Ashford Hospitality Trust, Inc., together with its subsidiaries, is a real estate investment trust. Its portfolio currently consists of upscale and upper upscale full-service hotels, and its investment strategy focuses predominantly on upper upscale full-service hotels in the United States with revenue per available room generally less than twice the U.S. national average. Investments are made through all methods, including direct real estate, equity, and debt. The company owns its lodging investments and conducts business through Ashford Hospitality Limited Partnership, its operating partnership, with Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust, serving as sole general partner. Ashford Hospitality Trust, Inc. was established on May 15, 2003, and incorporated in Maryland.