Ashford Hospitality Trust amends advisory pact; term extended to 2055, termination fee set at 30× EBITDA discounted 2%

ASHFORD HOSPITALITY TRUST INC

Termination Fee redefined as 30 years of Foregone Adjusted EBITDA, discounted at 2%.
Minimum Tangible Net Worth reduced from $750M to $600M plus 75% of equity proceeds after June 2023.
Working Capital Reserve fixed at $20M; Advisor may escrow Termination Fee upon Change of Control.
Company's ability to terminate agreement for fraud removed; tax indemnity for Advisor added.
Incentive Fee cap for peer outperformance increased from 25% to 100%; TMC fee reduced if market cap exceeds $4B.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ASHFORD HOSPITALITY TRUST INC entered into Fourth Amended and Restated Advisory Agreement with Ashford Inc. and Ashford Hospitality Advisors LLC (effective 2026-03-27).

Action: entry
Counterparty: Ashford Inc. and Ashford Hospitality Advisors LLC
Effective: 2026-03-27

Exact text from the filing

On March 27, 2026, Ashford Hospitality Trust, Inc. (the “ Company ”), Ashford Hospitality Limited Partnership (the “ Operating Partnership ”) and Ashford TRS Corporation (“ Ashford TRS ”), a wholly-owned subsidiary of the Company, entered into the Fourth Amended and Restated Advisory Agreement (the “ Fourth Amended and Restated Advisory Agreement ”) with Ashford Inc. and Ashford Hospitality Advisors LLC (together, the “ Advisor ”).

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Source: SEC EDGAR

accession 0001232582-26-000076

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