As a cumulative preferred investor, I am most concerned with a company existentially rather than its day-to-day or quarterly price fluctuation. In most instances, I'm certain that the only way I can be hurt holding such preferreds is if the company goes bankrupt. Of course, because most preferred shares are perpetual, there are instances when their value might fall and remain so for many years. However, I'm okay with that if they continue to keep paying the dividends those shares call for. Another way to lose is when the preferred dividend is suspended and the price falls dramatically and remains at a low level for a long period of time. When this happens, most often, the company goes bankrupt and you lose your investment. Alternatively, I have preferred shares in FCH and BEE and made a killing when these companies recovered and repaid all the missed preferred dividend payments.

Consequently, I rely heavily on the common stock performance of any company I'm interested in making a preferred investment in. Toward that end, I usually like to see how the company common shares performed over the past 5-years. Companies do not go bankrupt overnight or because of a bad quarter, they usually exhibit a long slide that might or might not end in bankruptcy.

Ashford Hospitality Trust, AHT, commons, over the past 5-years have not performed well as demonstrated in the following chart supplied by Yahoo Finance:

(Click on image to enlarge)

Bottom line 

As far as this preferred investor is concerned, existentially, this company is a risky investment. However, for some, the reward might be worth the risk. This is a decision that I leave for you to make after you've done sufficient due diligence. Therefore, the only thing that remains to be determined is which of the preferred shares it offers is the best buy at the current prices.  

Frankly, I like the B best it offers the highest yield at the lowest current price. I like it for several reasons:

1. Because I consider a preferred in this company a relatively risky bet, therefore, you are risking pennies yet gaining a higher yield than the I-series, the next lowest priced preferred.
2. If and when called, the B offers, the largest upside capital gain of 25.00 - 21.51 = 3.49/share called.