Ashford Hospitality Trust (AHT) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ASHFORD HOSPITALITY TRUST INC
Entity Central Index Key	1,232,582
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		95,477,681

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 282,073	$ 215,063
Marketable securities	0	63,217
Total cash, cash equivalents and marketable securities	282,073	278,280
Investments in hotel properties, net	4,236,040	2,128,611
Restricted cash	149,896	85,830
Accounts receivable, net of allowance of $469 and $241, respectively	55,941	22,399
Inventories	4,358	2,104
Note receivable, net of allowance of $7,306 and $7,522, respectively	3,646	3,553
Investment in unconsolidated entities	119,718	206,790
Deferred costs, net	39,117	12,588
Prepaid expenses	17,696	7,017
Derivative assets, net	1,768	182
Other assets	20,558	17,116
Intangible assets, net	11,442	0
Due from Ashford Prime OP, net	1,343	896
Due from affiliates	0	3,473
Due from third-party hotel managers	37,205	12,241
Total assets	4,980,801	2,781,080
Liabilities:
Indebtedness	3,651,355	1,954,103
Accounts payable and accrued expenses	136,697	71,118
Dividends payable	23,369	21,889
Unfavorable management contract liabilities	4,343	5,330
Due to Ashford Inc., net	9,331	8,202
Due to related party, net	337	1,867
Due to third-party hotel managers	1,850	1,640
Intangible liabilities, net	16,691	0
Liabilities associated with marketable securities and other	0	6,201
Other liabilities	9,760	1,233
Total liabilities	3,853,733	2,071,583
Redeemable noncontrolling interests in operating partnership	150,435	177,064
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 101,226,875 and 89,439,624 shares outstanding at June 30, 2015 and December 31, 2014, respectively	1,249	1,249
Additional paid-in capital	1,802,043	1,706,274
Accumulated deficit	(718,973)	(1,050,323)
Treasury stock, at cost, 23,669,890 and 35,457,141 shares at June 30, 2015 and December 31, 2014, respectively	(108,633)	(125,725)
Total stockholders’ equity of the Company	975,844	531,633
Noncontrolling interests in consolidated entities	789	800
Total equity	976,633	532,433
Total liabilities and equity	4,980,801	2,781,080
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2015 and December 31, 2014
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, 2015 and December 31, 2014
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, 2015 and December 31, 2014
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 46	$ 46

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts receivable	$ 469	$ 241
Allowance for doubtful notes receivable	$ 7,306	$ 7,522
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)	101,226,875	89,439,624
Treasury stock, shares (in shares)	23,669,890	35,457,141
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2015 and December 31, 2014
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, 2015 and December 31, 2014
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, 2015 and December 31, 2014
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 Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Rooms	$ 291,670	$ 167,484	$ 492,660	$ 324,481
Food and beverage	64,765	29,014	104,318	57,253
Other hotel revenue	12,473	6,644	21,305	13,010
Total hotel revenue	368,908	203,142	618,283	394,744
Advisory services revenue	0	3,945	0	6,139
Other	430	1,076	1,290	2,141
Total revenue	369,338	208,163	619,573	403,024
Hotel operating expenses:
Rooms	60,735	36,030	103,888	70,784
Food and beverage	42,041	19,379	68,321	38,702
Other expenses	108,395	72,302	183,177	130,576
Management fees	13,385	8,077	23,042	15,819
Total hotel expenses	224,556	135,788	378,428	255,881
Property taxes, insurance, and other	17,576	8,948	29,170	18,537
Depreciation and amortization	52,616	26,532	90,480	52,684
Impairment charges	19,840	(104)	19,734	(205)
Transaction costs	4,959	83	5,458	83
Advisory services fee	11,472	0	21,039	0
Corporate, general, and administrative	3,120	19,451	7,960	32,186
Total expenses	334,139	190,698	552,269	359,166
Operating income	35,199	17,465	67,304	43,858
Equity in earnings (loss) of unconsolidated entities	1,907	7,461	(4,715)	3,963
Interest income	30	12	46	18
Gain on acquisition of PIM Highland JV	0	0	381,835	0
Other income (loss)	(2,283)	2,000	2,047	3,277
Interest expense and amortization of premiums and loan costs	(47,495)	(27,788)	(82,130)	(56,163)
Write-off of loan costs and exit fees	0	(6)	(4,767)	(2,034)
Unrealized gain (loss) on marketable securities	1,929	(944)	127	(943)
Unrealized loss on derivatives	(1,955)	(263)	(3,653)	(610)
Income (loss) from continuing operations before income taxes	(12,668)	(2,063)	356,094	(8,634)
Income tax expense	(2,089)	(312)	(2,914)	(528)
Income (loss) from continuing operations	(14,757)	(2,375)	353,180	(9,162)
Income from discontinued operations	0	22	0	26
Gain (loss) on sale of hotel properties, net of tax	0	0	(1,130)	3,491
Net income (loss)	(14,757)	(2,353)	352,050	(5,645)
(Income) loss from consolidated entities attributable to noncontrolling interest	(14)	(5)	11	22
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,527	772	(42,809)	1,649
Net income (loss) attributable to the Company	(12,244)	(1,586)	309,252	(3,974)
Preferred dividends	(8,491)	(8,491)	(16,981)	(16,981)
Net income (loss) attributable to common stockholders	$ (20,735)	$ (10,077)	$ 292,271	$ (20,955)
Basic:
Income (loss) from continuing operations attributable to common stockholders	$ (0.21)	$ (0.11)	$ 2.96	$ (0.25)
Income from discontinued operations attributable to common stockholders	0	0	0	0
Net income (loss) attributable to common stockholders	$ (0.21)	$ (0.11)	$ 2.96	$ (0.25)
Weighted average common shares outstanding – basic	99,755	88,781	97,661	85,283
Diluted:
Income (loss) from continuing operations attributable to common stockholders	$ (0.21)	$ (0.11)	$ 2.86	$ (0.25)
Income from discontinued operations attributable to common stockholders	0	0	0	0
Net income (loss) allocated to common stockholders per share	$ (0.21)	$ (0.11)	$ 2.86	$ (0.25)
Weighted average common shares outstanding – diluted	99,755	88,781	116,118	85,283
Dividends declared per common share (in dollars per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.24
Amounts attributable to common stockholders:
Net income (loss) attributable to the Company	$ (12,244)	$ (1,605)	$ 309,252	$ (3,996)
Income from discontinued operations	0	19	0	22
Net income (loss) attributable to common stockholders	$ (20,735)	$ (10,077)	$ 292,271	$ (20,955)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (14,757)	$ (2,353)	$ 352,050	$ (5,645)
Other comprehensive income, net of tax:
Change in unrealized loss on derivatives	0	0	0	0
Reclassification to interest expense	0	29	0	100
Total other comprehensive income	0	29	0	100
Comprehensive income (loss)	(14,757)	(2,324)	352,050	(5,545)
Loss from consolidated entities attributable to noncontrolling interest	14	5	(11)	(22)
Less: Comprehensive loss attributable to noncontrolling interest in consolidated entities			11	22
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,527	768	(42,809)	1,636
Comprehensive income (loss) attributable to the Company	$ (12,244)	$ (1,561)	$ 309,252	$ (3,887)

Consolidated Statement of Equit

Consolidated Statement of Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Series A Preferred Stock [Member]	Series D Preferred Stock [Member]	Series E Preferred Stock [Member]	Common Stock	Preferred StockSeries A Preferred Stock [Member]	Preferred StockSeries D Preferred Stock [Member]	Preferred StockSeries E Preferred Stock [Member]	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated DeficitSeries A Preferred Stock [Member]	Accumulated DeficitSeries D Preferred Stock [Member]	Accumulated DeficitSeries E Preferred Stock [Member]	Accumulated DeficitCommon Stock	Treasury Stock	Treasury StockRestricted Stock and Restricted Stock Units (RSUs) [Member]	Noncontrolling Interests In Consolidated Entities	Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2014						1,657	9,469	4,630	124,897							35,457
Beginning balance, value at Dec. 31, 2014	$ 532,433					$ 17	$ 95	$ 46	$ 1,249	$ 1,706,274	$ (1,050,323)					$ (125,725)		$ 800
Beginning balance, value at Dec. 31, 2014	177,064																		$ 177,064
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury shares (in shares)																(53)
Purchases of treasury shares	(543)															$ (543)
Equity-based compensation	976									976
Equity-based compensation																			884
Forfeitures of restricted shares	13									43						$ (30)
Forfeitures of restricted shares (in shares)																(13)
Issuance of restricted shares/units, value	0									(2,742)						$ 2,742
Issuance of restricted shares/units, value																			35
Issuance of restricted shares/units (in shares)																1,182
Reissuance of treasury shares	110,870									96,159							$ 14,711
Reissuance of treasury shares (in shares)																	10,530
Dividends		$ (1,771)	$ (10,001)	$ (5,209)	$ (24,276)				(23,935)			$ (1,771)	$ (10,001)	$ (5,209)	$ (24,276)
Distributions to noncontrolling interests	0																	0
Distributions to noncontrolling interests																			(5,457)
Redemption/conversion of operating partnership units	1,545									1,333	0						$ 212
Redemption/conversion of operating partnership units (in shares)																	141
Redemption/conversion of operating partnership units																			(1,545)
Redemption value adjustment	63,355										63,355
Redemption value adjustment																			(63,355)
Income (loss) from continuing operations attributable to the Company	309,252										309,252
Loss from consolidated entities attributable to noncontrolling interest	(11)																	(11)
Net income (loss)	309,241
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(42,809)																		42,809
Ending balance, value at Jun. 30, 2015	976,633					$ 17	$ 95	$ 46	$ 1,249	$ 1,802,043	$ (718,973)					$ (108,633)		$ 789
Ending balance, shares (in shares) at Jun. 30, 2015						1,657	9,469	4,630	124,897							23,670
Ending balance, value at Jun. 30, 2015	$ 150,435																		$ 150,435

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net income (loss)	$ 352,050	$ (5,645)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization	90,480	52,841
Impairment charges	19,734	(205)
Amortization of loan costs and premiums, write-off of loan costs and exit fees	11,771	5,605
Amortization of Intangible Assets	(68)	0
Bad debt expense	466	0
Equity in (earnings) loss of unconsolidated entities	4,715	(3,963)
Distribution of earnings from unconsolidated entities	498	498
Gain on hotel properties	(380,705)	(3,604)
Realized and unrealized gains on marketable securities	(1,906)	(1,969)
Purchases of marketable securities	(96,322)	(44,223)
Sales of marketable securities	95,963	43,818
Net settlement of trading derivatives	(1,420)	(505)
PaymentsForDerivativesInstrumentsOperatingActivities	(3,000)	0
Unrealized loss on derivatives	3,653	610
Equity-based compensation	1,860	12,230
Changes in operating assets and liabilities, exclusive of effect of acquisitions and dispositions of hotel properties:
Restricted cash	(12,524)	(4,946)
Accounts receivable and inventories	(11,790)	(9,689)
Prepaid expenses and other assets	(6,866)	(4,855)
Accounts payable and accrued expenses	16,079	15,492
Due from affiliates	3,473	(3,234)
Due to/from related party	(4,056)	516
Due to/from third-party hotel managers	(6,132)	20,286
Due to/from Ashford Prime OP, net	(185)	(5,683)
Due to/from Ashford Inc., net	1,129	0
Other liabilities	3,363	(997)
Net cash provided by operating activities	80,260	62,378
Cash Flows from Investing Activities
Proceeds from payments of note receivable	122	123
Proceeds from franchise agreement extension	2,500	0
Net proceeds from sales of hotel properties	7,502	22,726
Acquisition of hotel properties, net of cash acquired	(613,449)	(1,765)
Change in restricted cash related to improvements and additions to hotel properties	58,377	(21,444)
Improvements and additions to hotel properties	(72,716)	(57,628)
Due from Ashford Prime OP	0	13,635
Payments of franchise fees	(298)	0
Proceeds from property insurance	320	356
Net cash used in investing activities	(617,642)	(43,997)
Cash Flows from Financing Activities
Borrowings on indebtedness	1,850,282	206,900
Repayments of indebtedness and capital leases	(1,272,501)	(180,074)
Payments of loan costs and exit fees	(36,900)	(4,033)
Payments of dividends	(45,234)	(41,625)
Purchases of treasury shares	(543)	(458)
Payments for derivatives	(1,617)	(233)
Issuances of treasury stock	110,870	85,840
Distributions to noncontrolling interests in consolidated entities	0	(1,236)
Other	35	50
Net cash provided by financing activities	604,392	65,131
Net increase in cash and cash equivalents	67,010	83,512
Cash and cash equivalents at beginning of period	215,063	128,780
Cash and cash equivalents at end of period	282,073	212,292
Supplemental Cash Flow Information
Interest paid	70,400	51,761
Income taxes paid	4,638	1,009
Supplemental Disclosure of Non-Cash Investing and Financing Activity
Accrued but unpaid capital expenditures	6,321	3,556
Deferred compensation to be settled in shares	0	374
Dividend receivable from Ashford Prime OP	498	249
Transfer of debt to Ashford Prime OP	0	69,000
NonCashConsiderationForEquityInvestment	59,338	0
NonCashConsiderationToAquireLand	3,100	0
Dividends declared but not paid	$ 23,369	$ 21,903

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2015
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 real estate investment trust (“REIT”) focused on investing in full service hotels in the upscale and upper-upscale segments in domestic and international markets that have revenue per available room (“RevPAR”) generally less than twice the national average, and in all methods including direct real estate, securities, equity, and debt. Other than Ashford Hospitality Trust, Inc.’s investment in Ashford Inc. common stock, we own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, 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. On December 14, 2014, we executed a Letter Agreement (the “Agreement”) with PRISA III Investments ("PRISA III"). The Agreement was approved by the investment committee of Prudential Real Estate Investors ("PREI"), the investment manager of PRISA III, and fully executed and delivered to us on December 15, 2014. Pursuant to the Agreement, we agreed to purchase and PRISA III agreed to sell (the “Transaction”) all of PRISA III’s right, title and interest in and to its approximately 28.26% interest in the PIM Highland Holding LLC (“PIM Highland JV”). As of March 6, 2015, we own 100% of the PIM Highland JV. See Notes 3, 6 and 7. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotels in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. As of June 30, 2015 , we owned interests in the following assets: • 127 consolidated hotel properties, including 125 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 27,180 total rooms (or 27,153 net rooms excluding those attributable to our partners); • 10 hotel properties owned through a 15.2% interest in Ashford Hospitality Prime Limited Partnership (“Ashford Prime OP”) with a carrying value of $55.5 million ; • 86 hotel condominium units at WorldQuest Resort in Orlando, Florida; • a 30.1% ownership in Ashford Inc. common stock with a carrying value of $5.8 million ; • a 52.4% ownership in AIM Real Estate Hedged Equity (U.S.) Fund, LP (the “REHE Fund”) with a carrying value of $58.4 million and • a mezzanine loan with a carrying value of $3.6 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, 2015 , our 127 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, 2015 , 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 87 of our 127 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 2014 Annual Report to Stockholders on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on March 2, 2015 , and March 31, 2015 , 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, 2015 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . • On March 1, 2014, we completed the sale of the Pier House Resort to Ashford Prime (“Ashford Prime”). 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 period from January 1, 2014, through February 28, 2014. • On February 6, 2015, we acquired the Lakeway Resort & Spa, on February 25, 2015, we acquired the Memphis Marriott East hotel, on April 29, 2015, we acquired the Hampton Inn & Suites Gainesville, on June 3, 2015, we acquired the Le Pavillon Hotel, and on June 17, 2015, we acquired a 9-hotel portfolio. The results of these hotels are included in our results of operations as of their respective acquisition dates. • On March 6, 2015, we acquired the remaining approximate 28.26% interest in the 28 hotels of the PIM Highland JV. For the period January 1, 2014, through March 5, 2015, we have recorded equity in earnings for our ownership percentage. Beginning March 6, 2015, we consolidated the results of operations of these hotels. 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 3% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. For purposes of the consolidated 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. We recorded impairment charges of $19.9 million for the three and six months ended June 30, 2015. See Note 4. No impairment charges were recorded for investments in hotel properties for the three and six months ended June 30, 2014 . Hotel Dispositions —Effective January 1, 2015, discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We anticipate that dispositions of hotel properties will not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. This new guidance is to be implemented prospectively only. As such, hotel property dispositions that occurred prior to December 31, 2014, will continue to be reported as discontinued operations in the statements of operations for all applicable periods presented. See Note 4. Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity or group of components that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Intangible Assets and Liabilities —Intangible assets and liabilities represent the assets and liabilities recorded on certain hotel properties’ ground lease contracts that were below or above market rates at the date of acquisition. These assets and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. 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, 2015 and 2014 . 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, 2015 , 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, 2015 and 2014 . Valuation adjustments of $109,000 and $215,000 on previously impaired notes were credited to impairment charges during the three and six months ended June 30, 2015 and $104,000 and $205,000 during the three and six months ended June 30, 2014, respectively. Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 14.4% to 52.4% 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, 2015 and 2014 . 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. Marketable Securities —Marketable securities, including U.S. treasury bills, publicly traded equity securities and stocks, and put and call options on certain publicly traded securities. All of these investments are recorded at fair value. Put and call options are considered derivatives. The fair value of these investments has been determined 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. The cost of securities sold is determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains or losses and costs of investment, is reported as a component of “other income (loss).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. Due to/from Affiliates —Due to/from affiliates represents current receivables and payables resulting primarily from advances of shared costs incurred. Both due to/from affiliates are generally settled within a period not exceeding one year . Due to/from Related Party —Due to/from related party represents current receivables and payables resulting from transactions related to hotel management, project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year . Due to/from Ashford Prime OP, net —Due to/from Ashford Prime OP represents receivables and payables resulting primarily from miscellaneous operating and capital improvement true-ups between the two entities. In 2014, we had receivables related to advisory fees. Both due to/from Ashford Prime OP is generally settled within a period not exceeding one year . Due to Ashford Inc., net —Due to Ashford Inc., net, represents current payables resulting primarily from advisory services fee, including reimbursable expenses. In 2014, due to Ashford Inc., net, included payables resulting primarily from costs associated with the spin-off of Ashford Inc. Due to Ashford Inc., net, is generally settled within a period not exceeding one year . 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. 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 were 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. As of March 6, 2015, we acquired the remaining approximate 28.26% of the PIM Highland JV which discontinued the aforementioned reimbursements. Prior to the spin-off of Ashford Inc. in November 2014, we recognized advisory services revenue when services had been rendered. The quarterly base fee was equal to 0.7% per annum of the total market capitalization, as defined in the advisory agreement, of Ashford Prime, subject to certain minimums. Reimbursements for overhead and internal audit services were recognized when services had been rendered. We also recorded advisory services 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 in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “corporate, general and administrative” expense. Derivatives Instruments and Hedging —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. 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, 2015 and 2014 , 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 loss on derivatives” in the consolidated statements of operations. Income Taxes —As a REIT, we generally are not 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. The “Income Taxes” Topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2011 through 2014 remain subject to potential examination by certain federal and state taxing authorities. Reclassification —Certain amounts in the consolidated financial statements for the three and six months ended June 30, 2014, have been reclassified for discontinued operations. Recently Adopted Accounting Standards — In April 2014, the FASB issued accounting guidance that 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. The new accounting guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. We adopted this accounting guidance on January 1, 2015. The adoption of this accounting guidance impacted the presentation of our results of operations as it required the operations of our disposed hotel property to be included in continuing operations. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 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. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and to provide related disclosure requirements. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . The ASU amends the consolidation guidance for VIEs and general partners' investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of the ASU on our consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. Upon adoption of the standard, we will reclassify deferred financing costs, net from total assets to be shown net of debt in the liabilities section of our consolidated balance sheet. Adoption of this standard will only affect the presentation of our consolidated balance sheet.

Investment in Hotel Properties,

Investment in Hotel Properties, net	6 Months Ended
	Jun. 30, 2015
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, 2015 December 31, 2014 Land $ 686,901 $ 358,514 Buildings and improvements 3,817,985 2,125,656 Furniture, fixtures, and equipment 351,789 211,777 Construction in progress 19,377 11,704 Condominium properties 12,065 12,065 Total cost 4,888,117 2,719,716 Accumulated depreciation (652,077 ) (591,105 ) Investments in hotel properties, net $ 4,236,040 $ 2,128,611 Acquisitions Lakeway Resort & Spa On February 6, 2015, we acquired a 100% interest in the Lakeway Resort & Spa (“Lakeway Resort”) in Austin, Texas, for total consideration of $33.5 million . The acquisition was funded with cash. We have allocated the assets acquired and liabilities assumed using estimated fair value information based on a third party appraisal. This valuation is considered a Level 3 valuation technique. On April 17, 2015, we completed the financing of a $25.1 million mortgage loan, secured by the Lakeway Resort. See Note 7. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 4,541 Buildings and improvements 24,703 Furniture, fixtures, and equipment 4,237 33,481 Net other assets and liabilities (382 ) The results of operations of the hotel property have been included in our results of operations since February 6, 2015. For the three and six months ended June 30, 2015, we have included total revenue of $3.4 million and $5.2 million , respectively, and net loss of $277,000 and $334,000 , respectively, in our consolidated statements of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. Memphis Marriott East Hotel On February 25, 2015, we acquired a 100% interest in the Memphis Marriott East (“Memphis Marriott”) hotel in Memphis, Tennessee for total consideration of $43.5 million . The acquisition was funded with cash. We have allocated the assets acquired and liabilities assumed using estimated fair value information based on a third party appraisal. This valuation is considered a Level 3 valuation technique. On March 25, 2015, we completed the financing of a $33.3 million mortgage loan, secured by the Memphis Marriott. See Note 7. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 6,210 Buildings and improvements 32,934 Furniture, fixtures, and equipment 4,350 43,494 Net other assets and liabilities 34 The results of operations of the hotel property have been included in our results of operations since February 25, 2015. For the three and six months ended June 30, 2015, we have included total revenue of $3.2 million and $4.4 million , respectively, and net income of $240,000 and $393,000 , respectively, in our consolidated statements of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. PIM Highland JV Acquisition As previously discussed in Note 1, we acquired the remaining approximate 28.26% interest in the PIM Highland JV. The transaction closed on March 6, 2015, for consideration of $250.1 million in cash. We recognized a gain of $381.8 million . Subsequent to the close of the transaction, $907.6 million of existing debt of the PIM Highland JV was refinanced. See Note 7. We have allocated the assets acquired and liabilities assumed using estimated fair value information based on a third party appraisal that was received subsequent to March 31, 2015, and resulted in adjustments to land, buildings and improvements, furniture, fixtures and equipment, and intangibles associated with above and below market leases. These adjustments resulted in a reduction of $1.1 million of depreciation expense for the three months ended June 30,2015, which represents the decrease of depreciation from the date of the acquisition through March 31, 2015. These adjustments also resulted in a net reduction of approximately $16,000 of rent expense associated with intangible amortization of above and below market leases for the three months ended June 30, 2015, which represents the net decrease of rent expense from the date of acquisition through March 31, 2015. Rent expense is included in “other expenses” in the consolidated statements of operations. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Preliminary Allocations as of March 31, 2015 Adjustments Final Allocations as of June 30, 2015 Land $ 292,934 $ (7,712 ) $ 285,222 Buildings and improvements 1,351,293 38,182 1,389,475 Furniture, fixtures, and equipment 118,878 (35,958 ) 82,920 1,763,105 (5,488 ) 1,757,617 Indebtedness (1,120,082 ) — (1,120,082 ) Intangible liabilities, net (12,217 ) 5,488 (6,729 ) Net other assets and liabilities 116,533 — 116,533 The results of operations of the hotel properties have been included in our results of operations since March 6, 2015. For the three and six months ended June 30, 2015, we have included total revenue of $133.7 million and $171.3 million , respectively, and net income of $7.7 million and $8.0 million , respectively, in our consolidated statements of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. Hampton Inn & Suites - Gainesville On April 29, 2015, we acquired a 100% interest in the Hampton Inn & Suites (“Hampton Inn Gainesville”) in Gainesville, Florida for total consideration of $25.2 million . The acquisition was funded with cash. We have allocated the assets acquired and liabilities assumed using estimated fair value information based on a third party appraisal. This valuation is considered a Level 3 valuation technique. On June 24, 2015, we completed the financing of a $21.2 million mortgage loan, secured by the Hampton Inn Gainesville. See Note 7. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 3,695 Buildings and improvements 19,002 Furniture, fixtures, and equipment 1,139 23,836 Intangible assets 1,412 Net other assets and liabilities (150 ) The results of operations of the hotel property have been included in our results of operations since April 29, 2015. For both the three and six months ended June 30, 2015, we have included total revenue of $987,000 and net income of $203,000 in our consolidated statements of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. Le Pavillon Hotel On June 3, 2015, we acquired a 100% interest in the Le Pavillon Hotel (“Le Pavillon”) in New Orleans, Louisiana for total consideration of $62.5 million . The acquisition was funded with cash. Subsequent to the close of the transaction, we completed the financing of a $43.8 million mortgage loan. See Note 7. We have allocated the assets acquired and liabilities assumed using estimated fair value information based on a third party appraisal. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 10,933 Buildings and improvements 46,761 Furniture, fixtures, and equipment 4,788 62,482 Net other assets and liabilities 486 The results of operations of the hotel property have been included in our results of operations since June 3, 2015. For both the three and six months ended June 30, 2015, we have included total revenue of $1.0 million and net loss of $124,000 in our consolidated statements of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. Princeton Westin - Land Acquisition On June 4, 2015, we acquired a 100% interest in the land underlying the Princeton Westin hotel in Princeton, New Jersey for total consideration of $6.5 million . The acquisition was funded with $3.4 million of cash and the surrender of $3.1 million of prepaid rent related to the lease agreement that is being terminated. We have allocated the asset acquired using estimated fair value information based on a third party appraisal. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the asset acquired in the acquisition (in thousands): Land $ 6,475 The Rockbridge Hotel Portfolio On June 17, 2015, we acquired a 100% interest in a 9-hotel portfolio (“Rockbridge Portfolio”) for total consideration of $225.0 million . The acquisition was funded with cash. Subsequent to the close of the transaction, we completed the financing on loans totaling $179.2 million . See Note 7. We have allocated the assets acquired and liabilities assumed using estimated fair value information based on a third party appraisal. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 18,551 Buildings and improvements 190,952 Furniture, fixtures, and equipment 15,451 224,954 Net other assets and liabilities (298 ) The results of operations of the hotel properties have been included in our results of operations since June 17, 2015. For both the three and six months ended June 30, 2015, we have included total revenue of $2.1 million and net income of $11,000 in our consolidated statements of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. W Atlanta Downtown Hotel On June 11, 2015, we announced that a definitive agreement had been signed to acquire the W Atlanta Downtown (“W Atlanta”) in Atlanta, Georgia for total consideration of $56.8 million . On July 1, 2015, we completed the acquisition. Subsequent to the close of the transaction, we completed the financing of a $40.5 million mortgage loan. See Note 17. The results of operations of the hotel property will be included in our results of operations beginning July 1, 2015. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. W Minneapolis Hotel & Le Meridien Minneapolis Hotel On June 24, 2015, we announced that a definitive agreement had been signed to acquire the W Minneapolis Hotel - The Foshay (“W Minneapolis”) and the Le Meridien Chambers Minneapolis (“Le Meridien Minneapolis”) in Minneapolis, Minnesota for total consideration of $101.0 million . As part of the transaction, we will assume approximately $56.0 million of mortgage debt on the W Minneapolis Hotel. The assumed debt matures in May 2023 and carries a fixed rate of 5.46%. We completed the acquisition of Le Meridien Minneapolis on July 23, 2015, for total consideration of $15 million . See Note 17. The results of operations of the Le Meridien Minneapolis will be included in our results of operations beginning July 23, 2015. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. Hilton Garden Inn - Wisconsin Dells On August 5, 2015, we acquired a 100% interest in the Hilton Garden Inn - Wisconsin Dells in Wisconsin Dells, Wisconsin for total consideration of $15.2 million . The acquisition was funded with cash. Subsequent to the close of the transaction, we completed the financing of a $12.0 million mortgage loan. See Note 17. The results of operations of the hotel property will be included in our results of operations beginning August 5, 2015. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2014 are included in the pro forma table below. Intangible Assets and Intangible Liabilities The intangible assets and intangible liabilities of our new acquisitions noted above represent the above-market rate leases and below-market rate leases that were determined based on the comparison of rent due under the lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective lease terms with expiration dates ranging from 2024 to 2102. For the three and six months ended June 30, 2015, net amortization related to intangibles was a reduction in lease expense of $68,000 . There was no amortization expense recognized prior to the acquisitions noted above. Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Intangible Liabilities 2015 $ 98 $ 197 2016 197 395 2017 197 395 2018 197 395 2019 197 395 Thereafter 10,556 14,914 Total $ 11,442 $ 16,691 Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if all acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2014 and the removal of $5.4 million of non-recurring transaction costs and gain on acquisition of the PIM Highland JV of $381.8 million . The table also reflects the removal of equity in earnings in unconsolidated entities of $6.7 million for the three months ended June 30, 2014, respectively, and the removal of equity in loss in unconsolidated entities of $3.8 million and equity in earnings in unconsolidated entity of $4.0 million for the six months ended June 30, 2015 and 2014, respectively. These adjustments are directly attributable to the transactions for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 391,897 $ 367,410 $ 746,043 $ 700,124 Net loss (10,048 ) (6,339 ) (43,505 ) (18,400 )

Hotel Dispositions

Hotel Dispositions	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions	Hotel Dispositions and Impairment Charges Effective January 1, 2015, discontinued operations according to ASU 2014-08 are defined as the disposal 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. As a result, operations of hotels sold subsequent to December 31, 2014 will continue to be reported in continuing operations, while gains/losses on disposition will be included in gain/loss on sale of property, after continuing operations. For transactions that have been classified as discontinued operations for periods prior to ASU 2014-08, we will continue to present the operating results as discontinued operations in the statements of operations for all applicable periods presented. In March 2015, we completed the sale of the Hampton Inn hotel in Terre Haute, Indiana. We included operations for this hotel through the date of disposition in income (loss) from continuing operations as shown in the consolidated statements of operations for the six months ended June 30, 2015 and the three and six months ended June 30, 2014, as disposition of this hotel does not represent a strategic shift in our business. The following table includes condensed financial information from this hotel (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total hotel revenue $ — $ 748 $ 361 $ 1,220 Total hotel operating expenses — (448 ) (308 ) (878 ) Operating income — 300 53 342 Property taxes, insurance and other — (46 ) (40 ) (87 ) Depreciation and amortization — (178 ) (164 ) (328 ) Interest expense and amortization of loan costs — (129 ) — (257 ) Loss from continuing operations — (53 ) (151 ) (330 ) Loss on sale of hotel property — — (1,130 ) — Net loss — (53 ) (1,281 ) (330 ) Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership — 7 147 43 Loss from continuing operations attributable to the Company $ — $ (46 ) $ (1,134 ) $ (287 ) In June 2015, we announced a plan to commence the process to list for sale a portfolio of approximately 23 select-service hotels. While we have determined this announcement does not meet the criteria to classify the approximately 23 select service hotels as held for sale, we have concluded that these properties were not to be held long-term. Based on our impairment assessment of individual properties we recorded an impairment charge of $19.9 million related to two hotel properties. The Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland, recorded impairment charges of $17.1 million and $2.8 million , respectively in the three and six months ended June 30, 2015. The impairment charges were based on methodologies discussed in Note 2, which are considered Level 3 valuation techniques. Our estimates of fair value reduced their respective carrying values to $37.5 million and $15.3 million . In November 2014, we completed the sale of the Homewood Suites hotel in Mobile, Alabama. Since this hotel sold prior to ASU 2014-08, we will continue to present the operating results as discontinued operations in the statements of operations for all applicable periods presented. The following table includes condensed financial information from this hotel for the three and six months ended June 30, 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2014 2014 Hotel revenues $ 726 $ 1,461 Hotel operating expenses (457 ) (930 ) Operating income 269 531 Property taxes, insurance and other (33 ) (64 ) Depreciation and amortization (80 ) (157 ) Interest expense and amortization of loan costs (134 ) (284 ) Net income 22 26 Income from discontinued operations attributable to redeemable noncontrolling interests in operating partnership (3 ) (4 ) Income from discontinued operations attributable to the Company $ 19 $ 22

Note Receivable

Note Receivable	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Note Receivable	Note Receivable At June 30, 2015 and December 31, 2014 , we had one mezzanine loan receivable with a net carrying value of $3.6 million , net of a valuation allowance of $7.3 million and $7.5 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 En

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities We held 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 had 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, were subject to the approval of an executive committee, which was comprised of four persons with us and our partner each designating two of those persons. As a result, we utilized the equity accounting method with respect to the PIM Highland JV. As previously discussed, pursuant to the Agreement, we agreed to purchase and PRISA III agreed to sell all of PRISA III’s right, title and interest in and to its approximately 28.26% interest in the PIM Highland JV. As of March 6, 2015, we own 100% of the PIM Highland JV. Prior to the acquisition of the remaining approximate 28.26% interest in the PIM Highland JV, we had a carrying value of $144.8 million at December 31, 2014 . The acquisition-date fair value of the previous equity interest was $522.8 million and is included in the measurement of the consideration transferred. We recognized a gain of $381.8 million as a result of remeasuring our equity interest in PIM Highland JV before the business combination. See Note 3 for unaudited pro forma results of operations and Note 7 for indebtedness related to the PIM Highland JV. The following tables summarize the consolidated balance sheet as of December 31, 2014 and the consolidated statements of operations for the period from January 1, 2015 through March 5, 2015 and the three and six months ended June 30, 2014 of the PIM Highland JV (in thousands): PIM Highland JV Condensed Consolidated Balance Sheet December 31, 2014 Total assets $ 1,394,806 Total liabilities 1,166,682 Members’ equity 228,124 Total liabilities and members’ equity $ 1,394,806 Our ownership interest in PIM Highland JV $ 144,784 PIM Highland JV Condensed Consolidated Statements of Operations Three Months Ended June 30, Period from January 1 to March 5, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ — $ 126,142 $ 76,695 $ 234,903 Total operating expenses — (100,278 ) (69,949 ) (195,666 ) Operating income — 25,864 6,746 39,237 Interest income and other — 13 17 26 Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees — (14,426 ) (10,212 ) (30,334 ) Other expenses — — — (44 ) Income tax expense — (1,206 ) (1,222 ) (1,653 ) Net income (loss) $ — $ 10,245 $ (4,671 ) $ 7,232 Our equity in earnings (loss) of PIM Highland JV $ — $ 6,728 $ (3,836 ) $ 3,974 At June 30, 2015 and December 31, 2014 , we held a 15.2% and 14.9% , respectively, ownership interest in Ashford Prime OP, a 10 -hotel portfolio, totaling 3,707 rooms ( 3,472 net rooms excluding those attributable to our partners). The following tables summarize the condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 and the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 , of Ashford Prime OP (in thousands): Ashford Hospitality Prime Limited Partnership Condensed Consolidated Balance Sheets June 30, 2015 December 31, 2014 Total assets $ 1,286,549 $ 1,229,508 Total liabilities 805,991 805,510 Partners’ capital 480,558 423,998 Total liabilities and partners’ capital $ 1,286,549 $ 1,229,508 Our ownership interest in Ashford Prime OP $ 55,487 $ 54,907 Ashford Hospitality Prime Limited Partnership Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 92,837 $ 83,967 $ 170,626 $ 145,773 Total operating expenses (73,763 ) (69,153 ) (143,293 ) (126,184 ) Operating income 19,074 14,814 27,333 19,589 Equity in loss of unconsolidated entity (820 ) — (820 ) — Interest income 5 6 9 10 Other income 1,153 — 1,292 — Interest expense and amortization and write-offs of loan costs (9,129 ) (10,033 ) (18,766 ) (19,022 ) Unrealized loss on investments (1,323 ) — — — Unrealized loss on derivatives (8 ) (51 ) (40 ) (66 ) Income tax (expense) benefit 172 (211 ) (309 ) (437 ) Net income 9,124 4,525 8,699 74 (Income) loss from consolidated entities attributable to noncontrolling interests (125 ) 182 22 587 Net income (loss) attributable to Ashford Prime OP $ 8,999 $ 4,707 $ 8,721 $ 661 Our equity in earnings (loss) of Ashford Prime OP $ 1,372 $ 733 $ 1,327 $ (11 ) On February 27, 2014, we announced that our Board of Directors had approved a plan to spin-off our asset management business into a separate publicly traded company in the form of a taxable special distribution. The spin-off was completed on November 12, 2014, with a pro-rata taxable distribution of Ashford Inc.’s common stock to our common stockholders of record as of November 11, 2014. The distribution was comprised of one share of Ashford Inc. common stock for every 87 shares of our common stock held by our stockholders. In addition for each common unit of our operating partnership, the holder received a common unit of the operating limited liability company subsidiary of Ashford Inc. Each holder of common units of the operating limited liability company of Ashford Inc. could exchange up to 99% of those units for shares of Ashford Inc. stock at the rate of one share of Ashford Inc. common stock for every 55 common units. The exchange occurred on November 12, 2014, simultaneously with the distribution to common stockholders. Following the spin-off, we continue to hold approximately 598,000 shares of Ashford Inc. common stock for the benefit of our common stockholders, which represented an approximate 30.1% ownership interest in Ashford Inc. at the time of the spin-off. In connection with the spin-off, we entered into an advisory agreement with Ashford Inc. The following tables summarize the condensed balance sheets as of June 30, 2015 and December 31, 2014 and the condensed statements of operations for the three and six months ended June 30, 2015 and 2014 of Ashford Inc. (in thousands): Ashford Inc. Condensed Balance Sheets June 30, 2015 December 31, 2014 Total assets $ 195,585 $ 49,230 Total liabilities 63,230 33,912 Redeemable noncontrolling interests in Ashford LLC 393 424 Total stockholders’ equity of Ashford Inc. 20,754 14,981 Noncontrolling interests in consolidated entities 111,208 (87 ) Total equity 131,962 14,894 Total liabilities and equity $ 195,585 $ 49,230 Our ownership interest in Ashford Inc. $ 5,841 $ 7,099 Ashford Inc. Condensed Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 14,489 $ 3,913 $ 27,607 $ 6,225 Total operating expenses (10,629 ) (17,368 ) (32,381 ) (28,478 ) Operating income (loss) 3,860 (13,455 ) (4,774 ) (22,253 ) Equity in loss of unconsolidated entities (1,066 ) — (1,066 ) — Unrealized loss on investments (3,037 ) — (2,990 ) — Realized gain on investments 1,037 — 1,035 — Other 207 — 214 — Income tax expense (233 ) (20 ) (464 ) (35 ) Net income (loss) 768 (13,475 ) (8,045 ) (22,288 ) Loss from consolidated entities attributable to noncontrolling interests 3,154 — 4,115 — Net (income) loss attributable to redeemable noncontrolling interests in Ashford LLC (8 ) — 10 — Net income (loss) attributable to Ashford Inc. $ 3,914 $ (13,475 ) $ (3,920 ) $ (22,288 ) Our equity in earnings (loss) of Ashford Inc. $ 1,483 $ — $ (1,258 ) $ — In June 2015, for consideration of certain marketable securities, we obtained a 52.4% ownership interest in AIM Real Estate Hedged Equity (U.S.) Fund, LP (the “REHE Fund”). The REHE Fund is managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. As of and for the six months ended June 30, 2015, the REHE Fund was consolidated by Ashford Inc. The REHE Fund invests substantially all of its assets in the AIM Real Estate Hedged Equity Master Fund, LP (the “Master Fund”), and as a consequence of our investment in the REHE Fund, we obtained an indirect interest in the Master Fund. Our maximum exposure of loss is limited to our investment in the REHE Fund. The following tables summarize the consolidated balance sheet as of June 30, 2015 and the consolidated statements of operations for the three and six months ended June 30, 2015 of the REHE Fund (in thousands): AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Balance Sheet June 30, 2015 Total assets $ 111,458 Total liabilities 8 Partners’ capital 111,450 Total liabilities and partners’ capital $ 111,458 Our ownership interest in the AIM REHE Fund $ 58,390 AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2015 2015 Total investment income $ 216 $ 223 Net expenses (33 ) (31 ) Net investment income 183 192 Net unrealized loss on investments (3,028 ) (2,982 ) Net realized gain on investments 1,033 1,030 Net loss attributable to the REHE Fund $ (1,812 ) $ (1,760 ) Our equity in loss of the REHE Fund $ (948 ) $ (948 ) The Master Fund generally invests in publicly traded equity securities and put and call options on publicly traded equity securities. The REHE Fund records its investment in the Master Fund at its proportionate share of net assets. Income (loss) and distributions are allocated to the REHE Fund’s partners based on their ownership percentage of the REHE Fund. Our equity in loss in the REHE Fund represents our share of the REHE Fund’s loss fom June 1, 2015 through June 30, 2015. We generally may redeem our investment in the REHE Fund on the last business day of the month after providing a 45-day written notice. As of June 30, 2015, we have no unfunded commitments. We are not obligated to pay any portion of the management fee or the performance allocation in favor of the REHE Fund’s investment manager and general partner, respectively, but do share pro rata in all other applicable expenses of the REHE Fund. Additionally, as of June 30, 2015 and December 31, 2014 , 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, 2015
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate June 30, 2015 December 31, 2014 Mortgage loan (4) 5 hotels November 2015 Greater of 6.40% or LIBOR (1) + 6.15% $ — $ 211,000 Mortgage loan 10 hotels July 2015 5.22% — 145,278 Mortgage loan 8 hotels December 2015 5.70% 91,654 92,772 Mortgage loan 5 hotels February 2016 5.53% 104,032 105,164 Mortgage loan 5 hotels February 2016 5.53% 74,732 75,546 Mortgage loan (2)(6) 5 hotels February 2016 LIBOR (1) + 4.75% 200,000 200,000 Mortgage loan (2) 7 hotels August 2016 LIBOR (1) + 4.35% 301,000 301,000 Mortgage loan (2) 5 hotels August 2016 LIBOR (1) + 4.38% 62,900 62,900 Mortgage loan (2) 1 hotel August 2016 LIBOR (1) + 4.20% 37,500 37,500 Mortgage loan (2) 8 hotels January 2017 LIBOR (1) + 4.95% 376,800 — Mortgage loan (5) 24 hotels April 2017 LIBOR (1) + 4.39% 1,070,560 — Mortgage loan (2) 1 hotel April 2017 LIBOR (1) + 4.95% 33,300 — Mortgage loan 5 hotels April 2017 5.95% 111,088 111,869 Mortgage loan 5 hotels April 2017 5.95% 99,851 100,552 Mortgage loan 5 hotels April 2017 5.95% 151,934 153,002 Mortgage loan 7 hotels April 2017 5.95% 121,530 122,384 Mortgage loan (2) 1 hotel May 2017 LIBOR (1) + 5.10% 25,100 — Mortgage loan (2) 1 hotel June 2017 LIBOR (1) + 5.10% 43,750 — Mortgage loan (2) 8 hotels July 2017 LIBOR (1) + 4.09% 144,000 — Mortgage loan (2) 1 hotel July 2017 LIBOR (1) + 4.15% 35,200 — Mortgage loan (7) 1 hotel July 2018 LIBOR (1) + 4.50% 21,200 — Mortgage loan 1 hotel January 2018 4.38% 98,910 — Mortgage loan 2 hotels January 2018 4.44% 108,177 — Mortgage loan (3) 1 hotel July 2019 LIBOR (1) + 3.75% 5,524 5,525 Mortgage loan 1 hotel November 2020 6.26% 99,158 99,780 Mortgage loan 1 hotel January 2024 5.49% 10,601 10,673 Mortgage loan 1 hotel January 2024 5.49% 7,264 7,313 Mortgage loan 1 hotel May 2024 4.99% 6,795 6,845 Mortgage loan 3 hotels August 2024 5.20% 67,520 67,520 Mortgage loan 2 hotels August 2024 4.85% 12,500 12,500 Mortgage loan 3 hotels August 2024 4.90% 24,980 24,980 Mortgage loan 3 hotels February 2025 4.45% 54,606 — Mortgage loan 2 hotels February 2025 4.45% 24,369 — Mortgage loan 2 hotels February 2025 4.45% 21,112 — 3,647,647 1,954,103 Premiums 3,708 — Total $ 3,651,355 $ 1,954,103 ____________________________________ (1) LIBOR rates were 0.187% and 0.171% at June 30, 2015 and December 31, 2014 , respectively. (2) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions. (3) This mortgage loan provides for an interest rate of LIBOR + 3.75% with a 0 .25% LIBOR floor for the first 18 months and is fixed at 4.0% thereafter. (4) This mortgage loan had three one -year extension options subject to satisfaction of certain conditions. The first one -year extension period began in November 2014. (5) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (6) This mortgage loan has a LIBOR floor of 0.20% . (7) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. On January 2, 2015, we refinanced two mortgage loans totaling $356.3 million . The refinance included our $211.0 million mortgage loan due November 2015 and the $145.3 million mortgage loan due July 2015. The new loans initially totaled $477.3 million . The new loans included a $376.8 million mortgage loan due January 2017, a $54.8 million mortgage loan due February 2025, a $24.5 million mortgage loan due February 2025 and a $21.2 million mortgage loan due February 2025. The $376.8 million mortgage loan is interest only and provides for a floating interest rate of LIBOR + 4.95%. The stated maturity is January 2017, with three one-year extension options. The three mortgage loans totaling $100.5 million due February 2025 bear interest at a fixed rate of 4.45%. The stated maturity date for each of these loans is February 2025. The new loans continue to be secured by the same 15 hotel properties. On March 25, 2015, we completed the financing of a $33.3 million mortgage loan, secured by the Memphis Marriott. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 4.95%. The stated maturity is April 2017, with three one-year extension options. As previously discussed in Note 1, pursuant to the Agreement, we acquired the remaining approximate 28.26% interest in the PIM Highland JV. The transaction closed on March 6, 2015. Subsequent to the close of the transaction, $907.6 million of assumed mortgage loans due March 2015 were refinanced with a $1.07 billion non-recourse mortgage loan due April 2017. The new loan provides for an interest rate of LIBOR plus 4.39% . Additionally we assumed two mortgage loans which include a $99.3 million mortgage due January 2018 with a fixed interest rate of 4.38% and a $108.6 million mortgage loan due January 2018 with a fixed interest rate of 4.44% . On April 17, 2015, we completed the financing of a $25.1 million mortgage loan, secured by the Lakeway Resort. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 5.10%. The stated maturity is May 2017, with three one-year extension options. On June 3, 2015, we completed the financing of a $43.8 million mortgage loan, secured by the Le Pavillon. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 5.10%. The stated maturity is June 2017, with three one-year extension options. On June 17, 2015, we completed the financing of two mortgage loans totaling $179.2 million , secured by the Rockbridge Portfolio. The financing includes a $144.0 million mortgage loan, secured by eight of the nine hotel properties. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 4.09%. The stated maturity is July 2017, with three one-year extension options. The financing also includes a $35.2 million mortgage loan, secured by the Sheraton Ann Arbor hotel in Ann Arbor, Michigan. The mortgage loan is interest only and provides for a floating rate of LIBOR + 4.15%. The stated maturity is July 2017, with three one-year extension options. On June 24, 2015, we completed the financing of a $21.2 million mortgage loan, secured by the Hampton Inn Gainesville. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 4.50%. The stated maturity is July 2018, with two one-year extension options. During the three and six months ended June 30, 2015 , we recognized premium amortization of $484,000 and $611,000 , respectively. The amortization of the premium is computed using a method that approximates the effective interest method, which is included in interest expense and amortization of premiums and loan costs in the consolidated statements of operations. 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 all or 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. 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 Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. 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, 2015 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
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 stockholders 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, 2015 2014 2015 2014 Income (loss) allocated to common stockholders: Income (loss) from continuing operations attributable to the Company $ (12,244 ) $ (1,605 ) $ 309,252 $ (3,996 ) Less: Dividends on preferred stocks (8,491 ) (8,491 ) (16,981 ) (16,981 ) Less: Dividends on common stock (11,971 ) (10,640 ) (23,935 ) (20,269 ) Less: Dividends on unvested restricted shares (176 ) (74 ) (341 ) (158 ) Less: Undistributed income from continuing operations allocated to unvested shares — — (2,691 ) — Undistributed income (loss) (32,882 ) (20,810 ) 265,304 (41,404 ) Add back: Dividends on common stock 11,971 10,640 23,935 20,269 Distributed and undistributed income (loss) from continuing operations - basic $ (20,911 ) $ (10,170 ) $ 289,239 $ (21,135 ) Add back: Income from continuing operations allocated to operating partnership units — — 42,809 — Distributed and undistributed net income (loss) - diluted $ (20,911 ) $ (10,170 ) $ 332,048 $ (21,135 ) Income from discontinued operations allocated to common stockholders: Income from discontinued operations attributable to the Company $ — $ 19 $ — $ 22 Weighted average shares outstanding: Weighted average common shares outstanding - basic 99,755 88,781 97,661 85,283 Effect of assumed conversion of operating partnership units — — 18,457 — Weighted average shares outstanding - diluted 99,755 88,781 116,118 85,283 Basic income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.96 $ (0.25 ) Income from discontinued operations allocated to common stockholders per share — — — — Net income (loss) allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.96 $ (0.25 ) Diluted income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.86 $ (0.25 ) Income from discontinued operations allocated to common stockholders per share — — — — Net income (loss) allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.86 $ (0.25 ) Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) from continuing operations allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 176 $ 74 $ 3,032 $ 158 Net income (loss) attributable to noncontrolling interest in operating partnership units (2,527 ) (775 ) — (1,653 ) Total $ (2,351 ) $ (701 ) $ 3,032 $ (1,495 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 347 42 389 93 Effect of assumed conversion of operating partnership units 18,542 19,934 — 19,625 Total 18,889 19,976 389 19,718

Derivative Instruments and Hedg

Derivative Instruments and Hedging	6 Months Ended
	Jun. 30, 2015
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 primarily use interest rate derivatives and interest rate floors to hedge our debt as a way to potentially improve cash flows. We also use non-hedge derivatives to capitalize on the historical correlation between changes in LIBOR and RevPAR. The interest rate derivatives currently include interest rate caps and an interest rate floor. These derivatives are subject to master netting settlement arrangements. As of June 30, 2015 , maturities on these instruments range from November 2015 to April 2020 . To mitigate the 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. In 2015, we entered into interest rate caps with notional amounts totaling $1.7 billion and strike rates ranging from 1.50% to 3.00% . These interest rate caps had effective dates from January 2015 to June 2015 , and maturity dates from January 2017 to July 2018 , for a total cost of $1.6 million . These instruments were not designated as a cash flow hedges. These instruments cap the interest rates on our mortgage loans with principal balances of $1.7 billion and maturity dates from January 2017 to July 2018 . We also entered into an interest rate floor with a notional amount and strike rate of $1.0 billion and zero percent, respectively, which had an effective date of April 2015 and a maturity date of April 2020 , for a total cost of $3.0 million . For the six months ended June 30, 2014, we entered into interest rate caps with notional amounts totaling $335.0 million and strike rates ranging from 2.25% to 2.59% . These interest rate caps had effective dates from January 2014 to April 2014 , and maturity dates from May 2015 to February 2016 , for a total cost of $233,000 . These instruments were not designated as cash flow hedges. These instruments cap the interest rate on our mortgage loan with a principal balance of $335.0 million and maturity dates from May 2015 to February 2016 . Credit Default Swap Derivatives —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 was approximately $3.3 million as of June 30, 2015 . Cash collateral is posted by us as well as our counterparties. 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 counterparties when the change in market value is over $250,000 . As of June 30, 2015 , premium receivables of approximately $614,000 due from our counterparties, were settled subsequent to the end of the period. In April 2015, February 2015 and August 2011, we entered into credit default swap transactions for notional amounts of $45.0 million , $45.0 million and $100.0 million , respectively, to hedge financial and capital market risk for upfront costs of $1.1 million , $1.6 million and $8.2 million , respectively, that was subsequently returned to us as collateral by our counterparties. The net carrying value of these credit default swaps was an asset of $427,000 and liability of $184,000 as of June 30, 2015 and December 31, 2014 , respectively, which are included in “derivative assets, net” and “liabilities associated with marketable securities and other”, respectively, in the consolidated balance sheets. We recognized an unrealized gain of $486,000 and an unrealized loss of $195,000 for the three and six months ended June 30, 2015 and unrealized losses of $191,000 and $417,000 for the three and six months ended June 30, 2014, respectively, which are included in “unrealized loss on derivatives” in the consolidated statements of operations. Marketable Securities and Liabilities Associated with Marketable Securities and other —We invested in publicly traded equity securities and put and call options on certain publicly traded equity securities, which were considered derivatives. At June 30, 2015 , we had no investments in these derivatives. At December 31, 2014 , we had investments in these derivatives totaling $654,000 and liabilities of $997,000 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
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, 2015 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.19% to 1.49% 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) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (4) Total June 30, 2015: Assets Derivative assets: Interest rate derivatives - non-hedge $ — $ 1,341 $ — $ — $ 1,341 (1) Credit default swaps — 2,918 — (2,491 ) 427 (1) Total — 4,259 — (2,491 ) 1,768 December 31, 2014: Assets Interest rate derivatives - non-hedge $ — $ 182 $ — $ — $ 182 (1) Equity put options 653 — — — 653 (2) Equity call options 1 — — — 1 (2) Non-derivative assets: Equity securities 57,941 — — — 57,941 (2) U.S. treasury securities 4,622 — — — 4,622 (2) Total 63,217 182 — — 63,399 Liabilities Derivative liabilities: Credit default swaps — 379 — (563 ) (184 ) (3) Short equity put options (216 ) — — — (216 ) (3) Short equity call options (781 ) — — — (781 ) (3) Non-derivative liabilities: Short equity securities (17 ) — — — (17 ) (3) Margin account balance (5,003 ) — — — (5,003 ) (3) Total (6,017 ) 379 — (563 ) (6,201 ) Net $ 57,200 $ 561 $ — $ (563 ) $ 57,198 ____________________________________ (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, 2015 and 2014 (in thousands): Gain (Loss) Recognized in Income Reclassified from Accumulated OCI into Interest Expense Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Assets Derivative assets: Interest rate derivatives $ (2,441 ) $ (72 ) $ — $ 29 Credit default swaps 353 (212 ) — — Equity put options (426 ) (519 ) — — Equity call options (54 ) (73 ) — — Non-derivative assets: Equity - American Depositary Receipt (85 ) — — — Equity (989 ) 1,897 — — U.S. Treasury (93 ) 9 — — Total (3,735 ) 1,030 — 29 Liabilities Derivative liabilities: Short-equity put options 407 (368 ) — — Short-equity call options 891 (60 ) — — Non-derivative liabilities: Short-equity securities 114 — — — Total 1,412 (428 ) — — Net $ (2,323 ) $ 602 $ — $ 29 Total combined Interest rate derivatives $ (2,441 ) $ (72 ) $ — $ 29 Credit default swaps 486 (191 ) — — Total derivatives (1,955 ) (1) (263 ) (1) — 29 Unrealized gain (loss) on marketable securities 1,929 (3) (944 ) (3) — — Realized gain (loss) on marketable securities (2,297 ) (2) (4) 1,809 (2) (4) — — Net $ (2,323 ) $ 602 $ — $ 29 Gain (Loss) Recognized in Income Reclassified from Accumulated OCI into Interest Expense Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Assets Derivative assets: Interest rate derivatives $ (3,458 ) $ (193 ) $ — $ 100 Credit default swaps (384 ) (459 ) Equity put options (1,717 ) (981 ) — — Equity call options 26 (123 ) — — Non-derivative assets: Equity - American Depositary Receipt (150 ) — — — Equity 1,072 2,845 — — U.S. Treasury 314 303 — — Total (4,297 ) 1,392 — 100 Liabilities Derivative liabilities: Short equity put options 1,002 23 — — Short equity call options 1,470 (56 ) — — Non-derivative liabilities: Short equity securities 78 — — — Total 2,550 (33 ) — — Net $ (1,747 ) $ 1,359 $ — $ 100 Total combined Interest rate derivatives $ (3,458 ) $ (193 ) $ — $ 100 Credit default swaps (195 ) (417 ) — — Total derivatives (3,653 ) (1) (610 ) (1) — 100 Unrealized gain (loss) on marketable securities 127 (3) (943 ) (3) — — Realized gain on marketable securities 1,779 (2) (4) 2,912 (2) (4) — — Net $ (1,747 ) $ 1,359 $ — $ 100 ____________________________________ (1) Reported as “unrealized loss on derivatives” in the consolidated statements of operations. (2) Included in “other income (loss)” 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 $133 and $189 for the three and six months ended June 30, 2015 , respectively, and $21 and $42 for the three and six months ended June 30, 2014, 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.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
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, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ — $ — $ 63,217 $ 63,217 Derivative assets, net 1,768 1,768 182 182 Liabilities associated with marketable securities and other — — 6,201 6,201 Financial assets not measured at fair value: Cash and cash equivalents $ 282,073 $ 282,073 $ 215,063 $ 215,063 Restricted cash 149,896 149,896 85,830 85,830 Accounts receivable, net 55,941 55,941 22,399 22,399 Note receivable, net 3,646 3,190 to 3,525 3,553 3,049 to 3,370 Due from affiliates — — 3,473 3,473 Due from Ashford Prime OP, net 1,343 1,343 896 896 Due from third-party hotel managers 37,205 37,205 12,241 12,241 Financial liabilities not measured at fair value: Indebtedness $ 3,651,355 $3,516,325 to $3,886,462 $ 1,954,103 $1,905,801 to $2,106,413 Accounts payable and accrued expenses 136,697 136,697 71,118 71,118 Dividends payable 23,369 23,369 21,889 21,889 Due to Ashford Inc., net 9,331 9,331 8,202 8,202 Due to related party, net 337 337 1,867 1,867 Due to third-party hotel managers 1,850 1,850 1,640 1,640 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, net, accounts payable and accrued expenses, dividends payable, due to/from Ashford Prime OP, due to/from related party, due from affiliates, due to/from Ashford Inc. 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. Note receivable, net. 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 12.5% to 3.3% lower than the carrying value of $3.6 million at June 30, 2015 and approximately 14.2% to 5.2% lower than the carrying value of $3.6 million at December 31, 2014 . This is considered a Level 2 valuation technique. Marketable securities . Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet dates. See Notes 2, 9 and 10 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 96.3% to 106.4% of the carrying value of $3.7 billion at June 30, 2015 and approximately 97.5% to 107.8% of the carrying value of $2.0 billion at December 31, 2014 . This is considered a Level 2 valuation technique. Derivative assets 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, 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	6 Months Ended
	Jun. 30, 2015
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 represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (“common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested throughout the period plus distributions paid to the limited partners with regard to the Class B common units. Class B common units have a fixed dividend rate of 7.2% and have priority in payment of cash dividends over common units but otherwise have no preference over common units. Aside from the Class B common units, all other outstanding units represent common units. Beginning one year after issuance, each common unit (including each Class B common unit) may be redeemed for either cash or, at our sole discretion, up to one share of our common stock. Beginning in July 2016, each Class B common unit may be converted into a common unit at either party’s discretion. As a result of the Ashford Inc. spin-off, holders of our common stock were distributed one share of Ashford Inc. common stock for every 87 shares of our common stock, while our unit holders received one common unit of the operating limited liability company subsidiary of Ashford Inc. for each common unit of our operating partnership the holder held, and such holder then had the opportunity to exchange up to 99% of those units for shares of Ashford Inc. common stock at the rate of one share of Ashford Inc. common stock for every 55 common units. Following the spin-off, Ashford Hospitality Trust, Inc. continues to hold 598,000 shares of Ashford Inc. common stock for the benefit of its common stockholders, and all of our remaining lodging investments are owned by Ashford Trust OP. Therefore, each common unit and LTIP unit was worth approximately 94% of one share of our common stock at June 30, 2015 and December 31, 2014 , respectively. LTIP units, which are issued to certain executives and employees of Ashford LLC 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 unit 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, 2015 , we have issued a total of 8.7 million LTIP units, all of which, other than approximately 662,000 units and 43,000 units, issued in March 2015 and May 2015 , respectively, have reached full economic parity with, and are convertible into, common units. Expense of $820,000 and $884,000 was recognized for the three and six months ended June 30, 2015 , respectively, all of which was associated with LTIP units issued to Ashford LLC’s employees and is included in “advisory services fee” in our consolidated statements of operations. As the LTIP units are issued to non-employees, the compensation expense was determined based on the share price as of the end of the period. Compensation expense of $6.7 million and $10.6 million associated with the issuance of LTIP units was recognized for the three and six months ended June 30, 2014, respectively, while we were self-advised. The fair value of the unrecognized cost of LTIP units, which was $4.7 million at June 30, 2015 , will be expensed over a period of 2.7 years. During the three and six months ended June 30, 2015 , 2,000 and 152,000 common units with an aggregate fair value of $23,000 and $1.5 million , respectively, were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. During the three and six months ended June 30, 2014, no common units were presented for redemption. Redeemable noncontrolling interests, including vested LTIP units, in our operating partnership as of June 30, 2015 and December 31, 2014 were $150.4 million and $177.1 million , respectively, which represents ownership of our operating partnership of 12.69% and 13.01% , respectively. The carrying value of redeemable noncontrolling interests as of June 30, 2015 and December 31, 2014 included adjustments of $105.0 million and $169.3 million , respectively, to reflect the excess of the redemption value over the accumulated historical costs. Redeemable noncontrolling interests were allocated net loss of $2.5 million and net income of $42.8 million for the three and six months ended June 30, 2015 , respectively, and net loss of $772,000 and $1.6 million for the three and six months ended June 30, 2014, respectively. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $2.7 million and $5.5 million for the three and six months ended June 30, 2015 , respectively, and $2.7 million and $5.4 million for each of the three and six months ended June 30, 2014, respectively. These distributions are recorded as a reduction of redeemable noncontrolling interests in operating partnership.

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Equity Offering —On January 29, 2015, we commenced a follow-on public offering of 9.5 million shares of common stock. The offering priced on January 30, 2015, at $10.65 per share for gross proceeds of $101.2 million . We granted the underwriters a 30-day option to purchase up to an additional 1.425 million shares of common stock. On February 10, 2015, the underwriters partially exercised their option and purchased an additional 1.029 million shares of our common stock at a price of $10.65 per share less the underwriting discount. Common Stock Dividends —For each of the 2015 and 2014 quarters, 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 2015 . Equity-Based Compensation —Stock-based compensation expense for the three and six months ended June 30, 2015 , was $869,000 and $976,000 , respectively, which is associated with restricted shares of our common stock issued to Ashford LLC’s employees and Ashford Trust’s Directors and are included in “advisory services fee” and “corporate, general and administrative”, respectively, in our consolidated statements of operations. 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, while we were self-advised. The fair value of the unrecognized cost of restricted shares, which was $9.0 million at June 30, 2015 , will be expensed over a period of 2.7 years. Preferred Dividends —During the three months ended June 30, 2015 , 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, 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. 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 $789,000 and $800,000 at June 30, 2015 and December 31, 2014 , respectively. Our ownership interest is reported in equity in the consolidated balance sheets. Noncontrolling interests in consolidated entities were allocated income of $14,000 and loss of $11,000 for the three and six months ended June 30, 2015 , respectively, and allocated income of $5,000 and loss of $22,000 for the three and six months ended June 30, 2014, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
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, 2015 , 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 3% to 6% of gross revenues for capital improvements. Franchise Fees —Under franchise agreements for our hotel properties existing at June 30, 2015 , we pay franchisor royalty fees between 2% 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 6% of gross room revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2015 and 2040 . 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 stockholders. 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 $16.9 million and $28.8 million for the three and six months ended June 30, 2015 , respectively, and $9.7 million and $18.6 million for the three and six months ended June 30, 2014, respectively. Management Fees —Under management agreements for our hotel properties existing at June 30, 2015 , 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 1.5% 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 2016 through 2044 , 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 —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, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant, Nantucket Enterprises, Inc., 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 was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and 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. A final judgment was entered and the landlord has filed a notice of appeal. As a result of the jury verdict, we previously recorded pre-judgment interest of $707,000 and accrued a reasonable estimate of loss related to legal fees of $400,000 during 2014. For the three and six months ended June 30, 2015 , we recorded additional pre-judgment interest of $24,000 and $48,000 , respectively. Including the 2014 judgment, pre-judgment interest and estimated loss of legal expenses, total expense was $12.0 million through June 30, 2015 . The additional charges related to pre-judgment interest are included in other expenses in the consolidated statements of operations for the three and six months ended June 30, 2015 . 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 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, 2015
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, 2015 and December 31, 2014 , all of our hotel properties were domestically located.

Related Party Transactions (Not

Related Party Transactions (Notes)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions In connection with the previously discussed spin-off of Ashford Inc., we entered into an advisory agreement with Ashford LLC, which was a subsidiary of ours until November 12, 2014, when it spun off and became a subsidiary of Ashford Inc. Ashford LLC acts as our advisor, and as a result, we pay advisory fees to Ashford LLC. The advisory agreement was amended in June 2015. We are required to pay Ashford LLC a quarterly base fee that is a percentage of our total market capitalization on a declining sliding scale, subject to a minimum quarterly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . At June 30, 2015, the quarterly base fee was 0.70% based on our current market capitalization. We are also required to pay Ashford LLC an incentive fee that is based on our total return performance as compared to our peer group as well as to reimburse Ashford LLC for certain reimbursable overhead and internal audit, insurance claims advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. On June 10, 2015, the independent directors of the Company approved an amended and restated advisory agreement with Ashford LLC, effective as of June 10, 2015. The amendments, among other things: permit the Company to engage an asset manager other than Ashford LLC with respect to any new properties acquired by the Company, if the Company and Ashford LLC determine that such property would be uneconomic to the Company without incentives; shorten the initial term of the advisory agreement to ten years; extend the renewal terms to five years; provide for key money investments by Ashford LLC to facilitate the Company’s acquisition of properties under certain conditions, including Ashford LLC becoming the asset manager for the acquired property and receiving related asset management and other fees, as applicable; adjust the base fee payable to Ashford LLC to a declining sliding scale percentage of total market capitalization of the Company above $6.0 billion ; clarify the calculation of the termination fee; allow Ashford LLC to terminate the Advisory Agreement upon a Company Change of Control (as defined in the advisory agreement) and require the Company to pay a termination fee to Ashford LLC upon such termination; and grant Ashford LLC repurchase rights with respect to its shares held by the Company upon any termination of the advisory agreement. Beginning November 12, 2014, we incurred advisory services fees to Ashford Inc. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2015 Advisory services fee Base advisory fee $ 8,505 $ 16,516 Reimbursable fees (1) 1,816 3,201 Equity-based compensation (2) 1,151 1,322 Incentive management fee — — Total advisory services revenue $ 11,472 $ 21,039 ________ (1) Reimbursable fees include overhead, internal audit and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford LLC. At June 30, 2015, we had a payable of $9.3 million , included in due to Ashford Inc., net, associated with the advisory services fee discussed above. At December 31, 2014, we had a payable of $8.2 million , included in due to Ashford Inc., net, associated with reimbursable expenses in connection with the spin-off and the advisory services fee discussed above. Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted approximately 147,000 shares of restricted stock under the Ashford Trust Stock Plan on June 30, 2015. These share grants were accounted for under the applicable accounting guidance related to share-based payments granted to non-employees and are recorded as a component of “management fees” in our consolidated statements of operations. No expense was recognized for the three and six months ended June 30, 2015. The unamortized fair value of the grants was $1.2 million as of June 30, 2015 which will be amortized over a period of 2.7 years .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events As discussed in Note 3, we announced that a definitive agreement had been signed to acquire the W Atlanta for total consideration of $56.8 million . We completed the acquisition on July 1, 2015. The acquisition was funded with cash. Subsequent to the close of the transaction, we completed the financing of a $40.5 million mortgage loan. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 5.10%. The stated maturity is July 2017, with three one-year extension options. As discussed in Note 3, we announced that a definitive agreement had been signed to acquire the W Minneapolis and Le Meridien Minneapolis for total consideration of $101.0 million . As part of the transaction, we will assume approximately $56.0 million of mortgage debt on the W Minneapolis Hotel. The assumed debt matures in May 2023 and carries a fixed rate of 5.46% . We completed the acquisition of Le Meridien Minneapolis on July 23, 2015, for total consideration of $15.0 million . The acquisition was funded with cash. As discussed in Note 3, On August 5, 2015, we acquired a 100% interest in the Hilton Garden Inn - Wisconsin Dells in Wisconsin Dells, Wisconsin for total consideration of $15.2 million . The acquisition was funded with cash. Subsequent to the close of the transaction, we completed the financing of a $12.0 million mortgage loan. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 4.95% . The stated maturity is August 2018, with two one-year extension options. The unaudited pro forma results of operations as if these acquisitions had occurred on January 1, 2014, are included in Note 3. On July 13, 2015, we announced that our board of directors had declared the distribution (1) to our stockholders of approximately 4.1 million shares of common stock of Ashford Prime to be received by Ashford Trust upon redemption of Ashford Prime OP common units and (2) to the common unit holders of Ashford Trust OP of our remaining common units of Ashford Prime OP. The distribution occurred on July 27, 2015, to stockholders and common unit holders of record as of the close of business of the New York Stock Exchange on July 20, 2015. As a result of the distribution, we have no ownership interest in Ashford Prime. On July 31, 2015, we entered into a block trade to repurchase approximately 5.8 million shares of our common stock at a price of $9.00 per share for a total cost of approximately $51.8 million . The block trade settled on August 4, 2015.

Significant Accounting Polici25

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
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 2014 Annual Report to Stockholders on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on March 2, 2015 , and March 31, 2015 , 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, 2015 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . • On March 1, 2014, we completed the sale of the Pier House Resort to Ashford Prime (“Ashford Prime”). 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 period from January 1, 2014, through February 28, 2014. • On February 6, 2015, we acquired the Lakeway Resort & Spa, on February 25, 2015, we acquired the Memphis Marriott East hotel, on April 29, 2015, we acquired the Hampton Inn & Suites Gainesville, on June 3, 2015, we acquired the Le Pavillon Hotel, and on June 17, 2015, we acquired a 9-hotel portfolio. The results of these hotels are included in our results of operations as of their respective acquisition dates. • On March 6, 2015, we acquired the remaining approximate 28.26% interest in the 28 hotels of the PIM Highland JV. For the period January 1, 2014, through March 5, 2015, we have recorded equity in earnings for our ownership percentage. Beginning March 6, 2015, we consolidated the results of operations of these hotels.
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 3% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. For purposes of the consolidated 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. We recorded impairment charges of $19.9 million for the three and six months ended June 30, 2015. See Note 4. No impairment charges were recorded for investments in hotel properties for the three and six months ended June 30, 2014 .
Hotel Disposition	Hotel Dispositions —Effective January 1, 2015, discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We anticipate that dispositions of hotel properties will not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. This new guidance is to be implemented prospectively only. As such, hotel property dispositions that occurred prior to December 31, 2014, will continue to be reported as discontinued operations in the statements of operations for all applicable periods presented. See Note 4.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity or group of components that represents a strategic shift that has (or will have) a major effect on our operations and cash flows.
Intangible Assets and Liabilities, Policy [Policy Text Block]	Intangible Assets and Liabilities —Intangible assets and liabilities represent the assets and liabilities recorded on certain hotel properties’ ground lease contracts that were below or above market rates at the date of acquisition. These assets and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts.
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, 2015 and 2014 . 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, 2015 , 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, 2015 and 2014 . Valuation adjustments of $109,000 and $215,000 on previously impaired notes were credited to impairment charges during the three and six months ended June 30, 2015 and $104,000 and $205,000 during the three and six months ended June 30, 2014, respectively.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 14.4% to 52.4% 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, 2015 and 2014 . 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.
Marketable Securities	Marketable Securities —Marketable securities, including U.S. treasury bills, publicly traded equity securities and stocks, and put and call options on certain publicly traded securities. All of these investments are recorded at fair value. Put and call options are considered derivatives. The fair value of these investments has been determined 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. The cost of securities sold is determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains or losses and costs of investment, is reported as a component of “other income (loss).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Due To / From Affiliates	Due to/from Affiliates —Due to/from affiliates represents current receivables and payables resulting primarily from advances of shared costs incurred. Both due to/from affiliates are generally settled within a period not exceeding one year .
Due To / From Related Party	Due to/from Related Party —Due to/from related party represents current receivables and payables resulting from transactions related to hotel management, project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year .
Due To / From Ashford Prime OP, net	Due to/from Ashford Prime OP, net —Due to/from Ashford Prime OP represents receivables and payables resulting primarily from miscellaneous operating and capital improvement true-ups between the two entities. In 2014, we had receivables related to advisory fees. Both due to/from Ashford Prime OP is generally settled within a period not exceeding one year .
Due To Ashford Inc., net	Due to Ashford Inc., net —Due to Ashford Inc., net, represents current payables resulting primarily from advisory services fee, including reimbursable expenses. In 2014, due to Ashford Inc., net, included payables resulting primarily from costs associated with the spin-off of Ashford Inc. Due to Ashford Inc., net, is generally settled within a period not exceeding one year .
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. 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 were 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. As of March 6, 2015, we acquired the remaining approximate 28.26% of the PIM Highland JV which discontinued the aforementioned reimbursements. Prior to the spin-off of Ashford Inc. in November 2014, we recognized advisory services revenue when services had been rendered. The quarterly base fee was equal to 0.7% per annum of the total market capitalization, as defined in the advisory agreement, of Ashford Prime, subject to certain minimums. Reimbursements for overhead and internal audit services were recognized when services had been rendered. We also recorded advisory services 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 in proportion to the requisite service period satisfied during the period, as well as an offsetting expense in an equal amount included in “corporate, general and administrative” expense.
Derivatives and Hedges	Derivatives Instruments and Hedging —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. 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, 2015 and 2014 , 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 loss on derivatives” in the consolidated statements of operations.
Income Taxes	Income Taxes —As a REIT, we generally are not 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. The “Income Taxes” Topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2011 through 2014 remain subject to potential examination by certain federal and state taxing authorities.
Reclassification	Reclassification —Certain amounts in the consolidated financial statements for the three and six months ended June 30, 2014, have been reclassified for discontinued operations.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards — In April 2014, the FASB issued accounting guidance that 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. The new accounting guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014. We adopted this accounting guidance on January 1, 2015. The adoption of this accounting guidance impacted the presentation of our results of operations as it required the operations of our disposed hotel property to be included in continuing operations.
Recently Issued Accounting Standards	Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 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. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and to provide related disclosure requirements. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . The ASU amends the consolidation guidance for VIEs and general partners' investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of the ASU on our consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. Upon adoption of the standard, we will reclassify deferred financing costs, net from total assets to be shown net of debt in the liabilities section of our consolidated balance sheet. Adoption of this standard will only affect the presentation of our consolidated balance sheet.

Investment in Hotel Propertie26

Investment in Hotel Properties, net (Tables)	6 Months Ended
	Jun. 30, 2015
Business Acquisition [Line Items]
Schedule of investments in hotel properties, net	Investments in hotel properties, net consisted of the following (in thousands): June 30, 2015 December 31, 2014 Land $ 686,901 $ 358,514 Buildings and improvements 3,817,985 2,125,656 Furniture, fixtures, and equipment 351,789 211,777 Construction in progress 19,377 11,704 Condominium properties 12,065 12,065 Total cost 4,888,117 2,719,716 Accumulated depreciation (652,077 ) (591,105 ) Investments in hotel properties, net $ 4,236,040 $ 2,128,611
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Intangible Liabilities 2015 $ 98 $ 197 2016 197 395 2017 197 395 2018 197 395 2019 197 395 Thereafter 10,556 14,914 Total $ 11,442 $ 16,691
Schedule of business combination pro forma information	These adjustments are directly attributable to the transactions for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 391,897 $ 367,410 $ 746,043 $ 700,124 Net loss (10,048 ) (6,339 ) (43,505 ) (18,400 )
Acquisition One [Member]
Business Acquisition [Line Items]
Schedule of preliminary fair value of the assets acquired and liabilities assumed	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 4,541 Buildings and improvements 24,703 Furniture, fixtures, and equipment 4,237 33,481 Net other assets and liabilities (382 )
Acquisition Two [Member]
Business Acquisition [Line Items]
Schedule of preliminary fair value of the assets acquired and liabilities assumed	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 6,210 Buildings and improvements 32,934 Furniture, fixtures, and equipment 4,350 43,494 Net other assets and liabilities 34
Acquisition Three [Member]
Business Acquisition [Line Items]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Preliminary Allocations as of March 31, 2015 Adjustments Final Allocations as of June 30, 2015 Land $ 292,934 $ (7,712 ) $ 285,222 Buildings and improvements 1,351,293 38,182 1,389,475 Furniture, fixtures, and equipment 118,878 (35,958 ) 82,920 1,763,105 (5,488 ) 1,757,617 Indebtedness (1,120,082 ) — (1,120,082 ) Intangible liabilities, net (12,217 ) 5,488 (6,729 ) Net other assets and liabilities 116,533 — 116,533
Acquisition Four [Member]
Business Acquisition [Line Items]
Schedule of preliminary fair value of the assets acquired and liabilities assumed	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 3,695 Buildings and improvements 19,002 Furniture, fixtures, and equipment 1,139 23,836 Intangible assets 1,412 Net other assets and liabilities (150 )
Acquisition Five [Member]
Business Acquisition [Line Items]
Schedule of preliminary fair value of the assets acquired and liabilities assumed	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 10,933 Buildings and improvements 46,761 Furniture, fixtures, and equipment 4,788 62,482 Net other assets and liabilities 486
Acquisition Six [Member]
Business Acquisition [Line Items]
Schedule of preliminary fair value of the assets acquired and liabilities assumed	The following table summarizes the estimated fair value of the asset acquired in the acquisition (in thousands): Land $ 6,475
Acquisition Seven [Member]
Business Acquisition [Line Items]
Schedule of preliminary fair value of the assets acquired and liabilities assumed	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 18,551 Buildings and improvements 190,952 Furniture, fixtures, and equipment 15,451 224,954 Net other assets and liabilities (298 )

Hotel Dispositions (Tables)

Hotel Dispositions (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Income Statement	The following table includes condensed financial information from this hotel (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total hotel revenue $ — $ 748 $ 361 $ 1,220 Total hotel operating expenses — (448 ) (308 ) (878 ) Operating income — 300 53 342 Property taxes, insurance and other — (46 ) (40 ) (87 ) Depreciation and amortization — (178 ) (164 ) (328 ) Interest expense and amortization of loan costs — (129 ) — (257 ) Loss from continuing operations — (53 ) (151 ) (330 ) Loss on sale of hotel property — — (1,130 ) — Net loss — (53 ) (1,281 ) (330 ) Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership — 7 147 43 Loss from continuing operations attributable to the Company $ — $ (46 ) $ (1,134 ) $ (287 ) The following table includes condensed financial information from this hotel for the three and six months ended June 30, 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2014 2014 Hotel revenues $ 726 $ 1,461 Hotel operating expenses (457 ) (930 ) Operating income 269 531 Property taxes, insurance and other (33 ) (64 ) Depreciation and amortization (80 ) (157 ) Interest expense and amortization of loan costs (134 ) (284 ) Net income 22 26 Income from discontinued operations attributable to redeemable noncontrolling interests in operating partnership (3 ) (4 ) Income from discontinued operations attributable to the Company $ 19 $ 22

Investment in Unconsolidated 28

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2015
PIM Highland JV [Member]
Schedule of Equity Method Investments [Line Items]
Summary of Preliminary Balance Sheet	The following tables summarize the consolidated balance sheet as of December 31, 2014 and the consolidated statements of operations for the period from January 1, 2015 through March 5, 2015 and the three and six months ended June 30, 2014 of the PIM Highland JV (in thousands): PIM Highland JV Condensed Consolidated Balance Sheet December 31, 2014 Total assets $ 1,394,806 Total liabilities 1,166,682 Members’ equity 228,124 Total liabilities and members’ equity $ 1,394,806 Our ownership interest in PIM Highland JV $ 144,784
Summary of Preliminary Statement of Operations	PIM Highland JV Condensed Consolidated Statements of Operations Three Months Ended June 30, Period from January 1 to March 5, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ — $ 126,142 $ 76,695 $ 234,903 Total operating expenses — (100,278 ) (69,949 ) (195,666 ) Operating income — 25,864 6,746 39,237 Interest income and other — 13 17 26 Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees — (14,426 ) (10,212 ) (30,334 ) Other expenses — — — (44 ) Income tax expense — (1,206 ) (1,222 ) (1,653 ) Net income (loss) $ — $ 10,245 $ (4,671 ) $ 7,232 Our equity in earnings (loss) of PIM Highland JV $ — $ 6,728 $ (3,836 ) $ 3,974
Ashford Prime OP [Member]
Schedule of Equity Method Investments [Line Items]
Summary of Preliminary Balance Sheet	The following tables summarize the condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 and the condensed consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 , of Ashford Prime OP (in thousands): Ashford Hospitality Prime Limited Partnership Condensed Consolidated Balance Sheets June 30, 2015 December 31, 2014 Total assets $ 1,286,549 $ 1,229,508 Total liabilities 805,991 805,510 Partners’ capital 480,558 423,998 Total liabilities and partners’ capital $ 1,286,549 $ 1,229,508 Our ownership interest in Ashford Prime OP $ 55,487 $ 54,907
Summary of Preliminary Statement of Operations	Ashford Hospitality Prime Limited Partnership Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 92,837 $ 83,967 $ 170,626 $ 145,773 Total operating expenses (73,763 ) (69,153 ) (143,293 ) (126,184 ) Operating income 19,074 14,814 27,333 19,589 Equity in loss of unconsolidated entity (820 ) — (820 ) — Interest income 5 6 9 10 Other income 1,153 — 1,292 — Interest expense and amortization and write-offs of loan costs (9,129 ) (10,033 ) (18,766 ) (19,022 ) Unrealized loss on investments (1,323 ) — — — Unrealized loss on derivatives (8 ) (51 ) (40 ) (66 ) Income tax (expense) benefit 172 (211 ) (309 ) (437 ) Net income 9,124 4,525 8,699 74 (Income) loss from consolidated entities attributable to noncontrolling interests (125 ) 182 22 587 Net income (loss) attributable to Ashford Prime OP $ 8,999 $ 4,707 $ 8,721 $ 661 Our equity in earnings (loss) of Ashford Prime OP $ 1,372 $ 733 $ 1,327 $ (11 )
Ashford Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Summary of Preliminary Balance Sheet	The following tables summarize the condensed balance sheets as of June 30, 2015 and December 31, 2014 and the condensed statements of operations for the three and six months ended June 30, 2015 and 2014 of Ashford Inc. (in thousands): Ashford Inc. Condensed Balance Sheets June 30, 2015 December 31, 2014 Total assets $ 195,585 $ 49,230 Total liabilities 63,230 33,912 Redeemable noncontrolling interests in Ashford LLC 393 424 Total stockholders’ equity of Ashford Inc. 20,754 14,981 Noncontrolling interests in consolidated entities 111,208 (87 ) Total equity 131,962 14,894 Total liabilities and equity $ 195,585 $ 49,230 Our ownership interest in Ashford Inc. $ 5,841 $ 7,099
Summary of Preliminary Statement of Operations	Ashford Inc. Condensed Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 14,489 $ 3,913 $ 27,607 $ 6,225 Total operating expenses (10,629 ) (17,368 ) (32,381 ) (28,478 ) Operating income (loss) 3,860 (13,455 ) (4,774 ) (22,253 ) Equity in loss of unconsolidated entities (1,066 ) — (1,066 ) — Unrealized loss on investments (3,037 ) — (2,990 ) — Realized gain on investments 1,037 — 1,035 — Other 207 — 214 — Income tax expense (233 ) (20 ) (464 ) (35 ) Net income (loss) 768 (13,475 ) (8,045 ) (22,288 ) Loss from consolidated entities attributable to noncontrolling interests 3,154 — 4,115 — Net (income) loss attributable to redeemable noncontrolling interests in Ashford LLC (8 ) — 10 — Net income (loss) attributable to Ashford Inc. $ 3,914 $ (13,475 ) $ (3,920 ) $ (22,288 ) Our equity in earnings (loss) of Ashford Inc. $ 1,483 $ — $ (1,258 ) $ —
AIM REHE Fund [Member]
Schedule of Equity Method Investments [Line Items]
Summary of Preliminary Balance Sheet	The following tables summarize the consolidated balance sheet as of June 30, 2015 and the consolidated statements of operations for the three and six months ended June 30, 2015 of the REHE Fund (in thousands): AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Balance Sheet June 30, 2015 Total assets $ 111,458 Total liabilities 8 Partners’ capital 111,450 Total liabilities and partners’ capital $ 111,458 Our ownership interest in the AIM REHE Fund $ 58,390
Summary of Preliminary Statement of Operations	AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2015 2015 Total investment income $ 216 $ 223 Net expenses (33 ) (31 ) Net investment income 183 192 Net unrealized loss on investments (3,028 ) (2,982 ) Net realized gain on investments 1,033 1,030 Net loss attributable to the REHE Fund $ (1,812 ) $ (1,760 ) Our equity in loss of the REHE Fund $ (948 ) $ (948 )

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate June 30, 2015 December 31, 2014 Mortgage loan (4) 5 hotels November 2015 Greater of 6.40% or LIBOR (1) + 6.15% $ — $ 211,000 Mortgage loan 10 hotels July 2015 5.22% — 145,278 Mortgage loan 8 hotels December 2015 5.70% 91,654 92,772 Mortgage loan 5 hotels February 2016 5.53% 104,032 105,164 Mortgage loan 5 hotels February 2016 5.53% 74,732 75,546 Mortgage loan (2)(6) 5 hotels February 2016 LIBOR (1) + 4.75% 200,000 200,000 Mortgage loan (2) 7 hotels August 2016 LIBOR (1) + 4.35% 301,000 301,000 Mortgage loan (2) 5 hotels August 2016 LIBOR (1) + 4.38% 62,900 62,900 Mortgage loan (2) 1 hotel August 2016 LIBOR (1) + 4.20% 37,500 37,500 Mortgage loan (2) 8 hotels January 2017 LIBOR (1) + 4.95% 376,800 — Mortgage loan (5) 24 hotels April 2017 LIBOR (1) + 4.39% 1,070,560 — Mortgage loan (2) 1 hotel April 2017 LIBOR (1) + 4.95% 33,300 — Mortgage loan 5 hotels April 2017 5.95% 111,088 111,869 Mortgage loan 5 hotels April 2017 5.95% 99,851 100,552 Mortgage loan 5 hotels April 2017 5.95% 151,934 153,002 Mortgage loan 7 hotels April 2017 5.95% 121,530 122,384 Mortgage loan (2) 1 hotel May 2017 LIBOR (1) + 5.10% 25,100 — Mortgage loan (2) 1 hotel June 2017 LIBOR (1) + 5.10% 43,750 — Mortgage loan (2) 8 hotels July 2017 LIBOR (1) + 4.09% 144,000 — Mortgage loan (2) 1 hotel July 2017 LIBOR (1) + 4.15% 35,200 — Mortgage loan (7) 1 hotel July 2018 LIBOR (1) + 4.50% 21,200 — Mortgage loan 1 hotel January 2018 4.38% 98,910 — Mortgage loan 2 hotels January 2018 4.44% 108,177 — Mortgage loan (3) 1 hotel July 2019 LIBOR (1) + 3.75% 5,524 5,525 Mortgage loan 1 hotel November 2020 6.26% 99,158 99,780 Mortgage loan 1 hotel January 2024 5.49% 10,601 10,673 Mortgage loan 1 hotel January 2024 5.49% 7,264 7,313 Mortgage loan 1 hotel May 2024 4.99% 6,795 6,845 Mortgage loan 3 hotels August 2024 5.20% 67,520 67,520 Mortgage loan 2 hotels August 2024 4.85% 12,500 12,500 Mortgage loan 3 hotels August 2024 4.90% 24,980 24,980 Mortgage loan 3 hotels February 2025 4.45% 54,606 — Mortgage loan 2 hotels February 2025 4.45% 24,369 — Mortgage loan 2 hotels February 2025 4.45% 21,112 — 3,647,647 1,954,103 Premiums 3,708 — Total $ 3,651,355 $ 1,954,103 ____________________________________ (1) LIBOR rates were 0.187% and 0.171% at June 30, 2015 and December 31, 2014 , respectively. (2) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions. (3) This mortgage loan provides for an interest rate of LIBOR + 3.75% with a 0 .25% LIBOR floor for the first 18 months and is fixed at 4.0% thereafter. (4) This mortgage loan had three one -year extension options subject to satisfaction of certain conditions. The first one -year extension period began in November 2014. (5) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (6) This mortgage loan has a LIBOR floor of 0.20% . (7) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 2014 2015 2014 Income (loss) allocated to common stockholders: Income (loss) from continuing operations attributable to the Company $ (12,244 ) $ (1,605 ) $ 309,252 $ (3,996 ) Less: Dividends on preferred stocks (8,491 ) (8,491 ) (16,981 ) (16,981 ) Less: Dividends on common stock (11,971 ) (10,640 ) (23,935 ) (20,269 ) Less: Dividends on unvested restricted shares (176 ) (74 ) (341 ) (158 ) Less: Undistributed income from continuing operations allocated to unvested shares — — (2,691 ) — Undistributed income (loss) (32,882 ) (20,810 ) 265,304 (41,404 ) Add back: Dividends on common stock 11,971 10,640 23,935 20,269 Distributed and undistributed income (loss) from continuing operations - basic $ (20,911 ) $ (10,170 ) $ 289,239 $ (21,135 ) Add back: Income from continuing operations allocated to operating partnership units — — 42,809 — Distributed and undistributed net income (loss) - diluted $ (20,911 ) $ (10,170 ) $ 332,048 $ (21,135 ) Income from discontinued operations allocated to common stockholders: Income from discontinued operations attributable to the Company $ — $ 19 $ — $ 22 Weighted average shares outstanding: Weighted average common shares outstanding - basic 99,755 88,781 97,661 85,283 Effect of assumed conversion of operating partnership units — — 18,457 — Weighted average shares outstanding - diluted 99,755 88,781 116,118 85,283 Basic income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.96 $ (0.25 ) Income from discontinued operations allocated to common stockholders per share — — — — Net income (loss) allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.96 $ (0.25 ) Diluted income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.86 $ (0.25 ) Income from discontinued operations allocated to common stockholders per share — — — — Net income (loss) allocated to common stockholders per share $ (0.21 ) $ (0.11 ) $ 2.86 $ (0.25 )
Summary of Computation of Diluted Income Per Share	Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) from continuing operations allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 176 $ 74 $ 3,032 $ 158 Net income (loss) attributable to noncontrolling interest in operating partnership units (2,527 ) (775 ) — (1,653 ) Total $ (2,351 ) $ (701 ) $ 3,032 $ (1,495 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 347 42 389 93 Effect of assumed conversion of operating partnership units 18,542 19,934 — 19,625 Total 18,889 19,976 389 19,718

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (4) Total June 30, 2015: Assets Derivative assets: Interest rate derivatives - non-hedge $ — $ 1,341 $ — $ — $ 1,341 (1) Credit default swaps — 2,918 — (2,491 ) 427 (1) Total — 4,259 — (2,491 ) 1,768 December 31, 2014: Assets Interest rate derivatives - non-hedge $ — $ 182 $ — $ — $ 182 (1) Equity put options 653 — — — 653 (2) Equity call options 1 — — — 1 (2) Non-derivative assets: Equity securities 57,941 — — — 57,941 (2) U.S. treasury securities 4,622 — — — 4,622 (2) Total 63,217 182 — — 63,399 Liabilities Derivative liabilities: Credit default swaps — 379 — (563 ) (184 ) (3) Short equity put options (216 ) — — — (216 ) (3) Short equity call options (781 ) — — — (781 ) (3) Non-derivative liabilities: Short equity securities (17 ) — — — (17 ) (3) Margin account balance (5,003 ) — — — (5,003 ) (3) Total (6,017 ) 379 — (563 ) (6,201 ) Net $ 57,200 $ 561 $ — $ (563 ) $ 57,198 ____________________________________ (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, 2015 and 2014 (in thousands): Gain (Loss) Recognized in Income Reclassified from Accumulated OCI into Interest Expense Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Assets Derivative assets: Interest rate derivatives $ (2,441 ) $ (72 ) $ — $ 29 Credit default swaps 353 (212 ) — — Equity put options (426 ) (519 ) — — Equity call options (54 ) (73 ) — — Non-derivative assets: Equity - American Depositary Receipt (85 ) — — — Equity (989 ) 1,897 — — U.S. Treasury (93 ) 9 — — Total (3,735 ) 1,030 — 29 Liabilities Derivative liabilities: Short-equity put options 407 (368 ) — — Short-equity call options 891 (60 ) — — Non-derivative liabilities: Short-equity securities 114 — — — Total 1,412 (428 ) — — Net $ (2,323 ) $ 602 $ — $ 29 Total combined Interest rate derivatives $ (2,441 ) $ (72 ) $ — $ 29 Credit default swaps 486 (191 ) — — Total derivatives (1,955 ) (1) (263 ) (1) — 29 Unrealized gain (loss) on marketable securities 1,929 (3) (944 ) (3) — — Realized gain (loss) on marketable securities (2,297 ) (2) (4) 1,809 (2) (4) — — Net $ (2,323 ) $ 602 $ — $ 29 Gain (Loss) Recognized in Income Reclassified from Accumulated OCI into Interest Expense Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Assets Derivative assets: Interest rate derivatives $ (3,458 ) $ (193 ) $ — $ 100 Credit default swaps (384 ) (459 ) Equity put options (1,717 ) (981 ) — — Equity call options 26 (123 ) — — Non-derivative assets: Equity - American Depositary Receipt (150 ) — — — Equity 1,072 2,845 — — U.S. Treasury 314 303 — — Total (4,297 ) 1,392 — 100 Liabilities Derivative liabilities: Short equity put options 1,002 23 — — Short equity call options 1,470 (56 ) — — Non-derivative liabilities: Short equity securities 78 — — — Total 2,550 (33 ) — — Net $ (1,747 ) $ 1,359 $ — $ 100 Total combined Interest rate derivatives $ (3,458 ) $ (193 ) $ — $ 100 Credit default swaps (195 ) (417 ) — — Total derivatives (3,653 ) (1) (610 ) (1) — 100 Unrealized gain (loss) on marketable securities 127 (3) (943 ) (3) — — Realized gain on marketable securities 1,779 (2) (4) 2,912 (2) (4) — — Net $ (1,747 ) $ 1,359 $ — $ 100 ____________________________________ (1) Reported as “unrealized loss on derivatives” in the consolidated statements of operations. (2) Included in “other income (loss)” 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 $133 and $189 for the three and six months ended June 30, 2015 , respectively, and $21 and $42 for the three and six months ended June 30, 2014, respectively, associated with credit default swaps.

Summary of Fair Value of Fina32

Summary of Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ — $ — $ 63,217 $ 63,217 Derivative assets, net 1,768 1,768 182 182 Liabilities associated with marketable securities and other — — 6,201 6,201 Financial assets not measured at fair value: Cash and cash equivalents $ 282,073 $ 282,073 $ 215,063 $ 215,063 Restricted cash 149,896 149,896 85,830 85,830 Accounts receivable, net 55,941 55,941 22,399 22,399 Note receivable, net 3,646 3,190 to 3,525 3,553 3,049 to 3,370 Due from affiliates — — 3,473 3,473 Due from Ashford Prime OP, net 1,343 1,343 896 896 Due from third-party hotel managers 37,205 37,205 12,241 12,241 Financial liabilities not measured at fair value: Indebtedness $ 3,651,355 $3,516,325 to $3,886,462 $ 1,954,103 $1,905,801 to $2,106,413 Accounts payable and accrued expenses 136,697 136,697 71,118 71,118 Dividends payable 23,369 23,369 21,889 21,889 Due to Ashford Inc., net 9,331 9,331 8,202 8,202 Due to related party, net 337 337 1,867 1,867 Due to third-party hotel managers 1,850 1,850 1,640 1,640

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	Beginning November 12, 2014, we incurred advisory services fees to Ashford Inc. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2015 Advisory services fee Base advisory fee $ 8,505 $ 16,516 Reimbursable fees (1) 1,816 3,201 Equity-based compensation (2) 1,151 1,322 Incentive management fee — — Total advisory services revenue $ 11,472 $ 21,039 ________ (1) Reimbursable fees include overhead, internal audit and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford LLC.

Organization and Description 34

Organization and Description of Business (Details) $ in Thousands	Jun. 30, 2015USD ($)roomunithotel	Mar. 06, 2015	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investment in unconsolidated entities | $	$ 119,718		$ 206,790
Number of rooms owned | room	27,180
Number of rooms owned, net of partnership interest | room	27,153
Notes receivable | $	$ 3,646		$ 3,553
Subsidiaries [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	127
Number of hotel properties managed by affiliates	87
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Percent of voting interest acquired		28.26%
Percentage of common equity interest		100.00%
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Number of hotel properties held by majority owned joint venture	10
Investment in unconsolidated entities | $	$ 55,487
World Quest Resort [Member]
Real Estate Properties [Line Items]
Number of rooms owned | unit	86
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Percentage of common equity interest	30.10%
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	125
Majority Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	2
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities | $	$ 58,390
AIM REHE Fund [Member] | AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Percentage of common equity interest	52.40%

Significant Accounting Polici35

Significant Accounting Policies (Details)	Mar. 06, 2015hotel	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)hotel	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of hotel properties stated at historical cost | hotel				4
Impairment charges recorded for a hotel property included in the continuing operations		$ 19,900,000		$ 19,900,000	$ 0
Valuation Adjustment on Previously Impaired Notes Receivable		$ 109,000	$ 104,000	215,000	205,000
Impairment charges of joint venture				$ 0	0
Advisory services quarterly base fee percentage		0.70%		0.70%
Amount of derivative ineffectiveness				$ 0	0
Restricted Cash [Member]
Real Estate Properties [Line Items]
Escrow reserve for capital improvements as percentage of gross revenues, Minimum				3.00%
Escrow reserve for capital improvements as percentage of gross revenues, Maximum				6.00%
Notes Receivable [Member]
Real Estate Properties [Line Items]
Interest income recorded				$ 0	0
Impairment charges of notes receivable				$ 0	$ 0
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Percent of voting interest acquired	28.26%
Number of hotels in portfolio acquired | hotel	28
Percentage of interest in the hotel properties	100.00%
Unconsolidated Properties [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Percentage of interest in the hotel properties		14.40%		14.40%
Unconsolidated Properties [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Percentage of interest in the hotel properties		52.39%		52.39%

Investment in Hotel Propertie36

Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Land	$ 686,901	$ 358,514
Buildings and improvements	3,817,985	2,125,656
Furniture, fixtures, and equipment	351,789	211,777
Construction in progress	19,377	11,704
Condominium properties	12,065	12,065
Total cost	4,888,117	2,719,716
Accumulated depreciation	(652,077)	(591,105)
Investments in hotel properties, net	$ 4,236,040	$ 2,128,611

Investment in Hotel Propertie37

Investment in Hotel Properties, net (Acquisitions) (Details) - USD ($)	Aug. 05, 2015	Jul. 23, 2015	Jul. 01, 2015	Jun. 24, 2015	Jun. 17, 2015	Jun. 04, 2015	Jun. 03, 2015	Apr. 29, 2015	Mar. 06, 2015	Feb. 25, 2015	Feb. 06, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 02, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Total revenue												$ 369,338,000	$ 208,163,000	$ 619,573,000	$ 403,024,000
Net income (loss) attributable to parent												(12,244,000)	(1,586,000)	309,252,000	(3,974,000)
Gain on acquisition of PIM Highland JV												0	0	381,835,000	0
Acquisition costs expensed														5,400,000
Equity in earnings (loss) of unconsolidated entities												1,907,000	7,461,000	(4,715,000)	3,963,000
Amortization of above and below Market Leases												68,000		68,000
Intangible assets amortization expense - 2015												98,000		98,000
Intangible liabilities amortization expense - 2015												197,000		197,000
Intangible assets amortization expense - 2016												197,000		197,000
Intangible liabilities amortization expense - 2016												395,000		395,000
Intangible assets amortization expense - 2017												197,000		197,000
Intangible liabilities amortization expense - 2017												395,000		395,000
Intangible assets amortization expense - 2018												197,000		197,000
Intangible liabilities amortization expense - 2018												395,000		395,000
Intangible assets amortization expense - 2019												197,000		197,000
Intangible liabilities amortization expense - 2019												395,000		395,000
Intangible assets amortization expense - Thereafter												10,556,000		10,556,000
Intangible liabilities amortization expense - Thereafter												14,914,000		14,914,000
Intangible assets, net												11,442,000		11,442,000
Intangible liabilities, net												16,691,000		16,691,000			$ 0
Total revenue												391,897,000	367,410,000	746,043,000	700,124,000
Net loss												(10,048,000)	(6,339,000)	(43,505,000)	(18,400,000)
Acquisition One [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired											100.00%
Consideration transferred											$ 33,500,000
Land											4,541,000
Buildings and improvements											24,703,000
Furniture, fixtures, and equipment											4,237,000
Land, buildings and improvements, furniture, fixtures, and equipment											33,481,000
Net other assets and liabilities											$ (382,000)
Total revenue												3,400,000		5,200,000
Net income (loss) attributable to parent													277,000		334,000
Acquisition Two [Member]
Business Acquisition [Line Items]
Consideration transferred										$ 43,500,000
Face amount of debt										33,300,000
Land										6,210,000
Buildings and improvements										32,934,000
Furniture, fixtures, and equipment										4,350,000
Land, buildings and improvements, furniture, fixtures, and equipment										43,494,000
Net other assets and liabilities										$ 34,000
Total revenue												3,200,000		4,400,000
Net income (loss) attributable to parent													240,000		393,000
Acquisition Three [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired									28.26%
Consideration transferred									$ 250,100,000
Face amount of debt									907,600,000
Land									292,934,000			285,222,000		285,222,000
Buildings and improvements									1,351,293,000			1,389,475,000		1,389,475,000
Furniture, fixtures, and equipment									118,878,000			82,920,000		82,920,000
Land, buildings and improvements, furniture, fixtures, and equipment									1,763,105,000			1,757,617,000		1,757,617,000
Net other assets and liabilities									116,533,000			116,533,000		116,533,000
Total revenue												133,700,000		171,300,000
Net income (loss) attributable to parent												7,655,000		8,042,000
Gain on acquisition of PIM Highland JV														381,800,000
Reduction of depreciation due to allocation adjustments									1,100,000
Intangible assets adjustment									16,000			5,488,000
Equity in earnings (loss) of unconsolidated entities													$ 6,700,000	3,800,000	4,000,000
Intangibles									$ (12,217,000)			(6,729,000)		(6,729,000)
Acquisition Four [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired								100.00%
Consideration transferred								$ 25,200,000
Face amount of debt				$ 21,200,000
Land								3,695,000
Buildings and improvements								19,002,000
Furniture, fixtures, and equipment								1,139,000
Land, buildings and improvements, furniture, fixtures, and equipment								23,836,000
Net other assets and liabilities								(150,000)
Total revenue												1,000,000		1,000,000
Net income (loss) attributable to parent												203,000			203,000
Intangibles								$ 1,412,000
Acquisition Five [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired							100.00%
Consideration transferred							$ 62,500,000
Face amount of debt							43,800,000
Land							10,933,000
Buildings and improvements							46,761,000
Furniture, fixtures, and equipment							4,788,000
Land, buildings and improvements, furniture, fixtures, and equipment							62,482,000
Net other assets and liabilities							$ 486,000
Total revenue												1,000,000		1,000,000
Net income (loss) attributable to parent												(124,000)			$ (124,000)
Acquisition Six [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired						100.00%
Consideration transferred						$ 6,500,000
Land						6,475,000
Total consideration, cash surrendered						3,400,000
Business Combination, Consideration Transferred, Other						$ 3,100,000
Acquisition Seven [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired					100.00%
Consideration transferred					$ 225,000,000
Face amount of debt					179,200,000
Land					18,551,000
Buildings and improvements					190,952,000
Furniture, fixtures, and equipment					15,451,000
Land, buildings and improvements, furniture, fixtures, and equipment					224,954,000
Net other assets and liabilities					$ (298,000)
Total revenue												2,100,000		2,100,000
Net income (loss) attributable to parent												$ 11,000		$ 11,000
Acquisition Eight [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Consideration transferred			$ 56,800,000
Face amount of debt																$ 40,500,000
Acquisition Nine [Member] | Acquisition Nine [Member]
Business Acquisition [Line Items]
Consideration transferred		$ 15,000,000
Acquisition Nine [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Consideration transferred		$ 15,000,000
Acquisition Ten [Member] | Acquisition Ten [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Acquisition Ten [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Consideration transferred	$ 15,200,000
Face amount of debt	$ 12,000,000
Definitive Agreement One and Two [Member]
Business Acquisition [Line Items]
Consideration transferred				101,000,000
definitive agreement one [Member]
Business Acquisition [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed				$ 56,000,000

Investment in Hotel Propertie38

Investment in Hotel Properties, net (Preliminary Fair Value of Assets and Liabilities) (Details) - USD ($)	Mar. 06, 2015	Jun. 30, 2015	Feb. 25, 2015	Feb. 06, 2015
Acquisition One [Member]
Business Acquisition [Line Items]
Land				$ 4,541,000
Buildings and improvements				24,703,000
Furniture, fixtures, and equipment				4,237,000
Land, buildings and improvements, furniture, fixtures, and equipment				33,481,000
Net other assets and liabilities				$ (382,000)
Acquisition Two [Member]
Business Acquisition [Line Items]
Land			$ 6,210,000
Buildings and improvements			32,934,000
Furniture, fixtures, and equipment			4,350,000
Land, buildings and improvements, furniture, fixtures, and equipment			43,494,000
Net other assets and liabilities			$ 34,000
Acquisition Three [Member]
Business Acquisition [Line Items]
Land	$ 292,934,000	$ 285,222,000
Business combination, provisional information, initial accounting incomplete, adjustment, land		(7,712,000)
Buildings and improvements	1,351,293,000	1,389,475,000
Business combination, provisional information, Initial accounting incomplete, adjustment, building and improvements		38,182,000
Furniture, fixtures, and equipment	118,878,000	82,920,000
Business combination, provisional information, initial accounting incomplete, adjustment, furniture fixtures equipment		(35,958,000)
Land, buildings and improvements, furniture, fixtures, and equipment	1,763,105,000	1,757,617,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment		(5,488,000)
Indebtedness	(1,120,082,000)	(1,120,082,000)
business combination, provisional information, initial accounting incomplete, adjustment, debt instrument		0
Intangibles	(12,217,000)	(6,729,000)
Intangible assets adjustment	16,000	5,488,000
Net other assets and liabilities	$ 116,533,000	116,533,000
business combination, provisional information, initial accounting incomplete, adjustment, identifiable assets acquired and liabilities assumed, net		$ 0

Hotel Dispositions (Details)

Hotel Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total hotel revenue	$ 368,908	$ 203,142	$ 618,283	$ 394,744
Total hotel expenses	(224,556)	(135,788)	(378,428)	(255,881)
Operating income	35,199	17,465	67,304	43,858
Property taxes, insurance and other	(17,576)	(8,948)	(29,170)	(18,537)
Depreciation and Amortization	(52,616)	(26,532)	(90,480)	(52,684)
Interest expense and amortization of loan costs	(47,495)	(27,788)	(82,130)	(56,163)
Income (loss) from continuing operations	(14,757)	(2,375)	353,180	(9,162)
Loss on sale of hotel property	0	0	(1,130)	3,491
Net income (loss)	(14,757)	(2,353)	352,050	(5,645)
Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership	2,527	772	(42,809)	1,649
Net income (loss) attributable to the Company	(12,244)	(1,586)	309,252	(3,974)
Income from discontinued operations attributable to the Company	0	19	0	22
Impairment of Real Estate	19,900		19,900	0
Hampton Terre Haute
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total hotel revenue	0	748	361	1,220
Total hotel expenses	0	(448)	(308)	(878)
Operating income	0	300	53	342
Property taxes, insurance and other	0	(46)	(40)	(87)
Depreciation and Amortization	0	(178)	(164)	(328)
Interest expense and amortization of loan costs	0	(129)	0	(257)
Income (loss) from continuing operations	0	(53)	(151)	(330)
Loss on sale of hotel property	0	0	(1,130)	0
Net income (loss)	0	(53)	(1,281)	(330)
Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership	0	7	147	43
Net income (loss) attributable to the Company	0	(46)	(1,134)	(287)
Mobile Homewood
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total hotel revenue		726		1,461
Total hotel expenses		(457)		(930)
Operating income		269		531
Property taxes, insurance and other		(33)		(64)
Depreciation and Amortization		(80)		(157)
Interest expense and amortization of loan costs		(134)		(284)
Net income (loss)		22		26
Income from discontinued operations attributable to redeemable noncontrolling interests in operating partnership		(3)		(4)
Income from discontinued operations attributable to the Company		$ 19		$ 22
Impaired Asset One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Real Estate			17,100
Asset Fair Value, After Impairment	37,500		37,500
Impaired Asset Two [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Real Estate			2,800
Asset Fair Value, After Impairment	$ 15,300		$ 15,300

Note Receivable (Details)

Note Receivable (Details) $ in Thousands	Jun. 30, 2015USD ($)hotelloan	Dec. 31, 2014USD ($)hotelloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 3,646	$ 3,553
Allowance for doubtful notes receivable	$ 7,306	$ 7,522
Mezzanine Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of mezzanine loans | loan	1	1
Notes receivable	$ 3,600	$ 3,600
Allowance for doubtful notes receivable	$ 7,306	$ 7,522
Number of hotel properties held as collateral | hotel	1	1
Interest Rate	6.09%	6.09%

Investment in Unconsolidated 41

Investment in Unconsolidated Entities (Details) shares in Thousands	Mar. 10, 2011USD ($)hotelPerson	Jun. 30, 2015USD ($)roomshares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)roomhotelshares	Jun. 30, 2014USD ($)	Mar. 06, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 12, 2014
Real Estate Properties [Line Items]
Investment in unconsolidated entities		$ 119,718,000		$ 119,718,000			$ 206,790,000
Gain on acquisition of PIM Highland JV		0	$ 0	381,835,000	$ 0
Unfunded commitments		$ 0		$ 0
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Percentage of common equity interest	71.74%					100.00%
Preferred equity interest	$ 25,000,000
Percentage of preferred equity interest	50.00%
Unpaid annual return with priority over common equity distributions	15.00%
Number of hotel properties held by majority owned joint venture | hotel	28
Number of members of executive committee | Person	4
Number of persons designated to executive committee by company | Person	2
Number of persons designated to executive committee by joint venture partner | Person	2
Percent of voting interest acquired						28.26%
Investment in unconsolidated entities						$ 522,800,000	$ 144,784,000
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Percentage of common equity interest		15.20%		15.20%			14.90%
Investment in unconsolidated entities		$ 55,487,000		$ 55,487,000			$ 54,907,000
Number of hotels in portfolio acquired | hotel				10
Total number of rooms owned through majority investments in joint ventures | room		3,707		3,707
Number of rooms owned through majority investments in joint ventures, net | room		3,472		3,472
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Percentage of common equity interest								30.10%
Investment in unconsolidated entities		$ 5,800,000		$ 5,800,000			$ 7,099,000
Special distribution, conversion ratio, shares of Common Stock								87
Special distribution, maximum percentage of shares available for conversion for Unitholders								99.00%
Special distribution, conversion ratio, units								55
Shares in investment held (in shares) | shares		598		598
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities		$ 58,390,000		$ 58,390,000
Four Seasons Hotel Nevis [Member]
Real Estate Properties [Line Items]
Subordinated beneficial interest in trust percentage		14.40%		14.40%			14.40%
Carrying value of subordinated beneficial interest		$ 0		$ 0			$ 0

Investment in Unconsolidated 42

Investment in Unconsolidated Entities (Summary of Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 06, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Total assets	$ 4,980,801		$ 2,781,080
Total liabilities	3,853,733		2,071,583
Redeemable noncontrolling interests in operating partnership	150,435		177,064
Stockholders' Equity Attributable to Noncontrolling Interest	789		800
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	976,633		532,433
Total equity	975,844		531,633
Total liabilities and equity	4,980,801		2,781,080
Investment in unconsolidated entities	119,718		206,790
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Total assets			1,394,806
Total liabilities			1,166,682
Partners' capital			228,124
Total liabilities and equity			1,394,806
Investment in unconsolidated entities		$ 522,800	144,784
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Total assets	1,286,549		1,229,508
Total liabilities	805,991		805,510
Partners' capital	480,558		423,998
Total liabilities and equity	1,286,549		1,229,508
Investment in unconsolidated entities	55,487		54,907
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total assets	195,585		49,230
Total liabilities	63,230		33,912
Redeemable noncontrolling interests in operating partnership	393		424
Stockholders' Equity Attributable to Noncontrolling Interest	111,208		(87)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	131,962		14,894
Total equity	20,754		14,981
Total liabilities and equity	195,585		49,230
Investment in unconsolidated entities	5,800		$ 7,099
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Total assets	111,458
Total liabilities	8
Partners' capital	111,450
Total liabilities and equity	111,458
Investment in unconsolidated entities	$ 58,390

Investment in Unconsolidated 43

Investment in Unconsolidated Entities (Summary of Statement of Operations) (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended
	Mar. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate Properties [Line Items]
Total revenue		$ 369,338	$ 208,163	$ 619,573	$ 403,024
Total operating expenses		(334,139)	(190,698)	(552,269)	(359,166)
Operating income		35,199	17,465	67,304	43,858
Unrealized gain (loss) on marketable securities		1,929	(944)	127	(943)
Unrealized loss on derivatives		(1,955)	(263)	(3,653)	(610)
Income tax expense		(2,089)	(312)	(2,914)	(528)
Net income (loss)		(14,757)	(2,353)	352,050	(5,645)
Net income (loss) attributable to the Company		(12,244)	(1,586)	309,252	(3,974)
Our equity in earnings (loss) entity		1,907	7,461	(4,715)	3,963
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Total revenue	$ 76,695	0	126,142		234,903
Total operating expenses	(69,949)	0	(100,278)		(195,666)
Operating income	6,746	0	25,864		39,237
Interest income and other	17	0	13		26
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees	(10,212)	0	(14,426)		(30,334)
Other expenses	0	0	0		(44)
Income tax expense	(1,222)	0	(1,206)		(1,653)
Net income (loss)	(4,671)	0	10,245		7,232
Our equity in earnings (loss) entity	$ (3,836)	0	6,728		3,974
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Total revenue		92,837	83,967	170,626	145,773
Total operating expenses		(73,763)	(69,153)	(143,293)	(126,184)
Operating income		19,074	14,814	27,333	19,589
Equity in loss of unconsolidated entity		(820)	0	(820)	0
Interest income		5	6	9	10
Other Income		1,153	0	1,292	0
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees		(9,129)	(10,033)	(18,766)	(19,022)
Unrealized gain (loss) on marketable securities		(1,323)	0	0	0
Unrealized loss on derivatives		(8)	(51)	(40)	(66)
Income tax expense		172	(211)	(309)	(437)
Net income (loss)		9,124	4,525	8,699	74
Loss from consolidated entities attributable to noncontrolling interest		(125)	182	22	587
Net income (loss) attributable to the Company		8,999	4,707	8,721	661
Our equity in earnings (loss) entity		1,372	733	1,327	(11)
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total revenue		14,489	3,913	27,607	6,225
Total operating expenses		(10,629)	(17,368)	(32,381)	(28,478)
Operating income		3,860	(13,455)	(4,774)	(22,253)
Equity in loss of unconsolidated entity		(1,066)	0	(1,066)	0
Unrealized gain (loss) on marketable securities		(3,037)	0	(2,990)	0
Realized Investment Gains (Losses)		1,037	0	1,035	0
Other Nonoperating Income (Expense)		207	0	214	0
Income tax expense		(233)	(20)	(464)	(35)
Net income (loss)		768	(13,475)	(8,045)	(22,288)
Loss from consolidated entities attributable to noncontrolling interest		3,154	0	4,115	0
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable		(8)	0	10	0
Net income (loss) attributable to the Company		3,914	(13,475)	(3,920)	(22,288)
Our equity in earnings (loss) entity		1,483	$ 0	(1,258)	$ 0
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Total investment income		216		223
Net expenses		(33)		(31)
Net investment income		183		192
Net unrealized loss on investments		(3,028)		(2,982)
Net realized gain on investments		1,033		1,030
Net income (loss) attributable to the Company		(1,812)		(1,760)
Our equity in earnings (loss) entity		$ (948)		$ (948)

Indebtedness (Details)

Indebtedness (Details) - Derivative Contract Type [Domain] $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)hotelextension	Jun. 30, 2015USD ($)hotelextension	Dec. 31, 2014USD ($)hotel	Jun. 24, 2015USD ($)	Jun. 17, 2015USD ($)	Jun. 03, 2015USD ($)	Apr. 17, 2015USD ($)	Mar. 25, 2015USD ($)	Mar. 06, 2015USD ($)	Feb. 25, 2015USD ($)	Jan. 02, 2015USD ($)
Debt Instrument [Line Items]
Indebtedness	$ 3,651,355	$ 3,651,355	$ 1,954,103
Long-term debt, gross of premium	3,647,647	3,647,647	1,954,103
Unamortized premium on Long-term debt	$ 3,708	$ 3,708	$ 0
London Interbank Offered Rate (LIBOR) Rate	0.187%	0.187%	0.171%
Amortization of debt premium	$ (484)	$ (611)
Mortgage loan 1 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel			5
Indebtedness	0	0	$ 211,000
Face amount of debt											$ 211,000
Mortgage loan 1 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate			6.40%
Mortgage loan 1 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument description of variable rate basis			LIBOR
Basis spread on variable rate			6.15%
Mortgage loan 2 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel			10
Interest Rate			5.22%
Indebtedness	$ 0	$ 0	$ 145,278
Face amount of debt											145,300
Mortgage Loan 3 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	8	8	8
Interest Rate	5.70%	5.70%	5.70%
Indebtedness	$ 91,654	$ 91,654	$ 92,772
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage loan 4 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Interest Rate	5.53%	5.53%	5.53%
Indebtedness	$ 104,032	$ 104,032	$ 105,164
Mortgage loan 5 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Interest Rate	5.53%	5.53%	5.53%
Indebtedness	$ 74,732	$ 74,732	$ 75,546
Mortgage Loan 6 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Debt instrument description of variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		4.75%	4.75%
Indebtedness	$ 200,000	$ 200,000	$ 200,000
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage loan 7 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	7	7	7
Debt instrument description of variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		4.35%	4.35%
Indebtedness	$ 301,000	$ 301,000	$ 301,000
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage Loan 8 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Debt instrument description of variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		4.38%	4.38%
Indebtedness	$ 62,900	$ 62,900	$ 62,900
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage loan 9 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1	1
Debt instrument description of variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		4.20%	4.20%
Indebtedness	$ 37,500	$ 37,500	$ 37,500
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage loan 10 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	8	8
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		4.95%
Indebtedness	$ 376,800	$ 376,800	0
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Face amount of debt											376,800
Mortgage Loan 11 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	24	24
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		4.39%
Indebtedness	$ 1,070,560	$ 1,070,560	0
Number of extension options | extension	4	4
Term of mortgage loan extension option		1 year
Face amount of debt									$ 1,070,000
Mortgage loan 12 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		4.95%
Indebtedness	$ 33,300	$ 33,300	$ 0
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Face amount of debt								$ 33,300
Mortgage loan 13 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Interest Rate	5.95%	5.95%	5.95%
Indebtedness	$ 111,088	$ 111,088	$ 111,869
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage loan 14 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Interest Rate	5.95%	5.95%	5.95%
Indebtedness	$ 99,851	$ 99,851	$ 100,552
Mortgage Loan 15 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Interest Rate	5.95%	5.95%	5.95%
Indebtedness	$ 151,934	$ 151,934	$ 153,002
Mortgage loan 16 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	7	7	7
Interest Rate	5.95%	5.95%	5.95%
Indebtedness	$ 121,530	$ 121,530	$ 122,384
Mortgage loan 17 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		5.10%
Indebtedness	$ 25,100	$ 25,100	0
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Face amount of debt							$ 25,100
Mortgage loan 18 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		5.10%
Indebtedness	$ 43,750	$ 43,750	0
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Face amount of debt						$ 43,800
Mortgage Loan 19 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	8	8
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		4.09%
Indebtedness	$ 144,000	$ 144,000	0
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Face amount of debt					$ 144,000
Mortgage Loan 20 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		4.15%
Indebtedness	$ 35,200	$ 35,200	0
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Face amount of debt					35,200
Mortgage Loan 21 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1
Debt instrument description of variable rate basis		LIBOR
Basis spread on variable rate		4.50%
Indebtedness	$ 21,200	$ 21,200	0	$ 21,200
Number of extension options | extension	3	3
Term of mortgage loan extension option		1 year
Mortgage Loan 22 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1
Interest Rate	4.38%	4.38%
Indebtedness	$ 98,910	$ 98,910	0
Face amount of debt									99,300
Mortgage Loan 23 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2	2
Interest Rate	4.44%	4.44%
Indebtedness	$ 108,177	$ 108,177	$ 0
Face amount of debt									108,600
Mortgage Loan 24 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1	1
Debt instrument description of variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		3.75%	3.75%
Indebtedness	$ 5,524	$ 5,524	$ 5,525
Mortgage Loan 25 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1	1
Interest Rate	6.26%	6.26%	6.26%
Indebtedness	$ 99,158	$ 99,158	$ 99,780
Mortgage Loan 26 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1	1
Interest Rate	5.49%	5.49%	5.49%
Indebtedness	$ 10,601	$ 10,601	$ 10,673
Mortgage Loan 27 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1	1
Interest Rate	5.49%	5.49%	5.49%
Indebtedness	$ 7,264	$ 7,264	$ 7,313
Mortgage Loan 28 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1	1	1
Interest Rate	4.99%	4.99%	4.99%
Indebtedness	$ 6,795	$ 6,795	$ 6,845
Mortgage Loan 29 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	3	3	3
Interest Rate	5.20%	5.20%	5.20%
Indebtedness	$ 67,520	$ 67,520	$ 67,520
Mortgage Loan 30 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2	2	2
Interest Rate	4.85%	4.85%	4.85%
Indebtedness	$ 12,500	$ 12,500	$ 12,500
Mortgage Loan 31 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	3	3	3
Interest Rate	4.90%	4.90%	4.90%
Indebtedness	$ 24,980	$ 24,980	$ 24,980
Mortgage Loan 32 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	3	3
Interest Rate	4.45%	4.45%
Indebtedness	$ 54,606	$ 54,606	0
Face amount of debt											54,800
Mortgage Loan 33 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2	2
Interest Rate	4.45%	4.45%
Indebtedness	$ 24,369	$ 24,369	0
Face amount of debt											24,500
Mortgage Loan 34 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2	2
Interest Rate	4.45%	4.45%
Indebtedness	$ 21,112	$ 21,112	$ 0
Face amount of debt											21,200
Mortgage Loans 19-20 [Member]
Debt Instrument [Line Items]
Face amount of debt					$ 179,200
Mortgage Loans 32-34 [Member]
Debt Instrument [Line Items]
Face amount of debt											100,500
Refinanced Mortgage Loan 1 [Member]
Debt Instrument [Line Items]
Face amount of debt											477,300
Repurchased face amount											$ 356,300
Acquisition Two [Member]
Debt Instrument [Line Items]
Face amount of debt										$ 33,300
Acquisition Three [Member]
Debt Instrument [Line Items]
Face amount of debt									$ 907,600
Percent of voting interest acquired									28.26%
PIM Highland JV [Member]
Debt Instrument [Line Items]
Percent of voting interest acquired									28.26%

Income (Loss) Per Share (Summar

Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income (loss) allocated to common stockholders:
Net income (loss) attributable to the Company	$ (12,244)	$ (1,605)	$ 309,252	$ (3,996)
Less: Dividends on preferred stocks	(8,491)	(8,491)	(16,981)	(16,981)
Income allocated to unvested restricted shares	0	0	(2,691)	0
Undistributed income (loss)	(32,882)	(20,810)	265,304	(41,404)
Distributed and undistributed income (loss) from continuing operations - basic	(20,911)	(10,170)	289,239	(21,135)
Add back: Income from continuing operations allocated to operating partnership units	0	0	42,809	0
Distributed and undistributed net income (loss) - diluted	20,911	10,170	(332,048)	21,135
Income from discontinued operations allocated to common stockholders:
Income from discontinued operations	$ 0	$ 19	$ 0	$ 22
Weighted average shares outstanding:
Weighted average common shares outstanding - basic	99,755	88,781	97,661	85,283
Effect of assumed conversion of operating partnership units	0	0	18,457	0
Weighted average common shares outstanding – diluted	99,755	88,781	116,118	85,283
Basic income (loss) per share:
Income (loss) from continuing operations attributable to common stockholders	$ (0.21)	$ (0.11)	$ 2.96	$ (0.25)
Income from discontinued operations allocated to common stockholders per share	0	0	0	0
Net income (loss) allocated to common stockholders per share	(0.21)	(0.11)	2.96	(0.25)
Diluted loss per share:
Income (loss) from continuing operations attributable to common stockholders	(0.21)	(0.11)	2.86	(0.25)
Income from discontinued operations attributable to common stockholders	0	0	0	0
Net income (loss) allocated to common stockholders per share	$ (0.21)	$ (0.11)	$ 2.86	$ (0.25)
Common Stock
Income (loss) allocated to common stockholders:
Less: Dividends	$ (11,971)	$ (10,640)	$ (23,935)	$ (20,269)
Effect of unvested restricted shares
Income (loss) allocated to common stockholders:
Less: Dividends	$ (176)	$ (74)	$ (341)	$ (158)

Income (Loss) Per Share (Summ46

Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details 1) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income (loss) from continuing operations allocated to common stockholders is not adjusted for:
Income allocated to unvested restricted shares	$ 0	$ 0	$ (2,691)	$ 0
Total	$ (2,351)	$ (701)	$ 3,032	$ (1,495)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares/assumed conversion of operating partnership units, Total	18,889	19,976	389	19,718
Effect of unvested restricted shares
Income (loss) from continuing operations allocated to common stockholders is not adjusted for:
Income allocated to unvested restricted shares	$ 176	$ 74	$ 3,032	$ 158
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares/assumed conversion of operating partnership units, Total	347	42	389	93
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	18,542	19,934	0	19,625
Effect of assumed conversion of operating partnership units
Income (loss) from continuing operations allocated to common stockholders is not adjusted for:
Net income (loss) attributable to noncontrolling interest in operating partnership units	$ (2,527)	$ (775)	$ 0	$ (1,653)

Derivative Instruments and He47

Derivative Instruments and Hedging (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Apr. 15, 2015	Feb. 27, 2015	Aug. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Derivative expense related to credit default swaps	$ 133,000	$ 21,000	$ 189,000	$ 42,000
Long-term Debt	3,651,355,000		3,651,355,000		$ 1,954,103,000
Unrealized loss on derivatives	(1,955,000)	(263,000)	(3,653,000)	(610,000)
Derivative assets, net	1,768,000		1,768,000		182,000
Interest Rate Cap Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments of Derivative Issuance Costs					233,000
Credit Default Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of swap transactions						$ 45,000,000	$ 45,000,000	$ 100,000,000
Derivative Upfront Cost						$ 1,100,000	$ 1,600,000	8,200,000
Total exposure	3,300,000		3,300,000
Change in market value of credit default swap								$ 250,000
credit derivative, premium receivable	614,000		614,000
Unrealized loss on derivatives	486,000	(191,000)	(195,000)	(417,000)
Investment Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets, net					654,000
Derivative liabilities					997,000
Marketable Securities and Other [Member] | Credit Default Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net credit default of swap asset (liability)	427,000		427,000		$ (184,000)
Mortgage Loans, Variable Interest, 2015 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	1,749,910,000		1,749,910,000
Conventional Mortgage Loan [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	$ 335,000,000		$ 335,000,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate, lower range	1.50%		1.50%
Strike rate, higher range	3.00%		3.00%
Payments of Derivative Issuance Costs			$ 1,600,000
Notional amount of swap transactions	$ 1,700,000,000		1,700,000,000
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments of Derivative Issuance Costs			3,000,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate, lower range					2.25%
Strike rate, higher range					2.59%
Notional amount of swap transactions					$ 335,000,000
Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of swap transactions	$ 1,000,000,000		$ 1,000,000,000
Derivative, Floor Interest Rate	0.00%		0.00%
Long Term Incentive Plan [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Compensation expense	$ 820,000,000	$ 6,700,000	$ 884,000,000	$ 10,600,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
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	0.19%		0.19%
Higher Uptrend in the LIBOR interest rate	1.49%		1.49%
Derivative expense related to credit default swaps	$ 133,000	$ 21,000	$ 189,000	$ 42,000
Change in fair values of interest rate derivatives				$ 0

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Assets:
Derivative assets, net	$ 1,768	$ 182
Fair Value Measurements Recurring [Member]
Non-derivative Assets:
Assets, fair value disclosure, Total	1,768	63,399
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(2,491)	0
Non-derivative liabilities
Liabilities, fair value disclosure, Total		(6,201)
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset		(563)
Assets and liabilities, fair value disclosure		57,198
Fair Value Measurements Recurring [Member] | Equity Securities [Member]
Non-derivative Assets:
Non-derivative assets		57,941
Fair Value Measurements Recurring [Member] | Equity Securities [Member] | Short [Member]
Non-derivative liabilities
Non-derivative Liabilities:		(17)
Fair Value Measurements Recurring [Member] | U.S. Treasury Securities [Member]
Non-derivative Assets:
Non-derivative assets		4,622
Fair Value Measurements Recurring [Member] | Equity and U.S Treasury Securities [Member]
Non-derivative Assets:
Non-derivative assets		0
Fair Value Measurements Recurring [Member] | Margin Account Balance [Member]
Non-derivative liabilities
Non-derivative Liabilities:		(5,003)
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member]
Derivative Assets:
Derivative assets, net	1,341
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]
Derivative Assets:
Derivative assets, net	0	182
Fair Value Measurements Recurring [Member] | Call Option [Member]
Derivative Assets:
Derivative assets, net		1
Fair Value Measurements Recurring [Member] | Call Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		(781)
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	427
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(2,491)
Derivative Liabilities:
Derivative liabilities		(184)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset		563
Fair Value Measurements Recurring [Member] | Put and Call Options [Member]
Derivative Assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Put Option [Member]
Derivative Assets:
Derivative assets, net		653
Fair Value Measurements Recurring [Member] | Put Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		(216)
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member]
Non-derivative Assets:
Assets, fair value disclosure, Total	0	63,217
Non-derivative liabilities
Liabilities, fair value disclosure, Total		(6,017)
Assets and liabilities, fair value disclosure		57,200
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Equity Securities [Member]
Non-derivative Assets:
Non-derivative assets		57,941
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Equity Securities [Member] | Short [Member]
Non-derivative liabilities
Non-derivative Liabilities:		(17)
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | U.S. Treasury Securities [Member]
Non-derivative Assets:
Non-derivative assets		4,622
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Margin Account Balance [Member]
Non-derivative liabilities
Non-derivative Liabilities:		(5,003)
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]
Derivative Assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Call Option [Member]
Derivative Assets:
Derivative assets, net		1
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Call Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		(781)
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	0
Derivative Liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Put Option [Member]
Derivative Assets:
Derivative assets, net		653
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Put Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		(216)
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Non-derivative Assets:
Assets, fair value disclosure, Total	4,259	182
Non-derivative liabilities
Liabilities, fair value disclosure, Total		379
Assets and liabilities, fair value disclosure		561
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member]
Non-derivative Assets:
Non-derivative assets		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Short [Member]
Non-derivative liabilities
Non-derivative Liabilities:		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity and U.S Treasury Securities [Member]
Non-derivative Assets:
Non-derivative assets		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Margin Account Balance [Member]
Non-derivative liabilities
Non-derivative Liabilities:		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]
Derivative Assets:
Derivative assets, net	1,341	182
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Call Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	2,918
Derivative Liabilities:
Derivative liabilities		379
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Put and Call Options [Member]
Derivative Assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Put Option [Member]
Derivative Assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Put Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Non-derivative Assets:
Assets, fair value disclosure, Total	0	0
Non-derivative liabilities
Liabilities, fair value disclosure, Total		0
Assets and liabilities, fair value disclosure		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Non-derivative Assets:
Non-derivative assets		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Short [Member]
Non-derivative liabilities
Non-derivative Liabilities:		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity and U.S Treasury Securities [Member]
Non-derivative Assets:
Non-derivative assets		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Margin Account Balance [Member]
Non-derivative liabilities
Non-derivative Liabilities:		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Derivatives [Member] | Not Designated As Hedging Instrument [Member]
Derivative Assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Call Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	$ 0
Derivative Liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Put and Call Options [Member]
Derivative Assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Put Option [Member]
Derivative Assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Put Option [Member] | Short [Member]
Derivative Liabilities:
Derivative liabilities		$ 0

Fair Value Measurements (Effect

Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized loss on derivatives	$ (1,955)	$ (263)	$ (3,653)	$ (610)
Unrealized gain (loss) on marketable securities	1,929	(944)	127	(943)
Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized loss on derivatives	486	(191)	(195)	(417)
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	(2,323)	602	(1,747)	1,359
Unrealized loss on derivatives	(1,955)	(263)	(3,653)	(610)
Unrealized gain (loss) on marketable securities	1,929	(944)	127	(943)
Realized gain (loss) on marketable securities	(2,297)	1,809	1,779	2,912
Gain or (Loss) Recognized in income, Net	(2,323)	602	(1,747)	1,359
Reclassified from Accumulated OCI into Interest Expense, Liabilities	0	29	0	100
Reclassified from Accumulated OCI into Interest Expense, Net	0	29	0	100
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized loss on derivatives	(2,441)	(72)	(3,458)	(193)
Reclassified from Accumulated OCI into Interest Expense, Net	0	29	0	100
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized loss on derivatives	486	(191)	(195)	(417)
Reclassified from Accumulated OCI into Interest Expense, Net	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	1,412	(428)
Reclassified from Accumulated OCI into Interest Expense, Liabilities	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	407	(368)	1,002	23
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	891	(60)	1,470	(56)
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			2,550	(33)
Reclassified from Accumulated OCI into Interest Expense, Liabilities			0	0
Fair Value Measurements Recurring [Member] | Non-Derivative Liabilities [Member] | Equity Securities [Member] | Short [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Liabilities	114	0	78	0
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	(2,441)	(72)	(3,458)	(193)
Reclassified from Accumulated OCI into Interest Expense, Assets	0	29	0	100
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]
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	353	(212)	(384)	(459)
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Put Option [Member] | Long [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(426)	(519)	(1,717)	(981)
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Call Option [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0	0	0
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Call Option [Member] | Long [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(54)	(73)	26	(123)
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	(3,735)	1,030	(4,297)	1,392
Reclassified from Accumulated OCI into Interest Expense, Assets	0	29	0	100
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | Equity - American Depositary Receipts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(85)	0	(150)	0
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0	0	0
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | Equity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(989)	1,897	1,072	2,845
Reclassified from Accumulated OCI into Interest Expense, Assets	0	0	0	0
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | 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	(93)	9	314	303
Reclassified from Accumulated OCI into Interest Expense, Assets	$ 0	$ 0	$ 0	$ 0

Summary of Fair Value of Fina51

Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - Fair Value, Measurement Frequency [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying value	$ 0	$ 63,217
Marketable securities, Estimated fair value	0	63,217
Derivative assets, Carrying value	1,768	182
Derivative assets, Estimated fair value	1,768	182
Liabilities associated with investments in securities and other, Carrying value	0	6,201
Liabilities associated with marketable securities, Fair value	0	6,201
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	282,073	215,063
Cash and cash equivalents, Estimated fair value	282,073	215,063
Restricted cash, Carrying value	149,896	85,830
Restricted cash, Estimated fair value	149,896	85,830
Accounts receivable, Carrying value	55,941	22,399
Accounts receivable, Estimated fair value	55,941	22,399
Notes receivable, Carrying value	3,646	3,553
Due from affiliates, Carrying value	0	3,473
Due from affiliates, Estimated fair value	0	3,473
Due from Ashford Prime OP, net, Carrying value	1,343	896
Due from Ashford Prime OP, net, Estimated fair value	1,343	896
Due from third-party hotel managers, Carrying value	37,205	12,241
Due from third party hotel managers, Estimated fair value	37,205	12,241
Financial liabilities not measured at fair value:
Indebtedness	3,651,355	1,954,103
Accounts payable and accrued expenses, Carrying value	136,697	71,118
Accounts payable and accrued expenses, Estimated fair value	136,697	71,118
Dividends payable, Carrying value	23,369	21,889	$ 21,903
Dividends payable, Estimated fair value	23,369	21,889
Due to Ashford Inc., net, Carrying value	9,331	8,202
Due to Ashford Inc. Fair Value Disclosure	9,331	8,202
Due to related party, net, Carrying value	337	1,867
Due to related party, net, Estimated fair value	337	1,867
Due to third-party hotel managers, Carrying value	1,850	1,640
Due to third-party hotel managers, Estimated fair value	1,850	1,640
Minimum [Member]
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	3,117	3,049
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,267,372	1,905,801
Maximum [Member]
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	3,445	3,370
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 3,611,305	$ 2,106,413

Summary of Fair Value of Fina52

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days	90 days
Notes receivable	$ 3,646	$ 3,646	$ 3,553
Carrying value of total indebtedness of continuing operations	$ 3,700,000	$ 3,700,000	$ 2,000,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	(12.50%)	(12.50%)	(14.20%)
Total indebtedness fair value variance from carrying value (as a percent)	96.30%	96.30%	97.50%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	(3.30%)	(3.30%)	(5.20%)
Total indebtedness fair value variance from carrying value (as a percent)	106.40%	106.40%	107.80%

Redeemable Noncontrolling Int53

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Nov. 12, 2014
Redeemable Noncontrolling Interest [Line Items]
Common unit percentage worth of common stock share	94.00%		94.00%		94.00%
Redeemable noncontrolling interests in operating partnership	$ 150,435,000		$ 150,435,000		$ 177,064,000
Redemption value adjustment			63,355,000
Cash distributions declared			$ 45,234,000	$ 41,625,000
Ashford Inc. [Member]
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares of Common Stock						87
Special distribution, maximum percentage of shares available for conversion for Unitholders						99.00%
Special distribution, conversion ratio, units						55
Shares in investment held (in shares) | shares	598,000		598,000
Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Common units Converted | shares	2,000		152,000
Class B Common Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Dividend rate common units, after year three			7.20%
Long Term Incentive Plan [Member]
Redeemable Noncontrolling Interest [Line Items]
Common partnership unit per converted Long-Term Incentive Plan unit | shares			1
LTIP units issued | shares	8,700,000		8,700,000
Compensation expense	$ 820,000,000	$ 6,700,000	$ 884,000,000	10,600,000
Unamortized value of LTIP unit	4,700,000		4,700,000
Long Term Incentive Plan [Member] | Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership	$ 150,400,000		$ 150,400,000		$ 177,100,000
Ownership by non-controlling owners	12.69%		12.69%		13.01%
Redemption value adjustment			$ 105,000,000	169,300,000
Allocated net income (loss) to redeemable noncontrolling interests	$ (2,500,000)	(800,000)	42,800,000	(1,600,000)
Cash distributions declared	2,700,000	$ 2,700,000	$ 5,500,000	$ 5,400,000
Long Term Incentive Plan [Member] | Minimum [Member]
Redeemable Noncontrolling Interest [Line Items]
Vesting period			3 years
Long Term Incentive Plan [Member] | Maximum [Member]
Redeemable Noncontrolling Interest [Line Items]
Vesting period			5 years
Long Term Incentive Plan [Member] | OP Units Converted [Member]
Redeemable Noncontrolling Interest [Line Items]
Fair value of common units converted	0		$ 1,500,000
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan [Member]
Redeemable Noncontrolling Interest [Line Items]
Value of units which had not reached full economic parity with the common units	662,000		662,000
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentive Plan [Member]
Redeemable Noncontrolling Interest [Line Items]
Value of units which had not reached full economic parity with the common units	$ 43,000		$ 43,000

Equity and Equity-Based Compe54

Equity and Equity-Based Compensation (Details) - Related Party [Domain] $ / shares in Units, $ in Thousands	Feb. 10, 2015$ / sharesshares	Jan. 29, 2015USD ($)shares	Jun. 30, 2015USD ($)hotel$ / shares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2015USD ($)hotel$ / shares	Jun. 30, 2014USD ($)$ / shares	Jan. 30, 2015$ / sharesshares	Dec. 31, 2014USD ($)hotel
Class of Stock [Line Items]
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
Noncontrolling interests in consolidated entities | $			$ 789		$ 789			$ 800
Income (loss) from consolidated joint ventures attributable to noncontrolling interests | $			$ 14	$ 5	$ (11)	$ (22)
Ownership by parent			15.00%		15.00%			15.00%
Majority Owned Properties [Member]
Class of Stock [Line Items]
Number of hotel properties with JV interests | hotel			2		2			2
Restricted Stock [Member]
Class of Stock [Line Items]
Equity-based compensation | $			$ 900	$ 1,000	$ 1,000	$ 1,600
Restricted stock unamortized cost | $			$ 9,000		$ 9,000
Maximum [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Amortization period					2 years 8 months 12 days
Common Stock
Class of Stock [Line Items]
Issuances of stock (in shares) | shares	1,029,000	9,500,000
Share price (in dollars per share)	$ 10.65						$ 10.65
Proceeds from issuance of stock, before underwriting discount and other expenses | $		$ 101,200
Additional shares authorized for purchase (in shares) | shares							1,425,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of preferred stock shares					8.55%	8.55%
Dividends declared per preferred share (in dollars per share)					$ 0.5344	$ 0.5344
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of preferred stock shares					8.45%	8.45%
Dividends declared per preferred share (in dollars per share)					$ 0.5281	$ 0.5281
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of preferred stock shares					9.00%	9.00%
Dividends declared per preferred share (in dollars per share)					$ 0.5625	$ 0.5625

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2006
Potential Pension Liabilities [Member]
Commitments and Contingencies [Line Items]
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
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		1,600,000		$ 1,600,000
Litigation [Member]
Commitments and Contingencies [Line Items]
Damages awarded	$ 10,800,000
Interest on litigation award		$ 24,000		$ 48,000			$ 707,000
Total litigation expense						$ 12,000,000
Loss contingency accrual							$ 400,000
Restricted Cash [Member]
Commitments and Contingencies [Line Items]
Escrow reserve for capital improvements as percentage of gross revenues, Minimum				3.00%
Escrow reserve for capital improvements as percentage of gross revenues, Maximum				6.00%
Franchise Fees [Member]
Commitments and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum		2.00%		2.00%		2.00%
Franchisor royalty fees percent of gross room revenue, Maximum		6.00%		6.00%		6.00%
Marketing reservation and other fees, Minimum		1.00%		1.00%		1.00%
Marketing reservation and other fees, Maximum		6.20%		6.20%		6.20%
Franchise fees incurred		$ 16,900,000	$ 9,700,000	$ 28,800,000	$ 18,600,000
Management Fees [Member]
Commitments and Contingencies [Line Items]
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				1.50%
Property management fee as percentage of gross revenue, Maximum				7.00%
Portion of project management fees to project costs				4.00%

Segment Reporting (Details)

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2015segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Advisory services quarterly base fee percentage	0.70%		0.70%
Advisory services fee	$ 11,472	$ 0	$ 21,039	$ 0
Due to Ashford Inc., net	$ 9,331		$ 9,331		$ 8,202
Ashford Hospitality Advisor LLC [Member]
Related Party Transaction [Line Items]
Advisory services quarterly base fee percentage	0.70%		0.70%
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Advisory services fee	$ 11,472		$ 21,039
Ashford Inc. [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee	8,505		16,516
Ashford Inc. [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services fee	1,816		3,201
Ashford Inc. [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services fee	1,151		1,322
Ashford Inc. [Member] | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee	0		0
Restricted Stock [Member]
Related Party Transaction [Line Items]
Compensation expense	$ 900	$ 1,000	$ 1,000	$ 1,600
Restricted Stock [Member] | Remington Lodging Employees [Member]
Related Party Transaction [Line Items]
Restricted stock grant	147,000		147,000
Compensation expense	$ 0		$ 0
Unamortized fair value of restricted grant	$ 1,200		$ 1,200
Minimum [Member] | Ashford Hospitality Advisor LLC [Member]
Related Party Transaction [Line Items]
Advisory services quarterly base fee percentage	0.50%		0.50%
Total market capitalization threshold for calculating base advisory fee	$ 6,000,000		$ 6,000,000
Maximum [Member] | Ashford Hospitality Advisor LLC [Member]
Related Party Transaction [Line Items]
Advisory services quarterly base fee percentage	0.70%		0.70%
Total market capitalization threshold for calculating base advisory fee	$ 10,000,000		$ 10,000,000
Maximum [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Amortization period			2 years 8 months 12 days
Maximum [Member] | Restricted Stock [Member] | Remington Lodging Employees [Member]
Related Party Transaction [Line Items]
Amortization period			2 years 8 months 27 days

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Aug. 05, 2015	Aug. 04, 2015	Jul. 23, 2015	Jul. 01, 2015	Jun. 24, 2015	Apr. 29, 2015	Feb. 06, 2015	Jun. 30, 2015	Jun. 30, 2014	Jul. 27, 2015	Jul. 02, 2015
Subsequent Event [Line Items]
Payments for Repurchase of Common Stock								$ 543	$ 458
Acquisition One [Member]
Subsequent Event [Line Items]
Consideration transferred							$ 33,500
Business Acquisition, Percentage of Voting Interests Acquired							100.00%
Acquisition Four [Member]
Subsequent Event [Line Items]
Consideration transferred						$ 25,200
Face amount of debt					$ 21,200
Business Acquisition, Percentage of Voting Interests Acquired						100.00%
definitive agreement one [Member]
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed					$ 56,000
Acquisition Nine [Member] | Acquisition Nine [Member]
Subsequent Event [Line Items]
Consideration transferred			$ 15,000
Acquisition Ten [Member] | Acquisition Ten [Member]
Subsequent Event [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock Shares Repurchased		$ 5,800
Treasury Stock Acquired, Average Cost Per Share		$ 9
Payments for Repurchase of Common Stock		$ 51,800
Subsequent Event [Member] | Acquisition Eight [Member]
Subsequent Event [Line Items]
Consideration transferred				$ 56,800
Face amount of debt											$ 40,500
Subsequent Event [Member] | Acquisition Nine [Member]
Subsequent Event [Line Items]
Consideration transferred			$ 15,000
Subsequent Event [Member] | Acquisition Ten [Member]
Subsequent Event [Line Items]
Consideration transferred	$ 15,200
Face amount of debt	$ 12,000
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Ashford Prime OP [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution of Shares										4.1
Percentage of common equity interest										0.00%