|Ashford Hospitality Trust, Inc., (Ashford) together with its subsidiaries, is a self-administered real estate investment trust (REIT) focused on investing in the hospitality industry. The Company owns its lodging investments and conducts its business through Ashford Hospitality Limited Partnership, its operating partnership. Ashford OP General Partner LLC, which is a wholly owned subsidiary of the Company, serves as the sole general partner of its operating partnership. It operates in two business segments within the hotel lodging industry: direct hotel investments include owning hotels through either acquisition or new development, and hotel financing includes owning subordinate hotel-related mortgages through acquisition or origination. During December 1, 2011, the hotel property held by a joint venture in which it had an interest of 89% was leased on a triple-net lease basis. In May 2013, the Company acquired the 142-room Pier House Resort and Caribbean Spa in Key West, Florida.