SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
ASHFORD HOSPITALITY TRUST
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
044103109
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(CUSIP Number)
December 31, 2003
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(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[x] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 044103109
1. NAME OF REPORTING PERSON(S)
Eubel Brady & Suttman Asset Management, Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 2,775,810
REPORTING -------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,775,810
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,775,810
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.79%
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12. TYPE OF REPORTING PERSON*
IA, CO
CUSIP No. 044103109
1. NAME OF REPORTING PERSON(S)
Ronald L. Eubel
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
-------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 1,270
BENEFICIALLY -------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 2,808,800
REPORTING -------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 1,270
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,808,800
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,810,070
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.92%
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12. TYPE OF REPORTING PERSON*
IN
CUSIP No. 044103109
1. NAME OF REPORTING PERSON(S)
Mark E. Brady
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
-------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 2,808,800
REPORTING -------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,808,800
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,808,800
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.91%
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12. TYPE OF REPORTING PERSON*
IN
CUSIP No. 044103109
1. NAME OF REPORTING PERSON(S)
Robert J. Suttman
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
-------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 2,808,800
REPORTING -------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,808,800
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,808,800
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.91%
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12. TYPE OF REPORTING PERSON*
IN
CUSIP No. 044103109
1. NAME OF REPORTING PERSON(S)
William E. Hazel
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
-------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 2,808,800
REPORTING -------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,808,800
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,808,800
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.91%
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
CUSIP No. 044103109
1. NAME OF REPORTING PERSON(S)
Bernard J. Holtgreive
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
-------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 2,808,800
REPORTING -------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,808,800
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,808,800
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
10.91%
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
Item 1. (a) Name of Issuer:
Ashford Hospitality Trust
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(b) Address of Issuer's Principal Executive Offices:
14180 Dallas Parkway, 9th Floor
Dallas, TX 75254
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Item 2. (a) Name of Person Filing:
Eubel Brady & Suttman Asset Management, Inc.
("EBS")
Ronald L. Eubel*
Mark E. Brady*
Robert J. Suttman*
William E. Hazel*
Bernard J. Holtgreive*
*These individuals may, as a result of their
ownership in and positions with EBS and other
affiliated entities, be deemed to be indirect
beneficial owners of the equity securities held by
EBS and two affiliated entities, EBS Partners, LP and
EBS Microcap, LP. The filing of this statement shall
not be deemed an admission by Ronald L. Eubel, Mark
E. Brady, Robert J. Suttman, William E. Hazel or
Bernard J. Holtgreive that any of them beneficially
own the securities for which they report shared
dispositive power and shared voting power, regardless
of whether they are acting in concert or acting
severally.
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(b) Address of Principal Business Office, or if None,
Residence:
7777 Washington Village Drive
Suite 210
Dayton, OH 45459
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(c) Citizenship:
Eubel Brady & Suttman Asset Management, Inc.
- Delaware corporation
Ronald L. Eubel, Mark E. Brady, Robert J.
Suttman, William E. Hazel and Bernard J.
Holtgreive - United States citizens
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(d) Title of Class of Securities:
Common Stock
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(e) CUSIP Number:
044103109
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Item 3.
(e) (x) Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
If this statement is filed pursuant to Rule 13d-1(c), check this box (x)
Item 4. Ownership.
(a) Amount Beneficially Owned
Eubel Brady & Suttman Asset Management, Inc., 2,775,810
shares. Messrs. Eubel, Brady, Suttman, Hazel and Holtgreive
may, as a result of their ownership in and positions with EBS
and other affiliated entities, be deemed to be indirect
beneficial owners of the 2,808,800 shares held by EBS and two
affiliated entities, EBS Partners, LP and EBS Microcap, LP.
Mr. Eubel is the beneficial owner of an additional 1,270
shares.
(b) Percent of Class
Eubel Brady & Suttman Asset Management, Inc. 10.79%
Ronald L. Eubel 10.92%
Messrs. Brady, Suttman, Hazel and Holtgreive 10.91%
(c) Number of Shares as to which the Person has:
(i) Sole power to vote or direct the vote
1,270 (Mr. Eubel only)
(ii) Shared power to vote or direct the vote
2,808,800 (Messrs. Eubel, Brady, Suttman, Hazel and
Holtgreive)
2,775,810 (EBS)
(iii) Sole power to dispose or to direct the disposition of
1,270 (Mr. Eubel only)
(iv) Shared power to dispose or to direct the disposition
of 2,808,800 (Messrs. Eubel, Brady, Suttman, Hazel
and Holtgreive)
2,775,810 (EBS)
Item 5. Ownership of Five Percent or Less of a Class.
Inapplicable
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person.
Inapplicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company or Control Person.
Inapplicable
Item 8. Identification and Classification of Members of the Group.
Inapplicable
Item 9. Notice of Dissolution of Group.
Inapplicable
Item 10. Certification.
With respect to Eubel Brady & Suttman Asset Management, Inc.:
Certification for Rule 13d-1(b): By signing below, I certify that, to
the best of my knowledge and belief, the securities referred to above were
acquired and are held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
With respect to Ronald L. Eubel, Mark E. Brady, Robert J. Suttman,
William E. Hazel and Bernard J. Holtgreive:
Certification for Rule 13d-1(c): By signing below, I certify that, to
the best of my knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
SIGNATURES
With respect to all reporting persons: After reasonable inquiry and to
the best of my knowledge and belief, I certify that the information set forth in
this statement is true, complete and correct.
Date: February 13, 2004
EUBEL BRADY & SUTTMAN ASSET MANAGEMENT, INC.
Signature: /s/ RONALD L. EUBEL
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By: Ronald L. Eubel
Title: Chief Executive Officer
Signature: /s/ RONALD L. EUBEL
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Name/Title Ronald L. Eubel
Signature: /s/ MARK E. BRADY
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Name/Title Mark E. Brady
Signature: /s/ ROBERT J. SUTTMAN
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Name/Title Robert J. Suttman
Signature: /s/ WILLIAM E. HAZEL
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Name/Title William E. Hazel
Signature: /s/ BERNARD J. HOLTGREIVE
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Name/Title Bernard J. Holtgreive
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
AGREEMENT
The undersigned agree that this Schedule 13G dated February 13, 2004
relating to the Common Stock of Ashford Hospitality Trust shall be filed on
behalf of the undersigned.
/s/ EUBEL BRADY & SUTTMAN ASSET
MANAGEMENT, INC.
By: /s/ RONALD L. EUBEL
-----------------
By: Ronald L. Eubel
Title: Chief Executive Officer
/s/ RONALD L. EUBEL
------------------------------
Ronald L. Eubel
/s/ MARK E. BRADY
------------------------------
Mark E. Brady
/s/ ROBERT J. SUTTMAN
------------------------------
Robert J. Suttman
/s/ WILLIAM E. HAZEL
------------------------------
William E. Hazel
/s/ BERNARD J. HOLTGREIVE
------------------------------
Bernard J. Holtgreive