Ashford Hospitality Trust, Inc. is a real estate investment trust that owns upscale and upper upscale full-service hotels. Its investment strategy focuses primarily 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 direct real estate, equity, and debt investments. The company conducts business through Ashford Hospitality Limited Partnership, its operating partnership, with Ashford OP General Partner LLC as sole general partner. Ashford Hospitality Trust, Inc. was established on May 15, 2003, and incorporated in Maryland.