Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry throughout all segments and at all levels of the capital structure, such as direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. The company's management team has experience in sourcing, underwriting, operating, repositioning, developing, selling and financing a variety of lodging investments. Ashford's strategy is to make diversified equity and debt investments throughout capital structure, hotel property type, market and brand. The company's ongoing asset allocation strategy proactively adjusts the investment portfolio mix to capitalize on yield and appreciation opportunities based upon changing trends within the hotel and financial markets. Ashford Hospitality Trust is located in Dallas.