Ashford Investment Management LLC signed an investment management agreement with AHT SMA LP to manage the investment of all or a portion of its excess cash.

Ashford is authorized to use a portion of the commissions generated from the agreement to pay for research and research-related services and products.

AHT SMA is a wholly owned subsidiary of Ashford Hospitality Trust Inc. Ashford Investment Management is a subsidiary of Ashford Inc.

Monty Bennett, the board chairman and CEO of Ashford, also serves in those roles at AHT SMA.