Ashford Hospitality Trust, Inc., (Ashford) together with its subsidiaries, is a self-administered real estate investment trust (REIT) focused on investing in the hospitality industry. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Ashford OP General Partner LLC, which is a wholly owned subsidiary of the Company, serves as the sole general partner of its operating partnership. It operates in two business segments within the hotel lodging industry: direct hotel investments and hotel financing. Direct hotel investments include owning hotels through either acquisition or new development. Hotel financing includes owning subordinate hotel-related mortgages through acquisition or origination. In November 2013, Ashford Hospitality Trust, Inc completed the spin-off of Ashford Hospitality Prime, Inc.