ARLINGTON, Va., Aug. 29 / Friedman, Billings, Ramsey Group, Inc. FBR today announced that its subsidiary, Friedman, Billings, Ramsey & Co., Inc., has closed a $202.5 million initial public offering for Ashford Hospitality Trust, Inc., a real estate company formed to invest in lodging related assets. The transaction involved the offering of 22.5 million common shares priced at $9.00 per share.

The shares trade under the symbol "AHT" on the New York Stock Exchange.

Ashford has granted the underwriters an option to purchase up to 3,375,000 additional shares of common stock to cover over-allotments, if any. The total net proceeds to Ashford from the offering will be approximately $188.3 million, assuming no exercise of the overallotment option. Ashford intends to use the net proceeds from this offering to purchase lodging related assets and repay mortgage debt. FBR served as lead underwriter and sole book-running manager for the offering. Legg Mason Wood Walker and Credit Lyonnais Securities (USA) Inc. served as co-managers.

"The closing of this transaction brings to over $1.3 billion the amount FBR has raised in the equity capital markets for REITs since the beginning of the year," said Emanuel Friedman, Co-Chairman and Co-Chief Executive Officer of FBR. "FBR is pleased to have assisted Ashford Hospitality in this offering."

Ashford Hospitality Trust, Inc. AHT , headquartered in Dallas, Texas, is a self advised Maryland corporation and real estate investment trust (REIT) organized to pursue opportunities in the lodging industry. Initial assets consist of six hotels comprised of four Embassy Suites and two Radisson properties as well as eight asset management and consulting agreements.

Friedman, Billings, Ramsey Group, Inc. is a national investment bank that provides investment banking*, institutional brokerage*, asset management, and private client services through its operating subsidiaries and invests in mortgage-backed securities and merchant banking opportunities. FBR focuses capital and financial expertise on six industry sectors: financial services, real estate, technology, healthcare, energy and diversified industries. FBR, headquartered in the Washington, D.C. metropolitan area, with offices in Arlington, Va. and Bethesda, Md., also has offices in Atlanta, Boston, Charlotte, Chicago, Cleveland, Denver, Irvine, London, New York, Portland, San Francisco, Seattle, and Vienna. FBR has elected REIT status for tax purposes. For more information, see .

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.