阿什福德信托美股招股说明书(2025-12-23版)

(Liquidation Preference $25.00 per share) This prospectus supplement no. 14 (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, We have attached to this Supplement our current report on Form 8-K filed December 23, 2025. The attached information updates andsupplements, and should be read together with, the Prospectus. Investing in our securities involves risks. The Preferred Stock has no public trading market and has limited liquidity and mayat times be illiquid. The Preferred Stock has not been rated and investors will be subject to the risks associated with investingin non-rated securities. See “Risk Factors” on page 19 of the Prospectus, and under similar headings in any amendments or Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesesecurities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. UNITED STATESSECURITIES AND EXCHANGE COMMISSION FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THESECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): December 18, 2025 ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of thischapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ITEM 2.01COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS. On December 18, 2025, Ashford Le Pavillon LP, an indirect subsidiary of Ashford Hospitality Trust, Inc. (the “Company”), completedthe sale of the 226-room Le Pavillon hotel located in New Orleans, Louisiana (the “Hotel”) pursuant to an Agreement of Purchase andSale, dated as of November 17, 2025, by and between Ashford Le Pavillon LP, as seller, and 833 Poydras St. Prime Property, LLC, as ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS. (b) Pro Forma Financial Information. The unaudited pro forma financial information for the Company as of and for the nine monthsended September 30, 2025 and the year ended December 31, 2024, is attached hereto as Exhibit 99.1 and is incorporated by referenceherein. (d) Exhibits Exhibit Number 99.1Unaudited Pro Forma Financial Information of Ashford Hospitality Trust, Inc.104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its ASHFORD HOSPITALITY TRUST, INC. By:/s/ Deric S. EubanksDeric S. EubanksChief Financial Officer Dated: December 23, 2025