Ashford Hospitality Trust (AHT) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Feb. 25, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ASHFORD HOSPITALITY TRUST INC
Entity Central Index Key	1,232,582
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 814,548
Entity Common Stock, Shares Outstanding		95,470,903

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 215,078,000	$ 215,063,000
Marketable securities	0	63,217,000
Total cash, cash equivalents and marketable securities	215,078,000	278,280,000
Investments in hotel properties, net	4,419,684,000	2,128,611,000
Restricted cash	153,680,000	85,830,000
Accounts receivable, net of allowance of $715 and $241, respectively	40,438,000	22,399,000
Inventories	4,810,000	2,104,000
Note receivable, net of allowance of $7,083 and $7,522, respectively	3,746,000	3,553,000
Investment in unconsolidated entities	62,568,000	206,790,000
Deferred costs, net	3,847,000	1,618,000
Prepaid expenses	12,458,000	7,017,000
Derivative assets, net	3,435,000	182,000
Other assets	10,647,000	17,116,000
Intangible asset, net	11,343,000	0
Due from Ashford Prime OP, net	528,000	896,000
Due from affiliates	0	3,473,000
Due from third-party hotel managers	22,869,000	12,241,000
Total assets	4,965,131,000	2,770,110,000
Liabilities:
Indebtedness, net	3,840,617,000	1,943,133,000
Accounts payable and accrued expenses	123,444,000	71,118,000
Dividends payable	22,678,000	21,889,000
Unfavorable management contract liabilities	3,355,000	5,330,000
Due to related party, net	1,339,000	1,867,000
Due to third-party hotel managers	2,504,000	1,640,000
Intangible liabilities, net	16,494,000	0
Liabilities associated with marketable securities and other	0	6,201,000
Other liabilities	14,539,000	1,233,000
Total liabilities	$ 4,034,826,000	$ 2,060,613,000
Commitments and contingencies (note 13)
Redeemable noncontrolling interests in operating partnership	$ 118,449,000	$ 177,064,000
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 95,470,903 and 89,439,624 shares issued and outstanding at December 31, 2015 and 2014, respectively	955,000	894,000
Additional paid-in capital	1,597,194,000	1,580,904,000
Accumulated deficit	(787,221,000)	(1,050,323,000)
Total stockholders’ equity of the Company	811,086,000	531,633,000
Noncontrolling interests in consolidated entities	770,000	800,000
Total equity	811,856,000	532,433,000
Total liabilities and equity	4,965,131,000	2,770,110,000
Due to Affiliate	9,856,000	8,202,000
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at December 31, 2015 and 2014
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	17,000	17,000
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at December 31, 2015 and 2014
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	95,000	95,000
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at December 31, 2015 and 2014
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 46,000	$ 46,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Allowance for doubtful accounts receivable	$ 715	$ 241
Allowance for doubtful notes receivable	$ 7,083	$ 7,522
Preferred stock, par value (in dollars per share)	$ 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)	95,470,903	89,439,624
Common stock, shares outstanding (in shares)	95,470,903	89,439,624
Series A Preferred Stock [Member]
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 Preferred Stock [Member]
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 Preferred Stock [Member]
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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue
Rooms	$ 1,059,012	$ 640,325	$ 746,576
Food and beverage	227,099	112,701	153,602
Other	48,699	26,958	37,776
Total hotel revenue	1,334,810	779,984	937,954
Advisory services revenue	0	10,724	1,047
Other	2,156	4,141	526
Total revenue	1,336,966	794,849	939,527
Hotel operating expenses:
Rooms	231,614	143,751	170,393
Food and beverage	153,340	77,653	104,536
Other expenses	405,896	254,495	280,801
Management fees	49,394	31,125	38,792
Total hotel expenses	840,244	507,024	594,522
Property taxes, insurance and other	65,301	38,499	46,945
Depreciation and amortization	210,410	110,653	127,684
Impairment charges	19,511	(415)	(396)
Gain on insurance settlement	0	(5)	(270)
Transaction costs	6,252	625	1,324
Advisory services fee	43,023	4,533	0
Corporate, general and administrative	14,310	57,243	52,821
Total expenses	1,199,051	718,157	822,630
Operating income	137,915	76,692	116,897
Equity in earnings (loss) of unconsolidated entities	(6,831)	2,495	(23,404)
Interest income	90	62	71
Gain on acquisition of PIM Highland JV and sale of hotel properties	380,752	0	0
Other income (expense)	(864)	6,573	5,650
Interest expense and amortization of premiums and loan costs	(187,514)	(114,502)	(140,865)
Write-off of loan costs and exit fees	(5,750)	(10,353)	(2,098)
Unrealized gain (loss) on marketable securities	127	(332)	5,115
Unrealized loss on derivatives	(7,402)	(1,100)	(8,315)
Income (loss) from continuing operations before income taxes	310,523	(40,465)	(46,949)
Income tax expense	(4,710)	(1,266)	(1,511)
Income (loss) from continuing operations	305,813	(41,731)	(48,460)
Income (loss) from discontinued operations	0	33	(98)
Gain on sale of hotel properties, net of tax	599	3,491	0
Net income (loss)	306,412	(38,207)	(48,558)
(Income) loss from consolidated entities attributable to noncontrolling interests	30	406	(908)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	35,503	(6,400)	(8,183)
Net income (loss) attributable to the Company	270,939	(31,401)	(41,283)
Preferred dividends	(33,962)	(33,962)	(33,962)
Net income (loss) available to common stockholders	$ 236,977	$ (65,363)	$ (75,245)
Basic:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	$ 2.43	$ (0.75)	$ (1)
Income (loss) from discontinued operations attributable to common stockholders (in dollars per share)	0	0	0
Net income (loss) attributable to common stockholders (in dollars per share)	$ 2.43	$ (0.75)	$ (1)
Weighted average common shares outstanding – basic (in shares)	96,290	87,622	75,155
Diluted:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	$ 2.35	$ (0.75)	$ (1)
Income (loss) from discontinued operations attributable to common stockholders (in dollars per share)	0	0	0
Net income (loss) attributable to common stockholders (in dollars per share)	$ 2.35	$ (0.75)	(1)
Weighted average common shares outstanding – diluted (in shares)	114,881	87,622
Dividends declared per common share (in shares)	$ 0.48	$ 0.48	$ 0.48
Amounts attributable to common stockholders:
Income (loss) from continuing operations, net of tax	$ 270,939	$ (31,430)	$ (41,197)
Income (loss) from discontinued operations, net of tax	0	29	(86)
Preferred dividends	(33,962)	(33,962)	(33,962)
Net income (loss) available to common stockholders	$ 236,977	$ (65,363)	$ (75,245)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 306,412	$ (38,207)	$ (48,558)
Other comprehensive income (loss), net of tax:
Change in unrealized loss on derivatives	0	0	(3)
Reclassification to interest expense	0	100	101
Total other comprehensive income	0	100	98
Total comprehensive income (loss)	306,412	(38,107)	(48,460)
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities	30	406	(908)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	(35,503)	6,497	8,170
Comprehensive income (loss) attributable to the Company	$ 270,939	$ (31,204)	$ (41,198)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Ashford Prime [Member]	Ashford Inc. [Member]	Common Stock [Member]	Preferred Stock [Member]	Series A Preferred Stock [Member]	Series D Preferred Stock [Member]	Series E Preferred Stock [Member]	Restricted Stock and Restricted Stock Units (RSUs) [Member]	Preferred Stock [Member]Series A Preferred Stock [Member]	Preferred Stock [Member]Series D Preferred Stock [Member]	Preferred Stock [Member]Series E Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Restricted Stock and Restricted Stock Units (RSUs) [Member]	Additional Paid-in Capital	Additional Paid-in CapitalAshford Prime [Member]	Additional Paid-in CapitalAshford Inc. [Member]	Additional Paid-in CapitalCommon Stock [Member]	Additional Paid-in CapitalPreferred Stock [Member]	Additional Paid-in CapitalRestricted Stock and Restricted Stock Units (RSUs) [Member]	Accumulated Deficit	Accumulated DeficitCommon Stock [Member]	Accumulated DeficitSeries A Preferred Stock [Member]	Accumulated DeficitSeries D Preferred Stock [Member]	Accumulated DeficitSeries E Preferred Stock [Member]	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Entities	Noncontrolling Interests in Consolidated EntitiesAshford Prime [Member]	Noncontrolling Interests in Consolidated EntitiesAshford Inc. [Member]	Redeemable Noncontrolling Interest in Operating Partnership	Redeemable Noncontrolling Interest in Operating PartnershipAshford Prime [Member]	Redeemable Noncontrolling Interest in Operating PartnershipAshford Inc. [Member]	Redeemable Noncontrolling Interest in Operating PartnershipRestricted Stock and Restricted Stock Units (RSUs) [Member]
Beginning balance (in shares) at Dec. 31, 2012										1,657	9,469	4,630	68,151
Beginning balance at Dec. 31, 2012	$ 847,300									$ 17	$ 95	$ 46	$ 682			$ 1,601,851						$ (770,467)					$ (282)	$ 15,358			$ 151,179
Purchases of common stock (in shares)													(33)
Purchases of common stock	(401)															(401)
Equity-based compensation	6,577															6,577															18,962
Forfeiture of restricted shares (in shares)													(1)
Forfeiture of restricted shares	0
Issuance of stock (in shares)														12,251	198
Issuance of stock				$ 140,111	$ 244				$ 0					$ 123					$ 139,988	$ 244														$ 69
Dividends				(37,054)		$ (3,542)	$ (20,002)	$ (10,418)					$ (36,841)										$ (37,054)	$ (3,542)	$ (20,002)	$ (10,418)
Net unrealized loss on derivative instruments	(3)																										(3)
Reclassification to interest expense	88																										88				13
Distributions to noncontrolling interests	(17,390)																											(17,390)			(10,290)
Ashford Prime spin-off / Ashford Inc. spin-off		$ (231,439)															$ (233,611)												$ 2,172			$ (34,046)
Redemption value adjustment	(13,344)																					(13,344)									13,344
Unvested operating partnership units reclassified to equity	(3,158)															(3,158)															3,158
Deferred compensation to be settled in shares	1,643															1,643
Net income (loss)	(41,283)																					(41,283)
(Income) loss from consolidated entities attributable to noncontrolling interests	908																											908
Net income (loss) excluding redeemable noncontrolling interests	(40,375)
Net loss attributable to redeemable noncontrolling interests in operating partnership																															(8,183)
Ending balance at Dec. 31, 2013	618,837									$ 17	$ 95	$ 46	$ 805			1,513,133						(896,110)					(197)	1,048			134,206
Ending balance (in shares) at Dec. 31, 2013										1,657	9,469	4,630	80,566
Purchases of common stock (in shares)													(41)
Purchases of common stock	(458)															(458)
Equity-based compensation	2,782															2,782															16,373
Forfeiture of restricted shares (in shares)													(18)
Forfeiture of restricted shares	23															23
Issuance of stock (in shares)														8,350	423
Issuance of stock				85,840					0					$ 83	$ 4				85,757		$ (4)													50
Dividends				(41,894)		(3,542)	(20,002)	(10,418)					$ (41,592)										(41,894)	(3,542)	(20,002)	(10,418)
Reclassification to interest expense	197																										197				(97)
Distributions to noncontrolling interests	(255)																											(255)			(10,715)
Sale of consolidated noncontrolling interest	1,200															640												560
Redemption/conversion of operating partnership units (in shares)													160
Redemption/conversion of operating partnership units	1,415												$ 2			1,814						(401)									(1,434)
Ashford Prime spin-off / Ashford Inc. spin-off			$ (18,560)															$ (18,413)												$ (147)			$ (6,235)
Redemption value adjustment	(45,988)																					(45,988)									45,988
Unvested operating partnership units reclassified to equity	(5,328)															(5,328)															5,328
Deferred compensation to be settled in shares	391															958						(567)
Net income (loss)	(31,401)																					(31,401)
(Income) loss from consolidated entities attributable to noncontrolling interests	(406)																											(406)
Net income (loss) excluding redeemable noncontrolling interests	(31,807)
Net loss attributable to redeemable noncontrolling interests in operating partnership																															(6,400)
Ending balance at Dec. 31, 2014	532,433									$ 17	$ 95	$ 46	$ 894			1,580,904						(1,050,323)					0	800			177,064
Ending balance (in shares) at Dec. 31, 2014										1,657	9,469	4,630	89,440
Purchases of common stock (in shares)													(5,803)
Purchases of common stock	(52,292)												$ (57)			(52,235)
Equity-based compensation	2,054															2,054															1,416
Forfeiture of restricted shares (in shares)													(20)
Forfeiture of restricted shares	17															17
Issuance of stock (in shares)														10,530	1,183
Issuance of stock				110,870					$ 0					$ 105	$ 12				$ 110,765		$ (12)													$ 35
Dividends				$ (47,190)		$ (3,542)	$ (20,002)	$ (10,418)					$ (46,498)										$ (47,190)	$ (3,542)	$ (20,002)	$ (10,418)
Distributions to noncontrolling interests	0																														(10,919)
Redemption/conversion of operating partnership units (in shares)													141
Redemption/conversion of operating partnership units	1,545												$ 1			1,544															(1,545)
Distribution of Ashford Prime OP units		$ 45,843														45,843																$ 9,790
Redemption value adjustment	73,315																					73,315									(73,315)
Net income (loss)	270,939																					270,939
(Income) loss from consolidated entities attributable to noncontrolling interests	(30)																											(30)
Net income (loss) excluding redeemable noncontrolling interests	270,909
Net loss attributable to redeemable noncontrolling interests in operating partnership																															35,503
Ending balance at Dec. 31, 2015	$ 811,856									$ 17	$ 95	$ 46	$ 955			$ 1,597,194						$ (787,221)					$ 0	$ 770			$ 118,449
Ending balance (in shares) at Dec. 31, 2015										1,657	9,469	4,630	95,471

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net income (loss)	$ 306,412	$ (38,207)	$ (48,558)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	210,410	110,931	127,990
Impairment charges	19,511	(415)	(396)
Amortization of intangibles	(167)	0	0
Bad debt expense	1,059	346	0
Equity in (earnings) loss of unconsolidated entities	6,831	(2,495)	23,404
Distributions of earnings from unconsolidated entities	996	995	0
Income from financing derivatives	0	0	(6,215)
Gain on acquisition of PIM Highland JV and sale of properties/notes receivable, net	(381,351)	(3,731)	(193)
Realized and unrealized gain on trading securities	(1,776)	(5,447)	(3,978)
Purchases of marketable securities	(96,322)	(169,605)	(61,484)
Sales of marketable securities	95,963	143,732	61,025
Gain on insurance settlement	0	(5)	(270)
Net settlement of trading derivatives	(1,106)	(505)	(1,694)
Payments on derivatives	(9,975)	0	0
Realized and unrealized losses on derivatives	9,861	1,100	8,315
Amortization of loan costs and write-off of loan costs and exit fees	23,059	17,590	9,870
Equity-based compensation	3,470	19,155	25,539
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions, hotel dispositions, Ashford Prime spin-off and Ashford Inc. spin-off:
Restricted cash	5,378	2,257	19,863
Accounts receivable and inventories	5,325	(174)	633
Prepaid expenses and other assets	(1,042)	415	(129)
Accounts payable and accrued expenses	(1,373)	12,445	4,582
Due to/from affiliates	3,473	(2,171)	(134)
Due to/from related party	(2,624)	1,630	(3,391)
Due to/from third-party hotel managers	8,858	22,169	(5,683)
Due to/from Ashford Prime OP, net	136	(1,699)	0
Due to/from Ashford Inc., net	1,654	1,518	0
Other liabilities	2,295	1,490	(3,639)
Net cash provided by operating activities	208,955	111,319	145,457
Cash Flows from Investing Activities
Proceeds from sale/payments of notes receivable	245	246	245
Proceeds from franchise agreement extensions	7,500	0	0
Cash contribution to Ashford Prime OP	0	0	(162,822)
Distribution from Ashford Prime OP	0	0	6,049
Cash contribution to Ashford Inc.	0	(32,119)	0
Acquisition of hotel property, net of cash acquired	(734,998)	(71,591)	(88,204)
Restricted cash related to improvements and additions to hotel properties	41,401	(30,243)	0
Improvements and additions to hotel properties	(175,159)	(120,105)	(96,285)
Net proceeds from sale of assets/properties	7,650	30,269	654
Due from Ashford Prime OP	0	13,635	(13,635)
Payments for initial franchise agreements	(568)	(208)	0
Proceeds from sale of consolidated noncontrolling interest	0	1,200	0
Proceeds from property insurance	385	1,671	0
Net cash used in investing activities	(853,544)	(207,245)	(353,998)
Cash Flows from Financing Activities
Borrowings on indebtedness	2,277,782	718,825	287,075
Repayments of indebtedness and capital leases	(1,550,299)	(514,657)	(184,815)
Payments of loan costs and prepayment penalties	(47,993)	(20,054)	(5,386)
Payments of dividends	(91,282)	(85,417)	(78,829)
Purchases of common stock	(52,292)	(458)	(401)
Payments for derivatives	(2,217)	(666)	(184)
Cash income from derivatives	0	0	7,878
Proceeds from preferred stock offering	0	0	244
Proceeds from common stock offering	110,870	85,840	140,111
Distributions to noncontrolling interests in consolidated entities	0	(1,235)	(14,376)
Other	35	31	69
Net cash provided by financing activities	644,604	182,209	151,386
Net change in cash and cash equivalents	15	86,283	(57,155)
Cash and cash equivalents at beginning of year	215,063	128,780	185,935
Cash and cash equivalents at end of year	215,078	215,063	128,780
Supplemental Cash Flow Information
Interest paid	165,809	108,013	135,452
Income taxes paid	8,730	1,159	1,294
Supplemental Disclosure of Investing and Financing Activities
Non-cash deferred compensation	0	958	1,643
Dividend receivable from Ashford Prime	0	249	249
Distributions declared but not paid to a noncontrolling interest in a consolidated entity	0	0	980
Accrued but unpaid capital expenditures	7,525	2,774	2,998
Transfer of debt to Ashford Prime	0	69,000	0
Dividends declared but not paid	22,678	21,889	20,735
Investment in unconsolidated entity	59,338	0	0
Net assets distributed to Ashford Prime OP (net of cash contributed)	0	0	102,662
Net liabilities distributed to Ashford Inc. (net of cash contributed)	0	7,324	0
Assumption of debt	74,320	0	0
Acquisition of land	$ 3,100	$ 0	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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. 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. 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 December 31, 2015 , we owned interests in the following assets: • 132 consolidated hotel properties, including 130 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 27,977 total rooms (or 27,950 net rooms excluding those attributable to our partner); • 85 hotel condominium units at WorldQuest Resort in Orlando, Florida; • a 29.8% ownership in Ashford Inc. common stock with a carrying value of $6.6 million and a fair value of $31.9 million ; • a 52.4% ownership in AIM Real Estate Hedged Equity (U.S.) Fund, LP (the “REHE Fund”) with a carrying value of $56.0 million ; and • a mezzanine loan with a carrying value of $3.7 million . For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2015 , our 132 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 December 31, 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 89 of our 132 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties. On September 17, 2015, Remington Lodging and Ashford Inc. entered into an agreement pursuant to which Ashford Inc. will acquire all of the general partner interest and eighty percent of the limited partner interests in Remington Lodging. The acquisition is subject to the satisfaction of various conditions, including the approval of Ashford Inc.’s stockholders and independent directors. The acquisition, if completed, will not impact our management agreements with Remington Lodging. 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 rights, 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, 5 and 9. 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 unitholders of Ashford Trust OP of our remaining common units of Ashford Prime OP. The distribution occurred on July 27, 2015, to stockholders and common unitholders 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 OP at December 31, 2015.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation – The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. The following items affect reporting comparability related to our consolidated financial statements: • 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; on June 17, 2015, we acquired a 9 -hotel portfolio; on July 1, 2015, we acquired the W Atlanta Downtown hotel; on July 23, 2015, we acquired the Le Meridien Minneapolis; on August 5, 2015, we acquired the Hilton Garden Inn - Wisconsin Dells; on October 15, 2015, we acquired the Hotel Indigo Atlanta; and on November 10, 2015, we acquired the W Minneapolis Foshay. The operating 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, 2013, through March 5, 2015, the results of the PIM Highland JV are included in equity in earnings (loss) of unconsolidated entities. Beginning March 6, 2015, we consolidate the results of operations of these hotels. • On March 1, 2014, we completed the sale of the Pier House Resort to 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 May 14, 2013, through February 28, 2014. Additionally, the operating results of the Ashton Hotel and Marriott Fremont, which were acquired on July 18, 2014 and August 6, 2014, respectively, are included in our results of operations since their acquisition dates. 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. Cash and Cash Equivalents – Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash – Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. For purposes of the 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. Accounts Receivable – Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories – Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. 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 that extend the useful life of the 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 an impairment charge of $19.9 million for the year ended December 31, 2015. See note 6. No impairment charges were recorded for investments in hotel properties for the years ended December 31, 2014 and 2013. 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 believe that individual dispositions of hotel properties do 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 was implemented prospectively. 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 6. 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. Investments in Unconsolidated Entities – Investments in entities in which we have ownership interests ranging from 14.4% to 52.4% , at December 31, 2015 , 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 2015 , 2014 and 2013 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Variable Interest Entities (“VIE”), as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. 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 2015 , 2014 and 2013 . VIEs, as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the VIE does not effectively disperse risks among the parties involved. Our remaining mezzanine note receivable at December 31, 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 the 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 – 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 for 2015 , 2014 and 2013 . Valuation adjustments of $439,000 , $415,000 and $396,000 on previously impaired notes were credited to impairment charges during 2015 , 2014 and 2013 , respectively. See notes 4 and 6. Marketable Securities – Marketable securities include U.S. treasury bills, publicly traded equity securities, and put and call options of 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 and losses and costs of investment, is reported as a component of “other income (expense).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. Deferred Costs, net – As discussed below, we elected to early adopt ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”) to simplify the presentation of debt issuance costs. This change in accounting principle was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation rather than as an asset on our consolidated balance sheets. Additionally, we applied the guidance in ASU 2015-15 Interest-Imputation of Interest (Subtopic 835-30) : Presentation and Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), and as a result debt issuance costs associated with our secured revolving credit facility will continue to be presented as an asset on our consolidated balance sheets. Deferred loan costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight line basis over the terms of the related franchise agreements. This change in accounting principle is reflected in notes 7 and 9. Additionally, Ashford Prime also adopted ASU 2015-03, of which the effect of this change in accounting principle is reflected in note 5. 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. See note 8. Derivative 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, flooridors. We assess the effectiveness of each hedging relationship by comparing the 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. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three-month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives, credit default swaps and futures contracts 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 years ended December 31, 2015 , 2014 and 2013 there was no ineffectiveness. For non-hedge designated interest rate derivatives, credit default swaps and futures, changes in fair value and realized gains and losses are recognized in earnings as “unrealized loss on derivatives” and “other income (expense)”, respectively, 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. 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 reimbursable expenses between the two entities. At December 31, 2014, we had receivables related to advisory fees. Due to/from Ashford Prime OP is generally settled within a period not exceeding one year . Due to/from Ashford Inc. – Due to/from Ashford Inc. represents current receivables and payables resulting primarily from advisory services fee, including reimbursable expenses. At December 31, 2014, due to/from Ashford Inc., included costs and payables resulting primarily from costs and payables associated with the spin-off of Ashford Inc. Due to/from Ashford Inc., is generally settled within a period not exceeding one year . Due to/from Third-Party Hotel Managers – Due from third-party hotel managers primarily consists of amounts due from Marriott related to cash reserves held at the Marriott corporate level related to operating, capital improvements, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Unfavorable Management Contract Liabilities – Certain management agreements assumed in the acquisition of a hotel in 2006 and the CNL acquisition in 2007 had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. An unfavorable management contract with a carrying value of $493,000 was contributed to Ashford Prime OP in connection with the Ashford Prime spin-off. Noncontrolling Interests – The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period plus distributions paid to these limited partners’ Class B unit holdings. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating units do not meet the requirements for equity classification prescribed by the authoritative accounting guidance because the redemption feature requires the delivery of cash or registered shares. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% of two hotel properties held by one joint venture at December 31, 2015 and 2014. The noncontrolling interests in consolidated entities that represented ownership interest of 25% of two hotel properties held by one joint venture were contributed to Ashford Prime in connection with its spin-off in November 2013. The noncontrolling interests in consolidated entities are reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Guarantees – Upon acquisition of the 51 -hotel CNL Portfolio on April 11, 2007, we assumed certain guarantees, which represent funds provided by third-party hotel managers to guarantee minimum returns for certain hotel properties. As we are obligated to repay such amounts through increased incentive management fees through cash reimbursements, such guarantees were recorded as other liabilities. During 2013, payments were made to satisfy all guarantees and as a result there are no future obligations. 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. Other Hotel Expenses – Other hotel expenses include internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs – Advertising costs are charged to expense as incurred. For 2015 , 2014 and 2013 , our continuing operations incurred advertising costs of $5.6 million , $3.3 million and $4.1 million , respectively. Advertising costs related to continuing operations are included in “other” hotel expenses in the accompanying consolidated statements of operations. Equity-Based Compensation – Stock/unit-based compensation for non-employees is accounted for at fair value based on the market price of the shares at period end in accordance with applicable authoritative accounting guidance that results in recording expense, within “advisory service fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Prior to the spin-off of Ashford Inc., stock/unit-based compensation was accounted for at fair value based on the market price of the shares at the date of grant in accordance with applicable authoritative accounting guidance. The fair value was charged to compensation expense on a straight-line basis over the vesting period of the shares/units. Depreciation and Amortization – Owned hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. 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 2015 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share – Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share 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. Reclassifications And Correction of Immaterial Errors - During the years ended December 31, 2014 and 2013, the Company repurchased a total of approximately 41,000 and 33,000 shares of its common stock for a total cost of $458,000 and $401,000 , respectively. The Company has historically presented share repurchases as treasury stock (thereby reducing stockholders’ equity) in the consolidated balance sheets and consolidated statements of equity. However, the Company is incorporated in Maryland and under Maryland law, there is no concept of treasury stock. Therefore, shares repurchased should be considered retired and constitute authorized but unissued shares rather than treasury stock as previously presented. As a result, during the year ended December 31, 2015, the Company has corrected the classification error and amounts previously reported as treasury stock of $125.7 million and $140.1 million at December 31, 2014 and 2013, respectively, are presented as a reduction to common stock and additional paid-in capital in the consolidated balance sheet and consolidated statements of equity. In addition, the number of shares previously disclosed as issued have been reduced by the number of shares repurchased of 35.5 million and 44.3 million at December 31, 2014 and 2013, respectively. This change does not affect consolidated assets, consolidated liabilities, consolidated total equity, the consolidated statement of operations, the consolidated statement of comprehensive income (loss), the consolidated statement of cash flows (excluding the change of descriptions from issuances and purchases of treasury stock to common stock), or earnings per share computations. As discussed above, we elected to early adopt ASU 2015-03 to simplify the presentation of debt issuance costs. This change in accounting principle was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation rather than as an asset on our consolidated balance sheets. Additionally, we applied the guidance in ASU 2015-15, and as a result debt issuance costs associated with our secured revolving credit facility will continue to be presented as an asset on our consolidated balance sheets. 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 shif

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties	Investments in Hotel Properties Investments in hotel properties consisted of the following (in thousands): December 31, 2015 2014 Land $ 704,534 $ 358,514 Buildings and improvements 4,026,857 2,125,656 Furniture, fixtures and equipment 406,893 211,777 Construction in progress 31,235 11,704 Condominium properties 11,947 12,065 Total cost 5,181,466 2,719,716 Accumulated depreciation (761,782 ) (591,105 ) Investments in hotel properties, net $ 4,419,684 $ 2,128,611 The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes was approximately $3.7 billion and $1.9 billion as of December 31, 2015 and 2014 . For the years ended December 31, 2015 , 2014 and 2013 , we recognized depreciation expense, including depreciation of assets under capital leases and discontinued hotel properties, of $210.1 million , $110.6 million and $127.5 million , respectively. The authoritative accounting guidance requires non-financial assets be measured at fair value when events or changes in circumstances indicate that the carrying amount of an asset will not be recoverable. An asset is considered impaired if the carrying value of the hotel property exceeds its estimated undiscounted cash flows and the impairment is calculated as the amount by which the carrying value of the hotel property exceeds its estimated fair value. Our investments in hotel properties are reviewed for impairment at each reporting period, taking into account the latest operating cash flows and market conditions and their impact on future projections. Management uses considerable subjective and complex judgments in determining the assumptions used to estimate the fair value and undiscounted cash flows, and believes these are assumptions that would be consistent with the assumptions of market participants. 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 prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 9. 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 year ended December 31, 2015, we have included total revenue of $10.9 million and net loss of $1.5 million in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 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 prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 9. 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 year ended December 31, 2015, we have included total revenue of $10.4 million and net income of $305,000 in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 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 on the remeasurement of our previously held equity method investment. See note 5. Subsequent to the close of the transaction, $907.6 million of existing debt of the PIM Highland JV was refinanced. See note 9. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm subsequent to March 31, 2015. This 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 year ended December 31, 2015, we have included total revenue of $409.9 million and net income of $7.8 million in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 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 prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 9. 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 the year ended December 31, 2015, we have included total revenue of $4.0 million and net income of $363,000 in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 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 9. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 the year ended December 31, 2015, we have included total revenue of $7.1 million and net loss of $1.5 million in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 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 prepared a purchase price allocation of the assets acquired. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 9. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 the year ended December 31, 2015, we have included total revenue of $27.7 million and net loss of $1.9 million in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 are included in the pro forma table below. W Atlanta Downtown Hotel On July 1, 2015, we acquired a 100% interest in the W Atlanta Downtown (“W Atlanta”) in Atlanta, Georgia for total consideration of $56.8 million . Subsequent to the close of the transaction, we completed the financing of a $40.5 million mortgage loan. See note 9. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 $ 2,353 Buildings and improvements 51,758 Furniture, fixtures, and equipment 2,626 56,737 Net other assets and liabilities 1,358 The results of operations of the hotel property has been included in our results of operations since July 1, 2015. For the year ended December 31, 2015, we have included total revenue of $10.5 million and net loss of $786,000 , in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 are included in the pro forma table below. Le Meridien Minneapolis Hotel On July 23, 2015, we acquired a 100% interest in the Le Meridien Chambers Minneapolis (“Le Meridien Minneapolis”) in Minneapolis, Minnesota for total consideration of $15.0 million . The acquisition was funded with cash. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 $ 2,752 Buildings and improvements 11,583 Furniture, fixtures, and equipment 665 15,000 Net other assets and liabilities 215 The results of operations of the hotel property has been included in our results of operations since July 23, 2015. For the year ended December 31, 2015, we have included total revenue of $2.9 million and net income of $468,000 , in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 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 9. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 $ 867 Buildings and improvements 13,917 Furniture, fixtures, and equipment 401 15,185 Net other assets and liabilities (39 ) The results of operations of the hotel property has been included in our results of operations since August 5, 2015. For the year ended December 31, 2015, we have included total revenue of $2.0 million and net income of $161,000 , in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 are included in the pro forma table below. Hotel Indigo - Atlanta On October 15, 2015, we acquired a 100% interest in the Hotel Indigo (“Indigo Atlanta”) in Atlanta, Georgia for total consideration of $26.9 million . As part of the transaction, we assumed a mortgage loan with a fair value of $16.6 million . See note 9. The remaining purchase price was funded in cash. We have allocated the assets acquired and liabilities assumed on a preliminary basis using the estimated fair value information currently available. This valuation is considered a Level 3 valuation technique. We are in the process of obtaining the necessary information and evaluating the values assigned to investment in hotel property and property level working capital balances. Thus, the balances reflected below are subject to change and could result in adjustments. Any change to the amounts recorded within the investment in hotel property will also impact depreciation and amortization expense. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 3,230 Buildings and improvements 22,135 Furniture, fixtures, and equipment 1,576 26,941 Indebtedness (16,581 ) Net other assets and liabilities 425 The results of operations of the hotel property has been included in our results of operations since October 15, 2015. For the year ended December 31, 2015, we have included total revenue of $1.0 million and net loss of $114,000 , in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 are included in the pro forma table below. W Minneapolis Foshay On November 10, 2015, we acquired a 100% interest in the W Minneapolis Foshay (“W Minneapolis”) in Minneapolis, Minnesota for total consideration of $88.1 million . As part of the transaction, we assumed a mortgage loan with a fair value of $57.7 million . See note 9. The remaining purchase price was funded in cash. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm. 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 $ 8,430 Buildings and improvements 75,842 Furniture, fixtures, and equipment 3,868 88,140 Indebtedness (57,739 ) Net other assets and liabilities 1,937 The results of operations of the hotel property has been included in our results of operations since November 10, 2015. For the year ended December 31, 2015, we have included total revenue of $2.3 million and net loss of $223,000 , in our consolidated statement of operations. The unaudited proforma results of operations as if the acquisition had occurred on January 1, 2013 are included in the pro forma table below. 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, 2013 and the removal of $6.3 million of non-recurring transaction costs and gain on remeasurement of the PIM Highland JV of $381.8 million . The table also reflects the removal of equity in earnings in unconsolidated entities of $5.5 million for the year ended December 31, 2014, respectively, and the removal of equity in loss in unconsolidated entities of $3.8 million and $19.4 million for the years ended December 31, 2015 and 2013, respectively. These adjustments are directly attributable to the transactions for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Total revenue $ 1,486,717 $ 1,397,942 $ 1,505,782 Loss from continuing operations $ (74,818 ) $ (44,777 ) $ (75,560 ) Net loss $ (74,219 ) $ (41,253 ) $ (75,658 )

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Notes Receivable	Note Receivable At December 31, 2015 and December 31, 2014 , we had one mezzanine loan receivable with a net carrying value of $3.7 million and $3.6 million , respectively, net of a valuation allowance of $7.1 million and $7.5 million , respectively. This note is secured by the Ritz-Carlton hotel property in Key Biscanye, Florida, 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	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities PIM Highland JV 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 and $140.9 million at December 31, 2014 and March 5, 2015, respectively. 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 discussion of fair value and pro forma results of operations and note 9 for indebtedness related to the PIM Highland JV. The following tables summarize the condensed consolidated balance sheet as of December 31, 2014 and the condensed consolidated statement of operations for the period from January 1, 2015 through March 5, 2015 and the years ended December 31, 2014 and 2013 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’ capital 228,124 Total liabilities and members’ capital $ 1,394,806 Our ownership interest in PIM Highland JV $ 144,784 PIM Highland JV Condensed Consolidated Statements of Operations Period from January 1 to March 5, Year Ended December 31, 2015 2014 2013 Total revenue $ 76,695 $ 466,703 $ 426,760 Total expenses (69,949 ) (391,779 ) (385,133 ) Operating income 6,746 74,924 41,627 Interest income and other 17 53 69 Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees (10,212 ) (59,456 ) (64,316 ) Other expenses — (44 ) — Income tax expense (1,222 ) (4,294 ) (1,345 ) Net income (loss) $ (4,671 ) $ 11,183 $ (23,965 ) Our equity in earnings (loss) of PIM Highland JV $ (3,836 ) $ 5,482 $ (19,392 ) Ashford Hospitality Prime Limited Partnership As previously discussed, 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 unitholders of Ashford Trust OP of our remaining common units of Ashford Prime OP. The distribution occurred on July 27, 2015, to stockholders and common unitholders 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. At December 31, 2014 , we held a 14.9% ownership interest in Ashford Prime OP. The following tables summarize the condensed consolidated balance sheet as of December 31, 2014 and the condensed consolidated and combined consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 of Ashford Prime as well as our equity in earnings (loss) since November 19, 2013 (in thousands): Ashford Hospitality Prime Limited Partnership Condensed Consolidated Balance Sheet 2014 Total assets (1) $ 1,226,005 Total liabilities (1) 802,007 Partners’ capital 423,998 Total liabilities and partners’ capital $ 1,226,005 Our ownership interest in Ashford Prime OP $ 54,907 ________________ (1) Debt issuance costs are now reflected as a direct reduction to the related debt obligation rather than as an asset on the condensed consolidated balance sheet. This results in amounts different than was previously presented. Ashford Hospitality Prime Limited Partnership Condensed Consolidated and Combined Consolidated Statements of Operations Year Ended December 31, 2015 2014 2013 Total revenue $ 349,545 $ 307,308 $ 233,496 Total expenses (303,569 ) (263,558 ) (214,086 ) Operating income 45,976 43,750 19,410 Equity in loss of unconsolidated entity (2,927 ) — — Interest income 34 27 23 Other income (expense) 1,233 — — Interest expense and amortization and write-offs of loan costs (37,883 ) (39,031 ) (34,982 ) Unrealized loss on investments (7,609 ) — — Unrealized loss on derivatives (3,252 ) (111 ) (36 ) Income tax expense (263 ) (1,097 ) (2,343 ) Net income (loss) (4,691 ) 3,538 (17,928 ) Income from consolidated entities attributable to noncontrolling interests (2,414 ) (1,103 ) (934 ) Net income (loss) attributable to Ashford Prime OP $ (7,105 ) $ 2,435 $ (18,862 ) Our equity in earnings (loss) of Ashford Prime OP $ 874 $ 258 $ (4,012 ) Ashford Inc. 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 of the operating limited liability company subsidiary of Ashford Inc. 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, 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. As of December 31, 2015 , we owned an approximate 29.8% ownership interest, with a fair value of $31.9 million , in Ashford Inc. The following tables summarize the condensed balance sheets as of December 31, 2015 and 2014 and the condensed statements of operations for the years ended December 31, 2015 , 2014 and 2013 of Ashford Inc. as well as our equity in loss since November 13, 2014 (in thousands): Ashford Inc. Condensed Balance Sheets December 31, 2015 December 31, 2014 Total assets $ 166,991 $ 49,230 Total liabilities 30,115 33,912 Redeemable noncontrolling interests in Ashford LLC 240 424 Total stockholders’ equity of Ashford Inc. 32,165 14,981 Noncontrolling interests in consolidated entities 104,471 (87 ) Total equity 136,636 14,894 Total liabilities and equity $ 166,991 $ 49,230 Our ownership interest in Ashford Inc. $ 6,616 $ 7,099 Ashford Inc. Condensed Statements of Operations Year Ended December 31, 2015 2014 2013 Total revenue $ 58,981 $ 17,288 $ 960 Total expenses (60,332 ) (63,586 ) (48,672 ) Operating loss (1,351 ) (46,298 ) (47,712 ) Unrealized loss on investment in unconsolidated entity (2,141 ) — — Unrealized loss on investments (2,490 ) — — Realized loss on investments (5,110 ) — — Other 1,114 — — Income tax expense (2,066 ) (783 ) (7 ) Net loss (12,044 ) (47,081 ) (47,719 ) Loss from consolidated entities attributable to noncontrolling interests 10,852 647 — Net loss attributable to redeemable noncontrolling interests in Ashford LLC 2 24 — Net loss attributable to Ashford Inc. $ (1,190 ) $ (46,410 ) $ (47,719 ) Our equity in loss of Ashford Inc. $ (483 ) $ (3,245 ) $ — REHE Fund In June 2015, for consideration of certain marketable securities, we obtained a 52.4% ownership interest in 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 year ended December 31, 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 December 31, 2015 and the consolidated statement of operations for the year ended December 31, 2015 of the REHE Fund (in thousands): AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Balance Sheet December 31, 2015 Total assets $ 106,792 Total liabilities — Partners’ capital 106,792 Total liabilities and partners’ capital $ 106,792 Our ownership interest in the REHE Fund $ 55,952 AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Statement of Operations December 31, 2015 Total investment income $ 1,266 Net expenses (273 ) Net investment income 993 Net unrealized loss on investments (2,308 ) Net realized gain on investments (5,103 ) Net loss attributable to the REHE Fund $ (6,418 ) Our equity in loss of the REHE Fund $ (3,386 ) 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 from June 1, 2015 through December 31, 2015. We generally may redeem our investment in the REHE Fund on the last business day of the month after providing written notice. As of December 31, 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. As of December 31, 2015 , we owned an approximate 52.4% ownership interest in the REHE Fund. Other Additionally, as of December 31, 2015 and 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.

Hotel Dispositions and Impairme

Hotel Dispositions and Impairment Charges	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions and Impairment Charges	Hotel Dispositions and Impairment Charges Hotel Dispositions 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, that are not considered strategic shifts, 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 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. Upon disposition we recognized a loss of $1.1 million on the sale of the hotel property, which is included in “gain on acquisition of PIM Highland JV and sale of hotel properties.” 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 years ended December 31, 2015, 2014 and 2013, 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): Year Ended December 31, 2015 2014 2013 Total hotel revenue $ 361 $ 2,719 $ 2,529 Total hotel operating expenses (308 ) (1,868 ) (1,755 ) Operating income 53 851 774 Property taxes, insurance and other (40 ) (128 ) (53 ) Depreciation and amortization (164 ) (724 ) (407 ) Interest expense and amortization of loan costs — (292 ) (528 ) Loss from continuing operations (151 ) (293 ) (214 ) Loss on sale of hotel property (1,130 ) — — Net loss (1,281 ) (293 ) (214 ) Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership 147 38 27 Loss from continuing operations attributable to the Company $ (1,134 ) $ (255 ) $ (187 ) In July 2015, as previously discussed, we announced that our board of directors 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 unitholders of Ashford Trust OP of our remaining common units of Ashford Prime OP. As a result of the distribution, we no longer retain an interest in Ashford Prime. The previously deferred gain of $599,000 from the sale of the Pier House Resort in March 2014 was recognized during the year ended December 31, 2015. In November 2014, we completed the sale of the Homewood Suites hotel in Mobile, Alabama. Since this hotel sold prior to our adoption of 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 years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 2013 Hotel revenues $ 2,479 $ 2,733 Hotel operating expenses (1,678 ) (1,791 ) Operating income 801 942 Property taxes, insurance and other (109 ) (130 ) Depreciation and amortization (278 ) (306 ) Interest expense and amortization of loan costs (332 ) (604 ) Loss on sale of hotel property (49 ) — Income (loss) from discontinued operations 33 (98 ) (Income) loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership (4 ) 12 Income (loss) from discontinued operations attributable to the Company $ 29 $ (86 ) Hotel Impairments In 2015, we announced a plan to commence the process to list for sale 24 select-service hotels. While we have determined this announcement does not meet the criteria to classify the 24 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 in the second quarter of 2015. The impairment charge occurred at the Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland, in the amounts of $17.1 million and $2.8 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. Our estimates of fair value reduced the respective carrying values of the Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland to $37.5 million and $15.3 million , respectively. Note Receivable Impairment We review notes receivable for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms. 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. If a loan is deemed to be impaired, we record a valuation allowance through a charge to earnings for any shortfall. Our assessment of impairment is based on considerable judgment and estimates. In February 2010, the mezzanine loan secured by the Ritz-Carlton hotel property in Key Biscayne, Florida, with a principal amount of $38.0 million and a net carrying value of $23.0 million at December 31, 2009 was restructured. In connection with the restructuring, we received a cash payment of $20.2 million and a $4.0 million note receivable. We recorded a net impairment charge of $10.7 million in 2009 on the original mezzanine loan. The restructured note bears an interest rate of 6.09% and matures in June 2017 with interest only payments through maturity. The note was recorded at its net present value of $3.0 million at restructuring, based on its future cash flows. The interest payments are recorded as reductions of the principal of the note receivable, and the valuation adjustments to the net carrying amount of this note are recorded as a credit to impairment charges. The following table summarizes the changes in allowance for losses for the years ended December 31, 2015 , 2014 and 2013 (in thousands): 2015 2014 2013 Balance at beginning of period $ 7,522 $ 7,937 $ 8,333 Impairment charges — — — Valuation adjustments (credits to impairment charges) (439 ) (415 ) (396 ) Charge-offs — — — Balance at end of period $ 7,083 $ 7,522 $ 7,937

Deferred Costs, net

Deferred Costs, net	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, net	Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2015 2014 Deferred franchise fees $ 5,086 $ 3,168 Deferred loan costs 638 — Total costs 5,724 3,168 Accumulated amortization (1,877 ) (1,550 ) Deferred costs, net $ 3,847 $ 1,618 As previously discussed in note 2, we elected to early adopt ASU 2015-03 to simplify the presentation of debt issuance costs. This change in accounting principle was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation rather than as an asset on our consolidated balance sheets. Additionally, we applied the guidance in ASU 2015-15, and as a result debt issuance costs associated with our secured revolving credit facility will continue to be presented as an asset on our consolidated balance sheet.

Intangible Assets, net and Inta

Intangible Assets, net and Intangible Liabilities, net	12 Months Ended
	Dec. 31, 2015
Intangible Assets, net and Intangible Liabilities, net [Abstract]
Intangible Assets, net and Intangible Liabilities, net	Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liability, net December 31, December 31, 2015 2014 2015 2014 Cost $ 11,499 $ — $ 16,817 $ — Accumulated amortization (156 ) — (323 ) — $ 11,343 $ — $ 16,494 $ — The intangible assets and intangible liabilities noted above represent the above-market rate leases (liability) and below-market rate leases (asset) that were determined based on the comparison of rent due under the ground lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective ground lease terms with expiration dates ranging from 2024 to 2102. For the year ended December 31, 2015, net amortization related to intangibles was a reduction in lease expense of $167,000 . 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 2016 $ 197 $ 395 2017 197 395 2018 197 395 2019 197 395 2020 197 395 Thereafter 10,358 14,519 Total $ 11,343 $ 16,494

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Indebtedness Collateral Maturity Interest Rate Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan 10 hotels July 2015 5.22% — — 145,278 177,769 Mortgage loan (3) 5 hotels November 2015 Greater of 6.40% or LIBOR (1) + 6.15% — — 211,000 308,427 Mortgage loan 8 hotels December 2015 5.70% — — 92,772 75,959 Mortgage loan 5 hotels February 2016 5.53% — — 105,164 128,380 Mortgage loan 5 hotels February 2016 5.53% — — 75,546 100,203 Mortgage loan (4) (5) 5 hotels February 2016 LIBOR (1) + 4.75% 200,000 209,550 200,000 210,974 Mortgage loan (4) 7 hotels August 2016 LIBOR (1) + 4.35% 301,000 193,777 301,000 190,072 Mortgage loan (4) 5 hotels August 2016 LIBOR (1) + 4.38% 62,900 85,463 62,900 99,539 Mortgage loan (4) 1 hotel August 2016 LIBOR (1) + 4.20% 37,500 46,335 37,500 48,926 Secured revolving credit facility (6) Various October 2016 Base Rate (2) + 2.00% or LIBOR (1) + 3.00% — — — — Mortgage loan (4) 8 hotels January 2017 LIBOR (1) + 4.95% 376,800 366,160 — — Mortgage loan (7) 24 hotels April 2017 LIBOR (1) + 4.39% 1,070,560 1,301,840 — — Mortgage loan (4) 1 hotel April 2017 LIBOR (1) + 4.95% 33,300 42,273 — — Mortgage loan 5 hotels April 2017 5.95% 110,302 124,038 111,869 123,891 Mortgage loan 5 hotels April 2017 5.95% 99,144 118,946 100,552 116,132 Mortgage loan 5 hotels April 2017 5.95% 150,860 156,217 153,002 155,234 Mortgage loan 7 hotels April 2017 5.95% 120,671 140,860 122,384 146,209 Mortgage loan (4) 1 hotel May 2017 LIBOR (1) + 5.10% 25,100 33,938 — — Mortgage loan (4) 1 hotel June 2017 LIBOR (1) + 5.10% 43,750 61,197 — — Mortgage loan 1 hotel June 2017 5.98% 16,002 26,668 — — Mortgage loan (4) 8 hotels July 2017 LIBOR (1) + 4.09% 144,000 182,139 — — Mortgage loan (4) 1 hotel July 2017 LIBOR (1) + 4.15% 35,200 38,623 — — Mortgage loan (4) 1 hotel July 2017 LIBOR (1) + 5.10% 40,500 55,600 — — Mortgage loan (7) 17 hotels December 2017 LIBOR (1) + 4.87% 375,000 295,020 — — Mortgage loan 1 hotel January 2018 4.38% 98,016 193,321 — — Mortgage loan 2 hotels January 2018 4.44% 107,054 232,247 — — Mortgage loan (8) 1 hotel July 2018 LIBOR (1) + 4.50% 21,200 23,222 — — Mortgage loan (8) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 14,978 — — Mortgage loan (9) 1 hotel July 2019 LIBOR (1) + 3.75% 5,524 8,320 5,525 7,742 Mortgage loan 1 hotel November 2020 6.26% 98,420 114,480 99,780 112,278 Mortgage loan 1 hotel May 2023 5.46% 55,524 87,692 — — Mortgage loan 1 hotel January 2024 5.49% 10,529 15,655 10,673 16,460 Mortgage loan 1 hotel January 2024 5.49% 7,214 10,698 7,313 9,161 Mortgage loan 1 hotel May 2024 4.99% 6,745 8,528 6,845 8,525 Mortgage loan 3 hotels August 2024 5.20% 67,520 46,358 67,520 47,706 Mortgage loan 2 hotels August 2024 4.85% 12,500 9,223 12,500 9,698 Mortgage loan 3 hotels August 2024 4.90% 24,980 15,880 24,980 16,132 Mortgage loan 3 hotels February 2025 4.45% 54,110 70,637 — — Mortgage loan 2 hotels February 2025 4.45% 24,147 28,739 — — Mortgage loan 2 hotels February 2025 4.45% 20,919 11,807 — — 3,868,991 4,370,429 1,954,103 2,109,417 Premiums, net 5,626 — — — Deferred loan costs, net (34,000 ) — (10,970 ) — Total $ 3,840,617 $ 4,370,429 $ 1,943,133 $ 2,109,417 ____________________________________ (1) LIBOR rates were 0.430% and 0.171% at December 31, 2015 and 2014, respectively. (2) Base Rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5% or (iii) LIBOR + 1.0% . (3) 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. (4) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions. (5) This mortgage loan has a LIBOR floor of 0.20% . (6) Our borrowing capacity under our secured revolving credit facility is $100.0 million . (7) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (8) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. (9) 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. As previously discussed in note 2, we elected to early adopt ASU 2015-03 to simplify the presentation of debt issuance costs. This change in accounting principle was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation rather than as an asset on our consolidated balance sheets. Additionally, we applied the guidance in ASU 2015-15, and as a result debt issuance costs associated with our secured revolving credit facility will continue to be presented as an asset on our consolidated balance sheet. On December 2, 2015, we refinanced three mortgage loans totaling $273.5 million . The refinance included our $92.8 million mortgage loan due December 2015, which had an outstanding balance of $90.7 million , our $105.2 million mortgage loan due February 2016, which had an outstanding balance of $102.7 million , and our $75.5 million mortgage loan due February 2016, which had an outstanding balance of $73.8 million . The new loan is a $375.0 million mortgage loan due December 2017. The $375.0 million mortgage loan is interest only and provides for a floating interest rate of LIBOR + 4.87% . The stated maturity is December 2017, with four one -year extension options. The new loan continues to be secured by 17 of 18 hotel properties. The SpringHill Suites in Jacksonville, Florida is now unencumbered. On November 10, 2015, we assumed a mortgage loan with a fair value of $57.7 million , and a principal balance of $55.5 million , secured by the W Minneapolis. The mortgage loan carries a fixed rate of 5.46% . The stated maturity is May 2023. On October 30, 2015, we obtained a new $100.0 million secured revolving credit facility which matures in October 2016. The credit facility provides for a one -year revolving line of credit priced at 200 to 300 basis points over LIBOR or the base rate. The credit facility also contains customary financial covenant tests with respect to minimum fixed charge coverage ratio and maximum leverage tests allowable. No amounts were drawn under the credit facility as of December 31, 2015 . On October 15, 2015, we assumed a mortgage loan with a fair value of $16.6 million , and a principal balance of $16.0 million , secured by the Indigo Atlanta. The mortgage loan carries a fixed rate of 5.98% . The stated maturity is June 2017 . On August 5, 2015, we completed the financing of a $12.0 million mortgage loan, secured by the Hilton Garden Inn - Wisconsin Dells. 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. On July 1, 2015, we completed the financing of a $40.5 million mortgage loan, secured by the W Atlanta. 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. 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. 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 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 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 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 is interest only and provides for a floating 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 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 August 6, 2014, to fund a portion of the acquisition of the Fremont Marriott Silicon Valley hotel, we completed the financing of a $37.5 million mortgage loan. The mortgage loan bears interest at a rate of LIBOR + 4.20% . The stated maturity is August 2016, with three one -year extension options. The mortgage loan is secured by the Fremont Marriott Silicon Valley hotel. On July 31, 2014, to fund a portion of the acquisition of the Ashton hotel, we completed the financing of a $5.5 million mortgage loan. The mortgage loan bears interest at a rate of LIBOR + 3.75% (with a 0.25% LIBOR floor) for the first 18 months and a fixed rate of 4.0% thereafter. The stated maturity is July 2019, with no extension options. The mortgage loan is secured by the Ashton hotel. On July 25, 2014, we refinanced three mortgage loans, including our $135.0 million mortgage loan due May 2015, our $102.3 million mortgage loan due December 2014, which had an outstanding balance of $101.1 million , and our $89.3 million mortgage loan due February 2016, which had an outstanding balance of $88.5 million . The new loans total $468.9 million . As a result of the refinancing, the Homewood Suites Mobile and the Hampton Inn Terre Haute, Indiana are now unencumbered by debt. Other than the properties noted above, the new loans continue to be secured by the same hotel properties. On May 1, 2014, we refinanced our $5.1 million loan due May 2014 with a $6.9 million loan due May 2024, with no extension options. The new loan provides for a fixed interest rate of 4.99% . The new loan continues to be secured by the same hotel property, the Courtyard Hartford-Manchester in Manchester, Connecticut. On January 24, 2014, we refinanced our $164.4 million loan due March 2014 with a $200.0 million loan due February 2016, with three one -year extension options, subject to the satisfaction of certain conditions. The new loan provides for an interest rate of LIBOR + 4.75% , with a LIBOR floor of 0.20% . The new loan continues to be secured by the same five hotels that secured the original loan, including: the Embassy Suites Philadelphia Airport, Embassy Suites Walnut Creek, Sheraton Mission Valley San Diego, Sheraton Anchorage and the Hilton Minneapolis/St Paul Airport Mall of America. During the year ended December 31, 2015 , we recognized premium amortization of $1.4 million . 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 loan costs in the consolidated statements of operations. We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related 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 December 31, 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. Maturities and scheduled amortizations of indebtedness of our continuing operations as of December 31, 2015 for each of the five following years and thereafter are as follows (in thousands): 2016 $ 580,045 2017 2,644,079 2018 237,175 2019 49,648 2020 96,800 Thereafter 261,244 Total $ 3,868,991

Derivative Instruments and Hedg

Derivative Instruments and Hedging	12 Months Ended
	Dec. 31, 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 and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. As of December 31, 2015 , maturities on these instruments range from February 2016 to July 2020 . To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties to support our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. For the year ended December 31, 2015, we entered into interest rate caps with notional amounts totaling $2.2 billion and strike rates ranging from 1.50% to 3.00% . These interest rate caps had effective dates from January 2015 to December 2015 , and maturity dates from January 2017 to August 2018 , for a total cost of $2.2 million . These instruments were not designated as cash flow hedges. These instruments cap the interest rate on our mortgage loans with principal balances of $2.2 billion and maturity dates from January 2017 to August 2018 . The net carrying value of our interest rate caps was an asset of $360,000 as of December 31, 2015 , which are included in “derivative assets, net” in the consolidated balance sheets. We also entered into interest rate floors with notional amounts totaling $6.0 billion and strike rates ranging from (0.25)% to zero percent. These interest rate floors had effective dates from April 2015 to July 2015 , and maturity dates from April 2020 to July 2020 , for a total cost of $9.4 million . The net carrying value of our interest rate floors was an asset of $1.7 million as of December 31, 2015 , which are included in “derivative assets, net” in the consolidated balance sheets. For the year ended December 31, 2014, we entered into interest rate caps with notional amounts totaling $947.1 million and strike rates ranging from 2.00% to 3.69% . These interest rate caps had effective dates from January 2014 to November 2014 , and maturity dates from May 2015 to August 2016 , for a total cost of $666,000 . These instruments were not designated as cash flow hedges. At December 31, 2014, we had instruments capping the interest rates on our mortgage loans with principal balances totaling $812.4 million and maturity dates from February 2016 to August 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 is approximately $4.7 million as of December 31, 2015. 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 in our consolidated balance sheets. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty when the change in market value is over $250,000 . In October 2015, April 2015, February 2015 and August 2011, we entered into credit default swap transactions for notional amounts of $50.0 million , $45.0 million , $45.0 million and $100.0 million , respectively, to hedge financial and capital market risk for upfront costs of $500,000 , $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 our credit default swaps was an asset of $1.1 million and a liability of $184,000 as of December 31, 2015 and 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 $2.6 and an unrealized loss of $616,000 and $1.9 million , respectively, which are included in “unrealized loss on derivatives” in the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 . We recognized a realized loss of $2.5 million for the year ended December 31, 2015, which is included in “other income (expense)” in the consolidated statements of operations. Futures Contracts —In September 2015, we purchase options on Eurodollar futures for upfront costs, including commissions, of $743,000 and maturity dates ranging from September 2016 to March 2017 . The carrying value of these futures contracts was an asset of $234,000 as of December 31, 2015 , which are included in “derivative assets, net” in the consolidated balance sheets. We recognized an unrealized loss of $391,000 which is included in “unrealized loss on derivatives” in the consolidated statements of operations for the year ended December 31, 2015 . No futures contracts were purchased prior to 2015. 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 December 31, 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	12 Months Ended
	Dec. 31, 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 non-performance risk and the respective counterparty’s non-performance 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 the credit default swaps does not contain credit-risk-related adjustments as the change in the fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty. Fair values of interest rate floors are determined by obtaining the last market bid prices from several counterparties for a similar investment as of the measurement date. The bids (the Level 2 inputs) used in the calculation of fair value are reviewed across each counterparty and are accessed individually to determine the relevant fair value of each floor. Fair values of futures contracts are valued at their last reported settlement price as of the measurement date (Level 1 inputs). The fair value of futures contracts have minimal counterparty risk since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. 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 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 the 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 counter-parties, 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 December 31, 2015 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.43% to 1.75% 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) Counter-party and Cash Collateral Netting (4) Total December 31, 2015: Assets Derivative assets: Interest rate derivatives – non-hedge $ — $ 2,108 $ — $ — $ 2,108 (1) Credit default swaps — 5,152 — (4,059 ) 1,093 (1) Futures contracts 234 — — — 234 (1) Total 234 7,260 — (4,059 ) 3,435 December 31, 2014: Assets Derivative assets: Interest rate derivatives – non-hedge $ — $ 182 $ — $ — $ 182 (1) Equity put and call options 654 — — — 654 (2) Non-derivative assets: Equity securities 62,563 — — — 62,563 (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 table summarizes the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): Gain or (Loss) Recognized in Income Reclassified from Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Assets Derivative assets: Interest rate derivatives $ (9,641 ) $ (484 ) $ (10,778 ) $ — $ 100 $ 101 Credit default swaps 171 (5) — — — — — Futures contracts (391 ) — — — — — Equity put options 26 — — — — — Equity call options (1,717 ) (3,942 ) (1,388 ) — — — Non-derivative assets: Equity - American Depositary Receipt (150 ) — — — — — Equity 1,072 7,932 5,779 — — — U.S. Treasury 314 — — — — — Total (10,316 ) 3,506 (6,387 ) — 100 101 Liabilities Derivative liabilities: Interest rate derivatives — — 4,400 Credit default swaps — (699 ) (2,025 ) Short-equity put options 1,002 1,111 (138 ) — — — Short-equity call options 1,470 429 (274 ) — — — Non-derivative liabilities: Short-equity securities 78 — — Total 2,550 841 1,963 — — — Net $ (7,766 ) $ 4,347 $ (4,424 ) $ — $ 100 $ 101 Total combined Interest rate derivatives $ (9,641 ) $ (484 ) $ (6,378 ) $ — $ 100 $ 101 Credit default swaps 2,630 (616 ) (1,937 ) — — — Futures contracts (391 ) — — Total derivatives (7,402 ) (1) (1,100 ) (1) (8,315 ) (1) — 100 101 Realized loss on credit default swaps (2,459 ) (2) — — — — — Unrealized gain (loss) on marketable securities 127 (3) (332 ) (3) 5,115 (3) — — — Realized gain (loss) on marketable securities 1,968 (2) 5,779 (2) (4) (1,224 ) (2) (4) — — — Net $ (7,766 ) $ 4,347 $ (4,424 ) $ — $ 100 $ 101 _________________________ (1) Reported as “unrealized loss on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” 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 $83 and $88 in 2014 and 2013 , respectively, associated with credit default swaps. (5) Excludes costs of $486 , included in “other income” associated with credit default swaps. There was no change in fair value of our interest rate derivatives that were recognized in other comprehensive income (loss) for the years ended December 31, 2015 and 2014. In 2013 , the change in fair values of our interest rate derivatives that were recognized as change in other comprehensive income (loss) totaled $(3,000) .

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [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): December 31, 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 3,435 3,435 182 182 Liabilities associated with marketable securities and other — — 6,201 6,201 Financial assets not measured at fair value: Cash and cash equivalents $ 215,078 $ 215,078 $ 215,063 $ 215,063 Restricted cash 153,680 153,680 85,830 85,830 Accounts receivable, net 40,438 40,438 22,399 22,399 Note receivable, net 3,746 3,344 to 3,696 3,553 3,049 to 3,370 Due from affiliates — — 3,473 3,473 Due from Ashford Prime OP, net 528 528 896 896 Due from third-party hotel managers 22,869 22,869 12,241 12,241 Financial liabilities not measured at fair value: Indebtedness $ 3,874,617 $3,683,196 to $4,070,904 $ 1,954,103 $1,905,801 to $2,106,413 Accounts payable and accrued expenses 123,444 123,444 71,118 71,118 Dividends payable 22,678 22,678 21,889 21,889 Due to Ashford Inc., net 9,856 9,856 8,202 8,202 Due to related party, net 1,339 1,339 1,867 1,867 Due to third-party hotel managers 2,504 2,504 1,640 1,640 Cash, cash equivalents, and restricted cash . These financial assets bear interest at market rates and have original 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 10.7% to 1.3% lower than the carrying value of $3.7 million at December 31, 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 date. See notes 2, 10, and 11 for a complete description of the methodology and assumptions utilized in determining the 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 95.1% to 105.1% of the carrying value of $3.9 billion at December 31, 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, net and Liabilities associated with marketable securities and other. Fair value of interest rate derivatives is determined using the net present value of the 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. Fair value of interest rate floors is determined by obtaining the last market bid prices from several counterparties for a similar investment as of the measurement date. The fair value of futures contracts is the last reported settlement price as of the measurement date. 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, 10 and 11 for a complete description of the methodology and assumptions utilized in determining fair values.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 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 4% to 6% of gross revenues for capital improvements. Franchise Fees – Under franchise agreements for our hotel properties existing at December 31, 2015 , we pay franchisor royalty fees between 2% and 6% of gross rooms 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 rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2017 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 $62.8 million , $37.4 million and $32.0 million , respectively, for the years ended December 31, 2015 , 2014 and 2013 , which are included in “other” hotel expenses. Management Fees – Under management agreements for our hotel properties existing at December 31, 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. Leases – We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2084 , including six ground leases related to our hotel properties. Several of these leases are subject to base rent plus contingent rent based on the related property’s financial results and escalation clauses. For the years ended December 31, 2015 , 2014 and 2013 , our continuing operations recognized rent expense of $3.8 million , $1.5 million and $4.5 million , respectively, which included contingent rent of $1.3 million , $712,000 and $898,000 , respectively. Rent expense related to continuing operations is included in “other” hotel expenses in the consolidated statements of operations. Future minimum rentals due under non-cancelable leases are as follows for each of the five following years and thereafter are as follows (in thousands): 2016 $ 3,067 2017 2,875 2018 2,596 2019 2,430 2020 2,424 Thereafter 118,325 Total $ 131,717 At December 31, 2015 , we had capital commitments of $78.5 million relating to general capital improvements that are expected to be paid in the next twelve months . 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 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 recorded the $10.8 million judgment, pre-judgment interest of $707,000 and accrued a reasonable estimate of $400,000 of loss related to legal fees during 2014. For the year ended December 31, 2015 , we recorded additional pre-judgment interest of $95,000 . Including the 2014 judgment, pre-judgment interest and estimated loss of legal expenses, total expenses recorded were $12.0 million through December 31, 2015 . The additional charges related to pre-judgment interest are included in “other” hotel expenses in the consolidated statements of operations for the year ended December 31, 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. Income Taxes – We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2011 through 2015 remain subject to potential examination by certain federal and state taxing authorities. 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, if any, as set forth in the settlement agreement.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 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 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 unitholders 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 of the operating limited liability company subsidiary of Ashford Inc. Following the spin-off, Ashford Hospitality Trust, Inc. continues to hold 598,000 shares of Ashford Inc. common stock, and all of our remaining lodging investments are owned by Ashford Trust OP. Therefore, each common unit and LTIP unit was worth approximately 95% and 94% of one share of our common stock at December 31, 2015 and 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 then can 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 December 31, 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 $1.4 million was recognized for the year ended December 31, 2015 , all of which was associated with LTIP units issued to Ashford LLC’s employees and Ashford Trust’s Directors and is included in “advisory services fee” and “corporate general and administrative,” respectively, in our consolidated statements of operations. As the LTIP units are issued to non-employees, the compensation expense is equal to the fair value of the award at the end of the period in proportion to the requisite service period satisfied during the period. Compensation expense of $16.4 million and $19.0 million associated with the issuance of LTIP units was recognized for the year ended December 31, 2014 and 2013, while we were self-advised. The fair value of the unrecognized cost of LTIP units, which was $2.9 million at December 31, 2015 , will be expensed over a period of 2.2 years. During the year ended December 31, 2015 , 152,000 common units with an aggregate fair value of $1.5 million , were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. During the year ended December 31, 2014, 160,000 common units with an aggregate fair value of $1.8 million were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. Also during 2014, 2,000 operating partnership units with a fair value of $19,000 were redeemed for cash at our election. During 2013, no operating partnership units were presented for redemption or converted to shares of our common stock. Redeemable noncontrolling interests, including vested LTIP units, in our operating partnership as of December 31, 2015 and 2014 were $118.4 million and $177.1 million , which represented ownership of our operating partnership of 13.36% and 13.01% respectively. The carrying value of redeemable noncontrolling interests as of December 31, 2015 and 2014 included adjustments of $95.0 million and $169.3 million , respectively, to reflect the excess of redemption value over the accumulated historical costs. Redeemable noncontrolling interests were allocated net income of $35.5 million , and net loss of $6.4 million and $8.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $10.9 million , $10.7 million and $10.3 million for the years ended December 31, 2015 , 2014 and 2013 respectively. A summary of the activity of the common and LTIP units in our operating partnership is as follow (in thousands): Year Ended December 31, 2015 2014 2013 Units outstanding at beginning of year 19,836 18,991 17,611 Units issued 704 1,007 1,380 Units redeemed for cash of $19 in 2014 — (2 ) — Units converted to common shares (152 ) (160 ) — Units outstanding at end of year 20,388 19,836 18,991 Units convertible/redeemable at end of year 16,918 17,068 15,918

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	Equity 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 1.03 million shares of our common stock at a price of $10.65 per share. The net proceeds from the offering after underwriting discount and offering expenses were approximately 110.9 million . On April 8, 2014, we commenced a follow-on public offering of 7.5 million shares of common stock at $10.70 per share for gross proceeds of $80.3 million . The aggregate proceeds net of underwriting discount and other expenses were approximately $76.8 million . The offering settled on April 14, 2014. We granted the underwriters a 30 -day option to purchase up to an additional 1.125 million shares of common stock. On May 9, 2014, the underwriters partially exercised their option and purchased an additional 850,000 shares of our common stock at a price of $10.70 per share less the underwriting discount resulting in additional net proceeds of approximately $8.7 million . Common Stock Repurchases – Beginning in November 2007, our board of directors has authorized management to purchase our common shares from time to time on the open market and in December 2008, we completed all of the $125.0 million repurchases authorized in 2007 and 2008. In January 2009, the board of directors approved an additional $200.0 million authorization under the same repurchase plan (excluding fees, commissions and all other ancillary expenses) and expanded the plan to include: (i) the repurchase of shares of our common stock, Series A preferred stock, Series B-1 preferred stock and Series D preferred stock and/or (ii) the prepayment of our outstanding debt obligations, including debt secured by our hotel assets and debt senior to our mezzanine or loan investments. In February 2010, the board of directors expanded the repurchase program further to include the potential repurchase of units of our operating partnership. As of June 2010, we ceased all repurchases under this plan indefinitely. In September 2011, our board of directors authorized the reinstatement of our 2007 share repurchase program and authorized an increase in our repurchase plan authority from $58.4 million to $200.0 million (excluding fees, commissions and all other ancillary expenses). Under this plan, the board has authorized: (i) the repurchase of shares of our common stock, Series A preferred stock, Series D preferred stock and Series E preferred stock, and/or (ii) discounted purchases of our outstanding debt obligations, including debt secured by our hotel assets. We intend to fund any repurchases or discounted debt purchases with the net proceeds from asset sales, cash flow from operations, existing cash on the balance sheet, and other sources. For the years ended December 31, 2015 , 2014 and 2013 , no shares of our common stock have been repurchased under the share repurchase program. On July 31, 2015, we entered into a block trade with an unaffiliated third party, pursuant to a sale arrangement between the Company, Ashford Inc. and Ashford Prime. The block trade included the repurchase and retirement of 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 sale arrangement and block trade were evaluated and approved by the independent members of our board of directors. The block trade purchase price and other terms of the sale arrangement were the result of negotiations with the third party. We did not receive any concessions or economic benefits from Ashford Inc. pertaining to our current contractual arrangements with Ashford Inc. in connection with this block trade. The block trade settled on August 4, 2015. In addition, we acquired 52,661 shares, 41,198 shares and 32,855 shares of our common stock in 2015 , 2014 and 2013 , respectively, to satisfy employees’ statutory minimum federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. Preferred Stock – In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series A cumulative preferred stock, Series D cumulative preferred stock, and Series E cumulative preferred stock. Series A Preferred Stock. At December 31, 2015 and 2014 , we had 1.7 million shares of 8.55% Series A cumulative preferred stock outstanding. Series A preferred stock has no maturity date, and we are not required to redeem these shares at any time. Series A preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series A preferred stock dividends are payable quarterly, when and as declared, at the rate of 8.55% per annum of the $25 liquidation preference (equivalent to an annual dividend rate of $2.1375 per share). In general, Series A preferred stock holders have no voting rights. Series D Preferred Stock. At December 31, 2015 and 2014 , we had 9.5 million shares of 8.45% Series D cumulative preferred stock outstanding. Series D preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series D preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D preferred stock quarterly dividends are set at the rate of 8.45% per annum of the $25 liquidation preference (equivalent to an annual dividend rate of $2.1125 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D preferred stock holders have no voting rights . Series E Preferred Stock. At December 31, 2015 and 2014 , we had 4.6 million shares of our 9.00% Series E cumulative preferred stock outstanding. The Series E preferred stock has no maturity date, and we are not required to redeem the shares at any time. Prior to April 18, 2016, Series E preferred stock is not redeemable, except in certain limited circumstances such as to preserve the status of our qualification as a REIT or in the event a change of control occurs. If we choose not to redeem the Series E shares upon a change of control, each holder of Series E preferred stock can convert their shares into shares of our common stock based on a formula specified in the agreement. However, on and after April 18, 2016 , Series E preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series E preferred stock quarterly dividends are set at the rate of 9.00% per annum of the $25 liquidation preference (equivalent to an annual dividend rate of $2.25 per share). In general, Series E preferred stock holders have no voting rights. Dividends – A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Common stock $ 47,190 $ 41,894 $ 37,054 Preferred stocks: Series A preferred stock 3,542 3,542 3,542 Series D preferred stock 20,002 20,002 20,002 Series E preferred stock 10,418 10,418 10,418 Total dividends declared $ 81,152 $ 75,856 $ 71,016 Noncontrolling Interests in Consolidated Entities —Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties and a total carrying value of $770,000 and $800,000 at December 31, 2015 and 2014, respectively. Our ownership interest is reported in equity in the consolidated balance sheets. Noncontrolling interests in consolidated entities were allocated losses of $30,000 and $406,000 for the years ended December 31, 2015 and 2014, respectively, and income of $908,000 for the year ended December 31, 2013 , which includes the results of two properties included in the Ashford Prime spin-off through November 18, 2013.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Amended and Restated 2011 Stock Incentive Plan approved by stockholders, we are authorized to grant 11.5 million restricted shares of our common stock as incentive stock awards. At December 31, 2015 , 4.1 million shares were available for future issuance under the Amended and Restated 2011 Stock Incentive Plan. A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2015 2014 2013 Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Outstanding at beginning of year 595 $ 10.92 418 $ 10.55 487 $ 9.15 Restricted shares granted 1,183 9.93 423 11.04 198 11.87 Restricted shares vested (299 ) 10.53 (228 ) 10.47 (266 ) 8.97 Restricted shares forfeited (20 ) 10.13 (18 ) 11.07 (1 ) 9.81 Outstanding at end of year 1,459 10.21 595 10.92 418 10.55 At December 31, 2015 , the outstanding restricted stock had vesting schedules between January 2016 and March 2018 . Stock-based compensation expense of $1.9 million was recognized for the year ended December 31, 2015 in connection with equity awards granted in March 2015 and June 2015 to employees of Ashford LLC and certain employees of Remington Lodging and are included in “advisory services fee” and “management fees”, respectively, in our consolidated statements of operations. Additionally, $180,000 of stock-based compensation expense was recognized for the year ended December 31, 2015 in connection with common stock issued to Ashford Trust’s Directors, which vested immediately, and is included in “corporate general and administrative” expense on our consolidated statements of operations. Stock-based compensation expense of $2.8 million and $2.3 million was recognized for the years ended December 31, 2014 and 2013 , respectively. The restricted stock that vested during 2015 had a fair value of $3.1 million at the date of vesting. At December 31, 2015 , the unamortized cost of the unvested shares of restricted stock was $5.4 million which will be amortized over a period of 2.2 years. In connection with the Ashford Inc. spin-off in 2014, all unvested restricted stock was transferred to Ashford Inc., in accordance with the applicable accounting guidance as all of Ashford Trust’s employees became employees of Ashford Inc. As a result, no equity-based compensation expense was recorded subsequent to November 12, 2014 for these unvested shares.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans 401(k) Plan – Effective January 1, 2006, we established our 401(k) Plan, a qualified defined contribution retirement plan that covers employees 21 years of age or older who have completed one year of service and work a minimum of 1000 hours annually. The 401(k) Plan allows eligible employees to contribute subject to IRS imposed limitations, to various investment funds. We make matching cash contributions of 50% of each participant’s contributions, based on participant contributions of up to 6% of compensation. Participant contributions vest immediately whereas company matches vest 25% annually. For the years ended December 31, 2014 and 2013 , we incurred matching expense of $260,000 and $211,000 , respectively. In connection with spin-off of Ashford Inc. on November 12, 2014, the 401(k) Plan is now administered by Ashford Inc. Employee Savings and Incentive Plan (ESIP) – Our ESIP, a nonqualified compensation plan that covers employees who work at least 25 hours per week, allows eligible employees to contribute up to 100% of their compensation to various investment funds. We match 25% of the first 10% each employee contributes. Matches are only made for employees not participating in the 401(k) Plan. Employee contributions vest immediately whereas company contributions vest 25% annually. For the years ended December 31, 2014 and 2013 , we incurred matching expenses of $13,000 and $70,000 , respectively. In connection with spin-off of Ashford Inc. on November 12, 2014, the ESIP is now administered by Ashford Inc. Deferred Compensation Plan – Effective January 1, 2008, we established a nonqualified deferred compensation plan for certain executive officers. The plan allows participants to defer up to 100% of their base salary, bonus and stock awards and select an investment fund for measurement of the deferred compensation liability. In connection with the spin-off of Ashford Inc., the $11.5 million deferred compensation obligation included in additional paid-in-capital was transferred to Ashford Inc. During 2013, we recorded stock-based compensation expense of $4.3 million , included in “Corporate, general and administrative” expense, as a result of modifications to the deferred compensation plan in connection with the Ashford Prime spin-off in which plan participants were granted additional shares of our stock.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For federal income tax purposes, we elected to be treated as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2015 , all of our 132 hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income of $23.4 million , $17.3 million and $22.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2015 2014 2013 Income tax expense at federal statutory income tax rate of 35% $ (8,205 ) $ (6,041 ) $ (7,907 ) State income tax expense, net of federal income tax benefit (827 ) (528 ) (469 ) Permanent differences (388 ) (558 ) (761 ) State and local income tax (expense) benefit on pass-through entity subsidiaries — (19 ) (34 ) Gross receipts and margin taxes (886 ) (700 ) (631 ) Interest and penalties (14 ) (10 ) (20 ) Valuation allowance 5,610 6,590 8,311 Income tax expense for income from continuing operations (4,710 ) (1,266 ) (1,511 ) Income tax benefit for income from discontinued operations — — — Income tax expense for gain on sale of hotel property — (12 ) — Total income tax expense $ (4,710 ) $ (1,278 ) $ (1,511 ) The components of income tax (expense) benefit from continuing operations are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ (3,377 ) $ (416 ) $ (919 ) State (1,225 ) (721 ) (684 ) Total current (4,602 ) (1,137 ) (1,603 ) Deferred: Federal (30 ) — 157 State (78 ) (129 ) (65 ) Total deferred (108 ) (129 ) 92 Total income tax expense $ (4,710 ) $ (1,266 ) $ (1,511 ) For the years ended December 31, 2015 , 2014 and 2013 income tax expense includes interest and penalties paid to taxing authorities of $14,000 , $10,000 and $20,000 , respectively. At December 31, 2015 and 2014 , we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2015 and 2014 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2015 2014 Allowance for doubtful accounts $ 277 $ 94 Unearned income 3,128 317 Unfavorable management contract liability 1,302 2,088 Federal and state net operating losses 15,537 25,046 Accrued expenses 2,587 1,310 Prepaid expenses (4,009 ) (4,046 ) Alternative minimum tax credit 1,718 1,347 Tax property basis less than book basis (1,743 ) (2,031 ) Tax derivatives basis greater than book basis 2,911 3,042 Deferred gain — 1,757 Other (162 ) 411 Deferred tax asset 21,546 29,335 Valuation allowance (20,670 ) (29,335 ) Net deferred tax asset $ 876 $ — At December 31, 2015 , Ashford TRS had net operating loss carryforwards for federal income tax purposes of $40.9 million , which begin to expire in 2022, and are available to offset future taxable income, if any, through 2032. Approximately $10.1 million of the $40.9 million of net operating loss carryforwards is attributable to acquired subsidiaries and subject to substantial limitation on its use. At December 31, 2015 , Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for federal income tax purposes of $383.3 million , which begin to expire in 2023, and are available to offset future taxable income, if any, through 2035. At December 31, 2015 and 2014 , we maintained a valuation allowance of $20.7 million and $29.3 million , respectively. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT pays out its taxable income as dividends to stockholders, and in turn, the stockholders pay income taxes on those dividends. At December 31, 2015 and 2014, we fully reserved the deferred tax assets of several of our TRS as we believe it is more likely than not that these deferred tax assets will not be considered realized on a consolidated basis due to significant consolidated pretax losses for the REIT and its subsidiaries. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses, the limitations imposed by the Internal Revenue Code on the utilization of net operating losses of acquired subsidiaries and other negative evidence outweigh the positive evidence of taxable income in the TRS. We also considered our current forecasts. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable by our current transfer pricing arrangements. The transfer pricing arrangements are updated upon the expiration and renewal of the intercompany leases starting in 2017 and 2018. The intercompany rents are determined in accordance with the arms' length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. During 2015, we have acquired control of one TRS, PIM Highland, now a consolidated subsidiary, which has an immaterial amount of deferred tax assets and no valuation allowance due to availability of a carryback source of income. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2015 2014 2013 Balance at beginning of year $ 29,335 $ 35,146 $ 45,398 Additions 4,774 1,855 4,315 Deductions (13,439 ) (7,666 ) (14,567 ) Balance at end of year $ 20,670 $ 29,335 $ 35,146

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Loss Per Share	Income (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): Year Ended December 31, 2015 2014 2013 Income (loss) attributable to common stockholders – Basic and diluted: Income (loss) from continuing operations attributable to the Company $ 270,939 $ (31,430 ) $ (41,197 ) Less: Dividends on preferred stocks (33,962 ) (33,962 ) (33,962 ) Less: Dividends on common stock (46,498 ) (41,592 ) (36,841 ) Less: Dividends on unvested restricted shares (692 ) (302 ) (213 ) Less: Undistributed income from continuing operations allocated to unvested shares (2,390 ) — — Undistributed income (loss) 187,397 (107,286 ) (112,213 ) Add back: Dividends on common stock 46,498 41,592 36,841 Distributed and undistributed income (loss) from continuing operations - basic $ 233,895 $ (65,694 ) $ (75,372 ) Add back: Income from continuing operations allocated to operating partnership units 35,503 — — Distributed and undistributed net income (loss) from continuing operations - diluted $ 269,398 $ (65,694 ) $ (75,372 ) Income (loss) from discontinued operations allocated to common stockholders: Income (loss) from discontinued operations attributable to the Company $ — $ 29 $ (86 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic 96,290 87,622 75,155 Effect of assumed conversion of operating partnership units 18,591 — — Weighted average common shares outstanding - basic and diluted 114,881 87,622 75,155 Basic income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ 2.43 $ (0.75 ) $ (1.00 ) Income from discontinued operations allocated to common stockholders per share — — — Net income (loss) allocated to common stockholders per share $ 2.43 $ (0.75 ) $ (1.00 ) Diluted income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ 2.35 $ (0.75 ) $ (1.00 ) Income from discontinued operations allocated to common stockholders per share — — — Net income (loss) allocated to common stockholders per share $ 2.35 $ (0.75 ) $ (1.00 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Year Ended December 31, 2015 2014 2013 Income (loss) from continuing operations allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 3,082 $ 302 $ 213 Loss attributable to redeemable noncontrolling interests in operating partnership — (6,404 ) (8,171 ) Total $ 3,082 $ (6,102 ) $ (7,958 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 485 174 128 Effect of assumed conversion of operating partnership units — 19,447 18,699 Total 485 19,621 18,827

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 , all of our hotel properties were domestically located.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have management agreements with parties owned by our Chairman and Chief Executive Officer and our Chairman Emeritus. Under the agreements, we pay Remington Lodging a) monthly property management fees equal to the greater of $10,000 (CPI adjusted since 2003) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met, b) project management fees of up to 4% of project costs, c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees, and d) through November 12, 2014, the date of the Ashford Inc. spin-off, other general and administrative expense reimbursements, approved by our independent directors, including rent, payroll, office supplies, travel, and accounting and subsequent to the spin-off other general and administrative expense reimbursements primarily related to accounting services. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred. At December 31, 2015 , the related party managed 89 of our 132 hotels and the WorldQuest condominium properties included in continuing operations and we incurred the following fees (including discontinued operations) related to the management agreements with the related party (in thousands): Year Ended December 31, 2015 2014 2013 Property management fees, including incentive property management fees $ 29,004 $ 17,800 $ 14,299 Market service fees 14,291 13,494 9,439 Corporate general and administrative and fixed asset reimbursements 4,677 7,689 4,299 Total $ 47,972 $ 38,983 $ 28,037 Management agreements with the related party include exclusivity clauses that require us to engage such related party, unless our independent directors either (i) unanimously vote to hire a different manager or developer or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager or developer could perform the management, development or other duties materially better. Upon formation, we also agreed to indemnify certain related parties, including our Chairman and Chief Executive Officer and our Chairman Emeritus, who contributed hotel properties in connection with our initial public offering in exchange for operating partnership units, against the income tax such related parties may incur if we dispose of one or more of those contributed properties under the terms of the agreement. In connection with the previously discussed spin-off of Ashford Inc., we entered into an advisory agreement with Ashford LLC, a subsidiary of Ashford Inc., in which it acts as our external advisor, and as a result, we pay advisory fees to Ashford LLC. We are required to pay Ashford LLC a quarterly base fee equal to 0.70% per annum of our total market capitalization, subject to a minimum quarterly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. 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 expenses, including employment and travel expenses of employees of Ashford LLC providing internal audit services, as specified in the advisory agreement. In connection with the spin-off of Ashford Prime in 2013, our former subsidiary Ashford LLC entered into an advisory agreement with Ashford Prime, in which it acted as its external advisor, and as a result, we received advisory fees from Ashford Prime from the periods from January 1, 2014 through November 12, 2014 and from November 19, 2013 to December 31, 2013 for 2014 and 2013, respectively. Upon the previously discussed spin-off of Ashford Inc. on November 12, 2014, our subsidiary Ashford LLC, was contributed to Ashford Inc. Ashford Prime is required to pay Ashford LLC a quarterly base fee equal to 0.70% per annum of the total market capitalization of Ashford Prime, subject to a minimum quarterly base fee, as payment for managing the day-to-day operations of Ashford Prime and its subsidiaries in conformity with Ashford Prime’s investment guidelines. Ashford Prime is also required to pay Ashford LLC an incentive fee that is based on Ashford Prime’s total return performance as compared to Ashford Prime’s peer group as well as to reimburse Ashford LLC for certain expenses, including, equity-based compensation, employment and travel expenses of employees of Ashford LLC providing internal audit services, as specified in the advisory agreement. For the 2014 period noted above, we received advisory service revenues of $10.7 million from Ashford Prime. These revenues were comprised of a base advisory fee of $7.5 million , reimbursable overhead and internal audit, insurance claims advisory and asset management services of $1.4 million and advisory revenue for equity grants of Ashford Prime common stock and LTIP units awarded to our officers and employees of $1.8 million . For the 2013 period noted above, we received advisory service revenue of $1.0 million from Ashford Prime. These revenues were comprised of a base advisory fee of $878,000 , reimbursable overhead of $53,000 and internal audit reimbursements of $116,000 . No incentive management fee was earned for 2014 or 2013. At December 31, 2015 , we have a receivable of $528,000 , included in due from Ashford Prime OP, net, associated with reimbursable expenses. 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 December 31, 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): Year Ended December 31, 2015 2014 Advisory services fee Base advisory fee $ 33,833 $ 3,999 Reimbursable expenses (1) 6,471 534 Equity-based compensation (2) 2,719 — Total advisory services fee $ 43,023 $ 4,533 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory 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. In connection with our acquisition of the Le Pavillon and Ashford Inc.’s engagement to provide hotel advisory services to us, Ashford Inc. will be providing $4.0 million of key money consideration to purchase furniture, fixtures and equipment . At December 31, 2015 , we had a payable of $9.9 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. On July 31, 2015, we entered into a block trade with an unaffiliated third party, pursuant to a sale arrangement between the Company, Ashford Inc. and Ashford Prime. The block trade included the repurchase and retirement of 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 sale arrangement and block trade were evaluated and approved by the independent members of our board of directors. The block trade purchase price and other terms of the sale arrangement were the result of negotiations with the third party. We did not receive any concessions or economic benefits from Ashford Inc. pertaining to our current contractual arrangements with Ashford Inc. in connection with this block trade.The block trade settled on August 4, 2015. 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. Expense of $213,000 was recognized for the year ended December 31, 2015. The unamortized fair value of the grants was $682,000 as of December 31, 2015 , which will be amortized over a period of 2.2 years .

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is to acquire full service hotels in the upscale and upper-upscale segments in domestic and international markets that have RevPAR generally less than twice the national average. During 2015 , approximately 10.3% of our total hotel revenue was generated from 10 hotels located in the Washington D.C. area. In addition, all hotels securing our mortgage loans are located domestically at December 31, 2015 . Our remaining mezzanine loan is collateralized by income-producing real property. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, U.S. government treasury bill holdings and amounts due or payable under our derivative contracts. At December 31, 2015 , we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2015 Total revenue $ 250,235 $ 369,338 $ 364,516 $ 352,877 $ 1,336,966 Total operating expenses 218,130 334,139 323,634 323,148 1,199,051 Operating income 32,105 35,199 40,882 29,729 137,915 Income (loss) from continuing operations 366,807 (14,757 ) (20,110 ) (26,127 ) 305,813 Income (loss) from continuing operations attributable to the Company 321,496 (12,244 ) (16,321 ) (21,992 ) 270,939 Income (loss) from continuing operations attributable to common stockholders 313,006 (20,735 ) (24,811 ) (30,483 ) 236,977 Diluted income (loss) from continuing operations attributable to common stockholders per share $ 3.25 $ (0.21 ) $ (0.26 ) $ (0.33 ) $ 2.35 (1 ) Weighted average diluted common shares 113,912 99,755 95,888 94,012 114,881 2014 Total revenue $ 194,861 $ 208,163 $ 201,457 $ 190,368 $ 794,849 Total operating expenses 168,468 190,698 182,189 176,802 718,157 Operating income 26,393 17,465 19,268 13,566 76,692 Income (loss) from continuing operations (6,787 ) (2,375 ) (16,266 ) (16,303 ) (41,731 ) Income (loss) from continuing operations attributable to the Company (2,391 ) (1,605 ) (13,550 ) (13,884 ) (31,430 ) Income (loss) from continuing operations attributable to common stockholders (10,881 ) (10,096 ) (22,040 ) (22,375 ) (65,392 ) Diluted income (loss) from continuing operations attributable to common stockholders per share $ (0.13 ) $ (0.11 ) $ (0.24 ) $ (0.25 ) $ (0.75 ) (1 ) Weighted average diluted common shares 81,690 88,781 90,322 89,589 87,622 (1) The sum of the diluted income (loss) from continuing operations attributable to common stockholders per share for the four quarters in 2015 and 2014 differs from the annual diluted income (loss) from continuing operations attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Embassy Suites Austin, TX $ 24,200 $ 1,204 $ 9,388 $ 193 $ 6,397 $ 1,397 $ 15,785 $ 17,182 $ 7,395 08/1998 (1),(2),(3) Embassy Suites Dallas, TX 13,700 1,878 8,907 238 6,578 2,116 15,485 17,601 7,642 12/1998 (1),(2),(3) Embassy Suites Herndon, VA 17,700 1,303 9,836 277 6,836 1,580 16,672 18,252 7,029 12/1998 (1),(2),(3) Embassy Suites Las Vegas, NV 20,100 3,307 16,952 397 6,023 3,704 22,975 26,679 9,049 05/1999 (1),(2),(3) Embassy Suites Syracuse, NY 19,599 2,839 9,778 — 7,582 2,839 17,360 20,199 6,639 10/2003 (1),(2),(3) Embassy Suites Flagstaff, AZ 10,884 1,267 4,278 — 6,992 1,267 11,270 12,537 5,040 10/2003 (1),(2),(3) Embassy Suites Houston, TX 21,200 1,799 10,404 — 5,261 1,799 15,665 17,464 5,449 03/2005 (1),(2),(3) Embassy Suites West Palm Beach, FL 17,700 3,277 13,949 — 9,138 3,277 23,087 26,364 6,830 03/2005 (1),(2),(3) Embassy Suites Philadelphia, PA 34,513 5,791 34,819 — 8,568 5,791 43,387 49,178 11,618 12/2006 (1),(2),(3) Embassy Suites Walnut Creek, CA 36,342 7,452 25,334 — 5,843 7,452 31,177 38,629 8,620 12/2006 (1),(2),(3) Embassy Suites Arlington, VA 44,802 36,065 41,588 — 9,335 36,065 50,923 86,988 13,774 04/2007 (1),(2),(3) Embassy Suites Portland, OR 75,360 11,110 60,048 — 7,882 11,110 67,930 79,040 16,922 04/2007 (1),(2),(3) Embassy Suites Santa Clara, CA 62,473 8,948 46,239 — 3,840 8,948 50,079 59,027 12,094 04/2007 (1),(2),(3) Embassy Suites Orlando, FL 15,373 5,674 21,593 — 3,306 5,674 24,899 30,573 5,797 04/2007 (1),(2),(3) Hilton Garden Inn Jacksonville, FL 9,200 1,751 9,164 — 1,700 1,751 10,864 12,615 3,476 11/2003 (1),(2),(3) Hilton Garden Inn Austin, TX 45,760 7,605 48,725 — 1,735 7,605 50,460 58,065 1,987 03/2015 (1),(2),(3) Hilton Garden Inn Baltimore, MD 19,680 4,027 20,199 — 232 4,027 20,431 24,458 781 03/2015 (1),(2),(3) Hilton Garden Inn Virginia Beach, VA 24,720 4,101 26,329 — 162 4,101 26,491 30,592 918 03/2015 (1),(2),(3) Hilton Garden Inn Wisconsin Dells, WI 12,000 867 14,318 — 71 867 14,389 15,256 278 08/2015 (1),(2),(3) Hilton Ft. Worth, TX 51,202 4,538 13,922 — 16,501 4,538 30,423 34,961 11,276 03/2005 (1),(2),(3) Hilton Houston, TX 23,200 2,200 13,247 — 11,321 2,200 24,568 26,768 10,184 03/2005 (1),(2),(3) Hilton St. Petersburg, FL 40,700 2,991 13,907 — 16,323 2,991 30,230 33,221 10,468 03/2005 (1),(2),(3) Hilton Santa Fe, NM 17,971 7,004 10,689 — 14,665 7,004 25,354 32,358 10,876 12/2006 (1),(2),(3) Hilton Bloomington, MN 52,644 5,685 59,139 — 14,031 5,685 73,170 78,855 18,170 04/2007 (1),(2),(3) Hilton Costa Mesa, CA 64,960 12,917 91,791 — 18,243 12,917 110,034 122,951 29,246 04/2007 (1),(2),(3) Hilton Boston, MA 98,016 62,555 134,407 — 810 62,555 135,217 197,772 4,457 03/2015 (1),(2),(3) Hilton Parsippany, NJ 53,120 7,293 58,098 — 7,996 7,293 66,094 73,387 3,652 03/2015 (1),(2),(3) Hilton Tampa, FL 21,440 5,206 21,186 — 846 5,206 22,032 27,238 1,722 03/2015 (1),(2),(3) Hampton Inn Lawrenceville, GA 10,086 697 3,808 — 1,349 697 5,157 5,854 1,617 11/2003 (1),(2),(3) Hampton Inn Evansville, IN 11,900 1,301 5,034 — 3,850 1,301 8,884 10,185 3,639 09/2004 (1),(2),(3) Hampton Inn Parsippany, NJ 22,400 3,268 24,306 — 1,169 3,268 25,475 28,743 1,287 03/2015 (1),(2),(3) Hampton Inn Buford, GA 5,744 1,168 5,338 — 1,129 1,168 6,467 7,635 2,063 07/2004 (1),(2),(3) Hampton Inn Phoenix, AZ 11,267 853 10,145 — 228 853 10,373 11,226 370 06/2015 (1),(2),(3) Hampton Inn - Waterfront Pittsburgh, PA 12,786 2,335 18,663 — 68 2,335 18,731 21,066 568 06/2015 (1),(2),(3) Hampton Inn - Washington Pittsburgh, PA 17,341 2,760 19,739 — 73 2,760 19,812 22,572 586 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Hampton Inn Columbus, OH 21,017 1,789 27,210 — 96 1,789 27,306 29,095 817 06/2015 (1),(2),(3) Hampton Inn Gainesville, FL 21,200 3,695 20,141 — 110 3,695 20,251 23,946 725 04/2015 (1),(2),(3) Marriott Beverly Hills, CA 98,240 6,510 22,061 — 30,883 6,510 52,944 59,454 12,715 03/2005 (1),(2),(3) Marriott Durham, NC 24,792 1,794 25,056 — 4,671 1,794 29,727 31,521 8,219 02/2006 (1),(2),(3) Marriott Arlington, VA 98,420 20,637 101,376 — 26,256 20,637 127,632 148,269 33,789 07/2006 (1),(2),(3) Marriott Bridgewater, NJ 71,936 5,059 89,268 — 4,061 5,059 93,329 98,388 22,377 04/2007 (1),(2),(3) Marriott Dallas, TX 25,707 2,701 30,893 — 5,455 2,701 36,348 39,049 8,343 04/2007 (1),(2),(3) Marriott Fremont, CA 37,500 5,800 44,200 — 765 5,800 44,965 50,765 4,430 8/2014 (1),(2),(3) Marriott Memphis, TN 33,300 6,210 37,284 — 292 6,210 37,576 43,786 1,513 02/2015 (1),(2),(3) Marriott Irving, TX 73,600 8,330 82,272 — 1,435 8,330 83,707 92,037 3,737 03/2015 (1),(2),(3) Marriott Omaha, NE 45,920 6,641 49,887 — 564 6,641 50,451 57,092 2,636 03/2015 (1),(2),(3) Marriott San Antonio, TX 33,920 9,764 31,384 — 998 9,764 32,382 42,146 1,713 03/2015 (1),(2),(3) Marriott Sugarland, TX 80,000 9,047 84,043 — 392 9,047 84,435 93,482 3,122 03/2015 (1),(2),(3) SpringHill Suites by Marriott Jacksonville, FL — 1,348 7,111 — 1,605 1,348 8,716 10,064 2,583 11/2003 (1),(2),(3) SpringHill Suites by Marriott Baltimore, MD 14,417 2,502 13,206 — 3,908 2,502 17,114 19,616 4,817 05/2004 (1),(2),(3) SpringHill Suites by Marriott Kennesaw, GA 7,005 1,106 5,021 — 555 1,106 5,576 6,682 1,720 07/2004 (1),(2),(3) SpringHill Suites by Marriott Buford, GA 9,150 1,132 6,089 — 1,741 1,132 7,830 8,962 2,890 07/2004 (1),(2),(3) SpringHill Suites by Marriott Gaithersburg, MD 9,429 2,200 19,746 (356 ) (5,008 ) 1,844 14,738 16,582 618 06/2005 (1),(2),(3),(4) SpringHill Suites by Marriott Centerville, VA 6,101 1,806 11,712 — 803 1,806 12,515 14,321 3,519 06/2005 (1),(2),(3) SpringHill Suites by Marriott Charlotte, NC 13,748 1,235 6,818 — 2,111 1,235 8,929 10,164 3,173 06/2005 (1),(2),(3) SpringHill Suites by Marriott Durham, NC 7,171 1,090 3,991 — 2,313 1,090 6,304 7,394 2,580 06/2005 (1),(2),(3) SpringHill Suites by Marriott Orlando, FL 28,828 8,620 27,699 — 9,596 8,620 37,295 45,915 9,143 04/2007 (1),(2),(3) SpringHill Suites by Marriott Manhattan Beach, CA 20,915 5,726 21,187 — 2,939 5,726 24,126 29,852 6,639 04/2007 (1),(2),(3) SpringHill Suites by Marriott Plymouth Meeting, PA 19,083 3,210 24,578 — 3,131 3,210 27,709 30,919 7,503 04/2007 (1),(2),(3) SpringHill Suites by Marriott Glen Allen, VA 14,585 2,045 15,802 — 2,378 2,045 18,180 20,225 5,134 04/2007 (1),(2),(3) Fairfield Inn by Marriott Kennesaw, GA 5,495 840 4,359 — 973 840 5,332 6,172 1,912 07/2004 (1),(2),(3) Fairfield Inn by Marriott Orlando, FL 15,200 6,507 9,895 — 9,056 6,507 18,951 25,458 3,866 04/2007 (1),(2),(3) Courtyard by Marriott Bloomington, IN 11,600 900 10,741 — 2,270 900 13,011 13,911 3,835 09/2004 (1),(2),(3) Courtyard by Marriott - Tremont Boston, MA 88,800 24,494 85,246 — 6,724 24,494 91,970 116,464 3,467 03/2015 (1),(2),(3) Courtyard by Marriott Columbus, IN 5,070 673 4,804 — 1,952 673 6,756 7,429 2,033 09/2004 (1),(2),(3) Courtyard by Marriott Denver, CO 31,680 9,342 29,656 — 193 9,342 29,849 39,191 1,444 03/2015 (1),(2),(3) Courtyard by Marriott Louisville, KY 19,203 1,352 12,266 — 2,805 1,352 15,071 16,423 5,558 09/2004 (1),(2),(3) Courtyard by Marriott Gaithersburg, MD 28,960 5,128 30,522 — 43 5,128 30,565 35,693 1,488 03/2015 (1),(2),(3) Courtyard by Marriott Crystal City, VA 37,600 5,411 38,610 — 4,795 5,411 43,405 48,816 12,817 06/2005 (1),(2),(3) Courtyard by Marriott Ft. Lauderdale, FL 21,681 2,244 18,520 — 2,715 2,244 21,235 23,479 6,235 06/2005 (1),(2),(3) Courtyard by Marriott Overland Park, KS 9,464 1,868 14,030 — 5,271 1,868 19,301 21,169 5,157 06/2005 (1),(2),(3) Courtyard by Marriott Palm Desert, CA 11,330 2,722 11,995 — 5,095 2,722 17,090 19,812 4,614 06/2005 (1),(2),(3) Courtyard by Marriott Savannah, GA 31,440 6,948 31,755 — 266 6,948 32,021 38,969 1,243 03/2015 (1),(2),(3) Courtyard by Marriott Foothill Ranch, CA 20,900 2,447 16,005 — 2,800 2,447 18,805 21,252 5,409 06/2005 (1),(2),(3) Courtyard by Marriott Alpharetta, GA 15,900 2,244 12,345 — 4,348 2,244 16,693 18,937 4,551 06/2005 (1),(2),(3) Courtyard by Marriott Orlando, FL 27,852 7,389 26,817 — 4,451 7,389 31,268 38,657 7,652 04/2007 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Courtyard by Marriott Oakland, CA 22,902 5,112 19,429 — 3,977 5,112 23,406 28,518 5,805 04/2007 (1),(2),(3) Courtyard by Marriott Scottsdale, AZ 21,987 3,700 22,134 — 5,246 3,700 27,380 31,080 6,639 04/2007 (1),(2),(3) Courtyard by Marriott Plano, TX 18,786 2,115 22,360 — 3,348 2,115 25,708 27,823 6,946 04/2007 (1),(2),(3) Courtyard by Marriott Edison, NJ 12,061 2,147 11,865 — 1,406 2,147 13,271 15,418 3,561 04/2007 (1),(2),(3) Courtyard by Marriott Newark, CA 5,942 2,863 10,723 — 4,273 2,863 14,996 17,859 4,162 04/2007 (1),(2),(3) Courtyard by Marriott Manchester, CT 6,745 1,301 7,430 — 3,021 1,301 10,451 11,752 3,225 04/2007 (1),(2),(3) Courtyard by Marriott Basking Ridge, NJ 40,686 5,419 45,304 — 3,158 5,419 48,462 53,881 11,587 04/2007 (1),(2),(3) Courtyard by Marriott Wichita, KS 18,380 291 23,090 — 116 291 23,206 23,497 653 06/2015 (1),(2),(3) Courtyard by Marriott - Billerica Boston, MA 29,807 3,528 29,352 — 854 3,528 30,206 33,734 999 06/2015 (1),(2),(3) Homewood Suites Pittsburgh, PA 25,492 1,906 28,093 — 73 1,906 28,166 30,072 722 06/2015 (1),(2),(3) Marriott Residence Inn Lake Buena Vista, FL 26,637 2,555 20,367 — 2,344 2,555 22,711 25,266 7,016 03/2004 (1),(2),(3) Marriott Residence Inn Evansville, IN 7,300 961 5,972 — 3,199 961 9,171 10,132 2,361 09/2004 (1),(2),(3) Marriott Residence Inn Orlando, FL 27,645 6,554 40,539 — 3,019 6,554 43,558 50,112 12,046 06/2005 (1),(2),(3) Marriott Residence Inn Falls Church, VA 24,200 2,752 34,979 — 3,816 2,752 38,795 41,547 10,376 06/2005 (1),(2),(3) Marriott Residence Inn San Diego, CA 25,400 3,156 29,514 — 5,447 3,156 34,961 38,117 10,098 06/2005 (1),(2),(3) Marriott Residence Inn Salt Lake City, UT 17,001 1,897 16,357 — 4,620 1,897 20,977 22,874 6,316 06/2005 (1),(2),(3) Marriott Residence Inn Palm Desert, CA 12,817 3,280 10,463 — 4,644 3,280 15,107 18,387 4,852 06/2005 (1),(2),(3) Marriott Residence Inn Las Vegas, NV 27,884 18,177 39,568 (6,185 ) (11,185 ) 11,992 28,383 40,375 1,889 04/2007 (1),(2),(3),(4) Marriott Residence Inn Phoenix, AZ 22,089 4,100 23,187 — 6,290 4,100 29,477 33,577 7,159 04/2007 (1),(2),(3) Marriott Residence Inn Plano, TX 14,084 2,045 16,869 — 3,528 2,045 20,397 22,442 5,152 04/2007 (1),(2),(3) Marriott Residence Inn Newark, CA 10,610 3,272 11,706 — 5,189 3,272 16,895 20,167 4,545 04/2007 (1),(2),(3) Marriott Residence Inn Manchester, CT 7,214 1,462 8,306 — 3,832 1,462 12,138 13,600 2,906 04/2007 (1),(2),(3) Marriott Residence Inn Atlanta, GA 15,203 1,901 16,749 — 4,946 1,901 21,695 23,596 5,899 04/2007 (1),(2),(3) Marriott Residence Inn Jacksonville, FL 10,529 1,997 16,084 — 3,069 1,997 19,153 21,150 5,494 05/2007 (1),(2),(3) Marriott Residence Inn Stillwater, OK 7,911 930 15,070 — 24 930 15,094 16,024 431 06/2015 (1),(2),(3) Marriott Residence Inn Tampa, FL 17,600 2,175 19,491 — 133 2,175 19,624 21,799 861 03/2015 (1),(2),(3) TownePlace Suites by Marriott Manhattan Beach, CA 19,303 4,805 17,543 — 2,129 4,805 19,672 24,477 4,693 04/2007 (1),(2),(3) Ritz-Carlton Atlanta, GA 69,920 2,477 80,139 — 646 2,477 80,785 83,262 3,852 03/2015 (1),(2),(3) One Ocean Atlantic Beach, FL 32,688 5,815 14,817 — 25,621 5,815 40,438 46,253 17,787 04/2004 (1),(2),(3) Renaissance Nashville, TN 74,729 20,671 158,260 — 3,025 20,671 161,285 181,956 6,959 03/2015 (1),(2),(3) Renaissance Palm Springs, CA 51,440 — 74,112 — 472 — 74,584 74,584 3,213 03/2015 (1),(2),(3) Renaissance Portsmouth, VA 16,080 — 19,794 — 604 — 20,398 20,398 1,939 03/2015 (1),(2),(3) Sheraton Hotel Ann Arbor, MI 35,200 4,158 35,042 — 362 4,158 35,404 39,562 939 06/2015 (1),(2),(3) Sheraton Hotel Langhorne, PA 17,540 2,037 12,424 — 12,689 2,037 25,113 27,150 8,478 07/2004 (1),(2),(3) Sheraton Hotel Minneapolis, MN 21,591 2,953 14,280 — 10,594 2,953 24,874 27,827 7,849 03/2005 (1),(2),(3) Sheraton Hotel Indianapolis, IN 50,200 3,100 22,041 — 21,497 3,100 43,538 46,638 15,099 03/2005 (1),(2),(3) Sheraton Hotel Anchorage, AK 47,316 4,023 39,363 — 11,169 4,023 50,532 54,555 14,108 12/2006 (1),(2),(3) Sheraton Hotel San Diego, CA 29,185 7,294 36,382 — 11,225 7,294 47,607 54,901 14,081 12/2006 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Hyatt Regency Coral Gables, FL 63,600 4,805 50,820 — 9,104 4,805 59,924 64,729 14,557 04/2007 (1),(2),(3) Hyatt Regency Hauppauge, NY 34,080 6,284 35,669 — 844 6,284 36,513 42,797 3,600 03/2015 (1),(2),(3) Hyatt Regency Savannah, GA 70,480 14,041 72,721 — 3,965 14,041 76,686 90,727 3,810 03/2015 (1),(2),(3) Crowne Plaza Atlanta, GA 65,600 5,870 74,885 — 2,241 5,870 77,126 82,996 3,812 03/2015 (1),(2),(3) Crowne Plaza Key West, FL 72,006 — 27,514 — 20,236 — 47,750 47,750 16,474 03/2005 (1),(2),(3) Crowne Plaza Annapolis, MD — — 9,903 — 2,898 — 12,801 12,801 420 03/2015 (1),(2),(3) Annapolis Inn Annapolis, MD 20,234 3,028 7,833 — 8,239 3,028 16,072 19,100 4,981 03/2005 (1),(2),(3) Lakeway Resort & Spa Austin, TX 25,100 4,541 28,940 — 2,193 4,541 31,133 35,674 1,737 02/2015 (1),(2),(3) Silversmith Chicago, IL 22,080 4,782 22,398 — 277 4,782 22,675 27,457 1,256 03/2015 (1),(2),(3) The Churchill Washington, DC 47,280 25,898 32,304 — 4,980 25,898 37,284 63,182 1,660 03/2015 (1),(2),(3) The Melrose Washington, DC 74,560 29,277 62,507 — 809 29,277 63,316 92,593 2,420 03/2015 (1),(2),(3) Le Pavillon New Orleans, LA 43,750 10,933 51,549 — 208 10,933 51,757 62,690 1,493 06/2015 (1),(2),(3) The Ashton Ft. Worth, TX 5,524 800 7,187 — 652 800 7,839 8,639 319 07/2014 (1),(2),(3) Westin Princeton, NJ 32,325 6,475 52,195 — 1,029 6,475 53,224 59,699 2,452 03/2015 (1),(2),(3) W Atlanta, GA 40,500 2,353 54,383 — 280 2,353 54,663 57,016 1,417 07/2015 (1),(2),(3) W Minneapolis, MN 55,524 8,430 79,713 — 6 8,430 79,719 88,149 457 11/2015 (1),(2),(3) Le Meridien Minneapolis, MN — 2,752 12,248 — 19 2,752 12,267 15,019 278 07/2015 (1),(2),(3) Hotel Indigo Atlanta, GA 16,002 3,230 23,713 — 14 3,230 23,727 26,957 289 10/2015 (1),(2),(3) WorldQuest Resort Orlando, FL — 1,432 9,870 (80 ) 858 1,352 10,728 12,080 2,398 03/2011 (1),(2),(3) Total $ 3,868,991 $ 711,402 $ 3,886,418 $ (5,516 ) $ 589,162 $ 705,886 $ 4,475,580 $ 5,181,466 $ 761,782 _________________________ (1) Estimated useful life for buildings is 39 years . (2) Estimated useful life for building improvements is 7.5 years . (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. Year Ended December 31, 2015 2014 2013 Investment in Real Estate: Beginning balance $ 2,719,716 $ 2,671,002 $ 3,509,744 Additions 2,531,312 171,542 184,106 Reclassification — — 622 Impairment/write-offs (57,596 ) (22,286 ) (99,460 ) Sales/disposals (11,966 ) (100,542 ) (924,010 ) Ending balance 5,181,466 2,719,716 2,671,002 Accumulated Depreciation: Beginning balance 591,105 507,208 637,840 Depreciation expense 211,434 110,464 127,273 Reclassification — — 373 Impairment/write-offs (37,647 ) (22,286 ) (99,460 ) Sales/disposals (3,110 ) (4,281 ) (158,818 ) Ending balance 761,782 591,105 507,208 Investment in Real Estate, net $ 4,419,684 $ 2,128,611 $ 2,163,794

Mortgage Loans and Interest Ear

Mortgage Loans and Interest Earned on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES December 31, 2015 (in thousands) Column A Column B Column C Column D Column E Column F Column G Description Prior Liens Balance at Delinquent Being Accrued Interest Income Ritz Carlton Key Biscayne, FL — 10,829 — — — — Valuation allowance (7,083 ) — Net carrying value $ 3,746 $ — Year Ended December 31, 2015 2014 2013 Investment in Mortgage Loans: Balance at January 1 $ 3,553 $ 3,384 $ 3,233 Principal payments (246 ) (246 ) (245 ) Amortization of discounts/deferred income — — — Valuation allowance adjustments 439 415 396 Balance at December 31 $ 3,746 $ 3,553 $ 3,384

Significant Accounting Polici33

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. The following items affect reporting comparability related to our consolidated financial statements: • 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; on June 17, 2015, we acquired a 9 -hotel portfolio; on July 1, 2015, we acquired the W Atlanta Downtown hotel; on July 23, 2015, we acquired the Le Meridien Minneapolis; on August 5, 2015, we acquired the Hilton Garden Inn - Wisconsin Dells; on October 15, 2015, we acquired the Hotel Indigo Atlanta; and on November 10, 2015, we acquired the W Minneapolis Foshay. The operating 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, 2013, through March 5, 2015, the results of the PIM Highland JV are included in equity in earnings (loss) of unconsolidated entities. Beginning March 6, 2015, we consolidate the results of operations of these hotels. • On March 1, 2014, we completed the sale of the Pier House Resort to 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 May 14, 2013, through February 28, 2014. Additionally, the operating results of the Ashton Hotel and Marriott Fremont, which were acquired on July 18, 2014 and August 6, 2014, respectively, are included in our results of operations since their acquisition dates.
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.
Cash and Cash Equivalents	Cash and Cash Equivalents – Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash – Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. For purposes of the 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.
Accounts and Notes Receivable	Accounts Receivable – Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. 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 2015 , 2014 and 2013 . VIEs, as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the VIE does not effectively disperse risks among the parties involved. Our remaining mezzanine note receivable at December 31, 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 the 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.
Inventories	Inventories – Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties	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 that extend the useful life of the hotel properties are capitalized.
Impairment of Investment in Hotel Properties and Hotel Dispositions	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 an impairment charge of $19.9 million for the year ended December 31, 2015. See note 6. No impairment charges were recorded for investments in hotel properties for the years ended December 31, 2014 and 2013. 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 believe that individual dispositions of hotel properties do 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 was implemented prospectively. 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 6.
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.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities – Investments in entities in which we have ownership interests ranging from 14.4% to 52.4% , at December 31, 2015 , 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 2015 , 2014 and 2013 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Variable Interest Entities (“VIE”), as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
Impairment of Notes Receivable	Impairment of Notes 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 for 2015 , 2014 and 2013 . Valuation adjustments of $439,000 , $415,000 and $396,000 on previously impaired notes were credited to impairment charges during 2015 , 2014 and 2013 , respectively. See notes 4 and 6.
Marketable Securities	Marketable Securities – Marketable securities include U.S. treasury bills, publicly traded equity securities, and put and call options of 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 and losses and costs of investment, is reported as a component of “other income (expense).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Deferred Costs, net	Deferred Costs, net – As discussed below, we elected to early adopt ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”) to simplify the presentation of debt issuance costs. This change in accounting principle was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation rather than as an asset on our consolidated balance sheets. Additionally, we applied the guidance in ASU 2015-15 Interest-Imputation of Interest (Subtopic 835-30) : Presentation and Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), and as a result debt issuance costs associated with our secured revolving credit facility will continue to be presented as an asset on our consolidated balance sheets. Deferred loan costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight line basis over the terms of the related franchise agreements. This change in accounting principle is reflected in notes 7 and 9. Additionally, Ashford Prime also adopted ASU 2015-03, of which the effect of this change in accounting principle is reflected in note 5.
Intangible Assets and Liabilities	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. See note 8.
Derivative Instruments and Hedging	Derivative 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, flooridors. We assess the effectiveness of each hedging relationship by comparing the 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. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three-month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives, credit default swaps and futures contracts 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 years ended December 31, 2015 , 2014 and 2013 there was no ineffectiveness. For non-hedge designated interest rate derivatives, credit default swaps and futures, changes in fair value and realized gains and losses are recognized in earnings as “unrealized loss on derivatives” and “other income (expense)”, respectively, 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. 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	Due to/from Ashford Prime OP, net – Due to/from Ashford Prime OP represents receivables and payables resulting primarily from reimbursable expenses between the two entities. At December 31, 2014, we had receivables related to advisory fees. Due to/from Ashford Prime OP is generally settled within a period not exceeding one year .
Due to/from Ashford Inc.	Due to/from Ashford Inc. – Due to/from Ashford Inc. represents current receivables and payables resulting primarily from advisory services fee, including reimbursable expenses. At December 31, 2014, due to/from Ashford Inc., included costs and payables resulting primarily from costs and payables associated with the spin-off of Ashford Inc. Due to/from Ashford Inc., is generally settled within a period not exceeding one year .
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers – Due from third-party hotel managers primarily consists of amounts due from Marriott related to cash reserves held at the Marriott corporate level related to operating, capital improvements, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management.
Unfavorable Management Contract Liabilities	Unfavorable Management Contract Liabilities – Certain management agreements assumed in the acquisition of a hotel in 2006 and the CNL acquisition in 2007 had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. An unfavorable management contract with a carrying value of $493,000 was contributed to Ashford Prime OP in connection with the Ashford Prime spin-off.
Noncontrolling Interests	Noncontrolling Interests – The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period plus distributions paid to these limited partners’ Class B unit holdings. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating units do not meet the requirements for equity classification prescribed by the authoritative accounting guidance because the redemption feature requires the delivery of cash or registered shares. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% of two hotel properties held by one joint venture at December 31, 2015 and 2014. The noncontrolling interests in consolidated entities that represented ownership interest of 25% of two hotel properties held by one joint venture were contributed to Ashford Prime in connection with its spin-off in November 2013. The noncontrolling interests in consolidated entities are reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Guarantees	Guarantees – Upon acquisition of the 51 -hotel CNL Portfolio on April 11, 2007, we assumed certain guarantees, which represent funds provided by third-party hotel managers to guarantee minimum returns for certain hotel properties. As we are obligated to repay such amounts through increased incentive management fees through cash reimbursements, such guarantees were recorded as other liabilities. During 2013, payments were made to satisfy all guarantees and as a result there are no future obligations.
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.
Other Hotel Expenses	Other Hotel Expenses – Other hotel expenses include internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs – Advertising costs are charged to expense as incurred. For 2015 , 2014 and 2013 , our continuing operations incurred advertising costs of $5.6 million , $3.3 million and $4.1 million , respectively. Advertising costs related to continuing operations are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation – Stock/unit-based compensation for non-employees is accounted for at fair value based on the market price of the shares at period end in accordance with applicable authoritative accounting guidance that results in recording expense, within “advisory service fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Prior to the spin-off of Ashford Inc., stock/unit-based compensation was accounted for at fair value based on the market price of the shares at the date of grant in accordance with applicable authoritative accounting guidance. The fair value was charged to compensation expense on a straight-line basis over the vesting period of the shares/units.
Depreciation and amortization	Depreciation and Amortization – Owned hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
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 2015 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share	Income (Loss) Per Share – Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share 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.
Reclassification And Correction of Immaterial Errors	Reclassifications And Correction of Immaterial Errors - During the years ended December 31, 2014 and 2013, the Company repurchased a total of approximately 41,000 and 33,000 shares of its common stock for a total cost of $458,000 and $401,000 , respectively. The Company has historically presented share repurchases as treasury stock (thereby reducing stockholders’ equity) in the consolidated balance sheets and consolidated statements of equity. However, the Company is incorporated in Maryland and under Maryland law, there is no concept of treasury stock. Therefore, shares repurchased should be considered retired and constitute authorized but unissued shares rather than treasury stock as previously presented. As a result, during the year ended December 31, 2015, the Company has corrected the classification error and amounts previously reported as treasury stock of $125.7 million and $140.1 million at December 31, 2014 and 2013, respectively, are presented as a reduction to common stock and additional paid-in capital in the consolidated balance sheet and consolidated statements of equity. In addition, the number of shares previously disclosed as issued have been reduced by the number of shares repurchased of 35.5 million and 44.3 million at December 31, 2014 and 2013, respectively. This change does not affect consolidated assets, consolidated liabilities, consolidated total equity, the consolidated statement of operations, the consolidated statement of comprehensive income (loss), the consolidated statement of cash flows (excluding the change of descriptions from issuances and purchases of treasury stock to common stock), or earnings per share computations. As discussed above, we elected to early adopt ASU 2015-03 to simplify the presentation of debt issuance costs. This change in accounting principle was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation rather than as an asset on our consolidated balance sheets. Additionally, we applied the guidance in ASU 2015-15, and as a result debt issuance costs associated with our secured revolving credit facility will continue to be presented as an asset on our consolidated balance sheets.
Recently Adopted and Issued 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 affects the presentation of our results of operations to the extent that the operations of disposed hotel properties are included in continuing operations. In April 2015, the FASB issued ASU 2015-03. 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, and is to be applied retrospectively. Early adoption is permitted. This standard was adopted in the fourth quarter of 2015 and applied retrospectively. Debt issuance costs are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Adoption of this standard did not have any impact on our financial position, results of operations or cash flows. In August 2015, the FASB issued ASU 2015-15 t o amend SEC paragraphs of the FASB Accounting Standards Codification pursuant to an SEC Staff Announcement at the June 18, 2015 Emerging Issues Task Force meeting. The guidance in ASU 2015-03, described above, does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, ASU 2015-15 states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance was effective immediately and did not have any impact on our financial position, results of operations or cash flows. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”), as part of its Simplification Initiative to provide guidance on management’s responsibility to adjust provisional amounts recognized in a business combination and to provide related disclosure requirements.The amendments in this Update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 applies to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and has an adjustment to provisional amounts recognized during the measurement period. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. We have elected to early adopt this standard effective December 31, 2015, and the adoption of this standard did not have an impact on our financial position, results of operations or cash flows. 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. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017. Early adoption is permitted for fiscal periods beginning after December 15, 2016. 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. ASU 2014-15 also requires certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. 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 (“ASU 2015-02”). 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 evaluating the effect that ASU 2015-02 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are evaluating the impact that ASU 2016-03 will have on our consolidated financial statements and related disclosures.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Business Acquisition [Line Items]
Investment in hotel properties	Investments in hotel properties consisted of the following (in thousands): December 31, 2015 2014 Land $ 704,534 $ 358,514 Buildings and improvements 4,026,857 2,125,656 Furniture, fixtures and equipment 406,893 211,777 Construction in progress 31,235 11,704 Condominium properties 11,947 12,065 Total cost 5,181,466 2,719,716 Accumulated depreciation (761,782 ) (591,105 ) Investments in hotel properties, net $ 4,419,684 $ 2,128,611
Schedule of pro forma results of operations	These adjustments are directly attributable to the transactions for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Total revenue $ 1,486,717 $ 1,397,942 $ 1,505,782 Loss from continuing operations $ (74,818 ) $ (44,777 ) $ (75,560 ) Net loss $ (74,219 ) $ (41,253 ) $ (75,658 )
Lakeway Resort & Spa [Member]
Business Acquisition [Line Items]
Schedule of 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 )
Memphis Marriott East Hotel [Member]
Business Acquisition [Line Items]
Schedule of 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
PIM Highland JV Acquisition [Member]
Business Acquisition [Line Items]
Schedule of 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): 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
Hampton Inn & Suites - Gainesville [Member]
Business Acquisition [Line Items]
Schedule of 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 )
Le Pavillon Hotel [Member]
Business Acquisition [Line Items]
Schedule of 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
Princeton Westin - Land Acquisition [Member]
Business Acquisition [Line Items]
Schedule of 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
The Rockbridge Hotel Portfolio [Member]
Business Acquisition [Line Items]
Schedule of 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 )
W Atlanta Downtown Hotel [Member]
Business Acquisition [Line Items]
Schedule of 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 $ 2,353 Buildings and improvements 51,758 Furniture, fixtures, and equipment 2,626 56,737 Net other assets and liabilities 1,358
Le Meridien Minneapolis Hotel [Member]
Business Acquisition [Line Items]
Schedule of 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 $ 2,752 Buildings and improvements 11,583 Furniture, fixtures, and equipment 665 15,000 Net other assets and liabilities 215
Hilton Garden Inn - Wisconsin Dells [Member]
Business Acquisition [Line Items]
Schedule of 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 $ 867 Buildings and improvements 13,917 Furniture, fixtures, and equipment 401 15,185 Net other assets and liabilities (39 )
Hotel Indigo - Atlanta [Member]
Business Acquisition [Line Items]
Schedule of assets acquired and liabilities assumed	The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 3,230 Buildings and improvements 22,135 Furniture, fixtures, and equipment 1,576 26,941 Indebtedness (16,581 ) Net other assets and liabilities 425
W Minneapolis Foshay [Member]
Business Acquisition [Line Items]
Schedule of 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 $ 8,430 Buildings and improvements 75,842 Furniture, fixtures, and equipment 3,868 88,140 Indebtedness (57,739 ) Net other assets and liabilities 1,937

Investment in Unconsolidated 35

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Balance Sheet Information	Ashford Inc. Condensed Balance Sheets December 31, 2015 December 31, 2014 Total assets $ 166,991 $ 49,230 Total liabilities 30,115 33,912 Redeemable noncontrolling interests in Ashford LLC 240 424 Total stockholders’ equity of Ashford Inc. 32,165 14,981 Noncontrolling interests in consolidated entities 104,471 (87 ) Total equity 136,636 14,894 Total liabilities and equity $ 166,991 $ 49,230 Our ownership interest in Ashford Inc. $ 6,616 $ 7,099 The following tables summarize the condensed consolidated balance sheet as of December 31, 2014 and the condensed consolidated statement of operations for the period from January 1, 2015 through March 5, 2015 and the years ended December 31, 2014 and 2013 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’ capital 228,124 Total liabilities and members’ capital $ 1,394,806 Our ownership interest in PIM Highland JV $ 144,784 Ashford Hospitality Prime Limited Partnership Condensed Consolidated Balance Sheet 2014 Total assets (1) $ 1,226,005 Total liabilities (1) 802,007 Partners’ capital 423,998 Total liabilities and partners’ capital $ 1,226,005 Our ownership interest in Ashford Prime OP $ 54,907 ________________ (1) Debt issuance costs are now reflected as a direct reduction to the related debt obligation rather than as an asset on the condensed consolidated balance sheet. This results in amounts different than was previously presented. AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Balance Sheet December 31, 2015 Total assets $ 106,792 Total liabilities — Partners’ capital 106,792 Total liabilities and partners’ capital $ 106,792 Our ownership interest in the REHE Fund $ 55,952
Schedule of Statement of Operations	PIM Highland JV Condensed Consolidated Statements of Operations Period from January 1 to March 5, Year Ended December 31, 2015 2014 2013 Total revenue $ 76,695 $ 466,703 $ 426,760 Total expenses (69,949 ) (391,779 ) (385,133 ) Operating income 6,746 74,924 41,627 Interest income and other 17 53 69 Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees (10,212 ) (59,456 ) (64,316 ) Other expenses — (44 ) — Income tax expense (1,222 ) (4,294 ) (1,345 ) Net income (loss) $ (4,671 ) $ 11,183 $ (23,965 ) Our equity in earnings (loss) of PIM Highland JV $ (3,836 ) $ 5,482 $ (19,392 ) Ashford Hospitality Prime Limited Partnership Condensed Consolidated and Combined Consolidated Statements of Operations Year Ended December 31, 2015 2014 2013 Total revenue $ 349,545 $ 307,308 $ 233,496 Total expenses (303,569 ) (263,558 ) (214,086 ) Operating income 45,976 43,750 19,410 Equity in loss of unconsolidated entity (2,927 ) — — Interest income 34 27 23 Other income (expense) 1,233 — — Interest expense and amortization and write-offs of loan costs (37,883 ) (39,031 ) (34,982 ) Unrealized loss on investments (7,609 ) — — Unrealized loss on derivatives (3,252 ) (111 ) (36 ) Income tax expense (263 ) (1,097 ) (2,343 ) Net income (loss) (4,691 ) 3,538 (17,928 ) Income from consolidated entities attributable to noncontrolling interests (2,414 ) (1,103 ) (934 ) Net income (loss) attributable to Ashford Prime OP $ (7,105 ) $ 2,435 $ (18,862 ) Our equity in earnings (loss) of Ashford Prime OP $ 874 $ 258 $ (4,012 ) AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Statement of Operations December 31, 2015 Total investment income $ 1,266 Net expenses (273 ) Net investment income 993 Net unrealized loss on investments (2,308 ) Net realized gain on investments (5,103 ) Net loss attributable to the REHE Fund $ (6,418 ) Our equity in loss of the REHE Fund $ (3,386 ) Ashford Inc. Condensed Statements of Operations Year Ended December 31, 2015 2014 2013 Total revenue $ 58,981 $ 17,288 $ 960 Total expenses (60,332 ) (63,586 ) (48,672 ) Operating loss (1,351 ) (46,298 ) (47,712 ) Unrealized loss on investment in unconsolidated entity (2,141 ) — — Unrealized loss on investments (2,490 ) — — Realized loss on investments (5,110 ) — — Other 1,114 — — Income tax expense (2,066 ) (783 ) (7 ) Net loss (12,044 ) (47,081 ) (47,719 ) Loss from consolidated entities attributable to noncontrolling interests 10,852 647 — Net loss attributable to redeemable noncontrolling interests in Ashford LLC 2 24 — Net loss attributable to Ashford Inc. $ (1,190 ) $ (46,410 ) $ (47,719 ) Our equity in loss of Ashford Inc. $ (483 ) $ (3,245 ) $ —

Hotel Dispositions and Impair36

Hotel Dispositions and Impairment Charges (Tables)	12 Months Ended
	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of changes in allowance for losses	The following table summarizes the changes in allowance for losses for the years ended December 31, 2015 , 2014 and 2013 (in thousands): 2015 2014 2013 Balance at beginning of period $ 7,522 $ 7,937 $ 8,333 Impairment charges — — — Valuation adjustments (credits to impairment charges) (439 ) (415 ) (396 ) Charge-offs — — — Balance at end of period $ 7,083 $ 7,522 $ 7,937
Hampton Inn hotel in Terre Haute, Indiana [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating results of discontinued operations	The following table includes condensed financial information from this hotel (in thousands): Year Ended December 31, 2015 2014 2013 Total hotel revenue $ 361 $ 2,719 $ 2,529 Total hotel operating expenses (308 ) (1,868 ) (1,755 ) Operating income 53 851 774 Property taxes, insurance and other (40 ) (128 ) (53 ) Depreciation and amortization (164 ) (724 ) (407 ) Interest expense and amortization of loan costs — (292 ) (528 ) Loss from continuing operations (151 ) (293 ) (214 ) Loss on sale of hotel property (1,130 ) — — Net loss (1,281 ) (293 ) (214 ) Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership 147 38 27 Loss from continuing operations attributable to the Company $ (1,134 ) $ (255 ) $ (187 )
Homewood Suites hotel in Mobile, Alabama [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating results of discontinued operations	The following table includes condensed financial information from this hotel for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 2013 Hotel revenues $ 2,479 $ 2,733 Hotel operating expenses (1,678 ) (1,791 ) Operating income 801 942 Property taxes, insurance and other (109 ) (130 ) Depreciation and amortization (278 ) (306 ) Interest expense and amortization of loan costs (332 ) (604 ) Loss on sale of hotel property (49 ) — Income (loss) from discontinued operations 33 (98 ) (Income) loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership (4 ) 12 Income (loss) from discontinued operations attributable to the Company $ 29 $ (86 )

Deferred Costs, net (Tables)

Deferred Costs, net (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, net	Deferred costs, net consist of the following (in thousands): December 31, 2015 2014 Deferred franchise fees $ 5,086 $ 3,168 Deferred loan costs 638 — Total costs 5,724 3,168 Accumulated amortization (1,877 ) (1,550 ) Deferred costs, net $ 3,847 $ 1,618

Intangible Assets, net and In38

Intangible Assets, net and Intangible Liabilities, net (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets, net and Intangible Liabilities, net [Abstract]
Schedule of Intangible Assets, net and Intangible Liabilities, net	Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liability, net December 31, December 31, 2015 2014 2015 2014 Cost $ 11,499 $ — $ 16,817 $ — Accumulated amortization (156 ) — (323 ) — $ 11,343 $ — $ 16,494 $ —
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	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 2016 $ 197 $ 395 2017 197 395 2018 197 395 2019 197 395 2020 197 395 Thereafter 10,358 14,519 Total $ 11,343 $ 16,494
Below Market Lease, Future Amortization Income	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 2016 $ 197 $ 395 2017 197 395 2018 197 395 2019 197 395 2020 197 395 Thereafter 10,358 14,519 Total $ 11,343 $ 16,494

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of indebtedness of continuing operations and the carrying values of related collateral	Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Indebtedness Collateral Maturity Interest Rate Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan 10 hotels July 2015 5.22% — — 145,278 177,769 Mortgage loan (3) 5 hotels November 2015 Greater of 6.40% or LIBOR (1) + 6.15% — — 211,000 308,427 Mortgage loan 8 hotels December 2015 5.70% — — 92,772 75,959 Mortgage loan 5 hotels February 2016 5.53% — — 105,164 128,380 Mortgage loan 5 hotels February 2016 5.53% — — 75,546 100,203 Mortgage loan (4) (5) 5 hotels February 2016 LIBOR (1) + 4.75% 200,000 209,550 200,000 210,974 Mortgage loan (4) 7 hotels August 2016 LIBOR (1) + 4.35% 301,000 193,777 301,000 190,072 Mortgage loan (4) 5 hotels August 2016 LIBOR (1) + 4.38% 62,900 85,463 62,900 99,539 Mortgage loan (4) 1 hotel August 2016 LIBOR (1) + 4.20% 37,500 46,335 37,500 48,926 Secured revolving credit facility (6) Various October 2016 Base Rate (2) + 2.00% or LIBOR (1) + 3.00% — — — — Mortgage loan (4) 8 hotels January 2017 LIBOR (1) + 4.95% 376,800 366,160 — — Mortgage loan (7) 24 hotels April 2017 LIBOR (1) + 4.39% 1,070,560 1,301,840 — — Mortgage loan (4) 1 hotel April 2017 LIBOR (1) + 4.95% 33,300 42,273 — — Mortgage loan 5 hotels April 2017 5.95% 110,302 124,038 111,869 123,891 Mortgage loan 5 hotels April 2017 5.95% 99,144 118,946 100,552 116,132 Mortgage loan 5 hotels April 2017 5.95% 150,860 156,217 153,002 155,234 Mortgage loan 7 hotels April 2017 5.95% 120,671 140,860 122,384 146,209 Mortgage loan (4) 1 hotel May 2017 LIBOR (1) + 5.10% 25,100 33,938 — — Mortgage loan (4) 1 hotel June 2017 LIBOR (1) + 5.10% 43,750 61,197 — — Mortgage loan 1 hotel June 2017 5.98% 16,002 26,668 — — Mortgage loan (4) 8 hotels July 2017 LIBOR (1) + 4.09% 144,000 182,139 — — Mortgage loan (4) 1 hotel July 2017 LIBOR (1) + 4.15% 35,200 38,623 — — Mortgage loan (4) 1 hotel July 2017 LIBOR (1) + 5.10% 40,500 55,600 — — Mortgage loan (7) 17 hotels December 2017 LIBOR (1) + 4.87% 375,000 295,020 — — Mortgage loan 1 hotel January 2018 4.38% 98,016 193,321 — — Mortgage loan 2 hotels January 2018 4.44% 107,054 232,247 — — Mortgage loan (8) 1 hotel July 2018 LIBOR (1) + 4.50% 21,200 23,222 — — Mortgage loan (8) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 14,978 — — Mortgage loan (9) 1 hotel July 2019 LIBOR (1) + 3.75% 5,524 8,320 5,525 7,742 Mortgage loan 1 hotel November 2020 6.26% 98,420 114,480 99,780 112,278 Mortgage loan 1 hotel May 2023 5.46% 55,524 87,692 — — Mortgage loan 1 hotel January 2024 5.49% 10,529 15,655 10,673 16,460 Mortgage loan 1 hotel January 2024 5.49% 7,214 10,698 7,313 9,161 Mortgage loan 1 hotel May 2024 4.99% 6,745 8,528 6,845 8,525 Mortgage loan 3 hotels August 2024 5.20% 67,520 46,358 67,520 47,706 Mortgage loan 2 hotels August 2024 4.85% 12,500 9,223 12,500 9,698 Mortgage loan 3 hotels August 2024 4.90% 24,980 15,880 24,980 16,132 Mortgage loan 3 hotels February 2025 4.45% 54,110 70,637 — — Mortgage loan 2 hotels February 2025 4.45% 24,147 28,739 — — Mortgage loan 2 hotels February 2025 4.45% 20,919 11,807 — — 3,868,991 4,370,429 1,954,103 2,109,417 Premiums, net 5,626 — — — Deferred loan costs, net (34,000 ) — (10,970 ) — Total $ 3,840,617 $ 4,370,429 $ 1,943,133 $ 2,109,417 ____________________________________ (1) LIBOR rates were 0.430% and 0.171% at December 31, 2015 and 2014, respectively. (2) Base Rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5% or (iii) LIBOR + 1.0% . (3) 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. (4) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions. (5) This mortgage loan has a LIBOR floor of 0.20% . (6) Our borrowing capacity under our secured revolving credit facility is $100.0 million . (7) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (8) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. (9) 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.
Summary of maturities of indebtedness of continuing operations	Maturities and scheduled amortizations of indebtedness of our continuing operations as of December 31, 2015 for each of the five following years and thereafter are as follows (in thousands): 2016 $ 580,045 2017 2,644,079 2018 237,175 2019 49,648 2020 96,800 Thereafter 261,244 Total $ 3,868,991

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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) Counter-party and Cash Collateral Netting (4) Total December 31, 2015: Assets Derivative assets: Interest rate derivatives – non-hedge $ — $ 2,108 $ — $ — $ 2,108 (1) Credit default swaps — 5,152 — (4,059 ) 1,093 (1) Futures contracts 234 — — — 234 (1) Total 234 7,260 — (4,059 ) 3,435 December 31, 2014: Assets Derivative assets: Interest rate derivatives – non-hedge $ — $ 182 $ — $ — $ 182 (1) Equity put and call options 654 — — — 654 (2) Non-derivative assets: Equity securities 62,563 — — — 62,563 (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 table summarizes the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): Gain or (Loss) Recognized in Income Reclassified from Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Assets Derivative assets: Interest rate derivatives $ (9,641 ) $ (484 ) $ (10,778 ) $ — $ 100 $ 101 Credit default swaps 171 (5) — — — — — Futures contracts (391 ) — — — — — Equity put options 26 — — — — — Equity call options (1,717 ) (3,942 ) (1,388 ) — — — Non-derivative assets: Equity - American Depositary Receipt (150 ) — — — — — Equity 1,072 7,932 5,779 — — — U.S. Treasury 314 — — — — — Total (10,316 ) 3,506 (6,387 ) — 100 101 Liabilities Derivative liabilities: Interest rate derivatives — — 4,400 Credit default swaps — (699 ) (2,025 ) Short-equity put options 1,002 1,111 (138 ) — — — Short-equity call options 1,470 429 (274 ) — — — Non-derivative liabilities: Short-equity securities 78 — — Total 2,550 841 1,963 — — — Net $ (7,766 ) $ 4,347 $ (4,424 ) $ — $ 100 $ 101 Total combined Interest rate derivatives $ (9,641 ) $ (484 ) $ (6,378 ) $ — $ 100 $ 101 Credit default swaps 2,630 (616 ) (1,937 ) — — — Futures contracts (391 ) — — Total derivatives (7,402 ) (1) (1,100 ) (1) (8,315 ) (1) — 100 101 Realized loss on credit default swaps (2,459 ) (2) — — — — — Unrealized gain (loss) on marketable securities 127 (3) (332 ) (3) 5,115 (3) — — — Realized gain (loss) on marketable securities 1,968 (2) 5,779 (2) (4) (1,224 ) (2) (4) — — — Net $ (7,766 ) $ 4,347 $ (4,424 ) $ — $ 100 $ 101 _________________________ (1) Reported as “unrealized loss on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” 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 $83 and $88 in 2014 and 2013 , respectively, associated with credit default swaps. (5) Excludes costs of $486 , included in “other income” associated with credit default swaps.

Summary of Fair Value of Fina41

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Carrying amounts and estimated fair values of financial instruments measured at fair value on recurring basis	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 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 3,435 3,435 182 182 Liabilities associated with marketable securities and other — — 6,201 6,201 Financial assets not measured at fair value: Cash and cash equivalents $ 215,078 $ 215,078 $ 215,063 $ 215,063 Restricted cash 153,680 153,680 85,830 85,830 Accounts receivable, net 40,438 40,438 22,399 22,399 Note receivable, net 3,746 3,344 to 3,696 3,553 3,049 to 3,370 Due from affiliates — — 3,473 3,473 Due from Ashford Prime OP, net 528 528 896 896 Due from third-party hotel managers 22,869 22,869 12,241 12,241 Financial liabilities not measured at fair value: Indebtedness $ 3,874,617 $3,683,196 to $4,070,904 $ 1,954,103 $1,905,801 to $2,106,413 Accounts payable and accrued expenses 123,444 123,444 71,118 71,118 Dividends payable 22,678 22,678 21,889 21,889 Due to Ashford Inc., net 9,856 9,856 8,202 8,202 Due to related party, net 1,339 1,339 1,867 1,867 Due to third-party hotel managers 2,504 2,504 1,640 1,640

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future minimum rentals due under non-cancelable leases	Future minimum rentals due under non-cancelable leases are as follows for each of the five following years and thereafter are as follows (in thousands): 2016 $ 3,067 2017 2,875 2018 2,596 2019 2,430 2020 2,424 Thereafter 118,325 Total $ 131,717

Redeemable Noncontrolling Int43

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2015
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Summary of the activity of the operating partnership units	A summary of the activity of the common and LTIP units in our operating partnership is as follow (in thousands): Year Ended December 31, 2015 2014 2013 Units outstanding at beginning of year 19,836 18,991 17,611 Units issued 704 1,007 1,380 Units redeemed for cash of $19 in 2014 — (2 ) — Units converted to common shares (152 ) (160 ) — Units outstanding at end of year 20,388 19,836 18,991 Units convertible/redeemable at end of year 16,918 17,068 15,918

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of dividends declared	A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Common stock $ 47,190 $ 41,894 $ 37,054 Preferred stocks: Series A preferred stock 3,542 3,542 3,542 Series D preferred stock 20,002 20,002 20,002 Series E preferred stock 10,418 10,418 10,418 Total dividends declared $ 81,152 $ 75,856 $ 71,016

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock activity	A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2015 2014 2013 Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Outstanding at beginning of year 595 $ 10.92 418 $ 10.55 487 $ 9.15 Restricted shares granted 1,183 9.93 423 11.04 198 11.87 Restricted shares vested (299 ) 10.53 (228 ) 10.47 (266 ) 8.97 Restricted shares forfeited (20 ) 10.13 (18 ) 11.07 (1 ) 9.81 Outstanding at end of year 1,459 10.21 595 10.92 418 10.55

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Reconciles the income tax expense at statutory rates to the actual income tax expense	The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2015 2014 2013 Income tax expense at federal statutory income tax rate of 35% $ (8,205 ) $ (6,041 ) $ (7,907 ) State income tax expense, net of federal income tax benefit (827 ) (528 ) (469 ) Permanent differences (388 ) (558 ) (761 ) State and local income tax (expense) benefit on pass-through entity subsidiaries — (19 ) (34 ) Gross receipts and margin taxes (886 ) (700 ) (631 ) Interest and penalties (14 ) (10 ) (20 ) Valuation allowance 5,610 6,590 8,311 Income tax expense for income from continuing operations (4,710 ) (1,266 ) (1,511 ) Income tax benefit for income from discontinued operations — — — Income tax expense for gain on sale of hotel property — (12 ) — Total income tax expense $ (4,710 ) $ (1,278 ) $ (1,511 )
Components of income tax benefit (expense) from continuing operations	The components of income tax (expense) benefit from continuing operations are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ (3,377 ) $ (416 ) $ (919 ) State (1,225 ) (721 ) (684 ) Total current (4,602 ) (1,137 ) (1,603 ) Deferred: Federal (30 ) — 157 State (78 ) (129 ) (65 ) Total deferred (108 ) (129 ) 92 Total income tax expense $ (4,710 ) $ (1,266 ) $ (1,511 )
Deferred tax asset (liability) and related valuation allowance	At December 31, 2015 and 2014 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2015 2014 Allowance for doubtful accounts $ 277 $ 94 Unearned income 3,128 317 Unfavorable management contract liability 1,302 2,088 Federal and state net operating losses 15,537 25,046 Accrued expenses 2,587 1,310 Prepaid expenses (4,009 ) (4,046 ) Alternative minimum tax credit 1,718 1,347 Tax property basis less than book basis (1,743 ) (2,031 ) Tax derivatives basis greater than book basis 2,911 3,042 Deferred gain — 1,757 Other (162 ) 411 Deferred tax asset 21,546 29,335 Valuation allowance (20,670 ) (29,335 ) Net deferred tax asset $ 876 $ —
Summarizes the changes in the valuation allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2015 2014 2013 Balance at beginning of year $ 29,335 $ 35,146 $ 45,398 Additions 4,774 1,855 4,315 Deductions (13,439 ) (7,666 ) (14,567 ) Balance at end of year $ 20,670 $ 29,335 $ 35,146

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2015 2014 2013 Income (loss) attributable to common stockholders – Basic and diluted: Income (loss) from continuing operations attributable to the Company $ 270,939 $ (31,430 ) $ (41,197 ) Less: Dividends on preferred stocks (33,962 ) (33,962 ) (33,962 ) Less: Dividends on common stock (46,498 ) (41,592 ) (36,841 ) Less: Dividends on unvested restricted shares (692 ) (302 ) (213 ) Less: Undistributed income from continuing operations allocated to unvested shares (2,390 ) — — Undistributed income (loss) 187,397 (107,286 ) (112,213 ) Add back: Dividends on common stock 46,498 41,592 36,841 Distributed and undistributed income (loss) from continuing operations - basic $ 233,895 $ (65,694 ) $ (75,372 ) Add back: Income from continuing operations allocated to operating partnership units 35,503 — — Distributed and undistributed net income (loss) from continuing operations - diluted $ 269,398 $ (65,694 ) $ (75,372 ) Income (loss) from discontinued operations allocated to common stockholders: Income (loss) from discontinued operations attributable to the Company $ — $ 29 $ (86 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic 96,290 87,622 75,155 Effect of assumed conversion of operating partnership units 18,591 — — Weighted average common shares outstanding - basic and diluted 114,881 87,622 75,155 Basic income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ 2.43 $ (0.75 ) $ (1.00 ) Income from discontinued operations allocated to common stockholders per share — — — Net income (loss) allocated to common stockholders per share $ 2.43 $ (0.75 ) $ (1.00 ) Diluted income (loss) per share: Income (loss) from continuing operations allocated to common stockholders per share $ 2.35 $ (0.75 ) $ (1.00 ) Income from discontinued operations allocated to common stockholders per share — — — Net income (loss) allocated to common stockholders per share $ 2.35 $ (0.75 ) $ (1.00 )
Summary of computation of diluted income per share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Year Ended December 31, 2015 2014 2013 Income (loss) from continuing operations allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 3,082 $ 302 $ 213 Loss attributable to redeemable noncontrolling interests in operating partnership — (6,404 ) (8,171 ) Total $ 3,082 $ (6,102 ) $ (7,958 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 485 174 128 Effect of assumed conversion of operating partnership units — 19,447 18,699 Total 485 19,621 18,827

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of advisory services fees	Beginning November 12, 2014, we incurred advisory services fees to Ashford Inc. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2015 2014 Advisory services fee Base advisory fee $ 33,833 $ 3,999 Reimbursable expenses (1) 6,471 534 Equity-based compensation (2) 2,719 — Total advisory services fee $ 43,023 $ 4,533 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory 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.
Summary of fees related to the management agreements with related parties	At December 31, 2015 , the related party managed 89 of our 132 hotels and the WorldQuest condominium properties included in continuing operations and we incurred the following fees (including discontinued operations) related to the management agreements with the related party (in thousands): Year Ended December 31, 2015 2014 2013 Property management fees, including incentive property management fees $ 29,004 $ 17,800 $ 14,299 Market service fees 14,291 13,494 9,439 Corporate general and administrative and fixed asset reimbursements 4,677 7,689 4,299 Total $ 47,972 $ 38,983 $ 28,037

Selected Quarterly Financial 49

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of the quarterly results of operations	The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2015 Total revenue $ 250,235 $ 369,338 $ 364,516 $ 352,877 $ 1,336,966 Total operating expenses 218,130 334,139 323,634 323,148 1,199,051 Operating income 32,105 35,199 40,882 29,729 137,915 Income (loss) from continuing operations 366,807 (14,757 ) (20,110 ) (26,127 ) 305,813 Income (loss) from continuing operations attributable to the Company 321,496 (12,244 ) (16,321 ) (21,992 ) 270,939 Income (loss) from continuing operations attributable to common stockholders 313,006 (20,735 ) (24,811 ) (30,483 ) 236,977 Diluted income (loss) from continuing operations attributable to common stockholders per share $ 3.25 $ (0.21 ) $ (0.26 ) $ (0.33 ) $ 2.35 (1 ) Weighted average diluted common shares 113,912 99,755 95,888 94,012 114,881 2014 Total revenue $ 194,861 $ 208,163 $ 201,457 $ 190,368 $ 794,849 Total operating expenses 168,468 190,698 182,189 176,802 718,157 Operating income 26,393 17,465 19,268 13,566 76,692 Income (loss) from continuing operations (6,787 ) (2,375 ) (16,266 ) (16,303 ) (41,731 ) Income (loss) from continuing operations attributable to the Company (2,391 ) (1,605 ) (13,550 ) (13,884 ) (31,430 ) Income (loss) from continuing operations attributable to common stockholders (10,881 ) (10,096 ) (22,040 ) (22,375 ) (65,392 ) Diluted income (loss) from continuing operations attributable to common stockholders per share $ (0.13 ) $ (0.11 ) $ (0.24 ) $ (0.25 ) $ (0.75 ) (1 ) Weighted average diluted common shares 81,690 88,781 90,322 89,589 87,622 (1) The sum of the diluted income (loss) from continuing operations attributable to common stockholders per share for the four quarters in 2015 and 2014 differs from the annual diluted income (loss) from continuing operations attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Organization and Description 50

Organization and Description of Business (Details) $ in Thousands	Dec. 31, 2015USD ($)roomunithotel	Sep. 17, 2015	Mar. 06, 2015	Dec. 31, 2014USD ($)	Nov. 12, 2014
Real Estate Properties [Line Items]
Number of units in real estate property | room	27,977
Number of units in real estate property, net partnership interest | room	27,950
Investment in unconsolidated entities	$ 62,568			$ 206,790
Note receivable, net, Carrying Value	$ 3,746			3,553
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel	130
Partially Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel	2
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Percent of voting interests acquired			28.26%
Ownership percentage			100.00%
Subsidiaries [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel	132
Number of hotel properties managed by affiliates | hotel	89
World Quest Resort [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | unit	85
Remington Lodging [Member] | Ashford Inc. [Member]
Real Estate Properties [Line Items]
Percent of voting interests acquired		80.00%
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Ownership percentage	52.40%
Investment in unconsolidated entities	$ 55,952
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Ownership percentage	29.80%				30.10%
Investment in unconsolidated entities	$ 6,616			$ 7,099
Investment in unconsolidated subsidiary fair value	$ 31,900

Significant Accounting Polici51

Significant Accounting Policies (Details) shares in Thousands	Mar. 06, 2015hotel	Feb. 06, 2015hotel	Apr. 11, 2007hotel	Nov. 30, 2013joint_venturehotel	Dec. 31, 2015USD ($)joint_venturehotelshares	Dec. 31, 2014USD ($)joint_venturehotelshares	Dec. 31, 2013USD ($)shares	Dec. 31, 2007USD ($)
Real Estate Properties [Line Items]
Number of hotel properties stated at historical cost | hotel					4
Impairment of real estate						$ 0	$ 0
Impairment charges					$ 19,511,000	(415,000)	(396,000)
Impairment charges of Joint venture					0	0	0
Investment in unconsolidated entities					62,568,000	206,790,000
Derivative hedge ineffectiveness					$ 0	$ 0	0
Period for settlement due to and from affiliates maximum					1 year
Noncontrolling interest in joint venture					15.00%	15.00%
Unfavorable management contract liabilities					$ 3,355,000	$ 5,330,000		$ 23,400,000
Number of hotel properties held by joint ventures | hotel					2	2
Number of hotels in portfolio acquired (in hotels) | hotel		9	51
Quarterly base advisory service fee					0.70%
Advertising expense					$ 5,600,000	$ 3,300,000	4,100,000
Purchases of common stock					$ 52,292,000	458,000	401,000
Reclassifications And Correction of Immaterial Errors [Member] | Scenario, Previously Reported [Member]
Real Estate Properties [Line Items]
Purchases of common stock						458,000	401,000
Treasury stock						$ 125,700,000	$ 140,100,000
Treasury stock (in shares) | shares						35,500	44,300
Minimum [Member] | Building and Building Improvements [Member]
Real Estate Properties [Line Items]
Estimated useful life					7 years 6 months
Minimum [Member] | Furniture, fixtures and equipment [Member]
Real Estate Properties [Line Items]
Estimated useful life					1 year 6 months
Maximum [Member] | Building and Building Improvements [Member]
Real Estate Properties [Line Items]
Estimated useful life					39 years
Maximum [Member] | Furniture, fixtures and equipment [Member]
Real Estate Properties [Line Items]
Estimated useful life					5 years
Notes Receivable [Member]
Real Estate Properties [Line Items]
Interest income recorded					$ 0	$ 0	$ 0
Impairment charges					0	0	0
Financing Receivable, Allowance for Credit Losses, Recovery					$ 439,000	$ 415,000	$ 396,000
Restricted Cash [Member]
Real Estate Properties [Line Items]
Escrow reserve as percentage of revenue, Minimum					4.00%
Escrow reserve as percentage of revenue, Maximum					6.00%
Spin-off of an 8-Hotel Portfolio [Member]
Real Estate Properties [Line Items]
Noncontrolling interest in joint venture				25.00%
Number of joint venture | joint_venture				1	1	1
Number of hotel properties held by joint ventures | hotel				2
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Ownership percentage	100.00%
Number of hotels in portfolio acquired (in hotels) | hotel	28
Percent of voting interests acquired	28.26%
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Unfavorable management contract liabilities								$ 493,000
Unconsolidated Properties [Member] | Minimum [Member]
Real Estate Properties [Line Items]
Ownership percentage					14.40%
Unconsolidated Properties [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Ownership percentage					52.40%
Common Stock [Member]
Real Estate Properties [Line Items]
Purchases of common stock					$ 57,000
Purchases of common stock (in shares) | shares					5,803	41	33
Common Stock [Member] | Reclassifications And Correction of Immaterial Errors [Member] | Scenario, Previously Reported [Member]
Real Estate Properties [Line Items]
Purchases of common stock (in shares) | shares						41	33

Investment in Hotel Propertie52

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in hotel properties, net
Land	$ 704,534	$ 358,514
Buildings and improvements	4,026,857	2,125,656
Furniture, fixtures and equipment	406,893	211,777
Construction in progress	31,235	11,704
Condominium properties	11,947	12,065
Total cost	5,181,466	2,719,716
Accumulated depreciation	(761,782)	(591,105)
Investments in hotel properties, net	$ 4,419,684	$ 2,128,611

Investment in Hotel Propertie53

Investment in Hotel Properties (Narrative) (Details) $ in Thousands	Nov. 10, 2015USD ($)	Oct. 15, 2015USD ($)	Aug. 05, 2015USD ($)	Jul. 23, 2015USD ($)	Jul. 01, 2015USD ($)	Jun. 17, 2015USD ($)hotel	Jun. 04, 2015USD ($)	Jun. 03, 2015USD ($)	Apr. 29, 2015USD ($)	Mar. 06, 2015USD ($)	Feb. 25, 2015USD ($)	Feb. 06, 2015USD ($)hotel	Apr. 11, 2007hotel	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 02, 2015USD ($)	Jun. 24, 2015USD ($)	Apr. 17, 2015USD ($)
Business Acquisition [Line Items]
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes														$ 3,700,000				$ 1,900,000				$ 3,700,000	$ 1,900,000
Depreciation expense, including depreciation of assets under capital leases and discontinued hotel properties																						210,100	110,600	$ 127,500
Revenues														$ 352,877	$ 364,516	$ 369,338	$ 250,235	$ 190,368	$ 201,457	$ 208,163	$ 194,861	1,336,966	794,849	939,527
Net income (loss)																						270,939	$ (31,401)	$ (41,283)
Number of hotels in portfolio acquired (in hotels) | hotel												9	51
Mortgage loan 17 [Member]
Business Acquisition [Line Items]
Face amount of debt																											$ 25,100
Lakeway Resort & Spa [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired												100.00%
Consideration transfered												$ 33,500
Revenues																						10,900
Net income (loss)																						(1,500)
Memphis Marriott East Hotel [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired											100.00%
Consideration transfered											$ 43,500
Face amount of debt											$ 33,300
Revenues																						10,400
Net income (loss)																						305
PIM Highland JV Acquisition [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired										28.26%
Consideration transfered										$ 250,100
Face amount of debt										907,600
Revenues																						409,900
Net income (loss)																						7,800
Depreciation expense reduction adjustment										1,100
Rent expense reduction adjustment										16
Indebtedness assumed										$ 907,600						$ 1,120,082	$ 1,120,082
Hampton Inn & Suites - Gainesville [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired									100.00%
Consideration transfered									$ 25,200
Face amount of debt																										$ 21,200
Revenues																						4,000
Net income (loss)																						363
Le Pavillon Hotel [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired								100.00%
Consideration transfered								$ 62,500
Face amount of debt								$ 43,800
Revenues																						7,100
Net income (loss)																						(1,500)
Princeton Westin - Land Acquisition [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired							100.00%
Consideration transfered							$ 6,500
Consideration, cash							3,400
Consideration, other							$ 3,100
The Rockbridge Hotel Portfolio [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired						100.00%
Consideration transfered						$ 225,000
Face amount of debt						$ 179,200
Revenues																						27,700
Net income (loss)																						(1,900)
Number of hotels in portfolio acquired (in hotels) | hotel						9
W Atlanta Downtown Hotel [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired					100.00%
Consideration transfered					$ 56,800
Face amount of debt																									$ 40,500
Revenues																						10,500
Net income (loss)																						(786)
Le Meridien Minneapolis Hotel [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired				100.00%
Consideration transfered				$ 15,000
Revenues																						2,900
Net income (loss)																						468
Hilton Garden Inn - Wisconsin Dells [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired			100.00%
Consideration transfered			$ 15,200
Face amount of debt			$ 12,000
Revenues																						2,000
Net income (loss)																						161
Hotel Indigo - Atlanta [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired		100.00%
Consideration transfered		$ 26,900
Revenues																						1,000
Net income (loss)																						(114)
Indebtedness assumed		$ 16,581
W Minneapolis Foshay [Member]
Business Acquisition [Line Items]
Percent of voting interests acquired	100.00%
Consideration transfered	$ 88,100
Revenues																						2,300
Net income (loss)																						$ (223)
Indebtedness assumed	$ 57,739

Investment in Hotel Propertie54

Investment in Hotel Properties (Estimated Fair Value of Assets Acquired and Liabilities Assumed and Pro Forma Results) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 10, 2015	Oct. 15, 2015	Aug. 05, 2015	Jul. 23, 2015	Jul. 01, 2015	Jun. 17, 2015	Jun. 04, 2015	Jun. 03, 2015	Apr. 29, 2015	Mar. 31, 2015	Mar. 06, 2015	Feb. 25, 2015	Feb. 06, 2015
Business Acquisition [Line Items]
Total revenue		$ 1,486,717	$ 1,397,942	$ 1,505,782
Loss from continuing operations		(74,818)	(44,777)	(75,560)
Net loss		(74,219)	(41,253)	(75,658)
Non-recurring transaction costs			6,300
Equity in earnings (loss) of unconsolidated entities		(6,831)	2,495	(23,404)
Lakeway Resort & Spa [Member]
Business Acquisition [Line Items]
Land																	$ 4,541
Buildings and improvements																	24,703
Furniture, fixtures, and equipment																	4,237
Property, plant and equipment																	33,481
Net other assets and liabilities																	$ (382)
Memphis Marriott East Hotel [Member]
Business Acquisition [Line Items]
Land																$ 6,210
Buildings and improvements																32,934
Furniture, fixtures, and equipment																4,350
Property, plant and equipment																43,494
Net other assets and liabilities																$ 34
PIM Highland JV Acquisition [Member]
Business Acquisition [Line Items]
Land	$ 285,222													$ 292,934
Buildings and improvements	1,389,475													1,351,293
Furniture, fixtures, and equipment	82,920													118,878
Property, plant and equipment	1,757,617													1,763,105
Indebtedness assumed	(1,120,082)													(1,120,082)	$ (907,600)
Intangible liabilities, net		$ (6,729)													$ (12,217)
Net other assets and liabilities	116,533													$ 116,533
Land adjustment	(7,712)
Buildings and improvements adjustment	38,182
Furniture, fixtures, and equipment adjustment	(35,958)
Property, plant and equipment adjustment	(5,488)
Indebtedness adjustment	0
Intangible liabilities, net adjustment	5,488
Net other assets and liabilities adjustment	$ 0
Hampton Inn & Suites - Gainesville [Member]
Business Acquisition [Line Items]
Land													$ 3,695
Buildings and improvements													19,002
Furniture, fixtures, and equipment													1,139
Property, plant and equipment													23,836
Intangible assets													1,412
Net other assets and liabilities													$ (150)
Le Pavillon Hotel [Member]
Business Acquisition [Line Items]
Land												$ 10,933
Buildings and improvements												46,761
Furniture, fixtures, and equipment												4,788
Property, plant and equipment												62,482
Net other assets and liabilities												$ 486
Princeton Westin - Land Acquisition [Member]
Business Acquisition [Line Items]
Land											$ 6,475
The Rockbridge Hotel Portfolio [Member]
Business Acquisition [Line Items]
Land										$ 18,551
Buildings and improvements										190,952
Furniture, fixtures, and equipment										15,451
Property, plant and equipment										224,954
Net other assets and liabilities										$ (298)
W Atlanta Downtown Hotel [Member]
Business Acquisition [Line Items]
Land									$ 2,353
Buildings and improvements									51,758
Furniture, fixtures, and equipment									2,626
Property, plant and equipment									56,737
Net other assets and liabilities									$ 1,358
Le Meridien Minneapolis Hotel [Member]
Business Acquisition [Line Items]
Land								$ 2,752
Buildings and improvements								11,583
Furniture, fixtures, and equipment								665
Property, plant and equipment								15,000
Net other assets and liabilities								$ 215
Hilton Garden Inn - Wisconsin Dells [Member]
Business Acquisition [Line Items]
Land							$ 867
Buildings and improvements							13,917
Furniture, fixtures, and equipment							401
Property, plant and equipment							15,185
Net other assets and liabilities							$ (39)
Hotel Indigo - Atlanta [Member]
Business Acquisition [Line Items]
Land						$ 3,230
Buildings and improvements						22,135
Furniture, fixtures, and equipment						1,576
Property, plant and equipment						26,941
Indebtedness assumed						(16,581)
Net other assets and liabilities						$ 425
W Minneapolis Foshay [Member]
Business Acquisition [Line Items]
Land					$ 8,430
Buildings and improvements					75,842
Furniture, fixtures, and equipment					3,868
Property, plant and equipment					88,140
Indebtedness assumed					(57,739)
Net other assets and liabilities					$ 1,937
Certain Acquisitions [Member]
Business Acquisition [Line Items]
Equity in earnings (loss) of unconsolidated entities			5,500	$ 19,400
Certain Acquisition [Member]
Business Acquisition [Line Items]
Equity in earnings (loss) of unconsolidated entities			$ (3,800)

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Note receivable, net, Carrying Value	$ 3,746	$ 3,553
Allowance for doubtful notes receivable	$ 7,083	7,522
Mezzanine Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Number of mezzanine loans | loan	1
Note receivable, net, Carrying Value	$ 3,700	3,600
Allowance for doubtful notes receivable	$ 7,100	$ 7,500
Debt Instrument, Interest Rate, Stated Percentage	6.09%

Investment in Unconsolidated 56

Investment in Unconsolidated Entities (Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 06, 2015	Mar. 05, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Total assets	$ 4,965,131			$ 2,770,110
Total liabilities	4,034,826			2,060,613
Redeemable noncontrolling interests	118,449			177,064
Total stockholders' equity	811,086			531,633
Noncontrolling interest in consolidated entities	770			800
Total equity	811,856			532,433	$ 618,837	$ 847,300
Total liabilities and equity	4,965,131			2,770,110
Our ownership interest	62,568			206,790
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Total assets				1,394,806
Total liabilities				1,166,682
Members’ capital / Partners' capital				228,124
Total liabilities and equity				1,394,806
Our ownership interest		$ 522,800	$ 140,900	144,784
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Total assets				1,226,005
Total liabilities				802,007
Members’ capital / Partners' capital				423,998
Total liabilities and equity				1,226,005
Our ownership interest				54,907
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total assets	166,991			49,230
Total liabilities	30,115			33,912
Redeemable noncontrolling interests	240			424
Total stockholders' equity	32,165			14,981
Noncontrolling interest in consolidated entities	104,471			(87)
Total equity	136,636			14,894
Total liabilities and equity	166,991			49,230
Our ownership interest	6,616			$ 7,099
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Total assets	106,792
Total liabilities	0
Members’ capital / Partners' capital	106,792
Total liabilities and equity	106,792
Our ownership interest	$ 55,952

Investment in Unconsolidated 57

Investment in Unconsolidated Entities (Statement of Operations) (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended								12 Months Ended
	Mar. 05, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Total revenue		$ 352,877	$ 364,516	$ 369,338	$ 250,235	$ 190,368	$ 201,457	$ 208,163	$ 194,861	$ 1,336,966	$ 794,849	$ 939,527
Total expenses		(323,148)	(323,634)	(334,139)	(218,130)	(176,802)	(182,189)	(190,698)	(168,468)	(1,199,051)	(718,157)	(822,630)
Operating income		$ 29,729	$ 40,882	$ 35,199	$ 32,105	$ 13,566	$ 19,268	$ 17,465	$ 26,393	137,915	76,692	116,897
Other income (expense)										(864)	6,573	5,650
Unrealized loss on investments										127	(332)	5,115
Unrealized gain (loss) on derivatives										(7,402)	(1,100)	(8,315)
Income tax expense										(4,710)	(1,266)	(1,511)
Net income (loss)										306,412	(38,207)	(48,558)
Net income (loss) attributable to the Company										270,939	(31,401)	(41,283)
Our equity in earnings (loss) of equity method investments										(6,831)	2,495	(23,404)
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Total revenue	$ 76,695										466,703	426,760
Total expenses	(69,949)										(391,779)	(385,133)
Operating income	6,746										74,924	41,627
Interest income and other	17										53	69
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees	(10,212)										(59,456)	(64,316)
Other expenses	0										(44)	0
Income tax expense	(1,222)										(4,294)	(1,345)
Net income (loss)	(4,671)										11,183	(23,965)
Our equity in earnings (loss) of equity method investments	$ (3,836)										5,482	(19,392)
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Total revenue										349,545	307,308	233,496
Total expenses										(303,569)	(263,558)	(214,086)
Operating income										45,976	43,750	19,410
Equity in loss of unconsolidated entity										(2,927)	0	0
Interest income										34	27	23
Other income (expense)										1,233	0	0
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees										(37,883)	(39,031)	(34,982)
Unrealized loss on investments										(7,609)	0	0
Unrealized gain (loss) on derivatives										(3,252)	(111)	(36)
Income tax expense										(263)	(1,097)	(2,343)
Net income (loss)										(4,691)	3,538	(17,928)
Income (loss) from consolidated entities attributable to noncontrolling interests										(2,414)	(1,103)	(934)
Net income (loss) attributable to the Company										(7,105)	2,435	(18,862)
Our equity in earnings (loss) of equity method investments										874	258	(4,012)
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total revenue										58,981	17,288	960
Total expenses										(60,332)	(63,586)	(48,672)
Operating income										(1,351)	(46,298)	(47,712)
Equity in loss of unconsolidated entity										(2,141)	0	0
Other income (expense)										1,114	0	0
Unrealized loss on investments										(2,490)	0	0
Realized loss on investments										(5,110)	0	0
Income tax expense										(2,066)	(783)	(7)
Net income (loss)										(12,044)	(47,081)	(47,719)
Income (loss) from consolidated entities attributable to noncontrolling interests										10,852	647	0
Net loss attributable to redeemable noncontrolling interests in operating partnership										2	24	0
Net income (loss) attributable to the Company										(1,190)	(46,410)	(47,719)
Our equity in earnings (loss) of equity method investments										(483)	$ (3,245)	$ 0
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Total investment income										1,266
Net expenses										(273)
Net Investment Income										993
Net unrealized loss on investments										(2,308)
Net realized gain on investments										(5,103)
Net income (loss) attributable to the Company										(6,418)
Our equity in earnings (loss) of equity method investments										$ (3,386)

Investment in Unconsolidated 58

Investment in Unconsolidated Entities (Narrative) (Details) shares in Thousands	2 Months Ended	12 Months Ended
	Mar. 05, 2015USD ($)	Dec. 31, 2015USD ($)hotelPersonshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 13, 2015shares	Mar. 06, 2015USD ($)	Nov. 12, 2014
Real Estate Properties [Line Items]
Investment in unconsolidated entities		$ 62,568,000	$ 206,790,000
Equity in earnings (loss) of unconsolidated entities		(6,831,000)	2,495,000	$ (23,404,000)
Unfunded commitments		0
Gain on acquisition of PIM Highland JV and sale of hotel properties		380,752,000	0	0
PIM Highland JV [Member]
Real Estate Properties [Line Items]
Percent of voting interests acquired						28.26%
Preferred equity interest earning accrued		$ 25,000,000
Equity Method Investment, Preferred Ownership Percentage		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 joint venture partner | Person		2
Investment in unconsolidated entities	$ 140,900,000		144,784,000			$ 522,800,000
Equity in earnings (loss) of unconsolidated entities	$ (3,836,000)		5,482,000	(19,392,000)
Ownership percentage		71.74%				100.00%
Gain on acquisition of PIM Highland JV and sale of hotel properties		$ 381,800,000
Ashford Prime [Member]
Real Estate Properties [Line Items]
Ownership percentage		0.00%
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities			54,907,000
Equity in earnings (loss) of unconsolidated entities		$ 874,000	$ 258,000	(4,012,000)
Ownership percentage			14.90%
Distribution of shares (in shares) | shares					4,100
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities		6,616,000	$ 7,099,000
Equity in earnings (loss) of unconsolidated entities		$ (483,000)	$ (3,245,000)	$ 0
Ownership percentage		29.80%					30.10%
Special distribution, conversion ratio, shares							87
Special distribution, maximum percentage of shares available for conversion							99.00%
Special distribution, conversion ratio, units							55
Shares in investment held (in shares) | shares		598
Investment in unconsolidated subsidiary fair value		$ 31,900,000
AIM REHE Fund [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities		55,952,000
Equity in earnings (loss) of unconsolidated entities		$ (3,386,000)
Ownership percentage		52.40%
REHE Fund [Member]
Real Estate Properties [Line Items]
Ownership percentage		52.40%
Four Seasons Hotel Nevis [Member]
Real Estate Properties [Line Items]
Subordinated beneficial interest in trust percentage		14.40%	14.40%
Carrying value of subordinated beneficial interest in a trust		$ 0	$ 0

Hotel Dispositions and Impair59

Hotel Dispositions and Impairment Charges Hotel Dispositions and Impairment Charges (Operating Results of Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Mar. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Total hotel revenue										$ 1,334,810	$ 779,984	$ 937,954
Total hotel operating expenses										(840,244)	(507,024)	(594,522)
Operating income		$ 29,729	$ 40,882	$ 35,199	$ 32,105	$ 13,566	$ 19,268	$ 17,465	$ 26,393	137,915	76,692	116,897
Property taxes, insurance and other										(65,301)	(38,499)	(46,945)
Depreciation and amortization										(210,410)	(110,653)	(127,684)
Interest expense and amortization of loan costs										(187,514)	(114,502)	(140,865)
Income (loss) from continuing operations		$ (26,127)	$ (20,110)	$ (14,757)	$ 366,807	$ (16,303)	$ (16,266)	$ (2,375)	$ (6,787)	305,813	(41,731)	(48,460)
Gain on sale of hotel properties, net of tax										599	3,491	0
Net income (loss)										306,412	(38,207)	(48,558)
Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership										(35,503)	6,400	8,183
Net income (loss) attributable to the Company										270,939	(31,401)	(41,283)
Income (loss) from discontinued operations										0	33	(98)
Income (loss) from discontinued operations attributable to the Company										0	29	(86)
Hampton Inn hotel in Terre Haute, Indiana [Member]
Real Estate Properties [Line Items]
Total hotel revenue										361	2,719	2,529
Total hotel operating expenses										(308)	(1,868)	(1,755)
Operating income										53	851	774
Property taxes, insurance and other										(40)	(128)	(53)
Depreciation and amortization										(164)	(724)	(407)
Interest expense and amortization of loan costs										0	(292)	(528)
Income (loss) from continuing operations										(151)	(293)	(214)
Gain on sale of hotel properties, net of tax	$ (1,100)									(1,130)	0	0
Net income (loss)										(1,281)	(293)	(214)
Net loss from continuing operations attributable to redeemable noncontrolling interests in operating partnership										147	38	27
Net income (loss) attributable to the Company										$ (1,134)	(255)	(187)
Homewood Suites hotel in Mobile, Alabama [Member]
Real Estate Properties [Line Items]
Total hotel revenue											2,479	2,733
Total hotel operating expenses											(1,678)	(1,791)
Operating income											801	942
Property taxes, insurance and other											(109)	(130)
Depreciation and amortization											(278)	(306)
Interest expense and amortization of loan costs											(332)	(604)
Gain on sale of hotel properties, net of tax											(49)	0
Income (loss) from discontinued operations											33	(98)
(Income) loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership											(4)	12
Income (loss) from discontinued operations attributable to the Company											$ 29	$ (86)

Hotel Dispositions and Impair60

Hotel Dispositions and Impairment Charges Hotel Dispositions and Impairment Charges (Narrative) (Details) shares in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2015USD ($)	Feb. 28, 2010USD ($)	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 13, 2015shares	Dec. 31, 2009USD ($)
Real Estate Properties [Line Items]
Impairment of real estate				$ 0	$ 0
Gain (loss) on sale of hotel properties, net of tax			$ 599,000	3,491,000	0
Note receivable, net, Carrying Value			3,746,000	3,553,000
Notes Receivable [Member]
Real Estate Properties [Line Items]
Principal balance of mezzanine loan receivable							$ 38,000,000
Note receivable, net, Carrying Value							$ 23,000,000
Cash payment settled related to mezzanine loan		$ 20,200,000
Non cash consideration for restructuring of Mezzanine Loan		4,000,000
Impairment charge		$ 10,700,000
Interest rate		6.09%
Net present value of restructuring		$ 3,000,000
Hampton Inn hotel in Terre Haute, Indiana [Member]
Real Estate Properties [Line Items]
Gain (loss) on sale of hotel properties, net of tax	$ (1,100,000)		(1,130,000)	$ 0	$ 0
Pier House Resort [Member]
Real Estate Properties [Line Items]
Gain (loss) on sale of hotel properties, net of tax			$ 599,000
Ashford Prime OP [Member]
Real Estate Properties [Line Items]
Distribution of shares (in shares) | shares						4.1
Select-Service Hotels [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel			24
Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland [Member]
Real Estate Properties [Line Items]
Impairment of real estate			$ 19,900,000
Number of hotel properties | hotel			2
Impaired Asset One [Member]
Real Estate Properties [Line Items]
Impairment of real estate			$ 17,100,000
Asset fair value after impairment			37,500,000
Impaired Asset Two [Member]
Real Estate Properties [Line Items]
Impairment of real estate			2,800,000
Asset fair value after impairment			$ 15,300,000

Hotel Dispositions and Impair61

Hotel Dispositions and Impairment Charges (Note Receivable Impairment Schedule) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of changes in allowance for losses
Balance at beginning of period	$ 7,522
Balance at end of period	7,083	$ 7,522
Notes Receivable [Member]
Summary of changes in allowance for losses
Balance at beginning of period	7,522	7,937	$ 8,333
Impairment charges	0	0	0
Valuation adjustments (credits to impairment charges)	(439)	(415)	(396)
Charge-offs	0	0	0
Balance at end of period	$ 7,083	$ 7,522	$ 7,937

Deferred Costs, net (Details)

Deferred Costs, net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred franchise fees	$ 5,086	$ 3,168
Deferred loan costs	638	0
Total costs	5,724	3,168
Accumulated amortization	(1,877)	(1,550)
Deferred costs, net	$ 3,847	$ 1,618

Intangible Assets, net and In63

Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets, net
Cost	$ 11,499	$ 0
Accumulated amortization	(156)	0
Total	11,343	0
Intangible Liability, net
Cost	16,817	0
Accumulated amortization	(323)	0
Total	16,494	0
Net amortization related to intangibles, reduction in lease expense	(167)
Intangible Assets
2,016	197
2,017	197
2,018	197
2,019	197
2,020	197
Thereafter	10,358
Total	11,343	0
Intangible Liabilities
2,016	395
2,017	395
2,018	395
2,019	395
2,020	395
Thereafter	14,519
Total	$ 16,494	$ 0

Indebtedness, net (Details)

Indebtedness, net (Details) $ in Thousands	Mar. 06, 2015USD ($)	Jan. 24, 2014USD ($)	Dec. 31, 2015USD ($)hotel	Dec. 02, 2015hotel	Nov. 10, 2015	Jun. 24, 2015USD ($)	Jun. 17, 2015USD ($)	Jun. 03, 2015USD ($)	Apr. 17, 2015USD ($)	Mar. 25, 2015USD ($)	Jan. 02, 2015USD ($)	Dec. 31, 2014USD ($)	May. 01, 2014USD ($)
Indebtedness of continuing operations and the carrying values of related collateral
Book Value of Collateral			$ 4,370,429									$ 2,109,417
Indebtedness, gross			3,868,991									1,954,103
Premiums			5,626									0
Deferred loan costs, net			(34,000)									(10,970)
Indebtedness			$ 3,840,617									1,943,133
Mortgage Loan 1 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			10
Interest rate			5.22%
Book Value of Collateral			$ 0									177,769
Indebtedness			$ 0									145,278
Mortgage loan 2 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Book Value of Collateral			$ 0									308,427
Indebtedness			$ 0									211,000
Mortgage loan 2 [Member] | Minimum [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Interest rate			6.40%
Mortgage loan 2 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			6.15%
Mortgage loan 3 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			8
Interest rate			5.70%
Book Value of Collateral			$ 0									75,959
Indebtedness			$ 0
Mortgage loan 4 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Interest rate			5.53%
Book Value of Collateral			$ 0									128,380
Indebtedness			$ 0
Mortgage loan 5 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Interest rate			5.53%
Book Value of Collateral			$ 0									100,203
Indebtedness			$ 0
Mortgage loan 6 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Basis spread on variable rate		4.75%
Book Value of Collateral			$ 209,550									210,974
Face amount of debt		$ 200,000
Indebtedness			$ 200,000									200,000
Mortgage loan 6 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.75%
Mortgage loan 7 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			7
Book Value of Collateral			$ 193,777									190,072
Indebtedness			$ 301,000									301,000
Mortgage loan 7 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.35%
Mortgage loan 8 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Book Value of Collateral			$ 85,463									99,539
Indebtedness			$ 62,900									62,900
Mortgage loan 8 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.38%
Mortgage loan 9 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 46,335									48,926
Indebtedness			$ 37,500									37,500
Mortgage loan 9 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.20%
Senior Credit Facility 1 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Book Value of Collateral			$ 0									0
Indebtedness			$ 0									0
Senior Credit Facility 1 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			3.00%
Senior Credit Facility 1 [Member] | Base Rate [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			2.00%
Mortgage loan 10 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			8
Book Value of Collateral			$ 366,160									0
Face amount of debt											$ 376,800
Indebtedness			$ 376,800									0
Mortgage loan 10 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.95%
Mortgage loan 11 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			24
Book Value of Collateral			$ 1,301,840									0
Face amount of debt	$ 1,070,000
Indebtedness			$ 1,070,560									0
Mortgage loan 11 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate	4.39%		4.39%
Mortgage loan 12 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 42,273									0
Face amount of debt										$ 33,300
Indebtedness			$ 33,300									0
Mortgage loan 12 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.95%
Mortgage Loan 13 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Interest rate			5.95%
Book Value of Collateral			$ 124,038									123,891
Indebtedness			$ 110,302									111,869
Mortgage Loan 14 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Interest rate			5.95%
Book Value of Collateral			$ 118,946									116,132
Indebtedness			$ 99,144									100,552
Mortgage Loan 15 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			5
Interest rate			5.95%
Book Value of Collateral			$ 156,217									155,234
Indebtedness			$ 150,860									153,002
Mortgage loan 16 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			7
Interest rate			5.95%
Book Value of Collateral			$ 140,860									146,209
Indebtedness			$ 120,671									122,384
Mortgage loan 17 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 33,938									0
Face amount of debt									$ 25,100
Indebtedness			$ 25,100									0
Mortgage loan 17 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			5.10%
Mortgage loan 18 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 61,197									0
Face amount of debt								$ 43,800
Indebtedness			$ 43,750									0
Mortgage loan 18 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			5.10%
Mortgage loan 19 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate			5.98%
Book Value of Collateral			$ 26,668									0
Indebtedness			$ 16,002									0
Mortgage Loan 20 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			8
Book Value of Collateral			$ 182,139									0
Face amount of debt							$ 144,000
Indebtedness			$ 144,000									0
Mortgage Loan 20 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.09%
Mortgage Loan 21 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 38,623									0
Face amount of debt							$ 35,200
Indebtedness			$ 35,200									0
Mortgage Loan 21 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.15%
Mortgage Loan 22 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 55,600									0
Indebtedness			$ 40,500									0
Mortgage Loan 22 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			5.10%
Mortgage Loan 23 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			17	17
Book Value of Collateral			$ 295,020									0
Face amount of debt			$ 375,000
Indebtedness												0
Mortgage Loan 23 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.87%
Interest rate				4.87%
Mortgage Loan 24 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate	4.38%		4.38%
Book Value of Collateral			$ 193,321									0
Face amount of debt	$ 99,300
Indebtedness			$ 98,016									0
Mortgage Loan 25 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			2
Interest rate	4.44%		4.44%
Book Value of Collateral			$ 232,247									0
Face amount of debt	$ 108,600
Indebtedness			$ 107,054									0
Mortgage Loan 26 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 23,222									0
Face amount of debt						$ 21,200
Indebtedness			$ 21,200									0
Mortgage Loan 26 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.50%
Mortgage Loan 27 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Book Value of Collateral			$ 14,978									0
Indebtedness			$ 12,000									0
Mortgage Loan 27 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			4.95%
Mortgage Loan 28 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Basis spread on variable rate			3.75%
Interest rate			4.00%
Book Value of Collateral			$ 8,320									7,742
Indebtedness			$ 5,524									5,525
Mortgage Loan 28 [Member] | LIBOR
Indebtedness of continuing operations and the carrying values of related collateral
Basis spread on variable rate			3.75%
Mortgage Loan 29 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate			6.26%
Book Value of Collateral			$ 114,480									112,278
Indebtedness			$ 98,420									99,780
Mortgage Loan 30 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate			5.46%		5.46%
Book Value of Collateral			$ 87,692									0
Indebtedness			$ 55,524									0
Mortgage Loan 31 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate			5.49%
Book Value of Collateral			$ 15,655									16,460
Indebtedness			$ 10,529									10,673
Mortgage Loan 32 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate			5.49%
Book Value of Collateral			$ 10,698									9,161
Indebtedness			$ 7,214									7,313
Mortgage Loan 33 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			1
Interest rate			4.99%										4.99%
Book Value of Collateral			$ 8,528									8,525
Face amount of debt													$ 6,900
Indebtedness			$ 6,745									6,845
Mortgage Loan 34 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			3
Interest rate			5.20%
Book Value of Collateral			$ 46,358									47,706
Indebtedness			$ 67,520									67,520
Mortgage Loan 35 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			2
Interest rate			4.85%
Book Value of Collateral			$ 9,223									9,698
Indebtedness			$ 12,500									12,500
Mortgage Loan 36 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			3
Interest rate			4.90%
Book Value of Collateral			$ 15,880									16,132
Indebtedness			$ 24,980									24,980
Mortgage Loan 37 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			3
Interest rate			4.45%
Book Value of Collateral			$ 70,637									0
Face amount of debt											54,800
Indebtedness			$ 54,110									0
Mortgage Loan 38 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			2
Interest rate			4.45%
Book Value of Collateral			$ 28,739									0
Face amount of debt											24,500
Indebtedness			$ 24,147									0
Mortgage Loan 39 [Member]
Indebtedness of continuing operations and the carrying values of related collateral
Number of hotels collateralized by a loan | hotel			2
Interest rate			4.45%
Book Value of Collateral			$ 11,807									0
Face amount of debt											$ 21,200
Indebtedness			$ 20,919									$ 0

Indebtedness, net (Details 1)

Indebtedness, net (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 580,045
2,017	2,644,079
2,018	237,175
2,019	49,648
2,020	96,800
Thereafter	261,244
Indebtedness	$ 3,868,991	$ 1,954,103

Indebtedness, net (Narrative) (

Indebtedness, net (Narrative) (Details) $ in Thousands

Dec. 02, 2015USD ($)hotelextensionloan

Oct. 30, 2015USD ($)

Jun. 17, 2015USD ($)loan

Mar. 06, 2015USD ($)loan

Aug. 06, 2014USD ($)extension

Jan. 24, 2014USD ($)extension

Dec. 31, 2015USD ($)hotelextension

Nov. 10, 2015USD ($)

Oct. 15, 2015USD ($)

Aug. 05, 2015USD ($)

Jul. 02, 2015USD ($)

Jul. 01, 2015

Jun. 30, 2015USD ($)

Jun. 24, 2015USD ($)

Jun. 03, 2015USD ($)

Apr. 17, 2015USD ($)

Mar. 31, 2015USD ($)

Mar. 25, 2015USD ($)

Jan. 02, 2015USD ($)loan

Dec. 31, 2014USD ($)

Jul. 25, 2014USD ($)loan

May. 01, 2014USD ($)

Debt Instrument [Line Items]

LIBOR rate

0.43%

0.171%

Number of refinanced loans | loan

3

2

3

Refinanced mortgage loans amount

$ 273,500

$ 356,300

Indebtedness, net

$ 3,840,617

$ 1,943,133

Premium amortization recognized

$ 1,400

W Minneapolis Foshay [Member]

Debt Instrument [Line Items]

Indebtedness assumed

$ 57,739

Percent of voting interests acquired

100.00%

Hotel Indigo - Atlanta [Member]

Debt Instrument [Line Items]

Indebtedness assumed

$ 16,581

Percent of voting interests acquired

100.00%

Hilton Garden Inn - Wisconsin Dells [Member]

Debt Instrument [Line Items]

Face amount of debt

$ 12,000

Percent of voting interests acquired

100.00%

W Atlanta Downtown Hotel [Member]

Debt Instrument [Line Items]

Face amount of debt

$ 40,500

Percent of voting interests acquired

100.00%

PIM Highland JV Acquisition [Member]

Debt Instrument [Line Items]

Face amount of debt

$ 907,600

Indebtedness assumed

$ 907,600

$ 1,120,082

$ 1,120,082

Number of mortgage loans | loan

2

Percent of voting interests acquired

28.26%

Fremont Marriott Silicon Valley [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

4.20%

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Face amount of debt

$ 37,500

The Ashton Hotel [Member]

Debt Instrument [Line Items]

Interest rate

0.00%

Face amount of debt

$ 5,500

LIBOR | The Ashton Hotel [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

LIBOR floor percentage

0.25%

Senior Credit Facility 1 [Member]

Debt Instrument [Line Items]

Borrowing capacity

$ 100,000

$ 100,000

Indebtedness, net

$ 0

0

Debt instrument term

1 year

Senior Credit Facility 1 [Member] | Federal Funds Rate [Member] | Bank of America [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Senior Credit Facility 1 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Senior Credit Facility 1 [Member] | LIBOR | Bank of America [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

1.00%

Senior Credit Facility 1 [Member] | Base Rate [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Mortgage loan 2 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Indebtedness, net

$ 0

211,000

Number of hotels collateralized by a loan | hotel

5

Mortgage loan 2 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

6.15%

Mortgage Loans 6, 7, 8, 9, 10, 12, 17, 18, 20, 21, 22 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Mortgage Loan 6 and 23 [Member]

Debt Instrument [Line Items]

LIBOR floor percentage

0.20%

Mortgage loan 11 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

4

Term of mortgage loan extension option

1 year

Face amount of debt

$ 1,070,000

Indebtedness, net

$ 1,070,560

0

Number of hotels collateralized by a loan | hotel

24

Mortgage loan 11 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.39%

4.39%

Mortgage Loans 26 and 27 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Mortgage Loan 28 [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

LIBOR floor percentage

0.25%

Interest rate

4.00%

Indebtedness, net

$ 5,524

5,525

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 28 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

Refinanced Mortgage Loan 1 [Member]

Debt Instrument [Line Items]

Face amount of debt

211,000

92,772

$ 135,000

Indebtedness, net

90,700

Refinanced Mortgage Loan 2 [Member]

Debt Instrument [Line Items]

Face amount of debt

145,300

105,164

102,300

Indebtedness, net

102,700

101,100

Refinanced Mortgage Loan 3 [Member]

Debt Instrument [Line Items]

Face amount of debt

75,546

89,300

Indebtedness, net

$ 73,800

88,500

Mortgage Loan 23 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

4

Term of mortgage loan extension option

1 year

Face amount of debt

$ 375,000

Indebtedness, net

0

Number of hotels collateralized by a loan | hotel

17

17

Mortgage Loan 23 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.87%

Interest rate

4.87%

Refinanced Mortgage Loans [Member]

Debt Instrument [Line Items]

Face amount of debt

$ 164,400

477,300

$ 468,900

$ 5,100

Number of hotels collateralized by a loan | hotel

18

Mortgage loan 10 [Member]

Debt Instrument [Line Items]

Face amount of debt

376,800

Indebtedness, net

$ 376,800

0

Number of hotels collateralized by a loan | hotel

8

Mortgage loan 10 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.95%

Mortgage Loan 30 [Member]

Debt Instrument [Line Items]

Interest rate

5.46%

5.46%

Indebtedness, net

$ 55,524

0

Number of hotels collateralized by a loan | hotel

1

Mortgage loan 19 [Member]

Debt Instrument [Line Items]

Interest rate

5.98%

Indebtedness, net

$ 16,002

0

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 27 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Indebtedness, net

$ 12,000

0

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 27 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.95%

Mortgage Loan 22 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Indebtedness, net

$ 40,500

0

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 22 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

5.10%

Mortgage Loan 26 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Face amount of debt

$ 21,200

Indebtedness, net

$ 21,200

0

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 26 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.50%

The Rockbridge Hotel Portfolio [Member]

Debt Instrument [Line Items]

Face amount of debt

$ 179,200

Number of mortgage loans | loan

2

Mortgage Loan 20 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Face amount of debt

$ 144,000

Indebtedness, net

$ 144,000

0

Number of hotels collateralized by a loan | hotel

8

Mortgage Loan 20 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.09%

Mortgage Loan 21 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Face amount of debt

$ 35,200

Indebtedness, net

$ 35,200

0

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 21 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.15%

Mortgage loan 18 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Face amount of debt

$ 43,800

Indebtedness, net

$ 43,750

0

Number of hotels collateralized by a loan | hotel

1

Mortgage loan 18 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

5.10%

Mortgage loan 17 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Face amount of debt

$ 25,100

Indebtedness, net

$ 25,100

0

Number of hotels collateralized by a loan | hotel

1

Mortgage loan 17 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

5.10%

Mortgage loan 12 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

Face amount of debt

$ 33,300

Indebtedness, net

$ 33,300

0

Number of hotels collateralized by a loan | hotel

1

Mortgage loan 12 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.95%

Mortgage Loan 24 [Member]

Debt Instrument [Line Items]

Interest rate

4.38%

4.38%

Face amount of debt

$ 99,300

Indebtedness, net

$ 98,016

0

Number of hotels collateralized by a loan | hotel

1

Mortgage Loan 25 [Member]

Debt Instrument [Line Items]

Interest rate

4.44%

4.44%

Face amount of debt

$ 108,600

Indebtedness, net

$ 107,054

0

Number of hotels collateralized by a loan | hotel

2

Mortgage Loan 37 [Member]

Debt Instrument [Line Items]

Interest rate

4.45%

Face amount of debt

54,800

Indebtedness, net

$ 54,110

0

Number of hotels collateralized by a loan | hotel

3

Mortgage Loan 38 [Member]

Debt Instrument [Line Items]

Interest rate

4.45%

Face amount of debt

24,500

Indebtedness, net

$ 24,147

0

Number of hotels collateralized by a loan | hotel

2

Mortgage Loan 39 [Member]

Debt Instrument [Line Items]

Interest rate

4.45%

Face amount of debt

21,200

Indebtedness, net

$ 20,919

0

Number of hotels collateralized by a loan | hotel

2

Mortgage Loans 37, 38, 39 [Member]

Debt Instrument [Line Items]

Interest rate

4.45%

Face amount of debt

$ 100,500

Number of hotels collateralized by a loan | hotel

15

Mortgage Loan 33 [Member]

Debt Instrument [Line Items]

Number of extension options | extension

0

Interest rate

4.99%

4.99%

Face amount of debt

$ 6,900

Indebtedness, net

$ 6,745

6,845

Number of hotels collateralized by a loan | hotel

1

Mortgage loan 6 [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

4.75%

Number of extension options | extension

3

Term of mortgage loan extension option

1 year

LIBOR floor percentage

0.20%

Face amount of debt

$ 200,000

Indebtedness, net

$ 200,000

$ 200,000

Number of hotels collateralized by a loan | hotel

5

Mortgage loan 6 [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.75%

Derivative Instruments and He67

Derivative Instruments and Hedging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 30, 2015	Apr. 30, 2015	Feb. 28, 2015	Aug. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	$ (7,402,000)	$ (1,100,000)	$ (8,315,000)
Derivative assets, net	3,435,000	182,000
Indebtedness, net	3,840,617,000	1,943,133,000
Mortgage Loans, Variable Interest, 2015 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Indebtedness, net	2,200,000,000
Conventional Mortgage Loan [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Indebtedness, net	812,400,000
Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 6,000,000,000
Derivative, Floor Price	(0.25%)
Higher fixed interest rate	0.00%
Interest Rate Cap Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments of derivative issuance costs		666,000
Interest Rate Cap Two [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative		$ 947,100,000
Lower fixed interest rate		2.00%
Higher fixed interest rate		3.69%
Interest Rate Cap One [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 2,200,000,000
Lower fixed interest rate	1.50%
Higher fixed interest rate	3.00%
Payments of derivative issuance costs	$ 2,200,000
Credit Default Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative				$ 50,000,000	$ 45,000,000	$ 45,000,000	$ 100,000,000
Transaction cost	4,700,000
Change in market value of credit default swap	250,000
Unrealized gain (loss) on derivatives	2,600,000	$ (616,000)	$ (1,937,000)
Derivative upfront cost				$ 500,000	$ 1,100,000	$ 1,600,000	$ 8,200,000
Credit Default Swaps [Member] | Marketable Securities and Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of credit derivatives, net	1,100,000	(184,000)
CMBX Tranche [Member] | Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on derivative	2,500,000
Foreign Exchange Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	(391,000)
Derivative assets, net	234,000
Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments of derivative issuance costs	743,000
Investment Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets, net		654,000
Derivative liabilities		$ 997,000
Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets, net	1,700,000
Interest Rate Floor [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments of derivative issuance costs	9,400,000
Interest Rate Cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets, net	$ 360,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative assets:
Derivative assets, net	$ 3,435	$ 182
Fair Value Measurements Recurring [Member]
Derivative assets:
Counter-party and Cash Collateral Netting,Total	(4,059)	0
Non-derivative assets:
Assets, fair value	3,435	63,399
Derivative liabilities:
Counter-party and Cash Collateral Netting, Total		(563)
Non-derivative liabilities
Liabilities, fair value		(6,201)
Assets and liabilities, fair value		57,198
Fair Value Measurements Recurring [Member] | Equity Securities [Member]
Derivative assets:
Counter-party and Cash Collateral Netting		0
Non-derivative assets:
Non-derivative assets		62,563
Fair Value Measurements Recurring [Member] | Margin Account Balance [Member]
Derivative liabilities:
Counter-party and Cash Collateral Netting		0
Non-derivative liabilities
Non-derivative liabilities		(5,003)
Fair Value Measurements Recurring [Member] | Short [Member] | Equity Securities [Member]
Derivative liabilities:
Counter-party and Cash Collateral Netting		0
Non-derivative liabilities
Non-derivative liabilities		(17)
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member]
Derivative assets:
Derivative assets, net	2,108	182
Counter-party and Cash Collateral Netting	0	0
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets, net	1,093
Counter-party and Cash Collateral Netting	(4,059)
Derivative liabilities:
Derivative liabilities		(184)
Counter-party and Cash Collateral Netting		(563)
Fair Value Measurements Recurring [Member] | Put Option [Member]
Derivative assets:
Derivative assets, net		654
Counter-party and Cash Collateral Netting		0
Fair Value Measurements Recurring [Member] | Put Option [Member] | Short [Member]
Derivative liabilities:
Derivative liabilities		(216)
Counter-party and Cash Collateral Netting		0
Fair Value Measurements Recurring [Member] | Call Option [Member] | Short [Member]
Derivative liabilities:
Derivative liabilities		(781)
Counter-party and Cash Collateral Netting		0
Fair Value Measurements Recurring [Member] | Future [Member]
Derivative assets:
Derivative assets, net	234
Counter-party and Cash Collateral Netting	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member]
Non-derivative assets:
Assets, fair value	234	63,217
Non-derivative liabilities
Liabilities, fair value		(6,017)
Assets and liabilities, fair value		57,200
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Equity Securities [Member]
Non-derivative assets:
Non-derivative assets		62,563
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] | Short [Member] | Equity Securities [Member]
Non-derivative liabilities
Non-derivative liabilities		(17)
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] | 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		654
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] | 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] | Future [Member]
Derivative assets:
Derivative assets, net	234
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Non-derivative assets:
Assets, fair value	7,260	182
Non-derivative liabilities
Liabilities, fair value		379
Assets and liabilities, fair value		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] | Margin Account Balance [Member]
Non-derivative liabilities
Non-derivative liabilities		0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Short [Member] | Equity Securities [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	2,108	182
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets, net	5,152
Derivative liabilities:
Derivative liabilities		379
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] | 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] | Future [Member]
Derivative assets:
Derivative assets, net	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Non-derivative assets:
Assets, fair value	0	0
Non-derivative liabilities
Liabilities, fair value		0
Assets and liabilities, fair value		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member]
Non-derivative assets:
Non-derivative assets		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Margin Account Balance [Member]
Non-derivative liabilities
Non-derivative liabilities		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Short [Member] | Equity Securities [Member]
Non-derivative liabilities
Non-derivative liabilities		0
Fair Value Measurements Recurring [Member] | Significant Unobservable 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] | Significant Unobservable Inputs (Level 3) [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets, net	0
Derivative liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Put Option [Member]
Derivative assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Put Option [Member] | Short [Member]
Derivative liabilities:
Derivative liabilities		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Call Option [Member] | Short [Member]
Derivative liabilities:
Derivative liabilities		$ 0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Future [Member]
Derivative assets:
Derivative assets, net	$ 0

Fair Value Measurements (Deta69

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (7,402)	$ (1,100)	$ (8,315)
Realized loss on credit default swaps	(486)	(83)	(88)
Unrealized gain (loss) on marketable securities	127	(332)	5,115
Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	2,600	(616)	(1,937)
Future [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives			0
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Net	(7,766)	4,347	(4,424)
Unrealized gain (loss) on derivatives	(7,402)	(1,100)	(8,315)
Realized loss on credit default swaps	(2,459)	0	0
Unrealized gain (loss) on marketable securities	127	(332)	5,115
Realized gain (loss) on marketable securities	1,968	5,779	(1,224)
Accumulated OCI into Interest Expense, Liabilities	0	100	101
Accumulated OCI into Interest Expense, Net	0	100	101
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(9,641)	(484)	(6,378)
Accumulated OCI into Interest Expense, Net	0	100	101
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	2,630	(616)
Accumulated OCI into Interest Expense, Net	0	0	0
Fair Value Measurements Recurring [Member] | Future [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(391)	0
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Interest Rate Derivatives [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Liabilities	0	0	4,400
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Liabilities	0	(699)	(2,025)
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	1,002	1,111	(138)
Accumulated OCI into Interest Expense, Liabilities	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	1,470	429	(274)
Accumulated OCI into Interest Expense, Liabilities	0	0	0
Fair Value Measurements Recurring [Member] | Non Derivative Liability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Liabilities	2,550	841	1,963
Accumulated OCI into Interest Expense, Liabilities	0	0	0
Fair Value Measurements Recurring [Member] | Non Derivative Liability [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	78	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	(9,641)	(484)	(10,778)
Accumulated OCI into Interest Expense, Assets	0	100	101
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	171	0	0
Accumulated OCI into Interest Expense, Assets	0	0	0
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Future [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Assets	(391)	0	0
Accumulated OCI into Interest Expense, Assets	0	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	26	0	0
Accumulated OCI into Interest Expense, Assets	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	(1,717)	(3,942)	(1,388)
Accumulated OCI into Interest Expense, Assets	0	0	0
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Assets	(10,316)	3,506	(6,387)
Accumulated OCI into Interest Expense, Assets	0	100	101
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Assets	314	0	0
Accumulated OCI into Interest Expense, Assets	0	0	0
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | 8880 American Depositary Receipts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in Income, Assets	(150)	0	0
Accumulated OCI into Interest Expense, Assets	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	1,072	7,932	5,779
Accumulated OCI into Interest Expense, Assets	$ 0	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in or out of level 3	10.00%
London Interbank Offered Rate (LIBOR) Rate	0.43%	0.171%
Higher Uptrend in the LIBOR interest rate	1.75%
Derivative expense related to credit default swaps	$ 486	$ 83	$ 88
Change in unrealized loss on derivatives	$ 0	$ 0	$ (3)

Summary of Fair Value of Fina71

Summary of Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying Value	$ 0	$ 63,217,000
Marketable securities, Estimated Fair Value	0	63,217,000
Derivative assets, net, Carrying Value	3,435,000	182,000
Derivative assets, net Estimated Fair Value	3,435,000	182,000
Liabilities associated with marketable securities and other, Carrying Value	0	6,201,000
Liabilities associated with marketable securities and other, Estimated Fair Value	0	6,201,000
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	215,078,000	215,063,000
Cash and cash equivalents, Estimated Fair Value	215,078,000	215,063,000
Restricted cash, Carrying Value	153,680,000	85,830,000
Restricted cash, Estimated Fair Value	153,680,000	85,830,000
Accounts receivable, net, Carrying Value	40,438,000	22,399,000
Accounts receivable, net, Estimated Fair Value	40,438,000	22,399,000
Note receivable, net, Carrying Value	3,746,000	3,553,000
Due from affiliates, Carrying Value	0	3,473,000
Due from affiliates, Estimated Fair Value	0	3,473,000
Due from Ashford Prime OP, net	528,000	896,000
Due From Ashford Prime OP, Net, Estimated Fair Value	528,000	896,000
Due from third-party hotel managers, Carrying Value	22,869,000	12,241,000
Due from third party hotel managers, Estimated Fair Value	22,869,000	12,241,000
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	3,874,617,000	1,954,103,000
Accounts payable and accrued expenses, Carrying Value	123,444,000	71,118,000
Accounts payable and accrued expenses, Estimated Fair Value	123,444,000	71,118,000
Dividends payable	22,678,000	21,889,000	$ 20,735,000
Dividends payable, Estimated Fair Value	22,678,000	21,889,000
Due to Ashford Inc., net, Estimated Fair Value	9,856,000	8,202,000
Due to Affiliate	9,856,000	8,202,000
Due to related party, net	1,339,000	1,867,000
Due to related party, Estimated Fair Value	1,339,000	1,867,000
Due to third-party hotel managers, Carrying Value	2,504,000	1,640,000
Due to third-party hotel managers, Estimated Fair Value	2,504,000	1,640,000
Minimum [Member]
Financial assets not measured at fair value:
Notes receivable, net, Estimated Fair Value	3,344,000	3,049,000
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	3,683,196,000	1,905,801,000
Maximum [Member]
Financial assets not measured at fair value:
Notes receivable, net, Estimated Fair Value	3,696,000	3,370,000
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	$ 4,070,904,000	$ 2,106,413,000

Summary of Fair Value of Fina72

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity period of financial assets	90 days
Note receivable, net, Carrying Value	$ 3,746	$ 3,553
Carrying value of total indebtedness of continuing operations	$ 3,900,000	$ 2,000,000
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value	(10.70%)	(14.20%)
Total indebtedness fair value variance from carrying value	105.10%	107.80%
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value	(1.30%)	(5.20%)
Total indebtedness fair value variance from carrying value	95.10%	97.50%

Commitments and Contingencies73

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 3,067
2,017	2,875
2,018	2,596
2,019	2,430
2,020	2,424
Thereafter	118,325
Total	$ 131,717

Commitments and Contingencies74

Commitments and Contingencies (Narrative) (Details)	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)lease	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2006USD ($)
Loss Contingencies [Line Items]
Number of ground leases | lease		6
Rent expenses		$ 3,800,000	$ 1,500,000	$ 4,500,000
Contingent rent		1,300,000	712,000	898,000
Capital commitment		$ 78,500,000
Period of payment of capital commitment		12 months
Litigation [Member]
Loss Contingencies [Line Items]
Damages awarded	$ 10,800,000
Prejudgment interest		$ 95,000	707,000
Gain (Loss) Related to Litigation Settlement		12,000,000
Loss accrual			400,000
Potential Pension Liabilities [Member]
Loss Contingencies [Line Items]
Unfunded pension liabilities					$ 0
Net amount of pension payments on settlement agreement paid by hotel manager		84,000
Monthly pension payments		100,000
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit		1,700,000
Accrued unfunded liabilities		$ 1,600,000
Term of pension liability		20 years
Management Fees [Member]
Loss Contingencies [Line Items]
Payment of monthly property management fees (greater than $10,000)		$ 10,000
Percentage of base management fee		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%
Franchise Fees [Member]
Loss Contingencies [Line Items]
Franchisor Royalty Fees Minimum		2.00%
Franchisor Royalty Fees Maximum		6.00%
Marketing reservation and other fees (lesser of 1%)		1.00%
Marketing reservation and other fees, Maximum		6.20%
Franchise Costs		$ 62,800,000	$ 37,400,000	$ 32,000,000
Restricted Cash [Member]
Loss Contingencies [Line Items]
Escrow reserve for capital improvements as percentage of gross revenues, Minimum		4.00%
Escrow reserve for capital improvements as percentage of gross revenues, Maximum		6.00%

Redeemable Noncontrolling Int75

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Nov. 12, 2014shares	Dec. 31, 2012shares
Redeemable Noncontrolling Interest [Line Items]
Common unit limited partnership interest period until redemption	1 year
Common unit limited partnership interest redemption for common stock shares | shares	1
Common unit percentage worth of common stock share	95.00%
Redeemable noncontrolling interests in operating partnership	$ 118,449,000	$ 177,064,000
Noncontrolling interest in joint venture	15.00%	15.00%
Redemption value adjustment	$ 73,315,000	$ (45,988,000)	$ (13,344,000)
Payments of dividends	$ 91,282,000	$ 85,417,000	$ 78,829,000
Ashford Inc. [Member]
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares				87
Special distribution, maximum percentage of shares available for conversion				99.00%
Shares in investment held (in shares) | shares				598,000
Common unit percentage worth of common stock share		94.00%
Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Units converted to common shares (in shares) | shares	152,000	160,000	0
Units redeemed (in shares) | shares	0	2,000	0
Temporary Equity, Shares Outstanding | shares	20,388,000	19,836,000	18,991,000		17,611,000
Class B Common Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Dividend Rate common units, after year three	7.20%
Common Units [Member] | Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Units converted to common shares (in shares) | shares	152,000	160,000
OP Units Redeemed for Cash [Member] | Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Units converted to common shares (in shares) | shares		2,000	0
Long Term Incentive Plan [Member]
Redeemable Noncontrolling Interest [Line Items]
Common partnership unit per converted Long-Term Incentive Plan unit | shares	1
Compensation expense	$ 1,400,000	$ 16,400,000	$ 19,000,000
Temporary Equity, Shares Outstanding | shares	8,700,000
Unamortized cost of unvested shares	$ 2,900,000
Long Term Incentive Plan [Member] | Share-based Compensation Award, Tranche One [Member]
Redeemable Noncontrolling Interest [Line Items]
Units Which Had Not Reached Full Economic Parity With The Common Units, Value	662,000
Long Term Incentive Plan [Member] | Share-based Compensation Award, Tranche Two [Member]
Redeemable Noncontrolling Interest [Line Items]
Units Which Had Not Reached Full Economic Parity With The Common Units, Value	43,000
Long Term Incentive Plan [Member] | Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership		177,100,000
(Income) loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership	$ 35,500,000	$ (6,400,000)	(8,200,000)
Noncontrolling interest in joint venture	13.36%	13.01%
Redemption value adjustment	$ 95,000,000	$ 169,300,000
Payments of dividends	$ 10,900,000	10,700,000	10,300,000
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]
Temporary Equity Conversion Fair Value		19,000
Long Term Incentive Plan [Member] | Common Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Temporary Equity Conversion Fair Value	$ 1,500,000	1,800,000
Restricted Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Compensation expense	1,900,000	2,800,000	$ 2,300,000
Unamortized cost of unvested shares	$ 5,400,000
Period of recognition for unamortized shares	2 years 2 months
Restricted Stock [Member] | Maximum [Member]
Redeemable Noncontrolling Interest [Line Items]
Period of recognition for unamortized shares	2 years 2 months 21 days
Ashford Inc. [Member]
Redeemable Noncontrolling Interest [Line Items]
Special distribution, conversion ratio, shares				87
Special distribution, maximum percentage of shares available for conversion				99.00%
Special distribution, conversion ratio, units				55
Shares in investment held (in shares) | shares	598,000
Redeemable noncontrolling interests in operating partnership	$ 240,000	$ 424,000

Redeemable Noncontrolling Int76

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Partnership Interest [Member]
Summary of the activity of the operating partnership units
Units outstanding at beginning of year	19,836,000	18,991,000	17,611,000
Units issued		704,000	1,007,000	1,380,000
Units redeemed for cash of $19 in 2014	0	(2,000)	0
Units converted to common shares	(152,000)	(160,000)	0
Units outstanding at end of year	20,388,000	19,836,000	18,991,000
Units convertible/redeemable at end of year	16,918,000	17,068,000	15,918,000
OP Units Redeemed for Cash [Member] | Partnership Interest [Member]
Summary of the activity of the operating partnership units
Units converted to common shares		(2,000)	0
Long Term Incentive Plan [Member]
Summary of the activity of the operating partnership units
Units outstanding at end of year	8,700,000
Long Term Incentive Plan [Member] | OP Units Redeemed for Cash [Member]
Summary of the activity of the operating partnership units
Shares redeemed at fair value		$ 19

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common stock related:
Common shares	$ 47,190	$ 41,894	$ 37,054
Preferred stocks:
Total dividends declared	81,152	75,856	71,016
Series A Preferred Stock [Member]
Preferred stocks:
Total dividends declared	3,542	3,542	3,542
Series D Preferred Stock [Member]
Preferred stocks:
Total dividends declared	20,002	20,002	20,002
Series E Preferred Stock [Member]
Preferred stocks:
Total dividends declared	$ 10,418	$ 10,418	$ 10,418

Equity (Details Textual)

Equity (Details Textual) $ / shares in Units, $ in Thousands	Feb. 10, 2015$ / sharesshares	Jan. 29, 2015USD ($)shares	May. 09, 2014USD ($)$ / sharesshares	Apr. 08, 2014USD ($)$ / sharesshares	Jul. 31, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)hotel$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Dec. 31, 2008USD ($)	Jan. 30, 2015$ / sharesshares	Sep. 30, 2011USD ($)	Aug. 30, 2011USD ($)	Jan. 31, 2009USD ($)
Proceeds from common stock offering | $						$ 110,870	$ 85,840	$ 140,111
Common stock shares repurchased | $					$ 5,800				$ 125,000
Authorization of additional amount of shares | $											$ 200,000	$ 58,400	$ 200,000
Acquisition of common stock | shares						52,661	41,198	32,855
Preferred stock, shares authorized (in shares) | shares						50,000,000	50,000,000
Ownership percentage by parent						15.00%
Noncontrolling interests in consolidated entities | $						$ 770	$ 800
(Income) loss from consolidated joint ventures attributable to noncontrolling interests | $						(30)	(406)	$ 908
Treasury Stock Acquired, Average Cost Per Share | $ / shares					$ 9
Payments for Repurchase of Common Stock | $					$ 51,800	$ 52,292	$ 458	$ 401
Majority Owned Properties [Member]
Number of hotel properties with joint venture interest | hotel						2
Common and Preferred Stock [Member]
Shares repurchased (in shares) | shares						0	0	0
Common Stock [Member]
Issuance of stock (in shares) | shares	1,029,000	9,500,000	850,000	7,500,000
Share price (in dollars per share) | $ / shares	$ 10.65		$ 10.70	$ 10.70						$ 10.65
Issuance of stock | $						$ 110,870	$ 85,840	$ 140,111
Gross proceeds from sale of common stock | $		$ 101,200		$ 80,300
Proceeds from common stock offering | $			$ 8,700	$ 76,800
Term of option to purchase additional stock				30 days
Additional shares issuable under over-allotment option agreement (in shares) | shares				1,125,000						1,425,000
Series A Preferred Stock [Member]
Percentage of preferred stock shares						8.55%	8.55%
Preferred stock, shares outstanding (in shares) | shares						1,657,206	1,657,206
Redemption price of preferred stock (in dollars per share) | $ / shares						$ 25
Liquidation preference (in dollars per share) | $ / shares						25
Annual dividend rate per share | $ / shares						$ 2.1375
Series D Preferred Stock [Member]
Percentage of preferred stock shares						8.45%	8.45%
Preferred stock, shares outstanding (in shares) | shares						9,468,706	9,468,706
Redemption price of preferred stock (in dollars per share) | $ / shares						$ 25
Annual dividend rate per share | $ / shares						$ 2.1125
Increased dividend rate percentage						9.45%
Series E Preferred Stock [Member]
Percentage of preferred stock shares						9.00%	9.00%
Preferred stock, shares outstanding (in shares) | shares						4,630,000	4,630,000
Redemption price of preferred stock (in dollars per share) | $ / shares						$ 25
Annual dividend rate per share | $ / shares						$ 2.25

Stock Based Compensation (Detai

Stock Based Compensation (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of restricted stock activity
Outstanding at beginning of year (in shares)	595	418	487
Weighted Average Price at Grant, Beginning of year (in dollars per share)	$ 10.92	$ 10.55	$ 9.15
Restricted shares granted (in shares)	1,183	423	198
Weighted Average Price at Grant, Restricted shares granted (in dollars per share)	$ 9.93	$ 11.04	$ 11.87
Restricted shares vested (in shares)	(299)	(228)	(266)
Weighted Average Price at Grant, Restricted shares vested (in dollars per share)	$ 10.53	$ 10.47	$ 8.97
Restricted shares forfeited (in shares)	(20)	(18)	(1)
Weighted Average Price at Grant, Restricted shares forfeited (in dollars per share)	$ 10.13	$ 11.07	$ 9.81
Outstanding at end of year (in shares)	1,459	595	418
Weighted Average Price at Grant, End of year (in dollars per share)	$ 10.21	$ 10.92	$ 10.55

Stock Based Compensation (Det80

Stock Based Compensation (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,900,000	$ 2,800,000	$ 2,300,000
Restricted stock fair value	3,100,000
Unamortized cost of unvested shares	$ 5,400,000
Period of recognition for unamortized shares	2 years 2 months
Common Stock Vested Immediately [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 180,000,000
2011 Stock Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant	11,500,000
Shares available for future issuance	4,100,000

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 12, 2014
Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Maximum percentage of compensation eligible for deferral	100.00%
Deferred Compensation Plan | Selling, General and Administrative Expenses [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Additional compensation expense			$ 4,300
Deferred Compensation Plan | Additional Paid-in Capital [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation liability				$ 11,500
401(k) Plan [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee's qualified age	21 years
Employee period of service	1 year
Minimum hours worked to participate in nonqualified compensation plan (in hours)	1000 hours
Percentage of Company contributions	50.00%
Company contribution vesting percentage per year	25.00%
Matching expenses incurred		$ 260	211
Percentage of Employee's contributions	6.00%
Employee Savings and Incentive Plan (ESIP) [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Minimum hours worked to participate in nonqualified compensation plan (in hours)	25 hours
Percentage of Company contributions	25.00%
Company contribution vesting percentage per year	25.00%
Matching expenses incurred		$ 13	$ 70
Defined contribution plan employee compensation contribution maximum	100.00%
Employee contribution	10.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
State income tax expense, net of federal income tax benefit	$ (8,205)	$ (6,041)	$ (7,907)
Federal statutory income tax rate	35.00%	35.00%	35.00%
State income tax expense, net of federal income tax benefit	$ (827)	$ (528)	$ (469)
Permanent differences	(388)	(558)	(761)
State and local income tax (expense) benefit on pass-through entity subsidiaries	0	(19)	(34)
Gross receipts and margin taxes	(886)	(700)	(631)
Interest and penalties	(14)	(10)	(20)
Valuation allowance	5,610	6,590	8,311
Income tax expense for income from continuing operations	(4,710)	(1,266)	(1,511)
Income tax benefit for income from discontinued operations	0	0	0
Income tax benefit for income from discontinued operations	0	(12)	0
Total income tax expense	$ (4,710)	$ (1,278)	$ (1,511)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ (3,377)	$ (416)	$ (919)
State	(1,225)	(721)	(684)
Total current	(4,602)	(1,137)	(1,603)
Deferred:
Federal	(30)	0	157
State	(78)	(129)	(65)
Total deferred	(108)	(129)	92
Income tax expense for income from continuing operations	$ (4,710)	$ (1,266)	$ (1,511)

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 277	$ 94
Unearned income	3,128	317
Unfavorable management contract liability	1,302	2,088
Federal and state net operating losses	15,537	25,046
Accrued expenses	2,587	1,310
Prepaid expenses	(4,009)	(4,046)
Alternative minimum tax credit	1,718	1,347
Tax property basis less than book basis	(1,743)	(2,031)
Tax derivatives basis greater than book basis	2,911	3,042
Deferred gain	0	1,757
Other	(162)	411
Deferred tax asset	21,546	29,335
Valuation allowance	(20,670)	(29,335)	$ (35,146)	$ (45,398)
Net deferred tax asset	$ 876	$ 0

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in the valuation allowance
Balance at beginning of year	$ 29,335	$ 35,146	$ 45,398
Additions charged to other	4,774	1,855	4,315
Deductions	(13,439)	(7,666)	(14,567)
Balance at end of year	$ 20,670	$ 29,335	$ 35,146

Income Taxes (Details Textual)

Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Operating Loss Carryforwards [Line Items]
Minimum percentage of income distributed to shareholders to qualify as a REIT	90.00%
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year	4 years
Ashford TRS recognized net book income (loss)	$ 23,400,000	$ 17,300,000	$ 22,600,000
Income tax interest and penalties expenses	14,000	10,000	20,000
Income tax interest and penalties expenses accrued	0	0
Income tax expense	(4,710,000)	(1,266,000)	(1,511,000)
Valuation allowance	20,670,000	$ 29,335,000	$ 35,146,000	$ 45,398,000
Income tax expense attributable to TRS	3,500,000
Net operating loss carryforwards	40,900,000
Ashford Hospitality Trust, Inc [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards for federal income tax	$ 383,300,000
Subsidiaries [Member]
Operating Loss Carryforwards [Line Items]
Number of hotel properties | hotel	132
Net operating loss carryforwards	$ 10,100,000
Ashford TRS [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 40,900,000

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income (loss) attributable to common stockholders – Basic and diluted:
Income (loss) from continuing operations attributable to the Company	$ (21,992)	$ (16,321)	$ (12,244)	$ 321,496	$ (13,884)	$ (13,550)	$ (1,605)	$ (2,391)	$ 270,939	$ (31,430)	$ (41,197)
Less: Dividends on preferred stocks									(33,962)	(33,962)	(33,962)
Less: Undistributed income from continuing operations allocated to unvested shares									(2,390)	0	0
Undistributed income (loss)									187,397	(107,286)	(112,213)
Distributed and undistributed income (loss) from continuing operations - basic									233,895	(65,694)	(75,372)
Add back: Income from continuing operations allocated to operating partnership units									35,503	0	0
Distributed and undistributed net income (loss) from continuing operations - diluted									269,398	(65,694)	(75,372)
Income (loss) from discontinued operations allocated to common stockholders:
Income (loss) from discontinued operations attributable to the Company									$ 0	$ 29	$ (86)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)									96,290	87,622	75,155
Effect of assumed conversion of operating partnership units									18,591	0	0
Weighted average common shares outstanding - basic and diluted									114,881	87,622	75,155
Basic:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)									$ 2.43	$ (0.75)	$ (1)
Income (loss) from discontinued operations attributable to common stockholders (in dollars per share)									0	0	0
Net income (loss) attributable to common stockholders (in dollars per share)									2.43	(0.75)	(1)
Diluted:
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)	$ (0.33)	$ (0.26)	$ (0.21)	$ 3.25	$ (0.25)	$ (0.24)	$ (0.11)	$ (0.13)	2.35	(0.75)	(1)
Loss from discontinued operations allocated to common shareholders per share (in dollars per share)									0	0	0
Net income (loss) attributable to common stockholders (in dollars per share)									$ 2.35	$ (0.75)	$ (1)
Common Stock [Member]
Income (loss) attributable to common stockholders – Basic and diluted:
Less: Dividends									$ (46,498)	$ (41,592)	$ (36,841)
Add back: Dividends on common stock									46,498	41,592	36,841
Restricted Stock [Member]
Income (loss) attributable to common stockholders – Basic and diluted:
Less: Dividends									(692)	(302)	(213)
Add back: Dividends on common stock									$ 692	$ 302	$ 213

Income (Loss) Per Share (Deta88

Income (Loss) Per Share (Details 1) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss from continuing operations allocated to common shareholders is not adjusted for:
Less: Undistributed income from continuing operations allocated to unvested shares	$ (2,390)	$ 0	$ 0
Loss attributable to redeemable noncontrolling interests in operating partnership	0	(6,404)	(8,171)
Total	$ 3,082	$ (6,102)	$ (7,958)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares)	485	19,621	18,827
Restricted Stock [Member]
Loss from continuing operations allocated to common shareholders is not adjusted for:
Less: Undistributed income from continuing operations allocated to unvested shares	$ 3,082	$ 302	$ 213
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares)	485	174	128
Redeemable Noncontrolling Interest in Operating Partnership
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares)	0	19,447	18,699

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2015segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Property management fees, including incentive property management fees	$ 29,004	$ 17,800	$ 14,299
Market service fees	14,291	13,494	9,439
Corporate general and administrative and fixed asset reimbursements	4,677	7,689	4,299
Total	47,972	38,983	28,037
Related Party Transaction [Line Items]
Advisory services fee	43,023	4,533	$ 0
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Advisory services fee	43,023	4,533
Ashford Inc. [Member] | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	33,833	3,999
Ashford Inc. [Member] | Reimbursable expenses (1)
Related Party Transaction [Line Items]
Advisory services fee	6,471	534
Ashford Inc. [Member] | Equity-based compensation (2)
Related Party Transaction [Line Items]
Advisory services fee	$ 2,719	$ 0

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ / shares in Units, shares in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)hotelshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Dec. 31, 2008USD ($)	Jun. 30, 2015shares	Dec. 31, 2012shares
Related Party Transaction [Line Items]
Indebtedness, net		$ 3,840,617,000	$ 1,943,133,000
Maximum percentage of project budget to be paid as market service fees		16.50%
Number of disposed properties description for related party indemnification agreement | hotel		1
Related party transaction expenses		$ 47,972,000	38,983,000	$ 28,037,000
Advisory services fee		$ 43,023,000	4,533,000	0
Quarterly base advisory service fee		0.70%
Term of advisory agreement		10 years
Term of advisory agreement extension		5 years
Due from Ashford Prime OP, net		$ 528,000	896,000
Due to related party, net		1,339,000	1,867,000
Due to Affiliate		9,856,000	8,202,000
Common Stock Shares Repurchased	$ 5,800,000				$ 125,000,000
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 9
Payments for Repurchase of Common Stock	$ 51,800,000	$ 52,292,000	$ 458,000	$ 401,000
Restricted Stock [Member]
Related Party Transaction [Line Items]
Outstanding (in shares) | shares		1,459	595	418			487
Compensation expense		$ 1,900,000	$ 2,800,000	$ 2,300,000
Unamortized cost of unvested shares		$ 5,400,000
Period of recognition for unamortized shares		2 years 2 months
Management Fees [Member]
Related Party Transaction [Line Items]
Payment of monthly property management fees (greater than $10,000)		$ 10,000
Percentage of base management fee		3.00%
Portion of project management fees to project costs		4.00%
Maximum [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Period of recognition for unamortized shares		2 years 2 months 21 days
Subsidiaries [Member]
Related Party Transaction [Line Items]
Number of hotel properties managed by affiliates | hotel		89
Number of hotel properties | hotel		132
Remington Lodging Employees [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Outstanding (in shares) | shares						147
Compensation expense		$ 213,000
Unamortized cost of unvested shares		$ 682,000
Remington Lodging Employees [Member] | Maximum [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Period of recognition for unamortized shares		2 years 2 months 27 days
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Advisory services fee		$ 43,023,000	4,533,000
Quarterly base advisory service fee		0.70%
Ashford Inc. [Member] | Consideration to Purchase Furniture, Fixtures and Equipment [Member]
Related Party Transaction [Line Items]
Due to related party, net		$ 4,000,000
Ashford Prime [Member]
Related Party Transaction [Line Items]
Quarterly base advisory service fee		0.70%
Ashford Prime [Member] | Advisory Revenue [Member]
Related Party Transaction [Line Items]
Advisory services revenue			10,700,000	1,000,000
Advisory base fee			7,500,000	878,000
Advisory reimbursable overhead			1,400,000	53,000
Internal audit reimbursements			1,800,000	$ 116,000
Incentive management fee earned			$ 0
Ashford Hospitality Advisor LLC [Member]
Related Party Transaction [Line Items]
Quarterly base advisory service fee		0.70%
Ashford Hospitality Advisor LLC [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Total Market Capitalization		$ 10,000,000,000
Quarterly base advisory service fee		0.70%
Ashford Hospitality Advisor LLC [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Total Market Capitalization		$ 6,000,000,000
Quarterly base advisory service fee		0.50%

Concentration of Risk (Details)

Concentration of Risk (Details) - Geographic Concentration Risk [Member] - Revenue [Member]	12 Months Ended
	Dec. 31, 2015hotel
Concentration Risk [Line Items]
Concentration risk	10.30%
Number of hotel properties	10

Selected Quarterly Financial 93

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 352,877	$ 364,516	$ 369,338	$ 250,235	$ 190,368	$ 201,457	$ 208,163	$ 194,861	$ 1,336,966	$ 794,849	$ 939,527
Total operating expenses	323,148	323,634	334,139	218,130	176,802	182,189	190,698	168,468	1,199,051	718,157	822,630
Operating income (loss)	29,729	40,882	35,199	32,105	13,566	19,268	17,465	26,393	137,915	76,692	116,897
Income (loss) from continuing operations	(26,127)	(20,110)	(14,757)	366,807	(16,303)	(16,266)	(2,375)	(6,787)	305,813	(41,731)	(48,460)
Income (loss) from continuing operations attributable to the Company	(21,992)	(16,321)	(12,244)	321,496	(13,884)	(13,550)	(1,605)	(2,391)	270,939	(31,430)	$ (41,197)
Income (loss) from continuing operations attributable to common stockholders	$ (30,483)	$ (24,811)	$ (20,735)	$ 313,006	$ (22,375)	$ (22,040)	$ (10,096)	$ (10,881)	$ 236,977	$ (65,392)
Diluted income (loss) from continuing operations attributable to common stockholders per share (in dollars per share)	$ (0.33)	$ (0.26)	$ (0.21)	$ 3.25	$ (0.25)	$ (0.24)	$ (0.11)	$ (0.13)	$ 2.35	$ (0.75)	$ (1)
Weighted average common shares outstanding – diluted (in shares)	94,012	95,888	99,755	113,912	89,589	90,322	88,781	81,690	114,881	87,622

Real Estate and Accumulated D94

Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,868,991
Initial Cost of Land	711,402
Initial Cost of FF&E, Buildings and improvements	3,886,418
Costs Capitalized Since Acquisition, Land	(5,516)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	589,162
Gross Carrying Amount At Close of Period, Land	705,886
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	4,475,580
Gross Carrying Amount At Close of Period, Total	5,181,466	$ 2,719,716	$ 2,671,002	$ 3,509,744
Accumulated Depreciation	761,782	$ 591,105	$ 507,208	$ 637,840
Austin, TX Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,200
Initial Cost of Land	1,204
Initial Cost of FF&E, Buildings and improvements	9,388
Costs Capitalized Since Acquisition, Land	193
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,397
Gross Carrying Amount At Close of Period, Land	1,397
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,785
Gross Carrying Amount At Close of Period, Total	17,182
Accumulated Depreciation	7,395
Dallas, TX Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,700
Initial Cost of Land	1,878
Initial Cost of FF&E, Buildings and improvements	8,907
Costs Capitalized Since Acquisition, Land	238
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,578
Gross Carrying Amount At Close of Period, Land	2,116
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,485
Gross Carrying Amount At Close of Period, Total	17,601
Accumulated Depreciation	7,642
Herndon, VA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,700
Initial Cost of Land	1,303
Initial Cost of FF&E, Buildings and improvements	9,836
Costs Capitalized Since Acquisition, Land	277
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,836
Gross Carrying Amount At Close of Period, Land	1,580
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,672
Gross Carrying Amount At Close of Period, Total	18,252
Accumulated Depreciation	7,029
Las Vegas, NV Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,100
Initial Cost of Land	3,307
Initial Cost of FF&E, Buildings and improvements	16,952
Costs Capitalized Since Acquisition, Land	397
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,023
Gross Carrying Amount At Close of Period, Land	3,704
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,975
Gross Carrying Amount At Close of Period, Total	26,679
Accumulated Depreciation	9,049
Syracuse, NY Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,599
Initial Cost of Land	2,839
Initial Cost of FF&E, Buildings and improvements	9,778
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,582
Gross Carrying Amount At Close of Period, Land	2,839
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,360
Gross Carrying Amount At Close of Period, Total	20,199
Accumulated Depreciation	6,639
Flagstaff, AZ Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,884
Initial Cost of Land	1,267
Initial Cost of FF&E, Buildings and improvements	4,278
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,992
Gross Carrying Amount At Close of Period, Land	1,267
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,270
Gross Carrying Amount At Close of Period, Total	12,537
Accumulated Depreciation	5,040
Houston, TX Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,200
Initial Cost of Land	1,799
Initial Cost of FF&E, Buildings and improvements	10,404
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,261
Gross Carrying Amount At Close of Period, Land	1,799
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,665
Gross Carrying Amount At Close of Period, Total	17,464
Accumulated Depreciation	5,449
West Palm Beach, FL Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,700
Initial Cost of Land	3,277
Initial Cost of FF&E, Buildings and improvements	13,949
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,138
Gross Carrying Amount At Close of Period, Land	3,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,087
Gross Carrying Amount At Close of Period, Total	26,364
Accumulated Depreciation	6,830
Philadelphia, PA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,513
Initial Cost of Land	5,791
Initial Cost of FF&E, Buildings and improvements	34,819
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,568
Gross Carrying Amount At Close of Period, Land	5,791
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,387
Gross Carrying Amount At Close of Period, Total	49,178
Accumulated Depreciation	11,618
Walnut Creek, CA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,342
Initial Cost of Land	7,452
Initial Cost of FF&E, Buildings and improvements	25,334
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,843
Gross Carrying Amount At Close of Period, Land	7,452
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,177
Gross Carrying Amount At Close of Period, Total	38,629
Accumulated Depreciation	8,620
Arlington, VA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	44,802
Initial Cost of Land	36,065
Initial Cost of FF&E, Buildings and improvements	41,588
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,335
Gross Carrying Amount At Close of Period, Land	36,065
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	50,923
Gross Carrying Amount At Close of Period, Total	86,988
Accumulated Depreciation	13,774
Portland, OR Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	75,360
Initial Cost of Land	11,110
Initial Cost of FF&E, Buildings and improvements	60,048
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,882
Gross Carrying Amount At Close of Period, Land	11,110
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	67,930
Gross Carrying Amount At Close of Period, Total	79,040
Accumulated Depreciation	16,922
Santa Clara, CA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,473
Initial Cost of Land	8,948
Initial Cost of FF&E, Buildings and improvements	46,239
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,840
Gross Carrying Amount At Close of Period, Land	8,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	50,079
Gross Carrying Amount At Close of Period, Total	59,027
Accumulated Depreciation	12,094
Orlando, FL Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,373
Initial Cost of Land	5,674
Initial Cost of FF&E, Buildings and improvements	21,593
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,306
Gross Carrying Amount At Close of Period, Land	5,674
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,899
Gross Carrying Amount At Close of Period, Total	30,573
Accumulated Depreciation	5,797
Jacksonville, FL Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,200
Initial Cost of Land	1,751
Initial Cost of FF&E, Buildings and improvements	9,164
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,700
Gross Carrying Amount At Close of Period, Land	1,751
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,864
Gross Carrying Amount At Close of Period, Total	12,615
Accumulated Depreciation	3,476
Austin, TX Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,760
Initial Cost of Land	7,605
Initial Cost of FF&E, Buildings and improvements	48,725
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,735
Gross Carrying Amount At Close of Period, Land	7,605
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	50,460
Gross Carrying Amount At Close of Period, Total	58,065
Accumulated Depreciation	1,987
Baltimore, MD Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,680
Initial Cost of Land	4,027
Initial Cost of FF&E, Buildings and improvements	20,199
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	232
Gross Carrying Amount At Close of Period, Land	4,027
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,431
Gross Carrying Amount At Close of Period, Total	24,458
Accumulated Depreciation	781
Virginia Beach, VA Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,720
Initial Cost of Land	4,101
Initial Cost of FF&E, Buildings and improvements	26,329
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	162
Gross Carrying Amount At Close of Period, Land	4,101
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,491
Gross Carrying Amount At Close of Period, Total	30,592
Accumulated Depreciation	918
Wisconsin Dells, WI Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,000
Initial Cost of Land	867
Initial Cost of FF&E, Buildings and improvements	14,318
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	71
Gross Carrying Amount At Close of Period, Land	867
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,389
Gross Carrying Amount At Close of Period, Total	15,256
Accumulated Depreciation	278
Ft. Worth, TX Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,202
Initial Cost of Land	4,538
Initial Cost of FF&E, Buildings and improvements	13,922
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,501
Gross Carrying Amount At Close of Period, Land	4,538
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,423
Gross Carrying Amount At Close of Period, Total	34,961
Accumulated Depreciation	11,276
Houston, TX Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,200
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	13,247
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,321
Gross Carrying Amount At Close of Period, Land	2,200
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,568
Gross Carrying Amount At Close of Period, Total	26,768
Accumulated Depreciation	10,184
St. Petersburg, FL Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,700
Initial Cost of Land	2,991
Initial Cost of FF&E, Buildings and improvements	13,907
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,323
Gross Carrying Amount At Close of Period, Land	2,991
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,230
Gross Carrying Amount At Close of Period, Total	33,221
Accumulated Depreciation	10,468
Santa Fe, NM Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,971
Initial Cost of Land	7,004
Initial Cost of FF&E, Buildings and improvements	10,689
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,665
Gross Carrying Amount At Close of Period, Land	7,004
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,354
Gross Carrying Amount At Close of Period, Total	32,358
Accumulated Depreciation	10,876
Bloomington, MN Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	52,644
Initial Cost of Land	5,685
Initial Cost of FF&E, Buildings and improvements	59,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,031
Gross Carrying Amount At Close of Period, Land	5,685
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	73,170
Gross Carrying Amount At Close of Period, Total	78,855
Accumulated Depreciation	18,170
Costa Mesa, CA Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,960
Initial Cost of Land	12,917
Initial Cost of FF&E, Buildings and improvements	91,791
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	18,243
Gross Carrying Amount At Close of Period, Land	12,917
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	110,034
Gross Carrying Amount At Close of Period, Total	122,951
Accumulated Depreciation	29,246
Boston, MA Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,016
Initial Cost of Land	62,555
Initial Cost of FF&E, Buildings and improvements	134,407
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	810
Gross Carrying Amount At Close of Period, Land	62,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	135,217
Gross Carrying Amount At Close of Period, Total	197,772
Accumulated Depreciation	4,457
Parsippany, NJ Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	53,120
Initial Cost of Land	7,293
Initial Cost of FF&E, Buildings and improvements	58,098
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,996
Gross Carrying Amount At Close of Period, Land	7,293
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	66,094
Gross Carrying Amount At Close of Period, Total	73,387
Accumulated Depreciation	3,652
Tampa, FL Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,440
Initial Cost of Land	5,206
Initial Cost of FF&E, Buildings and improvements	21,186
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	846
Gross Carrying Amount At Close of Period, Land	5,206
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,032
Gross Carrying Amount At Close of Period, Total	27,238
Accumulated Depreciation	1,722
Lawrenceville, GA Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,086
Initial Cost of Land	697
Initial Cost of FF&E, Buildings and improvements	3,808
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,349
Gross Carrying Amount At Close of Period, Land	697
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,157
Gross Carrying Amount At Close of Period, Total	5,854
Accumulated Depreciation	1,617
Evansville, IN Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,900
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	5,034
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,850
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,884
Gross Carrying Amount At Close of Period, Total	10,185
Accumulated Depreciation	3,639
Parsippany, NJ Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,400
Initial Cost of Land	3,268
Initial Cost of FF&E, Buildings and improvements	24,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,169
Gross Carrying Amount At Close of Period, Land	3,268
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,475
Gross Carrying Amount At Close of Period, Total	28,743
Accumulated Depreciation	1,287
Buford, GA Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,744
Initial Cost of Land	1,168
Initial Cost of FF&E, Buildings and improvements	5,338
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,129
Gross Carrying Amount At Close of Period, Land	1,168
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,467
Gross Carrying Amount At Close of Period, Total	7,635
Accumulated Depreciation	2,063
Phoenix, AZ Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,267
Initial Cost of Land	853
Initial Cost of FF&E, Buildings and improvements	10,145
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	228
Gross Carrying Amount At Close of Period, Land	853
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,373
Gross Carrying Amount At Close of Period, Total	11,226
Accumulated Depreciation	370
Pittsburgh, PA Hampton Inn 1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,786
Initial Cost of Land	2,335
Initial Cost of FF&E, Buildings and improvements	18,663
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	68
Gross Carrying Amount At Close of Period, Land	2,335
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,731
Gross Carrying Amount At Close of Period, Total	21,066
Accumulated Depreciation	568
Pittsburgh, PA Hampton Inn 2 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,341
Initial Cost of Land	2,760
Initial Cost of FF&E, Buildings and improvements	19,739
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	73
Gross Carrying Amount At Close of Period, Land	2,760
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,812
Gross Carrying Amount At Close of Period, Total	22,572
Accumulated Depreciation	586
Columbus, OH Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,017
Initial Cost of Land	1,789
Initial Cost of FF&E, Buildings and improvements	27,210
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	96
Gross Carrying Amount At Close of Period, Land	1,789
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,306
Gross Carrying Amount At Close of Period, Total	29,095
Accumulated Depreciation	817
Gainesville, FL Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,200
Initial Cost of Land	3,695
Initial Cost of FF&E, Buildings and improvements	20,141
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	110
Gross Carrying Amount At Close of Period, Land	3,695
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,251
Gross Carrying Amount At Close of Period, Total	23,946
Accumulated Depreciation	725
Beverly Hills, CA Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,240
Initial Cost of Land	6,510
Initial Cost of FF&E, Buildings and improvements	22,061
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	30,883
Gross Carrying Amount At Close of Period, Land	6,510
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,944
Gross Carrying Amount At Close of Period, Total	59,454
Accumulated Depreciation	12,715
Durham, NC Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,792
Initial Cost of Land	1,794
Initial Cost of FF&E, Buildings and improvements	25,056
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,671
Gross Carrying Amount At Close of Period, Land	1,794
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,727
Gross Carrying Amount At Close of Period, Total	31,521
Accumulated Depreciation	8,219
Arlington, VA Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,420
Initial Cost of Land	20,637
Initial Cost of FF&E, Buildings and improvements	101,376
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	26,256
Gross Carrying Amount At Close of Period, Land	20,637
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	127,632
Gross Carrying Amount At Close of Period, Total	148,269
Accumulated Depreciation	33,789
Bridgewater, NJ Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	71,936
Initial Cost of Land	5,059
Initial Cost of FF&E, Buildings and improvements	89,268
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,061
Gross Carrying Amount At Close of Period, Land	5,059
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	93,329
Gross Carrying Amount At Close of Period, Total	98,388
Accumulated Depreciation	22,377
Dallas, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,707
Initial Cost of Land	2,701
Initial Cost of FF&E, Buildings and improvements	30,893
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,455
Gross Carrying Amount At Close of Period, Land	2,701
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,348
Gross Carrying Amount At Close of Period, Total	39,049
Accumulated Depreciation	8,343
Fremont CA, Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,500
Initial Cost of Land	5,800
Initial Cost of FF&E, Buildings and improvements	44,200
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	765
Gross Carrying Amount At Close of Period, Land	5,800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	44,965
Gross Carrying Amount At Close of Period, Total	50,765
Accumulated Depreciation	4,430
Memphis, TN Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,300
Initial Cost of Land	6,210
Initial Cost of FF&E, Buildings and improvements	37,284
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	292
Gross Carrying Amount At Close of Period, Land	6,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,576
Gross Carrying Amount At Close of Period, Total	43,786
Accumulated Depreciation	1,513
Irving, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	73,600
Initial Cost of Land	8,330
Initial Cost of FF&E, Buildings and improvements	82,272
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,435
Gross Carrying Amount At Close of Period, Land	8,330
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	83,707
Gross Carrying Amount At Close of Period, Total	92,037
Accumulated Depreciation	3,737
Omaha, NE Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,920
Initial Cost of Land	6,641
Initial Cost of FF&E, Buildings and improvements	49,887
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	564
Gross Carrying Amount At Close of Period, Land	6,641
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	50,451
Gross Carrying Amount At Close of Period, Total	57,092
Accumulated Depreciation	2,636
San Antonio, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,920
Initial Cost of Land	9,764
Initial Cost of FF&E, Buildings and improvements	31,384
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	998
Gross Carrying Amount At Close of Period, Land	9,764
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,382
Gross Carrying Amount At Close of Period, Total	42,146
Accumulated Depreciation	1,713
Sugarland, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	80,000
Initial Cost of Land	9,047
Initial Cost of FF&E, Buildings and improvements	84,043
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	392
Gross Carrying Amount At Close of Period, Land	9,047
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	84,435
Gross Carrying Amount At Close of Period, Total	93,482
Accumulated Depreciation	3,122
Jacksonville, FL SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,348
Initial Cost of FF&E, Buildings and improvements	7,111
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,605
Gross Carrying Amount At Close of Period, Land	1,348
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,716
Gross Carrying Amount At Close of Period, Total	10,064
Accumulated Depreciation	2,583
Baltimore, MD SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,417
Initial Cost of Land	2,502
Initial Cost of FF&E, Buildings and improvements	13,206
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,908
Gross Carrying Amount At Close of Period, Land	2,502
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,114
Gross Carrying Amount At Close of Period, Total	19,616
Accumulated Depreciation	4,817
Kennesaw, GA SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,005
Initial Cost of Land	1,106
Initial Cost of FF&E, Buildings and improvements	5,021
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	555
Gross Carrying Amount At Close of Period, Land	1,106
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,576
Gross Carrying Amount At Close of Period, Total	6,682
Accumulated Depreciation	1,720
Buford, GA SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,150
Initial Cost of Land	1,132
Initial Cost of FF&E, Buildings and improvements	6,089
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,741
Gross Carrying Amount At Close of Period, Land	1,132
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,830
Gross Carrying Amount At Close of Period, Total	8,962
Accumulated Depreciation	2,890
Gaithersburg, MD SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,429
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	19,746
Costs Capitalized Since Acquisition, Land	(356)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(5,008)
Gross Carrying Amount At Close of Period, Land	1,844
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,738
Gross Carrying Amount At Close of Period, Total	16,582
Accumulated Depreciation	618
Centerville, VA SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,101
Initial Cost of Land	1,806
Initial Cost of FF&E, Buildings and improvements	11,712
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	803
Gross Carrying Amount At Close of Period, Land	1,806
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,515
Gross Carrying Amount At Close of Period, Total	14,321
Accumulated Depreciation	3,519
Charlotte, NC SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,748
Initial Cost of Land	1,235
Initial Cost of FF&E, Buildings and improvements	6,818
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,111
Gross Carrying Amount At Close of Period, Land	1,235
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,929
Gross Carrying Amount At Close of Period, Total	10,164
Accumulated Depreciation	3,173
Durham, NC SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,171
Initial Cost of Land	1,090
Initial Cost of FF&E, Buildings and improvements	3,991
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,313
Gross Carrying Amount At Close of Period, Land	1,090
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,304
Gross Carrying Amount At Close of Period, Total	7,394
Accumulated Depreciation	2,580
Orlando, FL SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,828
Initial Cost of Land	8,620
Initial Cost of FF&E, Buildings and improvements	27,699
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,596
Gross Carrying Amount At Close of Period, Land	8,620
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,295
Gross Carrying Amount At Close of Period, Total	45,915
Accumulated Depreciation	9,143
Manhattan Beach CA Spring Hill Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,915
Initial Cost of Land	5,726
Initial Cost of FF&E, Buildings and improvements	21,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,939
Gross Carrying Amount At Close of Period, Land	5,726
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,126
Gross Carrying Amount At Close of Period, Total	29,852
Accumulated Depreciation	6,639
Plymouth Meeting PA Spring Hill Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,083
Initial Cost of Land	3,210
Initial Cost of FF&E, Buildings and improvements	24,578
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,131
Gross Carrying Amount At Close of Period, Land	3,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,709
Gross Carrying Amount At Close of Period, Total	30,919
Accumulated Depreciation	7,503
Glen Allen VA Spring Hill Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,585
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	15,802
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,378
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,180
Gross Carrying Amount At Close of Period, Total	20,225
Accumulated Depreciation	5,134
Kennesaw GA Fairfield Inn By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,495
Initial Cost of Land	840
Initial Cost of FF&E, Buildings and improvements	4,359
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	973
Gross Carrying Amount At Close of Period, Land	840
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,332
Gross Carrying Amount At Close of Period, Total	6,172
Accumulated Depreciation	1,912
Orlando FL Fairfield Inn By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,200
Initial Cost of Land	6,507
Initial Cost of FF&E, Buildings and improvements	9,895
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,056
Gross Carrying Amount At Close of Period, Land	6,507
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,951
Gross Carrying Amount At Close of Period, Total	25,458
Accumulated Depreciation	3,866
Bloomington IN Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,600
Initial Cost of Land	900
Initial Cost of FF&E, Buildings and improvements	10,741
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,270
Gross Carrying Amount At Close of Period, Land	900
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,011
Gross Carrying Amount At Close of Period, Total	13,911
Accumulated Depreciation	3,835
Boston, MA Courtyard by Marriott - Tremont [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,800
Initial Cost of Land	24,494
Initial Cost of FF&E, Buildings and improvements	85,246
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,724
Gross Carrying Amount At Close of Period, Land	24,494
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	91,970
Gross Carrying Amount At Close of Period, Total	116,464
Accumulated Depreciation	3,467
Columbus IN Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,070
Initial Cost of Land	673
Initial Cost of FF&E, Buildings and improvements	4,804
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,952
Gross Carrying Amount At Close of Period, Land	673
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,756
Gross Carrying Amount At Close of Period, Total	7,429
Accumulated Depreciation	2,033
Denver, CO Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,680
Initial Cost of Land	9,342
Initial Cost of FF&E, Buildings and improvements	29,656
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	193
Gross Carrying Amount At Close of Period, Land	9,342
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,849
Gross Carrying Amount At Close of Period, Total	39,191
Accumulated Depreciation	1,444
Louisville KY Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,203
Initial Cost of Land	1,352
Initial Cost of FF&E, Buildings and improvements	12,266
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,805
Gross Carrying Amount At Close of Period, Land	1,352
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,071
Gross Carrying Amount At Close of Period, Total	16,423
Accumulated Depreciation	5,558
Gaithersburg, MD Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,960
Initial Cost of Land	5,128
Initial Cost of FF&E, Buildings and improvements	30,522
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	43
Gross Carrying Amount At Close of Period, Land	5,128
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,565
Gross Carrying Amount At Close of Period, Total	35,693
Accumulated Depreciation	1,488
Crystal City VA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,600
Initial Cost of Land	5,411
Initial Cost of FF&E, Buildings and improvements	38,610
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,795
Gross Carrying Amount At Close of Period, Land	5,411
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,405
Gross Carrying Amount At Close of Period, Total	48,816
Accumulated Depreciation	12,817
Ft Lauderdale FL Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,681
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	18,520
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,715
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,235
Gross Carrying Amount At Close of Period, Total	23,479
Accumulated Depreciation	6,235
Overland Park KS Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,464
Initial Cost of Land	1,868
Initial Cost of FF&E, Buildings and improvements	14,030
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,271
Gross Carrying Amount At Close of Period, Land	1,868
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,301
Gross Carrying Amount At Close of Period, Total	21,169
Accumulated Depreciation	5,157
Palm Desert CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,330
Initial Cost of Land	2,722
Initial Cost of FF&E, Buildings and improvements	11,995
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,095
Gross Carrying Amount At Close of Period, Land	2,722
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,090
Gross Carrying Amount At Close of Period, Total	19,812
Accumulated Depreciation	4,614
Savannah, GA Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	31,440
Initial Cost of Land	6,948
Initial Cost of FF&E, Buildings and improvements	31,755
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	266
Gross Carrying Amount At Close of Period, Land	6,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,021
Gross Carrying Amount At Close of Period, Total	38,969
Accumulated Depreciation	1,243
Foothill Ranch CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,900
Initial Cost of Land	2,447
Initial Cost of FF&E, Buildings and improvements	16,005
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,800
Gross Carrying Amount At Close of Period, Land	2,447
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,805
Gross Carrying Amount At Close of Period, Total	21,252
Accumulated Depreciation	5,409
Alpharetta GA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,900
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	12,345
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,348
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,693
Gross Carrying Amount At Close of Period, Total	18,937
Accumulated Depreciation	4,551
Orlando FL Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,852
Initial Cost of Land	7,389
Initial Cost of FF&E, Buildings and improvements	26,817
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,451
Gross Carrying Amount At Close of Period, Land	7,389
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,268
Gross Carrying Amount At Close of Period, Total	38,657
Accumulated Depreciation	7,652
Oakland CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,902
Initial Cost of Land	5,112
Initial Cost of FF&E, Buildings and improvements	19,429
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,977
Gross Carrying Amount At Close of Period, Land	5,112
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,406
Gross Carrying Amount At Close of Period, Total	28,518
Accumulated Depreciation	5,805
Scottsdale AZ Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,987
Initial Cost of Land	3,700
Initial Cost of FF&E, Buildings and improvements	22,134
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,246
Gross Carrying Amount At Close of Period, Land	3,700
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,380
Gross Carrying Amount At Close of Period, Total	31,080
Accumulated Depreciation	6,639
Plano TX Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,786
Initial Cost of Land	2,115
Initial Cost of FF&E, Buildings and improvements	22,360
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,348
Gross Carrying Amount At Close of Period, Land	2,115
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,708
Gross Carrying Amount At Close of Period, Total	27,823
Accumulated Depreciation	6,946
Edison NJ Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,061
Initial Cost of Land	2,147
Initial Cost of FF&E, Buildings and improvements	11,865
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,406
Gross Carrying Amount At Close of Period, Land	2,147
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,271
Gross Carrying Amount At Close of Period, Total	15,418
Accumulated Depreciation	3,561
Newark CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,942
Initial Cost of Land	2,863
Initial Cost of FF&E, Buildings and improvements	10,723
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,273
Gross Carrying Amount At Close of Period, Land	2,863
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,996
Gross Carrying Amount At Close of Period, Total	17,859
Accumulated Depreciation	4,162
Manchester CT Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,745
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	7,430
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,021
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,451
Gross Carrying Amount At Close of Period, Total	11,752
Accumulated Depreciation	3,225
Basking Ridge NJ Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,686
Initial Cost of Land	5,419
Initial Cost of FF&E, Buildings and improvements	45,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,158
Gross Carrying Amount At Close of Period, Land	5,419
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	48,462
Gross Carrying Amount At Close of Period, Total	53,881
Accumulated Depreciation	11,587
Wichita, KS Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,380
Initial Cost of Land	291
Initial Cost of FF&E, Buildings and improvements	23,090
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	116
Gross Carrying Amount At Close of Period, Land	291
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,206
Gross Carrying Amount At Close of Period, Total	23,497
Accumulated Depreciation	653
Boston, MA Courtyard by Marriott - Billerica [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,807
Initial Cost of Land	3,528
Initial Cost of FF&E, Buildings and improvements	29,352
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	854
Gross Carrying Amount At Close of Period, Land	3,528
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,206
Gross Carrying Amount At Close of Period, Total	33,734
Accumulated Depreciation	999
Pittsburgh, PA Homewood Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,492
Initial Cost of Land	1,906
Initial Cost of FF&E, Buildings and improvements	28,093
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	73
Gross Carrying Amount At Close of Period, Land	1,906
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,166
Gross Carrying Amount At Close of Period, Total	30,072
Accumulated Depreciation	722
Lake Buena Vista FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,637
Initial Cost of Land	2,555
Initial Cost of FF&E, Buildings and improvements	20,367
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,344
Gross Carrying Amount At Close of Period, Land	2,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,711
Gross Carrying Amount At Close of Period, Total	25,266
Accumulated Depreciation	7,016
Evansville IN Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,300
Initial Cost of Land	961
Initial Cost of FF&E, Buildings and improvements	5,972
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,199
Gross Carrying Amount At Close of Period, Land	961
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,171
Gross Carrying Amount At Close of Period, Total	10,132
Accumulated Depreciation	2,361
Orlando FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,645
Initial Cost of Land	6,554
Initial Cost of FF&E, Buildings and improvements	40,539
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,019
Gross Carrying Amount At Close of Period, Land	6,554
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,558
Gross Carrying Amount At Close of Period, Total	50,112
Accumulated Depreciation	12,046
Falls Church VA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,200
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	34,979
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,816
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	38,795
Gross Carrying Amount At Close of Period, Total	41,547
Accumulated Depreciation	10,376
San Diego CA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,400
Initial Cost of Land	3,156
Initial Cost of FF&E, Buildings and improvements	29,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,447
Gross Carrying Amount At Close of Period, Land	3,156
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,961
Gross Carrying Amount At Close of Period, Total	38,117
Accumulated Depreciation	10,098
Salt Lake City UT Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,001
Initial Cost of Land	1,897
Initial Cost of FF&E, Buildings and improvements	16,357
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,620
Gross Carrying Amount At Close of Period, Land	1,897
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,977
Gross Carrying Amount At Close of Period, Total	22,874
Accumulated Depreciation	6,316
Palm Desert CA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,817
Initial Cost of Land	3,280
Initial Cost of FF&E, Buildings and improvements	10,463
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,644
Gross Carrying Amount At Close of Period, Land	3,280
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,107
Gross Carrying Amount At Close of Period, Total	18,387
Accumulated Depreciation	4,852
Las Vegas NV Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,884
Initial Cost of Land	18,177
Initial Cost of FF&E, Buildings and improvements	39,568
Costs Capitalized Since Acquisition, Land	(6,185)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(11,185)
Gross Carrying Amount At Close of Period, Land	11,992
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,383
Gross Carrying Amount At Close of Period, Total	40,375
Accumulated Depreciation	1,889
Phoenix AZ Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,089
Initial Cost of Land	4,100
Initial Cost of FF&E, Buildings and improvements	23,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,290
Gross Carrying Amount At Close of Period, Land	4,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,477
Gross Carrying Amount At Close of Period, Total	33,577
Accumulated Depreciation	7,159
Plano TX Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,084
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	16,869
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,528
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,397
Gross Carrying Amount At Close of Period, Total	22,442
Accumulated Depreciation	5,152
Newark CA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,610
Initial Cost of Land	3,272
Initial Cost of FF&E, Buildings and improvements	11,706
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,189
Gross Carrying Amount At Close of Period, Land	3,272
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,895
Gross Carrying Amount At Close of Period, Total	20,167
Accumulated Depreciation	4,545
Manchester CT Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,214
Initial Cost of Land	1,462
Initial Cost of FF&E, Buildings and improvements	8,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,832
Gross Carrying Amount At Close of Period, Land	1,462
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,138
Gross Carrying Amount At Close of Period, Total	13,600
Accumulated Depreciation	2,906
Atlanta GA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,203
Initial Cost of Land	1,901
Initial Cost of FF&E, Buildings and improvements	16,749
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,946
Gross Carrying Amount At Close of Period, Land	1,901
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,695
Gross Carrying Amount At Close of Period, Total	23,596
Accumulated Depreciation	5,899
Jacksonville FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,529
Initial Cost of Land	1,997
Initial Cost of FF&E, Buildings and improvements	16,084
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,069
Gross Carrying Amount At Close of Period, Land	1,997
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,153
Gross Carrying Amount At Close of Period, Total	21,150
Accumulated Depreciation	5,494
Stillwater, OK Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,911
Initial Cost of Land	930
Initial Cost of FF&E, Buildings and improvements	15,070
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	24
Gross Carrying Amount At Close of Period, Land	930
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,094
Gross Carrying Amount At Close of Period, Total	16,024
Accumulated Depreciation	431
Tampa, FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,600
Initial Cost of Land	2,175
Initial Cost of FF&E, Buildings and improvements	19,491
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	133
Gross Carrying Amount At Close of Period, Land	2,175
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,624
Gross Carrying Amount At Close of Period, Total	21,799
Accumulated Depreciation	861
Manhattan Beach CA Towne Place Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,303
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	17,543
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,129
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,672
Gross Carrying Amount At Close of Period, Total	24,477
Accumulated Depreciation	4,693
Atlanta, GA Ritz-Carlton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	69,920
Initial Cost of Land	2,477
Initial Cost of FF&E, Buildings and improvements	80,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	646
Gross Carrying Amount At Close of Period, Land	2,477
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	80,785
Gross Carrying Amount At Close of Period, Total	83,262
Accumulated Depreciation	3,852
Atlantic Beach FL One Ocean [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,688
Initial Cost of Land	5,815
Initial Cost of FF&E, Buildings and improvements	14,817
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	25,621
Gross Carrying Amount At Close of Period, Land	5,815
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	40,438
Gross Carrying Amount At Close of Period, Total	46,253
Accumulated Depreciation	17,787
Nashville, TN Renaissance [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	74,729
Initial Cost of Land	20,671
Initial Cost of FF&E, Buildings and improvements	158,260
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,025
Gross Carrying Amount At Close of Period, Land	20,671
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	161,285
Gross Carrying Amount At Close of Period, Total	181,956
Accumulated Depreciation	6,959
Palm Springs, CA Renaissance [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,440
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	74,112
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	472
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	74,584
Gross Carrying Amount At Close of Period, Total	74,584
Accumulated Depreciation	3,213
Portsmouth, VA Renaissance [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,080
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	19,794
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	604
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,398
Gross Carrying Amount At Close of Period, Total	20,398
Accumulated Depreciation	1,939
Ann Arbor, MI Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,200
Initial Cost of Land	4,158
Initial Cost of FF&E, Buildings and improvements	35,042
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	362
Gross Carrying Amount At Close of Period, Land	4,158
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,404
Gross Carrying Amount At Close of Period, Total	39,562
Accumulated Depreciation	939
Langhorne PA Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,540
Initial Cost of Land	2,037
Initial Cost of FF&E, Buildings and improvements	12,424
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,689
Gross Carrying Amount At Close of Period, Land	2,037
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,113
Gross Carrying Amount At Close of Period, Total	27,150
Accumulated Depreciation	8,478
Minneapolis MN Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,591
Initial Cost of Land	2,953
Initial Cost of FF&E, Buildings and improvements	14,280
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,594
Gross Carrying Amount At Close of Period, Land	2,953
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,874
Gross Carrying Amount At Close of Period, Total	27,827
Accumulated Depreciation	7,849
Indianapolis IN Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	50,200
Initial Cost of Land	3,100
Initial Cost of FF&E, Buildings and improvements	22,041
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	21,497
Gross Carrying Amount At Close of Period, Land	3,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,538
Gross Carrying Amount At Close of Period, Total	46,638
Accumulated Depreciation	15,099
Anchorage AK Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	47,316
Initial Cost of Land	4,023
Initial Cost of FF&E, Buildings and improvements	39,363
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,169
Gross Carrying Amount At Close of Period, Land	4,023
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	50,532
Gross Carrying Amount At Close of Period, Total	54,555
Accumulated Depreciation	14,108
San Diego CA Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,185
Initial Cost of Land	7,294
Initial Cost of FF&E, Buildings and improvements	36,382
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,225
Gross Carrying Amount At Close of Period, Land	7,294
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	47,607
Gross Carrying Amount At Close of Period, Total	54,901
Accumulated Depreciation	14,081
Coral Gables FL Hyatt Regency [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,600
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	50,820
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,104
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	59,924
Gross Carrying Amount At Close of Period, Total	64,729
Accumulated Depreciation	14,557
Hauppauge, NY Hyatt Regency [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,080
Initial Cost of Land	6,284
Initial Cost of FF&E, Buildings and improvements	35,669
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	844
Gross Carrying Amount At Close of Period, Land	6,284
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,513
Gross Carrying Amount At Close of Period, Total	42,797
Accumulated Depreciation	3,600
Savannah, GA Hyatt Regency [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	70,480
Initial Cost of Land	14,041
Initial Cost of FF&E, Buildings and improvements	72,721
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,965
Gross Carrying Amount At Close of Period, Land	14,041
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	76,686
Gross Carrying Amount At Close of Period, Total	90,727
Accumulated Depreciation	3,810
Beverly Hills CA Crowne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,600
Initial Cost of Land	5,870
Initial Cost of FF&E, Buildings and improvements	74,885
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,241
Gross Carrying Amount At Close of Period, Land	5,870
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	77,126
Gross Carrying Amount At Close of Period, Total	82,996
Accumulated Depreciation	3,812
Key West FL Crowne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	72,006
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	27,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	20,236
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	47,750
Gross Carrying Amount At Close of Period, Total	47,750
Accumulated Depreciation	16,474
Annapolis, MD Crowne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	9,903
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,898
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,801
Gross Carrying Amount At Close of Period, Total	12,801
Accumulated Depreciation	420
Annapolis MD Annapolis Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,234
Initial Cost of Land	3,028
Initial Cost of FF&E, Buildings and improvements	7,833
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,239
Gross Carrying Amount At Close of Period, Land	3,028
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,072
Gross Carrying Amount At Close of Period, Total	19,100
Accumulated Depreciation	4,981
Austin, TX Lakeway Resort & Spa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,100
Initial Cost of Land	4,541
Initial Cost of FF&E, Buildings and improvements	28,940
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,193
Gross Carrying Amount At Close of Period, Land	4,541
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,133
Gross Carrying Amount At Close of Period, Total	35,674
Accumulated Depreciation	1,737
Chicago, IL Silversmith [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,080
Initial Cost of Land	4,782
Initial Cost of FF&E, Buildings and improvements	22,398
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	277
Gross Carrying Amount At Close of Period, Land	4,782
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,675
Gross Carrying Amount At Close of Period, Total	27,457
Accumulated Depreciation	1,256
Washington, DC The Churchill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	47,280
Initial Cost of Land	25,898
Initial Cost of FF&E, Buildings and improvements	32,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,980
Gross Carrying Amount At Close of Period, Land	25,898
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,284
Gross Carrying Amount At Close of Period, Total	63,182
Accumulated Depreciation	1,660
Washington, DC The Melrose [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	74,560
Initial Cost of Land	29,277
Initial Cost of FF&E, Buildings and improvements	62,507
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	809
Gross Carrying Amount At Close of Period, Land	29,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	63,316
Gross Carrying Amount At Close of Period, Total	92,593
Accumulated Depreciation	2,420
New Orleans, LA Le Pavillon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,750
Initial Cost of Land	10,933
Initial Cost of FF&E, Buildings and improvements	51,549
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	208
Gross Carrying Amount At Close of Period, Land	10,933
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	51,757
Gross Carrying Amount At Close of Period, Total	62,690
Accumulated Depreciation	1,493
Fort Worth TX Ashton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,524
Initial Cost of Land	800
Initial Cost of FF&E, Buildings and improvements	7,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	652
Gross Carrying Amount At Close of Period, Land	800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,839
Gross Carrying Amount At Close of Period, Total	8,639
Accumulated Depreciation	319
Princeton, NJ Westin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,325
Initial Cost of Land	6,475
Initial Cost of FF&E, Buildings and improvements	52,195
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,029
Gross Carrying Amount At Close of Period, Land	6,475
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	53,224
Gross Carrying Amount At Close of Period, Total	59,699
Accumulated Depreciation	2,452
Atlanta, GA W [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,500
Initial Cost of Land	2,353
Initial Cost of FF&E, Buildings and improvements	54,383
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	280
Gross Carrying Amount At Close of Period, Land	2,353
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	54,663
Gross Carrying Amount At Close of Period, Total	57,016
Accumulated Depreciation	1,417
Minneapolis, MN W [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	55,524
Initial Cost of Land	8,430
Initial Cost of FF&E, Buildings and improvements	79,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6
Gross Carrying Amount At Close of Period, Land	8,430
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	79,719
Gross Carrying Amount At Close of Period, Total	88,149
Accumulated Depreciation	457
Minneapolis, MN Le Meridien [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	12,248
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,267
Gross Carrying Amount At Close of Period, Total	15,019
Accumulated Depreciation	278
Atlanta, GA Hotel Indigo [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,002
Initial Cost of Land	3,230
Initial Cost of FF&E, Buildings and improvements	23,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14
Gross Carrying Amount At Close of Period, Land	3,230
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,727
Gross Carrying Amount At Close of Period, Total	26,957
Accumulated Depreciation	289
Orlando FL World Quest Resort [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,432
Initial Cost of FF&E, Buildings and improvements	9,870
Costs Capitalized Since Acquisition, Land	(80)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	858
Gross Carrying Amount At Close of Period, Land	1,352
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,728
Gross Carrying Amount At Close of Period, Total	12,080
Accumulated Depreciation	$ 2,398

Real Estate And Accumulated D95

Real Estate And Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in Real Estate:
Beginning balance	$ 2,719,716	$ 2,671,002	$ 3,509,744
Additions	2,531,312	171,542	184,106
Reclassification	0	0	622
Impairment/write-offs	(57,596)	(22,286)	(99,460)
Sales/disposals	(11,966)	(100,542)	(924,010)
Ending balance	5,181,466	2,719,716	2,671,002
Accumulated Depreciation:
Beginning balance	591,105	507,208	637,840
Depreciation expense	211,434	110,464	127,273
Reclassification	0	0	373
Impairment/write-offs	(37,647)	(22,286)	(99,460)
Sales/disposals	(3,110)	(4,281)	(158,818)
Ending balance	761,782	591,105	507,208
Investment in Real Estate, net	$ 4,419,684	$ 2,128,611	$ 2,163,794

Real Estate and Accumulated D96

Real Estate and Accumulated Depreciation (Details Textual)	12 Months Ended
	Dec. 31, 2015
Minimum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years 6 months
Minimum [Member] | Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year 6 months
Maximum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Maximum [Member] | Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Mortgage Loans and Interest E97

Mortgage Loans and Interest Earned on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans and Interest Earned on Real Estate
Net carrying value	$ 3,746	$ 3,553	$ 3,384	$ 3,233
Ritz Carlton Key Biscayne Fl [Member]
Mortgage Loans and Interest Earned on Real Estate
Mortgage loans on real estate, prior liens	0
Mortgage loans on real estate, carrying amount of mortgages	10,829
Mortgage loans on real estate, principal amount of delinquent loans	0
Mortgage loans on real estate, foreclosures	0
Mortgage loans on real estate, accrued interest	0
Mortgage loans on real estate, interest income	0
Valuation allowance balance	(7,083)
Valuation allowance, delinquent principal	0
Net carrying value	3,746
Net carrying value, delinquent principal	$ 0

Mortgage Loans and Interest E98

Mortgage Loans and Interest Earned on Real Estate (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in Mortgage Loans:
Balance at January 1	$ 3,553	$ 3,384	$ 3,233
Principal payments	(246)	(246)	(245)
Amortization of discounts/deferred income	0	0	0
Valuation allowance adjustments	439	415	396
Balance at December 31	$ 3,746	$ 3,553	$ 3,384