On February 22, 2021, Cygnus Capital Inc. announced that it withdrew its nomination of Richard Burns, William C. Miller, Roderick W. Newton II, and Christopher Swann for election to the Board of Directors of Ashford Hospitality Trust, Inc. and will not be soliciting stockholders of the Company at the 2021 annual meeting of stockholders. Cygnus Capital stated that while it continues to view that the Board of Directors of the Company needs fundamental change, Cygnus Capital concluded that the cost of litigating with the Company over its nominees and other matters rendered the proxy contest cost prohibitive.