Welcome to the Ashford Hospitality Trust First Quarter 2013 Conference Call. (Operator Instructions). I would now like to turn the conference over to Mr. Scott Eckstein. Please go ahead, sir.

Thank you, operator. Good day, everyone, and welcome to Ashford Hospitality Trust Conference Call to review the company’s results for the first quarter of 2013. On the call today will be Douglas Kessler, Ashford’s President; David Kimichik, Chief Financial Officer; and Jeremy Welter, Executive Vice President of Asset Management. The results as well as notice of the accessibility of this conference call on a listen only basis over the Internet were distributed yesterday afternoon in a press release that has been covered by the financial media. At this time, let me remind you that certain statements and assumptions in this conference call contain are based on forward-looking information, are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous assumptions, uncertainties and known or unknown risks which could cause actual results to differ materially from those anticipated. These risk factors are more fully discussed in the section titled Risk Factors in Ashford’s registration statement on Form F-3 and other filings with the Securities and Exchange Commission. Forward-looking statements included in this conference call are only made as of the day of this call and the company is not obligated to publicly update or revise them. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company’s earnings release, in accompanying tables or schedules which have been filed on Form 8-K with the SEC on May 8, 2013 and may also be accessed through the company’s website at www.ahtreit.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release. I will now turn the call over to Doug Kessler. Please go ahead, sir.

Thank you and good morning. Monty is not feeling well today and is unfortunately not able to participate on this call. Before I begin with the quarterly update I would like to remind you that we’ll be hosting our 2013 investor and analyst day on Tuesday, May 21 in New York at The Carlyle Hotel. If there are analysts or institutional investors that have not registered for this event and have an interest in attending, please contact our investor relations teams and we’ll be happy to assist you. We believe the long term total shareholder return is the single most important metric in evaluating a management team and its track record. As of the end of the first quarter our one year total shareholder return was 40.8% compared to our peer average of 22.2%. Our total shareholder return since our IPO in August of 2003 was 124.7% compared to our peer average of 66.6%. We’re very proud of these results and believe that they demonstrate both the skill and dedication of this management team. Our first quarter results demonstrate the considerable progress we have made with our Highland Hospitality portfolio. When we made this investment in March of 2011 we saw two distinct opportunities. First to improve the operating performance of the hotels and second to invest much needed CapEx dollars into the portfolio and bring the properties up to market standards. The strong performance we are now seeing is a direct result of our execution of these two objectives. Since the closing of the acquisition we’ve replaced the property managers at 21 of 28 hotels and along with our joint venture partner, we’ve invested approximately $68 million in capital expenditures. The performance of the investment has exceeded our initial underwriting and we continue to be very excited about the…

Thanks, Doug. For the first quarter, we reported a net loss to common shareholders of $23.176 million, adjusted EBITDA of $82.280 million and AFFO of $29.614 million for $0.35 per diluted share. At quarter’s end, Ashford had total assets of $3.5 billion in continuing operations and $4.4 billion overall, including the Highland portfolio, which is not consolidated. We had $2.4 billion of mortgage debt in continuing operations and $3.2 billion overall including Highland. Our total combined debt currently has a blended average interest rate of 5.3%. We currently have 57% fixed rate debt and 43% floating rate debt. It is important to note that all of our LIBOR based floating rate debt have interest rate caps in place. The weighted average maturity is 3.6 years. On March 13, 2013, our five-year interest rate swap ended. The swap and associated flooridors worked exactly like we had planned, hedging our cash flows during the recent recession. Altogether, these interest rate derivatives earned Ashford approximately $234 million over the five-year period. For the quarter, our last non-cash entry that will affect our net income will be added back for purposes of calculating our AFFO, was a loss of $7.1 million. In 2013, Marriott Hotels and Resorts converted to a monthly reporting calendar from their traditional 13-period reporting calendar. Marriott is a large manager for us, currently managing 46 hotels for Ashford. We’ve historically recorded three of their accounting periods in each of the first, second and third quarters, and four of their accounting periods in the fourth. In order to have more comparable numbers for the Marriott managed hotels this year, Ashford has converted their 2012 numbers on a pro forma basis to calendar months. This change will affect all of the pro forma hotel operating tables in our earnings release. At quarter’s end, our legacy portfolio consisted of 94 hotels in continuing operations. Additionally, we own 71.74% of the 28 Highland Hospitality Hotels in a joint venture. All combined, we currently own a total of 25,573 net rooms. Our share count currently stands at 87.2 million fully diluted shares outstanding, which are comprised of 68.3 million common shares and 18.9 million operating partnership units. I’d now like to turn the call over to Jeremy to discuss our asset management accomplishments for the quarter.

Thank you, Kimo. To begin, I would like to highlight a recent transaction that our team worked tirelessly to complete. In early April, we announced that along with our joint venture partner in the City of Nashville, we converted our ground leasehold interest in the 673-room Renaissance Nashville Hotel to fee-simple ownership, saving approximately $500,000 annually. In addition, we signed a 30-year lease, at no cost to Ashford that more than triples our existing meeting and pre-function space, going from 30,000 square feet to 110,000 square feet. The new meeting space lease will also allow us to capture incremental F&B and space rental revenue. As part of the deal, we agreed to undertake a transformative $20 million renovation that is entirely funded through existing capital reserves. Before I discuss the quarter, I’d like to address the recent tragic events at the Boston Marathon. We have two hotels: The Courtyard Boston Downtown and the Hilton Back Bay in close proximity to the marathon’s finish line where the attacks took place. I’m extremely proud of our hotels’ entire staff’s bravery and compassion, as they seamlessly transitioned from running hotels to serving as places of refuge. These events remind us that our hotels are not simply places of business but are important responsible stakeholders in their local communities. Everyone in Ashford wishes to extend their condolences to the victims and the City of Boston and our gratitude to Boston’s first responders and law enforcement officials. Regarding performance in the first quarter. Our Highland portfolio performed extremely well and the out performance was broad-based with 10 of the 28 properties delivering double-digit growth and RevPAR and four of those exceeding 25%. We have made significant progress with this portfolio since our acquisition in March of 2011 and we believe we still have plenty of…

Thanks, Jeremy. During the first quarter, we continued to concentrate on proactively managing upcoming debt maturities. This includes the successful refinancing of our sole remaining 2013 debt maturity, which were set to mature in August of 2013. New loan now matures in February of 2018. The previous $141 million loan was refinanced with a new $200 million loan that has a floating interest rate of LIBOR plus 3.5% with no LIBOR floor. The loan remains secured by the Capital Hilton in Washington, DC and The Hilton La Jolla Torrey Pines in La Jolla, California. Ashford has a 75% ownership in the properties with Hilton holding the remaining 25%. The excess loan proceeds above closing cost and reserves were distributed to the partners pro rata. Our share of the excess loan proceeds was approximately $40.5 million, which was added to our unrestricted cash balance. More importantly, our capital market strategies have essentially addressed all of our near-term debt maturities. Now our nearest significant debt maturity is not until November of 2014. At the same time, our initiatives have successfully put us in a much more stronger position from both a cash and liquidity perspective. Looking forward in 2014 and 2015 our non-extendable debt maturities total only $110 million and $423 million, respectively. It’s also important to note that all of our debt is currently non-recourse. At the end of the quarter we had cash, cash equivalents and marketable securities of $234 million. Touching on our investment strategy, we recently announced the planned acquisition of the 142-room Pier House Resort in Key West, Florida for $90 million. We’re excited to add this high quality, high RevPAR hotel to our portfolio. There are several features to this investment opportunity. First, Key West has perhaps the highest barrier to entry in the US for…

Thank you, sir. (Operator Instructions). Our first question is from the line of Ryan Meliker with MLV & Company. Please go ahead. Ryan Meliker – MLV & Company: Hey. Good morning, guys. Just a couple quick ones here; and first of all, Jeremy, thanks for the color on Las Vegas, Indianapolis. It’s helpful understanding where RevPAR came out. Just with regards to DC, you know I think over the past couple of months you guys have been relatively positive on DC, citing the PKF RevPAR growth expectation of 5%. Obviously the first quarter came in lower than that. We’re hearing talks about sequester having an impact in DC along with the rest of the country. Can you just give us some color on where you stand on DC right now? And if you’re seeing any signs of negative impact from the government sequester?

Hey, Ron, its Doug. How are you doing? Ryan Meliker – MLV & Company: Good.

It’s a great question. It’s a question that pertains to those who have concentrations in the DC market. Our strategic answer would be long-term we remain very bullish on this market, and are very pleased with the assets we have in the city, around the city and the capital that we’ve put into the markets. Obviously, we’re seeing also some minor impact in terms of the forecasts that were provided and so there is potentially some near-term softening from the sequester. But I think long-term we remain still bullish on this. And you know quarter-to-quarter is obviously judged, but long-term is where we’re aiming for the accretion, and that’s where we believe these investments will still have a material role in our platform. Ryan Meliker – MLV & Company: That makes all the sense in the world. Obviously you guys are focused long term. I’m just trying to understand near term how things could play out. So have you seen any signs from the sequester yet? Have you seen cancellations? And are you seeing any bigger impact in DC relative to your other major markets?

I would say that we’re seeing more impact to DC than our other markets, that’s definitely true. But you know with sequestration most of the cuts that the government’s been making in 2011, 2012 had a bigger impact than sequestration itself. The 2013 cuts may be a little bit bigger or is actually a little bit less than the 2014 and beyond. There’s $85 billion worth of cuts in 2013 versus $109 billion going forward. But the big impact in 2013 is that because of the timing of the enactment of the sequestration cuts was spread over seven months instead of 12 months for next year. So sequestration’s going to have a bigger impact all the way through September of 2013. And then on a monthly basis of the government cuts in October 2013 and beyond we should have less of an impact of sequestration. So it’s just something that we’re having to deal with right now. There’s a lot of focus within all of our DC hotels of segmenting out of government business, going after association business, to minimize some of the impact from the government cuts.

And across the board, Ryan, you know our portfolio doesn’t derive a substantial amount of business from government demand. So we’re primarily a transient house with business and leisure. And we’re smaller on groups and even smaller on the government side. Ryan Meliker – MLV & Company: Sure. Are you guys able to quantify what your total business mix is from government?

For the portfolio it’s between 6% to 8%. And then in certain markets and certain assets it’s quite a bit higher than that, particularly DC obviously. Hey, Ryan, one thing is a little bit of positives, you know with the BRAC relocation that we’ve been dealing with in Crystal City and that you’re all familiar with, about 95% of the move-outs have already taken place. So we think that 2013 is the bottoming out for office occupancy rates in Crystal City. We see it improving in 2014 with some meaningful momentum in 2015 and beyond. Ryan Meliker – MLV & Company: That is a silver lining. That’s helpful. Thanks. And then just one other quick question with regards to Pier House; can you give us some color on the growth ordinance? What will it take for a developer to try to break ground on a new asset in that market? Have you seen – as far as you know, have there been any new developments in that market since the growth ordinance was put in place?

Sure. I’ll turn that over to Kimo in just a second, but I just want to make a general comment on that market. That is clearly one of the toughest markets to build hotel rooms in. It is a market that we found to be very attractive. As you know, we already own a hotel there within the portfolio, and Remington manages a couple of others in addition. And that is a market also that has, because of I think the tight restrictions on growth, it has the second highest RevPAR; it’s just behind New York City. And so it is a market that – it’s an incredible little jewel in the US and it benefits from really demand all seasons. And interestingly enough, what other aspect attracted us to this market is we looked at the performance historically, and even in the worst of times, when the US market might have been down 16%, 17% RevPAR, this market was only down about 6% or so RevPAR. So it is a very resilient, very robust market and in part, because of this ROGO limited growth ordinance that is what is obviously keeping supply constrained with really an increasing demand, both by all means of transportation, air, land, sea, to get there. So it’s a great market for us and we know this was a competitive process for this asset, but we think that because of our cash that we had on balance sheet, the knowledge that we have in the market and our belief that we can improve revenues and reduce expenses that the bottom line of this asset will even be better over time.

Hey, Ryan. This is Kimo. Ryan Meliker – MLV & Company: Hey, Kimo.

The Rate of Growth Ordinance deals with the density of transient units in Key West that’s permitted in Key West, and it’s currently – it’s capped and it’s been fully allocated. So you can’t build a new hotel in Key West. So in order for a developer to build a hotel, he’d have to actually go in front of the state legislature and get new law passed, essentially. So there’s been no new development in Key West for 17 years, and we currently don’t see that changing. Ryan Meliker – MLV & Company: And I’m assuming the ordinance has no expiration?

No.

We’re not aware of. And when we say there’s been no new development, obviously there’s been a couple rooms added here or there, maybe to an existing hotel where they had already pre-allocation for that type of growth. But we’re talking about, given, if you look at the numbers as to how well this market runs in terms of occupancy and ADR, I think if this were any other city, you would expect to see growth but you’ve got limited land, you’ve got government restrictions, we’re very excited to be in this market with another property. Ryan Meliker – MLV & Company: No, it sounds like a great market and a great asset. One last question on it; is the forward 7.6% cap rate that you guys indicated in your acquisition press release, is that assuming any type of material impact from Remington taking over as management or is that basically a relatively conservative estimate building in just the market level growth and how that would flow to the bottom line?

It’s the combination of factors. There’s market growth. There are some revenue enhancement ideas that we have, as well as we believe some operational efficiencies on both the variables as well as some of the fixed expenses. So again, when we look at an asset like this, and we can see all these various opportunities, we don’t have to just hit on one to make it successful. We think there are lots of tools in this tool box for us to add value. Ryan Meliker – MLV & Company: And then are you, am I correct in assuming that adding another hotel to Key West you’re going to complex some of the back office operations that will help some of the margins at your other assets?

Yes. We believe there will be some synergies there and some efficiencies. Ryan Meliker – MLV & Company: Wonderful. I’ll jump back in queue. Thanks a lot.

Our next question is from the line of Robin Farley with UBS. Please go ahead. Arpine Kocharyan – UBS: Hi. Good morning. This is actually Arpine on behalf of Robin. Could you talk a little bit about the Highland margins? Obviously after you bring those properties to market standards and we start lapping the strong margin improvements, even what we saw second half – in second half of 2012, could you tell us what would be more of a normalized margins in that portfolio? Thank you.

So you’re talking about the margin growth, I believe. Arpine Kocharyan – UBS: Yep.

I think what we have demonstrated in our portfolio is some exceptional growth relative to our peers and I think we’ve been consistently doing that. I think when you look at this part of the cycle where the expectation is for greater ADR growth above occupancy increases that continues to keep the opportunity available for stronger flow-through performance. As you know, we don’t provide guidance, but we remain bullish on the opportunities ahead. Arpine Kocharyan – UBS: Thank you.

Our next question is from the line of Will Marks with JMP Securities. Please go ahead. Will Marks – JMP Securities: Thank you. Good morning, everyone. I wanted to first just ask about – I know you don’t give guidance, as you just said, but any thoughts on the next three quarters? Which have the toughest comps and the easiest comps?

I’m sorry... Will Marks – JMP Securities: Well I guess from a, let’s say from a RevPAR standpoint, was there a particular strength in the second or third or fourth quarters last year? I’m just wondering which are most likely to have stronger RevPAR growth versus weaker?

Will, you know, we don’t provide guidance on RevPAR, nor on any of the company’s stats. I think you can look at the industry forecasts for RevPAR growth, whether it’s coming from PKF or any of the other experts out there, and I think the calibrations still show a fairly healthy growth ahead. And we’ve obviously demonstrated in our portfolio, with the Highland assets, high RevPAR growth. Within the legacy assets, it’s clearly a renewed focus for us, so we remain optimistic with the industry forecast. Will Marks – JMP Securities: Okay. Fair enough. Thank you. Just one other question on – there’s so much discussion with you guys and others on group, whether it really is weak or not. Maybe can you dissect group a little bit and talk about maybe bigger groups versus smaller corporate association a little bit? And how you’re particularly exposed?

Sure. let me just give you the headline, which is that group as a percentage of our portfolio, is smaller than several others of our peers and as we’ve said, it’s circa 25% or so. And Jeremy can give you some particulars as to what we may be seeing with respect to small and large groups. Bear in mind that very few of our hotels, I would consider to be big group houses. So typically our group business is smaller associations, smaller groups where you’re seeing I think generally more of a more resilience in the recovery of those, relative to some of the larger groups where the attendants are still trying to gain some traction and momentum. But Jeremy, you want to add any comment to that?

Sure. I can add some color. Legacy group was down for the quarter. A lot of that is what we explained for Embassy Suites Las Vegas and Sheraton Indianapolis. Highland was up quite a bit for the quarter, so on a net basis, we were essentially flat. But we were able to grow our group rate 4.5% for the quarter on a combined basis. And as relates to what we’re seeing in group it really varies by market. And as it relates to like DC government group is obviously down, government related group is down and as I mentioned what we’re really focused on is going after new types of business, particularly for Marriott Crystal City, association business, share shifting out of government to try to get other group business in. In certain markets, up on at Nashville which we own the Renaissance, that hotel has 673 rooms and it happens to be 11% of the rooms’ revenue for Highland. It was up 14.5% approximately for the quarter and that was because there was strong group demand in Nashville. And we see that, we’ve seen that and we look at the convention calendars in Nashville and going forward it’s still pretty strong despite some of the new supply as well. So it really varies by market. DC is going to be one that is maybe a little bit more challenging. Will Marks – JMP Securities: Okay. That’s great. I really appreciate the color.

Okay.

Our next question is from the line of Jordan Sadler with KeyBanc Capital Markets. Please go ahead. Austin Wurschmidt – KeyBanc Capital Markets: Hi, guys. It’s Austin Wurschmidt here with Jordan. I recognize it’s still a little bit early to talk about debt maturities for next year, but really how are you thinking about March 2014 maturity in both the legacy and the Highland portfolio?

The – we’re obviously very proactive on our debt maturities. We have a clear track record of being ahead of the curve with respect to timing and capitalizing on where we see trends in the market with respect to where pricing is and appetite among lenders. We – you should expect us to be ahead of the game with respect to that as well. We’re obviously in a market today where liquidity seems to be improving, loans that are being provided to really good sponsors like our platform and other public REITs have had very little difficulty in obtaining financing. So the – all the chatter that existed months ago in terms of was there liquidity, we have yet to see any challenge with any of our assets in terms of finding capital. And we appreciate all the lenders who have worked with us. We also believe that the debt yields on these assets looking ahead are in a range of refinanceability, and so even today based upon operating performance, we feel very good about the prospects for refinancing those assets. But again, we’re going to be very smart about timing and execution as you’ve seen us in the past.

And I’ll just add some color to that. The Highland debt, while the maturity says March 2014, we do have two one-year extension options that are essentially at no cost to us. So it really matures in our mind March of 2016. So we have plenty of time to deal with that. So our next major maturity is really December of 2014, we have $100 million loan coming due then. Austin Wurschmidt – KeyBanc Capital Markets: No, I appreciate the color. Would you guys anticipate breaking up the Highland debt? I think that’s encumbering kind of the entire pool of assets. Or how would you think about that?

The opportunity that we have with Highland is I think on lots of different levels. There are opportunities in that portfolio to finance when the time comes in many different ways, clusters of assets that we may decide at one point to, with our partner, trade assets that we may want to have shorter-term debt, assets that we know might be long-term keepers, that could be advantaged by having long-term fixed-rate debt at very attractive rates. There might be pools of assets. There might be single asset financings. It’s a very desired pool, and we frequently get unsolicited inquiries about lenders seeking to refinance that, because it’s rare to have a portfolio of that size with that quality of assets with a public REIT sponsor. So it’s an attractive opportunity and we’re going to run a very competitive commercial process when the time comes. Austin Wurschmidt – KeyBanc Capital Markets: Great. I appreciate the color. That’s all I have. Thank you.

Our next question is from the line of Nikhil Bhalla with FBR. Please go ahead. Nikhil Bhalla – FBR: Yeah, hi. Good morning, everyone. Just wanted to get a sense of how much did strength in the New Jersey and New York market contribute to your Highland portfolio performance overall? And how do you see that market shaping up over the next maybe two to three quarters? Thanks.

Sure. I can take that. What I mentioned in my prepared remarks is that the growth in Highland was broad based, it was across the portfolio. We had great growth in most of all the major markets. New York/New Jersey market was up I think around 11%, 11.3%, but there were some other markets in Highland that performed really well as well. So I don’t think that that is what driven up disproportionately the RevPAR. But some of the benefits from the Sandy related business we certainly anticipate to continue to dissipate. And as far as forward-looking guidance, I can’t really comment on what we see in that market going forward. Nikhil Bhalla – FBR: Got it. I do recall that in the fourth quarter I think the New York, New Jersey market did contribute disproportionately. So you’re saying the contribution this time around was comparatively much lower?

Yeah, I think so. I mean, I think that when you look at the portfolio, we had growth across the entire portfolio, not just New York, New Jersey. Nikhil Bhalla – FBR: Great. Thank you.

(Operator Instructions). Our next question is from the line of Bryan Maher with Craig-Hallum Capital Group. Please go ahead. Bryan Maher – Craig-Hallum Capital Group: Good morning, guys. A couple of quick questions related to acquisitions. Since you just made one it seems like maybe you’re out there sniffing around. Can you elaborate a little bit on what you’re seeing in the market, where you might be looking and what you believe your capacity would be to make more acquisitions? Thanks.

Sure. We’ve actually been looking for two years, even though it’s been two years since we acquired something, since the Highland hospitality portfolio. It’s just that we’re very disciplined, Bryan. We all own so much of the company collectively that we want transactions to be accretive. And based upon, at the time, where we were trading and based upon the going in multiples that some of these assets were trading for, it really just didn’t make economic sense for us to pursue anything. And so even though we looked and we made some bids on some deals that we were in many ways happy to lose, because if we didn’t get it at the price that we thought would make it work for our platform, we weren’t going to buy it. So the market is still below what we believe to be a normal pace of transactions. And it probably won’t get back to the heyday of 2007 when there was circa $35 billion to $40 billion of hotel trades. But at the level that it’s running at right now of around $15 billion to $20 billion, it still feels to me below where it should be at this part of the cycle. And I think it’s really a testament to the fact that buyers are out there looking, because they believe it’s the sweet spot of the cycle, given the number of years ahead that have the opportunity for increased RevPAR growth. But similarly, sellers are reluctant to sell because they also see the same thing. And given the liquidity in the market today, there just doesn’t seem to be the pressure to move assets. So you’ve got this demand, but you’ve got just a little bit unwillingness to sell. I think going forward typically you see a few more transactions coming into the market as you get further and further into the cycle. But you know based on industry pundits there could be three, four, five years still in the cycle. So we’re going to be selective. We’re going to be very disciplined. Now with respect to the capital, obviously we commented that at the end of the quarter we had $234 million of cash, cash equivalents and marketable securities, along with an undrawn line of $165 million. We just bought a $90 million transaction so you know, relatively small in the scheme of things given our cash balance. And we may consider refinancing that asset. So I think from an opportunity to continue to search for transactions that opportunity still exists. Bryan Maher – Craig-Hallum Capital Group: And what parts of the market, or what types of the asset class have you been most looking for? Clearly you’re not looking for you know Hamptons Inns or Motel 6. What are you looking for and where in particular do you feel like there’s a void in your portfolio that you need to fill?

I don’t know if we feel like there’s a void necessarily because our footprint is so geographically dispersed as well as by product type it’s dispersed and as well as by brand. So you know we couldn’t be happier with our portfolio. I think obviously it performs well in up and down cycles. But you’re right I mean we haven’t really spent much time focusing on the select service or the secondary market areas. We’ve really been focused on more urban, you know upper upscale assets that we think can contribute to the quality of the portfolio. But you know at the end of the day, Bryan, you’ve noticed for 10 years we’re opportunistic. And if it can make money for the shareholders, it’s certainly something that we would at least consider and determine whether or not there is a way to provide additional accretion to the shareholders. But generally our leanings is what I previously just mentioned. Bryan Maher – Craig-Hallum Capital Group: And just lastly, are you seeing that the mezzanine opportunities just totally disappeared at this point or is there stuff out there to look at?

No, there’s definitely mezzanine opportunities out there to look at, it’s just that we’re not looking at any of them. It’s just not at an attractive yield point for us, nor strategically, given where we believe we are in this cycle that we should spend much time at all on that aspect of what has been a business of ours. We still obviously have one mez loan that is outstanding on The Ritz Key Biscayne that is performing. It’s a small mez loan of only $4 million. But we have not actively been pursuing it. But there is an active mezzanine market, given the liquidity that we’re seeing in the debt capital markets. And groups are definitely layering in mez pieces, but at lower yields than what we had seen when we were actively engaged in the business. Bryan Maher – Craig-Hallum Capital Group: Okay. Thanks a lot, guys.

Our next question is from the line of David Auerbach with Esposito Securities. Please, go ahead. David Auerbach – Esposito Securities: Hey, guys. Thanks, for taking my call. I’m looking forward to seeing you in a couple of weeks. Just some quick question about the preferred stock, I’m noticing here 8.5%, 9% where we’re at right now, seeing a lot of the competition coming in around 5% and 6% and change. I’m curious about your thoughts on where the preferred stocks at right now.

I think that the preferred market is an active market. We’ve seen the coupons come down on newly-issued securities. We have three preferreds in the market, our A, D, and E. The E is non-callable. The A and the D are callable. It’s interesting when we look at the yields relative to where some of the peer yields are. So I think what you’re seeing is also a curiosity to you as it is to us with respect to where the strip yields are. But bear in mind that because two of those securities are callable, there is that coupon question with respect to investors as to the longevity of that. It’s an interesting market at this time. It’s been interesting for several quarters. Historically, we haven’t engaged in any activity. So that’s all I can really comment I think at this point. David Auerbach – Esposito Securities: Because you just brought up that good point there, like you said, with it being callable here in a couple of weeks obviously I think you guys are doing your numbers, running the math on it to figure if you’re going to do that or not?

We don’t comment on any of our capital markets activities until we can comment on anything. So there’s really nothing to comment on at this point. David Auerbach – Esposito Securities: Understood. Thank you very much.

Our next question is from the line of Robin Farley with UBS. Please go ahead. Arpine Kocharyan – UBS: Hi. A follow-up question actually on DC, I know the question was asked earlier, but the market I think grew in the 4%, 5% range in Q1. Could you just tell me what was the – and I think you said you came in about 2.6% for the quarter. Was the discrepancy pretty much driven by the inauguration calendar or was there anything else in DC? Thanks.

Yeah. When you look at our DC portfolio, you’ve really got to look at in kind of three segments. You’ve got inside the district, which performed very well for the first quarter, had a great impact from the inauguration. Then you have Crystal City which is a great submarket, just right outside the district, in close proximity to the Pentagon and to all the government demand and Reagan Airport. That has its own challenges because there’s been a lot of new supply that’s come in and the government is relocating out of the city or actually has – had relocated out of the city. And so, there’s a lot of repositioning in that market going on. And then the third market that we have is everything else. And everything else is what really under-performed the most within the portfolio because the inauguration, while it was great for the District, there was a little bit of a pick-up in Crystal City. There really wasn’t meaningful compression felt outside to positively impact RevPAR. Arpine Kocharyan – UBS: Thanks much.

I’m showing no further questions at this time. Right now I’d like to turn the call back over to management for closing remarks.

Well, thank you all for your participation today. We look forward to seeing many of you at our Investor and Analyst Day and speaking with you again on our next call.

Ladies and gentlemen, this concludes the Ashford Hospitality Trust First Quarter 2013 Conference Call. Thank you for your participation. You may now disconnect.