Ashford Hospitality Trust (AHT) 10-Q 2 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
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, 2018
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		101,038,430

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Investments in hotel properties, net	$ 4,089,985	$ 4,035,915
Cash and cash equivalents	325,839	354,805
Restricted cash	141,092	116,787
Marketable securities	24,173	26,926
Accounts receivable, net of allowance of $608 and $770, respectively	60,208	44,257
Inventories	4,223	4,244
Investment in unconsolidated entities	4,514	2,955
Deferred costs, net	3,427	2,777
Prepaid expenses	29,662	19,269
Derivative assets, net	2,969	2,010
Other assets	18,117	14,152
Intangible assets, net	9,854	9,943
Due from third-party hotel managers	19,277	17,387
Assets held for sale	0	18,423
Total assets	4,733,340	4,669,850
Liabilities:
Indebtedness, net	3,894,447	3,696,300
Accounts payable and accrued expenses	147,808	132,401
Dividends and distributions payable	28,095	25,045
Due to Ashford Inc., net	5,176	15,146
Due to related party, net	1,078	1,067
Due to third-party hotel managers	2,745	2,431
Intangible liabilities, net	15,572	15,839
Derivative liabilities, net	205	0
Other liabilities	19,613	18,376
Liabilities related to assets held for sale	0	13,977
Total liabilities	4,114,739	3,920,582
Commitments and contingencies (note 14)
Redeemable noncontrolling interests in operating partnership	118,663	116,122
Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,038,430 and 97,409,113 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,010	974
Additional paid-in capital	1,811,391	1,784,997
Accumulated deficit	(1,313,327)	(1,153,697)
Total stockholders’ equity of the Company	499,300	632,500
Noncontrolling interests in consolidated entities	638	646
Total equity	499,938	633,146
Total liabilities and equity	4,733,340	4,669,850
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at September 30, 2018 and December 31, 2017
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	24	24
Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017
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, 2018 and December 31, 2017
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	62	62
Series H Cumulative Preferred Stock, 3,800,000 shares issued and outstanding at September 30, 2018 and December 31, 2017
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	38	38
Series I Cumulative Preferred Stock, 5,400,000 shares issued and outstanding at September 30, 2018 and December 31, 2017
Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 54	$ 54

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Allowance for doubtful accounts receivable	$ 608	$ 770
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	400,000,000
Common stock, shares issued (in shares)	101,038,430	97,409,113
Common stock, shares outstanding (in shares)	98,612,117	97,409,113
Series D Preferred Stock
Preferred stock, shares issued (in shares)	2,389,393	2,389,393
Preferred stock, shares outstanding (in shares)	2,389,393	2,389,393
Series F Preferred Stock
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
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
Preferred stock, shares issued (in shares)	3,800,000	3,800,000
Preferred stock, shares outstanding (in shares)	3,800,000	3,800,000
Series I Preferred Stock
Preferred stock, shares issued (in shares)	5,400,000	5,400,000
Preferred stock, shares outstanding (in shares)	5,400,000	5,400,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue
Total revenue	$ 355,930	$ 353,325	$ 1,087,301	$ 1,097,704
Hotel operating expenses:
Total hotel expenses	225,036	226,571	676,702	688,554
Property taxes, insurance, and other	20,774	18,194	59,363	55,293
Depreciation and amortization	64,923	60,135	192,536	185,380
Impairment charges	(27)	1,785	1,652	1,785
Transaction costs	0	0	11	11
Advisory services fee	12,805	14,612	52,961	39,482
Corporate general and administrative	3,090	2,412	8,450	10,836
Total expenses	326,601	323,709	991,675	981,341
Operating income (loss)	29,329	29,616	95,626	116,363
Equity in earnings (loss) of unconsolidated entities	310	(679)	892	(3,580)
Interest income	1,150	706	2,779	1,460
Gain (loss) on sale of hotel properties	(9)	15	394	14,024
Other income (expense)	(202)	(273)	80	(3,539)
Interest expense and amortization of premiums and loan costs	(60,731)	(56,963)	(173,680)	(167,224)
Write-off of premiums, loan costs and exit fees	(1,572)	0	(9,316)	(1,629)
Unrealized gain (loss) on marketable securities	68	(936)	(758)	(4,813)
Unrealized gain (loss) on derivatives	(2,085)	(1,479)	(3,672)	(1,804)
Income (loss) before income taxes	(33,742)	(29,993)	(87,655)	(50,742)
Income tax (expense) benefit	(519)	1,267	(2,606)	507
Net income (loss)	(34,261)	(28,726)	(90,261)	(50,235)
(Income) loss from consolidated entities attributable to noncontrolling interest	(10)	(22)	8	(4)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,682	6,940	18,087	13,202
Net income (loss) attributable to the Company	(27,589)	(21,808)	(72,166)	(37,037)
Preferred dividends	(10,645)	(11,440)	(31,933)	(33,352)
Extinguishment of issuance costs upon redemption of preferred stock	0	4,507	0	4,507
Net income (loss) attributable to common stockholders	$ (38,234)	$ (37,755)	$ (104,099)	$ (74,896)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.40)	$ (0.40)	$ (1.09)	$ (0.80)
Weighted average common shares outstanding – basic (in shares)	97,467	95,332	96,591	95,169
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.40)	$ (0.40)	$ (1.09)	$ (0.80)
Weighted average common shares outstanding – diluted (in shares)	97,467	95,332	96,591	95,169
Dividends declared per common share (in dollars per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.36
Total hotel revenue
Revenue
Total revenue	$ 354,721	$ 352,336	$ 1,084,317	$ 1,095,652
Rooms
Revenue
Total revenue	288,016	289,017	868,090	876,927
Hotel operating expenses:
Total hotel expenses	64,197	63,950	187,497	188,857
Food and beverage
Revenue
Total revenue	49,396	48,313	164,869	175,005
Hotel operating expenses:
Total hotel expenses	37,649	37,173	116,270	121,619
Other hotel revenue
Revenue
Total revenue	17,309	15,006	51,358	43,720
Hotel operating expenses:
Total hotel expenses	109,992	112,421	332,629	337,978
Other
Revenue
Total revenue	1,209	989	2,984	2,052
Management fees
Hotel operating expenses:
Total hotel expenses	$ 13,198	$ 13,027	$ 40,306	$ 40,100

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (34,261)	$ (28,726)	$ (90,261)	$ (50,235)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(34,261)	(28,726)	(90,261)	(50,235)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(10)	(22)	8	(4)
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	6,682	6,940	18,087	13,202
Comprehensive income (loss) attributable to the Company	$ (27,589)	$ (21,808)	$ (72,166)	$ (37,037)

Consolidated Statement of Equit

Consolidated Statement of Equity - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Series D Preferred Stock	Series F Preferred Stock	Series G Preferred Stock	Series H Preferred Stock	Series I Preferred Stock	Preferred StockSeries D Preferred Stock	Preferred StockSeries F Preferred Stock	Preferred StockSeries G Preferred Stock	Preferred StockSeries H Preferred Stock	Preferred StockSeries I Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCommon Stock	Accumulated DeficitSeries D Preferred Stock	Accumulated DeficitSeries F Preferred Stock	Accumulated DeficitSeries G Preferred Stock	Accumulated DeficitSeries H Preferred Stock	Accumulated DeficitSeries I Preferred Stock	Noncontrolling Interests In Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2017								2,389	4,800	6,200	3,800	5,400	97,409
Beginning balance, value at Dec. 31, 2017	$ 633,146							$ 24	$ 48	$ 62	$ 38	$ 54	$ 974	$ 1,784,997	$ (1,153,697)							$ 646
Beginning balance, value at Dec. 31, 2017	116,122																						$ 116,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(1,598)												$ (3)	(1,595)
Purchases of common stock (in shares)													(249)
Equity-based compensation	13,329													13,329									8,617
Forfeitures of restricted shares	0
Forfeitures of restricted shares (in shares)													(46)
Issuance of restricted shares/units, value	123												$ 15	108
Issuance of restricted shares/units, value																							53
Issuance of restricted shares/units (in shares)													1,490
Cost of issuances of preferred shares						$ (60)								(60)
Issuance of common stock	14,636												$ 24	14,612
Issuance of common stock (in shares)													2,434
Dividends		$ (36,144)	$ (3,785)	$ (6,637)	$ (8,573)	$ (5,344)	$ (7,594)						$ (35,138)			$ (36,144)	$ (3,785)	$ (6,637)	$ (8,573)	$ (5,344)	$ (7,594)
Distributions to noncontrolling interests	0
Distributions to noncontrolling interests																							(7,429)
Redemption value adjustment	(19,387)														(19,387)
Redemption value adjustment																							19,387
Income (loss) from continuing operations attributable to the Company	(72,166)														(72,166)
Loss from consolidated entities attributable to noncontrolling interest	(8)																					(8)
Net income (loss)	(72,174)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership																							(18,087)
Ending balance, value at Sep. 30, 2018	499,938							$ 24	$ 48	$ 62	$ 38	$ 54	$ 1,010	$ 1,811,391	$ (1,313,327)							$ 638
Ending balance, shares (in shares) at Sep. 30, 2018								2,389	4,800	6,200	3,800	5,400	101,038
Ending balance, value at Sep. 30, 2018	$ 118,663																						$ 118,663

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ (34,261,000)	$ (28,726,000)	$ (90,261,000)	$ (50,235,000)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization			192,536,000	185,380,000
Impairment charges			1,652,000	1,785,000
Amortization of intangibles			(178,000)	(178,000)
Recognition of deferred income			(432,000)	(593,000)
Bad debt expense			1,527,000	1,441,000
Deferred income tax expense (benefit)			(603,000)	(1,683,000)
Equity in (earnings) loss of unconsolidated entities	(310,000)	679,000	(892,000)	3,580,000
(Gain) loss on sale of hotel properties, net			(394,000)	(14,024,000)
Realized and unrealized (gain) loss on marketable securities			585,000	3,991,000
Purchases of marketable securities			(11,434,000)	(38,889,000)
Sales of marketable securities			13,602,000	76,123,000
Net settlement of trading derivatives			(1,323,000)	(3,840,000)
Realized and unrealized (gain) loss on derivatives			3,672,000	6,512,000
Amortization of loan costs and premiums, write-off of premiums, loan costs and exit fees			23,726,000	10,783,000
Equity-based compensation			21,946,000	8,751,000
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Accounts receivable and inventories			(16,524,000)	(14,169,000)
Prepaid expenses and other assets			(10,775,000)	(6,852,000)
Accounts payable and accrued expenses			21,551,000	18,573,000
Due to/from related party			(987,000)	(734,000)
Due to/from third-party hotel managers			(1,515,000)	(5,969,000)
Due to/from Braemar OP, net			0	(488,000)
Due to/from Ashford Inc., net			(9,970,000)	(2,027,000)
Other liabilities			1,743,000	1,213,000
Net cash provided by (used in) operating activities			137,252,000	178,451,000
Cash Flows from Investing Activities
Investment in unconsolidated entity			(667,000)	(983,000)
Acquisition of hotel properties and assets, net of cash and restricted cash acquired			(114,877,000)	(110,000)
Improvements and additions to hotel properties			(164,726,000)	(164,075,000)
Net proceeds from sales of assets and hotel properties			40,573,000	105,267,000
Liquidation of AQUA U.S. Fund			0	50,942,000
Payments for initial franchise fees			(380,000)	(225,000)
Proceeds from property insurance			651,000	2,369,000
Net cash provided by (used in) investing activities			(239,426,000)	(6,815,000)
Cash Flows from Financing Activities
Borrowings on indebtedness			2,676,881,000	180,800,000
Repayments of indebtedness			(2,461,279,000)	(246,139,000)
Payments for loan costs and exit fees			(55,152,000)	(5,813,000)
Payments for dividends and distributions			(72,333,000)	(75,571,000)
Purchases of common stock			(1,598,000)	(1,273,000)
Redemption of preferred stock			0	(80,554,000)
Payments for derivatives			(3,103,000)	(633,000)
Proceeds from common stock offering	15,522,000		13,624,000	0
Proceeds from preferred stock offering			0	91,634,000
Preferred stock offering costs			(60,000)	0
Other			53,000	94,000
Net cash provided by (used in) financing activities			97,033,000	(137,455,000)
Net increase (decrease) in cash, cash equivalents and restricted cash			(5,141,000)	34,181,000
Cash, cash equivalents and restricted cash and at end of period	466,931,000	526,654,000	466,931,000	526,654,000
Supplemental Cash Flow Information
Interest paid			158,832,000	158,443,000
Income taxes paid (refunded)			1,527,000	1,610,000
Supplemental Disclosure of Non-Cash Investing and Financing Activity
Accrued but unpaid capital expenditures			13,970,000	18,300,000
Non-cash dividends paid			123,000	0
Unsettled common stock offering proceeds			1,075,000	0
Dividends and distributions declared but not paid	28,095,000	25,520,000				$ 25,045,000
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period			354,805,000	347,091,000	$ 347,091,000
Cash and cash equivalents at beginning of period included in assets held for sale			78,000	976,000	976,000
Restricted cash at beginning of period			116,787,000	144,014,000	144,014,000
Restricted cash at beginning of period included in assets held for sale			402,000	392,000	392,000
Cash, cash equivalents and restricted cash at beginning of period			472,072,000	492,473,000	492,473,000
Cash and cash equivalents at end of period included in assets held for sale					78,000
Restricted cash at end of period	141,092,000	133,127,000	141,092,000	133,127,000	116,787,000
Restricted cash at end of period included in assets held for sale					402,000
Cash, cash equivalents and restricted cash at end of period	$ 466,931,000	$ 526,654,000	$ 472,072,000	$ 492,473,000	$ 492,473,000	$ 472,072,000

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2018
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 U.S. national average, and in all methods including direct real estate, equity, and debt. 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, 2018 , we owned interests in the following assets: • 118 consolidated hotel properties, including 116 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,930 total rooms (or 24,903 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); • a 25.1% ownership in Ashford Inc. common stock with a carrying value of $1.8 million and a fair value of $45.4 million ; and • a 16.3% ownership in OpenKey with a carrying value of $2.8 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, 2018 , our 118 hotel properties were leased or owned by our wholly-owned or majority-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, 2018 , 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 80 of our 118 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties. On August 8, 2018, Ashford Inc., the parent company of the advisor, completed its acquisition of Remington Holdings, L.P.’s project management business. See note 16 .

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
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 joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. 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 2017 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2018. 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 and (ii) 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, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 SpringHill Suites Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018 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. 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. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 5 . 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 5 . Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.3% to 25.1% , at September 30, 2018 , 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, 2018 and 2017 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) 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. Equity-Based Compensation —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted 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 were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted 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. After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee” and “management fees,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to independent directors are measured at the grant date 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 May 2014, the Financial Accounting Standards Board (“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 replaces most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. This standard, referred to as “Topic 606,” does not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations. Therefore, Topic 606 does not impact the recognition of hotel sales. We adopted this standard effective January 1, 2018, under the modified retrospective method, and the adoption of this standard did not have a material impact on our consolidated financial statements. See related disclosures in note 3. 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 other comprehensive income 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 adopted this standard effective January 1, 2018. The adoption of this standard did not have a material impact on our 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 adopted this standard effective January 1, 2018 on a prospective basis as there were no required changes as a result of adoption. The adoption of this standard did not have a material impact on our consolidated statements of cash flows. 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. We adopted this standard effective January 1, 2018. Under the new standard, 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). Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis. We concluded that our hotel acquisition completed in the second quarter of 2018 is the acquisition of assets because substantially all of the fair value of the gross assets acquired were concentrated in a single identifiable asset or a group of similar identifiable assets. As such, acquisition costs were capitalized as part of the transaction. See note 4 . 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 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 method. We adopted this standard effective January 1, 2018, under the modified retrospective method. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07, which expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and aligns the guidance for share-based payments to non-employees with the requirements for share-based payments granted to employees. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-07 effective July 1, 2018. The adoption of ASU 2018-07 has a material impact on our consolidated financial statements because the compensation expense related to our equity awards is now determined based on the grant date fair value of the awards and will be ratably recognized over the service period as the service is rendered as opposed to being marked-to-market in periods prior to adoption. For all existing equity awards, future equity-based compensation expense is based on the fair value of the awards on July 1, 2018. See the Equity-Based Compensation section included above in our Significant Accounting Policies for further details. Recently Issued Accounting Standards —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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantees, the rate implicit in the lease, lease term and purchase options. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. ASU 2016-02 is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 on a modified retrospective basis. The accounting for leases under which we are the lessor remains largely unchanged. While we continue evaluating our lease portfolio to assess 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. We disclosed $123.7 million in undiscounted future minimum rentals due under non-cancelable leases in note 12 of our most recent 10-K. We are involving our property managers and implementing repeatable processes to manage ongoing lease data collection and analysis, and evaluating accounting policies and internal controls that will be impacted by the new standards. We have also engaged in a third party valuation expert to assist us in determining the value of our ROU assets and operating lease liabilities including the determination of our incremental borrowing rate. We expect to use the transition method that includes the practical expedient that allows us to adopt effective January 1, 2019 and not reevaluate or recast prior periods, however we are still evaluating the available transition methods. 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 our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on the consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On January 1, 2018, we adopted Topic 606 using the modified retrospective method. As the adoption of this standard did not have a material impact on our consolidated financial statements, no adjustments to opening retained earnings were made as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Accounting Standards Codification (“ASC”) Topic 605- Revenue Recognition . Rooms revenue represents revenue from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. For the three and nine months ended September 30, 2018 , we recorded $0 and $2.5 million of business interruption income for the St. Petersburg Hilton and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. 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. The following tables presents our revenue disaggregated by geographical areas (in thousands): Three Months Ended September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 16,843 $ 3,800 $ 1,379 $ — $ 22,022 Boston, MA Area 3 18,274 2,102 944 — 21,320 Dallas / Ft. Worth Area 7 14,412 3,333 921 — 18,666 Houston, TX Area 3 6,378 1,720 183 — 8,281 Los Angeles, CA Metro Area 6 19,336 3,382 1,302 — 24,020 Miami, FL Metro Area 3 5,072 1,652 232 — 6,956 Minneapolis - St. Paul, MN - WI Area 4 9,930 2,308 1,242 — 13,480 Nashville, TN Area 1 12,854 3,581 341 — 16,776 New York / New Jersey Metro Area 6 19,661 5,031 796 — 25,488 Orlando, FL Area 3 6,242 371 356 — 6,969 Philadelphia, PA Area 3 6,898 1,000 250 — 8,148 San Diego, CA Area 2 5,228 254 269 — 5,751 San Francisco - Oakland, CA Metro Area 6 21,684 1,862 658 — 24,204 Tampa, FL Area 2 4,585 1,263 257 — 6,105 Washington DC - MD - VA Area 9 28,214 5,142 2,089 — 35,445 Other Areas 51 91,492 12,565 5,815 — 109,872 Orlando WorldQuest — 913 30 275 — 1,218 Corporate — — — — 1,209 1,209 Total 118 $ 288,016 $ 49,396 $ 17,309 $ 1,209 $ 355,930 Three Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 16,831 $ 3,533 $ 1,373 $ — $ 21,737 Boston, MA Area 3 17,427 1,992 903 — 20,322 Dallas / Ft. Worth Area 7 14,827 2,950 800 — 18,577 Houston, TX Area 3 6,902 1,954 169 — 9,025 Los Angeles, CA Metro Area 6 19,074 3,263 1,193 — 23,530 Miami, FL Metro Area 3 5,383 1,418 250 — 7,051 Minneapolis - St. Paul, MN - WI Area 4 10,408 2,457 1,148 — 14,013 Nashville, TN Area 1 12,820 3,567 414 — 16,801 New York / New Jersey Metro Area 6 20,301 4,995 717 — 26,013 Orlando, FL Area 3 6,743 415 179 — 7,337 Philadelphia, PA Area 3 6,601 960 237 — 7,798 San Diego, CA Area 2 5,139 462 212 — 5,813 San Francisco - Oakland, CA Metro Area 6 20,814 1,949 520 — 23,283 Tampa, FL Area 3 4,744 1,088 185 — 6,017 Washington DC - MD - VA Area 9 25,376 4,421 1,334 — 31,131 Other Areas 52 91,740 12,857 4,993 — 109,590 Orlando WorldQuest — 1,062 31 284 — 1,377 Sold properties 3 2,825 1 95 — 2,921 Corporate — — — — 989 989 Total 123 $ 289,017 $ 48,313 $ 15,006 $ 989 $ 353,325 Nine Months Ended September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 51,131 $ 12,233 $ 4,127 $ — $ 67,491 Boston, MA Area 3 45,046 5,619 2,625 — 53,290 Dallas / Ft. Worth Area 7 47,427 12,525 2,620 — 62,572 Houston, TX Area 3 20,599 6,933 602 — 28,134 Los Angeles, CA Metro Area 6 59,912 11,601 3,534 — 75,047 Miami, FL Metro Area 3 22,014 6,728 764 — 29,506 Minneapolis - St. Paul, MN - WI Area 4 28,228 7,188 3,613 — 39,029 Nashville, TN Area 1 38,151 9,430 1,181 — 48,762 New York / New Jersey Metro Area 6 56,696 17,154 2,159 — 76,009 Orlando, FL Area 3 21,763 1,160 887 — 23,810 Philadelphia, PA Area 3 18,587 3,226 675 — 22,488 San Diego, CA Area 2 14,224 755 744 — 15,723 San Francisco - Oakland, CA Metro Area 6 61,564 5,378 1,752 — 68,694 Tampa, FL Area 2 17,555 4,746 1,293 — 23,594 Washington DC - MD - VA Area 9 86,948 16,939 4,886 — 108,773 Other Areas 51 271,241 43,146 18,847 — 333,234 Orlando WorldQuest — 3,486 107 920 — 4,513 Sold properties 3 3,518 1 129 — 3,648 Corporate — — — — 2,984 2,984 Total 121 $ 868,090 $ 164,869 $ 51,358 $ 2,984 $ 1,087,301 Nine Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 50,878 $ 12,727 $ 3,739 $ — $ 67,344 Boston, MA Area 3 44,637 6,036 2,418 — 53,091 Dallas / Ft. Worth Area 7 46,205 12,668 2,462 — 61,335 Houston, TX Area 3 21,052 6,538 532 — 28,122 Los Angeles, CA Metro Area 6 59,130 11,683 3,481 — 74,294 Miami, FL Metro Area 3 21,256 6,488 689 — 28,433 Minneapolis - St. Paul, MN - WI Area 4 27,936 7,358 3,326 — 38,620 Nashville, TN Area 1 38,687 14,575 1,266 — 54,528 New York / New Jersey Metro Area 6 55,934 17,863 1,786 — 75,583 Orlando, FL Area 3 22,824 1,536 562 — 24,922 Philadelphia, PA Area 3 18,082 2,951 601 — 21,634 San Diego, CA Area 2 14,102 1,174 549 — 15,825 San Francisco - Oakland, CA Metro Area 6 59,206 5,744 1,529 — 66,479 Tampa, FL Area 3 18,172 5,166 599 — 23,937 Washington DC - MD - VA Area 9 86,682 16,899 3,855 — 107,436 Other Areas 52 270,209 42,265 14,888 — 327,362 Orlando WorldQuest — 3,934 121 951 — 5,006 Sold properties 6 18,001 3,213 487 — 21,701 Corporate — — — — 2,052 2,052 Total 126 $ 876,927 $ 175,005 $ 43,720 $ 2,052 $ 1,097,704

Investment in Hotel Properties,

Investment in Hotel Properties, net	9 Months Ended
	Sep. 30, 2018
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, 2018 December 31, 2017 Land $ 665,578 $ 653,293 Buildings and improvements 4,033,508 3,895,112 Furniture, fixtures, and equipment 494,583 468,420 Construction in progress 30,960 35,273 Condominium properties 12,173 12,196 Total cost 5,236,802 5,064,294 Accumulated depreciation (1,146,817 ) (1,028,379 ) Investments in hotel properties, net $ 4,089,985 $ 4,035,915 Acquisitions Hilton Alexandria Old Town On June 29, 2018, the Company acquired a 100% interest in the 252 -room Hilton Alexandria Old Town in Alexandria, Virginia for $111.0 million . We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs to the individual assets acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands): Land $ 14,459 Buildings and improvements 94,535 Furniture, fixtures and equipment 2,479 $ 111,473 Net other assets (liabilities) $ 194 The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Total revenue $ 4,523 $ 4,523 Net income (loss) 194 194

Hotel Dispositions, Impairment

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale	Hotel Dispositions, Impairment Charges, Insurance Recoveries and Assets Held For Sale Hotel Dispositions 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 year ended December 31, 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 7 . 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 year ended December 31, 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 7 . 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 year ended December 31, 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 7 . On February 20, 2018, we completed the sale of the SpringHill Suites Glen Allen for approximately $10.9 million in cash. The sale resulted in a loss of approximately $13,000 for the nine months ended September 30, 2018 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.6 million of debt associated with the hotel property. See note 7 . On May 1, 2018, we completed the sale of the SpringHill Suites Centreville for approximately $7.5 million in cash. The sale resulted in a gain of approximately $16,000 for the nine months ended September 30, 2018 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $6.6 million of debt associated with the hotel property. See note 7 . On May 10, 2018, we completed the sale of the Residence Inn Tampa for approximately $24.0 million in cash. The sale resulted in a gain of approximately $400,000 for the nine months ended September 30, 2018 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $22.5 million of debt associated with the hotel property. See note 7 . 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, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total hotel revenue $ — $ 2,921 $ 3,648 $ 21,701 Total hotel operating expenses 75 (2,302 ) (2,196 ) (15,786 ) Operating income (loss) 75 619 1,452 5,915 Property taxes, insurance and other — (148 ) (220 ) (1,031 ) Depreciation and amortization — (556 ) (347 ) (4,007 ) Impairment charges — (25 ) (1,939 ) (25 ) Interest income — — — 12 Gain (loss) on sale of hotel properties (9 ) 15 394 14,024 Interest expense and amortization of loan costs — (425 ) (525 ) (3,665 ) Write-off of loan costs and exit fees — — (524 ) (98 ) Income (loss) before income taxes 66 (520 ) (1,709 ) 11,125 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (10 ) 82 254 (1,750 ) Net income (loss) attributable to the Company $ 56 $ (438 ) $ (1,455 ) $ 9,375 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 2017, the Company recognized impairment charges, net of anticipated insurance recoveries of $2.0 million . Additionally, the Company recognized remediation and other costs, net of anticipated insurance recoveries of $2.8 million , included primarily in other hotel operating expenses. As of December 31, 2017, the Company recorded an insurance receivable of $267,000 , net of deductibles of $4.8 million , included in “accounts receivable, net” on our consolidated balance sheet, related to the anticipated insurance recoveries. During the year ended December 31, 2017, the Company received proceeds of $612,000 for business interruption losses associated with lost profits, which has been recorded as “other” hotel revenue in our consolidated statement of operations, in excess of the deductible of $360,000 . For the three and nine months ended September 30, 2018 , the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $0 and $401,000 , respectively, which is included in “other” hotel revenue in our consolidated statement of operations. We received additional proceeds of $192,000 and $834,000 associated with property damage from the hurricanes during the three and nine months ended September 30, 2018 . 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. Additionally, for the three and nine months ended September 30, 2018 , we recorded a $0 and $2.0 million impairment charge, respectively, at the SpringHill Suites in Centreville, Virginia (“SpringHill Suites Centreville”). We also recorded impairment adjustments of $(27,000) and $(310,000) for the three and nine months, respectively, based on changes in estimates of property damages incurred from Hurricanes Harvey and Irma. For the year ended December 31, 2017, we recorded impairment charges of $8.2 million related to the SpringHill Suites Centreville and the SpringHill Suites in Glen Allen, Virginia (“SpringHill Suites Glen Allen”) in the amounts of $4.7 million and $3.5 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. SpringHill Suites Glen Allen was sold on February 20, 2018 and SpringHill Suites Centreville was sold on May 1, 2018. See discussion below under “Assets Held For Sale.” Assets Held For Sale At December 31, 2017 , the SpringHill Suites Centreville and the SpringHill Suites Glen Allen were classified as held for sale in the consolidated balance sheet based on methodologies discussed in note 2. On February 20, 2018, we completed the sale of the SpringHill Suites Glen Allen for approximately $10.9 million . The sale resulted in a loss of $13,000 for the nine months ended September 30, 2018 , and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. On May 1, 2018, we completed the sale of the SpringHill Suites Centreville for approximately $7.5 million in cash. We also repaid approximately $6.6 million of principal on our mortgage loan partially secured by the hotel property. The sale resulted in a gain of $16,000 for the nine months ended September 30, 2018 , and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. Since the sale of the hotel properties does not represent a strategic shift that has (or will have) 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. The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheets at December 31, 2017 were as follows: December 31, 2017 Assets Investments in hotel properties, net $ 17,732 Cash and cash equivalents 78 Restricted cash 402 Accounts receivable 127 Inventories 1 Prepaid expenses 21 Other assets 31 Due from third-party hotel managers 31 Assets held for sale $ 18,423 Liabilities Indebtedness, net $ 13,221 Accounts payable and accrued expenses 662 Due to related party, net 94 Liabilities related to assets held for sale $ 13,977

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities Ashford Inc. We hold approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate 25.1% ownership interest in Ashford Inc. as of September 30, 2018 , with a carrying value of $1.8 million and a fair value of $45.4 million . The following tables summarize the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017 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, 2018 and 2017 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2018 December 31, 2017 Total assets $ 389,818 $ 114,810 Total liabilities $ 121,763 $ 78,742 Series B cumulative convertible preferred stock 200,578 — Redeemable noncontrolling interests 3,778 5,111 Total stockholders’ equity of Ashford Inc. 63,050 30,185 Noncontrolling interests in consolidated entities 649 772 Total equity 63,699 30,957 Total liabilities and equity $ 389,818 $ 114,810 Our ownership interest in Ashford Inc. $ 1,763 $ 437 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenue $ 41,565 $ 19,255 $ 144,544 $ 51,907 Total operating expenses (53,069 ) (21,595 ) (150,214 ) (54,965 ) Operating income (loss) (11,504 ) (2,340 ) (5,670 ) (3,058 ) Realized and unrealized gain (loss) on investments, net — — — (91 ) Interest expense and loan amortization costs (419 ) (20 ) (770 ) (35 ) Other income (expense) 25 77 (50 ) 220 Income tax (expense) benefit 13,904 25 11,593 (9,248 ) Net income (loss) 2,006 (2,258 ) 5,103 (12,212 ) (Income) loss from consolidated entities attributable to noncontrolling interests 413 102 704 267 Net (income) loss attributable to redeemable noncontrolling interests 968 300 817 995 Net income (loss) attributable to Ashford Inc. 3,387 (1,856 ) 6,624 (10,950 ) Preferred dividends (1,675 ) — (1,675 ) — Amortization of preferred stock discount (303 ) — (303 ) — Net income attributable to common shareholders $ 1,409 $ (1,856 ) $ 4,646 $ (10,950 ) Our equity in earnings (loss) of Ashford Inc. $ 470 $ (568 ) $ 1,326 $ (3,291 ) 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. OpenKey is a hospitality-focused mobile key platform that provides a universal smart phone app for keyless entry into hotel guest rooms. In 2018 and 2017, we made additional investments of $667,000 and $983,000 , respectively. As of September 30, 2018 , the Company has made investments totaling $4.0 million . 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. The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2018 December 31, 2017 Carrying value of the investment in OpenKey (in thousands) $ 2,751 $ 2,518 Ownership interest in OpenKey 16.3 % 16.2 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Equity in earnings (loss) in unconsolidated entity $ (160 ) $ (111 ) $ (434 ) $ (341 )

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 2018 December 31, 2017 Secured credit facility (3) None September 2019 Base Rate (2) + 1.65% or LIBOR (1) + 2.65% $ — $ — Mortgage loan (4) 8 hotels January 2018 LIBOR (1) + 4.95% — 376,800 Mortgage loan (5) 22 hotels April 2018 LIBOR (1) + 4.39% — 971,654 Mortgage loan (6) 1 hotel July 2018 LIBOR (1) + 5.10% — 40,500 Mortgage loan (6) (7) 3 hotel August 2018 LIBOR (1) + 4.35% — 52,530 Mortgage loan (6) 6 hotels August 2018 LIBOR (1) + 4.35% — 280,421 Mortgage loan (6) (8) 17 hotels October 2018 LIBOR (1) + 4.55% — 450,000 Mortgage loan (6) 5 hotels February 2019 LIBOR (1) + 4.75% — 200,000 Mortgage loan (6) 1 hotel April 2019 LIBOR (1) + 4.95% — 33,300 Mortgage loan (6) 1 hotel May 2019 LIBOR (1) + 5.10% — 25,100 Mortgage loan (9) 1 hotel June 2019 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan 1 hotel July 2019 4.00% 5,267 5,336 Mortgage loan (10) 1 hotel July 2019 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (10) 8 hotels July 2019 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (11) 1 hotel August 2019 LIBOR (1) + 4.95% 7,778 12,000 Mortgage loan (12) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 427,000 Mortgage loan (4) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 — Mortgage loan (5) 21 hotels April 2020 LIBOR (1) + 3.20% 962,575 — Mortgage loan (13) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 16,100 Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 — Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 — Mortgage loan (6) (14) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 — Mortgage loan 1 hotel November 2020 6.26% 93,891 95,207 Mortgage loan (15) 2 hotels June 2022 LIBOR (1) + 3.00% 174,211 164,700 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 97,000 Mortgage loan 1 hotel May 2023 5.46% 53,086 53,789 Mortgage loan (16) 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 — Mortgage loan 1 hotel January 2024 5.49% 6,913 7,000 Mortgage loan 1 hotel January 2024 5.49% 10,089 10,216 Mortgage loan 1 hotel May 2024 4.99% 6,444 6,530 Mortgage loan 3 hotels August 2024 5.20% 65,572 66,224 Mortgage loan 2 hotels August 2024 4.85% 12,114 12,242 Mortgage loan 3 hotels August 2024 4.90% 24,215 24,471 Mortgage loan 2 hotels February 2025 4.45% 19,962 20,214 Mortgage loan 3 hotels February 2025 4.45% 51,633 52,284 3,939,170 3,723,568 Premiums, net 1,363 1,570 Deferred loan costs, net (46,086 ) (15,617 ) $ 3,894,447 $ 3,709,521 Indebtedness related to assets held for sale (7) 1 hotel August 2018 LIBOR (1) + 4.35% — 5,992 Indebtedness related to assets held for sale (8) 1 hotel October 2018 LIBOR (1) + 4.55% — 7,229 Indebtedness, net $ 3,894,447 $ 3,696,300 _____________________________ (1) LIBOR rates were 2.261% and 1.564% at September 30, 2018 and December 31, 2017 , respectively. (2) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) On September 27, 2018, we established a secured credit facility with borrowing capacity of up to $100.0 million . (4) On January 17, 2018, we refinanced this mortgage loan totaling $376.8 million set to mature in January 2018 with a new $395.0 million mortgage loan with a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.92% . (5) On April 9, 2018, we refinanced this mortgage loan totaling $971.7 million set to mature in April 2018 with a new $985.0 million mortgage loan with a two-year initial term and five one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.20% . A portion of this mortgage loan relates to the Tampa Residence Inn, which was sold on May 10, 2018, resulting in a $22.5 million paydown. See note 5 . (6) On June 13, 2018, we refinanced seven mortgage loans totaling $1.068 billion set to mature between July 2018 and May 2019 with six new mortgage loans totaling $1.270 billion . Each new mortgage loan has a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loans are interest only. (7) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Centreville. The property was sold on May 1, 2018. See note 5 . (8) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Glen Allen. The property was sold on February 20, 2018. See note 5 . (9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018. (10) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The second one-year extension period began in July 2018. (11) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. Concurrent with the first one-year extension, which began in August 2018, a principal paydown of $4.2 million was made. (12) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. (13) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. (14) On July 3, 2018, Ashford Hospitality Finance, one of our consolidated subsidiaries, purchased $56.3 million of this mortgage loan. (15) This $181.0 million mortgage loan had an initial advance was $164.7 million in May 2017. In February, May, and June 2018, additional advances of $6.5 million , $1.1 million and $1.9 million , respectively, were used for a capital expenditures project at one of the hotels securing this mortgage loan. (16) This new mortgage loan has a five-year term, is interest-only loan and bears interest at a rate of LIBOR + 2.45% . 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. 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. The new mortgage loan totals $97.0 million . The mortgage loan is non-recourse interest only and provides for a floating interest rate of LIBOR + 2.00% . The stated maturity is November 2022, with no extension options. On October 31, 2017, we refinanced a $412.5 million mortgage loan, secured by seventeen hotels. The new mortgage loan totals $427.0 million . The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 3.00% . The stated maturity is November 2019, 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. On January 17, 2018, we refinanced our $376.8 million mortgage loan. The new mortgage loan totaled $395.0 million . The new mortgage loan has a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.92% . The new mortgage loan is secured by eight hotels: Embassy Suites Portland, Embassy Suites Crystal City, Embassy Suites Orlando, Embassy Suites Santa Clara, Crowne Plaza Key West, Hilton Costa Mesa, Sheraton Minneapolis, and Historic Inns of Annapolis. On February 20, 2018, we repaid $7.6 million of principal on our mortgage loan partially secured by the SpringHill Suites Glen Allen. This hotel property was sold on February 20, 2018. On April 9, 2018, we refinanced our $971.7 million mortgage loan secured by 22 hotel properties. The new mortgage loan totaled $985.0 million , is interest only and provides for a floating interest rate of LIBOR + 3.20% . The stated maturity is April 2020 with five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is secured by the same 22 hotel properties that include: the Courtyard Boston Downtown, Courtyard Denver, Courtyard Gaithersburg, Courtyard Savannah, Hampton Inn Parsippany, Hilton Parsippany, Hilton Tampa, Hilton Garden Inn Austin, Hilton Garden Inn BWI, Hilton Garden Inn Virginia Beach, Hyatt Windwatch Long Island, Hyatt Savannah, Marriott DFW Airport, Marriott Omaha, Marriott San Antonio, Marriott Sugarland, Renaissance Palm Springs, Ritz-Carlton Atlanta, Residence Inn Tampa, Churchill, Melrose and Silversmith. On May 1, 2018, we repaid $6.6 million of principal on our mortgage loan partially secured by the SpringHill Suites Centreville. This hotel property was sold on May 1, 2018. On May 10, 2018, we repaid $22.5 million of principal on our mortgage loan partially secured by the Residence Inn Tampa. This hotel property was sold on May 10, 2018. On June 13, 2018, we refinanced seven mortgage loans with existing outstanding balances totaling $1.068 billion . The new financing is comprised of six separate mortgage loans that total approximately $1.270 billion . Each has a two-year initial term with five one-year extension options, subject to the satisfaction of certain conditions. The original principal amounts of each mortgage loan and the hotel properties securing each mortgage loan are set forth in the following table: Mortgage Loan Principal Amount (in thousands) Interest Rate Secured Hotel Properties A $ 180,720 LIBOR + 3.65% Courtyard Columbus Tipton Lakes Courtyard Scottsdale Old Town Residence Inn Phoenix Airport SpringHill Suites Manhattan Beach SpringHill Suites Plymouth Meeting Residence Inn Las Vegas Hughes Center Residence Inn Newark B $ 174,400 LIBOR + 3.39% Courtyard Newark SpringHill Suites BWI Courtyard Oakland Airport Courtyard Plano Legacy Residence Inn Plano TownePlace Suites Manhattan Beach Courtyard Basking Ridge C $ 221,040 LIBOR + 3.73% Sheraton San Diego Mission Valley Sheraton Bucks County Hilton Ft. Worth Hyatt Regency Coral Gables Hilton Minneapolis D $ 262,640 LIBOR + 4.02% Hilton Santa Fe Embassy Suites Dulles Marriott Beverly Hills One Ocean Marriott Suites Dallas Market Center E (1) $ 216,320 LIBOR + 4.36% Marriott Memphis East Embassy Suites Philadelphia Airport Sheraton Anchorage Lakeway Resort & Spa Marriott Fremont F $ 215,120 LIBOR + 3.68% W Atlanta Downtown Embassy Suites Flagstaff Embassy Suites Walnut Creek Marriott Bridgewater Marriott Durham Research Triangle Park _____________________________ (1) On July 3, 2018, we purchased $56.3 million of mezzanine debt related to the Pool E loan that was issued in conjunction with the June 13, 2018 refinance. The net floating interest rate after the purchase of the Pool E loan is LIBOR + 2.73% . On June 29, 2018, in connection with the acquisition of the Hilton Alexandria Old Town in Alexandria VA, we completed the financing of a $73.5 million mortgage loan. This mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.45% . The stated maturity date of the mortgage loan is June 2023, with no extension options. The mortgage loan is secured by the Hilton Alexandria Old Town. On July 3, 2018, we purchased $56.3 million of mezzanine debt related to the Pool E loan that was issued in conjunction with the June 13, 2018 refinance. The net floating interest rate after the purchase of the Pool E loan is LIBOR + 2.73% . The mezzanine debt receivable purchase and corresponding mezzanine debt eliminate in consolidation. On September 27, 2018, we established a secured credit facility with a borrowing capacity of up to $100.0 million , which is secured by a pledge of 100% of the equity interests in the subsidiaries that own the hotel property for which revolving credit facility funds were used to acquire. The interest rate associated with the secured credit facility is either the base rate + 1.65% or LIBOR + 2.65% at the Company’s election. The base rate is the greater of (i) the prime rate set by Bank of America; (ii) federal funds rate + 0.5% ; or (iii) LIBOR + 1.0% . During the three and nine months ended September 30, 2018 and 2017 , we recognized premium amortization as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Interest expense - premium amortization $ 69 $ 185 $ 207 $ 1,767 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, 2018 , 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, 2018
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, 2018 2017 2018 2017 Income (loss) allocated to common stockholders: Income (loss) attributable to the Company $ (27,589 ) $ (21,808 ) $ (72,166 ) $ (37,037 ) Less: Dividends on preferred stock (10,645 ) (11,440 ) (31,933 ) (33,352 ) Less: Extinguishment of issuance costs upon redemption of preferred stock — (4,507 ) — (4,507 ) Less: Dividends on common stock (11,897 ) (11,439 ) (35,138 ) (34,316 ) Less: Dividends on unvested performance stock units (123 ) (98 ) (368 ) (294 ) Less: Dividends on unvested restricted shares (206 ) (251 ) (638 ) (709 ) Undistributed income (loss) (50,460 ) (49,543 ) (140,243 ) (110,215 ) Add back: Dividends on common stock 11,897 11,439 35,138 34,316 Distributed and undistributed income (loss) - basic and diluted $ (38,563 ) $ (38,104 ) $ (105,105 ) $ (75,899 ) Weighted average shares outstanding: Weighted average common shares outstanding - basic and diluted 97,467 95,332 96,591 95,169 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.40 ) $ (1.09 ) $ (0.80 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.40 ) $ (1.09 ) $ (0.80 ) 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, 2018 2017 2018 2017 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 206 $ 251 $ 638 $ 709 Income (loss) allocated to unvested performance stock units 123 98 368 294 Income (loss) attributable to noncontrolling interest in operating partnership units (6,682 ) (6,940 ) (18,087 ) (13,202 ) Total $ (6,353 ) $ (6,591 ) $ (17,081 ) $ (12,199 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 119 368 124 284 Effect of unvested performance stock units 4 250 335 97 Effect of assumed conversion of operating partnership units 17,443 17,551 17,669 17,367 Effect of advisory services incentive fee shares 286 277 296 287 Total 17,852 18,446 18,424 18,035

Derivative Instruments and Hedg

Derivative Instruments and Hedging	9 Months Ended
	Sep. 30, 2018
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. The following table presents a summary of our interest rate derivatives entered into over the applicable periods: Nine Months Ended September 30, 2018 2017 Interest rate caps: Notional amount (in thousands) $ 3,589,618 $ 2,112,700 Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.71 % 5.84 % Effective date range January 2018 - August 2018 February 2017 - August 2017 Maturity date range January 2019 - July 2020 February 2018 - June 2019 Total cost (in thousands) $ 3,103 $ 633 Interest rate floors: Notional amount (in thousands) $ 12,000,000 $ 4,000,000 Strike rate low end of range 1.38 % 1.00 % Strike rate high end of range 2.00 % 1.00 % Effective date range July 2018 September 2017 Termination date range September 2019 - December 2019 March 2019 Total cost (in thousands) $ 413 $ 163 None of these instruments were designated as cash flow hedges. As of September 30, 2018 , we held interest rate instruments as summarized in the table below: Interest rate caps: Notional amount (in thousands) $ 4,378,718 (1) Strike rate low end of range 1.50 % Strike rate high end of range 5.71 % Effective date range October 2016 - August 2018 Maturity date range October 2018 - July 2020 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,492,984 Interest rate floors: (2) Notional amount (in thousands) $ 28,750,000 (1) Strike rate low end of range (0.25 )% Strike rate high end of range 2.00 % Maturity date range March 2019 - July 2020 _______________ (1) These instruments were not designated as cash flow hedges. (2) 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. Credit Default Swap Derivatives —We use credit default swaps, tied to the CMBX index, 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, 2018 , 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 $5.5 million as of September 30, 2018 . 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 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
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, 2018 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 2.261% to 3.032% 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, 2018: Assets Derivative assets: Interest rate derivatives - floors $ — $ 106 $ — $ 130 $ 236 (2) Interest rate derivatives - caps — 1,491 — — 1,491 (2) Credit default swaps — (969 ) — 2,211 1,242 (2) — 628 — 2,341 2,969 Non-derivative assets: Equity securities 24,173 — — — 24,173 (3) Total $ 24,173 $ 628 $ — $ 2,341 $ 27,142 Liabilities Derivative liabilities: Credit default swaps $ — $ (805 ) $ — $ 600 $ (205 ) (4) Net $ 24,173 $ (177 ) $ — $ 2,941 $ 26,937 December 31, 2017: Assets Derivative assets: Interest rate derivatives - floors $ — $ 311 $ — $ 32 $ 343 (2) Interest rate derivatives - caps — 137 — — 137 (2) Credit default swaps — (469 ) — 1,999 1,530 (2) — (21 ) — 2,031 2,010 Non-derivative assets: Equity securities 26,926 — — — 26,926 (3) Total $ 26,926 $ (21 ) $ — $ 2,031 $ 28,936 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in our consolidated balance sheets. (3) Reported as “marketable securities” in our consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in our 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, 2018 and 2017 (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (380 ) $ (291 ) Interest rate derivatives - caps (38 ) (96 ) Credit default swaps (1,029 ) (4) (1,380 ) (4) (1,447 ) (1,767 ) Non-derivative assets: Equity 92 12 Total (1,355 ) (1,755 ) Liabilities Derivative liabilities: Credit default swaps (638 ) (4) (887 ) (4) Net $ (1,993 ) $ (2,642 ) Total combined Interest rate derivatives - floors $ (380 ) $ (291 ) Interest rate derivatives - caps (38 ) (96 ) Credit default swaps (1,667 ) (1,092 ) Unrealized gain (loss) on derivatives (2,085 ) (1) (1,479 ) (1) Realized gain (loss) on credit default swaps — (2) (4) (1,175 ) (2) (4) Unrealized gain (loss) on marketable securities 68 (3) (936 ) (3) Realized gain (loss) on marketable securities 24 (2) 948 (2) Net $ (1,993 ) $ (2,642 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $272 and $257 for the three months ended September 30, 2018 and 2017 , respectively, included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Nine Months Ended September 30, 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (618 ) $ (2,233 ) Interest rate derivatives - caps (1,749 ) (613 ) Credit default swaps (785 ) (4) (2,100 ) (4) Options on futures contracts — (116 ) (3,152 ) (5,062 ) Non-derivative assets: Equity (585 ) (3,991 ) Total (3,737 ) (9,053 ) Liabilities Derivative liabilities: Credit default swaps (520 ) (4) (1,450 ) (4) Net $ (4,257 ) $ (10,503 ) Total combined Interest rate derivatives - floors $ (618 ) $ (2,233 ) Interest rate derivatives - caps (1,749 ) (613 ) Credit default swaps (1,305 ) 615 Options on futures contracts — 427 Unrealized gain (loss) on derivatives (3,672 ) (1) (1,804 ) (1) Realized gain (loss) on credit default swaps — (2) (4) (4,165 ) (2) (4) Realized gain (loss) on options on futures contracts — (2) (543 ) (2) Unrealized gain (loss) on marketable securities (758 ) (3) (4,813 ) (3) Realized gain (loss) on marketable securities 173 (2) 822 (2) Net $ (4,257 ) $ (10,503 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $809 and $769 for the nine months ended September 30, 2018 and 2017 , 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, 2018
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, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 24,173 $ 24,173 $ 26,926 $ 26,926 Derivative assets, net 2,969 2,969 2,010 2,010 Derivative liabilities, net 205 205 — — Financial assets not measured at fair value: Cash and cash equivalents (1) $ 325,839 $ 325,839 $ 354,883 $ 354,883 Restricted cash (1) 141,092 141,092 117,189 117,189 Accounts receivable, net (1) 60,208 60,208 44,384 44,384 Due from third-party hotel managers 19,277 19,277 17,418 17,418 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,940,533 $3,769,744 to $4,166,559 $ 3,725,138 $3,559,993 to $3,934,727 Accounts payable and accrued expenses (1) 147,808 147,808 133,063 133,063 Dividends and distributions payable 28,095 28,095 25,045 25,045 Due to Ashford Inc., net 5,176 5,176 15,146 15,146 Due to related party, net (1) 1,078 1,078 1,161 1,161 Due to third-party hotel managers 2,745 2,745 2,431 2,431 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2017. Cash, cash equivalents and restricted cash . These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, accounts payable and accrued expenses, dividends and distributions payable, due to/from 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. Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See note 10 for a complete description of the methodology and assumptions utilized in determining the fair values. Derivative assets, net and derivative liabilities, net. Fair value of interest rate caps 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 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 95.7% to 105.7% of the carrying value of $3.9 billion at September 30, 2018 and approximately 95.6% to 105.6% of the carrying value of $3.7 billion at December 31, 2017 . This is considered a Level 2 valuation technique.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (“common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT 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. 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 the issuance of performance LTIP units to certain executive officers. The award agreements provide for the grant of a target number of performance-based LTIP units that will be settled in common units of Ashford Trust OP, if and when the applicable vesting criteria have been achieved following the end of the performance and service period. The target number of performance-based LTIP units may be adjusted from 0% to 200% based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. As of September 30, 2018 , there are approximately 2.4 million performance-based LTIP units, representing 200% of the target, outstanding. 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. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. As of September 30, 2018 , we have issued a total of 13.0 million LTIP and performance LTIP units ( 12.1 million after the elimination of the conversion factor in December 2017), all of which, other than approximately 737,000 units ( 686,000 after the elimination of the conversion factor in December 2017) ( none of which are performance LTIP units) have reached full economic parity with, and are convertible into, common units. We recorded compensation expense for performance LTIP units and LTIP units as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 1,292 $ 964 $ 5,505 $ 1,312 LTIP units Advisory services fee 933 980 2,576 1,962 LTIP units - independent directors Corporate, general and administrative — — 536 475 The unamortized cost of the unvested performance LTIP units, which was $6.5 million at September 30, 2018 , will be expensed over a period of 2.5 years. The unamortized cost of the unvested LTIP units, which was $5.5 million at September 30, 2018 , will be expensed over a period of 2.5 years. During the nine months ended September 30, 2018 , there were no common units redeemed. 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 price. The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage: September 30, 2018 December 31, 2017 Redeemable noncontrolling interests $ 118,663 $ 116,122 Adjustments to redeemable noncontrolling interests (1) 173,649 154,262 Ownership percentage of operating partnership 14.88 % 15.52 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Allocated net (income) loss to the redeemable noncontrolling interests $ 6,682 $ 6,940 $ 18,087 $ 13,202 Aggregate cash distributions to holders of common units and LTIP units 2,480 2,556 7,429 7,655

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Common Stock Dividends —For each of the 2018 and 2017 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 2018 . Restricted Stock Units —We incur stock-based compensation expense in connection with restricted stock units awarded to employees of Ashford LLC, which is included in “advisory services fee,” on our consolidated statements of operations and employees of Remington Lodging, which is included in “management fees” on our consolidated statements of operations. We also issue common stock to our independent directors, which immediately vests, and is included in “corporate general and administrative” expense on our consolidated statements of operations. At September 30, 2018 , the unamortized cost of the unvested shares of restricted stock was $10.4 million , which will be amortized over a period of 2.5 years. The following table summarizes the stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 1,550 $ 1,642 $ 5,298 $ 3,371 Management fees 287 222 870 439 Corporate general and administrative — — — 90 $ 1,837 $ 1,864 $ 6,168 $ 3,900 During the nine months ended September 30, 2018 approximately $1.5 million of the compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his death, in accordance with the terms of the awards. Performance Stock Units —The compensation committee of the board of directors of the Company approved the issuance of PSUs, which have a three -year cliff vesting, to certain executive officers . 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 specified absolute and relative total stockholder returns based on the formulas 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. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. The following table summarizes the compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 1,081 $ 806 $ 7,161 $ 1,102 During the nine months ended September 30, 2018 , approximately $3.0 million of the compensation expense was related to the accelerated vesting of PSUs granted to one of our executive officers upon his death, in accordance with the terms of the awards. The unamortized cost of the unvested PSUs of $6.5 million at September 30, 2018 , will be expensed over a period of approximately 2.5 years. Preferred Dividends —The board of directors declared quarterly dividends as presented below: Three Months Ended September 30, 2018 2017 8.45% Series D cumulative preferred stock $ 0.5281 $ 0.5281 7.375% Series F cumulative preferred stock 0.4609 0.4609 7.375% Series G cumulative preferred stock 0.4609 0.4609 7.50% Series H cumulative preferred stock 0.4688 0.1875 (1) 7.50% Series I cumulative preferred stock 0.4688 — _____________________________ (1) Pro-rated for the number of days the Series H cumulative preferred stock was outstanding during the quarter. In addition to the above, 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. At-the-Market Equity Offering Program —On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million . The table below summarizes the issuance activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 Common shares issued 2,434 — Gross proceed received $ 15,522 $ — Commissions and other expenses 194 — Net proceeds $ 15,328 $ — 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 $638,000 and $646,000 at September 30, 2018 and December 31, 2017 , respectively. Our ownership interest is reported in equity in the consolidated balance sheets. The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 (Income) loss allocated to noncontrolling interests in consolidated entities $ (10 ) $ (22 ) $ 8 $ (4 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
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, 2018 , 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, 2018 , we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 2% to 3% of 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 $17.9 million and $54.7 million for the three and nine months ended September 30, 2018 , respectively, and $17.8 million and $52.6 million for the three and nine months ended September 30, 2017 , 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, 2018 , we pay a) monthly property management fees equal to the greater of approximately $14,000 (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 2014 through 2017 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. On July 26, 2018, we paid $544,000 as part of a settlement on certain legal fees. The negotiations relating to the potential payment of the remaining attorney’s fees are still ongoing. As of September 30, 2018 , we have accrued approximately $508,000 in legal fees, which represents the Company’s estimate of the amount of potential remaining legal fees that could be owed. 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, 2018
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, 2018 and December 31, 2017 , all of our hotel properties were domestically located.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
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 monthly base fee that is a percentage of our total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in the advisory agreement, subject to a minimum monthly 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 is 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, 2018 , 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 measured annually. Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group we will pay Ashford LLC an incentive fee over the following three years, subject to the FCCR Condition, as defined in the advisory agreement, which relates to the ratio of adjusted EBITDA to fixed charges. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management 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, 2018 2017 2018 2017 Advisory services fee Base advisory fee $ 9,156 $ 8,579 $ 26,644 $ 25,934 Reimbursable expenses (1) 2,251 1,641 5,777 5,800 Equity-based compensation (2) 4,855 4,392 20,540 7,748 Incentive fee (3,457 ) — — — Total advisory services fee $ 12,805 $ 14,612 $ 52,961 $ 39,482 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, 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. This arrangement is accounted for as a lease, 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, lease expense of $156,000 and $469,000 was recognized for the three and nine months ended September 30, 2018 , respectively and $156,000 and $476,000 for the three and nine months ended September 30, 2017 , respectively. These costs are included in “other” hotel expense in the consolidated statements of operations. On August 8, 2018, Ashford Inc. completed the acquisition of Premier Project Management LLC (“Premier”), the project management business formerly conducted by certain affiliates of Remington Lodging, including construction management, interior design, architectural oversight, and the purchasing, freight management, and supervision of installation of furniture, fixtures, and equipment, and related services. As a result of Ashford Inc.’s acquisition, the project management services that were previously provided by Remington Lodging will now be provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotel properties, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Three Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Corporate, General and Administrative OpenKey Mobile key app $ 28 $ — $ — $ — $ 28 $ — Pure Rooms Hypoallergenic premium rooms 1,430 1,417 — — 13 — Lismore Capital Mortgage placement services 350 — (350 ) — — — J&S Audio Visual Audiovisual commissions or equipment 1,296 74 — 1,222 — — AIM Cash management services 339 — — — — 339 Premier Project management services 2,491 2,491 — — — — Ashford LLC Insurance claims services 17 — — — — 17 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. Nine Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Corporate, General and Administrative OpenKey Mobile key app $ 81 $ — $ — $ — $ 81 $ — Pure Rooms Hypoallergenic premium rooms 1,919 1,903 — — 16 — Lismore Capital Mortgage placement services 4,942 — (4,942 ) — — — J&S Audio Visual Audiovisual commissions or equipment 3,441 917 — 2,524 — — AIM Cash management services 850 — — — — 850 Premier Project management services 2,491 2,491 — — — — Ashford LLC Insurance claims services 53 — — — — 53 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. The following table summarizes the amount due to Ashford Inc. (in thousands): September 30, 2018 December 31, 2017 Company Product or Service Due to Ashford Inc. Ashford LLC Advisory services $ 1,915 $ 14,547 OpenKey Mobile key app 14 8 Pure Rooms Hypoallergenic premium rooms 207 296 Lismore Capital Mortgage placement services — — J&S Audio Visual Audiovisual commissions or equipment 1,464 (52 ) AIM Investment management services 140 347 Premier Project management services 1,419 — Ashford LLC Insurance claims services 17 — $ 5,176 $ 15,146 Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted approximately 131,000 and 177,000 shares of restricted stock under the Ashford Trust Stock Plan in 2017 and 2018, respectively. These share grants are recorded as a component of “management fees” in our consolidated statements of operations. Expense of $287,000 and $870,000 was recognized for the three and nine months ended September 30, 2018 and $222,000 and $439,000 for the three and nine months ended September 30, 2017 , respectively. The unamortized cost of the unvested grants was $1.9 million as of September 30, 2018 , which will be amortized over a period of 2.5 years. On June 26, 2018, Ashford Trust entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “ERFP Agreement”) with Ashford Inc. The Amended and Restated Advisory Agreement was also amended to name Ashford Inc. and its subsidiaries as the Company’s sole and exclusive provider of asset management, project management and other services offered by Ashford Inc. or any of its subsidiaries and to revise the payment terms such that the base fee and reimbursable expenses will be paid monthly. The independent members of the board of directors of each of Ashford Inc. and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the ERFP Agreement on behalf of Ashford Inc. and Ashford Trust, respectively. The ERFP Agreement generally provides that Ashford LLC will make investments to facilitate the acquisition of properties by Ashford Trust OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). The investments will equal 10% of the property acquisition price and will be made, either at the time of the property acquisition or at any time generally in the following two years, in exchange for furniture, fixture and equipment for use at the acquired property or any other property owned by Ashford Trust OP. The initial term of the ERFP Agreement is two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one-year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Ashford Trust provides written notice to the other at least sixty days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement. As a result of the Hilton Alexandria Old Town acquisition, we are entitled to receive $11.1 million from Ashford LLC in the form of future purchases of hotel furniture, fixtures, and equipment at Ashford Trust properties that will be leased to us by Ashford LLC. As of September 30, 2018, Ashford Trust had received approximately $390,000 of furniture, fixtures and equipment from Ashford LLC.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On October 31, 2018, the Company acquired a 100% interest in the 157 -room La Posada de Santa Fe (“La Posada”) in Santa Fe, New Mexico for $50 million . As a result of the acquisition, the Company is entitled to receive $5.0 million from Ashford LLC in the form of future purchases of hotel furniture, fixtures, and equipment at Ashford Trust properties that will be leased to us by Ashford LLC.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
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 joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. 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 2017 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2018. 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 and (ii) 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, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 SpringHill Suites Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018
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.
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. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 5 . 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 5 .
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 16.3% to 25.1% , at September 30, 2018 , 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, 2018 and 2017 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) 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	Rooms revenue represents revenue from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. For the three and nine months ended September 30, 2018 , we recorded $0 and $2.5 million of business interruption income for the St. Petersburg Hilton and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. 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 —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted 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 were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted 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. After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee” and “management fees,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to independent directors are measured at the grant date 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 May 2014, the Financial Accounting Standards Board (“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 replaces most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. This standard, referred to as “Topic 606,” does not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations. Therefore, Topic 606 does not impact the recognition of hotel sales. We adopted this standard effective January 1, 2018, under the modified retrospective method, and the adoption of this standard did not have a material impact on our consolidated financial statements. See related disclosures in note 3. 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 other comprehensive income 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 adopted this standard effective January 1, 2018. The adoption of this standard did not have a material impact on our 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 adopted this standard effective January 1, 2018 on a prospective basis as there were no required changes as a result of adoption. The adoption of this standard did not have a material impact on our consolidated statements of cash flows. 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. We adopted this standard effective January 1, 2018. Under the new standard, 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). Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis. We concluded that our hotel acquisition completed in the second quarter of 2018 is the acquisition of assets because substantially all of the fair value of the gross assets acquired were concentrated in a single identifiable asset or a group of similar identifiable assets. As such, acquisition costs were capitalized as part of the transaction. See note 4 . 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 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 method. We adopted this standard effective January 1, 2018, under the modified retrospective method. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU 2018-07, which expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and aligns the guidance for share-based payments to non-employees with the requirements for share-based payments granted to employees. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-07 effective July 1, 2018. The adoption of ASU 2018-07 has a material impact on our consolidated financial statements because the compensation expense related to our equity awards is now determined based on the grant date fair value of the awards and will be ratably recognized over the service period as the service is rendered as opposed to being marked-to-market in periods prior to adoption. For all existing equity awards, future equity-based compensation expense is based on the fair value of the awards on July 1, 2018. See the Equity-Based Compensation section included above in our Significant Accounting Policies for further details. Recently Issued Accounting Standards —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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”) and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantees, the rate implicit in the lease, lease term and purchase options. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. ASU 2016-02 is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 on a modified retrospective basis. The accounting for leases under which we are the lessor remains largely unchanged. While we continue evaluating our lease portfolio to assess 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. We disclosed $123.7 million in undiscounted future minimum rentals due under non-cancelable leases in note 12 of our most recent 10-K. We are involving our property managers and implementing repeatable processes to manage ongoing lease data collection and analysis, and evaluating accounting policies and internal controls that will be impacted by the new standards. We have also engaged in a third party valuation expert to assist us in determining the value of our ROU assets and operating lease liabilities including the determination of our incremental borrowing rate. We expect to use the transition method that includes the practical expedient that allows us to adopt effective January 1, 2019 and not reevaluate or recast prior periods, however we are still evaluating the available transition methods. 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 our consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on the consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables presents our revenue disaggregated by geographical areas (in thousands): Three Months Ended September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 16,843 $ 3,800 $ 1,379 $ — $ 22,022 Boston, MA Area 3 18,274 2,102 944 — 21,320 Dallas / Ft. Worth Area 7 14,412 3,333 921 — 18,666 Houston, TX Area 3 6,378 1,720 183 — 8,281 Los Angeles, CA Metro Area 6 19,336 3,382 1,302 — 24,020 Miami, FL Metro Area 3 5,072 1,652 232 — 6,956 Minneapolis - St. Paul, MN - WI Area 4 9,930 2,308 1,242 — 13,480 Nashville, TN Area 1 12,854 3,581 341 — 16,776 New York / New Jersey Metro Area 6 19,661 5,031 796 — 25,488 Orlando, FL Area 3 6,242 371 356 — 6,969 Philadelphia, PA Area 3 6,898 1,000 250 — 8,148 San Diego, CA Area 2 5,228 254 269 — 5,751 San Francisco - Oakland, CA Metro Area 6 21,684 1,862 658 — 24,204 Tampa, FL Area 2 4,585 1,263 257 — 6,105 Washington DC - MD - VA Area 9 28,214 5,142 2,089 — 35,445 Other Areas 51 91,492 12,565 5,815 — 109,872 Orlando WorldQuest — 913 30 275 — 1,218 Corporate — — — — 1,209 1,209 Total 118 $ 288,016 $ 49,396 $ 17,309 $ 1,209 $ 355,930 Three Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 16,831 $ 3,533 $ 1,373 $ — $ 21,737 Boston, MA Area 3 17,427 1,992 903 — 20,322 Dallas / Ft. Worth Area 7 14,827 2,950 800 — 18,577 Houston, TX Area 3 6,902 1,954 169 — 9,025 Los Angeles, CA Metro Area 6 19,074 3,263 1,193 — 23,530 Miami, FL Metro Area 3 5,383 1,418 250 — 7,051 Minneapolis - St. Paul, MN - WI Area 4 10,408 2,457 1,148 — 14,013 Nashville, TN Area 1 12,820 3,567 414 — 16,801 New York / New Jersey Metro Area 6 20,301 4,995 717 — 26,013 Orlando, FL Area 3 6,743 415 179 — 7,337 Philadelphia, PA Area 3 6,601 960 237 — 7,798 San Diego, CA Area 2 5,139 462 212 — 5,813 San Francisco - Oakland, CA Metro Area 6 20,814 1,949 520 — 23,283 Tampa, FL Area 3 4,744 1,088 185 — 6,017 Washington DC - MD - VA Area 9 25,376 4,421 1,334 — 31,131 Other Areas 52 91,740 12,857 4,993 — 109,590 Orlando WorldQuest — 1,062 31 284 — 1,377 Sold properties 3 2,825 1 95 — 2,921 Corporate — — — — 989 989 Total 123 $ 289,017 $ 48,313 $ 15,006 $ 989 $ 353,325 Nine Months Ended September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 51,131 $ 12,233 $ 4,127 $ — $ 67,491 Boston, MA Area 3 45,046 5,619 2,625 — 53,290 Dallas / Ft. Worth Area 7 47,427 12,525 2,620 — 62,572 Houston, TX Area 3 20,599 6,933 602 — 28,134 Los Angeles, CA Metro Area 6 59,912 11,601 3,534 — 75,047 Miami, FL Metro Area 3 22,014 6,728 764 — 29,506 Minneapolis - St. Paul, MN - WI Area 4 28,228 7,188 3,613 — 39,029 Nashville, TN Area 1 38,151 9,430 1,181 — 48,762 New York / New Jersey Metro Area 6 56,696 17,154 2,159 — 76,009 Orlando, FL Area 3 21,763 1,160 887 — 23,810 Philadelphia, PA Area 3 18,587 3,226 675 — 22,488 San Diego, CA Area 2 14,224 755 744 — 15,723 San Francisco - Oakland, CA Metro Area 6 61,564 5,378 1,752 — 68,694 Tampa, FL Area 2 17,555 4,746 1,293 — 23,594 Washington DC - MD - VA Area 9 86,948 16,939 4,886 — 108,773 Other Areas 51 271,241 43,146 18,847 — 333,234 Orlando WorldQuest — 3,486 107 920 — 4,513 Sold properties 3 3,518 1 129 — 3,648 Corporate — — — — 2,984 2,984 Total 121 $ 868,090 $ 164,869 $ 51,358 $ 2,984 $ 1,087,301 Nine Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 50,878 $ 12,727 $ 3,739 $ — $ 67,344 Boston, MA Area 3 44,637 6,036 2,418 — 53,091 Dallas / Ft. Worth Area 7 46,205 12,668 2,462 — 61,335 Houston, TX Area 3 21,052 6,538 532 — 28,122 Los Angeles, CA Metro Area 6 59,130 11,683 3,481 — 74,294 Miami, FL Metro Area 3 21,256 6,488 689 — 28,433 Minneapolis - St. Paul, MN - WI Area 4 27,936 7,358 3,326 — 38,620 Nashville, TN Area 1 38,687 14,575 1,266 — 54,528 New York / New Jersey Metro Area 6 55,934 17,863 1,786 — 75,583 Orlando, FL Area 3 22,824 1,536 562 — 24,922 Philadelphia, PA Area 3 18,082 2,951 601 — 21,634 San Diego, CA Area 2 14,102 1,174 549 — 15,825 San Francisco - Oakland, CA Metro Area 6 59,206 5,744 1,529 — 66,479 Tampa, FL Area 3 18,172 5,166 599 — 23,937 Washington DC - MD - VA Area 9 86,682 16,899 3,855 — 107,436 Other Areas 52 270,209 42,265 14,888 — 327,362 Orlando WorldQuest — 3,934 121 951 — 5,006 Sold properties 6 18,001 3,213 487 — 21,701 Corporate — — — — 2,052 2,052 Total 126 $ 876,927 $ 175,005 $ 43,720 $ 2,052 $ 1,097,704

Investment in Hotel Propertie_2

Investment in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018 December 31, 2017 Land $ 665,578 $ 653,293 Buildings and improvements 4,033,508 3,895,112 Furniture, fixtures, and equipment 494,583 468,420 Construction in progress 30,960 35,273 Condominium properties 12,173 12,196 Total cost 5,236,802 5,064,294 Accumulated depreciation (1,146,817 ) (1,028,379 ) Investments in hotel properties, net $ 4,089,985 $ 4,035,915
Schedule of preliminary fair value of the assets acquired and liabilities assumed	We allocated the cost of the acquisition including transaction costs to the individual assets acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands): Land $ 14,459 Buildings and improvements 94,535 Furniture, fixtures and equipment 2,479 $ 111,473 Net other assets (liabilities) $ 194
Results included in operations	The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Total revenue $ 4,523 $ 4,523 Net income (loss) 194 194

Hotel Dispositions, Impairmen_2

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total hotel revenue $ — $ 2,921 $ 3,648 $ 21,701 Total hotel operating expenses 75 (2,302 ) (2,196 ) (15,786 ) Operating income (loss) 75 619 1,452 5,915 Property taxes, insurance and other — (148 ) (220 ) (1,031 ) Depreciation and amortization — (556 ) (347 ) (4,007 ) Impairment charges — (25 ) (1,939 ) (25 ) Interest income — — — 12 Gain (loss) on sale of hotel properties (9 ) 15 394 14,024 Interest expense and amortization of loan costs — (425 ) (525 ) (3,665 ) Write-off of loan costs and exit fees — — (524 ) (98 ) Income (loss) before income taxes 66 (520 ) (1,709 ) 11,125 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (10 ) 82 254 (1,750 ) Net income (loss) attributable to the Company $ 56 $ (438 ) $ (1,455 ) $ 9,375 The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheets at December 31, 2017 were as follows: December 31, 2017 Assets Investments in hotel properties, net $ 17,732 Cash and cash equivalents 78 Restricted cash 402 Accounts receivable 127 Inventories 1 Prepaid expenses 21 Other assets 31 Due from third-party hotel managers 31 Assets held for sale $ 18,423 Liabilities Indebtedness, net $ 13,221 Accounts payable and accrued expenses 662 Due to related party, net 94 Liabilities related to assets held for sale $ 13,977

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2018 December 31, 2017 Carrying value of the investment in OpenKey (in thousands) $ 2,751 $ 2,518 Ownership interest in OpenKey 16.3 % 16.2 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Equity in earnings (loss) in unconsolidated entity $ (160 ) $ (111 ) $ (434 ) $ (341 ) The following tables summarize the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017 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, 2018 and 2017 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2018 December 31, 2017 Total assets $ 389,818 $ 114,810 Total liabilities $ 121,763 $ 78,742 Series B cumulative convertible preferred stock 200,578 — Redeemable noncontrolling interests 3,778 5,111 Total stockholders’ equity of Ashford Inc. 63,050 30,185 Noncontrolling interests in consolidated entities 649 772 Total equity 63,699 30,957 Total liabilities and equity $ 389,818 $ 114,810 Our ownership interest in Ashford Inc. $ 1,763 $ 437 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenue $ 41,565 $ 19,255 $ 144,544 $ 51,907 Total operating expenses (53,069 ) (21,595 ) (150,214 ) (54,965 ) Operating income (loss) (11,504 ) (2,340 ) (5,670 ) (3,058 ) Realized and unrealized gain (loss) on investments, net — — — (91 ) Interest expense and loan amortization costs (419 ) (20 ) (770 ) (35 ) Other income (expense) 25 77 (50 ) 220 Income tax (expense) benefit 13,904 25 11,593 (9,248 ) Net income (loss) 2,006 (2,258 ) 5,103 (12,212 ) (Income) loss from consolidated entities attributable to noncontrolling interests 413 102 704 267 Net (income) loss attributable to redeemable noncontrolling interests 968 300 817 995 Net income (loss) attributable to Ashford Inc. 3,387 (1,856 ) 6,624 (10,950 ) Preferred dividends (1,675 ) — (1,675 ) — Amortization of preferred stock discount (303 ) — (303 ) — Net income attributable to common shareholders $ 1,409 $ (1,856 ) $ 4,646 $ (10,950 ) Our equity in earnings (loss) of Ashford Inc. $ 470 $ (568 ) $ 1,326 $ (3,291 )

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Indebtedness	The original principal amounts of each mortgage loan and the hotel properties securing each mortgage loan are set forth in the following table: Mortgage Loan Principal Amount (in thousands) Interest Rate Secured Hotel Properties A $ 180,720 LIBOR + 3.65% Courtyard Columbus Tipton Lakes Courtyard Scottsdale Old Town Residence Inn Phoenix Airport SpringHill Suites Manhattan Beach SpringHill Suites Plymouth Meeting Residence Inn Las Vegas Hughes Center Residence Inn Newark B $ 174,400 LIBOR + 3.39% Courtyard Newark SpringHill Suites BWI Courtyard Oakland Airport Courtyard Plano Legacy Residence Inn Plano TownePlace Suites Manhattan Beach Courtyard Basking Ridge C $ 221,040 LIBOR + 3.73% Sheraton San Diego Mission Valley Sheraton Bucks County Hilton Ft. Worth Hyatt Regency Coral Gables Hilton Minneapolis D $ 262,640 LIBOR + 4.02% Hilton Santa Fe Embassy Suites Dulles Marriott Beverly Hills One Ocean Marriott Suites Dallas Market Center E (1) $ 216,320 LIBOR + 4.36% Marriott Memphis East Embassy Suites Philadelphia Airport Sheraton Anchorage Lakeway Resort & Spa Marriott Fremont F $ 215,120 LIBOR + 3.68% W Atlanta Downtown Embassy Suites Flagstaff Embassy Suites Walnut Creek Marriott Bridgewater Marriott Durham Research Triangle Park _____________________________ (1) On July 3, 2018, we purchased $56.3 million of mezzanine debt related to the Pool E loan that was issued in conjunction with the June 13, 2018 refinance. The net floating interest rate after the purchase of the Pool E loan is LIBOR + 2.73% . Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 2018 December 31, 2017 Secured credit facility (3) None September 2019 Base Rate (2) + 1.65% or LIBOR (1) + 2.65% $ — $ — Mortgage loan (4) 8 hotels January 2018 LIBOR (1) + 4.95% — 376,800 Mortgage loan (5) 22 hotels April 2018 LIBOR (1) + 4.39% — 971,654 Mortgage loan (6) 1 hotel July 2018 LIBOR (1) + 5.10% — 40,500 Mortgage loan (6) (7) 3 hotel August 2018 LIBOR (1) + 4.35% — 52,530 Mortgage loan (6) 6 hotels August 2018 LIBOR (1) + 4.35% — 280,421 Mortgage loan (6) (8) 17 hotels October 2018 LIBOR (1) + 4.55% — 450,000 Mortgage loan (6) 5 hotels February 2019 LIBOR (1) + 4.75% — 200,000 Mortgage loan (6) 1 hotel April 2019 LIBOR (1) + 4.95% — 33,300 Mortgage loan (6) 1 hotel May 2019 LIBOR (1) + 5.10% — 25,100 Mortgage loan (9) 1 hotel June 2019 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan 1 hotel July 2019 4.00% 5,267 5,336 Mortgage loan (10) 1 hotel July 2019 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (10) 8 hotels July 2019 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (11) 1 hotel August 2019 LIBOR (1) + 4.95% 7,778 12,000 Mortgage loan (12) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 427,000 Mortgage loan (4) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 — Mortgage loan (5) 21 hotels April 2020 LIBOR (1) + 3.20% 962,575 — Mortgage loan (13) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 16,100 Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 — Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 — Mortgage loan (6) (14) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 — Mortgage loan 1 hotel November 2020 6.26% 93,891 95,207 Mortgage loan (15) 2 hotels June 2022 LIBOR (1) + 3.00% 174,211 164,700 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 97,000 Mortgage loan 1 hotel May 2023 5.46% 53,086 53,789 Mortgage loan (16) 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 — Mortgage loan 1 hotel January 2024 5.49% 6,913 7,000 Mortgage loan 1 hotel January 2024 5.49% 10,089 10,216 Mortgage loan 1 hotel May 2024 4.99% 6,444 6,530 Mortgage loan 3 hotels August 2024 5.20% 65,572 66,224 Mortgage loan 2 hotels August 2024 4.85% 12,114 12,242 Mortgage loan 3 hotels August 2024 4.90% 24,215 24,471 Mortgage loan 2 hotels February 2025 4.45% 19,962 20,214 Mortgage loan 3 hotels February 2025 4.45% 51,633 52,284 3,939,170 3,723,568 Premiums, net 1,363 1,570 Deferred loan costs, net (46,086 ) (15,617 ) $ 3,894,447 $ 3,709,521 Indebtedness related to assets held for sale (7) 1 hotel August 2018 LIBOR (1) + 4.35% — 5,992 Indebtedness related to assets held for sale (8) 1 hotel October 2018 LIBOR (1) + 4.55% — 7,229 Indebtedness, net $ 3,894,447 $ 3,696,300 _____________________________ (1) LIBOR rates were 2.261% and 1.564% at September 30, 2018 and December 31, 2017 , respectively. (2) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) On September 27, 2018, we established a secured credit facility with borrowing capacity of up to $100.0 million . (4) On January 17, 2018, we refinanced this mortgage loan totaling $376.8 million set to mature in January 2018 with a new $395.0 million mortgage loan with a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.92% . (5) On April 9, 2018, we refinanced this mortgage loan totaling $971.7 million set to mature in April 2018 with a new $985.0 million mortgage loan with a two-year initial term and five one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.20% . A portion of this mortgage loan relates to the Tampa Residence Inn, which was sold on May 10, 2018, resulting in a $22.5 million paydown. See note 5 . (6) On June 13, 2018, we refinanced seven mortgage loans totaling $1.068 billion set to mature between July 2018 and May 2019 with six new mortgage loans totaling $1.270 billion . Each new mortgage loan has a two-year initial term and five one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loans are interest only. (7) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Centreville. The property was sold on May 1, 2018. See note 5 . (8) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Glen Allen. The property was sold on February 20, 2018. See note 5 . (9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2018. (10) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. The second one-year extension period began in July 2018. (11) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. Concurrent with the first one-year extension, which began in August 2018, a principal paydown of $4.2 million was made. (12) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. (13) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. (14) On July 3, 2018, Ashford Hospitality Finance, one of our consolidated subsidiaries, purchased $56.3 million of this mortgage loan. (15) This $181.0 million mortgage loan had an initial advance was $164.7 million in May 2017. In February, May, and June 2018, additional advances of $6.5 million , $1.1 million and $1.9 million , respectively, were used for a capital expenditures project at one of the hotels securing this mortgage loan. (16) This new mortgage loan has a five-year term, is interest-only loan and bears interest at a rate of LIBOR + 2.45% .
Schedule of Interest Expense - Premium Amortization	During the three and nine months ended September 30, 2018 and 2017 , we recognized premium amortization as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Interest expense - premium amortization $ 69 $ 185 $ 207 $ 1,767

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018 2017 2018 2017 Income (loss) allocated to common stockholders: Income (loss) attributable to the Company $ (27,589 ) $ (21,808 ) $ (72,166 ) $ (37,037 ) Less: Dividends on preferred stock (10,645 ) (11,440 ) (31,933 ) (33,352 ) Less: Extinguishment of issuance costs upon redemption of preferred stock — (4,507 ) — (4,507 ) Less: Dividends on common stock (11,897 ) (11,439 ) (35,138 ) (34,316 ) Less: Dividends on unvested performance stock units (123 ) (98 ) (368 ) (294 ) Less: Dividends on unvested restricted shares (206 ) (251 ) (638 ) (709 ) Undistributed income (loss) (50,460 ) (49,543 ) (140,243 ) (110,215 ) Add back: Dividends on common stock 11,897 11,439 35,138 34,316 Distributed and undistributed income (loss) - basic and diluted $ (38,563 ) $ (38,104 ) $ (105,105 ) $ (75,899 ) Weighted average shares outstanding: Weighted average common shares outstanding - basic and diluted 97,467 95,332 96,591 95,169 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.40 ) $ (1.09 ) $ (0.80 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.40 ) $ (0.40 ) $ (1.09 ) $ (0.80 )
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, 2018 2017 2018 2017 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 206 $ 251 $ 638 $ 709 Income (loss) allocated to unvested performance stock units 123 98 368 294 Income (loss) attributable to noncontrolling interest in operating partnership units (6,682 ) (6,940 ) (18,087 ) (13,202 ) Total $ (6,353 ) $ (6,591 ) $ (17,081 ) $ (12,199 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 119 368 124 284 Effect of unvested performance stock units 4 250 335 97 Effect of assumed conversion of operating partnership units 17,443 17,551 17,669 17,367 Effect of advisory services incentive fee shares 286 277 296 287 Total 17,852 18,446 18,424 18,035

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents a summary of our interest rate derivatives entered into over the applicable periods: Nine Months Ended September 30, 2018 2017 Interest rate caps: Notional amount (in thousands) $ 3,589,618 $ 2,112,700 Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.71 % 5.84 % Effective date range January 2018 - August 2018 February 2017 - August 2017 Maturity date range January 2019 - July 2020 February 2018 - June 2019 Total cost (in thousands) $ 3,103 $ 633 Interest rate floors: Notional amount (in thousands) $ 12,000,000 $ 4,000,000 Strike rate low end of range 1.38 % 1.00 % Strike rate high end of range 2.00 % 1.00 % Effective date range July 2018 September 2017 Termination date range September 2019 - December 2019 March 2019 Total cost (in thousands) $ 413 $ 163 None of these instruments were designated as cash flow hedges. As of September 30, 2018 , we held interest rate instruments as summarized in the table below: Interest rate caps: Notional amount (in thousands) $ 4,378,718 (1) Strike rate low end of range 1.50 % Strike rate high end of range 5.71 % Effective date range October 2016 - August 2018 Maturity date range October 2018 - July 2020 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,492,984 Interest rate floors: (2) Notional amount (in thousands) $ 28,750,000 (1) Strike rate low end of range (0.25 )% Strike rate high end of range 2.00 % Maturity date range March 2019 - July 2020 _______________ (1) These instruments were not designated as cash flow hedges. (2) 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018: Assets Derivative assets: Interest rate derivatives - floors $ — $ 106 $ — $ 130 $ 236 (2) Interest rate derivatives - caps — 1,491 — — 1,491 (2) Credit default swaps — (969 ) — 2,211 1,242 (2) — 628 — 2,341 2,969 Non-derivative assets: Equity securities 24,173 — — — 24,173 (3) Total $ 24,173 $ 628 $ — $ 2,341 $ 27,142 Liabilities Derivative liabilities: Credit default swaps $ — $ (805 ) $ — $ 600 $ (205 ) (4) Net $ 24,173 $ (177 ) $ — $ 2,941 $ 26,937 December 31, 2017: Assets Derivative assets: Interest rate derivatives - floors $ — $ 311 $ — $ 32 $ 343 (2) Interest rate derivatives - caps — 137 — — 137 (2) Credit default swaps — (469 ) — 1,999 1,530 (2) — (21 ) — 2,031 2,010 Non-derivative assets: Equity securities 26,926 — — — 26,926 (3) Total $ 26,926 $ (21 ) $ — $ 2,031 $ 28,936 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in our consolidated balance sheets. (3) Reported as “marketable securities” in our consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in our 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, 2018 and 2017 (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (380 ) $ (291 ) Interest rate derivatives - caps (38 ) (96 ) Credit default swaps (1,029 ) (4) (1,380 ) (4) (1,447 ) (1,767 ) Non-derivative assets: Equity 92 12 Total (1,355 ) (1,755 ) Liabilities Derivative liabilities: Credit default swaps (638 ) (4) (887 ) (4) Net $ (1,993 ) $ (2,642 ) Total combined Interest rate derivatives - floors $ (380 ) $ (291 ) Interest rate derivatives - caps (38 ) (96 ) Credit default swaps (1,667 ) (1,092 ) Unrealized gain (loss) on derivatives (2,085 ) (1) (1,479 ) (1) Realized gain (loss) on credit default swaps — (2) (4) (1,175 ) (2) (4) Unrealized gain (loss) on marketable securities 68 (3) (936 ) (3) Realized gain (loss) on marketable securities 24 (2) 948 (2) Net $ (1,993 ) $ (2,642 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $272 and $257 for the three months ended September 30, 2018 and 2017 , respectively, included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Nine Months Ended September 30, 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (618 ) $ (2,233 ) Interest rate derivatives - caps (1,749 ) (613 ) Credit default swaps (785 ) (4) (2,100 ) (4) Options on futures contracts — (116 ) (3,152 ) (5,062 ) Non-derivative assets: Equity (585 ) (3,991 ) Total (3,737 ) (9,053 ) Liabilities Derivative liabilities: Credit default swaps (520 ) (4) (1,450 ) (4) Net $ (4,257 ) $ (10,503 ) Total combined Interest rate derivatives - floors $ (618 ) $ (2,233 ) Interest rate derivatives - caps (1,749 ) (613 ) Credit default swaps (1,305 ) 615 Options on futures contracts — 427 Unrealized gain (loss) on derivatives (3,672 ) (1) (1,804 ) (1) Realized gain (loss) on credit default swaps — (2) (4) (4,165 ) (2) (4) Realized gain (loss) on options on futures contracts — (2) (543 ) (2) Unrealized gain (loss) on marketable securities (758 ) (3) (4,813 ) (3) Realized gain (loss) on marketable securities 173 (2) 822 (2) Net $ (4,257 ) $ (10,503 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $809 and $769 for the nine months ended September 30, 2018 and 2017 , respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
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, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 24,173 $ 24,173 $ 26,926 $ 26,926 Derivative assets, net 2,969 2,969 2,010 2,010 Derivative liabilities, net 205 205 — — Financial assets not measured at fair value: Cash and cash equivalents (1) $ 325,839 $ 325,839 $ 354,883 $ 354,883 Restricted cash (1) 141,092 141,092 117,189 117,189 Accounts receivable, net (1) 60,208 60,208 44,384 44,384 Due from third-party hotel managers 19,277 19,277 17,418 17,418 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,940,533 $3,769,744 to $4,166,559 $ 3,725,138 $3,559,993 to $3,934,727 Accounts payable and accrued expenses (1) 147,808 147,808 133,063 133,063 Dividends and distributions payable 28,095 28,095 25,045 25,045 Due to Ashford Inc., net 5,176 5,176 15,146 15,146 Due to related party, net (1) 1,078 1,078 1,161 1,161 Due to third-party hotel managers 2,745 2,745 2,431 2,431 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2017.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for performance LTIP units and LTIP units as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 1,292 $ 964 $ 5,505 $ 1,312 LTIP units Advisory services fee 933 980 2,576 1,962 LTIP units - independent directors Corporate, general and administrative — — 536 475 The following table summarizes the stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 1,550 $ 1,642 $ 5,298 $ 3,371 Management fees 287 222 870 439 Corporate general and administrative — — — 90 $ 1,837 $ 1,864 $ 6,168 $ 3,900 The following table summarizes the compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 1,081 $ 806 $ 7,161 $ 1,102
Redeemable Noncontrolling Interest	The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage: September 30, 2018 December 31, 2017 Redeemable noncontrolling interests $ 118,663 $ 116,122 Adjustments to redeemable noncontrolling interests (1) 173,649 154,262 Ownership percentage of operating partnership 14.88 % 15.52 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Allocated net (income) loss to the redeemable noncontrolling interests $ 6,682 $ 6,940 $ 18,087 $ 13,202 Aggregate cash distributions to holders of common units and LTIP units 2,480 2,556 7,429 7,655

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for performance LTIP units and LTIP units as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 1,292 $ 964 $ 5,505 $ 1,312 LTIP units Advisory services fee 933 980 2,576 1,962 LTIP units - independent directors Corporate, general and administrative — — 536 475 The following table summarizes the stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 1,550 $ 1,642 $ 5,298 $ 3,371 Management fees 287 222 870 439 Corporate general and administrative — — — 90 $ 1,837 $ 1,864 $ 6,168 $ 3,900 The following table summarizes the compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 1,081 $ 806 $ 7,161 $ 1,102
Dividends Declared	The board of directors declared quarterly dividends as presented below: Three Months Ended September 30, 2018 2017 8.45% Series D cumulative preferred stock $ 0.5281 $ 0.5281 7.375% Series F cumulative preferred stock 0.4609 0.4609 7.375% Series G cumulative preferred stock 0.4609 0.4609 7.50% Series H cumulative preferred stock 0.4688 0.1875 (1) 7.50% Series I cumulative preferred stock 0.4688 — _____________________________ (1) Pro-rated for the number of days the Series H cumulative preferred stock was outstanding during the quarter.
Schedule of Noncontrolling Interests in Consolidated Entities	The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 (Income) loss allocated to noncontrolling interests in consolidated entities $ (10 ) $ (22 ) $ 8 $ (4 )
Schedule of Equity Activity	On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million . The table below summarizes the issuance activity (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 Common shares issued 2,434 — Gross proceed received $ 15,522 $ — Commissions and other expenses 194 — Net proceeds $ 15,328 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Three Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Corporate, General and Administrative OpenKey Mobile key app $ 28 $ — $ — $ — $ 28 $ — Pure Rooms Hypoallergenic premium rooms 1,430 1,417 — — 13 — Lismore Capital Mortgage placement services 350 — (350 ) — — — J&S Audio Visual Audiovisual commissions or equipment 1,296 74 — 1,222 — — AIM Cash management services 339 — — — — 339 Premier Project management services 2,491 2,491 — — — — Ashford LLC Insurance claims services 17 — — — — 17 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. Nine Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Corporate, General and Administrative OpenKey Mobile key app $ 81 $ — $ — $ — $ 81 $ — Pure Rooms Hypoallergenic premium rooms 1,919 1,903 — — 16 — Lismore Capital Mortgage placement services 4,942 — (4,942 ) — — — J&S Audio Visual Audiovisual commissions or equipment 3,441 917 — 2,524 — — AIM Cash management services 850 — — — — 850 Premier Project management services 2,491 2,491 — — — — Ashford LLC Insurance claims services 53 — — — — 53 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. The following table summarizes the amount due to Ashford Inc. (in thousands): September 30, 2018 December 31, 2017 Company Product or Service Due to Ashford Inc. Ashford LLC Advisory services $ 1,915 $ 14,547 OpenKey Mobile key app 14 8 Pure Rooms Hypoallergenic premium rooms 207 296 Lismore Capital Mortgage placement services — — J&S Audio Visual Audiovisual commissions or equipment 1,464 (52 ) AIM Investment management services 140 347 Premier Project management services 1,419 — Ashford LLC Insurance claims services 17 — $ 5,176 $ 15,146 The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Advisory services fee Base advisory fee $ 9,156 $ 8,579 $ 26,644 $ 25,934 Reimbursable expenses (1) 2,251 1,641 5,777 5,800 Equity-based compensation (2) 4,855 4,392 20,540 7,748 Incentive fee (3,457 ) — — — Total advisory services fee $ 12,805 $ 14,612 $ 52,961 $ 39,482 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Sep. 30, 2018USD ($)roomunithotel	Dec. 31, 2017USD ($)	Dec. 31, 2016
Real Estate Properties [Line Items]
Number of rooms | room	24,930
Number of rooms owned, net of partnership interest | room	24,903
Investment in unconsolidated entities | $	$ 4,514	$ 2,955
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit	90
Ashford Inc.
Real Estate Properties [Line Items]
Ownership percentage	25.10%
Investment in unconsolidated entities | $	$ 1,800	$ 437
Fair value of equity method investment | $	$ 45,400
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	16.30%	16.20%	13.30%
Investment in unconsolidated entities | $	$ 2,751	$ 2,518
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel	116
Majority Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel	2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotel properties | hotel	118
Number of hotel properties managed by affiliates | hotel	80

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Impairment of unconsolidated entities	$ 0	$ 0	$ 0	$ 0
Undiscounted future minimum rentals due under non-cancelable leases					$ 123,700,000
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	16.30%		16.30%		16.20%	13.30%
Ashford Inc.
Real Estate Properties [Line Items]
Ownership percentage	25.10%		25.10%
Minimum
Real Estate Properties [Line Items]
Restricted cash reserves as percentage of property revenue	4.00%		4.00%
Maximum
Real Estate Properties [Line Items]
Restricted cash reserves as percentage of property revenue	6.00%		6.00%

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)hotel	Sep. 30, 2017USD ($)hotel	Sep. 30, 2018USD ($)hotel	Sep. 30, 2017USD ($)hotel	Dec. 31, 2017USD ($)
Disaggregation of Revenue [Line Items]
Business interruption income	$ 0		$ 401		$ 612
Number of Hotels | hotel	118		121	126
Revenue	$ 355,930	$ 353,325	$ 1,087,301	$ 1,097,704
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9	9
Revenue	$ 22,022	$ 21,737	$ 67,491	$ 67,344
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 21,320	$ 20,322	$ 53,290	$ 53,091
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7	7
Revenue	$ 18,666	$ 18,577	$ 62,572	$ 61,335
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 8,281	$ 9,025	$ 28,134	$ 28,122
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6	6
Revenue	$ 24,020	$ 23,530	$ 75,047	$ 74,294
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 6,956	$ 7,051	$ 29,506	$ 28,433
Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	4	4	4	4
Revenue	$ 13,480	$ 14,013	$ 39,029	$ 38,620
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Revenue	$ 16,776	$ 16,801	$ 48,762	$ 54,528
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6	6
Revenue	$ 25,488	$ 26,013	$ 76,009	$ 75,583
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 6,969	$ 7,337	$ 23,810	$ 24,922
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 8,148	$ 7,798	$ 22,488	$ 21,634
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 5,751	$ 5,813	$ 15,723	$ 15,825
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6	6
Revenue	$ 24,204	$ 23,283	$ 68,694	$ 66,479
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	3	2	3
Revenue	$ 6,105	$ 6,017	$ 23,594	$ 23,937
Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9	9
Revenue	$ 35,445	$ 31,131	$ 108,773	$ 107,436
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	51	52	51	52
Revenue	$ 109,872	$ 109,590	$ 333,234	$ 327,362
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0	0
Revenue	$ 1,218	$ 1,377	$ 4,513	$ 5,006
Sold properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel		3	3	6
Revenue		$ 2,921	$ 3,648	$ 21,701
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0	0
Revenue	$ 1,209	$ 989	$ 2,984	$ 2,052
Total hotel revenue
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel		123
Rooms
Disaggregation of Revenue [Line Items]
Revenue	288,016	$ 289,017	868,090	876,927
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	16,843	16,831	51,131	50,878
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	18,274	17,427	45,046	44,637
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	14,412	14,827	47,427	46,205
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	6,378	6,902	20,599	21,052
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	19,336	19,074	59,912	59,130
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,072	5,383	22,014	21,256
Rooms | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	9,930	10,408	28,228	27,936
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	12,854	12,820	38,151	38,687
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	19,661	20,301	56,696	55,934
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	6,242	6,743	21,763	22,824
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	6,898	6,601	18,587	18,082
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	5,228	5,139	14,224	14,102
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	21,684	20,814	61,564	59,206
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	4,585	4,744	17,555	18,172
Rooms | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	28,214	25,376	86,948	86,682
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	91,492	91,740	271,241	270,209
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	913	1,062	3,486	3,934
Rooms | Sold properties
Disaggregation of Revenue [Line Items]
Revenue		2,825	3,518	18,001
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Food and beverage
Disaggregation of Revenue [Line Items]
Revenue	49,396	48,313	164,869	175,005
Food and beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	3,800	3,533	12,233	12,727
Food and beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	2,102	1,992	5,619	6,036
Food and beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	3,333	2,950	12,525	12,668
Food and beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	1,720	1,954	6,933	6,538
Food and beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	3,382	3,263	11,601	11,683
Food and beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,652	1,418	6,728	6,488
Food and beverage | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	2,308	2,457	7,188	7,358
Food and beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	3,581	3,567	9,430	14,575
Food and beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,031	4,995	17,154	17,863
Food and beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	371	415	1,160	1,536
Food and beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	1,000	960	3,226	2,951
Food and beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	254	462	755	1,174
Food and beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,862	1,949	5,378	5,744
Food and beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,263	1,088	4,746	5,166
Food and beverage | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	5,142	4,421	16,939	16,899
Food and beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	12,565	12,857	43,146	42,265
Food and beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	30	31	107	121
Food and beverage | Sold properties
Disaggregation of Revenue [Line Items]
Revenue		1	1	3,213
Food and beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other hotel revenue
Disaggregation of Revenue [Line Items]
Revenue	17,309	15,006	51,358	43,720
Other hotel revenue | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	1,379	1,373	4,127	3,739
Other hotel revenue | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	944	903	2,625	2,418
Other hotel revenue | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	921	800	2,620	2,462
Other hotel revenue | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	183	169	602	532
Other hotel revenue | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,302	1,193	3,534	3,481
Other hotel revenue | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	232	250	764	689
Other hotel revenue | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	1,242	1,148	3,613	3,326
Other hotel revenue | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	341	414	1,181	1,266
Other hotel revenue | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	796	717	2,159	1,786
Other hotel revenue | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	356	179	887	562
Other hotel revenue | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	250	237	675	601
Other hotel revenue | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	269	212	744	549
Other hotel revenue | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	658	520	1,752	1,529
Other hotel revenue | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	257	185	1,293	599
Other hotel revenue | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	2,089	1,334	4,886	3,855
Other hotel revenue | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	5,815	4,993	18,847	14,888
Other hotel revenue | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	275	284	920	951
Other hotel revenue | Sold properties
Disaggregation of Revenue [Line Items]
Revenue		95	129	487
Other hotel revenue | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	1,209	989	2,984	2,052
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Sold properties
Disaggregation of Revenue [Line Items]
Revenue		0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	1,209	$ 989	2,984	$ 2,052
BP Deepwater Horizon Oil Spill
Disaggregation of Revenue [Line Items]
Business interruption income	$ 0		$ 2,500

Investment in Hotel Propertie_3

Investment in Hotel Properties, net (Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 665,578	$ 653,293
Buildings and improvements	4,033,508	3,895,112
Furniture, fixtures, and equipment	494,583	468,420
Construction in progress	30,960	35,273
Condominium properties	12,173	12,196
Total cost	5,236,802	5,064,294
Accumulated depreciation	(1,146,817)	(1,028,379)
Investments in hotel properties, net	$ 4,089,985	$ 4,035,915

Investment in Hotel Propertie_4

Investment in Hotel Properties, net (Acquisitions) (Details) $ in Thousands	Jun. 29, 2018USD ($)hotel	Sep. 30, 2018USD ($)room	Sep. 30, 2018USD ($)room
Business Acquisition [Line Items]
Number of rooms | room		24,930	24,930
Hilton Alexandria Old Town
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Number of rooms | hotel	252
Consideration transferred	$ 111,000
Land	14,459
Buildings and improvements	94,535
Furniture, fixtures and equipment	2,479
Land, buildings and improvements, furniture, fixtures, and equipment	111,473
Net other assets (liabilities)	$ 194
Total revenue		$ 4,523	$ 4,523
Net income (loss)		$ 194	$ 194

Hotel Dispositions, Impairmen_3

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale (Hotel Dispositions) (Details) - USD ($) $ in Thousands	Jun. 13, 2018	May 10, 2018	May 01, 2018	Apr. 09, 2018	Feb. 20, 2018	Jan. 17, 2018	Oct. 31, 2017	Oct. 30, 2017	Jun. 29, 2017	Mar. 06, 2017	Feb. 01, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents																$ 78	$ 976
Assets held for sale												$ 0		$ 0		18,423
Liabilities
Liabilities related to assets held for sale												0		0		13,977
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt	$ 1,068,000	$ 22,500	$ 6,600	$ 971,700		$ 376,800	$ 412,500	$ 94,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Condensed financial information
Total hotel revenue												0	$ 2,921	3,648	$ 21,701
Total hotel operating expenses												75	(2,302)	(2,196)	(15,786)
Operating income (loss)												75	619	1,452	5,915
Property taxes, insurance and other												0	(148)	(220)	(1,031)
Depreciation and amortization												0	(556)	(347)	(4,007)
Impairment charges												0	(25)	(1,939)	(25)
Interest income												0	0	0	12
Gain (loss) on sale of hotel properties												(9)	15	394	14,024
Interest expense and amortization of loan costs												0	(425)	(525)	(3,665)
Write-off of loan costs and exit fees												0	0	(524)	(98)
Income (loss) before income taxes												66	(520)	(1,709)	11,125
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership												(10)	82	254	(1,750)
Net income (loss) attributable to the Company												$ 56	$ (438)	(1,455)	$ 9,375
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Portsmouth, VA Renaissance
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 | Portsmouth, VA Renaissance | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt											$ 20,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Syracuse NY Embassy Suites
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 | Syracuse NY Embassy Suites | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt										$ 20,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza Ravinia, Atlanta, Georgia
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 | Crowne Plaza Ravinia, Atlanta, Georgia | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt									$ 78,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SpringHill Suites Glen Allen | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt					$ 7,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt			6,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal		24,000
Gain (loss) on disposal														400
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt		$ 22,500
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets
Investments in hotel properties, net																17,732
Cash and cash equivalents																78
Restricted cash																402
Accounts receivable																127
Inventories																1
Prepaid expenses																21
Other assets																31
Due from third-party hotel managers																31
Assets held for sale																18,423
Liabilities
Indebtedness, net																13,221
Accounts payable and accrued expenses																662
Due to related party, net																94
Liabilities related to assets held for sale																$ 13,977
Disposal Group, Held-for-sale, Not Discontinued Operations | SpringHill Suites Glen Allen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal					$ 10,900
Gain (loss) on disposal														(13)
Disposal Group, Held-for-sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal			$ 7,500
Gain (loss) on disposal														$ 16

Hotel Dispositions, Impairmen_4

Hotel Dispositions, Impairment Charges and Insurance Recoveries and Assets Held For Sale (Impairment Charges and Insurance Recoveries) (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel properties with impairment | hotel				24
Impairment charge for investments in hotel properties			$ 2,000
Insurance recoveries			2,800
Insurance receivable			267
Insurance deductible expense			4,800
Proceeds from business interruption losses and property damage	$ 0	$ 401	612
Deductible			360
Proceeds from property damage recoveries	192	834
SpringHill Suites Centreville and SpringHill Suites Glen Allen [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			8,200
SpringHill Suites Centreville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties	0	2,000	4,700
Impairment adjustments	$ (27)	$ (310)
SpringHill Suites Glen Allen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			$ 3,500

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Narrative and OpenKey Schedules) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended		30 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2018
Real Estate Properties [Line Items]
Investment in unconsolidated entities	$ 4,514		$ 4,514		$ 2,955
Investment cost			667	$ 983
Equity in earnings (loss) in unconsolidated entity	$ 310	$ (679)	$ 892	(3,580)
Ashford Inc.
Real Estate Properties [Line Items]
Shares in investment held (in shares)	598		598
Ownership percentage	25.10%		25.10%
Investment in unconsolidated entities	$ 1,800		$ 1,800		$ 437
Fair value of equity method investment	45,400		45,400
Equity in earnings (loss) in unconsolidated entity	$ 470	(568)	$ 1,326	(3,291)
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	16.30%		16.30%		16.20%	13.30%
Investment in unconsolidated entities	$ 2,751		$ 2,751		$ 2,518
Investment cost			667		$ 983	$ 2,300	$ 4,000
Equity in earnings (loss) in unconsolidated entity	$ (160)	$ (111)	$ (434)	$ (341)

Investment in Unconsolidated _4

Investment in Unconsolidated Entities (Summary of Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Total assets	$ 4,733,340	$ 4,669,850
Total liabilities	4,114,739	3,920,582
Series B cumulative convertible preferred stock	200,578	0
Redeemable noncontrolling interests in operating partnership	118,663	116,122
Total stockholders’ equity of Ashford Inc.	499,300	632,500
Noncontrolling interests in consolidated entities	638	646
Total equity	499,938	633,146
Total liabilities and equity	4,733,340	4,669,850
Our ownership interest in Ashford Inc.	4,514	2,955
Ashford Inc.
Real Estate Properties [Line Items]
Total assets	389,818	114,810
Total liabilities	121,763	78,742
Redeemable noncontrolling interests in operating partnership	3,778	5,111
Total stockholders’ equity of Ashford Inc.	63,050	30,185
Noncontrolling interests in consolidated entities	649	772
Total equity	63,699	30,957
Total liabilities and equity	389,818	114,810
Our ownership interest in Ashford Inc.	$ 1,800	$ 437

Investment in Unconsolidated _5

Investment in Unconsolidated Entities (Summary of Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real Estate Properties [Line Items]
Total operating expenses	$ (326,601)	$ (323,709)	$ (991,675)	$ (981,341)
Operating income (loss)	29,329	29,616	95,626	116,363
Realized and unrealized gain (loss) on investments, net			(585)	(3,991)
Interest expense and loan amortization costs	(60,731)	(56,963)	(173,680)	(167,224)
Other income (expense)	(202)	(273)	80	(3,539)
Income tax expense	(519)	1,267	(2,606)	507
Net income (loss)	(34,261)	(28,726)	(90,261)	(50,235)
Net (income) loss attributable to redeemable noncontrolling interests	6,682	6,940	18,087	13,202
Net income (loss) attributable to the Company	(27,589)	(21,808)	(72,166)	(37,037)
Our equity in earnings (loss) of Ashford Inc.	310	(679)	892	(3,580)
Ashford Inc.
Real Estate Properties [Line Items]
Total revenue	41,565	19,255	144,544	51,907
Total operating expenses	(53,069)	(21,595)	(150,214)	(54,965)
Operating income (loss)	(11,504)	(2,340)	(5,670)	(3,058)
Realized and unrealized gain (loss) on investments, net	0	0	0	(91)
Interest expense and loan amortization costs	(419)	(20)	(770)	(35)
Other income (expense)	25	77	(50)	220
Income tax expense	13,904	25	11,593	(9,248)
Net income (loss)	2,006	(2,258)	5,103	(12,212)
(Income) loss from consolidated entities attributable to noncontrolling interests	413	102	704	267
Net (income) loss attributable to redeemable noncontrolling interests	968	300	817	995
Net income (loss) attributable to the Company	3,387	(1,856)	6,624	(10,950)
Preferred dividends	(1,675)	0	(1,675)	0
Amortization of preferred stock discount	(303)	0	(303)	0
Net income attributable to common shareholders	1,409	(1,856)	4,646	(10,950)
Our equity in earnings (loss) of Ashford Inc.	$ 470	$ (568)	$ 1,326	$ (3,291)

Indebtedness (Details)

Indebtedness (Details)	Jul. 01, 2020USD ($)	Aug. 31, 2018USD ($)	Jun. 13, 2018USD ($)loan	May 10, 2018USD ($)	May 01, 2018USD ($)	Apr. 09, 2018USD ($)	Feb. 20, 2018USD ($)	Jan. 17, 2018USD ($)	Oct. 31, 2017USD ($)	Oct. 30, 2017USD ($)	Jun. 29, 2017USD ($)	May 24, 2017USD ($)	May 10, 2017USD ($)	Mar. 06, 2017USD ($)	Feb. 01, 2017USD ($)	Sep. 30, 2018USD ($)hotelextension	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)hotelextension	Sep. 30, 2017USD ($)	Sep. 27, 2018USD ($)	Jul. 03, 2018USD ($)	Jun. 29, 2018USD ($)	May 31, 2018USD ($)	Feb. 28, 2018USD ($)	Dec. 31, 2017USD ($)	May 31, 2017USD ($)
Debt Instrument [Line Items]
Indebtedness, net																$ 3,894,447,000		$ 3,894,447,000							$ 3,696,300,000
London Interbank Offered Rate (LIBOR) Rate																2.261%		2.261%							1.564%
Amortization of debt premium																$ 69,000	$ 185,000	$ 207,000	$ 1,767,000
Mortgages
Debt Instrument [Line Items]
Extinguishment of debt			$ 1,068,000,000	$ 22,500,000	$ 6,600,000	$ 971,700,000		$ 376,800,000	$ 412,500,000	$ 94,500,000
Principal amount										94,700,000
Number of refinanced loans | loan			7
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Portsmouth, VA Renaissance
Debt Instrument [Line Items]
Extinguishment of debt															$ 20,200,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Syracuse NY Embassy Suites
Debt Instrument [Line Items]
Extinguishment of debt														$ 20,600,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza Ravinia, Atlanta, Georgia
Debt Instrument [Line Items]
Extinguishment of debt											$ 78,700,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | SpringHill Suites Glen Allen
Debt Instrument [Line Items]
Extinguishment of debt							$ 7,600,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott
Debt Instrument [Line Items]
Extinguishment of debt					$ 6,600,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa
Debt Instrument [Line Items]
Extinguishment of debt				$ 22,500,000
Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		1.00%
Line of Credit | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate																		0.50%
Line of Credit | Secured credit facility
Debt Instrument [Line Items]
Collateral | hotel																0		0
Maximum borrowing capacity																				$ 100,000,000
Long-term debt, gross																$ 0		$ 0							$ 0
Debt Instrument, Percent Secured by Property																				100.00%
Line of Credit | Secured credit facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate																		1.65%
Line of Credit | Secured credit facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		2.65%
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross																3,939,170,000		$ 3,939,170,000							3,723,568,000
Premiums, net																1,363,000		1,363,000							1,570,000
Deferred loan costs, net																(46,086,000)		(46,086,000)							(15,617,000)
Deferred loan costs, net																3,894,447,000		3,894,447,000							3,709,521,000
Indebtedness, net																$ 3,894,447,000		$ 3,894,447,000							3,696,300,000
Extinguishment of debt												$ 15,700,000	$ 105,000,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Portsmouth, VA Renaissance
Debt Instrument [Line Items]
Collateral | hotel																1		1
Indebtedness, net																$ 0		$ 0							5,992,000
Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Syracuse NY Embassy Suites
Debt Instrument [Line Items]
Collateral | hotel																1		1
Indebtedness, net																$ 0		$ 0							7,229,000
Mortgages | LIBOR | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Portsmouth, VA Renaissance
Debt Instrument [Line Items]
Basis spread on variable rate																		4.35%
Mortgages | LIBOR | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Syracuse NY Embassy Suites
Debt Instrument [Line Items]
Basis spread on variable rate																		4.55%
Mortgages | Mortgage loan 1
Debt Instrument [Line Items]
Collateral | hotel																8		8
Long-term debt, gross																$ 0		$ 0							376,800,000
Mortgages | Mortgage loan 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.95%
Mortgages | Mortgage loan 2
Debt Instrument [Line Items]
Collateral | hotel																22		22
Long-term debt, gross																$ 0		$ 0							971,654,000
Mortgages | Mortgage loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.39%
Mortgages | Mortgage loan 3
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 0		$ 0							40,500,000
Mortgages | Mortgage loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		5.10%
Mortgages | Mortgage loan 4
Debt Instrument [Line Items]
Collateral | hotel																3		3
Long-term debt, gross																$ 0		$ 0							52,530,000
Mortgages | Mortgage loan 4 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.35%
Mortgages | Mortgage loan 5
Debt Instrument [Line Items]
Collateral | hotel																6		6
Long-term debt, gross																$ 0		$ 0							280,421,000
Mortgages | Mortgage loan 5 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.35%
Mortgages | Mortgage loan 6
Debt Instrument [Line Items]
Collateral | hotel																17		17
Long-term debt, gross																$ 0		$ 0							450,000,000
Mortgages | Mortgage loan 6 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.55%
Mortgages | Mortgage loan 7
Debt Instrument [Line Items]
Collateral | hotel																5		5
Long-term debt, gross																$ 0		$ 0							200,000,000
Mortgages | Mortgage loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.75%
Mortgages | Mortgage loan 8
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 0		$ 0							33,300,000
Mortgages | Mortgage loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.95%
Mortgages | Mortgage loan 9
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 0		$ 0							25,100,000
Mortgages | Mortgage loan 9 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		5.10%
Mortgages | Mortgage loan 10
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 43,750,000		$ 43,750,000							43,750,000
Mortgages | Mortgage loan 10 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		5.10%
Number of extension options | extension																3		3
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 11
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																4.00%		4.00%
Long-term debt, gross																$ 5,267,000		$ 5,267,000							5,336,000
Mortgages | Mortgage loan 12
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 35,200,000		$ 35,200,000							35,200,000
Mortgages | Mortgage loan 12 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.15%
Number of extension options | extension																3		3
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 13
Debt Instrument [Line Items]
Collateral | hotel																8		8
Long-term debt, gross																$ 144,000,000		$ 144,000,000							144,000,000
Mortgages | Mortgage loan 13 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.09%
Number of extension options | extension																3		3
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 14
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 7,778,000		$ 7,778,000							12,000,000
Principal paydown		$ 4,200,000
Mortgages | Mortgage loan 14 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.95%
Number of extension options | extension																2		2
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 15
Debt Instrument [Line Items]
Collateral | hotel																17		17
Long-term debt, gross																$ 427,000,000		$ 427,000,000							427,000,000
Principal amount									$ 427,000,000
Mortgages | Mortgage loan 15 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.00%
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 16
Debt Instrument [Line Items]
Collateral | hotel																8		8
Long-term debt, gross																$ 395,000,000		$ 395,000,000							0
Principal amount								$ 395,000,000
Mortgages | Mortgage loan 16 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		2.92%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 17
Debt Instrument [Line Items]
Collateral | hotel																21		21
Long-term debt, gross																$ 962,575,000		$ 962,575,000							0
Principal amount						$ 985,000,000
Mortgages | Mortgage loan 17 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.20%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 18
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																6.00%		6.00%
Long-term debt, gross																$ 16,100,000		$ 16,100,000							16,100,000
Principal amount												$ 16,100,000
Amortization term																		30 years
Mortgages | Mortgage loan 18 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		2.90%
Number of extension options | extension																2		2
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 19
Debt Instrument [Line Items]
Collateral | hotel																7		7
Long-term debt, gross																$ 180,720,000		$ 180,720,000							0
Principal amount																$ 180,720,000		$ 180,720,000
Mortgages | Mortgage loan 19 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.65%
Initial term of loan																		2 years
Number of extension options | extension																2		2
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 20
Debt Instrument [Line Items]
Collateral | hotel																7		7
Long-term debt, gross																$ 174,400,000		$ 174,400,000							0
Principal amount																$ 174,400,000		$ 174,400,000
Mortgages | Mortgage loan 20 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.39%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 21
Debt Instrument [Line Items]
Collateral | hotel																5		5
Long-term debt, gross																$ 221,040,000		$ 221,040,000							0
Principal amount																$ 221,040,000		$ 221,040,000
Mortgages | Mortgage loan 21 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.73%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 22
Debt Instrument [Line Items]
Collateral | hotel																5		5
Long-term debt, gross																$ 262,640,000		$ 262,640,000							0
Principal amount																$ 262,640,000		$ 262,640,000
Mortgages | Mortgage loan 22 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		4.02%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 23
Debt Instrument [Line Items]
Collateral | hotel																5		5
Long-term debt, gross																$ 160,000,000		$ 160,000,000							0
Principal amount																$ 216,320,000		$ 216,320,000			$ 56,300,000
Mortgages | Mortgage loan 23 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		2.73%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 24
Debt Instrument [Line Items]
Collateral | hotel																5		5
Long-term debt, gross																$ 215,120,000		$ 215,120,000							0
Principal amount																$ 215,120,000		$ 215,120,000
Mortgages | Mortgage loan 24 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.68%
Initial term of loan																		2 years
Number of extension options | extension																5		5
Term of mortgage loan extension option																		1 year
Mortgages | Mortgage loan 25
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																6.26%		6.26%
Long-term debt, gross																$ 93,891,000		$ 93,891,000							95,207,000
Mortgages | Mortgage loan 26
Debt Instrument [Line Items]
Collateral | hotel																2		2
Long-term debt, gross													181,000,000			$ 174,211,000		$ 174,211,000							164,700,000
Principal amount													$ 181,000,000			1,900,000		1,900,000					$ 1,100,000	$ 6,500,000		$ 164,700,000
Capital expenditure reimbursement																$ 16,300,000		$ 16,300,000
Mortgages | Mortgage loan 26 | Scenario, Forecast
Debt Instrument [Line Items]
Principal paydown	$ 750,000
Mortgages | Mortgage loan 26 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		3.00%
Number of extension options | extension																0		0
Mortgages | Mortgage loan 27
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 97,000,000		$ 97,000,000							97,000,000
Principal amount										$ 97,000,000
Mortgages | Mortgage loan 27 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		2.00%
Number of extension options | extension																0		0
Mortgages | Mortgage loan 28
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																5.46%		5.46%
Long-term debt, gross																$ 53,086,000		$ 53,086,000							53,789,000
Mortgages | Mortgage loan 29
Debt Instrument [Line Items]
Collateral | hotel																1		1
Long-term debt, gross																$ 73,450,000		$ 73,450,000							0
Initial term of loan																		5 years
Principal amount																						$ 73,500,000
Mortgages | Mortgage loan 29 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																		2.45%
Number of extension options | extension																0		0
Mortgages | Mortgage loan 30
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																5.49%		5.49%
Long-term debt, gross																$ 6,913,000		$ 6,913,000							7,000,000
Mortgages | Mortgage loan 31
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																5.49%		5.49%
Long-term debt, gross																$ 10,089,000		$ 10,089,000							10,216,000
Mortgages | Mortgage loan 32
Debt Instrument [Line Items]
Collateral | hotel																1		1
Interest rate																4.99%		4.99%
Long-term debt, gross																$ 6,444,000		$ 6,444,000							6,530,000
Mortgages | Mortgage loan 33
Debt Instrument [Line Items]
Collateral | hotel																3		3
Interest rate																5.20%		5.20%
Long-term debt, gross																$ 65,572,000		$ 65,572,000							66,224,000
Mortgages | Mortgage loan 34
Debt Instrument [Line Items]
Collateral | hotel																2		2
Interest rate																4.85%		4.85%
Long-term debt, gross																$ 12,114,000		$ 12,114,000							12,242,000
Mortgages | Mortgage loan 35
Debt Instrument [Line Items]
Collateral | hotel																3		3
Interest rate																4.90%		4.90%
Long-term debt, gross																$ 24,215,000		$ 24,215,000							24,471,000
Mortgages | Mortgage loan 36
Debt Instrument [Line Items]
Collateral | hotel																2		2
Interest rate																4.45%		4.45%
Long-term debt, gross																$ 19,962,000		$ 19,962,000							20,214,000
Mortgages | Mortgage loan 37
Debt Instrument [Line Items]
Collateral | hotel																3		3
Interest rate																4.45%		4.45%
Long-term debt, gross																$ 51,633,000		$ 51,633,000							$ 52,284,000
Mortgages | Pool A, B, C, D, E, F Mortgages
Debt Instrument [Line Items]
Principal amount			$ 1,270,000,000
Number of mortgage loans | loan			6

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income (loss) allocated to common stockholders:
Income (loss) attributable to the Company	$ (27,589)	$ (21,808)	$ (72,166)	$ (37,037)
Less: Dividends on preferred stock	(10,645)	(11,440)	(31,933)	(33,352)
Less: Extinguishment of issuance costs upon redemption of preferred stock	0	(4,507)	0	(4,507)
Undistributed income (loss)	50,460	49,543	140,243	110,215
Distributed and undistributed income (loss) - basic and diluted	$ (38,563)	$ (38,104)	$ (105,105)	$ (75,899)
Weighted average shares outstanding:
Weighted average common shares outstanding – basic and diluted (in shares)	97,467	95,332	96,591	95,169
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.40)	$ (0.40)	$ (1.09)	$ (0.80)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.40)	$ (0.40)	$ (1.09)	$ (0.80)
Performance stock units
Income (loss) allocated to common stockholders:
Less: Dividends	$ (123)	$ (98)	$ (368)	$ (294)
Restricted shares
Income (loss) allocated to common stockholders:
Less: Dividends	(206)	(251)	(638)	(709)
Common Stock
Income (loss) allocated to common stockholders:
Less: Dividends	$ (11,897)	$ (11,439)	$ (35,138)	$ (34,316)

Income (Loss) Per Share (Summ_2

Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to noncontrolling interest in operating partnership units	$ (6,682)	$ (6,940)	$ (18,087)	$ (13,202)
Total	$ (6,353)	$ (6,591)	$ (17,081)	$ (12,199)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	17,852	18,446	18,424	18,035
Restricted shares
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 206	$ 251	$ 638	$ 709
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	119	368	124	284
Performance stock units
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 123	$ 98	$ 368	$ 294
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4	250	335	97
Operating partnership units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	17,443	17,551	17,669	17,367
Incentive fee shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	286	277	296	287

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 212,500,000
Total exposure	5,500,000
Change in market value of credit default swap	250,000
Not Designated as Hedging Instrument | Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	3,589,618,000	$ 2,112,700,000
Total cost	3,103,000	$ 633,000
Notional amount of derivatives	4,378,718,000
Aggregate principle balance on corresponding mortgage loans	$ 3,492,984,000
Not Designated as Hedging Instrument | Interest rate caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.50%	1.50%
Not Designated as Hedging Instrument | Interest rate caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	5.71%	5.84%
Not Designated as Hedging Instrument | Interest rate floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 12,000,000,000	$ 4,000,000,000
Total cost	413,000	$ 163,000
Notional amount of derivatives	$ 28,750,000,000
Not Designated as Hedging Instrument | Interest rate floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.375%	1.00%
Strike rate low end of range	(0.25%)
Not Designated as Hedging Instrument | Interest rate floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	2.00%	1.00%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
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	2.261%		2.261%		1.564%
Higher interest rate on derivatives	3.032%		3.032%
Derivative expense related to credit default swaps	$ 272	$ 257	$ 809	$ 769

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative assets:
Derivative assets, net	$ 2,969	$ 2,010
Derivative liabilities:
Derivative liabilities, net	(205)	0
Fair Value Measurements Recurring
Derivative assets:
Derivative assets, net	2,969	2,010
Counterparty and Cash Collateral Netting	2,341	2,031
Total	27,142	28,936
Derivative liabilities:
Counterparty and Cash Collateral Netting	2,941
Net	26,937
Fair Value Measurements Recurring | Equity
Derivative assets:
Counterparty and Cash Collateral Netting	0	0
Assets, fair value disclosure	24,173	26,926
Fair Value Measurements Recurring | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	236	343
Counterparty and Cash Collateral Netting	130	32
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	1,491	137
Counterparty and Cash Collateral Netting	0	0
Fair Value Measurements Recurring | Credit default swaps
Derivative assets:
Derivative assets, net	1,242	1,530
Counterparty and Cash Collateral Netting	2,211	1,999
Derivative liabilities:
Derivative liabilities, net	(205)
Counterparty and Cash Collateral Netting	600
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets, net	0	0
Total	24,173	26,926
Derivative liabilities:
Net	24,173
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Equity
Derivative assets:
Assets, fair value disclosure	24,173	26,926
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps
Derivative assets:
Derivative assets, net	0	0
Derivative liabilities:
Derivative liabilities, net	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets, net	628	(21)
Total	628	(21)
Derivative liabilities:
Net	(177)
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Equity
Derivative assets:
Assets, fair value disclosure	0	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	106	311
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	1,491	137
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps
Derivative assets:
Derivative assets, net	(969)	(469)
Derivative liabilities:
Derivative liabilities, net	(805)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets, net	0	0
Total	0	0
Derivative liabilities:
Net	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Equity
Derivative assets:
Assets, fair value disclosure	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps
Derivative assets:
Derivative assets, net	0	$ 0
Derivative liabilities:
Derivative liabilities, 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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (2,085)	$ (1,479)	$ (3,672)	$ (1,804)
Unrealized gain (loss) on marketable securities	68	(936)	(758)	(4,813)
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(2,085)	(1,479)	(3,672)	(1,804)
Unrealized gain (loss) on marketable securities	68	(936)	(758)	(4,813)
Realized gain (loss) on marketable securities	24	948	173	822
Net	(1,993)	(2,642)	(4,257)	(10,503)
Fair Value Measurements Recurring | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(380)	(291)	(618)	(2,233)
Fair Value Measurements Recurring | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(38)	(96)	(1,749)	(613)
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(1,667)	(1,092)	(1,305)	615
Realized loss on derivatives	0	(1,175)	0	(4,165)
Fair Value Measurements Recurring | Options on futures contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives			0	427
Realized loss on derivatives			0	(543)
Fair Value Measurements Recurring | Derivative Liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Liabilities	(1,993)	(2,642)	(4,257)	(10,503)
Fair Value Measurements Recurring | Derivative Liabilities | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Liabilities	(638)	(887)	(520)	(1,450)
Fair Value Measurements Recurring | Derivative Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,447)	(1,767)	(3,152)	(5,062)
Fair Value Measurements Recurring | Derivative Assets | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(380)	(291)	(618)	(2,233)
Fair Value Measurements Recurring | Derivative Assets | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(38)	(96)	(1,749)	(613)
Fair Value Measurements Recurring | Derivative Assets | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,029)	(1,380)	(785)	(2,100)
Fair Value Measurements Recurring | Derivative Assets | Options on futures contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets			0	(116)
Fair Value Measurements Recurring | Non Derivative Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,355)	(1,755)	(3,737)	(9,053)
Fair Value Measurements Recurring | Non Derivative Assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	$ 92	$ 12	$ (585)	$ (3,991)

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying value	$ 24,173	$ 26,926
Marketable securities, Estimated fair value	24,173	26,926
Derivative assets, net, Carrying value	2,969	2,010
Derivative assets, net, Estimated fair value	2,969	2,010
Derivative liabilities, net, Carrying value	205	0
Derivative liabilities, net, Estimated fair value	205	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	325,839	354,805	$ 393,527	$ 347,091
Cash and cash equivalents, Estimated fair value	325,839	354,883
Restricted cash, Carrying value	141,092	116,787	133,127	$ 144,014
Restricted cash, Estimated fair value	141,092	117,189
Accounts receivable, Carrying value	60,208	44,257
Accounts receivable, Estimated fair value	60,208	44,384
Due from third-party hotel managers, Carrying value	19,277	17,387
Due from third party hotel managers, Estimated fair value	19,277	17,418
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	3,894,447	3,696,300
Accounts payable and accrued expenses, Carrying value	147,808	132,401
Accounts payable and accrued expenses, Estimated fair value	147,808	133,063
Dividends payable, Carrying value	28,095	25,045	$ 25,520
Dividends payable, Estimated fair value	28,095	25,045
Due to Ashford Inc., net, Estimated fair value	5,176	15,146
Due to Ashford Inc. Fair Value Disclosure	5,176	15,146
Due to related party, net, Carrying value	1,078	1,067
Due to related party, net, Estimated fair value	1,078	1,161
Due to third-party hotel managers, Carrying value	2,745	2,431
Due to third-party hotel managers, Estimated fair value	2,745	2,431
Minimum
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,769,744	3,559,993
Maximum
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	4,166,559	3,934,727
Reported Value Measurement
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value		354,883
Restricted cash, Carrying value		117,189
Accounts receivable, Carrying value		44,384
Due from third-party hotel managers, Carrying value		17,418
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	$ 3,940,533	3,725,138
Accounts payable and accrued expenses, Carrying value		133,063
Due to related party, net, Carrying value		$ 1,161

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Billions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
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	$ 3.9	$ 3.7
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	95.70%	95.60%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	105.70%	105.60%

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)			1
Redeemable noncontrolling interests	$ 118,663		$ 118,663		$ 116,122
Adjustments to redeemable noncontrolling interests			$ (19,387)
Ownership percentage of operating partnership	15.00%		15.00%		15.00%
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 6,682	$ 6,940	$ 18,087	$ 13,202
Aggregate cash distributions to holders of common units and LTIP units			72,333	$ 75,571
Partnership Interest
Noncontrolling Interest [Line Items]
Adjustments to redeemable noncontrolling interests			$ 173,649		$ 154,262
Ownership percentage of operating partnership	14.88%		14.88%		15.52%
Partnership Interest | Common Units
Noncontrolling Interest [Line Items]
Common units converted (in shares)			0	21,000
LTIP and Performance LTIP [Member]
Noncontrolling Interest [Line Items]
Shares issued (in shares)	13,000,000		13,000,000		12,100,000
Units which have not reached full economic parity with common units (in shares)			737,000		686,000
Long Term Incentive Plan
Noncontrolling Interest [Line Items]
Common partnership unit per converted LTIP unit (in shares)			1
Fair value of unrecognized cost	$ 5,500		$ 5,500
Amortization period of LTIP unit			2 years 6 months
Long Term Incentive Plan | Common Units
Noncontrolling Interest [Line Items]
Fair value of common units converted				$ 161
Long Term Incentive Plan | Partnership Interest
Noncontrolling Interest [Line Items]
Aggregate cash distributions to holders of common units and LTIP units	2,480	2,556	$ 7,429	7,655
Long Term Incentive Plan | Advisory services fee
Noncontrolling Interest [Line Items]
Compensation expense (credit)	933	980	2,576	1,962
Long Term Incentive Plan | Corporate, general and administrative
Noncontrolling Interest [Line Items]
Compensation expense (credit)	0	0	$ 536	475
Long Term Incentive Plan | Minimum
Noncontrolling Interest [Line Items]
Vesting period			3 years
Long Term Incentive Plan | Maximum
Noncontrolling Interest [Line Items]
Vesting period			5 years
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Vesting period			3 years
Units which have not reached full economic parity with common units (in shares)			0
Fair value of unrecognized cost	6,500		$ 6,500
Amortization period of LTIP unit			2 years 6 months
Performance Long Term Incentive Plan Units | Advisory services fee
Noncontrolling Interest [Line Items]
Compensation expense (credit)	$ 1,292	$ 964	$ 5,505	$ 1,312
Performance Long Term Incentive Plan Units | Minimum
Noncontrolling Interest [Line Items]
Performance adjustment	0.00%		0.00%
Performance Long Term Incentive Plan Units | Maximum
Noncontrolling Interest [Line Items]
Performance adjustment	200.00%		200.00%
Other than options (in shares)	2,400,000		2,400,000

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation (Details)	Sep. 18, 2017$ / shares	Sep. 30, 2018USD ($)hotel$ / sharesshares	Sep. 30, 2017USD ($)$ / shares	Sep. 30, 2018USD ($)hotel$ / shares	Sep. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)hotel	Dec. 11, 2017USD ($)
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share) | $ / shares		$ 0.12	$ 0.12	$ 0.36	$ 0.36
Dividends annualized target (in dollars per share) | $ / shares		$ 0.48		$ 0.48
At-the-market equity distribution program amount							$ 100,000,000
Issuance of common stock (in shares) | shares		2,433,810			0
Gross proceed received		$ 15,522,000		$ 13,624,000	$ 0
Commissions and other expenses		194,000			0
Net proceeds		$ 15,328,000			0
Ownership by non-controlling owners		15.00%		15.00%		15.00%
Noncontrolling interests in consolidated entities		$ 638,000		$ 638,000		$ 646,000
Income (loss) from consolidated joint ventures attributable to noncontrolling interests		$ (10,000)	$ (22,000)	$ 8,000	(4,000)
Majority Owned Properties
Class of Stock [Line Items]
Number of hotel properties with JV interests | hotel		2		2		2
Series D Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share) | $ / shares		$ 0.5281	$ 0.5281
Dividend rate		8.45%	8.45%
Series F Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share) | $ / shares		$ 0.4609	$ 0.4609
Dividend rate		7.375%	7.375%
Series G Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share) | $ / shares		$ 0.4609	$ 0.4609
Dividend rate		7.375%	7.375%
Series H Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share) | $ / shares		$ 0.4688	$ 0.1875
Dividend rate		7.50%	7.50%
Series I Preferred Stock
Class of Stock [Line Items]
Dividends declared per preferred share (in dollars per share) | $ / shares		$ 0.4688	$ 0
Dividend rate		7.50%	7.50%
Series A Preferred Stock
Class of Stock [Line Items]
Dividend rate	8.55%
Redemption price (in dollars per share) | $ / shares	$ 25
Accrued and unpaid dividends (in dollars per share) | $ / shares	0.4631
Total redemption price (in dollars per share) | $ / shares	$ 25.4631
Restricted shares
Class of Stock [Line Items]
Fair value of unrecognized cost		$ 10,400,000		$ 10,400,000
Amortization period				2 years 6 months
Compensation expense (credit)		1,837,000	$ 1,864,000	$ 6,168,000	3,900,000
Restricted shares | Executive Officer
Class of Stock [Line Items]
Compensation expense (credit)				1,500,000
Restricted shares | Advisory services fee
Class of Stock [Line Items]
Compensation expense (credit)		1,550,000	1,642,000	5,298,000	3,371,000
Restricted shares | Management fees
Class of Stock [Line Items]
Compensation expense (credit)		287,000	222,000	870,000	439,000
Restricted shares | Corporate, general and administrative
Class of Stock [Line Items]
Compensation expense (credit)		0	0	0	90,000
Performance Long Term Incentive Plan Units
Class of Stock [Line Items]
Fair value of unrecognized cost		$ 6,500,000		$ 6,500,000
Amortization period				2 years 6 months
Vesting period				3 years
Performance Long Term Incentive Plan Units | Minimum
Class of Stock [Line Items]
Performance adjustment		0.00%		0.00%
Performance Long Term Incentive Plan Units | Maximum
Class of Stock [Line Items]
Performance adjustment		200.00%		200.00%
Performance Long Term Incentive Plan Units | Advisory services fee
Class of Stock [Line Items]
Compensation expense (credit)		$ 1,292,000	964,000	$ 5,505,000	1,312,000
Performance Shares
Class of Stock [Line Items]
Fair value of unrecognized cost		6,500,000		$ 6,500,000
Amortization period				2 years 6 months
Compensation expense (credit)		$ 1,081,000	$ 806,000	$ 7,161,000	$ 1,102,000
Performance Shares | Minimum
Class of Stock [Line Items]
Performance adjustment		0.00%		0.00%
Performance Shares | Maximum
Class of Stock [Line Items]
Performance adjustment		200.00%		200.00%
Performance Shares | Executive Officer
Class of Stock [Line Items]
Compensation expense (credit)				$ 3,000,000

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($)	Jul. 26, 2018	Jun. 01, 2017	Jun. 30, 2014	Nov. 01, 2011	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2006
Commitments and Contingencies [Line Items]
Franchise fees incurred					$ 225,036,000	$ 226,571,000	$ 676,702,000	$ 688,554,000
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.
Commitments and Contingencies [Line Items]
Damages awarded			$ 10,800,000						$ 8,800,000
Payments for legal settlements	$ 544,000
Loss contingency accrual					508,000		508,000
Potential Pension Liabilities
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 | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. | RLI Insurance Company
Commitments and Contingencies [Line Items]
Payments for legal settlements		$ 10,000,000
Franchise fees
Commitments and Contingencies [Line Items]
Franchise fees incurred					$ 17,900,000	$ 17,800,000	$ 54,700,000	$ 52,600,000
Franchise Fees
Commitments and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum					3.00%		3.00%
Franchisor royalty fees percent of gross room revenue, maximum					6.00%		6.00%
Food and beverage fees minimum					2.00%		2.00%
Food and beverage fees maximum					3.00%		3.00%
Marketing reservation and other fees, minimum					1.00%		1.00%
Marketing reservation and other fees, maximum					4.00%		4.00%
Management fees
Commitments and Contingencies [Line Items]
Payment of monthly property management fees, minimum							$ 14,000
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
Commitments and Contingencies [Line Items]
Restricted cash reserves as percentage of property revenue					4.00%		4.00%
Maximum
Commitments and Contingencies [Line Items]
Restricted cash reserves as percentage of property revenue					6.00%		6.00%

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2018segment
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
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 26, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Advisory services fee	$ 12,805,000	$ 14,612,000	$ 52,961,000	$ 39,482,000
Due to related party, net	1,078,000		1,078,000			$ 1,067,000
Due to Ashford Inc.	5,176,000		5,176,000			15,146,000
Restricted shares
Related Party Transaction [Line Items]
Compensation expense	1,837,000	1,864,000	6,168,000	3,900,000
Fair value of unrecognized cost	10,400,000		$ 10,400,000
Amortization period			2 years 6 months
Management fees | Restricted shares
Related Party Transaction [Line Items]
Compensation expense	287,000	222,000	$ 870,000	439,000
Ashford Inc. | Consideration to Purchase Furniture, Fixtures and Equipment
Related Party Transaction [Line Items]
Due to related party, net							$ 4,000,000
Ashford Inc. | Lease Expense
Related Party Transaction [Line Items]
Advisory services fee	156,000	156,000	$ 469,000	$ 476,000
Remington Lodging Employees | Restricted shares
Related Party Transaction [Line Items]
Other than options granted (in shares)			131	177
Fair value of unrecognized cost	1,900,000		$ 1,900,000
Amortization period			2 years 6 months
Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	12,805,000	14,612,000	$ 52,961,000	$ 39,482,000
ERFP, commitment amount					$ 50,000,000
ERFP, potential commitment amount					$ 100,000,000
ERFP, percent of commitment for each hotel					10.00%
ERFP, obligation amount					$ 11,100,000
ERFP, amount received	390,000		390,000
Ashford Inc. | Affiliated Entity | Base Fee
Related Party Transaction [Line Items]
Advisory services fee	9,156,000	8,579,000	26,644,000	25,934,000
Ashford Inc. | Affiliated Entity | Reimbursable Expenses
Related Party Transaction [Line Items]
Advisory services fee	2,251,000	1,641,000	5,777,000	5,800,000
Ashford Inc. | Affiliated Entity | Equity-Based Compensation
Related Party Transaction [Line Items]
Advisory services fee	4,855,000	4,392,000	20,540,000	7,748,000
Ashford Inc. | Affiliated Entity | Incentive Management Fee
Related Party Transaction [Line Items]
Advisory services fee	(3,457,000)	$ 0	0	$ 0
OpenKey
Related Party Transaction [Line Items]
Due to Ashford Inc.	14,000		14,000			8,000
OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	28,000		81,000
Pure Rooms
Related Party Transaction [Line Items]
Due to Ashford Inc.	207,000		207,000			296,000
Pure Rooms | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	1,430,000		1,919,000
Pure Rooms | Affiliated Entity | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	1,417,000		1,903,000
Pure Rooms | Affiliated Entity | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	13,000		16,000
Lismore Capital
Related Party Transaction [Line Items]
Due to Ashford Inc.	0		0			0
Lismore Capital | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	350,000		4,942,000
J&S Audio Visual
Related Party Transaction [Line Items]
Due to Ashford Inc.	1,464,000		1,464,000			(52,000)
J&S Audio Visual | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	1,296,000		3,441,000
J&S Audio Visual | Affiliated Entity | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	74,000		917,000
J&S Audio Visual | Affiliated Entity | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	1,222,000		2,524,000
AIM
Related Party Transaction [Line Items]
Due to Ashford Inc.	140,000		140,000			347,000
AIM | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	339,000		850,000
Premier
Related Party Transaction [Line Items]
Due to Ashford Inc.	1,419,000		1,419,000			0
Premier | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	2,491,000		2,491,000
Ashford LLC | Advisory services fee
Related Party Transaction [Line Items]
Due to Ashford Inc.	1,915,000		1,915,000			14,547,000
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Due to Ashford Inc.	17,000		17,000			$ 0
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction	$ 17,000		$ 53,000
Minimum | Ashford Inc.
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
Maximum | Ashford Inc.
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

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Oct. 31, 2018USD ($)room	Sep. 30, 2018room	Jun. 26, 2018USD ($)
Subsequent Event [Line Items]
Number of rooms | room		24,930
Affiliated Entity | Ashford Inc.
Subsequent Event [Line Items]
ERFP, obligation amount			$ 11.1
Subsequent Event | La Posada
Subsequent Event [Line Items]
Number of rooms | room	157
Consideration transferred	$ 50
Subsequent Event | La Posada | Affiliated Entity | Ashford Inc.
Subsequent Event [Line Items]
ERFP, obligation amount	$ 5