Ashford Hospitality Trust, Inc., together with its subsidiaries, is a real estate investment trust. Its portfolio currently consists of upscale hotels and upper upscale full-service hotels. The company's 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, using methods including direct real estate, equity, and debt. It owns its lodging investments and conducts business through Ashford Hospitality Limited Partnership, its operating partnership, whose sole general partner is Ashford OP General Partner LLC, a wholly owned subsidiary of Ashford Trust. The company was established on May 15, 2003, and incorporated in Maryland.