DALLAS— Ashford Hospitality Trust, Inc. has priced a follow-on public offering of 9 million shares of common stock at $9.62 per share, resulting in net proceeds after expenses of approximately $82.0 million. The closing of the offering is scheduled for Jan. 20, 2005. The underwriters have been granted a 30-day option to purchase an additional 1.35 million share of common stock from the company to cover over-allotments.