and excludes the Hilton Marietta as it is operated through a lease.
(6)    The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $2.2 billion as of December 31, 2025.
(7)     Hotel property was held for sale as of December 31, 2025.

Year Ended December 31,
202520242023
Investment in Real Estate:
Beginning balance$3,350,086 $4,245,264 $4,546,384 
Additions71,736 102,232 206,737 
Impairment/write-offs(209,807)(255,732)(194,343)
Sales/disposals(108,181)(631,383)(292,268)
Assets held for sale(34,818)(110,295)(21,246)
Ending balance$3,069,016 $3,350,086 $4,245,264 
Accumulated Depreciation:
Beginning balance1,030,879 1,293,332 1,428,053 
Depreciation expense144,289 152,832 188,021 
Impairment/write-offs(142,122)(196,402)(194,343)
Sales/disposals(31,883)(195,710)(119,102)
Assets held for sale(17,391)(23,173)(9,297)
Ending balance$983,772 $1,030,879 $1,293,332 
Investment in Real Estate, net$2,085,244 $2,319,207 $2,951,932