阿什福德信托美股招股说明书(2025-12-09版)

11,200,000 Shares of SeriesL Redeemable Preferred Stock4,800,000 Shares of SeriesM Redeemable Preferred Stock (Liquidation Preference $25.00 per share) This prospectus supplement no. 13 (this “Supplement”) is part of and should be read in conjunction with the prospectus of AshfordHospitality Trust,Inc., dated February 7, 2025 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein,capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. When used in this Supplement, the terms“our Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust,Inc., a Maryland corporation, and, as the context may require,its consolidated subsidiaries, including Ashford Hospitality Limited Partnership, a Delaware limited partnership. The purpose of this Supplement is to provide additional information with respect to the status of this offering, the suspension of theredemption of the Preferred Stock and risks related thereto. STATUS OF THE OFFERING Our board of directors has approved the termination of our primary offering effective immediately. Any pending subscription requestswill be returned to subscribers. We plan to continue to offer shares of the Preferred Stock pursuant to the dividend reinvestment planbeyond the termination of the primary offering. SUSPENSION OF REDEMPTIONS Our board of directors has suspended the redemption of Preferred Stock. RISK FACTORS The following risk factor supersedes and replaces the corresponding risk factor included in the prospectus. There is no public market for the Preferred Stock, and we do not expect one to develop; because our board of directors hassuspended redemptions of the Preferred Stock, you may be unable to dispose of your shares, and even if redemptions resume, youmay receive less than the Stated Value. There is no public trading market for the Preferred Stock offered in this offering, and we do not intend to list these securities on theNYSE or any other securities exchange or to include these shares for quotation on any national securities market. Therefore, theredemption of shares by us will likely be the only way for you to dispose of your shares. Effective December9, 2025, our board ofdirectors has suspended all redemptions of the Preferred Stock. As a result, you should not expect to have any ability to have yourshares redeemed by us for an indefinite period, if at all, and your ability to dispose of your shares may be severely limited. If our boardof directors determines in the future to resume redemptions, such redemptions, if available, may be subject to a redemption feedepending on the period of time you have held your shares. As a result, if you are able to sell your shares to us, you may receive lessthan the Stated Value of your shares. Additionally, our charter contains restrictions on the ownership and transfer of our securities, andthese restrictions may inhibit your ability to sell the Preferred Stock promptly or at all. If you are able to sell the Preferred Stock, youmay only be able to sell them at a substantial discount from the price you paid. Therefore, you should purchase the Preferred Stockonly as a long-term investment.