Ashford Hospitality Trust (AHT) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 03, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ASHFORD HOSPITALITY TRUST INC
Entity Central Index Key	1,232,582
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		97,416,095

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Investments in hotel properties, net	$ 4,064,555	$ 4,160,563
Cash and cash equivalents	393,527	347,091
Restricted cash	133,127	144,014
Marketable securities	11,960	53,185
Accounts receivable, net of allowance of $609 and $690, respectively	61,677	44,629
Inventories	4,384	4,530
Investment in unconsolidated entities	5,240	58,779
Deferred costs, net	2,845	2,846
Prepaid expenses	24,198	17,578
Derivative assets, net	1,721	3,614
Other assets	14,225	11,718
Intangible assets, net	9,972	10,061
Due from third-party hotel managers	19,230	13,348
Assets held for sale	0	19,588
Total assets	4,746,661	4,891,544
Liabilities:
Indebtedness, net	3,698,869	3,723,559
Accounts payable and accrued expenses	153,772	126,986
Dividends and distributions payable	25,520	24,765
Unfavorable management contract liabilities	345	1,380
Due to related party, net	326	1,001
Due to third-party hotel managers	2,627	2,714
Intangible liabilities, net	15,928	16,195
Derivative liabilities, net	146	0
Other liabilities	18,203	16,548
Liabilities related to assets held for sale	0	37,047
Total liabilities	3,929,425	3,966,399
Commitments and contingencies (note 13)
Redeemable noncontrolling interests in operating partnership	117,434	132,768
Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,416,095 and 96,376,827 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	974	964
Additional paid-in capital	1,783,912	1,764,450
Accumulated deficit	(1,086,071)	(974,015)
Total stockholders’ equity of the Company	699,042	791,621
Noncontrolling interests in consolidated entities	760	756
Total equity	699,802	792,377
Total liabilities and equity	4,746,661	4,891,544
Ashford Inc. [Member]
Liabilities:
Due to affiliate, net	13,689	15,716
Ashford Prime OP [Member]
Liabilities:
Due to affiliate, net	0	488
Series A Cumulative Preferred Stock, 0 and 1,657,206 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	0	17
Series D Cumulative Preferred Stock, 7,904,353 and 9,468,706 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	79	95
Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at September 30, 2017 and December 31, 2016
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	48	48
Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at September 30, 2017 and December 31, 2016
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	62	62
Series H Cumulative Preferred Stock, 3,800,000 and 0 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 38	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts receivable	$ 609	$ 690
Preferred stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	200,000,000
Common stock, shares issued (in shares)	97,416,095	96,376,827
Common stock, shares outstanding (in shares)	97,416,095	96,376,827
Series A Preferred Stock [Member]
Preferred stock, shares issued (in shares)	0	1,657,206
Preferred stock, shares outstanding (in shares)	0	1,657,206
Series D Preferred Stock [Member]
Preferred stock, shares issued (in shares)	7,904,353	9,468,706
Preferred stock, shares outstanding (in shares)	7,904,353	9,468,706
Series F Preferred Stock [Member]
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
Series G Preferred Stock [Member]
Preferred stock, shares issued (in shares)	6,200,000	6,200,000
Preferred stock, shares outstanding (in shares)	6,200,000	6,200,000
Series H Preferred Stock [Member]
Preferred stock, shares issued (in shares)	3,800,000	0
Preferred stock, shares outstanding (in shares)	3,800,000	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue
Rooms	$ 289,017	$ 300,875	$ 876,927	$ 917,396
Food and beverage	48,313	56,206	175,005	188,467
Other hotel revenue	15,006	14,389	43,720	43,213
Total hotel revenue	352,336	371,470	1,095,652	1,149,076
Other	989	461	2,052	1,297
Total revenue	353,325	371,931	1,097,704	1,150,373
Hotel operating expenses:
Rooms	63,950	65,474	188,857	195,769
Food and beverage	37,173	41,086	121,619	129,606
Other expenses	112,421	114,377	337,978	347,126
Management fees	13,027	13,616	40,100	42,191
Total hotel expenses	226,571	234,553	688,554	714,692
Property taxes, insurance, and other	18,194	17,172	55,293	55,077
Depreciation and amortization	60,135	60,170	185,380	182,411
Impairment charges	1,785	4,922	1,785	4,695
Transaction costs	0	124	11	201
Advisory services fee	14,612	11,948	39,482	34,927
Corporate general and administrative	2,412	1,968	10,836	6,426
Total expenses	323,709	330,857	981,341	998,429
Operating income (loss)	29,616	41,074	116,363	151,944
Equity in earnings (loss) of unconsolidated entities	(679)	(560)	(3,580)	(4,432)
Interest income	706	92	1,460	229
Gain (loss) on sale of hotel properties	15	1,448	14,024	24,428
Other income (expense)	(273)	(926)	(3,539)	(4,263)
Interest expense and amortization of premiums and loan costs	(56,963)	(55,762)	(167,224)	(168,167)
Write-off of premiums, loan costs and exit fees	0	(972)	(1,629)	(4,913)
Unrealized gain (loss) on marketable securities	(936)	0	(4,813)	0
Unrealized gain (loss) on derivatives	(1,479)	(9,548)	(1,804)	4,248
Income (loss) before income taxes	(29,993)	(25,154)	(50,742)	(926)
Income tax (expense) benefit	1,267	16	507	(1,216)
Net income (loss)	(28,726)	(25,138)	(50,235)	(2,142)
(Income) loss from consolidated entities attributable to noncontrolling interest	(22)	(16)	(4)	16
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940	5,009	13,202	2,745
Net income (loss) attributable to the Company	(21,808)	(20,145)	(37,037)	619
Preferred dividends	(11,440)	(8,875)	(33,352)	(25,856)
Extinguishment of issuance costs upon redemption of preferred stock	(4,507)	(6,124)	(4,507)	(6,124)
Net income (loss) attributable to common stockholders	$ (37,755)	$ (35,144)	$ (74,896)	$ (31,361)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.40)	$ (0.37)	$ (0.80)	$ (0.34)
Weighted average common shares outstanding – basic (in shares)	95,332	94,531	95,169	94,384
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.40)	$ (0.37)	$ (0.80)	$ (0.34)
Weighted average common shares outstanding – diluted (in shares)	95,332	94,531	95,169	94,384
Dividends declared per common share (in dollars per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (28,726)	$ (25,138)	$ (50,235)	$ (2,142)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(28,726)	(25,138)	(50,235)	(2,142)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(22)	(16)	(4)	16
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,940	5,009	13,202	2,745
Comprehensive income (loss) attributable to the Company	$ (21,808)	$ (20,145)	$ (37,037)	$ 619

Consolidated Statement of Equit

Consolidated Statement of Equity - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Series A Preferred Stock [Member]	Series D Preferred Stock [Member]	Series F Preferred Stock [Member]	Series G Preferred Stock [Member]	Series H Preferred Stock [Member]	Preferred StockSeries A Preferred Stock [Member]	Preferred StockSeries D Preferred Stock [Member]	Preferred StockSeries F Preferred Stock [Member]	Preferred StockSeries G Preferred Stock [Member]	Preferred StockSeries H Preferred Stock [Member]	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated DeficitCommon Stock	Accumulated DeficitSeries A Preferred Stock [Member]	Accumulated DeficitSeries D Preferred Stock [Member]	Accumulated DeficitSeries F Preferred Stock [Member]	Accumulated DeficitSeries G Preferred Stock [Member]	Accumulated DeficitSeries H Preferred Stock [Member]	Noncontrolling Interests In Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2016								1,657	9,469	4,800	6,200	0	96,377
Beginning balance, value at Dec. 31, 2016	$ 792,377							$ 17	$ 95	$ 48	$ 62	$ 0	$ 964	$ 1,764,450	$ (974,015)							$ 756
Beginning balance, value at Dec. 31, 2016	132,768																						$ 132,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(1,273)												$ (2)	(1,271)
Purchases of common shares (in shares)													(203)
Equity-based compensation	5,002													5,002
Equity-based compensation																							3,749
Forfeitures of restricted shares	0
Forfeitures of restricted shares (in shares)													(49)
Issuance of restricted shares/units, value	0												$ 12	(12)
Issuance of restricted shares/units, value																							94
Issuance of restricted shares/units (in shares)													1,271
Redemption of preferred shares	(80,554)							$ (17)	$ (16)					(76,014)	(4,507)
Redemption of preferred shares (in shares)								(1,657)	(1,565)
Issuances of preferred shares (in shares)												3,800
Issuances of preferred shares							$ 91,634					$ 38		91,596
Dividends		$ (35,319)	$ (2,539)	$ (14,891)	$ (6,637)	$ (8,573)	$ (712)						$ (34,316)			$ (35,319)	$ (2,539)	$ (14,891)	$ (6,637)	$ (8,573)	$ (712)
Distributions to noncontrolling interests	0
Distributions to noncontrolling interests																							(7,655)
Redemption/conversion of operating partnership units	161													161
Redemption/conversion of operating partnership units																							(161)
Redemption/conversion of operating partnership units (in shares)													20
Redemption value adjustment	(1,841)														(1,841)
Redemption value adjustment																							1,841
Income (loss) from continuing operations attributable to the Company	(37,037)														(37,037)
Loss from consolidated entities attributable to noncontrolling interest	4																					4
Net income (loss)	(37,033)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership																							(13,202)
Ending balance, value at Sep. 30, 2017	699,802							$ 0	$ 79	$ 48	$ 62	$ 38	$ 974	$ 1,783,912	$ (1,086,071)							$ 760
Ending balance, shares (in shares) at Sep. 30, 2017								0	7,904	4,800	6,200	3,800	97,416
Ending balance, value at Sep. 30, 2017	$ 117,434																						$ 117,434

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2016
Cash Flows from Operating Activities
Net income (loss)	$ (28,726)	$ (25,138)	$ (50,235)	$ (2,142)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization			185,380	182,411
Impairment charges			1,785	4,695
Amortization of intangibles			(178)	(157)
Recognition of deferred income			(593)	0
Write-off of intangibles			0	564
Bad debt expense			1,441	863
Deferred income tax expense (benefit)			(1,683)	0
Equity in (earnings) loss of unconsolidated entities	679	560	3,580	4,432
(Gain) loss on sale of hotel properties, net	(15)	(1,448)	(14,024)	(24,428)
Realized and unrealized (gain) loss on marketable securities			3,991	0
Purchases of marketable securities			(38,889)	0
Sales of marketable securities			76,123	0
Net settlement of trading derivatives			(3,840)	(3,259)
Payments for derivatives			0	(230)
Realized and unrealized (gain) loss on derivatives			6,512	(823)
Amortization of loan costs and premiums, write-off of premiums, loan costs and exit fees			10,783	21,340
Equity-based compensation			8,751	5,511
Changes in operating assets and liabilities, exclusive of effect of dispositions of hotel properties:
Accounts receivable and inventories			(14,169)	(19,190)
Prepaid expenses and other assets			(6,311)	(13,849)
Accounts payable and accrued expenses			18,573	26,751
Due to/from related party			(734)	(940)
Due to/from third-party hotel managers			(5,969)	7,405
Due to/from Ashford Prime OP, net			(488)	535
Due to/from Ashford Inc., net			(2,027)	384
Other assets			(541)	0
Other liabilities			1,213	1,150
Net cash provided by (used in) operating activities			178,451	191,023
Cash Flows from Investing Activities
Investment in unconsolidated entity			(983)	(2,000)
Proceeds from payments on note receivable			0	184
Acquisition of hotel properties and assets, net of cash acquired			(110)	(2,106)
Improvements and additions to hotel properties			(164,075)	(137,897)
Net proceeds from sales of assets/properties			105,267	168,831
Liquidation of AQUA U.S. Fund			50,942	0
Payments for initial franchise fees			(225)	(30)
Proceeds from property insurance			2,369	268
Net cash provided by (used in) investing activities			(6,815)	27,250
Cash Flows from Financing Activities
Borrowings on indebtedness			180,800	37,500
Repayments of indebtedness			(246,139)	(141,528)
Payments for loan costs and exit fees			(5,813)	(5,119)
Payments for dividends and distributions			(75,571)	(69,328)
Purchases of common stock			(1,273)	(732)
Redemption of preferred stock			(80,554)	(115,750)
Payments for derivatives			(633)	(104)
Proceeds from preferred stock offering			91,634	115,769
Other			94	66
Net cash provided by (used in) financing activities			(137,455)	(179,226)
Net increase (decrease) in cash, cash equivalents and restricted cash			34,181	39,047
Cash, cash equivalents and restricted cash at beginning of period			492,473	368,758	$ 368,758
Cash, cash equivalents and restricted cash and at end of period	526,654	407,805	526,654	407,805	492,473
Supplemental Cash Flow Information
Interest paid			158,443	152,378
Income taxes paid			1,610	1,611
Supplemental Disclosure of Non-Cash Investing and Financing Activity
Accrued but unpaid capital expenditures			18,300	9,941
Dividends and distributions declared but not paid	25,520	22,547				$ 24,765
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period			347,091	215,078	215,078
Cash and cash equivalents at beginning of period included in assets held for sale			976	0	0
Restricted cash at beginning of period			144,014	153,680	153,680
Restricted cash at beginning of period included in assets held for sale			392	0	0
Cash, cash equivalents and restricted cash at beginning of period			492,473	368,758	368,758
Cash and cash equivalents at end of period included in assets held for sale	0	348	0	348	976
Restricted cash at end of period	133,127	149,865	133,127	149,865	144,014
Restricted cash at end of period included in assets held for sale	0	1,171	0	1,171	392
Cash, cash equivalents and restricted cash at end of period	$ 526,654	$ 407,805	$ 492,473	$ 368,758	$ 368,758	$ 492,473

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”) focused on investing in full-service hotels in the upscale and upper upscale segments in domestic and international markets that have revenue per available room (“RevPAR”) generally less than twice the national average, and in all methods including direct real estate, equity, and debt. Other than Ashford Hospitality Trust, Inc.’s investment in Ashford Inc. common stock, we own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties 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 September 30, 2017 , we owned interests in the following assets: • 120 consolidated hotel properties, including 118 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 25,055 total rooms (or 25,028 net rooms excluding those attributable to our partners); • 87 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); • a 29.6% ownership in Ashford Inc. common stock with a carrying value of $2.6 million and a fair value of $36.2 million ; and • a 16.2% ownership in OpenKey with a carrying value of $2.7 million . For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of September 30, 2017 , our 120 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 September 30, 2017 , Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly owned by Mr. Monty J. Bennett, our Chairman, and Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 82 of our 120 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2016 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017 . Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE 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. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The following dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 5-hotel portfolio (1) Various Disposition June 1, 2016 Hampton Inn & Suites Gainesville, FL Disposition September 1, 2016 SpringHill Suites Gaithersburg Gaithersburg, MD Disposition October 1, 2016 2-hotel portfolio (2) Palm Desert, CA Disposition October 7, 2016 Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 (1) The 5 -hotel portfolio is comprised of the Courtyard Edison in Edison, New Jersey; the Residence Inn Buckhead in Atlanta, Georgia; the Courtyard Lake Buena Vista, the Fairfield Inn Lake Buena Vista and the SpringHill Suites Lake Buena Vista in Orlando, Florida. (2) The 2 -hotel portfolio is comprised of the Courtyard and Residence Inn in Palm Desert, California. Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. We early adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in recently adopted accounting standards below. 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 $1.8 million to investments in hotel properties for the three and nine months ended September 30, 2017 related to hurricanes in Florida and Texas. We recorded an impairment charge of $5.0 million to investments in hotel properties for the three and nine months ended September 31, 2016. See note 4. Hotel Dispositions — 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. Assets Held for Sale —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 that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. See note 4. Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.2% to 29.6% , at September 30, 2017 , 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 in earnings (loss) in unconsolidated entities. No such impairment was recorded for the three and nine months ended September 30, 2017 and 2016 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. 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 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. 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, included in “advisory services fee” and “management fees” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and performance-based Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers are accounted for at fair value at period end based on a Monte Carlo simulation valuation model that results in recording expense, included in “advisory services 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. Recently Adopted Accounting Standards —In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017, and the adoption of this standard did not have any impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result net cash provided by operating activities increased $13.1 million and net cash used in investing activities decreased $15.7 million in the nine months ended September 30, 2017. Our beginning-of-period cash, cash equivalents and restricted cash increased $144.4 million and $153.7 million in 2017 and 2016, respectively. 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. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. We are continuing to evaluate each of our revenue streams under the new standard and because of the short-term, day-to-day nature of hotel revenues, our pattern of revenue recognition is not expected to change significantly. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. We presently expect to select the modified retrospective method. We do not expect adoption of this standard will have a material impact on our consolidated financial statements. We continue to evaluate the related disclosure requirements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We do not expect that ASU 2016-01 will have a material impact 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. The accounting for leases under which we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact that ASU 2016-02 will have on our consolidated financial statements, we expect the primary impact to our consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under noncancelable leases on our consolidated balance sheets resulting in the recording of ROU assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2016-15 will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. While we are currently evaluating the potential impact of the standard, we currently expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect capitalization of acquisitions costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”), which clarifies the scope of Accounting Standard Codification (“ ASC”) Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. An entity may elect to apply ASU 2017-05 under a retrospective or modified retrospective approach. We are evaluating the impact that ASU 2017-05 will have on our consolidated financial statements and related disclosures.

Investment in Hotel Properties,

Investment in Hotel Properties, net	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): September 30, 2017 December 31, 2016 Land $ 657,144 $ 663,013 Buildings and improvements 3,902,162 3,913,377 Furniture, fixtures, and equipment 442,468 434,091 Construction in progress 36,468 32,525 Condominium properties 11,896 11,558 Total cost 5,050,138 5,054,564 Accumulated depreciation (985,583 ) (894,001 ) Investments in hotel properties, net $ 4,064,555 $ 4,160,563

Hotel Dispositions, Impairment

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale	Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale On June 1, 2016, the Company sold the Noble Five Hotels, a 5 -hotel portfolio of select-service hotel properties for approximately $142.0 million in cash. The sale resulted in a gain of $22.8 million for the year ended December 31, 2016. The portfolio is comprised of the Courtyard Edison in Edison, New Jersey, the Residence Inn Buckhead in Atlanta, Georgia, the Courtyard Lake Buena Vista, the Fairfield Inn Lake Buena Vista and the SpringHill Suites Lake Buena Vista in Orlando, Florida. On September 1, 2016, the Company sold the Hampton Inn Gainesville for approximately $26.5 million in cash. The sale resulted in a gain of $1.6 million for the year ended December 31, 2016. On October 1, 2016, the Company sold the SpringHill Suites in Gaithersburg, Maryland for approximately $13.2 million . The consideration received from the sale was a combination of cash and approximately 2.0 million Class B common units of the Company’s operating partnership. The Class B operating partnership units were redeemed at a price of $5.74 per unit, or a price of $6.05 per common share after taking into account the current conversion factor. The Company also repaid approximately $10.4 million of debt associated with the hotel property. The sale resulted in a loss of $223,000 for the year ended December 31, 2016. On October 7, 2016, the Company sold the Courtyard and Residence Inn in Palm Desert, California for $36.0 million . The consideration received from the sale was a combination of cash and assumption of approximately $23.8 million of mortgage debt associated with the hotel properties. The sale resulted in a gain of $7.5 million for the year ended December 31, 2016. On February 1, 2017, the Company sold the Renaissance hotel in Portsmouth, Virginia (“Renaissance Portsmouth”) for approximately $9.2 million in cash. The sale resulted in a loss of $43,000 for the nine months ended September 30, 2017 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $20.2 million of debt associated with the hotel property. See note 6. On March 6, 2017, the Company sold the Embassy Suites in Syracuse, New York (“Embassy Suites Syracuse”) for approximately $8.8 million in cash. The sale resulted in a loss of $40,000 for the nine months ended September 30, 2017 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $20.6 million of debt associated with the hotel property. See note 6. On June 29, 2017, the Company sold the Crowne Plaza Ravinia in Atlanta, Georgia for approximately $88.7 million in cash. The sale resulted in a gain of $14.1 million for the nine months ended September 30, 2017 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $78.7 million of debt associated with the hotel property. See note 6. We included the results of operations for these hotel properties through the date of disposition in net income (loss). The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total hotel revenue $ 5 $ 14,293 $ 12,447 $ 67,704 Total hotel operating expenses (305 ) (9,649 ) (9,849 ) (44,581 ) Operating income (loss) (300 ) 4,644 2,598 23,123 Property taxes, insurance and other (4 ) (742 ) (617 ) (3,273 ) Depreciation and amortization — (2,077 ) (2,588 ) (10,159 ) Impairment charge — (5,039 ) — (5,039 ) Gain (loss) on sale of hotel properties 15 1,448 14,024 24,428 Interest expense and amortization of loan costs — (2,069 ) (2,361 ) (8,905 ) Write-off of loan costs and exit fees — (972 ) (98 ) (4,913 ) Net income (loss) (289 ) (4,807 ) 10,958 15,262 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 45 673 (1,724 ) (2,138 ) Net income (loss) attributable to the Company $ (244 ) $ (4,134 ) $ 9,234 $ 13,124 Impairment Charges and Insurance Recoveries In August and September 2017, twenty-four of our hotel properties in Texas and Florida were impacted by the effects of Hurricanes Harvey and Irma. The Company holds insurance policies that provide coverage for property damage and business interruption after meeting certain deductibles at all of its hotel properties. During the three and nine months ended September 30, 2017, the Company recognized impairment charges, net of anticipated insurance recoveries of $1.8 million . Additionally, the Company recognized remediation and other costs, net of anticipated insurance recoveries of $3.7 million , included primarily in other hotel operating expenses. As of September 30, 2017, the company has recorded an insurance receivable of $1.4 million , net of deductibles of $5.5 million , included in “accounts receivable, net” on our consolidated balance sheet, related to the anticipated insurance recoveries. The Company will not record an insurance recovery receivable for business interruption losses associated with lost profits until the amount for such recoveries is known and the amount is realizable. Assets Held For Sale At December 31, 2016 , the Renaissance Portsmouth and the Embassy Suites Syracuse were classified as held for sale in the consolidated balance sheet based on methodologies discussed in note 2. Since the sale of the properties did not represent a strategic shift that had (or will have had) a major effect on our operations or financial results, their results of operation were not reported as discontinued operations in the consolidated financial statements. Depreciation and amortization were ceased as of the date the assets were deemed held for sale. On February 1, 2017 , we completed the sale of the Renaissance Portsmouth for approximately $9.2 million . On March 6, 2017 , we completed the sale of the Embassy Suites Syracuse for approximately $8.8 million . The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheet at December 31, 2016 were as follows: December 31, 2016 Assets Investments in hotel properties, net $ 17,232 Cash and cash equivalents 976 Restricted cash 392 Accounts receivable 305 Inventories 96 Deferred costs, net 4 Prepaid expenses 309 Other assets 274 Assets held for sale $ 19,588 Liabilities Indebtedness, net $ 35,679 Accounts payable and accrued expenses 1,323 Due to related party, net 45 Liabilities related to assets held for sale $ 37,047

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities Ashford Inc. We held approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate 29.6% ownership interest in Ashford Inc. as of September 30, 2017 , with a carrying value of $2.6 million and a fair value of $36.2 million . The following tables summarize the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016 and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the three and nine months ended September 30, 2017 and 2016 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2017 December 31, 2016 Total assets $ 84,012 $ 129,797 Total liabilities $ 49,754 $ 38,168 Redeemable noncontrolling interests 1,936 1,480 Total stockholders’ equity of Ashford Inc. 31,862 37,377 Noncontrolling interests in consolidated entities 460 52,772 Total equity 32,322 90,149 Total liabilities and equity $ 84,012 $ 129,797 Our ownership interest in Ashford Inc. $ 2,582 $ 5,873 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 19,255 $ 16,538 $ 51,907 $ 48,099 Total operating expenses (21,595 ) (16,673 ) (54,965 ) (50,938 ) Operating income (loss) (2,340 ) (135 ) (3,058 ) (2,839 ) Realized and unrealized gain (loss) on investment in unconsolidated entity, net — — — (1,460 ) Realized and unrealized gain (loss) on investments, net — (441 ) (91 ) (5,889 ) Interest expense and loan amortization costs (20 ) — (35 ) — Other income (expense) 77 59 220 (21 ) Income tax (expense) benefit 25 (575 ) (9,248 ) (560 ) Net income (loss) (2,258 ) (1,092 ) (12,212 ) (10,769 ) (Income) loss from consolidated entities attributable to noncontrolling interests 102 486 267 6,852 Net (income) loss attributable to redeemable noncontrolling interests 300 321 995 794 Net income (loss) attributable to Ashford Inc. $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Our equity in earnings (loss) of Ashford Inc. $ (569 ) $ (85 ) $ (3,291 ) $ (959 ) AQUA U.S. Fund The AQUA U.S. Fund was managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. As of June 30, 2017 and December 31, 2016 , and for the three and six months ended June 30, 2017 and for the three and nine months ended September 30, 2016 , the AQUA U.S. Fund was consolidated by Ashford Inc. The AQUA U.S. Fund invested substantially all of its assets in the Ashford Quantitative Alternatives Master Fund, LP (the “Master Fund”), previously named the AIM Real Estate Hedged Equity Master Fund, LP, and as a consequence of our investment in the AQUA U.S. Fund, we obtained an indirect interest in the Master Fund. Our maximum exposure of loss was limited to our investment in the AQUA U.S. Fund. During the first quarter of 2017, we liquidated our investment in the AQUA U.S. Fund subject to a 5% hold back of $2.6 million , which was received during the second quarter of 2017. Our ownership interest in the AQUA U.S. Fund was $50.9 million at December 31, 2016. For the nine months ended September 30, 2017 our equity in earnings was $52,000 . For the three and nine months ended September 30, 2016 our equity in loss was $395,000 and $3.3 million , respectively. OpenKey In 2016, the Company made investments totaling $2.3 million in OpenKey, which is controlled and consolidated by Ashford Inc., for a 13.3% ownership interest. On March 2, 2017 and September 12, 2017, we invested an additional $650,000 and $333,000 , respectively. As of September 30, 2017 , the Company has made investments totaling $3.3 million , for a 16.23% ownership interest. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of September 30, 2017 , our ownership interest had a carrying value of $2.7 million . For the three and nine months ended September 30, 2017 , our equity in earnings (loss) in the unconsolidated entity was a loss of $111,000 and $341,000 , respectively. For the three and nine months ended September 30, 2016 , our equity in earnings (loss) in the unconsolidated entity was a loss of $80,000 and $196,000 , respectively.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 2017 December 31, 2016 Mortgage loan (2) 1 hotel June 2017 5.98% $ — $ 15,729 Mortgage loan (3) 17 hotels December 2017 LIBOR (1) + 5.52% 412,500 412,500 Mortgage loan (4) 2 hotels January 2018 4.44% — 105,047 Mortgage loan 1 hotel January 2018 4.38% 94,722 96,169 Mortgage loan (5) 8 hotels January 2018 LIBOR (1) + 4.95% 376,800 376,800 Mortgage loan (6) 5 hotels February 2018 LIBOR (1) + 4.75% 200,000 200,000 Mortgage loan (7) 1 hotel April 2018 LIBOR (1) + 4.95% 33,300 33,300 Mortgage loan (8) (9) (10) (11) 22 hotels April 2018 LIBOR (1) + 4.39% 971,654 1,070,560 Mortgage loan (12) 1 hotel May 2018 LIBOR (1) + 5.10% 25,100 25,100 Mortgage loan (13) 1 hotel June 2018 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan (14) 1 hotel July 2018 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (14) 1 hotel July 2018 LIBOR (1) + 5.10% 40,500 40,500 Mortgage loan (14) 8 hotels July 2018 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (15) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 12,000 Mortgage loan (16) 4 hotels August 2018 LIBOR (1) + 4.38% 52,530 52,530 Mortgage loan (16) (17) (18) 6 hotels August 2018 LIBOR (1) + 4.35% 280,421 301,000 Mortgage loan (3) 18 hotels October 2018 LIBOR (1) + 4.55% 450,000 450,000 Mortgage loan 1 hotel July 2019 4.00% 5,361 5,436 Mortgage loan (2) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 — Mortgage loan 1 hotel November 2020 6.26% 95,638 96,873 Mortgage loan (4) 2 hotels June 2022 LIBOR (1) + 3.00% 164,700 — Mortgage loan 1 hotel May 2023 5.46% 54,020 54,685 Mortgage loan 1 hotel January 2024 5.49% 7,028 7,111 Mortgage loan 1 hotel January 2024 5.49% 10,258 10,378 Mortgage loan 1 hotel May 2024 4.99% 6,559 6,641 Mortgage loan 2 hotels August 2024 4.85% 12,288 12,427 Mortgage loan 3 hotels August 2024 4.90% 24,561 24,836 Mortgage loan 3 hotels August 2024 5.20% 66,454 67,164 Mortgage loan 2 hotels February 2025 4.45% 20,304 20,575 Mortgage loan 3 hotels February 2025 4.45% 52,517 53,293 3,708,265 3,773,604 Premiums, net 1,756 3,523 Deferred loan costs, net (11,152 ) (17,889 ) $ 3,698,869 $ 3,759,238 Indebtedness related to assets held for sale (10) 1 hotel April 2017 LIBOR (1) + 4.39% — 16,080 Indebtedness related to assets held for sale (18) 1 hotel August 2017 LIBOR (1) + 4.35% — 19,599 Indebtedness, net $ 3,698,869 $ 3,723,559 ____________________________________ (1) LIBOR rates were 1.232% and 0.772% at September 30, 2017 and December 31, 2016 , respectively. (2) On May 24, 2017, we refinanced this mortgage loan totaling $15.7 million set to mature in June 2017 with a new $16.1 million mortgage loan with a three -year initial term and two one -year extension options subject to the satisfaction of certain conditions. Through May 2019, the new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.90% . Beginning on June 1, 2019, monthly principal payments based on a thirty -year amortization and a 6.00% interest rate are due. (3) This mortgage loan has four one -year extension options, subject to satisfaction of certain conditions. (4) On May 10, 2017, we refinanced this mortgage loan totaling $104.3 million set to mature in January 2018 with a new $181.0 million mortgage loan, of which our initial advance was $164.7 million . The new mortgage loan is interest only and bears interest at a rate of LIBOR +3.00% . Beginning on July 1, 2020, quarterly principal payments of $750,000 are due. (5) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in January 2017 (6) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20% . The second one-year extension period began in February 2017. (7) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (8) This mortgage loan has four one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (9) This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth that was sold on February 1, 2017. (10) A portion of this mortgage loan at December 31, 2016 relates to the Renaissance Portsmouth that was sold on February 1, 2017. See note 4. (11) This mortgage loan had a $78.7 million pay down of principal related to the sale of the Crowne Plaza Ravinia that was sold on June 29, 2017. See note 4. (12) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in May 2017. (13) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in June 2017. (14) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in July 2017. (15) This mortgage loan has two one -year extension options, subject to satisfaction of certain conditions. (16) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The second one -year extension period began in August 2017. (17) This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse that was sold on March 6, 2017. See note 4. (18) A portion of this mortgage loan at December 31, 2016 relates to the Embassy Suites Syracuse that was sold on March 6, 2017. See note 4. On February 1, 2017, we repaid $20.2 million of principal on our mortgage loan partially secured by the Renaissance Portsmouth. This hotel property was sold on February 1, 2017. On March 6, 2017, we repaid $20.6 million of principal on our mortgage loan partially secured by the Embassy Suites Syracuse. This hotel property was sold on March 6, 2017. On May 10, 2017, we refinanced a $105.0 million mortgage loan, secured by the Renaissance Nashville in Nashville, Tennessee and the Westin in Princeton, New Jersey. The new mortgage loan totals $181.0 million , of which our initial advance was $164.7 million with future advances totaling $16.3 million as reimbursement for capital expenditures. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 3.00% . Beginning on July 1, 2020, quarterly principal payments of $750,000 are due. The stated maturity is June 2022, with no extension options. On May 24, 2017, we refinanced a $15.7 million mortgage loan, secured by the Hotel Indigo (“Indigo Atlanta”) in Atlanta, Georgia. The new mortgage loan totals $16.1 million . The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.90% for the first two years with a 30 -year amortization schedule based on a 6% interest rate starting in the third year. The stated maturity is May 2020, with two one -year extension options. On June 29, 2017, we repaid $78.7 million of principal on our mortgage loan partially secured by the Crowne Plaza Ravinia. This hotel property was sold on June 29, 2017. During the three and nine months ended September 30, 2017 , we recognized premium amortization of $185,000 and $1.8 million , respectively, and during the three and nine months ended September 30, 2016 , we recognized premium amortization of $527,000 and $1.6 million , respectively. The amortization of the premium is computed using a method that approximates the effective interest method, which is included in interest expense and amortization of premiums and loan costs in the consolidated statements of operations. We are required to maintain certain financial ratios under various debt and 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. As of September 30, 2017 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income (loss) allocated to common stockholders: Income (loss) attributable to the Company $ (21,808 ) $ (20,145 ) $ (37,037 ) $ 619 Less: Dividends on preferred stock (11,440 ) (8,875 ) (33,352 ) (25,856 ) Less: Extinguishment of issuance costs upon redemption of preferred stock (4,507 ) (6,124 ) (4,507 ) (6,124 ) Less: Dividends on common stock (11,439 ) (11,345 ) (34,316 ) (34,018 ) Less: Dividends on unvested performance stock units (98 ) (40 ) (294 ) (120 ) Less: Dividends on unvested restricted shares (251 ) (197 ) (709 ) (548 ) Undistributed income (loss) (49,543 ) (46,726 ) (110,215 ) (66,047 ) Add back: Dividends on common stock 11,439 11,345 34,316 34,018 Distributed and undistributed income (loss) - basic and diluted $ (38,104 ) $ (35,381 ) $ (75,899 ) $ (32,029 ) Weighted average shares outstanding: Weighted average common shares outstanding - basic and diluted 95,332 94,531 95,169 94,384 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.37 ) $ (0.80 ) $ (0.34 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.37 ) $ (0.80 ) $ (0.34 ) Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 251 $ 197 $ 709 $ 548 Income (loss) allocated to unvested performance stock units 98 40 294 120 Income (loss) attributable to noncontrolling interest in operating partnership units (6,940 ) (5,009 ) (13,202 ) (2,745 ) Total $ (6,591 ) $ (4,772 ) $ (12,199 ) $ (2,077 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 368 479 284 334 Effect of unvested performance stock units 250 41 97 24 Effect of assumed conversion of operating partnership units 17,551 19,252 17,367 19,046 Effect of incentive fee shares 277 — 287 — Total 18,446 19,772 18,035 19,404

Derivative Instruments and Hedg

Derivative Instruments and Hedging	9 Months Ended
	Sep. 30, 2017
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 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. To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. During the nine months ended September 30, 2017 , we entered into interest rate caps with notional amounts totaling $2.1 billion and strike rates ranging from 1.50% to 5.84% . These interest rate caps had effective dates from February 2017 to August 2017 , maturity dates from February 2018 to June 2019 , and a total cost of $633,000 . In September 2017 , we entered into an interest rate floor with a notional amount of $4.0 billion and a strike rate of 1% . This interest rate floor has a termination date of March 2019 and a total cost of $163,000 . These instruments were not designated as cash flow hedges. During the nine months ended September 30, 2016 , we entered into interest rate caps with notional amounts totaling $628.5 million and strike rates ranging from 2.00% to 4.50% . These interest rate caps had effective dates from February 2016 to August 2016 , termination dates from February 2017 to December 2017 , and a total cost of $104,000 . These instruments were not designated as cash flow hedges. As of September 30, 2017 , we held interest rate caps with notional amounts totaling $3.4 billion and strike rates ranging from 1.50% to 5.84% . These instruments had maturity dates ranging from December 2017 to June 2019 . These instruments cap the interest rates on our mortgage loans with principal balances of $3.3 billion and maturity dates from December 2017 to June 2022 . As of September 30, 2017 , we held interest rate floors with notional amounts totaling $10.0 billion and strike rates ranging from (0.25)% to 1% . These instruments have termination dates ranging from March 2019 to July 2020 . Credit Default Swap Derivatives —We use credit default swaps to hedge financial and capital market risk. 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. As of September 30, 2017, we held credit default swaps with notional amounts totaling $212.5 million . These credit default swaps had effective dates from February 2015 to August 2017 and expected maturity dates from October 2023 to October 2026. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades was approximately $8.4 million as of September 30, 2017 . Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in market value is over $250,000 . Options on Futures Contracts —During the nine months ended September 30, 2016, we purchased options on Eurodollar futures for a total cost of $250,000 and maturity date of June 2017. There were no purchases during the nine months ended September 30, 2017.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Fair values of interest rate caps, floors, flooridors, and corridors are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rates of the floors or rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the swaps, caps, and floors are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. Fair values of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. These expected future cash flows are probability-weighted projections based on the contract terms, accounting for both the magnitude and likelihood of potential payments, which are both computed using the appropriate LIBOR forward curve and market implied volatilities as of the valuation date (Level 2 inputs). Fair value of options on futures contracts is determined based on the last reported settlement price as of the measurement date (Level 1 inputs). 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 satisfied. Fair values of marketable securities and liabilities associated with marketable securities, including public equity securities, equity put and call options, and other investments, are based on their quoted market closing prices (Level 1 inputs). When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant ( 10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at September 30, 2017 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 1.232% to 1.826% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total September 30, 2017: Assets Derivative assets: Interest rate derivatives - floors $ — $ 288 $ — $ 118 $ 406 (2) Interest rate derivatives - caps — 44 — — 44 (2) Credit default swaps — 329 — 942 $ 1,271 (2) — 661 — 1,060 1,721 Non-derivative assets: Equity securities 11,960 — — — 11,960 (3) Total $ 11,960 $ 661 $ — $ 1,060 $ 13,681 Liabilities Derivative liabilities: Credit default swaps — (146 ) — — (146 ) (4) Net $ 11,960 $ 515 $ — $ 1,060 $ 13,535 December 31, 2016: Assets Derivative assets: Interest rate derivatives - floors $ — $ 2,358 $ — $ — $ 2,358 (2) Interest rate derivatives - caps — 24 — — 24 (2) Credit default swaps — 2,867 — (1,751 ) 1,116 (2) Options on futures contracts 116 — — — 116 (2) 116 5,249 — (1,751 ) 3,614 Non-derivative assets: Equity securities 53,185 — — — 53,185 (3) Total $ 53,301 $ 5,249 $ — $ (1,751 ) $ 56,799 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in the consolidated balance sheets. (3) Reported as “marketable securities” in the consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in the consolidated balance sheets. Effect of Fair-Value-Measured Assets and Liabilities on Consolidated Statements of Operations The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (291 ) $ (8,202 ) Interest rate derivatives - caps (96 ) (40 ) Credit default swaps (1,380 ) (4) (1,854 ) (4) Options on futures contracts — (155 ) (1,767 ) (10,251 ) Non-derivative assets: Equity 12 — Total (1,755 ) (10,251 ) Liabilities Derivative liabilities: Credit default swaps (887 ) (4) — (4) Net $ (2,642 ) $ (10,251 ) Total combined Interest rate derivatives - floors $ (291 ) $ (8,202 ) Interest rate derivatives - caps (96 ) (40 ) Credit default swaps (1,092 ) (1,307 ) Options on futures contracts — 1 Unrealized gain (loss) on derivatives (1,479 ) (1) (9,548 ) (1) Realized gain (loss) on credit default swaps (1,175 ) (2) (4) (547 ) (2) (4) Realized gain (loss) on options on futures contracts — (2) (156 ) (2) Unrealized gain (loss) on marketable securities (936 ) (3) — (3) Realized gain (loss) on marketable securities 948 (2) — (2) Net $ (2,642 ) $ (10,251 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Included in “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $257 and $237 for the three months ended September 30, 2017 and 2016, respectively, included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Nine Months Ended September 30, 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (2,233 ) $ 4,780 Interest rate derivatives - caps (613 ) (460 ) Credit default swaps (2,100 ) (4) (3,227 ) (4) Options on futures contracts (116 ) (270 ) (5,062 ) 823 Non-derivative assets: Equity (3,991 ) — Total (9,053 ) 823 Liabilities Derivative liabilities: Credit default swaps (1,450 ) (4) — (4) Net $ (10,503 ) $ 823 Total combined Interest rate derivatives - floors $ (2,233 ) $ 4,780 Interest rate derivatives - caps (613 ) (460 ) Credit default swaps 615 42 Options on futures contracts 427 (114 ) Unrealized gain (loss) on derivatives (1,804 ) (1) 4,248 (1) Realized gain (loss) on credit default swaps (4,165 ) (2) (4) (3,269 ) Realized gain (loss) on options on futures contracts (543 ) (2) (156 ) Unrealized gain (loss) on marketable securities (4,813 ) (3) — Realized gain (loss) on marketable securities 822 (2) — Net $ (10,503 ) $ 823 ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Included in “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $769 and $615 for the nine months ended September 30, 2017 and 2016, respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): September 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 11,960 $ 11,960 $ 53,185 $ 53,185 Derivative assets, net 1,721 1,721 3,614 3,614 Derivative liabilities, net 146 146 — — Financial assets not measured at fair value: Cash and cash equivalents (1) $ 393,527 $ 393,527 $ 348,067 $ 348,067 Restricted cash (1) 133,127 133,127 144,406 144,406 Accounts receivable, net (1) 61,677 61,677 44,934 44,934 Due from third-party hotel managers 19,230 19,230 13,348 13,348 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,708,265 $3,541,070 to $3,913,817 $ 3,773,604 $3,600,691 to $3,979,713 Accounts payable and accrued expenses (1) 153,772 153,772 128,309 128,309 Dividends and distributions payable 25,520 25,520 24,765 24,765 Due to Ashford Inc., net 13,689 13,689 15,716 15,716 Due to Ashford Prime OP, net — — 488 488 Due to related party, net (1) 326 326 1,046 1,046 Due to third-party hotel managers 2,627 2,627 2,714 2,714 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2016. Cash, cash equivalents, and restricted cash . These financial assets have maturities of less than 90 days and most bear interest at market rates. 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 and distributions payable, due to/from Ashford Prime OP, due to related party, net, due to Ashford Inc., net 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. Derivative assets, net, and derivative liabilities, net. Fair value of interest rate derivatives is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 2, 8 and 9 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 95.5% to 105.5% of the carrying value of $3.7 billion at September 30, 2017 and approximately 95.3% to 105.4% of the carrying value of $3.8 billion at December 31, 2016 . This is considered a Level 2 valuation technique.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	9 Months Ended
	Sep. 30, 2017
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 unitholders 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. Beginning one year after issuance, each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our common stock, which is either (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement. Ashford Trust continues to hold 598,000 shares of Ashford Inc. common stock for the benefit of its common stockholders, and all of our remaining lodging investments are owned by Ashford Trust OP. Each common unit and LTIP unit was worth approximately 94% and 96% , respectively, of one share of our common stock at both September 30, 2017 and December 31, 2016 as a result of the specific distribution characteristics to unitholders in the Ashford Inc. spin-off. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership. The compensation committee of the board of directors of the Company approved Performance LTIP units to certain executive officers, which have a three year cliff vesting. The award agreements provide for the grant of a maximum number of Performance LTIP units that will be settled in LTIPs or common units of the Ashford Trust OP, if and when the applicable vesting criteria have been achieved following the end of the performance and service period. The actual number of units earned may be adjusted from 0% to 100% based on achievement of a specified relative total stockholder return and specified absolute total stockholder return, based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the Performance LTIP units were granted to non-employees. Compensation expense of $964,000 and $1.3 million was recorded for the three and nine months ended September 30, 2017 , respectively, and expense of $290,000 and $458,000 for the three and nine months ended September 30, 2016 , respectively. The Performance LTIP units unamortized fair value of $5.4 million at September 30, 2017 will be expensed over a period of 2.5 years. As of September 30, 2017 , we have issued a total of 11.9 million LTIP and Performance LTIP units, all of which, other than approximately 81,000 , 31,000 , and 662,000 units, issued in May 2017 , April 2017 and March 2015 , respectively, have reached full economic parity with, and are convertible into, common units. Expense of $980,000 and $2.4 million was recognized for the three and nine months ended September 30, 2017 , respectively, and expense of $563,000 and $1.7 million was recognized for the three and nine months ended September 30, 2016 , respectively, 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 was determined based on the share price as of the end of the period. The fair value of the unrecognized cost of LTIP units, which was $5.2 million at September 30, 2017 , will be expensed over a period of 2.5 years. During the nine months ended September 30, 2017 , approximately 21,000 common units with an aggregate fair value of approximately $161,000 were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption. During the nine months ended September 30, 2016 , approximately 5,000 common units with an aggregate fair value of approximately $24,000 were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. Redeemable noncontrolling interests, including vested LTIP units, in our operating partnership as of September 30, 2017 and December 31, 2016 , were $117.4 million and $132.8 million , respectively, which represent ownership of our operating partnership of 15.73% and 14.48% , respectively. The carrying value of redeemable noncontrolling interests as of September 30, 2017 and December 31, 2016 , included adjustments of $146.1 million and $144.3 million , respectively, to reflect the excess of the redemption value over the accumulated historical costs. Redeemable noncontrolling interests were allocated net loss of $6.9 million and net loss of $13.2 million for the three and nine months ended September 30, 2017 , respectively, and net loss of $5.0 million and $2.7 million for the three and nine months ended September 30, 2016 , respectively. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $2.6 million and $7.7 million for the three and nine months ended September 30, 2017 , respectively, and $2.9 million and $8.7 million for the three and nine months ended September 30, 2016 , respectively.

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Common Stock Dividends —For each of the 2017 and 2016 quarters, the board of directors declared quarterly dividends of $0.12 per outstanding share of common stock with an annualized target of $0.48 per share for 2017 . Restricted Stock Units —Stock-based compensation expense of $1.9 million and $3.9 million was recognized for the three and nine months ended September 30, 2017 , respectively, and expense of $1.1 million and $3.0 million for the three and nine months ended September 30, 2016 , respectively, in connection with equity awards granted to employees of Ashford LLC, certain employees of Remington Lodging and Ashford Trust’s directors and is included in “advisory services fee,” “management fees” and “corporate, general and administrative,” respectively, in our consolidated statements of operations. At September 30, 2017 , the unamortized cost of the unvested shares of restricted stock was $10.3 million , which will be amortized over a period of 2.5 years, subject to future mark to market adjustments, and these shares are scheduled to vest between February 2018 and April 2020 . Performance Stock Units —The compensation committee of the board of directors of the Company approved PSUs to certain executive officers, which have a three year cliff vesting. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if and when the applicable vesting criteria have been achieved following the end of the performance and service period. The target number of PSUs may be adjusted from 0% to 200% based on achievement of a specified relative total stockholder return and specified absolute total stockholder return, based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. Compensation expense of $806,000 and $1.1 million was recorded for the three and nine months ended September 30, 2017 , respectively. Compensation expense of $246,000 and $389,000 was recorded for the three and nine months ended September 30, 2016 . The fair value of unrecognized cost of PSUs, which was $4.5 million at September 30, 2017 , will be expensed over a period of approximately 2.5 years. Preferred Stock Issuance & Redemption —On August 25, 2017, the Company issued 3.4 million shares of 7.50% Series H cumulative preferred stock. The Series H cumulative preferred stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the 8.55% Series A cumulative preferred stock (all shares redeemed on September 18, 2017), the 8.45% Series D cumulative preferred stock ( 1.6 million shares redeemed on September 18, 2017), the 7.375% Series F cumulative preferred stock and the 7.375% Series G cumulative preferred stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. On September 8, 2017, we issued 400,000 additional shares of 7.50% Series H preferred stock pursuant to the over-allotment option. Series H cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series H cumulative preferred stock is redeemable at our option for cash (on or after August 25, 2022), 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 H cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H cumulative preferred stock is convertible into a maximum 8.25083 shares of our common stock. The actual number is based on a formula as defined in the Series H cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H preferred stock to common stock have not been met as of period end. Therefore, Series H cumulative preferred stock will not impact our earnings per share. Dividends on the Series H cumulative preferred stock accrue in the amount of $1.8750 per share each year, which is equivalent to 7.50% of the $25.00 liquidation preference per share of Series H cumulative preferred stock. Dividends on the Series H cumulative preferred stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day). The first dividend on the Series H cumulative preferred stock sold in this offering was paid on October 16, 2017 in the amount of $0.1875 per share. On September 18, 2017, the Company redeemed its 8.55% Series A cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4631 per share, for a total redemption price of $25.4631 per share. On September 18, 2017, the Company redeemed approximately 1.6 million shares of its 8.45% Series D cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4577 per share, for a total redemption price of $25.4577 per share. On October 4, 2017, the Company redeemed 379,036 shares of 8.45% Series D cumulative preferred shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.5516 per share, for a total redemption price of $25.5516 per share. Preferred Dividends —During the three months ended September 30, 2017 , the board of directors declared quarterly dividends of $0.5281 per share for our 8.45% Series D cumulative preferred stock, $0.4609 per share for our 7.375% Series F cumulative preferred stock, $0.4609 per share for our 7.375% Series G cumulative preferred stock and $0.1875 per share for our 7.50% Series H cumulative preferred stock. The Series H cumulative preferred stock dividend is pro-rated for the number of days it was outstanding during the quarter. During the three months ended September 30, 2016 , the board of directors declared quarterly dividends of $0.5344 per share for our 8.55% Series A preferred stock, $0.5281 per share for our 8.45% Series D cumulative preferred stock and $0.3995 per share for our 7.375% Series F cumulative preferred stock. The Series F cumulative preferred stock dividend was pro-rated for the number of days it was outstanding during the quarter. 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 $760,000 and $756,000 at September 30, 2017 and December 31, 2016 , respectively. Our ownership interest is reported in equity in the consolidated balance sheets. Noncontrolling interests in consolidated entities were allocated income of $22,000 and $4,000 for the three and nine months ended September 30, 2017 , respectively, and income of $16,000 and loss of $16,000 for the three and nine months ended September 30, 2016 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 , 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 September 30, 2017 , we pay franchisor royalty fees between 1% 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 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2018 and 2047 . 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. We incurred franchise fees of $17.8 million and $52.6 million for the three and nine months ended September 30, 2017 , respectively, and $18.2 million and $54.4 million for the three and nine months ended September 30, 2016 , respectively. Franchise fees are included in “other” hotel expenses in the consolidated statements of operations. Management Fees —Under management agreements for our hotel properties existing at September 30, 2017 , we pay a) monthly property management fees equal to the greater of approximately $13,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable, b) 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 management budget cumulatively, including project management fees, and d) other general fees at current market rates as approved by our independent directors, if required. These management agreements expire from 2020 through 2038 , with renewal options. If we terminate a management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Income Taxes — We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2013 through 2016 remain subject to potential examination by certain federal and state taxing authorities. 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. 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. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million . On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company. On June 27, 2017, the Florida Supreme Court denied the Company's petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney's fees being the only remaining dispute. On June 29, 2017, the balance of the judgment was paid to Nantucket by the Company. The Company estimates its total loss including post judgment interest and reimbursement of the plaintiff’s legal fees to be approximately $17.3 million as of September 30, 2017, resulting in additional expense of $26,000 and $4.1 million for the three and nine months ended September 30, 2017, respectively. On June 29, 2017, RLI filed suit in Federal District Court in Dallas seeking to recover the amounts previously paid to Nantucket. On July 19, 2017, the Company paid approximately $10.0 million to RLI mooting RLI's claim subject only to the alleged claim for attorney fees. With the agreement for the Company to pay the negotiated settlement of RLI's attorney fees in the amount of $100,000 , a Stipulation for Dismissal was filed on November 2, 2017. We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or results of operations. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2017
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 hotel properties 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 September 30, 2017 and December 31, 2016 , all of our hotel properties were domestically located.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor, and as a result, we pay advisory fees to Ashford LLC. 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 plus the Key Money Asset Management Fee (defined in our advisory agreement as the aggregate gross asset value of all key money assets multiplied by 0.70% ), 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 September 30, 2017 , 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 earned annually by Ashford LLC in each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group, subject to the FCCR Condition, as defined in the advisory agreement. We also 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. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services fee Base advisory fee $ 8,579 $ 8,576 $ 25,934 $ 25,842 Reimbursable expenses (1) 1,641 1,485 5,800 4,550 Equity-based compensation (2) 4,392 1,887 7,748 4,535 Total advisory services fee $ 14,612 $ 11,948 $ 39,482 $ 34,927 ________ (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, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. In 2016, $4.0 million of key money consideration was invested in furniture, fixtures and equipment by Ashford Inc. to be used by Ashford Trust, which represented all of the key money consideration for the Le Pavillon Hotel. The hotel advisory services and the lease are considered a multiple element arrangement, in accordance with the applicable accounting guidance. As such, a portion of the base advisory fee is allocated to lease expense equal to the estimated fair value of the lease payments that would have been made. As a result, $156,000 and $476,000 of advisory expense was allocated to lease expense and was included in “other” hotel expense in the consolidated statements of operations for the three and nine months ended September 30, 2017 . No advisory expense was allocated to lease expense for the three and nine months ended September 30, 2016 . On January 19, 2017, AHT SMA, LP, a Delaware limited partnership and a wholly-owned subsidiary of Ashford Trust entered into an Investment Management Agreement (the “Agreement”) with Ashford Investment Management, LLC (“AIM”), a subsidiary of Ashford Inc., to manage all or a portion of Ashford Trust’s excess cash (the “Account”). Pursuant to the Agreement, the Company retained and appointed AIM as the investment manager for us. The Agreement will govern the relationship between Ashford Trust and AIM, as well as grant AIM certain rights, powers and duties to act on behalf of the Company. AIM will not be compensated by us for its services under the Agreement. We bear all costs and expenses of the establishment and ongoing maintenance of the Account as well as all costs and expenses of AIM. For the three and nine months ended September 30, 2017 , investment management reimbursable expenses were $522,000 and $1.5 million , respectively, which are included in “corporate, general and administrative” expense in the consolidated statements of operations. At September 30, 2017 and December 31, 2016, we had payables of $13.7 million and $15.7 million , respectively, included in due to Ashford Inc., net, associated with the advisory services fee discussed above. In addition, at March 31, 2017, we held a receivable from the AQUA U.S. Fund of $2.6 million , associated with the hold back from the AQUA U.S. Fund, of which the funds were received during the second quarter of 2017. Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted approximately 173,000 shares and 131,000 shares of restricted stock under the Ashford Trust Stock Plan in 2016 and 2017, respectively. 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 $222,000 and $439,000 was recognized for the three and nine months ended September 30, 2017 , respectively, and expense of $230,000 and $372,000 for the three and nine months ended September 30, 2016 , respectively. The unamortized fair value of these grants was $1.3 million as of September 30, 2017 , which will be amortized over a period of 2.5 years.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 4, 2017, the Company redeemed 379,036 shares of 8.45% Series D cumulative preferred shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.5516 per share, for a total redemption price of $25.5516 per share. On October 30, 2017, we refinanced our $94.7 million mortgage loan, with an outstanding balance of $94.5 million , secured by the Hilton Boston Back Bay in Boston, Massachusetts. The new mortgage loan totals $97.0 million , provides for a floating interest rate of LIBOR + 2.00% , a five -year term with no extension options and is secured by the Hilton Boston Back Bay. On October 31, 2017, we refinanced our $412.5 million mortgage loan, secured by seventeen hotels. The new mortgage loan totals $427.0 million , is interest only, provides for a floating interest rate of LIBOR + 3.00% and has a two -year initial term with five one -year extension options. The new mortgage loan is secured by the following seventeen hotels: the Courtyard Alpharetta, Courtyard Bloomington, Courtyard Crystal City, Courtyard Foothill Ranch, Embassy Suites Austin, Embassy Suites Dallas, Embassy Suites Houston, Embassy Suites Las Vegas, Embassy Suites Palm Beach, Hampton Inn Evansville, Hilton Garden Inn Jacksonville, Hilton Nassau Bay, Hilton St. Petersburg, Residence Inn Evansville, Residence Inn Falls Church, Residence Inn San Diego and Sheraton Indianapolis.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2016 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017 . Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE 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. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The following dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 5-hotel portfolio (1) Various Disposition June 1, 2016 Hampton Inn & Suites Gainesville, FL Disposition September 1, 2016 SpringHill Suites Gaithersburg Gaithersburg, MD Disposition October 1, 2016 2-hotel portfolio (2) Palm Desert, CA Disposition October 7, 2016 Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 (1) The 5 -hotel portfolio is comprised of the Courtyard Edison in Edison, New Jersey; the Residence Inn Buckhead in Atlanta, Georgia; the Courtyard Lake Buena Vista, the Fairfield Inn Lake Buena Vista and the SpringHill Suites Lake Buena Vista in Orlando, Florida. (2) The 2 -hotel portfolio is comprised of the Courtyard and Residence Inn in Palm Desert, California.
Use of Estimates	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. We early adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in recently adopted accounting standards below.
Impairment of Investment in Hotel Properties and Assets Held for Sale	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 $1.8 million to investments in hotel properties for the three and nine months ended September 30, 2017 related to hurricanes in Florida and Texas. We recorded an impairment charge of $5.0 million to investments in hotel properties for the three and nine months ended September 31, 2016. See note 4. Assets Held for Sale —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 that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. See note 4.
Hotel Dispositions	Hotel Dispositions — 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.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.2% to 29.6% , at September 30, 2017 , 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 in earnings (loss) in unconsolidated entities. No such impairment was recorded for the three and nine months ended September 30, 2017 and 2016 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
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 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.
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, included in “advisory services fee” and “management fees” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and performance-based Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers are accounted for at fair value at period end based on a Monte Carlo simulation valuation model that results in recording expense, included in “advisory services 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.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017, and the adoption of this standard did not have any impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result net cash provided by operating activities increased $13.1 million and net cash used in investing activities decreased $15.7 million in the nine months ended September 30, 2017. Our beginning-of-period cash, cash equivalents and restricted cash increased $144.4 million and $153.7 million in 2017 and 2016, respectively. 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. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. We are continuing to evaluate each of our revenue streams under the new standard and because of the short-term, day-to-day nature of hotel revenues, our pattern of revenue recognition is not expected to change significantly. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. We presently expect to select the modified retrospective method. We do not expect adoption of this standard will have a material impact on our consolidated financial statements. We continue to evaluate the related disclosure requirements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We do not expect that ASU 2016-01 will have a material impact 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. The accounting for leases under which we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact that ASU 2016-02 will have on our consolidated financial statements, we expect the primary impact to our consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under noncancelable leases on our consolidated balance sheets resulting in the recording of ROU assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2016-15 will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. While we are currently evaluating the potential impact of the standard, we currently expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect capitalization of acquisitions costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”), which clarifies the scope of Accounting Standard Codification (“ ASC”) Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. An entity may elect to apply ASU 2017-05 under a retrospective or modified retrospective approach. We are evaluating the impact that ASU 2017-05 will have on our consolidated financial statements and related disclosures.

Investment in Hotel Propertie25

Investment in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of investments in hotel properties, net	Investments in hotel properties, net consisted of the following (in thousands): September 30, 2017 December 31, 2016 Land $ 657,144 $ 663,013 Buildings and improvements 3,902,162 3,913,377 Furniture, fixtures, and equipment 442,468 434,091 Construction in progress 36,468 32,525 Condominium properties 11,896 11,558 Total cost 5,050,138 5,054,564 Accumulated depreciation (985,583 ) (894,001 ) Investments in hotel properties, net $ 4,064,555 $ 4,160,563

Hotel Dispositions, Impairmen26

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale (Tables)	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups	The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total hotel revenue $ 5 $ 14,293 $ 12,447 $ 67,704 Total hotel operating expenses (305 ) (9,649 ) (9,849 ) (44,581 ) Operating income (loss) (300 ) 4,644 2,598 23,123 Property taxes, insurance and other (4 ) (742 ) (617 ) (3,273 ) Depreciation and amortization — (2,077 ) (2,588 ) (10,159 ) Impairment charge — (5,039 ) — (5,039 ) Gain (loss) on sale of hotel properties 15 1,448 14,024 24,428 Interest expense and amortization of loan costs — (2,069 ) (2,361 ) (8,905 ) Write-off of loan costs and exit fees — (972 ) (98 ) (4,913 ) Net income (loss) (289 ) (4,807 ) 10,958 15,262 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 45 673 (1,724 ) (2,138 ) Net income (loss) attributable to the Company $ (244 ) $ (4,134 ) $ 9,234 $ 13,124 The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheet at December 31, 2016 were as follows: December 31, 2016 Assets Investments in hotel properties, net $ 17,232 Cash and cash equivalents 976 Restricted cash 392 Accounts receivable 305 Inventories 96 Deferred costs, net 4 Prepaid expenses 309 Other assets 274 Assets held for sale $ 19,588 Liabilities Indebtedness, net $ 35,679 Accounts payable and accrued expenses 1,323 Due to related party, net 45 Liabilities related to assets held for sale $ 37,047

Investment in Unconsolidated 27

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables summarize the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016 and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the three and nine months ended September 30, 2017 and 2016 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2017 December 31, 2016 Total assets $ 84,012 $ 129,797 Total liabilities $ 49,754 $ 38,168 Redeemable noncontrolling interests 1,936 1,480 Total stockholders’ equity of Ashford Inc. 31,862 37,377 Noncontrolling interests in consolidated entities 460 52,772 Total equity 32,322 90,149 Total liabilities and equity $ 84,012 $ 129,797 Our ownership interest in Ashford Inc. $ 2,582 $ 5,873 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 19,255 $ 16,538 $ 51,907 $ 48,099 Total operating expenses (21,595 ) (16,673 ) (54,965 ) (50,938 ) Operating income (loss) (2,340 ) (135 ) (3,058 ) (2,839 ) Realized and unrealized gain (loss) on investment in unconsolidated entity, net — — — (1,460 ) Realized and unrealized gain (loss) on investments, net — (441 ) (91 ) (5,889 ) Interest expense and loan amortization costs (20 ) — (35 ) — Other income (expense) 77 59 220 (21 ) Income tax (expense) benefit 25 (575 ) (9,248 ) (560 ) Net income (loss) (2,258 ) (1,092 ) (12,212 ) (10,769 ) (Income) loss from consolidated entities attributable to noncontrolling interests 102 486 267 6,852 Net (income) loss attributable to redeemable noncontrolling interests 300 321 995 794 Net income (loss) attributable to Ashford Inc. $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Our equity in earnings (loss) of Ashford Inc. $ (569 ) $ (85 ) $ (3,291 ) $ (959 )

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 2017 December 31, 2016 Mortgage loan (2) 1 hotel June 2017 5.98% $ — $ 15,729 Mortgage loan (3) 17 hotels December 2017 LIBOR (1) + 5.52% 412,500 412,500 Mortgage loan (4) 2 hotels January 2018 4.44% — 105,047 Mortgage loan 1 hotel January 2018 4.38% 94,722 96,169 Mortgage loan (5) 8 hotels January 2018 LIBOR (1) + 4.95% 376,800 376,800 Mortgage loan (6) 5 hotels February 2018 LIBOR (1) + 4.75% 200,000 200,000 Mortgage loan (7) 1 hotel April 2018 LIBOR (1) + 4.95% 33,300 33,300 Mortgage loan (8) (9) (10) (11) 22 hotels April 2018 LIBOR (1) + 4.39% 971,654 1,070,560 Mortgage loan (12) 1 hotel May 2018 LIBOR (1) + 5.10% 25,100 25,100 Mortgage loan (13) 1 hotel June 2018 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan (14) 1 hotel July 2018 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (14) 1 hotel July 2018 LIBOR (1) + 5.10% 40,500 40,500 Mortgage loan (14) 8 hotels July 2018 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (15) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 12,000 Mortgage loan (16) 4 hotels August 2018 LIBOR (1) + 4.38% 52,530 52,530 Mortgage loan (16) (17) (18) 6 hotels August 2018 LIBOR (1) + 4.35% 280,421 301,000 Mortgage loan (3) 18 hotels October 2018 LIBOR (1) + 4.55% 450,000 450,000 Mortgage loan 1 hotel July 2019 4.00% 5,361 5,436 Mortgage loan (2) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 — Mortgage loan 1 hotel November 2020 6.26% 95,638 96,873 Mortgage loan (4) 2 hotels June 2022 LIBOR (1) + 3.00% 164,700 — Mortgage loan 1 hotel May 2023 5.46% 54,020 54,685 Mortgage loan 1 hotel January 2024 5.49% 7,028 7,111 Mortgage loan 1 hotel January 2024 5.49% 10,258 10,378 Mortgage loan 1 hotel May 2024 4.99% 6,559 6,641 Mortgage loan 2 hotels August 2024 4.85% 12,288 12,427 Mortgage loan 3 hotels August 2024 4.90% 24,561 24,836 Mortgage loan 3 hotels August 2024 5.20% 66,454 67,164 Mortgage loan 2 hotels February 2025 4.45% 20,304 20,575 Mortgage loan 3 hotels February 2025 4.45% 52,517 53,293 3,708,265 3,773,604 Premiums, net 1,756 3,523 Deferred loan costs, net (11,152 ) (17,889 ) $ 3,698,869 $ 3,759,238 Indebtedness related to assets held for sale (10) 1 hotel April 2017 LIBOR (1) + 4.39% — 16,080 Indebtedness related to assets held for sale (18) 1 hotel August 2017 LIBOR (1) + 4.35% — 19,599 Indebtedness, net $ 3,698,869 $ 3,723,559 ____________________________________ (1) LIBOR rates were 1.232% and 0.772% at September 30, 2017 and December 31, 2016 , respectively. (2) On May 24, 2017, we refinanced this mortgage loan totaling $15.7 million set to mature in June 2017 with a new $16.1 million mortgage loan with a three -year initial term and two one -year extension options subject to the satisfaction of certain conditions. Through May 2019, the new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.90% . Beginning on June 1, 2019, monthly principal payments based on a thirty -year amortization and a 6.00% interest rate are due. (3) This mortgage loan has four one -year extension options, subject to satisfaction of certain conditions. (4) On May 10, 2017, we refinanced this mortgage loan totaling $104.3 million set to mature in January 2018 with a new $181.0 million mortgage loan, of which our initial advance was $164.7 million . The new mortgage loan is interest only and bears interest at a rate of LIBOR +3.00% . Beginning on July 1, 2020, quarterly principal payments of $750,000 are due. (5) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in January 2017 (6) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20% . The second one-year extension period began in February 2017. (7) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (8) This mortgage loan has four one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (9) This mortgage loan had a $20.2 million pay down of principal related to the sale of the Renaissance Portsmouth that was sold on February 1, 2017. (10) A portion of this mortgage loan at December 31, 2016 relates to the Renaissance Portsmouth that was sold on February 1, 2017. See note 4. (11) This mortgage loan had a $78.7 million pay down of principal related to the sale of the Crowne Plaza Ravinia that was sold on June 29, 2017. See note 4. (12) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in May 2017. (13) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in June 2017. (14) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in July 2017. (15) This mortgage loan has two one -year extension options, subject to satisfaction of certain conditions. (16) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The second one -year extension period began in August 2017. (17) This mortgage loan had a $20.6 million pay down of principal related to the sale of the Embassy Suites Syracuse that was sold on March 6, 2017. See note 4. (18) A portion of this mortgage loan at December 31, 2016 relates to the Embassy Suites Syracuse that was sold on March 6, 2017. See note 4.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income (loss) allocated to common stockholders: Income (loss) attributable to the Company $ (21,808 ) $ (20,145 ) $ (37,037 ) $ 619 Less: Dividends on preferred stock (11,440 ) (8,875 ) (33,352 ) (25,856 ) Less: Extinguishment of issuance costs upon redemption of preferred stock (4,507 ) (6,124 ) (4,507 ) (6,124 ) Less: Dividends on common stock (11,439 ) (11,345 ) (34,316 ) (34,018 ) Less: Dividends on unvested performance stock units (98 ) (40 ) (294 ) (120 ) Less: Dividends on unvested restricted shares (251 ) (197 ) (709 ) (548 ) Undistributed income (loss) (49,543 ) (46,726 ) (110,215 ) (66,047 ) Add back: Dividends on common stock 11,439 11,345 34,316 34,018 Distributed and undistributed income (loss) - basic and diluted $ (38,104 ) $ (35,381 ) $ (75,899 ) $ (32,029 ) Weighted average shares outstanding: Weighted average common shares outstanding - basic and diluted 95,332 94,531 95,169 94,384 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.37 ) $ (0.80 ) $ (0.34 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.37 ) $ (0.80 ) $ (0.34 )
Summary of Computation of Diluted Income Per Share	Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 251 $ 197 $ 709 $ 548 Income (loss) allocated to unvested performance stock units 98 40 294 120 Income (loss) attributable to noncontrolling interest in operating partnership units (6,940 ) (5,009 ) (13,202 ) (2,745 ) Total $ (6,591 ) $ (4,772 ) $ (12,199 ) $ (2,077 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 368 479 284 334 Effect of unvested performance stock units 250 41 97 24 Effect of assumed conversion of operating partnership units 17,551 19,252 17,367 19,046 Effect of incentive fee shares 277 — 287 — Total 18,446 19,772 18,035 19,404

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total September 30, 2017: Assets Derivative assets: Interest rate derivatives - floors $ — $ 288 $ — $ 118 $ 406 (2) Interest rate derivatives - caps — 44 — — 44 (2) Credit default swaps — 329 — 942 $ 1,271 (2) — 661 — 1,060 1,721 Non-derivative assets: Equity securities 11,960 — — — 11,960 (3) Total $ 11,960 $ 661 $ — $ 1,060 $ 13,681 Liabilities Derivative liabilities: Credit default swaps — (146 ) — — (146 ) (4) Net $ 11,960 $ 515 $ — $ 1,060 $ 13,535 December 31, 2016: Assets Derivative assets: Interest rate derivatives - floors $ — $ 2,358 $ — $ — $ 2,358 (2) Interest rate derivatives - caps — 24 — — 24 (2) Credit default swaps — 2,867 — (1,751 ) 1,116 (2) Options on futures contracts 116 — — — 116 (2) 116 5,249 — (1,751 ) 3,614 Non-derivative assets: Equity securities 53,185 — — — 53,185 (3) Total $ 53,301 $ 5,249 $ — $ (1,751 ) $ 56,799 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in the consolidated balance sheets. (3) Reported as “marketable securities” in the consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in the consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (291 ) $ (8,202 ) Interest rate derivatives - caps (96 ) (40 ) Credit default swaps (1,380 ) (4) (1,854 ) (4) Options on futures contracts — (155 ) (1,767 ) (10,251 ) Non-derivative assets: Equity 12 — Total (1,755 ) (10,251 ) Liabilities Derivative liabilities: Credit default swaps (887 ) (4) — (4) Net $ (2,642 ) $ (10,251 ) Total combined Interest rate derivatives - floors $ (291 ) $ (8,202 ) Interest rate derivatives - caps (96 ) (40 ) Credit default swaps (1,092 ) (1,307 ) Options on futures contracts — 1 Unrealized gain (loss) on derivatives (1,479 ) (1) (9,548 ) (1) Realized gain (loss) on credit default swaps (1,175 ) (2) (4) (547 ) (2) (4) Realized gain (loss) on options on futures contracts — (2) (156 ) (2) Unrealized gain (loss) on marketable securities (936 ) (3) — (3) Realized gain (loss) on marketable securities 948 (2) — (2) Net $ (2,642 ) $ (10,251 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Included in “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $257 and $237 for the three months ended September 30, 2017 and 2016, respectively, included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Nine Months Ended September 30, 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (2,233 ) $ 4,780 Interest rate derivatives - caps (613 ) (460 ) Credit default swaps (2,100 ) (4) (3,227 ) (4) Options on futures contracts (116 ) (270 ) (5,062 ) 823 Non-derivative assets: Equity (3,991 ) — Total (9,053 ) 823 Liabilities Derivative liabilities: Credit default swaps (1,450 ) (4) — (4) Net $ (10,503 ) $ 823 Total combined Interest rate derivatives - floors $ (2,233 ) $ 4,780 Interest rate derivatives - caps (613 ) (460 ) Credit default swaps 615 42 Options on futures contracts 427 (114 ) Unrealized gain (loss) on derivatives (1,804 ) (1) 4,248 (1) Realized gain (loss) on credit default swaps (4,165 ) (2) (4) (3,269 ) Realized gain (loss) on options on futures contracts (543 ) (2) (156 ) Unrealized gain (loss) on marketable securities (4,813 ) (3) — Realized gain (loss) on marketable securities 822 (2) — Net $ (10,503 ) $ 823 ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Included in “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $769 and $615 for the nine months ended September 30, 2017 and 2016, respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Fina31

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): September 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 11,960 $ 11,960 $ 53,185 $ 53,185 Derivative assets, net 1,721 1,721 3,614 3,614 Derivative liabilities, net 146 146 — — Financial assets not measured at fair value: Cash and cash equivalents (1) $ 393,527 $ 393,527 $ 348,067 $ 348,067 Restricted cash (1) 133,127 133,127 144,406 144,406 Accounts receivable, net (1) 61,677 61,677 44,934 44,934 Due from third-party hotel managers 19,230 19,230 13,348 13,348 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,708,265 $3,541,070 to $3,913,817 $ 3,773,604 $3,600,691 to $3,979,713 Accounts payable and accrued expenses (1) 153,772 153,772 128,309 128,309 Dividends and distributions payable 25,520 25,520 24,765 24,765 Due to Ashford Inc., net 13,689 13,689 15,716 15,716 Due to Ashford Prime OP, net — — 488 488 Due to related party, net (1) 326 326 1,046 1,046 Due to third-party hotel managers 2,627 2,627 2,714 2,714 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2016.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services fee Base advisory fee $ 8,579 $ 8,576 $ 25,934 $ 25,842 Reimbursable expenses (1) 1,641 1,485 5,800 4,550 Equity-based compensation (2) 4,392 1,887 7,748 4,535 Total advisory services fee $ 14,612 $ 11,948 $ 39,482 $ 34,927 ________ (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, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

Organization and Description 33

Organization and Description of Business (Details) $ in Thousands	Sep. 30, 2017USD ($)roomunithotel	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Number of rooms owned | room	25,055
Number of rooms owned, net of partnership interest | room	25,028
Investment in unconsolidated entities | $	$ 5,240	$ 58,779
World Quest Resort [Member]
Real Estate Properties [Line Items]
Number of rooms owned | unit	87
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Ownership percentage	29.60%
Investment in unconsolidated entities | $	$ 2,582	$ 5,873
Fair value of equity method investment | $	$ 36,200
OpenKey [Member]
Real Estate Properties [Line Items]
Ownership percentage	16.23%	13.30%
Investment in unconsolidated entities | $	$ 2,700
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel	118
Majority Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel	2
Subsidiaries [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel	120
Number of hotel properties managed by affiliates | hotel	82

Significant Accounting Polici34

Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Oct. 07, 2016hotel	Jun. 01, 2016hotel	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Impairment charge for investments in hotel properties	$ 1,800,000	$ 5,000,000	$ 1,800,000	$ 5,000,000
Impairment charges of joint venture	0	0	0	0
Increase in net cash provided by operating activities			178,451,000	191,023,000
Decrease in net cash used in investing activities			6,815,000	(27,250,000)
Cash, cash equivalents and restricted cash	$ 526,654,000	$ 407,805,000	526,654,000	$ 407,805,000	$ 492,473,000			$ 368,758,000
Accounting Standards Update 2016-18 [Member]
Real Estate Properties [Line Items]
Increase in net cash provided by operating activities			13,100,000
Decrease in net cash used in investing activities			$ 15,700,000
Cash, cash equivalents and restricted cash					$ 144,400,000			$ 153,700,000
OpenKey [Member]
Real Estate Properties [Line Items]
Ownership percentage	16.23%		16.23%		13.30%
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Ownership percentage	29.60%		29.60%
Minimum [Member]
Real Estate Properties [Line Items]
Restricted cash reserves as percentage of property revenue			4.00%
Maximum [Member]
Real Estate Properties [Line Items]
Restricted cash reserves as percentage of property revenue			6.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel							5
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Courtyard and Residence Inn in Palm Desert, California [Member]
Real Estate Properties [Line Items]
Number of hotel properties | hotel						2

Investment in Hotel Propertie35

Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Land	$ 657,144	$ 663,013
Buildings and improvements	3,902,162	3,913,377
Furniture, fixtures, and equipment	442,468	434,091
Construction in progress	36,468	32,525
Condominium properties	11,896	11,558
Total cost	5,050,138	5,054,564
Accumulated depreciation	(985,583)	(894,001)
Investments in hotel properties, net	$ 4,064,555	$ 4,160,563

Hotel Dispositions, Impairmen36

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 29, 2017USD ($)	Mar. 06, 2017USD ($)	Feb. 01, 2017USD ($)	Oct. 07, 2016USD ($)	Oct. 01, 2016USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Sep. 01, 2016USD ($)	Jun. 01, 2016USD ($)hotel	Dec. 31, 2015USD ($)
Assets
Cash and cash equivalents						$ 0	$ 348	$ 0	$ 348	$ 976			$ 0
Assets held for sale						0		0		19,588
Liabilities
Liabilities related to assets held for sale						0		0		37,047
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Condensed financial information
Total hotel revenue						5	14,293	12,447	67,704
Total hotel operating expenses						(305)	(9,649)	(9,849)	(44,581)
Operating income (loss)						(300)	4,644	2,598	23,123
Property taxes, insurance and other						(4)	(742)	(617)	(3,273)
Depreciation and amortization						0	(2,077)	(2,588)	(10,159)
Impairment charge						0	(5,039)	0	(5,039)
Gain (loss) on sale of hotel properties						15	1,448	14,024	24,428
Interest expense and amortization of loan costs						0	(2,069)	(2,361)	(8,905)
Write-off of loan costs and exit fees						0	(972)	(98)	(4,913)
Net income (loss)						(289)	(4,807)	10,958	15,262
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership						45	673	(1,724)	(2,138)
Net income (loss) attributable to the Company						$ (244)	$ (4,134)	9,234	$ 13,124
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel properties | hotel												5
Consideration for disposal												$ 142,000
Gain (loss) on disposal										22,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hampton Inn & Suites - Gainesville [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal											$ 26,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hampton Inn & Suites - Gainesville [Member] | Gain on Acquisition of PIM Highland JV [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal										1,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal					$ 13,200
Gain (loss) on disposal										(223)
Pay down of principal					$ 10,400
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | Class B Common Units [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal (in shares) | shares					2
Consideration per unit (in dollars per share) | $ / shares					$ 5.74
Consideration per share (in dollars per share) | $ / shares					$ 6.05
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Palm Desert Hotels [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal				$ 36,000
Gain (loss) on disposal										7,500
Pay down of principal				$ 23,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal			$ 9,200
Gain (loss) on disposal								(43)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | Mortgages [Member] | Mortgage Loan Thirteen [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pay down of principal			$ 20,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal		$ 8,800
Gain (loss) on disposal								(40)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | Mortgages [Member] | Mortgage loan 6 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pay down of principal		$ 20,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal	$ 88,700
Gain (loss) on disposal								$ 14,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member] | Mortgages [Member] | Mortgage Loan Thirteen [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pay down of principal	$ 78,700
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Renaissance Portsmouth and Embassy Suites Syracuse [Member]
Assets
Investments in hotel properties, net										17,232
Cash and cash equivalents										976
Restricted cash										392
Accounts receivable										305
Inventories										96
Deferred costs, net										4
Prepaid expenses										309
Other assets										274
Assets held for sale										19,588
Liabilities
Indebtedness, net										35,679
Accounts payable and accrued expenses										1,323
Due to related party, net										45
Liabilities related to assets held for sale										$ 37,047

Hotel Dispositions, Impairmen37

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale (Impairment Charges and Insurance Recoveries) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)hotel	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)hotel	Sep. 30, 2016USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Number of hotel properties with impairment | hotel	24		24
Impairment charge for investments in hotel properties	$ 1.8	$ 5	$ 1.8	$ 5
Insurance recoveries	3.7		3.7
Insurance receivable	1.4		1.4
Insurance deductible expense	$ 5.5		$ 5.5

Investment in Unconsolidated 38

Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 12, 2017	Mar. 02, 2017	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Mar. 31, 2017
Real Estate Properties [Line Items]
Investment cost						$ 983	$ 2,000
Investment in unconsolidated entities			$ 5,240			5,240		$ 58,779
Equity in earnings (loss) of unconsolidated entities			$ (679)		$ (560)	$ (3,580)	(4,432)
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Audit hold-back									5.00%
Proceeds from disposal				$ 2,600
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Shares in investment held (in shares)			598,000			598,000
Ownership percentage			29.60%			29.60%
Fair value of equity method investment			$ 36,200			$ 36,200
Investment in unconsolidated entities			2,582			2,582		5,873
Equity in earnings (loss) of unconsolidated entities			$ (569)		(85)	(3,291)	(959)
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities								$ 50,900
Equity in earnings (loss) of unconsolidated entities					(395)	$ 52	(3,300)
OpenKey [Member]
Real Estate Properties [Line Items]
Ownership percentage			16.23%			16.23%		13.30%
Investment cost	$ 333	$ 650				$ 3,300		$ 2,300
Investment in unconsolidated entities			$ 2,700			2,700
Equity in earnings (loss) of unconsolidated entities			$ (111)		$ (80)	$ (341)	$ (196)

Investment in Unconsolidated 39

Investment in Unconsolidated Entities (Summary of Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Total assets	$ 4,746,661	$ 4,891,544
Total liabilities	3,929,425	3,966,399
Redeemable noncontrolling interests in operating partnership	117,434	132,768
Total equity	699,042	791,621
Noncontrolling interests in consolidated entities	760	756
Total equity	699,802	792,377
Total liabilities and equity	4,746,661	4,891,544
Investment in unconsolidated entities	5,240	58,779
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total assets	84,012	129,797
Total liabilities	49,754	38,168
Redeemable noncontrolling interests in operating partnership	1,936	1,480
Total equity	31,862	37,377
Noncontrolling interests in consolidated entities	460	52,772
Total equity	32,322	90,149
Total liabilities and equity	84,012	129,797
Investment in unconsolidated entities	$ 2,582	5,873
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Investment in unconsolidated entities		$ 50,900

Investment in Unconsolidated 40

Investment in Unconsolidated Entities (Summary of Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Real Estate Properties [Line Items]
Total revenue	$ 353,325	$ 371,931	$ 1,097,704	$ 1,150,373
Total operating expenses	(323,709)	(330,857)	(981,341)	(998,429)
Operating income (loss)	29,616	41,074	116,363	151,944
Realized and unrealized gain (loss) on investments, net			(3,991)	0
Interest expense and loan amortization costs	(56,963)	(55,762)	(167,224)	(168,167)
Other income (expense)	(273)	(926)	(3,539)	(4,263)
Income tax expense	1,267	16	507	(1,216)
Net income (loss)	(28,726)	(25,138)	(50,235)	(2,142)
Net (income) loss attributable to redeemable noncontrolling interests	6,940	5,009	13,202	2,745
Net income (loss) attributable to the Company	(21,808)	(20,145)	(37,037)	619
Equity in earnings (loss) of unconsolidated entities	(679)	(560)	(3,580)	(4,432)
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total revenue	19,255	16,538	51,907	48,099
Total operating expenses	(21,595)	(16,673)	(54,965)	(50,938)
Operating income (loss)	(2,340)	(135)	(3,058)	(2,839)
Realized and unrealized gain (loss) on investment in unconsolidated entity, net	0	0	0	(1,460)
Realized and unrealized gain (loss) on investments, net	0	(441)	(91)	(5,889)
Interest expense and loan amortization costs	(20)	0	(35)	0
Other income (expense)	77	59	220	(21)
Income tax expense	25	(575)	(9,248)	(560)
Net income (loss)	(2,258)	(1,092)	(12,212)	(10,769)
(Income) loss from consolidated entities attributable to noncontrolling interests	102	486	267	6,852
Net (income) loss attributable to redeemable noncontrolling interests	300	321	995	794
Net income (loss) attributable to the Company	(1,856)	(285)	(10,950)	(3,123)
Equity in earnings (loss) of unconsolidated entities	$ (569)	(85)	(3,291)	(959)
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Equity in earnings (loss) of unconsolidated entities		$ (395)	$ 52	$ (3,300)

Indebtedness (Details)

Indebtedness (Details) $ in Thousands	Jul. 01, 2020USD ($)	Jun. 01, 2019	Jun. 29, 2017USD ($)	Mar. 06, 2017USD ($)	Feb. 01, 2017USD ($)	Sep. 30, 2017USD ($)extensionhotel	Sep. 30, 2016USD ($)	Jun. 30, 2017	Sep. 30, 2017USD ($)extensionhotel	Sep. 30, 2016USD ($)	May 24, 2017USD ($)	May 10, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Indebtedness, net						$ 3,698,869			$ 3,698,869				$ 3,723,559
London Interbank Offered Rate (LIBOR) Rate						1.232%			1.232%				0.772%
Accrued but unpaid capital expenditures									$ 18,300	$ 9,941
Amortization of debt premium						$ 185	$ 527		$ 1,800	$ 1,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									4.39%
Indebtedness, net						$ 0			$ 0				$ 16,080
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									4.35%
Indebtedness, net						$ 0			$ 0				19,599
Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross						3,708,265			3,708,265				3,773,604
Premiums, net						1,756			1,756				3,523
Deferred loan costs, net						(11,152)			(11,152)				(17,889)
Deferred loan costs, net						3,698,869			3,698,869				3,759,238
Indebtedness, net						$ 3,698,869			$ 3,698,869				3,723,559
Mortgages [Member] | Mortgage loan 1 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						5.98%			5.98%
Long-term debt, gross						$ 0			$ 0		$ 15,700		15,729
Mortgages [Member] | Mortgage loan 1 [Member] | Atlanta, GA Hotel Indigo [Member]
Debt Instrument [Line Items]
Long-term debt, gross											$ 15,700
Mortgages [Member] | Mortgage loan 2 [Member]
Debt Instrument [Line Items]
Collateral | hotel						17			17
Basis spread on variable rate									5.52%
Long-term debt, gross						$ 412,500			$ 412,500				412,500
Number of extension options | extension						4			4
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 3 [Member]
Debt Instrument [Line Items]
Collateral | hotel						2			2
Interest rate						4.44%			4.44%
Long-term debt, gross						$ 0			$ 0			$ 104,300	105,047
Mortgages [Member] | Mortgage loan 4 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						4.38%			4.38%
Long-term debt, gross						$ 94,722			$ 94,722				96,169
Mortgages [Member] | Mortgage loan 5 [Member]
Debt Instrument [Line Items]
Collateral | hotel						8			8
Basis spread on variable rate									4.95%
Long-term debt, gross						$ 376,800			$ 376,800				376,800
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 6 [Member]
Debt Instrument [Line Items]
Collateral | hotel						5			5
Basis spread on variable rate									4.75%
Long-term debt, gross						$ 200,000			$ 200,000				200,000
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
LIBOR floor								0.20%
Mortgages [Member] | Mortgage loan 6 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]
Debt Instrument [Line Items]
Pay down of principal				$ 20,600
Mortgages [Member] | Mortgage loan 7 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									4.95%
Long-term debt, gross						$ 33,300			$ 33,300				33,300
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 8 [Member]
Debt Instrument [Line Items]
Collateral | hotel						22			22
Basis spread on variable rate									4.39%
Long-term debt, gross						$ 971,654			$ 971,654				1,070,560
Number of extension options | extension						4			4
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 8 [Member] | Nashville, TN Renaissance [Member]
Debt Instrument [Line Items]
Long-term debt, gross												105,000
Mortgages [Member] | Mortgage loan 8 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]
Debt Instrument [Line Items]
Pay down of principal					$ 20,200
Mortgages [Member] | Mortgage loan 8 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member]
Debt Instrument [Line Items]
Pay down of principal			$ 78,700
Mortgages [Member] | Mortgage loan 9 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									5.10%
Long-term debt, gross						$ 25,100			$ 25,100				25,100
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 10 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									5.10%
Long-term debt, gross						$ 43,750			$ 43,750				43,750
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 11 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									4.15%
Long-term debt, gross						$ 35,200			$ 35,200				35,200
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 12 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									5.10%
Long-term debt, gross						$ 40,500			$ 40,500				40,500
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 13 [Member]
Debt Instrument [Line Items]
Collateral | hotel						8			8
Basis spread on variable rate									4.09%
Long-term debt, gross						$ 144,000			$ 144,000				144,000
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 13 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]
Debt Instrument [Line Items]
Pay down of principal					$ 20,200
Mortgages [Member] | Mortgage loan 13 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member]
Debt Instrument [Line Items]
Pay down of principal			$ 78,700
Mortgages [Member] | Mortgage loan 14 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									4.95%
Long-term debt, gross						$ 12,000			$ 12,000				12,000
Number of extension options | extension						2			2
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 15 [Member]
Debt Instrument [Line Items]
Collateral | hotel						4			4
Basis spread on variable rate									4.38%
Long-term debt, gross						$ 52,530			$ 52,530				52,530
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 16 [Member]
Debt Instrument [Line Items]
Collateral | hotel						6			6
Basis spread on variable rate									4.35%
Long-term debt, gross						$ 280,421			$ 280,421				301,000
Number of extension options | extension						3			3
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 16 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]
Debt Instrument [Line Items]
Pay down of principal				$ 20,600
Mortgages [Member] | Mortgage loan 17 [Member]
Debt Instrument [Line Items]
Collateral | hotel						18			18
Basis spread on variable rate									4.55%
Long-term debt, gross						$ 450,000			$ 450,000				450,000
Number of extension options | extension						4			4
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 18 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						4.00%			4.00%
Long-term debt, gross						$ 5,361			$ 5,361				5,436
Mortgages [Member] | Mortgage loan 19 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Basis spread on variable rate									2.90%
Long-term debt, gross						$ 16,100			$ 16,100				0
Initial term of loan									3 years
Number of extension options | extension						2			2
Term of mortgage loan extension option									1 year
Mortgages [Member] | Mortgage loan 19 [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Interest rate		6.00%
Amortization term		30 years
Mortgages [Member] | Mortgage loan 19 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate									2.90%
Mortgages [Member] | Mortgage loan 20 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						6.26%			6.26%
Long-term debt, gross						$ 95,638			$ 95,638				96,873
Mortgages [Member] | Mortgage loan 21 [Member]
Debt Instrument [Line Items]
Collateral | hotel						2			2
Basis spread on variable rate									3.00%
Long-term debt, gross						$ 164,700			$ 164,700			$ 181,000	0
Number of extension options | extension						0			0
Accrued but unpaid capital expenditures									$ 16,300
Mortgages [Member] | Mortgage loan 21 [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Quarterly principal payments	$ 750
Mortgages [Member] | Mortgage loan 21 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate									3.00%
Mortgages [Member] | Mortgage loan 22 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						5.46%			5.46%
Long-term debt, gross						$ 54,020			$ 54,020				54,685
Mortgages [Member] | Mortgage loan 23 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						5.49%			5.49%
Long-term debt, gross						$ 7,028			$ 7,028				7,111
Mortgages [Member] | Mortgage loan 24 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						5.49%			5.49%
Long-term debt, gross						$ 10,258			$ 10,258				10,378
Mortgages [Member] | Mortgage loan 25 [Member]
Debt Instrument [Line Items]
Collateral | hotel						1			1
Interest rate						4.99%			4.99%
Long-term debt, gross						$ 6,559			$ 6,559				6,641
Mortgages [Member] | Mortgage loan 26 [Member]
Debt Instrument [Line Items]
Collateral | hotel						2			2
Interest rate						4.85%			4.85%
Long-term debt, gross						$ 12,288			$ 12,288				12,427
Mortgages [Member] | Mortgage loan 27 [Member]
Debt Instrument [Line Items]
Collateral | hotel						3			3
Interest rate						4.90%			4.90%
Long-term debt, gross						$ 24,561			$ 24,561				24,836
Mortgages [Member] | Mortgage loan 28 [Member]
Debt Instrument [Line Items]
Collateral | hotel						3			3
Interest rate						5.20%			5.20%
Long-term debt, gross						$ 66,454			$ 66,454				67,164
Mortgages [Member] | Mortgage loan 29 [Member]
Debt Instrument [Line Items]
Collateral | hotel						2			2
Interest rate						4.45%			4.45%
Long-term debt, gross						$ 20,304			$ 20,304				20,575
Mortgages [Member] | Mortgage loan 30 [Member]
Debt Instrument [Line Items]
Collateral | hotel						3			3
Interest rate						4.45%			4.45%
Long-term debt, gross						$ 52,517			$ 52,517				$ 53,293

Income (Loss) Per Share (Summar

Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income (loss) allocated to common stockholders:
Income (loss) attributable to the Company	$ (21,808)	$ (20,145)	$ (37,037)	$ 619
Less: Dividends on preferred stock	(11,440)	(8,875)	(33,352)	(25,856)
Extinguishment of issuance costs upon redemption of preferred stock	(4,507)	(6,124)	(4,507)	(6,124)
Undistributed income (loss)	49,543	46,726	110,215	66,047
Distributed and undistributed income (loss) - basic and diluted	$ (38,104)	$ (35,381)	$ (75,899)	$ (32,029)
Weighted average shares outstanding:
Weighted average common shares outstanding – basic and diluted (in shares)	95,332	94,531	95,169	94,384
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.40)	$ (0.37)	$ (0.80)	$ (0.34)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.40)	$ (0.37)	$ (0.80)	$ (0.34)
Performance Shares [Member]
Income (loss) allocated to common stockholders:
Less: Dividends	$ (98)	$ (40)	$ (294)	$ (120)
Restricted Stock [Member]
Income (loss) allocated to common stockholders:
Less: Dividends	(251)	(197)	(709)	(548)
Common Stock
Income (loss) allocated to common stockholders:
Less: Dividends	$ (11,439)	$ (11,345)	$ (34,316)	$ (34,018)

Income (Loss) Per Share (Summ43

Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details 1) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to noncontrolling interest in operating partnership units	$ (6,940)	$ (5,009)	$ (13,202)	$ (2,745)
Total	$ (6,591)	$ (4,772)	$ (12,199)	$ (2,077)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	18,446	19,772	18,035	19,404
Restricted Stock [Member]
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 251	$ 197	$ 709	$ 548
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	368	479	284	334
Performance Shares [Member]
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 98	$ 40	$ 294	$ 120
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	250	41	97	24
Redeemable Noncontrolling Interests In Operating Partnership [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	17,551	19,252	17,367	19,046
Incentive Fee Shares [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	277	0	287	0

Derivative Instruments and He44

Derivative Instruments and Hedging (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.00%	1.00%
Floor interest rate	(0.25%)	(0.25%)
Credit Default Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 212,500,000	$ 212,500,000
Total exposure	8,400,000	8,400,000
Change in market value of credit default swap	250,000	250,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 2,100,000,000	2,100,000,000
Payments of derivative upfront costs		$ 633,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	5.84%	5.84%
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member] | Minimum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.50%	1.50%
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 3,400,000,000	$ 3,400,000,000	$ 628,500,000
Payments of derivative upfront costs			$ 104,000
Mortgage loan principal balances	$ 3,300,000,000	$ 3,300,000,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	5.84%	5.84%	4.50%
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member] | Minimum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.50%	1.50%	2.00%
Not Designated as Hedging Instrument [Member] | Interest Rate Floor 1 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 4,000,000,000	$ 4,000,000,000
Derivative interest rate	1.00%	1.00%
Cost of hedge	$ 163,000
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 10,000,000,000	$ 10,000,000,000
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments of derivative upfront costs		$ 0	$ 250,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in/out of level 3	10.00%		10.00%
London Interbank Offered Rate (LIBOR) Rate	1.232%		1.232%		0.772%
Higher interest rate on derivatives	1.826%		1.826%
Derivative expense related to credit default swaps	$ 257	$ 237	$ 769	$ 615

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivative Assets:
Derivative assets, net	$ 1,721	$ 3,614
Liabilities
Derivative liabilities, net	(146)	0
Fair Value Measurements Recurring [Member]
Derivative Assets:
Derivative assets, net	1,721	3,614
Counterparty and Cash Collateral Netting	1,060	1,751
Assets, fair value disclosure	13,681	56,799
Liabilities
Counterparty and Cash Collateral Netting	1,060
Net	13,535
Fair Value Measurements Recurring [Member] | Equity Securities [Member]
Derivative Assets:
Counterparty and Cash Collateral Netting	0	0
Assets, fair value disclosure	11,960	53,185
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member]
Derivative Assets:
Derivative assets, net	406	2,358
Counterparty and Cash Collateral Netting	118	0
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member]
Derivative Assets:
Derivative assets, net	44	24
Counterparty and Cash Collateral Netting	0	0
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	1,271	1,116
Counterparty and Cash Collateral Netting	942	1,751
Liabilities
Derivative liabilities, net	(146)
Counterparty and Cash Collateral Netting	0
Fair Value Measurements Recurring [Member] | Options on Futures Contracts [Member]
Derivative Assets:
Derivative assets, net		116
Counterparty and Cash Collateral Netting		0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1)
Derivative Assets:
Derivative assets, net	0	116
Assets, fair value disclosure	11,960	53,301
Liabilities
Net	11,960
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Equity Securities [Member]
Derivative Assets:
Assets, fair value disclosure	11,960	53,185
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Interest Rate Floor [Member]
Derivative Assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Interest Rate Cap [Member]
Derivative Assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	0	0
Liabilities
Derivative liabilities, net	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Options on Futures Contracts [Member]
Derivative Assets:
Derivative assets, net		116
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2)
Derivative Assets:
Derivative assets, net	661	5,249
Assets, fair value disclosure	661	5,249
Liabilities
Net	515
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Equity Securities [Member]
Derivative Assets:
Assets, fair value disclosure	0	0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Floor [Member]
Derivative Assets:
Derivative assets, net	288	2,358
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Cap [Member]
Derivative Assets:
Derivative assets, net	44	24
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	329	2,867
Liabilities
Derivative liabilities, net	(146)
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Options on Futures Contracts [Member]
Derivative Assets:
Derivative assets, net		0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3)
Derivative Assets:
Derivative assets, net	0	0
Assets, fair value disclosure	0	0
Liabilities
Net	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Equity Securities [Member]
Derivative Assets:
Assets, fair value disclosure	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Interest Rate Floor [Member]
Derivative Assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Interest Rate Cap [Member]
Derivative Assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Credit Default Swaps [Member]
Derivative Assets:
Derivative assets, net	0	0
Liabilities
Derivative liabilities, net	$ 0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Options on Futures Contracts [Member]
Derivative Assets:
Derivative assets, net		$ 0

Fair Value Measurements (Effect

Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (1,479)	$ (9,548)	$ (1,804)	$ 4,248
Unrealized gain (loss) on marketable securities	(936)	0	(4,813)	0
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(1,479)	(9,548)	(1,804)	4,248
Unrealized gain (loss) on marketable securities	(936)	0	(4,813)	0
Realized gain (loss) on marketable securities	948	0	822	0
Net	(2,642)	(10,251)	(10,503)	823
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(291)	(8,202)	(2,233)	4,780
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(96)	(40)	(613)	(460)
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	(1,092)	(1,307)	615	42
Realized loss on derivatives	(1,175)	(547)	(4,165)	(3,269)
Fair Value Measurements Recurring [Member] | Options on Futures Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	0	1	427	(114)
Realized loss on derivatives	0	(156)	(543)	(156)
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Liabilities	(2,642)	(10,251)	(10,503)	823
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	(887)	0	(1,450)	0
Fair Value Measurements Recurring [Member] | Derivative Assets [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,767)	(10,251)	(5,062)	823
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Interest Rate Floor [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(291)	(8,202)	(2,233)	4,780
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(96)	(40)	(613)	(460)
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	(1,380)	(1,854)	(2,100)	(3,227)
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Options on Futures Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	0	(155)	(116)	(270)
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,755)	(10,251)	(9,053)	823
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	$ 12	$ 0	$ (3,991)	$ 0

Summary of Fair Value of Fina48

Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying value	$ 11,960	$ 53,185
Marketable securities, Estimated fair value	11,960	53,185
Derivative assets, Carrying value	1,721	3,614
Derivative assets, Estimated fair value	1,721	3,614
Derivative liabilities, net	146	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	393,527	347,091	$ 256,421	$ 215,078
Cash and cash equivalents, Estimated fair value	393,527	348,067
Restricted cash, Carrying value	133,127	144,014	149,865	$ 153,680
Restricted cash, Estimated fair value	133,127	144,406
Accounts receivable, Carrying value	61,677	44,629
Accounts receivable, Estimated fair value	61,677	44,934
Due from third-party hotel managers, Carrying value	19,230	13,348
Due from third party hotel managers, Estimated fair value	19,230	13,348
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	3,708,265
Accounts payable and accrued expenses, Carrying value	153,772	126,986
Accounts payable and accrued expenses, Estimated fair value	153,772	128,309
Dividends payable, Carrying value	25,520	24,765	$ 22,547
Dividends payable, Estimated fair value	25,520	24,765
Due to related party, net, Carrying value	326	1,001
Due to related party, net, Estimated fair value	326	1,046
Due to third-party hotel managers, Carrying value	2,627	2,714
Due to third-party hotel managers, Estimated fair value	2,627	2,714
Minimum [Member]
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,541,070	3,600,691
Maximum [Member]
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,913,817	3,979,713
Ashford Inc. [Member]
Financial liabilities not measured at fair value:
Due to affiliate, net, Estimated fair value	13,689	15,716
Due to Ashford Inc. Fair Value Disclosure	13,689	15,716
Ashford Prime OP [Member]
Financial liabilities not measured at fair value:
Due to affiliate, net, Estimated fair value	0	488
Due to Ashford Inc. Fair Value Disclosure	$ 0	488
Reported Value Measurement [Member]
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value		348,067
Restricted cash, Carrying value		144,406
Accounts receivable, Carrying value		44,934
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Carrying value		128,309
Due to related party, net, Carrying value		$ 1,046

Summary of Fair Value of Fina49

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days
Carrying value of total indebtedness of continuing operations	$ 3.7	$ 3.8
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	95.50%	95.30%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	105.50%	105.40%

Redeemable Noncontrolling Int50

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2017	Apr. 30, 2017	Mar. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Common unit limited partnership interest period until redemption						1 year
Common unit limited partnership interest redemption for common stock (in shares)						1
Common unit percentage worth of common stock share				94.00%		94.00%		96.00%
Redeemable noncontrolling interests in operating partnership				$ 117,434		$ 117,434		$ 132,768
Ownership by non-controlling owners				15.00%		15.00%		15.00%
Redemption value adjustment						$ (1,841)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership				$ 6,940	$ 5,009	13,202	$ 2,745
Cash distributions declared						$ 75,571	$ 69,328
Partnership Interest [Member] | Common Units [Member]
Noncontrolling Interest [Line Items]
Common units converted (in shares)						21,000	5,000
LTIP and Performance LTIP [Member]
Noncontrolling Interest [Line Items]
Units which have not reached full economic parity with common units (in shares)	81,000	31,000	662,000
Long Term Incentive Plan [Member]
Noncontrolling Interest [Line Items]
Common partnership unit per converted LTIP unit (in shares)						1
Fair value of unrecognized cost				$ 5,200		$ 5,200
Amortization period of LTIP unit						2 years 6 months 8 days
LTIP units issued (in shares)				11,900,000		11,900,000
Long Term Incentive Plan [Member] | Common Units [Member]
Noncontrolling Interest [Line Items]
Fair value of common units converted					24	$ 161
Long Term Incentive Plan [Member] | Partnership Interest [Member]
Noncontrolling Interest [Line Items]
Ownership by non-controlling owners				15.73%		15.73%		14.48%
Redemption value adjustment						$ 146,100		$ 144,300
Cash distributions declared				$ 2,600	2,900	7,700	$ 8,700
Long Term Incentive Plan [Member] | Advisory Services Fee [Member]
Noncontrolling Interest [Line Items]
Compensation expense (credit)				980	563	$ 2,400	1,700
Long Term Incentive Plan [Member] | Minimum [Member]
Noncontrolling Interest [Line Items]
Vesting period						3 years
Long Term Incentive Plan [Member] | Maximum [Member]
Noncontrolling Interest [Line Items]
Vesting period						5 years
Performance Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Vesting period						3 years
Compensation expense (credit)				964	290	$ 1,300	458
Fair value of unrecognized cost				$ 5,400		$ 5,400
Amortization period of LTIP unit						2 years 5 months 23 days
Performance Long Term Incentive Plan Units [Member] | Minimum [Member]
Noncontrolling Interest [Line Items]
Performance adjustment				0.00%		0.00%
Performance Long Term Incentive Plan Units [Member] | Maximum [Member]
Noncontrolling Interest [Line Items]
Performance adjustment				100.00%		100.00%
Ashford Inc. [Member]
Noncontrolling Interest [Line Items]
Shares in investment held (in shares)				598,000		598,000
Redeemable noncontrolling interests in operating partnership				$ 1,936		$ 1,936		$ 1,480
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership				$ 300	$ 321	$ 995	$ 794

Equity and Equity-Based Compe51

Equity and Equity-Based Compensation (Details) $ / shares in Units, $ in Thousands	Oct. 16, 2017$ / shares	Oct. 04, 2017$ / sharesshares	Sep. 18, 2017$ / sharesshares	Sep. 08, 2017$ / sharesshares	Aug. 25, 2017shares	Aug. 16, 2017$ / shares	Sep. 30, 2017USD ($)hotel$ / shares	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2017USD ($)hotel$ / shares	Sep. 30, 2016USD ($)$ / shares	Dec. 31, 2016USD ($)hotel
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)							$ 0.12	$ 0.12	$ 0.36	$ 0.36
Dividends annualized target (in dollars per share)							$ 0.48		$ 0.48
Preferred stock redemption price (in dollars per share)			$ 25.4577
Ownership by non-controlling owners							15.00%		15.00%		15.00%
Noncontrolling interests in consolidated entities | $							$ 760		$ 760		$ 756
Income (loss) from consolidated joint ventures attributable to noncontrolling interests | $							$ 22	$ 16	$ 4	$ (16)
Majority Owned Properties [Member]
Class of Stock [Line Items]
Number of hotel properties with JV interests | hotel							2		2		2
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate			8.55%					8.55%
Liquidation preference (in dollars per share)			$ 25
Dividends per preferred share, accrued and unpaid (in dollars per share)			0.4631
Preferred stock redemption price (in dollars per share)			$ 25.4631
Dividends declared per preferred share (in dollars per share)								$ 0.5344
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate			8.45%				8.45%	8.45%
Liquidation preference (in dollars per share)			$ 25
Dividends per preferred share, accrued and unpaid (in dollars per share)			$ 0.4577
Dividends declared per preferred share (in dollars per share)							$ 0.5281	$ 0.5281
Redemption of preferred shares (in shares) | shares			1,600,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate			7.375%				7.375%	7.375%
Dividends declared per preferred share (in dollars per share)							$ 0.4609	$ 0.3995
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate			7.375%				7.375%
Dividends declared per preferred share (in dollars per share)							$ 0.4609
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Issuances of preferred shares (in shares) | shares					3,400,000
Preferred stock dividend rate					7.50%	7.50%	7.50%
Dividend rate per share each year (in dollars per share)						$ 1.8750
Liquidation preference (in dollars per share)				$ 25		$ 25
Preferred stock conversion ratio to common stock				8.25083
Dividends declared per preferred share (in dollars per share)							$ 0.1875
Series H Preferred Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuances of preferred shares (in shares) | shares				400,000
Preferred stock dividend rate				7.50%
Restricted Stock [Member]
Class of Stock [Line Items]
Compensation expense (credit) | $							$ 1,900	$ 1,100	$ 3,900	3,000
Fair value of unrecognized cost | $							10,300		$ 10,300
Amortization period									2 years 6 months 8 days
Performance Long Term Incentive Plan Units [Member]
Class of Stock [Line Items]
Compensation expense (credit) | $							964	290	$ 1,300	458
Fair value of unrecognized cost | $							$ 5,400		$ 5,400
Amortization period									2 years 5 months 23 days
Vesting period									3 years
Performance Long Term Incentive Plan Units [Member] | Minimum [Member]
Class of Stock [Line Items]
Performance adjustment							0.00%		0.00%
Performance Long Term Incentive Plan Units [Member] | Maximum [Member]
Class of Stock [Line Items]
Performance adjustment							100.00%		100.00%
Performance Shares [Member]
Class of Stock [Line Items]
Compensation expense (credit) | $							$ 806	$ 246	$ 1,100	$ 389
Fair value of unrecognized cost | $							$ 4,500		$ 4,500
Amortization period									2 years 5 months 24 days
Performance Shares [Member] | Minimum [Member]
Class of Stock [Line Items]
Performance adjustment							0.00%		0.00%
Performance Shares [Member] | Maximum [Member]
Class of Stock [Line Items]
Performance adjustment							200.00%		200.00%
Subsequent Event [Member] | Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate		8.45%
Liquidation preference (in dollars per share)		$ 25
Dividends per preferred share, accrued and unpaid (in dollars per share)		0.5516
Preferred stock redemption price (in dollars per share)		$ 25.5516
Redemption of preferred shares (in shares) | shares		379,036
Subsequent Event [Member] | Series H Preferred Stock [Member]
Class of Stock [Line Items]
Dividends per preferred share paid (in dollars per share)	$ 0.1875

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	Jul. 19, 2017	Jun. 01, 2017	Jun. 30, 2014	Nov. 01, 2011	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2006
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member]
Commitments and Contingencies [Line Items]
Damages awarded			$ 10,800,000						$ 8,800,000
Loss contingency accrual					$ 17,300,000		$ 17,300,000
Provision for loss contingency accrual					26,000		$ 4,100,000
Payments for legal settlements	$ 10,000,000				$ 100,000
Potential Pension Liabilities [Member]
Commitments and Contingencies [Line Items]
Unfunded pension liabilities at acquisition										$ 0
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit				$ 1,700,000
Monthly pension payments				100,000
Accrued unfunded pension liabilities				1,600,000
Net amount of pension payments on settlement agreement paid by hotel manager				$ 84,000
Term of Pension Liability				20 years
Surety Bond [Member] | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member] | RLI Insurance Company [Member]
Commitments and Contingencies [Line Items]
Payments for legal settlements		$ 10,000,000
Franchise Fees [Member]
Commitments and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum					1.00%		1.00%
Franchisor royalty fees percent of gross room revenue, Maximum					6.00%		6.00%
Marketing reservation and other fees, Minimum					1.00%		1.00%
Marketing reservation and other fees, Maximum					4.00%		4.00%
Franchise fees incurred					$ 17,800,000	$ 18,200,000	$ 52,600,000	$ 54,400,000
Management Fees [Member]
Commitments and Contingencies [Line Items]
Payment of monthly property management fees, Minimum							$ 13,000
Property management fee as percentage of gross revenue used if greater than $10,000 (CPI adjusted since 2003)							3.00%
Property management fee as percentage of gross revenue, Minimum							2.00%
Property management fee as percentage of gross revenue, Maximum							7.00%
Portion of project management fees to project costs							4.00%
Maximum market service fees as percentage of project management budget					16.50%		16.50%
Minimum [Member]
Commitments and Contingencies [Line Items]
Restricted cash reserves as percentage of property revenue							4.00%
Maximum [Member]
Commitments and Contingencies [Line Items]
Restricted cash reserves as percentage of property revenue							6.00%

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2017segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Advisory services fee	$ 14,612,000		$ 11,948,000	$ 39,482,000	$ 34,927,000
Due to related party, net	326,000			326,000		$ 1,001,000
Restricted Stock [Member]
Related Party Transaction [Line Items]
Compensation expense	1,900,000		1,100,000	3,900,000	3,000,000
Fair value of unrecognized cost	10,300,000			$ 10,300,000
Amortization period				2 years 6 months 8 days
AQUA U.S. Fund [Member]
Related Party Transaction [Line Items]
Proceeds from disposal		$ 2,600,000
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Advisory services fee	14,612,000		11,948,000	$ 39,482,000	34,927,000
Ashford Inc. [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee	8,579,000		8,576,000	25,934,000	25,842,000
Ashford Inc. [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services fee	1,641,000		1,485,000	5,800,000	4,550,000
Ashford Inc. [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services fee	4,392,000		1,887,000	7,748,000	4,535,000
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 Inc. [Member] | Lease Expense [Member]
Related Party Transaction [Line Items]
Advisory services fee	156,000		0	476,000	0
Ashford Investment Management, LLC [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services fee	522,000			$ 1,500,000
Remington Lodging Employees [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Other than options granted (in shares)				131		173
Compensation expense	222,000		$ 230,000	$ 439,000	$ 372,000
Fair value of unrecognized cost	1,300,000			$ 1,300,000
Amortization period				2 years 6 months
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Due to affiliate, net	$ 13,689,000			$ 13,689,000		$ 15,716,000
Maximum [Member] | Ashford Inc. [Member]
Related Party Transaction [Line Items]
Advisory services quarterly base fee	0.70%			0.70%
Total market capitalization	$ 10,000,000,000			$ 10,000,000,000
Minimum [Member] | Ashford Inc. [Member]
Related Party Transaction [Line Items]
Advisory services quarterly base fee	0.50%			0.50%
Total market capitalization	$ 6,000,000,000			$ 6,000,000,000

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 31, 2017USD ($)extensionhotel	Oct. 30, 2017USD ($)extension	Oct. 04, 2017$ / sharesshares	Sep. 18, 2017$ / sharesshares	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Preferred stock redemption price (in dollars per share)				$ 25.4577
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Redemption of preferred shares (in shares) | shares				1,600,000
Preferred stock dividend rate				8.45%	8.45%	8.45%
Liquidation preference (in dollars per share)				$ 25
Dividends per preferred share, accrued and unpaid (in dollars per share)				$ 0.4577
Subsequent Event [Member] | Mortgage Secured by Hilton Boston Back Bay [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Face amount of debt | $		$ 97,000,000
Initial term of loan		5 years
Number of extension options | extension		0
Subsequent Event [Member] | Mortgage Secured by Hilton Boston Back Bay [Member] | Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		2.00%
Subsequent Event [Member] | Mortgage Secured by 17 Hotels [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Face amount of debt | $	$ 427,000,000
Collateral | hotel	17
Initial term of loan	2 years
Number of extension options | extension	5
Term of extension option	1 year
Subsequent Event [Member] | Mortgage Secured by 17 Hotels [Member] | Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Basis spread on variable rate	3.00%
Subsequent Event [Member] | Mortgages [Member] | Mortgage Secured by Hilton Boston Back Bay [Member]
Subsequent Event [Line Items]
Face amount of debt | $		$ 94,700,000
Extinguishment of debt | $		$ 94,500,000
Subsequent Event [Member] | Mortgages [Member] | Mortgage Secured by 17 Hotels [Member]
Subsequent Event [Line Items]
Extinguishment of debt | $	$ 412,500,000
Collateral | hotel	17
Subsequent Event [Member] | Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Redemption of preferred shares (in shares) | shares			379,036
Preferred stock dividend rate			8.45%
Liquidation preference (in dollars per share)			$ 25
Dividends per preferred share, accrued and unpaid (in dollars per share)			0.5516
Preferred stock redemption price (in dollars per share)			$ 25.5516