0000950123-11-087966 Sample Contracts

ASHFORD HOSPITALITY TRUST, INC. (PAR VALUE $.01 PER SHARE) AT-THE-MARKET ISSUANCE SALES AGREEMENT
At-the-Market Issuance Sales Agreement • September 30th, 2011 • Ashford Hospitality Trust Inc • Real estate investment trusts • New York

Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), and Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), of which the Company’s wholly-owned subsidiary, Ashford OP General Partner LLC, a Delaware corporation (the “OP General Partner”), is the sole general partner, each confirms its agreement (this “Agreement”) with McNicoll, Lewis & Vlak LLC (“MLV”), as follows:

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AMENDMENT NO. 7 TO THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF ASHFORD HOSPITALITY LIMITED PARTNERSHIP September 30, 2011
Agreement of Limited Partnership • September 30th, 2011 • Ashford Hospitality Trust Inc • Real estate investment trusts • Delaware

This Amendment No. 7 to the Third Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership (this “Amendment”) is made as of September 30, 2011, by Ashford OP General Partner, LLC, a Delaware limited liability company, as general partner (the “General Partner”) of Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”), pursuant to the authority granted to the General Partner in the Third Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, dated as of May 7, 2007, as amended by Amendment No. 1 to the Third Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, dated as of July 18, 2007, Amendment No. 2 to the Third Amended and Restated Agreement of Limited Partnership, dated as of February 6, 2008, Amendment No. 3 to the Third Amended and Restated Agreement of Limited Partnership, effective as of March 21, 2008, Amendment No

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