UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 0)*

                              Ashford Hospitality Trust, Inc.
 -------------------------------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, Par Value $.01
 -------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   044103109
 -------------------------------------------------------------------------------
                                 (CUSIP Number)


                             December 31, 2004
 -------------------------------------------------------------------------------
            (Date of Event which Requires Filing of this Settlement)


             Check the  appropriate  box to designate the rule pursuant to which
this Schedule is filed:

             [x]  Rule 13d-1(b)
             [ ]  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
disclosures provided in a prior cover page.

The information required on 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).








                                  SCHEDULE 13G


CUSIP No. 044103109	                             Page  2  of  4  Pages      
          -------------                                   ---    ---

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     1       NAME OF REPORTING PERSON
             S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

             Kensington Investment Group, Inc., IRS ID# 68-0309666
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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

--------------------------------------------------------------------------------
     4       CITIZENSHIP OR PLACE OF ORGANIZATION

                      Delaware, USA
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--------------------------------------------------------------------------------
                                   5      SOLE VOTING POWER
           Number of
            Shares                             3,183,755
         Beneficially              ---------------------------------------------
           Owned by                6      SHARED VOTING POWER                
              Each
            Reporting                          -0-                      
             Person                ---------------------------------------------
              With                 7      SOLE DISPOSITIVE POWER             
                                                           
                                               3,203,735                     
                                   ---------------------------------------------
                                   8      SHARED DISPOSITIVE POWER           
                                                                             
                                               -0-                    
-------------------------------------------------------------------------------
     9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


                  3,203,735
--------------------------------------------------------------------------------
    10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
             SHARES*                                               [ ]      

--------------------------------------------------------------------------------
    11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)


                  12.41%
--------------------------------------------------------------------------------
    12       TYPE OF REPORTING PERSON*


                  IA
--------------------------------------------------------------------------------


      
                                  SCHEDULE 13G



CUSIP No. 044103109	                             Page  3  of  4  Pages
          ---------------                                 ---    ---
                                                
Item 1.
         (a)       Name of Issuer: Ashford Hospitality Trust, Inc.

         (b)       Address of Issuer's Principal Executive Offices: 

                                                   14180 Dallas Parkway
                                                   Dallas, TX 75254 
Item 2.

         (a)      Name of Person Filing: Kensington Investment Group, Inc.

         (b)      Business Address: 4 Orinda Way, Suite 200C, Orinda, CA 94563

         (c)      Citizenship: USA

         (d)      Title of Class of Securities: Common Stock

         (e)      CUSIP Number: 044103109

Item 3.  Not applicable

Item 4.  Ownership

	(a) Amount beneficially owned:  3,203,735 shares of common stock.

	(b) Percent of class:  12.41%

	(c) Number of shares as to which the person has:

		(i) Sole power to vote or to direct the vote:  3,183,755 shares 

		(ii) Shared power to vote or to direct the vote: 0

		(iii) Sole power to dispose or to direct the disposition of:  3,203,735 shares

		(iv) Shared power to dispose or to direct the disposition of: 0

Item 5.  Ownership of Five Percent or Less of a Class

	 Not applicable.

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person

         Not applicable.

Item 7.  Identification  and Classification of the Subsidiary Which Acquired the
Security Being Reported On By the Parent Holding Company

         Not applicable.



				SCHEDULE 13G



CUSIP No. 044103109	                             Page  4  of  4  Pages
          ---------------                                 ---    ---

Item 8.  Identification and Classification of Members of the Group.

         Not applicable.

Item 9.  Notice of Dissolution of Group

         Not applicable.
      
Item 10.  Certification

         (a)      Not applicable

         (b)      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 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.



         After reasonable  inquiry and to the best of my information and belief,
I certify that the  information  set forth in this statement is true,  complete,
and correct.



January 20, 2005                Kensington Investment Group, Inc.


                            By: /s/ John P. Kramer
                                John P. Kramer, President