Extension Agreement, dated March 13, 2020

Exhibit 10.2

EXTENSION AGREEMENT

This extension agreement (the “Extension Agreement”) is entered into and effective as of March 13, 2020, by and among Ashford Hospitality Trust, Inc., a Maryland corporation (“Ashford Trust”), Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Operating Partnership”), Ashford TRS Corporation, a Delaware corporation (“Ashford TRS”), Ashford Inc., a Nevada corporation (“Ashford Inc.”), and Ashford Hospitality Advisors LLC, a Delaware limited liability company (“Ashford LLC”). All capitalized terms not specifically defined herein shall have the meanings ascribed to them in that certain Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement dated effective as of June 26, 2018, by and among Ashford Trust, the Operating Partnership, Ashford TRS, Ashford Inc. and Ashford LLC (the “ERFP Agreement”). All capitalized terms herein that are not otherwise defined shall have the meanings ascribed to them in the ERFP Agreement.

WHEREAS, on November 30, 2018 and pursuant to the ERFP Agreement, the Operating Partnership delivered a written request to Ashford LLC requesting that Ashford LLC commit to fund an Enhanced Return Investment of $19,500,000 (the “ES Manhattan ERFP”) with respect the Operating Partnership’s intended purchase of the Embassy Suites Manhattan hotel (the “ES Manhattan Funding Commitment Request”);

WHEREAS, on December 5, 2018 and pursuant to the ERFP Agreement, in response to the ES Manhattan Funding Commitment Request, Ashford LLC delivered a Confirmation Notice to the Operating Partnership;

WHEREAS, a subsidiary of the Operating Partnership acquired the Embassy Suites Manhattan hotel on January 22, 2019;

WHEREAS, Section 2.01(c) of the ERFP Agreement provides that, subject to the terms of the ERFP Agreement, Ashford LLC shall fund the ES Manhattan ERFP on or before January 22, 2021 (the “ES Required FF&E Acquisition Date”); and

WHEREAS, the parties to the ERFP Agreement desire to waive the ES Required FF&E Acquisition Date and extend such date to December 31, 2022.

NOW THEREFORE, in consideration of the mutual covenants set forth in this Extension Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows:

IN WITNESS WHEREOF, the undersigned have executed this Extension Agreement as of the date first set forth above.