ASHFORD INC. (NYSE:AHT) Files An 8-K Other Events

On February 21, 2017, Ashford Inc. (Ashford or the Company)
issued a press release relating to the proposed acquisition of
FelCor Lodging Trust Incorporated (FelCor) by Ashford Hospitality
Trust, Inc. (Ashford Trust). A copy of the press release is
attached hereto as Exhibit 99.1. The foregoing description is
qualified in its entirety by reference to the text of the press
release and is incorporated herein by reference and constitutes
part of this report.

Forward-Looking Statements

Certain statements and assumptions made herein contain or are
based upon forward-looking information and are being made to the
safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject
to risks and uncertainties. When Ashford uses the words will
likely result, may, anticipate, estimate, should, expect,
believe, intend, or similar expressions, Ashford intends to
identify forward-looking statements. Such statements are subject
to numerous assumptions and uncertainties, many of which are
outside Ashfords control.

These forward-looking statements are subject to known and unknown
risks and uncertainties, which could cause actual results to
differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of Ashfords common stock; changes in Ashfords
business or investment strategy; availability, terms and
deployment of capital; availability of qualified personnel;
changes in Ashfords industry and the market in which Ashford
operates, interest rates or the general economy; and the degree
and nature of Ashfords competition. These and other risk factors
are more fully discussed in Ashfords filings with the Securities
and Exchange Commission. In addition, material risks that could
cause actual results to differ from forward-looking statements
include: the inherent uncertainty associated with financial or
other projections; the ability of Ashford Trust to successfully
integrate FelCor; and the ability to recognize the anticipated
benefits from the proposed combination of Ashford Trust and
FelCor, including the anticipated synergies resulting from the
proposed combination.

The forward-looking statements included in Item 8.01 of this Form
8-K are only made as of the date hereof. Investors should not
place undue reliance on these forward-looking statements. Ashford
is not obligated to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or circumstances, changes in expectations or otherwise.

Additional Information

This communication does not constitute an offer to buy or
solicitation of any offer to sell securities. This communication
relates to a proposal which Ashford Trust has made for a business
combination transaction with FelCor that is supported by Ashford.
In furtherance of this proposal and subject to future
developments, Ashford, Ashford Trust and, if a negotiated
transaction is agreed, FelCor may file one or more registration
statements, prospectuses, proxy statements or other documents
with the Securities and Exchange Commission (the SEC). This
communication is not a substitute for any registration statement,
prospectus, proxy statement or other document Ashford, Ashford
Trust or FelCor may file with the SEC in connection with the
proposed transaction. INVESTORS AND SECURITY HOLDERS OF ASHFORD,
ASHFORD TRUST AND FELCOR ARE URGED TO READ CAREFULLY THE
REGISTRATION STATEMENT(S), PROSPECTUS(ES), PROXY STATEMENT(S) AND
OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC IF AND WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT ASHFORD, ASHFORD TRUST, FELCOR AND THE PROPOSED
TRANSACTION. Investors and security holders may obtain free
copies of these documents (if and when they become available) and
other related documents filed with the SEC at the SECs web site
at www.sec.gov, or by requesting them in writing or by telephone
from Ashford at 14185 Dallas Parkway, Suite 1100, Dallas, Texas
75254, Attn: Investor Relations or (972) 490-9600. Investors and
security holders may obtain copies of the documents filed with
the SEC on Ashfords website, www.ashfordinc.com, under the
Investors link.

Certain Information Regarding Participants

Ashford Trust and Ashford and their respective directors and
executive officers may be deemed participants in the solicitation
of proxies in connection with the proposed transaction. You can
find information about Ashford Trusts directors and executive
officers in Ashford Trusts definitive proxy statement for its
most recent annual meeting filed with the SEC on April 25, 2016.
You can find information about Ashfords directors and executive
officers in Ashfords definitive proxy statements for its most
recent annual meeting and special meeting filed with the SEC on

April 28, 2016 and October 7, 2016, respectively. You can find
information about FelCors directors and executive officers in
FelCors definitive proxy statement for its most recent annual
meeting filed with the SEC on April 14, 2016. These documents are
available free of charge at the SECs web site at www.sec.gov and
(with respect to documents and information relating to Ashford
Trust) from Investor Relations at Ashford Trust, as described
above. Additional information regarding the interests of such
potential participants will be included in one or more
registration statements, proxy statements, tender offer
statements or other related documents filed with the SEC if and
when they become available.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits