ITEM 8.01 OTHER EVENTS
On September 30, 2008, Ashford Hospitality Trust, Inc. (the "Company") entered into a one-year, LIBOR interest rate cap agreement (the "Rate Cap Agreement") with Calyon New York Branch with a notional amount of $800 million and at a rate of 3.75%. The Company paid a $1.75 million premium for the Rate Cap Agreement on October 2, 2008. The Rate Cap Agreement becomes effective on October 14, 2008 and terminates October 13, 2009.

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