Ashford Hospitality Trust (AHT) 10-Q 11 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 06, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'ASHFORD HOSPITALITY TRUST INC	'
Entity Central Index Key	'0001232582	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	89,290,897

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$212,292	$128,780
Marketable securities	34,935	29,601
Total cash, cash equivalents and marketable securities	247,227	158,381
Investments in hotel properties, net	2,079,506	2,164,389
Restricted cash	87,692	61,498
Accounts receivable, net of allowance of $197 and $242, respectively	32,234	21,791
Inventories	2,005	1,946
Note receivable, net of allowance of $7,732 and $7,937, respectively	3,466	3,384
Investment in unconsolidated entities	198,411	195,545
Deferred costs, net	8,473	10,155
Prepaid expenses	11,791	7,519
Derivative assets, net	55	19
Other assets	5,950	4,303
Due from Ashford Prime OP, net	4,616	13,042
Due from affiliates	4,536	1,302
Due from third-party hotel managers	14,091	33,728
Total assets	2,700,053	2,677,002
Liabilities:	'	'
Indebtedness	1,776,761	1,818,929
Capital leases payable	0	28
Accounts payable and accrued expenses	82,647	70,683
Dividends payable	21,903	20,735
Unfavorable management contract liabilities	6,318	7,306
Due to related party, net	753	270
Due to third-party hotel managers	1,607	958
Liabilities associated with marketable securities and other	6,699	3,764
Other liabilities	1,246	1,286
Total liabilities	1,897,934	1,923,959
Redeemable noncontrolling interests in operating partnership	202,541	134,206
Equity:	'	'
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 89,290,897 and 80,565,563 shares outstanding at June 30, 2014 and December 31, 2013, respectively	1,249	1,249
Additional paid-in capital	1,722,032	1,652,743
Accumulated other comprehensive loss	-110	-197
Accumulated deficit	-998,583	-896,110
Treasury stock, at cost, 35,605,868 and 44,331,202 shares at June 30, 2014 and December 31, 2013, respectively	-125,938	-140,054
Total shareholders’ equity of the Company	598,808	617,789
Noncontrolling interests in consolidated entities	770	1,048
Total equity	599,578	618,837
Total liabilities and equity	2,700,053	2,677,002
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'
Equity:	'	'
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	17	17
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'
Equity:	'	'
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	95	95
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'
Equity:	'	'
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$46	$46

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Allowance for doubtful notes receivable	$197	$242
Allowance for doubtful notes receivable	$7,732	$7,937
Preferred stock, par value (in dollars per shares)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	124,896,765	124,896,765
Common stock, shares outstanding (in shares)	89,290,897	80,565,563
Treasury stock, shares (in shares)	35,605,868	44,331,202
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'
Preferred stock, shares issued (in shares)	1,657,206	1,657,206
Preferred stock, shares outstanding (in shares)	1,657,206	1,657,206
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'
Preferred stock, shares issued (in shares)	9,468,706	9,468,706
Preferred stock, shares outstanding (in shares)	9,468,706	9,468,706
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'
Preferred stock, shares issued (in shares)	4,630,000	4,630,000
Preferred stock, shares outstanding (in shares)	4,630,000	4,630,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUE	'	'	'	'
Rooms	$168,198	$205,740	$325,919	$389,209
Food and beverage	29,014	43,234	57,253	82,884
Other hotel revenue	6,656	9,429	13,033	18,145
Total hotel revenue	203,868	258,403	396,205	490,238
Advisory services	3,945	0	6,139	0
Other	1,076	136	2,141	243
Total Revenue	208,889	258,539	404,485	490,481
Hotel operating expenses:	'	'	'	'
Rooms	36,172	45,075	71,093	87,231
Food and beverage	19,379	27,616	38,702	54,791
Other expenses	72,578	73,356	131,120	141,648
Management fees	8,116	10,686	15,896	20,579
Total hotel operating expenses	136,245	156,733	256,811	304,249
Property taxes, insurance, and other	8,981	11,663	18,601	23,911
Depreciation and amortization	26,612	32,842	52,841	65,322
Impairment charges	-104	-99	-205	-195
Transaction costs	83	1,170	83	1,170
Corporate, general, and administrative	19,451	14,699	32,186	29,215
Total Operating Expenses	191,268	217,008	360,317	423,672
OPERATING INCOME	17,621	41,531	44,168	66,809
Equity in earnings (loss) of unconsolidated entities	7,461	2,367	3,963	-4,521
Interest income	12	13	18	49
Other income	2,000	310	3,277	6,132
Interest expense and amortization of loan costs	-27,922	-36,026	-56,447	-71,406
Write-off of loan costs and exit fees	-6	0	-2,034	-1,971
Unrealized gain (loss) on marketable securities	-944	-919	-943	1,782
Unrealized gain (loss) on derivatives	-263	789	-610	-6,360
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	-2,041	8,065	-8,608	-9,486
Income tax expense	-312	-465	-528	-1,069
INCOME (LOSS) FROM CONTINUING OPERATIONS	-2,353	7,600	-9,136	-10,555
Gain on sale of hotel property, net of tax	0	0	3,491	0
NET INCOME (LOSS)	-2,353	7,600	-5,645	-10,555
(Income) loss from consolidated entities attributable to noncontrolling interests	-5	8	22	715
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	772	-502	1,649	2,260
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	-1,586	7,106	-3,974	-7,580
Preferred dividends	-8,491	-8,491	-16,981	-16,981
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	-10,077	-1,385	-20,955	-24,561
Basic:	'	'	'	'
Net loss attributable to common shareholders (in dollars per share)	($0.11)	($0.02)	($0.25)	($0.36)
Weighted average common shares outstanding – basic (in shares)	88,781	68,489	'	'
Weighted Average Number of Shares Outstanding, Basic and Diluted	88,781	68,489	85,283	68,088
Diluted:	'	'	'	'
Net loss allocated to common shareholders per share	($0.11)	($0.02)	($0.25)	($0.36)
Weighted average common shares outstanding – diluted (in shares)	88,781	68,489	85,283	68,088
Dividends declared per common share (in dollars per share)	$0.12	$0.12	$0.24	$0.24
Amounts attributable to common shareholders:	'	'	'	'
Net income (loss) attributable to the Company	-1,586	7,106	-3,974	-7,580
Preferred dividends	-8,491	-8,491	-16,981	-16,981
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	($10,077)	($1,385)	($20,955)	($24,561)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	($2,353)	$7,600	($5,645)	($10,555)
Other comprehensive income (loss), net of tax:	'	'	'	'
Change in unrealized loss on derivatives	0	0	0	-2
Reclassification to interest expense	29	16	100	24
Total other comprehensive income	29	16	100	22
Comprehensive income (loss)	-2,324	7,616	-5,545	-10,533
Less: Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities	-5	8	22	715
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	768	-504	1,636	2,257
Comprehensive income (loss) attributable to the Company	($1,561)	$7,120	($3,887)	($7,561)

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Equity (USD $)

Total

Restricted Stock and Restricted Stock Units (RSUs) [Member]

Series A Preferred Stock [Member]

Series D Preferred Stock [Member]

Series E Preferred Stock [Member]

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Additional Paid In Capital

Additional Paid In Capital

Accumulated Deficit

Accumulated Deficit

Accumulated Deficit

Accumulated Deficit

Accumulated Deficit

Accumulated Other Comprehensive Loss

Treasury Stock

Treasury Stock

Noncontrolling Interests In Consolidated Entities

Noncontrolling Interests in Operating Partnership

Noncontrolling Interests in Operating Partnership

In Thousands, except Share data, unless otherwise specified

Series A Preferred Stock [Member]

Series D Preferred Stock [Member]

Series E Preferred Stock [Member]

Restricted Stock and Restricted Stock Units (RSUs) [Member]

Series A Preferred Stock [Member]

Series D Preferred Stock [Member]

Series E Preferred Stock [Member]

Common Stock

Restricted Stock and Restricted Stock Units (RSUs) [Member]

Restricted Stock and Restricted Stock Units (RSUs) [Member]

Beginning balance, value at Dec. 31, 2013

$618,837

'

'

'

'

'

$17

$95

$46

$1,249

$1,652,743

'

($896,110)

'

'

'

'

($197)

($140,054)

'

$1,048

$134,206

'

Beginning balance, shares (in shares) at Dec. 31, 2013

'

'

'

'

'

'

1,657,000

9,469,000

4,630,000

124,897,000

'

'

'

'

'

'

'

'

44,331,000

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchases of treasury shares

-458

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-458

'

'

'

'

Purchases of treasury shares (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-41,000

'

'

'

'

Equity-based compensation

1,647

'

'

'

'

'

'

'

'

'

1,647

'

'

'

'

'

'

'

'

'

'

10,583

'

Forfeitures of restricted shares

8

'

'

'

'

'

'

'

'

'

24

'

'

'

'

'

'

'

-16

'

'

'

'

Forfeitures of restricted shares (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-7,000

'

'

'

'

Issuances of stock

'

0

'

'

'

'

'

'

'

'

'

-993

'

'

'

'

'

'

'

993

'

'

50

Issuances of stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

423,000

'

'

'

Reissuance of treasury shares

85,840

'

'

'

'

'

'

'

'

'

72,243

'

'

'

'

'

'

'

'

13,597

'

'

'

Reissuance of treasury shares (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,350,000

'

'

'

Dividends

'

'

-1,771

-10,001

-5,209

-20,427

'

'

'

-20,269

'

'

'

-1,771

-10,001

-5,209

-20,427

'

'

'

'

'

'

Reclassification to interest expense

87

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

87

'

'

'

13

'

Redemption/conversion of operating partnership units

-256

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-256

-5,385

'

Redemption value adjustment

-60,717

'

'

'

'

'

'

'

'

'

'

'

-60,717

'

'

'

'

'

'

'

'

60,717

'

Unvested operating partnership units reclassified to equity

-4,006

'

'

'

'

'

'

'

'

'

-4,006

'

'

'

'

'

'

'

'

'

'

4,006

'

Deferred compensation to be settled in shares

0

'

'

'

'

'

'

'

'

'

374

'

-374

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to the Company

-3,974

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss)

-3,996

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-22

-1,649

'

Ending balance, value at Jun. 30, 2014

599,578

'

'

'

'

'

17

95

46

1,249

1,722,032

'

-998,583

'

'

'

'

-110

-125,938

'

770

202,541

'

Ending balance, shares (in shares) at Jun. 30, 2014

'

'

'

'

'

'

1,657,000

9,469,000

4,630,000

124,897,000

'

'

'

'

'

'

'

'

35,606,000

'

'

'

'

Beginning balance, value at Mar. 31, 2014

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends

'

'

'

'

'

'

'

'

'

-10,640

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to the Company

-1,586

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending balance, value at Jun. 30, 2014

$599,578

'

'

'

'

'

$17

$95

$46

$1,249

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending balance, shares (in shares) at Jun. 30, 2014

'

'

'

'

'

'

1,657,000

9,469,000

4,630,000

124,897,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities	'	'
Net income (loss)	($5,645)	($10,555)
Adjustments to reconcile net loss to net cash flow provided by operating activities:	'	'
Depreciation and amortization	52,841	65,322
Impairment charges	-205	-195
Amortization of loan costs, write-off of loan costs, and exit fees	5,605	5,755
Equity in (earnings) loss of unconsolidated entities	-3,963	4,521
Dividends from Ashford Prime OP	498	0
Income from financing derivatives	0	-6,215
Gain on sale of hotel property	-3,604	-76
Realized and unrealized gains on marketable securities	-1,969	-1,388
Purchases of marketable securities	-44,223	-14,255
Sales of marketable securities	43,818	14,124
Net settlement of trading derivatives	-505	229
Unrealized loss on derivatives	610	6,360
Equity-based compensation	12,230	12,893
Changes in operating assets and liabilities, exclusive of effect of disposition of hotel property:	'	'
Restricted cash	-4,946	6,832
Accounts receivable and inventories	-9,689	-4,071
Prepaid expenses and other assets	-4,855	-5,528
Accounts payable and accrued expenses	15,492	13,698
Due from affiliates	-3,234	-1,201
Due to/from related party	516	-2,943
Due to/from third-party hotel managers	20,286	-5,908
Due to/from Ashford Prime OP	-5,683	0
Other liabilities	-997	-2,548
Net cash provided by operating activities	62,378	74,851
Cash Flows from Investing Activities	'	'
Proceeds from payments of note receivable	123	122
Net proceeds from sales of hotel properties	22,726	307
Acquisition of hotel property, net of cash acquired	-1,765	-88,204
Restricted cash related to improvements and additions to hotel properties	-21,444	0
Improvements and additions to hotel properties	-57,628	-44,850
Due from Ashford Prime	13,635	0
Proceeds from property insurance	356	0
Net cash used in investing activities	-43,997	-132,625
Cash Flows from Financing Activities	'	'
Borrowings on indebtedness	206,900	199,875
Repayments of indebtedness and capital leases	-180,074	-157,353
Payments of loan costs and exit fees	-4,033	-2,876
Payments of dividends	-41,625	-37,509
Purchases of treasury shares	-458	-391
Payments for derivatives	-233	-36
Cash income from derivatives	0	7,878
Issuance of preferred stock	0	244
Issuances of treasury stock	85,840	125,891
Distributions to noncontrolling interests in consolidated entities	-1,236	-13,489
Other	50	69
Net cash provided by financing activities	65,131	122,303
Net increase in cash and cash equivalents	83,512	64,529
Cash and cash equivalents at beginning of period	128,780	185,935
Cash and cash equivalents at end of period	212,292	250,464
Supplemental Cash Flow Information	'	'
Interest paid	51,761	65,701
Income taxes paid	1,009	936
Supplemental Disclosure of Non-Cash Investing and Financing Activity	'	'
Deferred compensation to be settled in shares	374	0
Dividend receivable from Ashford Prime	249	0
Transfer of debt	69,000	0
Dividends declared but not paid	$21,903	$0

Organization_and_Description_o

Organization and Description of Business	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Description of Business	'
	Organization and Description of Business
	Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a self-advised real estate investment trust (“REIT”) focused on investing in the hospitality industry across all segments and in all methods including direct real estate, securities, equity, and debt. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“AHLP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Hospitality Trust, Inc., serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements.
	As of June 30, 2014, we owned interests in the following hotel properties (all located in the United States) and a note receivable:
	•	86 consolidated hotel properties (“legacy hotel properties”), including 84 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 16,895 total rooms (or 16,868 net rooms excluding those attributable to our partners);
	•	28 hotel properties owned through a 71.74% common equity interest and a 50.0% preferred equity interest in an unconsolidated entity (“PIM Highland JV”), which represent 8,083 total rooms (or 5,799 net rooms excluding those attributable to our partner);
	•	10 hotel properties owned through a 14.6% interest in Ashford Hospitality Prime Limited Partnership (“Ashford Prime OP”);
	•	89 hotel condominium units at WorldQuest Resort in Orlando, Florida; and
	•	a mezzanine loan with a carrying value of $3.5 million.
	For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of June 30, 2014, our 86 legacy hotel properties were leased or owned by our wholly owned subsidiaries that are treated as taxable REIT subsidiaries for federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations. As of June 30, 2014, the 28 hotel properties owned by our unconsolidated joint venture, PIM Highland JV, are leased to its wholly owned subsidiary that is treated as a taxable REIT subsidiary for federal income tax purposes.
	As of June 30, 2014, Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer, and Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 53 of our 86 legacy hotel properties, 21 of the 28 PIM Highland JV hotel properties, one of the 10 Ashford Prime OP hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties.

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Significant Accounting Policies
	Basis of Presentation – The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in our 2013 Annual Report to Shareholders on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on March 3, 2014 and March 31, 2014, respectively.
	The following items affect reporting comparability related to our consolidated financial statements:
	•	Historical seasonality patterns at some of our properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	•	On November 19, 2013, we completed the spin-off of Ashford Hospitality Prime, Inc. (“Ashford Prime”) and on March 1, 2014 we completed the sale of the Pier House Resort to Ashford Prime. The results of the eight initial hotel properties that were spun-off on November 19, 2013 and are now owned by Ashford Prime, are included in our consolidated statements of operations for the three and six months ended June 30, 2013, in accordance with the applicable accounting guidance. The results of the Pier House Resort, which we acquired on May 14, 2013 and sold on March 1, 2014, are included in our results of operations for the six months ended June 30, 2014, until its date of sale. Because we acquired the Pier House Resort on May 14, 2013, its operating results are only included in our results of operations for the three and six months ended June 30, 2013 since May 14, 2013.
	Use of Estimates – The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
	Restricted Cash – Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. For purposes of the statements of cash flows, changes in restricted cash caused by using such funds for debt service, real estate taxes, and insurance are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures, and equipment replacements are included in cash flows from investing activities.
	Investments in Hotel Properties, net – Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions which extend the useful life of hotel properties are capitalized.
	Impairment of Investments in Hotel Properties – Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. No impairment charges were recorded for investments in hotel properties for the three and six months ended June 30, 2014 and 2013.
	Note Receivable – Mezzanine loan financing, classified as note receivable, represents a loan held for investment and intended to be held to maturity. Note receivable is recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is deemed to be impaired. Premiums, discounts, and net origination fees are amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Payments received on impaired nonaccrual loans are recorded as adjustments to impairment charges. No interest income was recorded for the three and six months ended June 30, 2014 and 2013.
	Variable interest entities (“VIEs”), as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the VIEs do not effectively disperse risks among the parties involved. Our remaining mezzanine note receivable at June 30, 2014 is secured by a hotel property and is subordinate to the controlling interest in the secured hotel property. Although the note receivable is considered to be a variable interest in the entity that owns the related hotel, we are not considered to be the primary beneficiary of the hotel property as a result of holding the loan. Therefore, we do not consolidate the hotel property for which we have provided financing. We will evaluate interests in entities acquired or created in the future to determine whether such entities should be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
	Impairment of Note Receivable – We review notes receivable for impairment each reporting period. A loan is impaired when, based on current information and events, collection of all amounts recorded as assets on the balance sheet is no longer considered probable. We apply normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment.
	When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded during the three and six months ended June 30, 2014 and 2013. Valuation adjustments of $104,000 and $205,000 on previously impaired notes were credited to impairment charges during the three and six months ended June 30, 2014, respectively. Valuation adjustments of $99,000 and $195,000 on previously impaired notes were credited to impairment charges during the three and six months ended June 30, 2013, respectively.
	Investments in Unconsolidated Entities – Investments in entities in which we have ownership interests ranging from 14.4% to 71.74% are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income (loss). We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity earnings (loss) in unconsolidated entities. No such impairment was recorded in the three and six months ended June 30, 2014 and 2013.
	Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Variable Interest Entities (“VIE”), as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
	We have a 71.74% ownership interest in PIM Highland JV. We adopted the equity accounting method for our investment in the PIM Highland JV because we exercise significant influence but do not control the joint venture. Although we have the majority ownership of 71.74% in the joint venture, all the major decisions related to the joint venture, including establishment of policies and operating procedures with respect to business affairs, incurring obligations and expenditures, are subject to the approval of an executive committee, which is comprised of four persons with us and our partner each designating two of those persons. Our investment in PIM Highland JV had a carrying value of $143.3 million and $139.3 million at June 30, 2014 and December 31, 2013, respectively.
	In connection with the spin-off of Ashford Prime on November 19, 2013, we maintained an initial 20% ownership interest in Ashford Prime OP (subsequently reduced to a 14.6% ownership interest primarily as the result of an additional equity raise by Ashford Prime). We adopted the equity accounting method for our investment in Ashford Prime OP because we exercise significant influence but do not control the entity. All major decisions related to Ashford Prime OP that most significantly impact Ashford Prime OP’s economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of Ashford Prime OP General Partner LLC, its general partner. Our investment in Ashford Prime had a carrying value of $55.1 million and $56.2 million at June 30, 2014 and December 31, 2013, respectively.
	Assets Held for Sale and Discontinued Operations – We classify assets as held for sale when management has obtained a firm commitment from a buyer and consummation of the sale is considered probable and expected within one year. In addition, we deconsolidate a property upon transfer of title. When deconsolidating a property/subsidiary, we recognize a gain or loss in net income measured as the difference between the fair value of any consideration received, the fair value of any retained noncontrolling investment in the former subsidiary at the date the subsidiary is deconsolidated, and the carrying amount of the former property/subsidiary. The related operations of assets held for sale are reported as discontinued if a) such operations and cash flows can be clearly distinguished, both operationally and financially, from our ongoing operations, b) such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and c) we will not have any significant continuing involvement subsequent to the disposal.
	Marketable Securities – Marketable securities, including U.S. treasury bills, public equity securities and equity put and call options of certain publicly traded companies, are recorded at fair value. Equity put and call options are considered derivatives. The fair value of these investments is based on the closing price as of the balance sheet date and is reported as “Marketable securities” or “Liabilities associated with marketable securities and other” in the consolidated balance sheets. On the consolidated statements of operations, net investment income, including interest income (expense), dividends, realized gains or losses and related costs incurred, is reported as a component of “Other income” while unrealized gains and losses on these investments are reported as “Unrealized gain (loss) on marketable securities.”
	Revenue Recognition
	– Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Advisory services are recognized when services have been rendered. The quarterly base fee is equal to 0.70% per annum of the total enterprise value of Ashford Prime, as defined in the advisory agreement, subject to certain minimums. The incentive fee is earned annually in each year that Ashford Prime’s total shareholder return exceeds the total shareholder return for Ashford Prime’s peer group, as defined in the advisory agreement. Reimbursements for overhead, travel expenses and internal audit services are recognized when services have been rendered. We also record advisory revenue for equity grants of Ashford Prime common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award that vested during the period, as well an offsetting expense in an equal amount included in “Corporate, general and administrative” expense. Interest income (including accretion of discounts on the mezzanine loan using the effective interest method) is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. We are reimbursed by PIM Highland JV for costs associated with managing its day-to-day operations and providing corporate administrative services such as accounting, insurance, marketing support, asset management and other services. Beginning with the three months ended March 31, 2014, we changed the presentation to report such reimbursements as “Other” revenue as opposed to credits within “Corporate, general and administrative” expense. This change had no impact on our financial condition or results of operations.
	Derivatives and Hedges – We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR (Revenue per Available Room). Interest rate derivatives could include swaps, caps, floors and flooridors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master-netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
	All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives and credit default swaps are reported as “Derivative assets, net” or “Liabilities associated with marketable securities and other” in the consolidated balance sheets. Accrued interest on non-hedge designated interest rate derivatives is included in “Accounts receivable, net” in the consolidated balance sheets. For interest rate derivatives designated as cash flow hedges:
	a)	the effective portion of changes in fair value is initially reported as a component of “Accumulated other comprehensive income (loss)” (“OCI”) in the equity section of the consolidated balance sheets and reclassified to interest expense in the consolidated statements of operations in the period during which the hedged transaction affects earnings, and
	b)	the ineffective portion of changes in fair value is recognized directly in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. For the three and six months ended June 30, 2014 and 2013 there was no ineffectiveness.
	For non-hedge designated interest rate derivatives and credit default swaps, changes in fair value are recognized in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations.
	Income Taxes - As a REIT, we generally will not be subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions.
	Recently Issued Accounting Standards - In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. ASU 2014-08 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. Upon adoption of this standard, we will be required to evaluate whether a disposal meets the discontinued operations requirements under ASU 2014-08. We will make the additional disclosures upon adoption. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows.
	In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. ASU 2014-09 is effective in fiscal periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method.

Investment_in_Hotel_Properties

Investment in Hotel Properties, net	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Investments in Hotel Properties, net	'
	Investments in Hotel Properties, net
	Investments in hotel properties, net consisted of the following (in thousands):
		June 30,			December 31, 2013
		2014
	Land	$	353,248		$	410,148
	Buildings and improvements	2,064,037			2,071,811
	Furniture, fixtures, and equipment	186,030			166,193
	Construction in progress	13,662			11,956
	Condominium properties	12,352			12,442
	Total cost	2,629,329			2,672,550
	Accumulated depreciation	(549,823		)	(508,161		)
	Investments in hotel properties, net	$	2,079,506		$	2,164,389

Notes_Receivable

Notes Receivable	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
Notes Receivable	'
	Note Receivable
	As of June 30, 2014 and December 31, 2013, we had one mezzanine loan receivable with a net carrying value of $3.5 million and $3.4 million, respectively, net of a valuation allowance of $7.7 million and $7.9 million, respectively. This note is secured by one hotel property, bears interest at a rate of 6.09%, and matures in 2017. All required payments on this loan are current. Ongoing payments are treated as reductions of carrying value with related valuation allowance adjustments recorded as credits to impairment charges.

Investment_in_Unconsolidated_E

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Investment in Unconsolidated Joint Ventures	'
	Investment in Unconsolidated Entities
	We hold a 71.74% common equity interest and a $25.0 million, or 50%, preferred equity interest earning an accrued but unpaid 15% annual return with priority over common equity distributions in PIM Highland JV, a 28-hotel portfolio venture. Although we have majority ownership in PIM Highland JV, all major decisions related to the joint venture, including establishment of policies and operating procedures with respect to business affairs and incurring obligations and expenditures, are subject to the approval of an executive committee, which is comprised of four persons with us and our partner each designating two of those persons. As a result, we utilize the equity accounting method with respect to PIM Highland JV, which had a carrying value of $143.3 million and $139.3 million at June 30, 2014 and December 31, 2013, respectively.
	Mortgage and mezzanine loans securing PIM Highland JV are non-recourse to the borrowers, except for customary exceptions or carve-outs that trigger recourse liability to the borrowers in certain limited instances. Recourse obligations typically include only the payment of costs and liabilities suffered by the lenders as a result of the occurrence of certain bad acts on the part of the borrower. However, in certain cases, the carve-outs could trigger recourse obligations on the part of the borrower with respect to repayment of all or a portion of the outstanding principal amount of the loans. We have entered into customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of the borrowers that result from non-recourse carve-outs (which include, but are not limited to, fraud, misrepresentation, willful conduct resulting in waste, misappropriations of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral, and certain environmental liabilities). In the opinion of management, none of these guaranty agreements, either individually or in the aggregate, are likely to have a material adverse effect on our business, results of operations, or financial condition.
	The following tables summarize the consolidated balance sheets as of June 30, 2014 and December 31, 2013 and the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 of the PIM Highland JV (in thousands):
	PIM Highland JV
	Condensed Consolidated Balance Sheets
		June 30, 2014			31-Dec-13
	Total assets	$	1,400,250		$	1,390,782
	Total liabilities	1,176,077			1,173,841
	Members’ equity	224,173			216,941
	Total liabilities and members’ equity	$	1,400,250		$	1,390,782
	Our ownership interest in PIM Highland JV	$	143,276		$	139,302
	PIM Highland JV
	Condensed Consolidated Statements of Operations
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Total revenue	$	126,142		$	118,263		$	234,903		$	220,536
	Total expenses	(100,278		)	(97,305		)	(195,666		)	(192,065		)
	Operating income	25,864			20,958			39,237			28,471
	Interest income and other	13			23			26			41
	Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees	(14,426		)	(16,149		)	(30,334		)	(31,851		)
	Other expenses	—			—			(44		)	—
	Income tax expense	(1,206		)	(782		)	(1,653		)	(1,498		)
	Net income (loss)	$	10,245		$	4,050		$	7,232		$	(4,837	)
	Our equity in earnings (loss) of PIM Highland JV	$	6,728		$	2,367		$	3,974		$	(4,521	)
	On June 17, 2013, we announced that our Board of Directors had approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 net rooms excluding those attributable to our partners), to holders of our common stock in the form of a taxable special distribution. The distribution was comprised of common stock in Ashford Prime, a newly formed company into which we contributed the portfolio interests. The distribution was made on November 19, 2013, on a pro rata basis to holders of our common stock as of November 8, 2013, with each of our common shareholders receiving one share of Ashford Prime common stock for every five shares of our common stock held by such stockholder as of the close of business on November 8, 2013. We maintained a 20% ownership interest in Ashford Prime OP at the time of the spin-off. Our ownership interest in Ashford Prime OP was 14.6% at June 30, 2014.
	The following tables summarize the condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013 and the condensed consolidated statements of operations for the three and six months ended June 30, 2014 and the condensed combined consolidated statements of operations for the three and six months ended June 30, 2013 of Ashford Prime OP (in thousands):
	Ashford Hospitality Prime Limited Partnership
	Condensed Balance Sheets
		30-Jun-14			December 31, 2013
	Total assets	$	1,252,824		$	962,419
	Total liabilities	807,705			659,292
	Partners’ capital	445,119			303,127
	Total liabilities and partners’ capital	$	1,252,824		$	962,419
	Our ownership interest in Ashford Prime OP	$	55,135		$	56,243
	Ashford Hospitality Prime Limited Partnership
	Condensed Statements of Operations
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Total revenue	$	83,967		$	63,342		$	145,773		$	117,428
	Total expenses	(69,153		)	(50,043		)	(126,184		)	(98,952		)
	Operating income	14,814			13,299			19,589			18,476
	Interest income	6			4			10			14
	Interest expense and amortization and write-offs of loan costs	(10,033		)	(8,299		)	(19,022		)	(18,162		)
	Unrealized gain (loss) on derivatives	(51		)	9			(66		)	(22		)
	Income tax expense	(211		)	(684		)	(437		)	(1,303		)
	Net income (loss)	4,525			4,329			74			(997		)
	(Income) loss from consolidated entities attributable to noncontrolling interests	182			(500		)	587			204
	Net income (loss) attributable to Ashford Prime OP	$	4,707		$	3,829		$	661		$	(793	)
	Our equity in earnings (loss) of Ashford Prime OP	$	733		$	—		$	(11	)	$	—
	Additionally, as of June 30, 2014 and December 31, 2013, we had a 14.4% subordinated beneficial interest in a trust that holds the Four Seasons hotel property in Nevis, which had a zero carrying value.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Indebtedness	'
	Indebtedness
	Indebtedness consisted of the following (in thousands):
	Indebtedness	Collateral	Maturity	Interest Rate	June 30, 2014		December 31, 2013
	Mortgage loan (5)	5 hotels	Mar-14	LIBOR (1) + 4.50%	$	—	$	164,433
	Mortgage loan (7)	1 hotel	May-14	8.32%	—		5,075
	Senior credit facility (4)	Various	Sep-14	LIBOR (1) + 2.75% to 3.50%	—		—
	Mortgage loan (2)	5 hotels	Nov-14	Greater of 6.40% or LIBOR (1) + 6.15%	211,000		211,000
	Mortgage loan	8 hotels	Dec-14	5.75%	101,123		102,348
	Mortgage loan (6)	9 hotels	May-15	LIBOR (1) + 6.50%	135,000		135,000
	Mortgage loan	10 hotels	Jul-15	5.22%	147,444		148,991
	Mortgage loan (3)	1 hotel	Sep-15	LIBOR (1) + 4.90%	—		69,000
	Mortgage loan	8 hotels	Dec-15	5.70%	93,843		94,899
	Mortgage loan	5 hotels	Feb-16	5.53%	106,664		107,737
	Mortgage loan	5 hotels	Feb-16	5.53%	88,457		89,347
	Mortgage loan	5 hotels	Feb-16	5.53%	76,624		77,394
	Mortgage loan (5)	5 hotels	Feb-16	LIBOR (1) + 4.75%	200,000		—
	Mortgage loan	5 hotels	Apr-17	5.95%	112,608		113,343
	Mortgage loan	5 hotels	Apr-17	5.95%	101,216		101,878
	Mortgage loan	5 hotels	Apr-17	5.95%	154,013		155,019
	Mortgage loan	7 hotels	Apr-17	5.95%	123,193		123,997
	Mortgage loan	1 hotel	Nov-20	6.26%	100,581		101,268
	Mortgage loan	1 hotel	Jan-24	5.49%	10,742		10,800
	Mortgage loan	1 hotel	Jan-24	5.49%	7,360		7,400
	Mortgage loan (7)	1 hotel	May-24	4.99%	6,893		—
	Total				$	1,776,761	$	1,818,929
	____________________________________
	(1) LIBOR rates were 0.155% and 0.168% at June 30, 2014 and December 31, 2013, respectively.
	(2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.
	(3) This mortgage loan was assumed by Ashford Prime in connection with the sale of the Pier House Resort.
	(4) Our borrowing capacity under our senior credit facility is $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million. We may use up to $10.0 million for standby letters of credit. The credit facility has a one-year extension option subject to advance notice, certain conditions and a 0.25% extension fee.
	(5) On January 24, 2014, we refinanced our $164.4 million loan due March 2014 with a $200.0 million loan due February 2016, with three one-year extension options, subject to the satisfaction of certain conditions. The new loan provides for an interest rate of LIBOR + 4.75%, with a LIBOR floor of 0.20%.
	(6) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in May 2014.
	(7) On May 1, 2014, we refinanced our $5.1 million loan due May 2014 with a $6.9 million loan due May 2024, with no extension options. The new loan provides for a fixed interest rate of 4.99%.
	On May 1, 2014, we refinanced our $5.1 million loan due May 2014 with a $6.9 million loan due May 2024, with no extension options. The new loan provides for a fixed interest rate of 4.99%. The new loan continues to be secured by the same hotel property, the Courtyard Hartford-Manchester in Manchester, Connecticut.
	On January 24, 2014, we refinanced our $164.4 million loan due March 2014 with a $200.0 million loan due February 2016, with three one-year extension options, subject to the satisfaction of certain conditions. The new loan provides for an interest rate of LIBOR + 4.75%, with a LIBOR floor of 0.20%. The new loan continues to be secured by the same five hotels that secured the original loan, including: the Embassy Suites Philadelphia Airport, Embassy Suites Walnut Creek, Sheraton Mission Valley San Diego, Sheraton Anchorage and the Hilton Minneapolis/St Paul Airport Mall of America. The refinance resulted in excess proceeds above closing costs and reserves of approximately $37.8 million.
	We are required to maintain certain financial ratios under various debt and derivative agreements. If we violate covenants in any debt or derivative agreement, we could be required to repay a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in us being unable to borrow unused amounts under a line of credit, even if repayment of some or all borrowings is not required. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or AHLP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or AHLP. Presently, our existing financial covenants are non-recourse and primarily relate to maintaining minimum debt coverage ratios, maintaining an overall minimum net worth, maintaining a maximum loan-to-value ratio, and maintaining an overall minimum total assets. As of June 30, 2014, we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.
	We have derivative agreements that incorporate the loan covenant provisions of our senior credit facility requiring us to maintain certain minimum financial covenant ratios with respect to our indebtedness. Failure to comply with these covenant provisions would result in us being in default on any derivative instrument obligations covered by the applicable agreement. At June 30, 2014, we were in compliance with all the covenants under the senior credit facility and the fair value of derivatives that incorporate our senior credit facility covenant provisions was an asset of $15,000.

Income_Loss_Per_Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Income (Loss) Per Share	'
	Income (Loss) Per Share
	Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Net income (loss) allocated to common shareholders:
	Net income (loss) attributable to the Company	$	(1,586	)	$	7,106		$	(3,974	)	$	(7,580	)
	Less: Dividends on preferred stocks	(8,491		)	(8,491		)	(16,981		)	(16,981		)
	Less: Dividends on common stock	(10,640		)	(9,467		)	(20,269		)	(17,606		)
	Less: Dividends on unvested restricted shares	(74		)	(51		)	(158		)	(112		)
	Undistributed loss	(20,791		)	(10,903		)	(41,382		)	(42,279		)
	Add back: Dividends on common stock	10,640			9,467			20,269			17,606
	Distributed and undistributed net loss - basic and diluted	$	(10,151	)	$	(1,436	)	$	(21,113	)	$	(24,673	)
	Weighted average shares outstanding:
	Weighted average shares outstanding - basic and diluted	88,781			68,489			85,283			68,088
	Basic loss per share:
	Net loss allocated to common shareholders per share	$	(0.11	)	$	(0.02	)	$	(0.25	)	$	(0.36	)
	Diluted loss per share:
	Net loss allocated to common shareholders per share	$	(0.11	)	$	(0.02	)	$	(0.25	)	$	(0.36	)
	Due to the anti-dilutive effect, the computation of diluted loss per share does not reflect adjustments for the following items (in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Net loss allocated to common shareholders is not adjusted for:
	Income allocated to unvested restricted shares	$	74		$	51		$	158		$	112
	Net loss attributable to noncontrolling interest in operating partnership units	(772		)	502			(1,649		)	(2,260		)
	Total	$	(698	)	$	553		$	(1,491	)	$	(2,148	)
	Weighted average diluted shares are not adjusted for:
	Effect of unvested restricted shares	42			106			93			126
	Effect of assumed conversion of operating partnership units	19,934			18,894			19,625			18,430
	Total	19,976			19,000			19,718			18,556

Derivative_Instruments_and_Hed

Derivative Instruments and Hedging	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging	'
	Derivative Instruments and Hedging
	Interest Rate Derivatives – We are exposed to risks arising from our business operations, economic conditions, and financial markets. To manage these risks, we use interest rate derivatives to hedge our debt and potentially improve cash flows. We also use non-hedge derivatives to capitalize on the historical correlation between changes in LIBOR and RevPAR. Interest rate derivatives may include interest rate swaps, caps, floors and flooridors. Our derivatives are subject to master-netting settlement arrangements. The maturities on these instruments range from November 2014 to February 2016. To mitigate nonperformance risk, we routinely rely on a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value.
	Credit Default Swap Derivatives – In August 2011, we entered into credit default swap transactions for a notional amount of $100.0 million to hedge financial and capital market risk for an upfront cost of $8.2 million that was subsequently returned to us as collateral by our counterparty. A credit default swap is a derivative contract that functions like an insurance policy against the credit risk of an entity or obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. Credit default swaps are subject to master-netting settlement arrangements and credit support annexes. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades is approximately $8.5 million. Cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty when the change in market value is over $250,000. The net carrying value of our credit default swaps were an asset of $15,000 and liability of $73,000 as of June 30, 2014 and December 31, 2013, respectively, which are included in “Derivative assets, net” and “Liabilities associated with marketable securities and other”, respectively, in the consolidated balance sheets. We recognized unrealized losses of $191,000 and $417,000 for the three and six months ended June 30, 2014, respectively, an unrealized gain of $773,000 for the three months ended June 30, 2013 and an unrealized loss of $131,000 for the six months ended June 30, 2013, which are included in “Unrealized gain (loss) on derivatives” in the consolidated statements of operations.
	Marketable Securities and Liabilities Associated with Marketable Securities and other– We invest in public securities, including stocks and put and call options, which are considered derivatives. At June 30, 2014, we had investments in these derivatives totaling $255,000 and liabilities of $720,000. At December 31, 2013, we had investments in these derivatives totaling $560,000 and liabilities of $561,000.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Fair Value Measurements
	Fair Value Hierarchy – For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the market place as discussed below:
	•	Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets.
	•	Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
	•	Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability.
	Fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Fair values of interest rate caps, floors, flooridors, and corridors are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the swaps, caps, and floors are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk.
	Fair values of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty.
	Fair values of marketable securities and liabilities associated with marketable securities, including public equity securities, equity put and call options, and other investments, are based on their quoted market closing prices (Level 1 inputs).
	When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at June 30, 2014, the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.16% to 0.87% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates.
	Assets and Liabilities Measured at Fair Value on a Recurring Basis
	The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
			Quoted Market Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Counterparty and Cash Collateral Netting(4)				Total
		June 30, 2014:
		Assets
		Derivative assets:
		Interest rate derivatives - non-hedge	$	—			$	40			$	—			$	40		(1)
		Credit default swaps	—				578				(563		)		15			(1)
		Equity put and call options	255				—				—				255			(2)
		Non-derivative assets:
		Equity and US treasury securities	34,680				—				—				34,680			(2)
		Total	34,935				618				(563		)		34,990
		Liabilities
		Derivative liabilities:
		Short-equity put options	(60		)		—				—				(60		)	(3)
		Short-equity call options	(660		)		—				—				(660		)	(3)
		Non-derivative liabilities:
		Margin account balance	(5,979		)		—				—				(5,979		)	(3)
		Total	(6,699		)		—				—				(6,699		)
		Net	$	28,236			$	618			$	(563	)		$	28,291
		December 31, 2013:
		Assets
		Derivative assets:
		Interest rate derivatives - non-hedge	$	—			$	19			$	—			$	19		(1)
		Equity put and call options	560				—				—				560			(2)
		Non-derivative assets:
		Equity and US treasury securities	29,041				—				—				29,041			(2)
		Total	29,601				19				—				29,620
		Liabilities
		Derivative Liabilities:
		Credit default swaps	—				995				(1,068		)		(73		)	(3)
		Short-equity put options	(82		)		—				—				(82		)	(3)
		Short-equity call options	(479		)		—				—				(479		)	(3)
		Non-derivative Liabilities:
		Margin account balance	(3,130		)		—				—				(3,130		)	(3)
		Total	(3,691		)		995				(1,068		)		(3,764		)
		Net	$	25,910			$	1,014			$	(1,068	)		$	25,856
	____________________________________
	(1) Reported net as “Derivative assets, net” in the consolidated balance sheets.
	(2) Reported as “Marketable securities” in the consolidated balance sheets.
	(3) Reported as “Liabilities associated with marketable securities and other” in the consolidated balance sheets.
	(4) Represents cash collateral posted by our counterparty.
	Effect of Fair-Value-Measured Assets and Liabilities on Consolidated Statements of Operations
	The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands):
		Gain (Loss)								Reclassified from Accumulated
		Recognized In Income								OCI into Interest Expense
		Three Months Ended June 30,								Three Months Ended June 30,
		2014				2013				2014				2013
	Assets
	Derivative assets:
	Interest rate derivatives	$	(72	)		$	16			$	29			$	16
	Equity put and call options	(592		)		(18		)		—				—
	Credit default swaps	(212		)		—				—				—
	Non-derivative assets:
Equity and US treasury securities	1,906				(1,466		)		—				—
Total	1,030				(1,468		)		29				16
Liabilities
Derivative liabilities:
Credit default swaps	—				750				—				—
Short-equity put options	(368		)		—				—				—
Short-equity call options	(60		)		670				—				—
Total	(428		)		1,420				—				—
Net	$	602			$	(48	)		$	29			$	16
Total combined
Interest rate derivatives	$	(72	)		$	16			$	29			$	16
Credit default swaps	(191		)		773				—				—
Total derivatives	(263		)	(1)	789			(1)	29				16
Unrealized loss on marketable securities	(944		)	(3)	(919		)	(3)	—				—
Realized gain (loss) on marketable securities	1,809			(2) (4)	82			(2) (4)	—				—
Net	$	602			$	(48	)		$	29			$	16
	Gain (Loss) Recognized In Income								Interest Savings (Cost) Recognized In Income								Reclassified from Accumulated OCI
																	into Interest Expense
	Six Months Ended June 30,								Six Months Ended June 30,								Six Months Ended June 30,
	2014				2013				2014				2013				2014		2013
Assets
Derivative Assets:
Interest rate derivatives	$	(193	)		$	(10,629	)		$	—			$	10,639			$	100	$	24
Put and call options	(1,104		)		186				—				—				—		—
Credit default swaps	(459		)		—				—				—				—		—
Non-derivative Assets:
Equity and US treasury securities	3,148				1,110				—				—				—		—
Total	1,392				(9,333		)		—				10,639				100		24
Liabilities
Derivative Liabilities:
Interest rate derivatives	—				4,400				—				(4,424		)		—		—
Credit default swaps	—				(175		)		—				—				—		—
Short-equity put options	23				7				—				—				—		—
Short-equity call options	(56		)		85				—				—				—		—
Total	(33		)		4,317				—				(4,424		)		—		—
Net	$	1,359			$	(5,016	)		$	—			$	6,215			$	100	$	24
Total combined
Interest rate derivatives	$	(193	)		$	(6,229	)		$	—			$	6,215			$	100	$	24
Credit default swaps	(417		)		(131		)		—				—				—		—
Total derivatives	(610		)	(1)	(6,360		)	(1)	—			(2)	6,215			(2)	100		24
Unrealized gain (loss) on marketable securities	(943		)	(3)	1,782			(3)	—				—				—		—
Realized gain (loss) on marketable securities	2,912			(2) (4)	(438		)	(2) (4)	—				—				—		—
Net	$	1,359			$	(5,016	)		$	—			$	6,215			$	100	$	24
____________________________________
(1) Reported as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations.
(2) Included in “Other income” in the consolidated statements of operations.
(3) Reported as “Unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
(4) Includes costs of $21 and $42 for the three and six months ended June 30, 2014, respectively, and $23 and $44 for the three and six months ended June 30, 2013, respectively, associated with credit default swaps.
There was no change in fair value of our interest rate derivatives that were recognized in other comprehensive loss for the three and six months ended June 30, 2014 and the three months ended June 30, 2013. For the six months ended June 30, 2013, the change in fair value of our interest rate derivatives that was recognized in other comprehensive loss was a loss of $2,000. During the next twelve months, we expect $28,000 of accumulated comprehensive loss will be reclassified to interest expense.

Summary_of_Fair_Value_of_Finan

Summary of Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2014
Investments, All Other Investments [Abstract]	'
Summary of Fair Value of Financial Instruments	'
	Summary of Fair Value of Financial Instruments
	Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
		June 30, 2014				December 31, 2013
		Carrying		Estimated		Carrying		Estimated
		Value		Fair Value		Value		Fair Value
	Financial assets and liabilities measured at fair value:
	Marketable securities	$	34,935	$	34,935	$	29,601	$	29,601
	Derivative assets, net	55		55		19		19
	Liabilities associated with marketable securities and other	6,699		6,699		3,764		3,764
	Financial assets not measured at fair value:
	Cash and cash equivalents	$	212,292	$	212,292	$	128,780	$	128,780
	Restricted cash	$	87,692	$	87,692	$	61,498	$	61,498
	Accounts receivable	$	32,234	$	32,234	$	21,791	$	21,791
	Note receivable	$	3,466	$ 2,919 to $3,227		$	3,384	$ 2,800 to $3,094
	Due from affiliates	$	4,536	$	4,536	$	1,302	$	1,302
	Due from Ashford Prime OP, net	$	4,616	$	4,616	$	13,042	$	13,042
	Due from third-party hotel managers	$	14,091	$	14,091	$	33,728	$	33,728
	Financial liabilities not measured at fair value:
	Indebtedness	$	1,776,761	$ 1,748,633 to $1,932,703		$	1,818,929	$ 1,786,651 to $1,974,714
	Accounts payable and accrued expenses	$	82,647	$	82,647	$	70,683	$	70,683
	Dividends payable	$	21,903	$	21,903	$	20,735	$	20,735
	Due to related party, net	$	753	$	753	$	270	$	270
	Due to third-party hotel managers	$	1,607	$	1,607	$	958	$	958
	Note receivable. Fair value of notes receivable is determined using similar loans with similar collateral. We relied on our internal analysis of what we believe a willing buyer would pay for this note. We estimated the fair value of the note receivable to be approximately 15.8% to 6.9% lower than the carrying value of $3.5 million at June 30, 2014 and approximately 17.3% to 8.6% lower than the carrying value of $3.4 million at December 31, 2013. This is considered a Level 2 valuation technique.
	Marketable securities. Marketable securities consist of U.S. treasury bills, public equity securities, and equity put and call options. The fair value of these investments is based on quoted market closing prices at the balance sheet dates. See Notes 2, 8 and 9 for a complete description of the methodology and assumptions utilized in determining fair values.
	Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 98.4% to 108.8% of the carrying value of $1.8 billion at June 30, 2014 and approximately 98.2% to 108.6% of the carrying value of $1.8 billion at December 31, 2013. This is considered a Level 2 valuation technique.
	Derivative assets, net and liabilities associated with marketable securities and other. Fair value of interest rate derivatives is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Liabilities associated with marketable securities and other consists of a margin account balance, short public equity securities and short equity put and call options. Fair value is determined based on quoted market closing prices at the balance sheet dates. See Notes 2, 8 and 9 for a complete description of the methodology and assumptions utilized in determining fair values.
	Cash, cash equivalents, and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique.
	Accounts receivable, accounts payable, accrued expenses, dividends payable, due to/from Ashford Prime OP, due to/from related party, due to/from affiliates and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique.

Redeemable_Noncontrolling_Inte

Redeemable Noncontrolling Interests in Operating Partnership	6 Months Ended
	Jun. 30, 2014
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]	'
Redeemable Noncontrolling Interests in Operating Partnership	'
	Redeemable Noncontrolling Interests in Operating Partnership
	Redeemable noncontrolling interests in the operating partnership represent certain limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to common unit holders based on the weighted average ownership percentage of these limited partners’ common units and units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested plus distributions paid to the limited partners with regard to Class B common units. Class B common units have a fixed dividend rate of 7.2% and priority in payment of cash dividends over common units but otherwise have no preference over common units. Beginning one year after issuance, each common unit of limited partnership interest (including each Class B common unit) may be redeemed for either cash or, at our sole discretion, one share of our common stock. Class B common units are convertible at the option of us or the holder into an equivalent number of common units any time after July 13, 2016.
	LTIP units, which are issued to certain executives and employees as compensation, have vesting periods ranging from three to five years. Additionally, certain independent members of the Board of Directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common partnership unit of the operating partnership which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership.
	As of June 30, 2014, we have issued a total of 8.0 million LTIP units, of which all but 921,000 units issued in February 2014 and 25,000 units issued in May 2014 have reached full economic parity with the common units. All LTIP units issued had an aggregate value of $79.9 million at the date of grant which is being amortized over their vesting periods. Compensation expense of $6.7 million and $10.6 million was recognized for the three and six months ended June 30, 2014, respectively, and $3.8 million and $11.7 million was recognized for the three and six months ended June 30, 2013, respectively. The unamortized value of LTIP units was $21.6 million at June 30, 2014, which will be amortized over periods from 0.7 to 2.8 years. During the three and six months ended June 30, 2014, no operating partnership units were presented for redemption or converted to shares of our common stock.
	Redeemable noncontrolling interests, including vested LTIP units, in our operating partnership as of June 30, 2014 and December 31, 2013 were $202.5 million and $134.2 million, respectively, which represents ownership of our operating partnership of 13.02% and 12.72%, respectively. The carrying value of redeemable noncontrolling interests as of June 30, 2014 and December 31, 2013 included adjustments of $184.0 million and $123.3 million, respectively, to reflect the excess of the redemption value over the accumulated historical costs. Redeemable noncontrolling interests were allocated net loss of $772,000 and $1.6 million for the three and six months ended June 30, 2014, respectively, net income of $502,000 for the three months ended June 30, 2013 and a net loss of $2.3 million for the six months ended June 30, 2013. We declared cash distributions to operating partnership units of $2.7 million and $5.4 million for the three and six months ended June 30, 2014, respectively, and $2.6 million and $5.1 million for the three and six months ended June 30, 2013, respectively. These distributions are recorded as a reduction of redeemable noncontrolling interests in operating partnership.

Equity_and_EquityBased_Compens

Equity and Equity-Based Compensation	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Equity and Equity-Based Compensation	'
	Equity and Equity-Based Compensation
	Equity Offering – On April 8, 2014, we commenced a follow-on public offering of 7.5 million shares of common stock at $10.70 per share for gross proceeds of $80.3 million. The aggregate proceeds net of underwriting discount and other expenses were approximately $76.8 million. The offering settled on April 14, 2014. We granted the underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock. On May 14, 2014, the underwriters partially exercised their option and purchased an additional 850,000 shares of our common stock at a price of $10.70 per share less the underwriting discount resulting in additional net proceeds of approximately $8.7 million.
	Common Stock Dividends – For each of the 2014 and 2013 quarter, the Board of Directors declared quarterly dividends of $0.12 per outstanding share of common stock with an annualized target of $0.48 per share for 2014.
	Equity-Based Compensation – We recognized compensation expense related to restricted shares of our common stock of $1.0 million and $1.6 million for the three and six months ended June 30, 2014, respectively, and $740,000 and $1.2 million for the three and six months ended June 30, 2013, respectively. As of June 30, 2014, the unamortized cost of the unvested shares of restricted stock was $5.7 million, which is being amortized over periods from 0.2 to 2.7 years.
	Preferred Dividends – During the three months ended June 30, 2014, the Board of Directors declared quarterly dividends of $0.5344 per share for our 8.55% Series A preferred stock, $0.5281 per share for our 8.45% Series D preferred stock, and $0.5625 per share for our 9.00% Series E preferred stock. During the three months ended June 30, 2013, the Board of Directors declared quarterly dividends of $0.5344 per share for our 8.55% Series A preferred stock, $0.5281 per share for our 8.45% Series D preferred stock and $0.5625 per share for our 9.00% Series E preferred stock.
	Noncontrolling Interests in Consolidated Entities – Our noncontrolling entity partner, had an ownership interest of 15% in two hotel properties and a total carrying value of $770,000 and $1.0 million at June 30, 2014 and December 31, 2013, respectively. Our ownership interest is reported in equity in the consolidated balance sheets. Through November 19, 2013, we held a 75% ownership interest in two hotel properties in which our partner held a 25% ownership interest. These two hotel properties were contributed to Ashford Prime in connection with the Ashford Prime spin-off. Noncontrolling interests in consolidated entities were allocated income of $5,000 and a loss of $22,000 for the three and six months ended June 30, 2014, respectively, and loss of $8,000 and $715,000 for the three and six months ended June 30, 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Restricted Cash – Under certain management and debt agreements for our hotel properties existing at June 30, 2014, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements.
	Franchise Fees – Under franchise agreements for our hotel properties existing at June 30, 2014, we pay franchisor royalty fees between 3% and 6% of gross room revenue and, in some cases, food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross room revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2015 and 2035. When a franchise term expires, the franchisor has no obligation to renew the franchise. A franchise termination could have a material adverse effect on the operations or the underlying value of the affected hotel due to loss of associated name recognition, marketing support, and centralized reservation systems provided by the franchisor. A franchise termination could also have a material adverse effect on cash available for distribution to shareholders. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property.
	Our continuing operations incurred franchise fees of $9.7 million and $18.6 million for the three and six months ended June 30, 2014, respectively, and $8.2 million and $15.4 million for the three and six months ended June 30, 2013, respectively.
	Management Fees – Under management agreements for our hotel properties existing at June 30, 2014, we pay a) monthly property management fees equal to the greater of $10,000 (CPI adjusted since 2003) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable, b) market service fees on approved capital improvements, including project management fees of up to 4% of project costs, for certain hotels, and c) other general fees at current market rates as approved by our independent directors, if required. These management agreements expire from 2015 through 2032, with renewal options. If we terminate a management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement.
	Income Taxes – We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2010 through 2013 remain subject to potential examination by certain federal and state taxing authorities.
	In September 2010, the Internal Revenue Service (“IRS”) completed an audit of one of our taxable REIT subsidiaries that leases two of our hotel properties for the tax year ended December 31, 2007. The IRS issued a notice of proposed adjustment based on Internal Revenue Code (IRC) Section 482 that reduced the amount of rent we charged the taxable REIT subsidiary (“TRS”). We owned a 75% interest in the hotel properties and the TRS at issue. In connection with the TRS audit, the IRS selected our REIT for audit for the same tax year. In October 2011, the IRS issued an income tax adjustment to the REIT as an alternative to the TRS proposed adjustment. The REIT adjustment is based on the REIT 100% federal excise tax on our share of the amount by which the rent was held to be greater than the arm’s length rate. We strongly disagreed with the IRS’s position and appealed our cases to the IRS Appeals Office. In determining amounts payable by our TRS subsidiaries under our leases, we engaged a third party to prepare a transfer pricing study which concluded that the lease terms were consistent with arms’ length terms as required by applicable Treasury regulations. We believe the IRS transfer pricing methodologies applied in the audits contained flaws and that the IRS adjustments to the rent charged were inconsistent with the U.S. federal tax laws related to REITs and true leases. The IRS Appeals Office reviewed our cases in 2012. In July 2013, the IRS Appeals Office issued “no-change letters” for the TRS and the REIT indicating that the 2007 tax returns were accepted as filed and the examinations resulted in no deficiencies. The statute of limitations for IRS assessments relating to the 2007 tax returns expired on March 31, 2014.
	In June 2012, the IRS completed audits of the same TRS and our REIT for the tax years ended December 31, 2008 and 2009. With respect to the 2009 tax year, the IRS did not propose any adjustments to the TRS or the REIT. For the 2008 tax year, the IRS issued notices of proposed adjustments for both the REIT and the TRS. The REIT adjustment is for $3.3 million of U.S. federal excise taxes and represents the amount by which the IRS asserts that the rent charged to the TRS was greater than the arms’ length rate pursuant to IRC Section 482. The TRS adjustment is for $1.6 million of additional income which would equate to approximately $467,000 of additional U.S. federal income taxes and potential state income taxes of $83,000, net of federal benefit. The TRS adjustment represents the IRS’ imputation of compensation to the TRS under IRC Section 482 for agreeing to be a party to the lessor entity’s bank loan agreement. We owned a 75% interest in the lessor entity through November 19, 2013, when our interest was contributed to Ashford Prime in connection with the previously discussed spin-off. We strongly disagree with both of the IRS adjustments for the reasons noted under the 2007 audits, and in addition, we believe the IRS has misinterpreted certain terms of the lease, third party hotel management agreements, and bank loan agreements. We appealed our cases to the IRS Appeals Office and the IRS assigned the same Appeals team that oversaw our 2007 cases to our 2008 cases. Our representatives attended Appeals conferences for the 2008 cases in August 2013 and in February, April and May of 2014. In June 2014, we reached a verbal settlement with the IRS Appeals Office resolving all issues that arose in the 2008 audits of the TRS and the REIT. In connection with this settlement, we agreed to an adjustment to reduce the TRS rent expense and thereby increase the TRS’s taxable income by $660,000. However, due to net operating losses available for utilization by the TRS in the 2008 tax year and the expiration of the statute of limitations for the 2009 TRS tax year, the IRS Appeals Office has indicated that they will not be able to make an assessment of additional tax and related interest expense. We anticipate that the IRS Appeals Office will execute settlement agreements and close the cases during the third quarter of 2014. U.S. federal income tax assessment statutes of limitations generally limit the time the IRS has to make assessments to within three years after a return is due or filed, whichever is later. As a result, the IRS has requested and we have agreed to extend the assessment statute of limitations for both the TRS and REIT for the 2008 tax year to December 31, 2014. Accordingly, the IRS will have the right to reopen the cases until December 31, 2014. However, the IRS typically only reopens closed cases in very limited circumstances, none of which we believe are applicable to our cases. We have indemnified Ashford Prime for any potential losses resulting from the completion of this examination.
	On November 19, 2013, we completed the spin-off of Ashford Prime. For federal income tax purposes, we recorded a gain as a result of the spin-off. If Ashford Prime qualifies for taxation as a REIT for 2013, that gain will be qualifying income for purposes of our 2013 REIT income tests. If, however, Ashford Prime were to fail to qualify as a REIT for 2013, that gain would be non-qualifying income for purposes of the 75% gross income test.
	If we sell or transfer the Marriott Crystal Gateway in Arlington, Virginia prior to July 2016, we will be required to indemnify the entity from which we acquired the property if, as a result of such transactions, such entity would recognize a gain for federal tax purposes.
	In general, tax indemnities equal the federal, state, and local income tax liabilities the contributor or their specified assignee incurs with respect to the gain allocated to the contributor. The contribution agreements’ terms generally require us to gross up tax indemnity payments for the amount of income taxes due as a result of such tax indemnities.
	Potential Pension Liabilities – Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Lodging, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Lodging withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board (“NLRB”) filed a complaint against Remington Lodging seeking, among other things, that Remington Lodging’s withdrawal of recognition was unlawful. Pending the final determination of the NLRB complaint, including appeals, the pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that (a) Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement, and (b) if the withdrawal of recognition is ultimately deemed lawful, Remington Lodging will have an unfunded pension liability equal to $1.7 million minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Lodging’s remaining withdrawal liability shall be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability shall be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging’s election), which shall continue for the remainder of the twenty-(20)-year capped period, unless Remington Lodging elects to pay the unfunded pension liability amount earlier. We agreed to indemnify Remington Lodging for the payment of the unfunded pension liability as set forth in the settlement agreement.
	Litigation – Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. The landlord is preparing various post trial motions. Upon completion of all post trial motions a final judgment will be entered. The landlord will ultimately appeal this case once the final judgment has been entered. As a result of the jury verdict, we have recorded a charge of $10.8 million, which is included in other expenses in the consolidated statements of operations, for the three and six months ended June 30, 2014.
	We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or results of operations. However, the final results of these legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods.

Segment_Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotels through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. As of June 30, 2014 and December 31, 2013, all of our hotel properties were domestically located.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	On July 18, 2014, we acquired a 100% interest in The Ashton hotel in Fort Worth, Texas for a total consideration of $8.0 million. The acquisition was funded with proceeds from a $5.5 million mortgage loan and cash. We are in the process of evaluating the values assigned to investment in hotel properties, property level working capital balances, indebtedness and any potential intangibles. The results of operations of the hotel property will be included in our operations beginning on July 18, 2014.
	On July 25, 2014, we refinanced three mortgage loans, including our $135.0 million mortgage loan due May 2015, our $101.1 million mortgage loan due December 2014 and our $88.5 million mortgage loan due February 2016. The new loans total $468.9 million and resulted in excess proceeds of approximately $104 million after estimated closing costs and reserves. As a result of the refinancing, the Homewood Suites Mobile and the Hampton Inn Terre Haute, Indiana are now unencumbered by debt.
	On July 31, 2014, to fund a portion of the acquisition of the Ashton hotel, we completed the financing of a $5.5 million mortgage loan. The mortgage loan bears interest at a rate of LIBOR + 3.75% (with a .25% LIBOR floor) for the first 18 months and a fixed rate of 4.0% thereafter. The stated maturity is July 31, 2019, with no extension options. The mortgage loan is secured by the Ashton hotel.
	On August 6, 2014, we acquired a 100% interest in the Fremont Marriott Silicon Valley hotel in Fremont, California for a total consideration of $50.0 million. The acquisition was funded with proceeds from a $37.5 million non-recourse mortgage loan and cash. We are in the process of evaluating the values assigned to investment in hotel properties, property level working capital balances, indebtedness and any potential intangibles. The results of operations of the hotel property will be included in our operations beginning on August 6, 2014.
	On August 6, 2014, to fund a portion of the acquisition of the Fremont Marriott Silicon Valley hotel, we completed the financing of a $37.5 million mortgage loan. The mortgage loan bears interest at a rate of LIBOR + 4.20%. The stated maturity is August 6, 2016, with three one-year extension options. The mortgage loan is secured by the Fremont Marriott Silicon Valley hotel.
	The following table reflects the unaudited pro forma results of operations, based on preliminary allocations, as if both acquisitions had occurred and the applicable indebtedness incurred on January 1, 2013 (in thousands):
		Three Months Ended June 30,					Six Months Ended June 30,
		2014			2013		2014			2013
	Total revenue	$	215,002		$	263,821	$	416,173		$	500,022
	Net income (loss)	(2,248		)	7,291		(5,679		)	(11,744		)

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation – The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in our 2013 Annual Report to Shareholders on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on March 3, 2014 and March 31, 2014, respectively.
	The following items affect reporting comparability related to our consolidated financial statements:
	•	Historical seasonality patterns at some of our properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	•	On November 19, 2013, we completed the spin-off of Ashford Hospitality Prime, Inc. (“Ashford Prime”) and on March 1, 2014 we completed the sale of the Pier House Resort to Ashford Prime. The results of the eight initial hotel properties that were spun-off on November 19, 2013 and are now owned by Ashford Prime, are included in our consolidated statements of operations for the three and six months ended June 30, 2013, in accordance with the applicable accounting guidance. The results of the Pier House Resort, which we acquired on May 14, 2013 and sold on March 1, 2014, are included in our results of operations for the six months ended June 30, 2014, until its date of sale. Because we acquired the Pier House Resort on May 14, 2013, its operating results are only included in our results of operations for the three and six months ended June 30, 2013 since May 14, 2013.
Use of Estimates	'
	Use of Estimates – The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Restricted Cash	'
	Restricted Cash – Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. For purposes of the statements of cash flows, changes in restricted cash caused by using such funds for debt service, real estate taxes, and insurance are shown as operating activities. Changes in restricted cash caused by using such funds for furniture, fixtures, and equipment replacements are included in cash flows from investing activities.
Investments in Hotel Properties, net	'
	Investments in Hotel Properties, net – Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions which extend the useful life of hotel properties are capitalized.
Impairment of Investment in Hotel Properties	'
	Impairment of Investments in Hotel Properties – Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. No impairment charges were recorded for investments in hotel properties for the three and six months ended June 30, 2014 and 2013.
Notes Receivable	'
	Note Receivable – Mezzanine loan financing, classified as note receivable, represents a loan held for investment and intended to be held to maturity. Note receivable is recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is deemed to be impaired. Premiums, discounts, and net origination fees are amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Payments received on impaired nonaccrual loans are recorded as adjustments to impairment charges. No interest income was recorded for the three and six months ended June 30, 2014 and 2013.
	Variable interest entities (“VIEs”), as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the VIEs do not effectively disperse risks among the parties involved. Our remaining mezzanine note receivable at June 30, 2014 is secured by a hotel property and is subordinate to the controlling interest in the secured hotel property. Although the note receivable is considered to be a variable interest in the entity that owns the related hotel, we are not considered to be the primary beneficiary of the hotel property as a result of holding the loan. Therefore, we do not consolidate the hotel property for which we have provided financing. We will evaluate interests in entities acquired or created in the future to determine whether such entities should be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
Impairment of Notes Receivable	'
	Impairment of Note Receivable – We review notes receivable for impairment each reporting period. A loan is impaired when, based on current information and events, collection of all amounts recorded as assets on the balance sheet is no longer considered probable. We apply normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment.
	When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded during the three and six months ended June 30, 2014 and 2013. Valuation adjustments of $104,000 and $205,000 on previously impaired notes were credited to impairment charges during the three and six months ended June 30, 2014, respectively. Valuation adjustments of $99,000 and $195,000 on previously impaired notes were credited to impairment charges during the three and six months ended June 30, 2013, respectively.
Investments in Unconsolidated Entities	'
	Investments in Unconsolidated Entities – Investments in entities in which we have ownership interests ranging from 14.4% to 71.74% are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income (loss). We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity earnings (loss) in unconsolidated entities. No such impairment was recorded in the three and six months ended June 30, 2014 and 2013.
	Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Variable Interest Entities (“VIE”), as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
	We have a 71.74% ownership interest in PIM Highland JV. We adopted the equity accounting method for our investment in the PIM Highland JV because we exercise significant influence but do not control the joint venture. Although we have the majority ownership of 71.74% in the joint venture, all the major decisions related to the joint venture, including establishment of policies and operating procedures with respect to business affairs, incurring obligations and expenditures, are subject to the approval of an executive committee, which is comprised of four persons with us and our partner each designating two of those persons. Our investment in PIM Highland JV had a carrying value of $143.3 million and $139.3 million at June 30, 2014 and December 31, 2013, respectively.
	In connection with the spin-off of Ashford Prime on November 19, 2013, we maintained an initial 20% ownership interest in Ashford Prime OP (subsequently reduced to a 14.6% ownership interest primarily as the result of an additional equity raise by Ashford Prime). We adopted the equity accounting method for our investment in Ashford Prime OP because we exercise significant influence but do not control the entity. All major decisions related to Ashford Prime OP that most significantly impact Ashford Prime OP’s economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of Ashford Prime OP General Partner LLC, its general partner. Our investment in Ashford Prime had a carrying value of $55.1 million and $56.2 million at June 30, 2014 and December 31, 2013, respectively.
Assets Held for Sale and Discontinued Operations	'
	Assets Held for Sale and Discontinued Operations – We classify assets as held for sale when management has obtained a firm commitment from a buyer and consummation of the sale is considered probable and expected within one year. In addition, we deconsolidate a property upon transfer of title. When deconsolidating a property/subsidiary, we recognize a gain or loss in net income measured as the difference between the fair value of any consideration received, the fair value of any retained noncontrolling investment in the former subsidiary at the date the subsidiary is deconsolidated, and the carrying amount of the former property/subsidiary. The related operations of assets held for sale are reported as discontinued if a) such operations and cash flows can be clearly distinguished, both operationally and financially, from our ongoing operations, b) such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and c) we will not have any significant continuing involvement subsequent to the disposal.
Marketable Securities	'
	Marketable Securities – Marketable securities, including U.S. treasury bills, public equity securities and equity put and call options of certain publicly traded companies, are recorded at fair value. Equity put and call options are considered derivatives. The fair value of these investments is based on the closing price as of the balance sheet date and is reported as “Marketable securities” or “Liabilities associated with marketable securities and other” in the consolidated balance sheets. On the consolidated statements of operations, net investment income, including interest income (expense), dividends, realized gains or losses and related costs incurred, is reported as a component of “Other income” while unrealized gains and losses on these investments are reported as “Unrealized gain (loss) on marketable securities.”
Revenue Recognition	'
	Revenue Recognition
	– Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Advisory services are recognized when services have been rendered. The quarterly base fee is equal to 0.70% per annum of the total enterprise value of Ashford Prime, as defined in the advisory agreement, subject to certain minimums. The incentive fee is earned annually in each year that Ashford Prime’s total shareholder return exceeds the total shareholder return for Ashford Prime’s peer group, as defined in the advisory agreement. Reimbursements for overhead, travel expenses and internal audit services are recognized when services have been rendered. We also record advisory revenue for equity grants of Ashford Prime common stock and LTIP units awarded to our officers and employees in connection with providing advisory services equal to the fair value of the award that vested during the period, as well an offsetting expense in an equal amount included in “Corporate, general and administrative” expense. Interest income (including accretion of discounts on the mezzanine loan using the effective interest method) is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. We are reimbursed by PIM Highland JV for costs associated with managing its day-to-day operations and providing corporate administrative services such as accounting, insurance, marketing support, asset management and other services. Beginning with the three months ended March 31, 2014, we changed the presentation to report such reimbursements as “Other” revenue as opposed to credits within “Corporate, general and administrative” expense. This change had no impact on our financial condition or results of operations.
Derivatives and Hedges	'
	Derivatives and Hedges – We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR (Revenue per Available Room). Interest rate derivatives could include swaps, caps, floors and flooridors. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master-netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.
	All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives and credit default swaps are reported as “Derivative assets, net” or “Liabilities associated with marketable securities and other” in the consolidated balance sheets. Accrued interest on non-hedge designated interest rate derivatives is included in “Accounts receivable, net” in the consolidated balance sheets. For interest rate derivatives designated as cash flow hedges:
	a)	the effective portion of changes in fair value is initially reported as a component of “Accumulated other comprehensive income (loss)” (“OCI”) in the equity section of the consolidated balance sheets and reclassified to interest expense in the consolidated statements of operations in the period during which the hedged transaction affects earnings, and
	b)	the ineffective portion of changes in fair value is recognized directly in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. For the three and six months ended June 30, 2014 and 2013 there was no ineffectiveness.
	For non-hedge designated interest rate derivatives and credit default swaps, changes in fair value are recognized in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations.
Income Taxes	'
	Income Taxes - As a REIT, we generally will not be subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions.
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards - In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. ASU 2014-08 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. Upon adoption of this standard, we will be required to evaluate whether a disposal meets the discontinued operations requirements under ASU 2014-08. We will make the additional disclosures upon adoption. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows.
	In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. ASU 2014-09 is effective in fiscal periods beginning after December 15, 2016. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method.

Investment_in_Hotel_Properties1

Investment in Hotel Properties, net (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Schedule of Investment in Hotel Properties	'
	Investments in hotel properties, net consisted of the following (in thousands):
		June 30,			December 31, 2013
		2014
	Land	$	353,248		$	410,148
	Buildings and improvements	2,064,037			2,071,811
	Furniture, fixtures, and equipment	186,030			166,193
	Construction in progress	13,662			11,956
	Condominium properties	12,352			12,442
	Total cost	2,629,329			2,672,550
	Accumulated depreciation	(549,823		)	(508,161		)
	Investments in hotel properties, net	$	2,079,506		$	2,164,389

Investment_in_Unconsolidated_E1

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Summary of Preliminary Balance Sheet	'
	The following tables summarize the consolidated balance sheets as of June 30, 2014 and December 31, 2013 and the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 of the PIM Highland JV (in thousands):
	PIM Highland JV
	Condensed Consolidated Balance Sheets
		June 30, 2014			31-Dec-13
	Total assets	$	1,400,250		$	1,390,782
	Total liabilities	1,176,077			1,173,841
	Members’ equity	224,173			216,941
	Total liabilities and members’ equity	$	1,400,250		$	1,390,782
	Our ownership interest in PIM Highland JV	$	143,276		$	139,302
Summary of Preliminary Statement of Operations	'
	PIM Highland JV
	Condensed Consolidated Statements of Operations
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Total revenue	$	126,142		$	118,263		$	234,903		$	220,536
	Total expenses	(100,278		)	(97,305		)	(195,666		)	(192,065		)
	Operating income	25,864			20,958			39,237			28,471
	Interest income and other	13			23			26			41
	Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees	(14,426		)	(16,149		)	(30,334		)	(31,851		)
	Other expenses	—			—			(44		)	—
	Income tax expense	(1,206		)	(782		)	(1,653		)	(1,498		)
	Net income (loss)	$	10,245		$	4,050		$	7,232		$	(4,837	)
	Our equity in earnings (loss) of PIM Highland JV	$	6,728		$	2,367		$	3,974		$	(4,521	)
Schedule of Preliminary Balance Sheet Information	'
	Ashford Hospitality Prime Limited Partnership
	Condensed Balance Sheets
		30-Jun-14			December 31, 2013
	Total assets	$	1,252,824		$	962,419
	Total liabilities	807,705			659,292
	Partners’ capital	445,119			303,127
	Total liabilities and partners’ capital	$	1,252,824		$	962,419
	Our ownership interest in Ashford Prime OP	$	55,135		$	56,243
Schedule of Preliminary Statement of Operations	'
	Ashford Hospitality Prime Limited Partnership
	Condensed Statements of Operations
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Total revenue	$	83,967		$	63,342		$	145,773		$	117,428
	Total expenses	(69,153		)	(50,043		)	(126,184		)	(98,952		)
	Operating income	14,814			13,299			19,589			18,476
	Interest income	6			4			10			14
	Interest expense and amortization and write-offs of loan costs	(10,033		)	(8,299		)	(19,022		)	(18,162		)
	Unrealized gain (loss) on derivatives	(51		)	9			(66		)	(22		)
	Income tax expense	(211		)	(684		)	(437		)	(1,303		)
	Net income (loss)	4,525			4,329			74			(997		)
	(Income) loss from consolidated entities attributable to noncontrolling interests	182			(500		)	587			204
	Net income (loss) attributable to Ashford Prime OP	$	4,707		$	3,829		$	661		$	(793	)
	Our equity in earnings (loss) of Ashford Prime OP	$	733		$	—		$	(11	)	$	—

Indebtedness_Tables

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Summary of Indebtedness	'
	Indebtedness consisted of the following (in thousands):
	Indebtedness	Collateral	Maturity	Interest Rate	June 30, 2014		December 31, 2013
	Mortgage loan (5)	5 hotels	Mar-14	LIBOR (1) + 4.50%	$	—	$	164,433
	Mortgage loan (7)	1 hotel	May-14	8.32%	—		5,075
	Senior credit facility (4)	Various	Sep-14	LIBOR (1) + 2.75% to 3.50%	—		—
	Mortgage loan (2)	5 hotels	Nov-14	Greater of 6.40% or LIBOR (1) + 6.15%	211,000		211,000
	Mortgage loan	8 hotels	Dec-14	5.75%	101,123		102,348
	Mortgage loan (6)	9 hotels	May-15	LIBOR (1) + 6.50%	135,000		135,000
	Mortgage loan	10 hotels	Jul-15	5.22%	147,444		148,991
	Mortgage loan (3)	1 hotel	Sep-15	LIBOR (1) + 4.90%	—		69,000
	Mortgage loan	8 hotels	Dec-15	5.70%	93,843		94,899
	Mortgage loan	5 hotels	Feb-16	5.53%	106,664		107,737
	Mortgage loan	5 hotels	Feb-16	5.53%	88,457		89,347
	Mortgage loan	5 hotels	Feb-16	5.53%	76,624		77,394
	Mortgage loan (5)	5 hotels	Feb-16	LIBOR (1) + 4.75%	200,000		—
	Mortgage loan	5 hotels	Apr-17	5.95%	112,608		113,343
	Mortgage loan	5 hotels	Apr-17	5.95%	101,216		101,878
	Mortgage loan	5 hotels	Apr-17	5.95%	154,013		155,019
	Mortgage loan	7 hotels	Apr-17	5.95%	123,193		123,997
	Mortgage loan	1 hotel	Nov-20	6.26%	100,581		101,268
	Mortgage loan	1 hotel	Jan-24	5.49%	10,742		10,800
	Mortgage loan	1 hotel	Jan-24	5.49%	7,360		7,400
	Mortgage loan (7)	1 hotel	May-24	4.99%	6,893		—
	Total				$	1,776,761	$	1,818,929
	____________________________________
	(1) LIBOR rates were 0.155% and 0.168% at June 30, 2014 and December 31, 2013, respectively.
	(2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.
	(3) This mortgage loan was assumed by Ashford Prime in connection with the sale of the Pier House Resort.
	(4) Our borrowing capacity under our senior credit facility is $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million. We may use up to $10.0 million for standby letters of credit. The credit facility has a one-year extension option subject to advance notice, certain conditions and a 0.25% extension fee.
	(5) On January 24, 2014, we refinanced our $164.4 million loan due March 2014 with a $200.0 million loan due February 2016, with three one-year extension options, subject to the satisfaction of certain conditions. The new loan provides for an interest rate of LIBOR + 4.75%, with a LIBOR floor of 0.20%.
	(6) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in May 2014.
	(7) On May 1, 2014, we refinanced our $5.1 million loan due May 2014 with a $6.9 million loan due May 2024, with no extension options. The new loan provides for a fixed interest rate of 4.99%.

Income_Loss_Per_Share_Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	'
	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Net income (loss) allocated to common shareholders:
	Net income (loss) attributable to the Company	$	(1,586	)	$	7,106		$	(3,974	)	$	(7,580	)
	Less: Dividends on preferred stocks	(8,491		)	(8,491		)	(16,981		)	(16,981		)
	Less: Dividends on common stock	(10,640		)	(9,467		)	(20,269		)	(17,606		)
	Less: Dividends on unvested restricted shares	(74		)	(51		)	(158		)	(112		)
	Undistributed loss	(20,791		)	(10,903		)	(41,382		)	(42,279		)
	Add back: Dividends on common stock	10,640			9,467			20,269			17,606
	Distributed and undistributed net loss - basic and diluted	$	(10,151	)	$	(1,436	)	$	(21,113	)	$	(24,673	)
	Weighted average shares outstanding:
	Weighted average shares outstanding - basic and diluted	88,781			68,489			85,283			68,088
	Basic loss per share:
	Net loss allocated to common shareholders per share	$	(0.11	)	$	(0.02	)	$	(0.25	)	$	(0.36	)
	Diluted loss per share:
	Net loss allocated to common shareholders per share	$	(0.11	)	$	(0.02	)	$	(0.25	)	$	(0.36	)
Summary of Computation of Diluted Income Per Share	'
	Due to the anti-dilutive effect, the computation of diluted loss per share does not reflect adjustments for the following items (in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Net loss allocated to common shareholders is not adjusted for:
	Income allocated to unvested restricted shares	$	74		$	51		$	158		$	112
	Net loss attributable to noncontrolling interest in operating partnership units	(772		)	502			(1,649		)	(2,260		)
	Total	$	(698	)	$	553		$	(1,491	)	$	(2,148	)
	Weighted average diluted shares are not adjusted for:
	Effect of unvested restricted shares	42			106			93			126
	Effect of assumed conversion of operating partnership units	19,934			18,894			19,625			18,430
	Total	19,976			19,000			19,718			18,556

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Assets and Liabilities Measured at Fair Value on a Recurring Basis	'
	The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands):
			Quoted Market Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Counterparty and Cash Collateral Netting(4)				Total
		June 30, 2014:
		Assets
		Derivative assets:
		Interest rate derivatives - non-hedge	$	—			$	40			$	—			$	40		(1)
		Credit default swaps	—				578				(563		)		15			(1)
		Equity put and call options	255				—				—				255			(2)
		Non-derivative assets:
		Equity and US treasury securities	34,680				—				—				34,680			(2)
		Total	34,935				618				(563		)		34,990
		Liabilities
		Derivative liabilities:
		Short-equity put options	(60		)		—				—				(60		)	(3)
		Short-equity call options	(660		)		—				—				(660		)	(3)
		Non-derivative liabilities:
		Margin account balance	(5,979		)		—				—				(5,979		)	(3)
		Total	(6,699		)		—				—				(6,699		)
		Net	$	28,236			$	618			$	(563	)		$	28,291
		December 31, 2013:
		Assets
		Derivative assets:
		Interest rate derivatives - non-hedge	$	—			$	19			$	—			$	19		(1)
		Equity put and call options	560				—				—				560			(2)
		Non-derivative assets:
		Equity and US treasury securities	29,041				—				—				29,041			(2)
		Total	29,601				19				—				29,620
		Liabilities
		Derivative Liabilities:
		Credit default swaps	—				995				(1,068		)		(73		)	(3)
		Short-equity put options	(82		)		—				—				(82		)	(3)
		Short-equity call options	(479		)		—				—				(479		)	(3)
		Non-derivative Liabilities:
		Margin account balance	(3,130		)		—				—				(3,130		)	(3)
		Total	(3,691		)		995				(1,068		)		(3,764		)
		Net	$	25,910			$	1,014			$	(1,068	)		$	25,856
	____________________________________
	(1) Reported net as “Derivative assets, net” in the consolidated balance sheets.
	(2) Reported as “Marketable securities” in the consolidated balance sheets.
	(3) Reported as “Liabilities associated with marketable securities and other” in the consolidated balance sheets.
	(4) Represents cash collateral posted by our counterparty.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	'
	The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (in thousands):
		Gain (Loss)								Reclassified from Accumulated
		Recognized In Income								OCI into Interest Expense
		Three Months Ended June 30,								Three Months Ended June 30,
		2014				2013				2014				2013
	Assets
	Derivative assets:
	Interest rate derivatives	$	(72	)		$	16			$	29			$	16
	Equity put and call options	(592		)		(18		)		—				—
	Credit default swaps	(212		)		—				—				—
	Non-derivative assets:
	Equity and US treasury securities	1,906				(1,466		)		—				—
	Total	1,030				(1,468		)		29				16
	Liabilities
	Derivative liabilities:
	Credit default swaps	—				750				—				—
	Short-equity put options	(368		)		—				—				—
	Short-equity call options	(60		)		670				—				—
	Total	(428		)		1,420				—				—
	Net	$	602			$	(48	)		$	29			$	16
	Total combined
	Interest rate derivatives	$	(72	)		$	16			$	29			$	16
	Credit default swaps	(191		)		773				—				—
	Total derivatives	(263		)	(1)	789			(1)	29				16
	Unrealized loss on marketable securities	(944		)	(3)	(919		)	(3)	—				—
	Realized gain (loss) on marketable securities	1,809			(2) (4)	82			(2) (4)	—				—
	Net	$	602			$	(48	)		$	29			$	16
		Gain (Loss) Recognized In Income								Interest Savings (Cost) Recognized In Income								Reclassified from Accumulated OCI
																		into Interest Expense
		Six Months Ended June 30,								Six Months Ended June 30,								Six Months Ended June 30,
		2014				2013				2014				2013				2014		2013
	Assets
	Derivative Assets:
	Interest rate derivatives	$	(193	)		$	(10,629	)		$	—			$	10,639			$	100	$	24
	Put and call options	(1,104		)		186				—				—				—		—
	Credit default swaps	(459		)		—				—				—				—		—
	Non-derivative Assets:
	Equity and US treasury securities	3,148				1,110				—				—				—		—
	Total	1,392				(9,333		)		—				10,639				100		24
	Liabilities
	Derivative Liabilities:
	Interest rate derivatives	—				4,400				—				(4,424		)		—		—
	Credit default swaps	—				(175		)		—				—				—		—
	Short-equity put options	23				7				—				—				—		—
	Short-equity call options	(56		)		85				—				—				—		—
	Total	(33		)		4,317				—				(4,424		)		—		—
	Net	$	1,359			$	(5,016	)		$	—			$	6,215			$	100	$	24
	Total combined
	Interest rate derivatives	$	(193	)		$	(6,229	)		$	—			$	6,215			$	100	$	24
	Credit default swaps	(417		)		(131		)		—				—				—		—
	Total derivatives	(610		)	(1)	(6,360		)	(1)	—			(2)	6,215			(2)	100		24
	Unrealized gain (loss) on marketable securities	(943		)	(3)	1,782			(3)	—				—				—		—
	Realized gain (loss) on marketable securities	2,912			(2) (4)	(438		)	(2) (4)	—				—				—		—
	Net	$	1,359			$	(5,016	)		$	—			$	6,215			$	100	$	24
	____________________________________
	(1) Reported as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations.
	(2) Included in “Other income” in the consolidated statements of operations.
	(3) Reported as “Unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
	(4) Includes costs of $21 and $42 for the three and six months ended June 30, 2014, respectively, and $23 and $44 for the three and six months ended June 30, 2013, respectively, associated with credit default swaps.

Summary_of_Fair_Value_of_Finan1

Summary of Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Investments, All Other Investments [Abstract]	'
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	'
	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands):
		June 30, 2014				December 31, 2013
		Carrying		Estimated		Carrying		Estimated
		Value		Fair Value		Value		Fair Value
	Financial assets and liabilities measured at fair value:
	Marketable securities	$	34,935	$	34,935	$	29,601	$	29,601
	Derivative assets, net	55		55		19		19
	Liabilities associated with marketable securities and other	6,699		6,699		3,764		3,764
	Financial assets not measured at fair value:
	Cash and cash equivalents	$	212,292	$	212,292	$	128,780	$	128,780
	Restricted cash	$	87,692	$	87,692	$	61,498	$	61,498
	Accounts receivable	$	32,234	$	32,234	$	21,791	$	21,791
	Note receivable	$	3,466	$ 2,919 to $3,227		$	3,384	$ 2,800 to $3,094
	Due from affiliates	$	4,536	$	4,536	$	1,302	$	1,302
	Due from Ashford Prime OP, net	$	4,616	$	4,616	$	13,042	$	13,042
	Due from third-party hotel managers	$	14,091	$	14,091	$	33,728	$	33,728
	Financial liabilities not measured at fair value:
	Indebtedness	$	1,776,761	$ 1,748,633 to $1,932,703		$	1,818,929	$ 1,786,651 to $1,974,714
	Accounts payable and accrued expenses	$	82,647	$	82,647	$	70,683	$	70,683
	Dividends payable	$	21,903	$	21,903	$	20,735	$	20,735
	Due to related party, net	$	753	$	753	$	270	$	270
	Due to third-party hotel managers	$	1,607	$	1,607	$	958	$	958

Subsequent_Events_Tables

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Schedule of business combination pro forma information	'
	The following table reflects the unaudited pro forma results of operations, based on preliminary allocations, as if both acquisitions had occurred and the applicable indebtedness incurred on January 1, 2013 (in thousands):
		Three Months Ended June 30,					Six Months Ended June 30,
		2014			2013		2014			2013
	Total revenue	$	215,002		$	263,821	$	416,173		$	500,022
	Net income (loss)	(2,248		)	7,291		(5,679		)	(11,744		)

Organization_and_Description_o1

Organization and Description of Business (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Mar. 10, 2011
In Thousands, unless otherwise specified	hotel		hotel
	Room
Real Estate Properties [Line Items]	'	'	'
Total number of rooms owned through majority investments in joint ventures	16,895	'	'
Number of rooms owned through majority investments in joint ventures, net	16,868	'	'
Notes receivable	3,466	3,384	'
Subsidiaries [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Number of hotel properties owned	86	'	'
Number of hotel properties managed by affiliates	53	'	'
PIM Highland JV [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Number of hotel properties held by majority owned joint venture	28	'	28
Percentage of common equity interest	71.74%	71.74%	71.74%
Percentage of preferred equity interest	50.00%	'	50.00%
Number of rooms owned through unconsolidated joint venture	8,083	'	'
Number of rooms through preferred equity interest in joint ventures, net	5,799	'	'
Number of hotel properties managed by affiliates	21	'	'
Ashford Prime OP [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Number of hotel properties held by majority owned joint venture	10	'	'
Percentage of common equity interest	14.60%	'	'
Number of hotel properties managed by affiliates	1	'	'
World Quest Resort [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Number of hotel condominiums acquired	89	'	'
Wholly Owned Properties [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Number of hotel properties owned	84	'	'
Majority Owned Properties [Member]	'	'	'
Real Estate Properties [Line Items]	'	'	'
Number of hotel properties owned	2	'	'

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Mar. 10, 2011

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

hotel

Notes Receivable [Member]

Notes Receivable [Member]

Notes Receivable [Member]

Notes Receivable [Member]

Minimum [Member]

Maximum [Member]

Ashford Prime OP [Member]

Ashford Prime OP [Member]

PIM Highland JV [Member]

PIM Highland JV [Member]

PIM Highland JV [Member]

Parent Company [Member]

Parent Company [Member]

Person

Person

Person

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel properties stated at historical cost

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment charges recorded for a hotel property included in the continuing operations

$0

$0

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest income recorded

'

0

0

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

Impairment charges of notes receivable

'

'

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

'

Valuation adjustments of impaired notes

'

'

'

'

'

104,000

99,000

205,000

195,000

'

'

'

'

'

'

'

'

'

Percentage of ownership interest in Joint venture

'

'

'

'

'

'

'

'

'

14.40%

71.74%

'

'

'

'

'

'

'

Impairment charges of joint venture

'

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of interest in the hotel properties

'

'

'

'

'

'

'

'

'

'

'

14.60%

'

71.74%

71.74%

71.74%

'

'

Number of members of executive committee

'

'

4

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

Number of persons designated to executive committee by joint venture partner

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

'

'

Number of persons designated to executive committee by company

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

'

'

Investment in unconsolidated entities

198,411,000

'

198,411,000

'

195,545,000

'

'

'

'

'

'

55,135,000

56,243,000

'

143,276,000

139,302,000

'

'

General partner ownership interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

14.60%

Advisory services quarterly base fee

0.70%

'

0.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of derivative ineffectiveness

$0

$0

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment_in_Hotel_Properties2

Investment in Hotel Properties, net (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment [Abstract]	'	'
Land	$353,248	$410,148
Buildings and improvements	2,064,037	2,071,811
Furniture, fixtures, and equipment	186,030	166,193
Construction in progress	13,662	11,956
Condominium properties	12,352	12,442
Total cost	2,629,329	2,672,550
Accumulated depreciation	-549,823	-508,161
Investments in hotel properties, net	$2,079,506	$2,164,389

Notes_Receivable_Details

Notes Receivable (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Notes receivable	$3,466,000	$3,384,000
Mezzanine Loan [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Number of mezzanine loans	1	1
Notes receivable	3,500,000	3,400,000
Valuation allowance, net	$7,700,000	$7,900,000
Number of hotel properties held as collateral	1	1
Interest Rate	6.09%	6.09%

Investment_in_Unconsolidated_E2

Investment in Unconsolidated Entities (Details) (USD $)

6 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 17, 2013

Nov. 19, 2013

Mar. 10, 2011

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Nov. 19, 2013

Jun. 30, 2014

Dec. 31, 2013

Person

Property in Nevis [Member]

Property in Nevis [Member]

Spin-off of an 8-Hotel Portfolio [Member]

Subsidiary of Common Parent [Member]

PIM Highland JV [Member]

PIM Highland JV [Member]

PIM Highland JV [Member]

Parent Company [Member]

Parent Company [Member]

Parent Company [Member]

Ashford Prime OP [Member]

Ashford Prime OP [Member]

Room

hotel

Person

Person

hotel

Room

hotel

hotel

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel properties held by majority owned joint venture

'

'

'

'

'

'

28

28

'

'

'

'

10

'

Percentage of common equity interest

'

'

'

'

80.00%

'

71.74%

71.74%

71.74%

'

'

'

14.60%

'

Preferred equity interest

'

'

'

'

'

'

$25,000,000

'

'

'

'

'

'

'

Percentage of preferred equity interest

'

'

'

'

'

'

50.00%

50.00%

'

'

'

'

'

'

Unpaid annual return with priority over common equity distributions

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

Number of members of executive committee

4

'

'

'

'

'

4

'

'

'

'

'

'

'

Number of persons designated to executive committee by company

'

'

'

'

'

'

2

2

'

'

'

'

'

'

Number of persons designated to executive committee by joint venture partner

'

'

'

'

'

'

2

2

'

'

'

'

'

'

Investment in unconsolidated entities

198,411,000

195,545,000

'

'

'

'

'

143,276,000

139,302,000

'

'

'

55,135,000

56,243,000

Number of hotels in portfolio acquired

'

'

'

'

8

'

'

'

'

'

'

'

'

'

Total number of rooms owned through majority investments in joint ventures

16,895

'

'

'

3,146

'

'

'

'

'

'

'

'

'

Number of rooms owned through majority investments in joint ventures, net

16,868

'

'

'

2,912

'

'

'

'

'

'

'

'

'

Number of shares received

'

'

'

'

'

1

'

'

'

'

'

'

'

'

Number of shares exchanged

'

'

'

'

'

'

'

'

'

'

'

5

'

'

General partner ownership interest

'

'

'

'

'

'

'

'

'

20.00%

14.60%

'

'

'

Subordinated beneficial interest in trust percentage

'

'

14.40%

14.40%

'

'

'

'

'

'

'

'

'

'

Carrying value of subordinated beneficial interest

'

'

$0

$0

'

'

'

'

'

'

'

'

'

'

Investment_in_Unconsolidated_E3

Investment in Unconsolidated Entities (Summary of Preliminary Balance Sheet) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate Properties [Line Items]	'	'
Total assets	$2,700,053	$2,677,002
Total liabilities	1,897,934	1,923,959
Total liabilities and equity	2,700,053	2,677,002
Investment in unconsolidated entities	198,411	195,545
Ashford Prime OP [Member]	'	'
Real Estate Properties [Line Items]	'	'
Total assets	1,252,824	962,419
Total liabilities	807,705	659,292
Members’ equity	445,119	303,127
Total liabilities and equity	1,252,824	962,419
Investment in unconsolidated entities	55,135	56,243
PIM Highland JV [Member]	'	'
Real Estate Properties [Line Items]	'	'
Total assets	1,400,250	1,390,782
Total liabilities	1,176,077	1,173,841
Members’ equity	224,173	216,941
Total liabilities and equity	1,400,250	1,390,782
Investment in unconsolidated entities	$143,276	$139,302

Investment_in_Unconsolidated_E4

Investment in Unconsolidated Entities (Summary of Preliminary Statement of Operations) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Real Estate Properties [Line Items]	'	'	'	'
Total revenue	$208,889	$258,539	$404,485	$490,481
Total expenses	-191,268	-217,008	-360,317	-423,672
OPERATING INCOME	17,621	41,531	44,168	66,809
Income tax expense	-312	-465	-528	-1,069
NET INCOME (LOSS)	-2,353	7,600	-5,645	-10,555
Our equity in earnings (loss) of PIM Highland JV	7,461	2,367	3,963	-4,521
Unrealized gains (losses) on derivatives	-263	789	-610	-6,360
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	-5	8	22	715
Net income (loss) attributable to the Company	-1,586	7,106	-3,974	-7,580
Ashford Prime OP [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Total revenue	83,967	63,342	145,773	117,428
Total expenses	-69,153	-50,043	-126,184	-98,952
OPERATING INCOME	14,814	13,299	19,589	18,476
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees	-10,033	-8,299	-19,022	-18,162
Income tax expense	-211	-684	-437	-1,303
NET INCOME (LOSS)	4,525	4,329	74	-997
Our equity in earnings (loss) of PIM Highland JV	733	0	-11	0
Interest Income, Other	6	4	10	14
Unrealized gains (losses) on derivatives	-51	9	-66	-22
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	182	-500	587	204
Net income (loss) attributable to the Company	4,707	3,829	661	-793
PIM Highland JV [Member]	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'
Total revenue	126,142	118,263	234,903	220,536
Total expenses	-100,278	-97,305	-195,666	-192,065
OPERATING INCOME	25,864	20,958	39,237	28,471
Interest income and other	13	23	26	41
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees	-14,426	-16,149	-30,334	-31,851
Other expenses	0	0	-44	0
Income tax expense	-1,206	-782	-1,653	-1,498
NET INCOME (LOSS)	10,245	4,050	7,232	-4,837
Our equity in earnings (loss) of PIM Highland JV	$6,728	$2,367	$3,974	($4,521)

Indebtedness_Details

Indebtedness (Details) (USD $)

0 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

Jan. 24, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jan. 24, 2014

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

1-May-14

Dec. 31, 2013

Jun. 30, 2014

1-May-14

Jan. 24, 2014

Interest Rate Contract [Member]

Mortgage loan 1 [Member]

Mortgage loan 1 [Member]

Mortgage loan 1 [Member]

Mortgage loan 2 [Member]

Mortgage loan 2 [Member]

Senior credit facility 1 [Member]

Senior credit facility 1 [Member]

Senior credit facility 1 [Member]

Senior credit facility 1 [Member]

Senior credit facility 1 [Member]

Senior credit facility 1 [Member]

Senior credit facility 1 [Member]

Mortgage Loan 3 [Member]

Mortgage Loan 3 [Member]

Mortgage Loan 3 [Member]

Mortgage loan 4 [Member]

Mortgage loan 4 [Member]

Mortgage loan 5 [Member]

Mortgage loan 5 [Member]

Mortgage loan 5 [Member]

Mortgage Loan 6 [Member]

Mortgage Loan 6 [Member]

Mortgage loan 7 [Member]

Mortgage loan 7 [Member]

Mortgage loan 7 [Member]

Mortgage Loan 8 [Member]

Mortgage Loan 8 [Member]

Mortgage loan 9 [Member]

Mortgage loan 9 [Member]

Mortgage loan 10 [Member]

Mortgage loan 10 [Member]

Mortgage Loan 11 [Member]

Mortgage Loan 11 [Member]

Mortgage loan 12 [Member]

Mortgage loan 12 [Member]

Mortgage loan 12 [Member]

Mortgage loan 12 [Member]

Mortgage loan 13 [Member]

Mortgage loan 13 [Member]

Mortgage loan 14 [Member]

Mortgage loan 14 [Member]

Mortgage Loan 15 [Member]

Mortgage Loan 15 [Member]

Mortgage loan 16 [Member]

Mortgage loan 16 [Member]

Mortgage loan 17 [Member]

Mortgage loan 17 [Member]

Mortgage loan 18 [Member]

Mortgage loan 18 [Member]

Mortgage Loan 19 [Member]

Mortgage Loan 19 [Member]

Mortgage Loan 20 [Member]

Mortgage Loan 20 [Member]

Mortgage Loan 20 [Member]

Letter of Credit [Member]

Refinanced Mortgage Loan [Member]

Refinanced Mortgage Loan [Member]

hotel

hotel

hotel

hotel

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

extension

hotel

hotel

hotel

extension

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

extension

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

hotel

extension

hotel

hotel

hotel

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Collateral (in hotels)

'

'

'

'

5

'

5

1

1

'

'

'

'

'

'

'

5

'

5

8

8

9

'

9

10

10

1

'

1

8

8

5

5

5

5

5

5

'

5

'

5

5

5

5

5

5

5

7

7

1

1

1

1

1

1

1

'

1

'

'

'

Interest Rate

'

'

'

'

'

'

'

8.32%

8.32%

'

'

'

'

'

'

'

6.40%

'

6.40%

5.75%

5.75%

'

'

'

5.22%

5.22%

'

'

'

5.70%

5.70%

5.53%

5.53%

5.53%

5.53%

5.53%

5.53%

'

'

'

'

5.95%

5.95%

5.95%

5.95%

5.95%

5.95%

5.95%

5.95%

6.26%

6.26%

5.49%

5.49%

5.49%

5.49%

4.99%

4.99%

4.99%

'

'

'

Debt instrument description of variable rate basis

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'LIBOR

'LIBOR

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

4.50%

4.50%

'

'

'

'

'

'

2.75%

2.75%

3.50%

3.50%

6.15%

6.15%

'

'

'

6.50%

6.50%

'

'

'

4.90%

4.90%

'

'

'

'

'

'

'

'

'

4.75%

4.75%

4.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indebtedness

'

$1,776,761,000

$1,818,929,000

'

$0

'

$164,433,000

$0

$5,075,000

$0

'

$0

'

'

'

'

$211,000,000

'

$211,000,000

$101,123,000

$102,348,000

$135,000,000

'

$135,000,000

$147,444,000

$148,991,000

$0

'

$69,000,000

$93,843,000

$94,899,000

$106,664,000

$107,737,000

$88,457,000

$89,347,000

$76,624,000

$77,394,000

'

$200,000,000

'

$0

$112,608,000

$113,343,000

$101,216,000

$101,878,000

$154,013,000

$155,019,000

$123,193,000

$123,997,000

$100,581,000

$101,268,000

$10,742,000

$10,800,000

$7,360,000

$7,400,000

$6,893,000

'

$0

'

'

'

London Interbank Offered Rate (LIBOR) Rate

'

0.16%

0.17%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of extension options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

Term of mortgage loan extension option

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'1 year

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior credit facility, borrowing capacity

'

'

'

'

'

'

'

'

'

165,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility further possible expansion, aggregate size

'

'

'

'

'

'

'

'

'

225,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

Extension fees

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face amount of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,900,000

'

'

5,100,000

164,400,000

Floor interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from refinancing of debt

37,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net credit default of swap asset (liability)

'

'

'

$15,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income_Loss_Per_Share_Summary_

Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income (loss) allocated to common shareholders:	'	'	'	'
Net income (loss) attributable to the Company	($1,586)	$7,106	($3,974)	($7,580)
Less: Dividends on preferred stocks	-8,491	-8,491	-16,981	-16,981
Undistributed loss	-20,791	-10,903	-41,382	-42,279
Distributed and undistributed net loss - basic and diluted	-10,151	-1,436	-21,113	-24,673
Weighted average shares outstanding:	'	'	'	'
Weighted average shares outstanding - basic and diluted (in shares)	88,781	68,489	85,283	68,088
Basic loss per share:	'	'	'	'
Net loss allocated to common shareholders per share	($0.11)	($0.02)	($0.25)	($0.36)
Diluted loss per share:	'	'	'	'
Net loss allocated to common shareholders per share	($0.11)	($0.02)	($0.25)	($0.36)
Common Stock	'	'	'	'
Net income (loss) allocated to common shareholders:	'	'	'	'
Less: Dividends	-10,640	-9,467	-20,269	-17,606
Effect of unvested restricted shares	'	'	'	'
Net income (loss) allocated to common shareholders:	'	'	'	'
Less: Dividends	($74)	($51)	($158)	($112)

Income_Loss_Per_Share_Summary_1

Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details 1) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net loss allocated to common shareholders is not adjusted for:	'	'	'	'
Net loss attributable to noncontrolling interest in operating partnership units	($772)	$502	($1,649)	($2,260)
Total	-698	553	-1,491	-2,148
Weighted average diluted shares are not adjusted for:	'	'	'	'
Effect of unvested restricted shares/assumed conversion of operating partnership units, Total	19,976	19,000	19,718	18,556
Effect of unvested restricted shares	'	'	'	'
Net loss allocated to common shareholders is not adjusted for:	'	'	'	'
Income allocated to unvested restricted shares	$74	$51	$158	$112
Weighted average diluted shares are not adjusted for:	'	'	'	'
Effect of unvested restricted shares/assumed conversion of operating partnership units, Total	42	106	93	126
Effect of assumed conversion of operating partnership units	'	'	'	'
Weighted average diluted shares are not adjusted for:	'	'	'	'
Effect of unvested restricted shares/assumed conversion of operating partnership units, Total	19,934	18,894	19,625	18,430

Derivative_Instruments_and_Hed1

Derivative Instruments and Hedging (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Aug. 31, 2011

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Credit Default Swaps [Member]

Credit Default Swaps [Member]

Credit Default Swaps [Member]

Credit Default Swaps [Member]

Credit Default Swaps [Member]

Investment Derivatives [Member]

Investment Derivatives [Member]

Marketable Securities and Other [Member]

Marketable Securities and Other [Member]

Credit Default Swaps [Member]

Credit Default Swaps [Member]

Derivative Instruments, Gain (Loss) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount of swap transactions

'

'

'

'

'

'

'

'

$100,000,000

'

'

'

'

Upfront cost

'

'

'

'

'

'

'

'

8,200,000

'

'

'

'

Total exposure

'

'

'

'

'

'

'

'

8,500,000

'

'

'

'

Change in market value of credit default swap

'

'

'

'

'

'

'

'

250,000

'

'

'

'

Net credit default of swap asset (liability)

'

'

'

'

'

'

'

'

'

'

'

15,000

-73,000

Unrealized gain (loss) on derivatives

-263,000

789,000

-610,000

-6,360,000

-191,000

773,000

-417,000

-131,000

'

'

'

'

'

Derivative assets

'

'

'

'

'

'

'

'

'

255,000

560,000

'

'

Derivative liabilities

'

'

'

'

'

'

'

'

'

$720,000

$561,000

'

'

Fair_Value_Measurements_Narrat

Fair Value Measurements (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Fair Value Disclosures [Abstract]	'	'	'	'
Fair value consideration threshold for transfer in/out of level 3	10.00%	'	10.00%	'
Lower Uptrend in the LIBOR interest rate	0.16%	'	0.16%	'
Higher Uptrend in the LIBOR interest rate	0.87%	'	0.87%	'
Derivative expense related to credit default swaps	$21	$23	$42	$44
Change in fair values of interest rate derivatives	'	-2	'	'
Accumulated comprehensive loss reclassified to interest expense in next 12 months	$28	'	$28	'

Fair_Value_Measurements_Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (Fair Value Measurements Recurring [Member], USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Non-derivative Assets:	'	'
Assets, fair value disclosure, Total	$34,990	$29,620
Non-derivative liabilities	'	'
Liabilities, fair value disclosure, Total	-6,699	-3,764
Assets and liabilities, fair value disclosure	28,291	25,856
Equity and U.S Treasury Securities [Member]	'	'
Non-derivative Assets:	'	'
Non-derivative assets	34,680	29,041
Margin Account Balance [Member]	'	'
Non-derivative liabilities	'	'
Non-derivative Liabilities:	-5,979	-3,130
Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]	'	'
Derivative Assets:	'	'
Derivative assets	40	19
Call Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	-660	-479
Credit Default Swaps [Member]	'	'
Derivative Assets:	'	'
Derivative assets	15	'
Derivative Liabilities:	'	'
Derivative liabilities	'	-73
Put and Call Options [Member]	'	'
Derivative Assets:	'	'
Derivative assets	255	560
Put Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	-60	-82
Quoted Market Prices (Level 1) [Member]	'	'
Non-derivative Assets:	'	'
Assets, fair value disclosure, Total	34,935	29,601
Non-derivative liabilities	'	'
Liabilities, fair value disclosure, Total	-6,699	-3,691
Assets and liabilities, fair value disclosure	28,236	25,910
Quoted Market Prices (Level 1) [Member] | Equity and U.S Treasury Securities [Member]	'	'
Non-derivative Assets:	'	'
Non-derivative assets	34,680	29,041
Quoted Market Prices (Level 1) [Member] | Margin Account Balance [Member]	'	'
Non-derivative liabilities	'	'
Non-derivative Liabilities:	-5,979	-3,130
Quoted Market Prices (Level 1) [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]	'	'
Derivative Assets:	'	'
Derivative assets	0	0
Quoted Market Prices (Level 1) [Member] | Call Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	-660	-479
Quoted Market Prices (Level 1) [Member] | Credit Default Swaps [Member]	'	'
Derivative Assets:	'	'
Derivative assets	0	'
Derivative Liabilities:	'	'
Derivative liabilities	'	0
Quoted Market Prices (Level 1) [Member] | Put and Call Options [Member]	'	'
Derivative Assets:	'	'
Derivative assets	255	560
Quoted Market Prices (Level 1) [Member] | Put Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	-60	-82
Significant Other Observable Inputs (Level 2) [Member]	'	'
Non-derivative Assets:	'	'
Assets, fair value disclosure, Total	618	19
Non-derivative liabilities	'	'
Liabilities, fair value disclosure, Total	0	995
Assets and liabilities, fair value disclosure	618	1,014
Significant Other Observable Inputs (Level 2) [Member] | Equity and U.S Treasury Securities [Member]	'	'
Non-derivative Assets:	'	'
Non-derivative assets	0	0
Significant Other Observable Inputs (Level 2) [Member] | Margin Account Balance [Member]	'	'
Non-derivative liabilities	'	'
Non-derivative Liabilities:	0	0
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]	'	'
Derivative Assets:	'	'
Derivative assets	40	19
Significant Other Observable Inputs (Level 2) [Member] | Call Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member] | Credit Default Swaps [Member]	'	'
Derivative Assets:	'	'
Derivative assets	578	'
Derivative Liabilities:	'	'
Derivative liabilities	'	995
Significant Other Observable Inputs (Level 2) [Member] | Put and Call Options [Member]	'	'
Derivative Assets:	'	'
Derivative assets	0	0
Significant Other Observable Inputs (Level 2) [Member] | Put Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	0	0
Counterparty and Cash Collateral Netting [Member]	'	'
Non-derivative Assets:	'	'
Assets, fair value disclosure, Total	-563	0
Non-derivative liabilities	'	'
Liabilities, fair value disclosure, Total	0	-1,068
Assets and liabilities, fair value disclosure	-563	-1,068
Counterparty and Cash Collateral Netting [Member] | Equity and U.S Treasury Securities [Member]	'	'
Non-derivative Assets:	'	'
Non-derivative assets	0	0
Counterparty and Cash Collateral Netting [Member] | Margin Account Balance [Member]	'	'
Non-derivative liabilities	'	'
Non-derivative Liabilities:	0	0
Counterparty and Cash Collateral Netting [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]	'	'
Derivative Assets:	'	'
Derivative assets	0	0
Counterparty and Cash Collateral Netting [Member] | Call Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	0	0
Counterparty and Cash Collateral Netting [Member] | Credit Default Swaps [Member]	'	'
Derivative Assets:	'	'
Derivative assets	-563	'
Derivative Liabilities:	'	'
Derivative liabilities	'	-1,068
Counterparty and Cash Collateral Netting [Member] | Put and Call Options [Member]	'	'
Derivative Assets:	'	'
Derivative assets	0	0
Counterparty and Cash Collateral Netting [Member] | Put Option [Member] | Short [Member]	'	'
Derivative Liabilities:	'	'
Derivative liabilities	$0	$0

Fair_Value_Measurements_Effect

Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Unrealized gains (losses) on derivatives	($263)	$789	($610)	($6,360)
Unrealized gain (loss) on marketable securities	-944	-919	-943	1,782
Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Unrealized gains (losses) on derivatives	-191	773	-417	-131
Derivative Assets [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	'	'	-459	0
Reclassified from Accumulated OCI into Interest Expense, Assets	'	'	0	0
Interest Savings (Cost) [Member] | Derivative Assets [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	'	'	0	0
Fair Value Measurements Recurring [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	602	-48	1,359	-5,016
Unrealized gains (losses) on derivatives	-263	789	-610	-6,360
Unrealized gain (loss) on marketable securities	-944	-919	-943	1,782
Realized gain (loss) on marketable securities	1,809	82	2,912	-438
Gain or (Loss) Recognized in income, Net	602	-48	1,359	-5,016
Reclassified from Accumulated OCI into Interest Expense, Liabilities	29	16	100	24
Reclassified from Accumulated OCI into Interest Expense, Net	29	16	100	24
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Unrealized gains (losses) on derivatives	-72	16	-193	-6,229
Reclassified from Accumulated OCI into Interest Expense, Net	29	16	100	24
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Unrealized gains (losses) on derivatives	-191	773	-417	-131
Reclassified from Accumulated OCI into Interest Expense, Net	0	0	0	0
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	-428	1,420	'	'
Reclassified from Accumulated OCI into Interest Expense, Liabilities	0	0	'	'
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Interest Rate Derivatives [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	4,400
Reclassified from Accumulated OCI into Interest Expense, Liabilities	'	'	0	0
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	-175
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	0	750	'	'
Reclassified from Accumulated OCI into Interest Expense, Liabilities	0	0	0	0
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Put Option [Member] | Short [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	-368	0	23	7
Reclassified from Accumulated OCI into Interest Expense, Liabilities	0	0	0	0
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Call Option [Member] | Short [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	-60	670	-56	85
Reclassified from Accumulated OCI into Interest Expense, Liabilities	0	0	0	0
Fair Value Measurements Recurring [Member] | Non-Derivative Liabilities [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	-33	4,317
Reclassified from Accumulated OCI into Interest Expense, Liabilities	'	'	0	0
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Interest Rate Derivatives [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	-72	16	-193	-10,629
Reclassified from Accumulated OCI into Interest Expense, Assets	29	16	100	24
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Put and Call Options [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	-592	-18	-1,104	186
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0	0	0
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	-212	0	'	'
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0	'	'
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	1,030	-1,468	1,392	-9,333
Reclassified from Accumulated OCI into Interest Expense, Assets	29	16	100	24
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | Equity and U.S Treasury Securities [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	1,906	-1,466	3,148	1,110
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0	0	0
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	6,215
Unrealized gains (losses) on derivatives	'	'	0	6,215
Unrealized gain (loss) on marketable securities	'	'	0	0
Realized gain (loss) on marketable securities	'	'	0	0
Gain or (Loss) Recognized in income, Net	'	'	0	6,215
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Interest Rate Derivatives [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Unrealized gains (losses) on derivatives	'	'	0	6,215
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Unrealized gains (losses) on derivatives	'	'	0	0
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Interest Rate Derivatives [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	-4,424
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	0
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Put Option [Member] | Short [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	0
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Call Option [Member] | Short [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	0
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non-Derivative Liabilities [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Liabilities	'	'	0	-4,424
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Assets [Member] | Interest Rate Derivatives [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	'	'	0	10,639
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Assets [Member] | Put and Call Options [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	'	'	0	0
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non Derivative Assets [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	'	'	0	10,639
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non Derivative Assets [Member] | Equity and U.S Treasury Securities [Member]	'	'	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'	'	'
Gain or (Loss) Recognized in income, Assets	'	'	$0	$0

Summary_of_Fair_Value_of_Finan2

Summary of Fair Value of Financial Instruments (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Maximum maturity term of financial assets	'90 days	'90 days	'
Notes receivable	$3,466,000	'	$3,384,000
Carrying value of total indebtedness of continuing operations	$1,800,000,000	'	$1,800,000,000
Minimum [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Notes receivable fair value variance from carrying value (as a percent)	-15.80%	'	-17.30%
Total indebtedness fair value variance from carrying value (as a percent)	98.40%	'	98.20%
Maximum [Member]	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Notes receivable fair value variance from carrying value (as a percent)	-6.90%	'	-8.60%
Total indebtedness fair value variance from carrying value (as a percent)	108.80%	'	108.60%

Summary_of_Fair_Value_of_Finan3

Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial assets and liabilities measured at fair value:	'	'
Marketable securities, Carrying value	$34,935	$29,601
Derivative assets, Carrying value	55	19
Liabilities associated with investments in securities and other, Carrying value	6,699	3,764
Liabilities associated with investments in securities and other, Estimated fair value	6,699	3,764
Financial assets not measured at fair value:	'	'
Cash and cash equivalents, Carrying value	212,292	128,780
Cash and cash equivalents, Estimated fair value	212,292	128,780
Restricted cash, Carrying value	87,692	61,498
Restricted cash, Estimated fair value	87,692	61,498
Accounts receivable, Carrying value	32,234	21,791
Accounts receivable, Estimated fair value	32,234	21,791
Notes receivable, Carrying value	3,466	3,384
Due from affiliates, Carrying value	4,536	1,302
Due from affiliates, Estimated fair value	4,536	1,302
Due from Ashford Prime OP, net, Carrying value	4,616	13,042
Due from Ashford Prime OP, net, Estimated fair value	4,616	13,042
Due from third-party hotel managers, Carrying value	14,091	33,728
Due from third party hotel managers, Estimated fair value	14,091	33,728
Financial liabilities not measured at fair value:	'	'
Indebtedness	1,776,761	1,818,929
Accounts payable and accrued expenses, Carrying value	82,647	70,683
Accounts payable and accrued expenses, Estimated fair value	82,647	70,683
Dividends payable, Carrying value	21,903	20,735
Dividends payable, Estimated fair value	21,903	20,735
Due to related party, net, Carrying value	753	270
Due to related party, net, Estimated fair value	753	270
Due to third-party hotel managers, Carrying value	1,607	958
Due to third-party hotel managers, Estimated fair value	1,607	958
Maximum [Member]	'	'
Financial assets not measured at fair value:	'	'
Notes receivable, Estimated fair value	3,227	3,094
Financial liabilities not measured at fair value:	'	'
Indebtedness, Estimated fair value	1,932,703	1,974,714
Minimum [Member]	'	'
Financial assets not measured at fair value:	'	'
Notes receivable, Estimated fair value	2,919	2,800
Financial liabilities not measured at fair value:	'	'
Indebtedness, Estimated fair value	1,748,633	1,786,651
Fair Value, Measurements, Recurring [Member]	'	'
Financial assets and liabilities measured at fair value:	'	'
Marketable securities, Estimated fair value	34,935	29,601
Derivative assets, Estimated fair value	55	19
Liabilities associated with investments in securities and other, Carrying value	6,699	3,764
Liabilities associated with investments in securities and other, Estimated fair value	$6,699	$3,764

Redeemable_Noncontrolling_Inte1

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) (USD $)

6 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

31-May-14

Feb. 28, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Class B Common Units [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Long Term Incentive Plan [Member]

Partnership Interest [Member]

Partnership Interest [Member]

Partnership Interest [Member]

Partnership Interest [Member]

Partnership Interest [Member]

Minimum [Member]

Maximum [Member]

Redeemable Noncontrolling Interest [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend rate common units

'

'

'

7.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

Time period after issuance that common units may be redeemed (in years)

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting periods, Minimum (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'5 years

Common partnership unit per converted Long-Term Incentive Plan unit

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

Issuance of LTIP units

'

'

'

'

'

'

'

'

$8,045,260

'

'

'

'

'

'

'

'

Value of units which had not reached full economic parity with the common units

'

'

'

'

25,000

921,000

'

'

'

'

'

'

'

'

'

'

'

Aggregate value of LTIP units on date of grant

'

'

'

'

'

'

79,900,000

'

79,900,000

'

'

'

'

'

'

'

'

Compensation expense

'

'

'

'

'

'

6,700,000

3,800,000

10,600,000

11,700,000

'

'

'

'

'

'

'

Unamortized value of LTIP unit

'

'

'

'

'

'

21,600,000

'

21,600,000

'

'

'

'

'

'

'

'

Amortization period of LTIP unit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'7 months 27 days

'2 years 9 months 27 days

Number of operating partnership units presented for redemption or converted to shares of common stock.

'

'

'

'

'

'

0

'

0

'

'

'

'

'

'

'

'

Redeemable noncontrolling interests in operating partnership

202,541,000

'

134,206,000

'

'

'

'

'

'

'

202,500,000

'

202,500,000

'

134,200,000

'

'

Percentage of ownership in operating partnership

'

'

'

'

'

'

'

'

'

'

13.02%

'

13.02%

'

12.72%

'

'

Redemption value adjustment

-60,717,000

'

'

'

'

'

'

'

'

'

'

'

184,000,000

'

123,300,000

'

'

Allocated net income (loss) to redeemable noncontrolling interests

'

'

'

'

'

'

'

'

'

'

-772,000

502,000

-1,600,000

-2,300,000

'

'

'

Cash distributions declared

$41,625,000

$37,509,000

'

'

'

'

'

'

'

'

$2,700,000

$2,600,000

$5,400,000

$5,100,000

'

'

'

Equity_and_EquityBased_Compens1

Equity and Equity-Based Compensation (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Nov. 19, 2013

Jun. 30, 2014

Dec. 31, 2013

Nov. 19, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

9-May-14

Apr. 08, 2014

8-May-14

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Majority Owned Properties [Member]

Majority Owned Properties [Member]

Majority Owned Properties [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Minimum [Member]

Maximum [Member]

Common Stock

Common Stock

Common Stock

Series A Preferred Stock [Member]

Series A Preferred Stock [Member]

Series D Preferred Stock [Member]

Series D Preferred Stock [Member]

Series E Preferred Stock [Member]

Series E Preferred Stock [Member]

hotel

hotel

hotel

Restricted Stock [Member]

Restricted Stock [Member]

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuances of stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

850,000

7,500,000

'

'

'

'

'

'

'

Share price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10.70

$10.70

'

'

'

'

'

'

'

Proceeds from issuance of stock, before underwriting discount and other expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$80,300,000

'

'

'

'

'

'

'

Proceeds from issuance of stock, net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,700,000

76,800,000

'

'

'

'

'

'

'

Additional shares authorized for purchase (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,125,000

'

'

'

'

'

'

Percentage of preferred stock shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.55%

8.55%

8.45%

8.45%

9.00%

9.00%

Dividends declared per common share (in dollars per share)

$0.12

$0.12

$0.24

$0.24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends annualized target (in dollars per share)

$0.48

'

$0.48

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity-based compensation

'

'

'

'

'

'

'

'

'

1,000,000

740,000

1,600,000

1,200,000

'

'

'

'

'

'

'

'

'

'

'

Restricted stock unamortized cost

'

'

'

'

'

'

'

'

'

5,700,000

'

5,700,000

'

'

'

'

'

'

'

'

'

'

'

'

Amortized period

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 months 17 days

'2 years 8 months

'

'

'

'

'

'

'

'

'

Dividends declared per preferred share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.53

$0.53

$0.53

$0.53

$0.56

$0.56

Noncontrolling joint venture partners ownership interests, Minimum

15.00%

'

15.00%

'

15.00%

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling joint venture partners ownership interests, Maximum

'

'

'

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel properties with JV interests

'

'

'

'

'

'

2

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling interests in consolidated entities

770,000

'

770,000

'

1,048,000

'

770,000

1,048,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from consolidated joint ventures attributable to noncontrolling interests

$5,000

($8,000)

($22,000)

($715,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_

Commitments and Contingencies (Narrative) (Details) (USD $)

1 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2012

Sep. 30, 2010

Jun. 30, 2014

Dec. 31, 2006

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Taxes [Member]

Taxes [Member]

Taxes [Member]

Potential Pension Liabilities [Member]

Potential Pension Liabilities [Member]

Litigation [Member]

Litigation [Member]

Restricted Cash [Member]

Franchise Fees [Member]

Franchise Fees [Member]

Franchise Fees [Member]

Franchise Fees [Member]

Management Fees [Member]

subsidiary

Other Expense [Member]

Other Expense [Member]

hotel

Commitments and Contingencies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Escrow reserve for capital improvements as percentage of gross revenues, Minimum

'

'

'

'

'

'

'

4.00%

'

'

'

'

'

Escrow reserve for capital improvements as percentage of gross revenues, Maximum

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

Franchisor royalty fees percent of gross room revenue, minimum

'

'

'

'

'

'

'

'

3.00%

'

3.00%

'

'

Franchisor royalty fees percent of gross room revenue, Maximum

'

'

'

'

'

'

'

'

6.00%

'

6.00%

'

'

Marketing reservation and other fees, Minimum

'

'

'

'

'

'

'

'

1.00%

'

1.00%

'

'

Marketing reservation and other fees, Maximum

'

'

'

'

'

'

'

'

4.00%

'

4.00%

'

'

Franchise fees incurred

'

'

'

'

'

'

'

'

$9,700,000

$8,200,000

$18,600,000

$15,400,000

'

Payment of monthly property management fees, Minimum

'

'

'

'

'

'

'

'

'

'

'

'

10,000

Property management fee as percentage of gross revenue used if greater than $10,000 (CPI adjusted since 2003)

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

Property management fee as percentage of gross revenue, Minimum

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

Property management fee as percentage of gross revenue, Maximum

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

Portion of project management fees to project costs

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

Number of audited taxable subsidiaries (in subsidiaries)

'

'

1

'

'

'

'

'

'

'

'

'

'

Number Of Hotel Properties Managed By Third Party

'

'

2

'

'

'

'

'

'

'

'

'

'

Percentage of interest in the hotel properties

'

'

75.00%

'

'

'

'

'

'

'

'

'

'

Federal excise tax rate

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

Possible additional U.S. federal income taxes under IRS proposed adjustment

'

467,000

'

'

'

'

'

'

'

'

'

'

'

Possible additional state income taxes under IRS proposed adjustment

'

83,000

'

'

'

'

'

'

'

'

'

'

'

Amount of Proposed REIT Adjustment

'

3,300,000

'

'

'

'

'

'

'

'

'

'

'

Amount of Proposed TRS Adjustment

'

1,600,000

'

'

'

'

'

'

'

'

'

'

'

Unfunded pension liabilities at acquisition

'

'

'

'

0

'

'

'

'

'

'

'

'

Net amount of pension payments on settlement agreement paid by hotel manager

'

'

'

84,000

'

'

'

'

'

'

'

'

'

Term of Pension Liability

'

'

'

'20 years

'

'

'

'

'

'

'

'

'

Increase in taxable income

660,000

'

'

'

'

'

'

'

'

'

'

'

'

Damages awarded

'

'

'

'

'

10,800,000

10,800,000

'

'

'

'

'

'

Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit

'

'

'

1,700,000

'

'

'

'

'

'

'

'

'

Monthly pension payments

'

'

'

100,000

'

'

'

'

'

'

'

'

'

Accrued unfunded pension liabilities

'

'

'

$1,600,000

'

'

'

'

'

'

'

'

'

Segment_Reporting_Details

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2014
	Segment
Segment Reporting [Abstract]	'
Number of business segments (in segments)	1

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

Jan. 24, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jul. 25, 2014

Jul. 25, 2014

Jul. 25, 2014

Jul. 25, 2014

Jul. 25, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Jul. 18, 2014

Jul. 18, 2014

Jul. 31, 2014

Jul. 18, 2014

Jul. 31, 2014

Jul. 31, 2014

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

Fremont Marriott Silicon Valley [Member]

The Ashton Hotel [Member]

The Ashton Hotel [Member]

The Ashton Hotel [Member]

The Ashton Hotel [Member]

The Ashton Hotel [Member]

The Ashton Hotel [Member]

Refinanced Mortgage Loan 1 [Member]

Refinanced Mortgage Loan 2 [Member]

Refinanced Mortgage Loan 3 [Member]

Mortgage Loan 21 [Member]

Mortgage Loan 23 [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Mortgage Loan 23 [Member]

Mortgage Loan 23 [Member]

Mortgage Loan 23 [Member]

Mortgage Loan 22 [Member]

Mortgage Loan 22 [Member]

Mortgage Loan 22 First 18 Months [Member]

Mortgage Loan 22 After 18 Months [Member]

extension

London Interbank Offered Rate (LIBOR) [Member]

extension

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest acquired

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

100.00%

'

'

'

'

Face amount of debt

'

'

'

'

'

'

$135,000,000

$101,100,000

$88,500,000

$468,900,000

'

'

$37,500,000

'

$37,500,000

'

'

'

$5,500,000

$5,500,000

'

'

Proceeds from refinancing of debt

37,800,000

'

'

'

'

104,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.20%

'

'

'

'

3.75%

4.00%

Libor floor rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

Number of extension options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

0

'

'

'

Term of mortgage loan extension option

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

Consideration transferred

'

'

'

'

'

'

'

'

'

'

50,000,000

'

'

'

'

'

8,000,000

'

'

'

'

'

Total revenue

'

215,002,000

263,821,000

416,173,000

500,022,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss)

'

($2,248,000)

$7,291,000

($5,679,000)

($11,744,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'