Co mpa ny Pre se nta tio n April 2017 Sa fe Ha rb o r I n ke e - PDF document

Co mpa ny Pre se nta tio n – April 2017

Sa fe Ha rb o r I n ke e ping with the SE C's "Sa fe Ha rb o r" g uide line s, c e rta in sta te me nts ma de during this pre se nta tio n c o uld b e c o nside re d fo rwa rd-lo o king a nd sub je c t to c e rta in risks a nd unc e rta intie s tha t c o uld c a use re sults to diffe r ma te ria lly fro m tho se pro je c te d. Whe n we use the wo rds "will like ly re sult," "ma y," "a ntic ipa te ," "e stima te ," "sho uld," "e xpe c t," "b e lie ve ," "inte nd," o r simila r e xpre ssio ns, we inte nd to ide ntify fo rwa rd-lo o king sta te me nts. Suc h fo rwa rd-lo o king sta te me nts inc lude , b ut a re no t limite d to , o ur b usine ss a nd inve stme nt stra te g y, o ur unde rsta nding o f o ur c o mpe titio n, c urre nt ma rke t tre nds a nd o ppo rtunitie s, pro je c te d o pe ra ting re sults, a nd pro je c te d c a pita l e xpe nditure s. T he se fo rwa rd-lo o king sta te me nts a re sub je c t to kno wn a nd unkno wn risks a nd unc e rta intie s, whic h c o uld c a use a c tua l re sults to diffe r ma te ria lly fro m tho se a ntic ipa te d inc luding , witho ut limita tio n: g e ne ra l vo la tility o f the c a pita l ma rke ts a nd the ma rke t pric e o f o ur c o mmo n sto c k; c ha ng e s in o ur b usine ss o r inve stme nt stra te g y; a va ila b ility, te rms a nd de plo yme nt o f c a pita l; a va ila b ility o f q ua lifie d pe rso nne l; c ha ng e s in o ur industry a nd the ma rke t in whic h we o pe ra te , inte re st ra te s o r the g e ne ra l e c o no my, a nd the de g re e a nd na ture o f o ur c o mpe titio n. T he se a nd o the r risk fa c to rs a re mo re fully disc usse d in the Co mpa ny's filing s with the Se c uritie s a nd E xc ha ng e Co mmissio n. E BI T DA is de fine d a s ne t inc o me b e fo re inte re st, ta xe s, de pre c ia tio n a nd a mo rtiza tio n. E BI T DA yie ld is de fine d a s tra iling twe lve mo nth E BI T DA divide d b y the purc ha se pric e . A c a pita liza tio n ra te is de te rmine d b y dividing the pro pe rty's ne t o pe ra ting inc o me b y the purc ha se pric e . Ne t o pe ra ting inc o me is the pro pe rty's funds fro m o pe ra tio ns minus a c a pita l e xpe nse re se rve o f e ithe r 4% o r 5% o f g ro ss re ve nue s. Ho te l E BI T DA flo w-thro ug h is the c ha ng e in Ho te l E BI T DA divide d b y the c ha ng e in to ta l re ve nue s. E BI T DA, F F O, AF F O, CAD a nd o the r te rms a re no n-GAAP me a sure s, re c o nc ilia tio ns o f whic h ha ve b e e n pro vide d in prio r e a rning s re le a se s a nd filing s with the SE C. T his o ve rvie w is fo r info rma tio na l purpo se s o nly a nd is no t a n o ffe r to se ll, o r a so lic ita tio n o f a n o ffe r to b uy o r se ll, a ny se c uritie s o f Ashfo rd Ho spita lity T rust, I nc . o r a ny o f its re spe c tive a ffilia te s, a nd ma y no t b e re lie d upo n in c o nne c tio n with the purc ha se o r sa le o f a ny suc h se c urity. 2

Stra te g ic Ove rvie w Oppor tunistic platfor m foc use d Supe r ior long- te r m total on uppe r - upsc ale , full- se r vic e shar e holde r r e tur n pe r for manc e hote ls T ar ge ts mode r ate de bt le ve ls of Attr ac tive divide nd yie ld 55- 60% ne t de bt/ gr oss asse ts T ar ge ts c ash le ve l of 25- 35% of Highly- aligne d manage me nt total e quity mar ke t c ap te am & advisor y str uc tur e 3

Re c e nt De ve lo pme nts  Q4 2016 E a rning s Re le a se :  Q4 Re vPAR g ro wth fo r a ll ho te ls no t unde r re no va tio n o f 3.2%  Q4 Ho te l E BI T DA ma rg in fo r a ll ho te ls no t unde r re no va tio n inc re a se d 46 b ps  Q4 Ho te l E BI T DA flo w-thro ug h fo r a ll ho te ls no t unde r re no va tio n o f 51%  I n F e b rua ry 2017, the Co mpa ny a nno unc e d a no n-b inding pro po sa l to a c q uire F e lCo r L o dg ing T rust I nc o rpo ra te d (NYSE : F CH) ("F e lCo r") fo r 1.192 sha re s o f Ashfo rd T rust a nd se c uritie s in Ashfo rd I nc . in e xc ha ng e fo r e a c h sha re o f F e lCo r  I n F e b rua ry 2017, the Co mpa ny a nno unc e d the a ppo intme nt o f Do ug la s A. K e ssle r a s Chie f E xe c utive Offic e r e ffe c tive imme dia te ly  Anno unc e d e nha nc e me nts to c o rpo ra te g o ve rna nc e po lic ie s 4

De mo nstra te d L o ng -T e rm T ra c k Re c o rd T ota l Sha re holde r Re turn 900% 2,000% L ong- te r m 1,497% 800% pe r for manc e signific antly 700% outpe r for ms pe e r s 600% 500% 400% 296% 300% 234% 202% 191% 200% 120% 117% 105% 95% 90% 82% 100% 59% 59% 44% 29% 33% 25% 21% 12% 0% -7% -9% -8% -13% -25% -100% 1 I nc e ptio n 10-Yr 9-Yr 8-Yr 7-Yr 6-Yr 5-Yr 4-Yr 3-Yr 2-Yr 1-Yr YT D 2017 Pe e r Avg AHT (1) Sinc e I PO o n Aug ust 26, 2003 Pe e r ave rag e inc lude s: CHSP, CL DT , DRH, F CH, HST , HT , I NN, L HO, RL J, SHO 5 *1-Yr thro ug h I nc e ptio n Re turns as o f 12/30/2016; YT D 2017 fro m 12/30/16 thro ug h 3/27/17 So urc e : SNL

Hig he st I nside r Owne rship Inside r Owne rship 19.4% 20.0% 18.0% 16.0% Most highly aligne d manage me nt te am among the lodging 14.0% RE IT se c tor 12.0% 10.0% 8.0% 6.2% 5.7% 6.0% 3.4% 4.0% 3.3% 3.3% 2.5% 2.5% 1.9% 1.8% 2.0% 1.3% 1.1% 0.8% 0.4% 0.3% 0.0% 1,2 AHT APL E HT RL J CL DT F CH CHSP RE IT INN HST PE B DR H SHO L HO XHR Avg RE I T ave rag e inc lude s: APL E , HT , RL J, CL DT , F CH, CHSP, I NN, HST , PE B, DRH, SHO, L HO, XHR RE I T So urc e : L ate st pro xy and o the r c o mpany filing s. 6 (1) As o f 3/28/2017 (2) I nc lude s dire c t inte re sts, indire c t inte re sts, and inte re sts o f re late d partie s

Attra c tive Divide nd Yie ld Divide nd Yie ld (a s of 3/ 22/ 17) 9.0% Highe st divide nd yie ld in the industr y and with 8.2% atio of 3.1x 1 attr ac tive c ove r age r 8.0% 6.9% 7.0% 6.7% 6.6% 6.6% 6.4% 6.3% 6.1% 6.0% 5.9% 6.0% 5.5% 5.4% 5.0% 4.6% 4.6% 4.4% 4.0% 3.6% 3.0% 2.0% 1.0% 0.0% 2 2 AHT CHSP CL DT XHR PK APL E L HO HT AHP RL J RE IT PE B DR H SHO HST INN Avg RE I T ave rag e inc lude s: APL E , HT , RL J, CL DT , F CH, CHSP, I NN, HST , PE B, DRH, SHO, L HO, XHR So urc e : Co mpany filing s and marke t data 7 (1) Co ve rag e ratio as o f De c e mb e r 31, 2016 (2) Annualize d b ase d o n mo st re c e nt divide nd anno unc e me nt

Hig h Qua lity, Ge o g ra phic a lly Dive rse Po rtfo lio E mba ssy Suite s Portla nd Hilton Bac k Bay We stin Princ e ton Po r tland, OR Bo sto n, MA Pr inc e to n, NJ L e Me ridie n Minne a polis Minne apo lis, MN Chic a g o Silve rsmith Ma rriott Ga te wa y Chic ago , IL Ar lingto n, VA Ma rriott F re mont T he Churc hill F r e mo nt, CA Washingto n, D.C. Re na issa nc e Na shville Ma rriott Be ve rly Hills Nashville , T N Be ve r ly Hills, CA W Atla nta Downtown Hilton Sa nta F e Atlanta, GA Santa F e , NM Crowne Pla za Ke y We st L ake way Re sor t & Spa Ke y We st, F L L e Pavillon Hote l Hilton Costa Me sa Austin, T X Ne w Or le ans, L A Co sta Me sa, CA Ma rriott Sug a r L a nd Sugar L and, T X 8 Ashfo r d T r ust Ho te ls

Po rtfo lio Ove rvie w Hote l E BIT DA by Br and Hote l E BIT DA by Manage r Inte r state Inde pe nde nt 1% IHG 6% 6% Hya tt 4% Mar r iott 32% Re mington Hilton Mar r iott 58% 27% 57% Hilton 6% Hya tt 3% Hote l E BIT DA by Chainsc ale Hote l E BIT DA by MSA Uppe r - Midsc ale Inde pe nde nt T op T e n Mar ke ts 3% 4% Othe r T T M Hotel % of L uxur y 8% EBIT DA T otal Wa shing to n DC Area $45,207 9.6% 5% Sa n F ra n/ Oa kla nd , C A $34,559 7.3% T op 50 L o s Ang eles Metro Area $33,163 7.0% Upsc ale 18% Atla nta , GA $32,131 6.8% 34% NY/ NJ Metro Area $29,905 6.3% T op 25 DF W, T X $26,180 5.6% 74% B o sto n, MA $25,665 5.4% Na shville, T N $25,527 5.4% Uppe r - Upsc ale MN/ St. Pa ul Area $16,975 3.6% 54% Mia m i Metro Area $11,920 2.5% T ota l Portfolio $471,216 100.0% T T M Ho te l E BI T DA as o f De c e mb e r 31, 2016 fo r the 121 o wne d ho te ls as o f Marc h 22, 2017 9 Ho te l E BI T DA in tho usands

Re ming to n Outpe rfo rma nc e - Pro fita b ility Hote l E BIT DA F low- T hr ough 334% 100% 300% 70% 68% 75% 60% 59% 59% 58% 57% 58% 53% 52% 53% 47% 43% 41% 42% 50% 22% 25% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 - 25% - 50%  - 75% Re mington has outpe r for me d in E BIT DA flow- thr ough 7 out of the last 9 ye ars - 100% - 125%  Supe rior ma na g e me nt of downside risk a nd c a sh flow loss - 150% - 175% -808% - 800% - 200% Non- Re mington Re mington 10 NOT E : Re ming to n manag e d ho te ls o wne d b y Ashfo rd T rust and Ashfo rd Prime as c o mpare d to No n-Re ming to n manag e d ho te ls