Ashford Hospitality Trust (AHT) 10-K 1 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Feb. 27, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ASHFORD HOSPITALITY TRUST INC
Entity Central Index Key	1,232,582
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 756,375
Entity Common Stock, Shares Outstanding		101,006,162

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Investments in hotel properties, net	$ 4,105,219	$ 4,035,915
Cash and cash equivalents	319,210	354,805
Restricted cash	120,602	116,787
Marketable securities	21,816	26,926
Accounts receivable, net of allowance of $485 and $770, respectively	37,060	44,257
Inventories	4,224	4,244
Investment in unconsolidated entities	4,489	2,955
Deferred costs, net	3,449	2,777
Prepaid expenses	19,982	19,269
Derivative assets, net	2,396	2,010
Other assets	15,923	14,152
Intangible asset, net	9,824	9,943
Due from third-party hotel managers	21,760	17,387
Assets held for sale	0	18,423
Total assets	4,685,954	4,669,850
Liabilities:
Indebtedness, net	3,927,266	3,696,300
Accounts payable and accrued expenses	136,757	132,401
Dividends payable	26,794	25,045
Due to Ashford Inc., net	23,034	15,146
Due to related party, net	1,477	1,067
Due to third-party hotel managers	2,529	2,431
Intangible liabilities, net	15,483	15,839
Derivative liabilities, net	50	0
Other liabilities	18,716	18,376
Liabilities related to assets held for sale	0	13,977
Total liabilities	4,152,106	3,920,582
Commitments and contingencies (note 13)
Redeemable noncontrolling interests in operating partnership	80,743	116,122
Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 101,035,530 and 97,409,113 shares issued and outstanding at December 31, 2018 and 2017, respectively	1,010	974
Additional paid-in capital	1,814,273	1,784,997
Accumulated deficit	(1,363,020)	(1,153,697)
Total stockholders’ equity of the Company	452,489	632,500
Noncontrolling interests in consolidated entities	616	646
Total equity	453,105	633,146
Total liabilities and equity	4,685,954	4,669,850
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at December 31, 2018 and 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 December 31, 2018 and 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 December 31, 2018 and 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 December 31, 2018 and 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 December 31, 2018 and 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	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts receivable	$ 485	$ 770
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	101,035,530	97,409,113
Common stock, shares outstanding (in shares)	101,035,530	97,409,113
Series D Preferred Stock [Member]
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 [Member]
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
Series G Preferred Stock [Member]
Preferred stock, shares issued (in shares)	6,200,000	6,200,000
Preferred stock, shares outstanding (in shares)	6,200,000	6,200,000
Series H Preferred Stock [Member]
Preferred stock, shares issued (in shares)	3,800,000	3,800,000
Preferred stock, shares outstanding (in shares)	3,800,000	3,800,000
Series I Preferred Stock [Member]
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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue
Revenue	$ 1,430,789	$ 1,439,270	$ 1,492,043
Hotel operating expenses:
Expenses	900,582	907,301	938,399
Property taxes, insurance and other	78,355	73,579	73,457
Depreciation and amortization	258,458	246,731	243,863
Impairment charges	23,391	10,153	17,816
Transaction costs	11	14	77
Advisory services fee	69,122	53,199	54,361
Corporate, general and administrative	10,931	13,288	8,366
Total expenses	1,340,850	1,304,265	1,336,339
Gain (loss) on sale of hotel properties	475	14,030	31,599
Operating income (loss)	90,414	149,035	187,303
Equity in earnings (loss) of unconsolidated entities	867	(5,866)	(6,110)
Interest income	3,952	2,202	331
Other income (expense)	64	(3,422)	(4,517)
Interest expense and amortization of premiums and loan costs	(236,786)	(222,631)	(223,967)
Write-off of loan costs and exit fees	(8,847)	(2,845)	(12,702)
Unrealized gain (loss) on marketable securities	(1,013)	(4,649)	4,946
Unrealized gain (loss) on derivatives	(2,178)	(2,802)	(2,534)
Income (loss) before income taxes	(153,527)	(90,978)	(57,250)
Income tax benefit (expense)	(2,782)	2,218	(1,532)
Net income (loss)	(156,309)	(88,760)	(58,782)
(Income) loss from consolidated entities attributable to noncontrolling interests	30	110	14
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	29,313	21,642	12,483
Net income (loss) attributable to the Company	(126,966)	(67,008)	(46,285)
Preferred dividends	(42,577)	(44,761)	(36,272)
Extinguishment of issuance costs upon redemption of preferred stock	0	(10,799)	(6,124)
Net income (loss) attributable to common stockholders	$ (169,543)	$ (122,568)	$ (88,681)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.75)	$ (1.30)	$ (0.95)
Weighted average common shares outstanding – basic (in shares)	97,282	95,207	94,426
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.75)	$ (1.30)	$ (0.95)
Weighted average common shares outstanding – diluted (in shares)	97,282	95,207	94,426
Total hotel revenue
Revenue
Revenue	$ 1,426,780	$ 1,436,116	$ 1,490,301
Rooms
Revenue
Revenue	1,134,687	1,143,135	1,180,199
Hotel operating expenses:
Expenses	248,139	248,643	255,317
Food and beverage
Revenue
Revenue	224,311	234,777	253,211
Hotel operating expenses:
Expenses	156,902	161,683	172,530
Other
Revenue
Revenue	67,782	58,204	56,891
Hotel operating expenses:
Expenses	442,463	444,322	455,818
Other
Revenue
Revenue	4,009	3,154	1,742
Management fees
Hotel operating expenses:
Expenses	$ 53,078	$ 52,653	$ 54,734

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (156,309)	$ (88,760)	$ (58,782)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0
Total comprehensive income (loss)	(156,309)	(88,760)	(58,782)
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities	30	110	14
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	29,313	21,642	12,483
Comprehensive income (loss) attributable to the Company	$ (126,966)	$ (67,008)	$ (46,285)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Series A Preferred Stock [Member]	Series D Preferred Stock [Member]	Series E Preferred Stock [Member]	Series F Preferred Stock [Member]	Series G Preferred Stock [Member]	Series H Preferred Stock [Member]	Series I Preferred Stock [Member]	Restricted Stock and Restricted Stock Units (RSUs) [Member]	Preferred Stock [Member]	Preferred Stock [Member]Series A Preferred Stock [Member]	Preferred Stock [Member]Series D Preferred Stock [Member]	Preferred Stock [Member]Series E Preferred Stock [Member]	Preferred Stock [Member]Series F Preferred Stock [Member]	Preferred Stock [Member]Series G Preferred Stock [Member]	Preferred Stock [Member]Series H Preferred Stock [Member]	Preferred Stock [Member]Series I Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Restricted Stock and Restricted Stock Units (RSUs) [Member]	Additional Paid-in Capital	Additional Paid-in CapitalCommon Stock [Member]	Additional Paid-in CapitalRestricted Stock and Restricted Stock Units (RSUs) [Member]	Accumulated Deficit	Accumulated DeficitCommon Stock [Member]	Accumulated DeficitSeries A Preferred Stock [Member]	Accumulated DeficitSeries D Preferred Stock [Member]	Accumulated DeficitSeries E Preferred Stock [Member]	Accumulated DeficitSeries F Preferred Stock [Member]	Accumulated DeficitSeries G Preferred Stock [Member]	Accumulated DeficitSeries H Preferred Stock [Member]	Accumulated DeficitSeries I Preferred Stock [Member]	Noncontrolling Interests in Consolidated Entities	Redeemable Noncontrolling Interest in Operating Partnership	Redeemable Noncontrolling Interest in Operating PartnershipCommon Stock [Member]	Redeemable Noncontrolling Interest in Operating PartnershipRestricted Stock and Restricted Stock Units (RSUs) [Member]
Beginning balance (in shares) at Dec. 31, 2015												1,657,000	9,469,000	4,630,000	0	0	0	0	95,471,000
Beginning balance at Dec. 31, 2015	$ 811,856											$ 17	$ 95	$ 46	$ 0	$ 0	$ 0	$ 0	$ 955			$ 1,597,194			$ (787,221)									$ 770	$ 118,449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																			(124,000)
Purchases of common stock	(729)																		$ (1)			(728)
Equity-based compensation	5,746																					5,746													3,926
Forfeiture of restricted shares (in shares)																			(47,000)
Forfeiture of restricted shares	0
Issuance of stock (in shares)															4,800,000	6,200,000					862,000
Issuance of stock										$ 0	$ 265,620				$ 48	$ 62					$ 8	265,510		$ (8)													$ 66
Redemption of preferred shares (in shares)														(4,630,000)
Redemption of preferred shares											(115,750)			$ (46)								(109,580)			(6,124)
Dividends		$ (46,292)	$ (3,542)	$ (20,002)	$ (6,280)	$ (4,130)	$ (2,318)												$ (45,388)							$ (46,292)	$ (3,542)	$ (20,002)	$ (6,280)	$ (4,130)	$ (2,318)
Distributions to noncontrolling interests	0																																		(10,988)
Redemption of operating partnership units for sale of hotel property	4,718																					4,718													(16,423)
Redemption/conversion of operating partnership units (in shares)																				215,000
Redemption/conversion of operating partnership units	(971)																			$ 2		1,598			(2,571)										971
Redemption value adjustment	(49,250)																								(49,250)										49,250
Net income (loss)	(58,782)																								(46,285)									(14)
Net income (loss) excluding redeemable noncontrolling interests	(46,299)
Net loss attributable to redeemable noncontrolling interests in operating partnership	(12,483)																																		(12,483)
Ending balance at Dec. 31, 2016	792,377											$ 17	$ 95	$ 0	$ 48	$ 62	$ 0	$ 0	$ 964			1,764,450			(974,015)									756	132,768
Ending balance (in shares) at Dec. 31, 2016												1,657,000	9,469,000	0	4,800,000	6,200,000	0	0	96,377,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																			(203,000)
Purchases of common stock	(1,272)																		$ (2)			(1,270)
Equity-based compensation	7,227																					7,227													5,060
Forfeiture of restricted shares (in shares)																			(56,000)
Forfeiture of restricted shares	0
Issuance of stock (in shares)		0															3,800,000	5,400,000			1,271,000
Issuance of stock										0	222,071						$ 38	$ 54			$ 12	221,979		(12)													94
Redemption of preferred shares (in shares)												(1,657,000)	(7,080,000)
Redemption of preferred shares											$ (218,425)	$ (17)	$ (71)									(207,538)			(10,799)
Dividends		$ (47,104)	$ (2,539)	(18,211)		$ (8,849)	$ (11,430)	$ (2,494)	$ (1,238)										$ (45,752)							(47,104)	$ (2,539)	(18,211)		(8,849)	(11,430)	$ (2,494)	$ (1,238)
Distributions to noncontrolling interests																																			(10,007)
Redemption/conversion of operating partnership units (in shares)																				20,000
Redemption/conversion of operating partnership units		$ 161																					$ 161													$ (161)
Redemption value adjustment	(10,010)																								(10,010)										10,010
Net income (loss)	(88,760)																								(67,008)									(110)
Net income (loss) excluding redeemable noncontrolling interests	(67,118)
Net loss attributable to redeemable noncontrolling interests in operating partnership	(21,642)																																		(21,642)
Ending balance at Dec. 31, 2017	633,146											$ 0	$ 24	$ 0	$ 48	$ 62	$ 38	$ 54	$ 974			1,784,997			(1,153,697)									646	116,122
Ending balance (in shares) at Dec. 31, 2017												0	2,389,000	0	4,800,000	6,200,000	3,800,000	5,400,000	97,409,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																			(249,000)
Purchases of common stock	(1,598)																		$ (3)			(1,595)
Equity-based compensation	16,098																					16,098													10,841
Forfeiture of restricted shares (in shares)																			(48,000)
Forfeiture of restricted shares	0
Issuance of stock (in shares)		2,434,000				4,800,000	6,200,000		5,400,000										2,434,000		1,490,000
Issuance of stock	14,689									$ 123									$ 24		$ 15	14,665		$ 108													$ 53
Redemption of preferred shares (in shares)							(7,100,000)	(7,100,000)	(7,100,000)
Dividends		$ (47,951)		$ (5,047)		$ (8,849)	$ (11,431)	$ (7,125)	$ (10,125)										(47,057)							$ (47,951)		$ (5,047)		$ (8,849)	$ (11,431)	$ (7,125)	$ (10,125)
Distributions to noncontrolling interests	0																																		(8,789)
Redemption value adjustment	8,171																								8,171										(8,171)
Net income (loss)	(156,309)																								(126,966)									(30)
Net income (loss) excluding redeemable noncontrolling interests	(126,996)
Net loss attributable to redeemable noncontrolling interests in operating partnership	(29,313)																																		(29,313)
Ending balance at Dec. 31, 2018	$ 453,105											$ 0	$ 24	$ 0	$ 48	$ 62	$ 38	$ 54	$ 1,010			$ 1,814,273			$ (1,363,020)									$ 616	$ 80,743
Ending balance (in shares) at Dec. 31, 2018												0	2,389,000	0	4,800,000	6,200,000	3,800,000	5,400,000	101,036,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows from Operating Activities
Net income (loss)	$ (156,309)	$ (88,760)	$ (58,782)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	258,458	246,731	243,863
Impairment charges	23,391	10,153	17,816
Amortization of intangibles	(237)	(238)	(156)
Recognition of deferred income	(577)	(869)	0
Write-off of intangibles	0	0	564
Deferred income tax expense (benefit)	135	2,324	0
Bad debt expense	2,148	2,185	1,185
Equity in (earnings) loss of unconsolidated entities	(867)	5,866	6,110
(Gain) loss on sale of hotel properties, net	(475)	(14,030)	(31,599)
Realized and unrealized (gain) loss on trading securities	924	3,678	(4,946)
Purchases of marketable securities	(12,228)	(54,793)	(48,239)
Sales of marketable securities	16,414	77,374	0
(Gain) loss on insurance settlement	(928)	0	(456)
Net settlement of trading derivatives	648	(5,035)	(5,866)
Payments for derivatives	0	0	(230)
Realized and unrealized (gains) losses on derivatives	2,178	7,510	6,116
Amortization of loan costs and premiums, write-off of loan costs, premiums and exit fees	30,012	14,190	34,696
Equity-based compensation	26,939	12,287	9,672
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Accounts receivable and inventories	5,553	2,037	(880)
Prepaid expenses and other assets	(1,946)	(4,762)	(7,453)
Accounts payable and accrued expenses	376	(5,316)	1,670
Due to/from related party	(574)	944	(610)
Due to/from third-party hotel managers	(4,214)	(4,353)	9,731
Due to/from Braemar OP, net	0	(488)	1,016
Due to/from Ashford Inc., net	(8,793)	(570)	5,860
Other liabilities	1,532	1,317	641
Net cash provided by (used in) operating activities	181,560	207,382	179,723
Cash Flows from Investing Activities
Investment in unconsolidated entity	(667)	(984)	(2,321)
Proceeds from payments on notes receivable	0	0	4,246
Acquisition of hotel properties and assets, net of cash and restricted cash acquired	(162,593)	(363)	(3,339)
Improvements and additions to hotel properties	(207,325)	(221,960)	(204,040)
Net proceeds from sale of assets and hotel properties	40,629	105,267	181,754
Payments for initial franchise fees	(329)	(225)	(30)
Liquidation of U.S. AQUA Fund	0	50,942	0
Proceeds from property insurance	651	3,442	1,872
Net cash provided by (used in) investing activities	(329,634)	(63,881)	(21,858)
Cash Flows from Financing Activities
Borrowings on indebtedness	2,705,769	704,800	487,500
Repayments of indebtedness	(2,463,100)	(754,836)	(559,037)
Payments for loan costs and exit fees	(55,555)	(13,871)	(20,156)
Payments for dividends and distributions	(97,445)	(101,592)	(91,465)
Purchases of common stock	(1,598)	(1,272)	(729)
Redemption of preferred stock	0	(218,425)	(115,750)
Payments for derivatives	(3,162)	(871)	(199)
Proceeds from common stock offering	14,752	0	0
Proceeds from preferred stock offerings	0	222,071	265,620
Deposit on ERFP assets	16,100	0	0
Other	53	94	66
Net cash provided by (used in) financing activities	115,814	(163,902)	(34,150)
Net change in cash and cash equivalents	(32,260)	(20,401)	123,715
Cash, cash equivalents and restricted cash at beginning of year	472,072	492,473	368,758
Cash, cash equivalents and restricted cash at end of year	439,812	472,072	492,473
Supplemental Cash Flow Information
Interest paid	215,344	210,644	201,895
Income taxes paid (received), net	1,890	(253)	1,882
Supplemental Disclosure of Investing and Financing Activities
Accrued but unpaid capital expenditures	23,615	19,456	11,402
Non-cash dividends paid	123	0	0
Assumption of debt	0	0	23,850
Redemption of operating partnership units for sale of hotel property	0	0	11,705
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	354,805	347,091	215,078
Cash and cash equivalents at beginning of period included in assets held for sale	78	976	0
Restricted cash at beginning of period	116,787	144,014	153,680
Restricted cash at beginning of period included in assets held for sale	402	392	0
Cash and cash equivalents at end of period	319,210	354,805	347,091
Cash and cash equivalents at end of period included in assets held for sale	0	78	976
Restricted cash at end of period	120,602	116,787	144,014
Restricted cash at end of period included in assets held for sale	0	402	392
Cash, cash equivalents and restricted cash	$ 472,072	$ 492,473	$ 368,758

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 opportunistically in the hospitality industry with a focus predominantly on full-service upscale and upper upscale hotels in the U.S. 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. Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott, and Intercontinental Hotel Group. As of December 31, 2018 , we owned interests in the following assets: • 119 consolidated hotel properties, including 117 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 25,087 total rooms (or 25,060 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); • a 25.0% ownership in Ashford Inc. common stock with a carrying value of $1.9 million and a fair value of $31.0 million ; and • a 16.3% ownership in OpenKey with a carrying value of $2.6 million . For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2018 , our 119 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. 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. We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. As of December 31, 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 81 of our 119 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties. Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include project management services, mortgage placement services, audiovisual services, real estate advisory services, investment management services and mobile key technology. See note 20.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. 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. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 5-hotel portfolio Various Disposition June 1, 2016 Hampton Inn & Suites Gainesville, FL Disposition September 1, 2016 SpringHill Suites Gaithersburg Gaithersburg, MD Disposition October 1, 2016 2-hotel portfolio Palm Desert, CA Disposition October 7, 2016 Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 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 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 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. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income (expense), dividends, and realized gains and losses, is reported as a component of “other income (expense).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. 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. We recorded impairment charges of $23.4 million , $10.2 million and $1.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. See note 6 . Hotel Dispositions —D iscontinued 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. See note 6 . 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 6 . Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.3% to 25.0% , at December 31, 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 years ended December 31, 2018 , 2017 and 2016 . 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. Deferred Costs, net —Debt issuance costs are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs associated with our secured revolving credit facility are presented as an asset on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See notes 7 and 9 . Intangible Assets and Liabilities —Intangible assets and liabilities represent the assets and liabilities recorded on certain hotel properties’ ground lease contracts that were below or above market rates at the date of acquisition. These assets and liabilities are amortized using the straight line method over the remaining terms of the respective lease contracts. See note 8 . Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master- netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense)”, respectively, in the consolidated statements of operations. Due to/from Related Party —Due to/from related party represents current receivables and payables resulting from transactions related to hotel management with a related party. As of December 31, 2017 it also included current receivables/payables resulting from transactions related to project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year . Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. See note 20. Due to/from Ashford Inc. is generally settled within a period not exceeding one year . Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year . Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 14 . The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2018 and 2017 , and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Revenue Recognition —Prior to the adoption of Topic 606 on January 1, 2018, hotel revenues, including rooms, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, were recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities were not recorded in revenue. Interest income has been recognized when earned. On January 1, 2018, we adopted Topic 606 using the modified retrospective method. Rooms revenue represents revenue from the occupancy of our hotel rooms, which 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 audiovisual 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, audiovisual 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 from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. See note 3 . Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2018 , 2017 and 2016 , we incurred advertising costs of $8.5 million , $7.5 million and $6.4 million , respectively. Advertising costs related to continuing operations are included in “other” hotel expenses in the accompanying consolidated statements of operations. 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. Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 17 . The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. Reclassifications —As part of the SEC’s Disclosure Update Simplification Project, in 2018, the SEC issued a final rule that eliminated Rule 3-15(a)(1) gain (loss) on sale of hotel properties by REITs to resolve inconsistencies in the presentation requirements in US GAAP. With the elimination of the SEC rule allowing for alternate presentation, our statements of operations must be in accordance with ASC 360-10-45-5. As a result, we have presented “gain (loss) on sale of hotel properties” as a component of “operating income (loss)” for all periods presented. 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 rooms, 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 acquisitions completed in 2018 are acquisitions 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. 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, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“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

Revenue

Revenue	12 Months Ended
	Dec. 31, 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 ASC 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. 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 audiovisual 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, audiovisual 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 from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. For the years ended December 31, 2018 , 2017 , and 2016 , we recorded $2.6 million , $0 , and $0 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. The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 66,688 $ 17,060 $ 5,217 $ — $ 88,965 Boston, MA Area 3 60,232 7,725 3,468 — 71,425 Dallas / Ft. Worth Area 7 61,910 16,746 3,602 — 82,258 Houston, TX Area 3 26,783 9,214 854 — 36,851 Los Angeles, CA Metro Area 6 77,976 15,645 4,702 — 98,323 Miami, FL Metro Area 3 28,366 9,009 997 — 38,372 Minneapolis / St. Paul, MN / WI Area 4 36,138 9,618 4,602 — 50,358 Nashville, TN Area 1 50,120 13,116 1,783 — 65,019 New York / New Jersey Metro Area 6 74,441 23,029 2,899 — 100,369 Orlando, FL Area 3 28,966 1,570 1,325 — 31,861 Philadelphia, PA Area 3 24,385 4,534 869 — 29,788 San Diego, CA Area 2 18,392 1,075 971 — 20,438 San Francisco/Oakland, CA Metro Area 6 81,368 7,726 2,562 — 91,656 Tampa, FL Area 2 22,896 6,459 1,542 — 30,897 Washington D.C. / MD / VA Area 9 113,902 23,673 6,695 — 144,270 Other Areas 52 354,177 57,981 24,377 — 436,535 Orlando WorldQuest — 4,429 130 1,188 — 5,747 Sold properties 3 3,518 1 129 — 3,648 Corporate — — — — 4,009 4,009 Total 122 $ 1,134,687 $ 224,311 $ 67,782 $ 4,009 $ 1,430,789 Year Ended December 31, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 67,463 $ 17,526 $ 4,979 $ — $ 89,968 Boston, MA Area 3 58,719 8,265 3,217 — 70,201 Dallas / Ft. Worth Area 7 61,086 16,887 3,258 — 81,231 Houston, TX Area 3 27,965 9,162 738 — 37,865 Los Angeles, CA Metro Area 6 77,224 15,503 4,592 — 97,319 Miami, FL Metro Area 3 28,833 9,057 992 — 38,882 Minneapolis / St. Paul, MN / WI Area 4 36,156 9,740 4,391 — 50,287 Nashville, TN Area 1 50,530 16,979 1,629 — 69,138 New York / New Jersey Metro Area 6 73,670 24,876 2,528 — 101,074 Orlando, FL Area 3 30,053 1,851 736 — 32,640 Philadelphia, PA Area 3 23,434 4,052 725 — 28,211 San Diego, CA Area 2 18,044 1,512 769 — 20,325 San Francisco/Oakland, CA Metro Area 6 77,713 8,073 2,033 — 87,819 Tampa, FL Area 3 23,775 6,699 760 — 31,234 Washington D.C. / MD / VA Area 9 111,928 23,896 5,094 — 140,918 Other Areas 52 350,891 57,341 19,978 — 428,210 Orlando WorldQuest — 4,946 141 1,224 — 6,311 Sold properties 6 20,705 3,217 561 — 24,483 Corporate — — — — 3,154 3,154 Total 126 $ 1,143,135 $ 234,777 $ 58,204 $ 3,154 $ 1,439,270 Year ended December 31, 2016 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 66,971 $ 18,482 $ 4,621 $ — $ 90,074 Boston, MA Area 3 56,194 7,974 3,073 — 67,241 Dallas / Ft. Worth Area 7 61,160 18,398 3,024 — 82,582 Houston, TX Area 3 25,484 9,538 649 — 35,671 Los Angeles, CA Metro Area 6 77,198 15,348 4,312 — 96,858 Miami, FL Metro Area 3 27,979 8,749 881 — 37,609 Minneapolis / St. Paul, MN / WI Area 4 38,712 11,113 4,336 — 54,161 Nashville, TN Area 1 48,674 19,421 1,507 — 69,602 New York / New Jersey Metro Area 6 71,647 25,504 1,809 — 98,960 Orlando, FL Area 3 28,062 1,902 681 — 30,645 Philadelphia, PA Area 3 24,272 4,513 883 — 29,668 San Diego, CA Area 2 17,785 2,063 514 — 20,362 San Francisco/Oakland, CA Metro Area 6 76,306 8,886 2,179 — 87,371 Tampa, FL Area 3 23,136 6,834 771 — 30,741 Washington D.C. / MD / VA Area 9 108,049 22,885 4,879 — 135,813 Other Areas 54 348,833 58,807 19,342 — 426,982 Orlando WorldQuest — 5,039 151 1,204 — 6,394 Sold properties 15 74,698 12,643 2,226 — 89,567 Corporate — — — — 1,742 1,742 Total 138 $ 1,180,199 $ 253,211 $ 56,891 $ 1,742 $ 1,492,043

Investment in Hotel Properties,

Investment in Hotel Properties, net	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties consisted of the following (in thousands): December 31, 2018 2017 Land $ 670,362 $ 653,293 Buildings and improvements 4,062,810 3,895,112 Furniture, fixtures and equipment 504,806 468,420 Construction in progress 37,394 35,273 Condominium properties 12,091 12,196 Total cost 5,287,463 5,064,294 Accumulated depreciation (1,182,244 ) (1,028,379 ) Investments in hotel properties, net $ 4,105,219 $ 4,035,915 The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes was approximately $3.6 billion and $3.5 billion as of December 31, 2018 and 2017 . For the years ended December 31, 2018 , 2017 and 2016 , we recognized depreciation expense of $257.9 million , $246.0 million and $243.6 million , respectively. 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 before acquisition costs. 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 year ended December 31, 2018 (in thousands): Year Ended December 31, 2018 Total revenue $ 9,418 Net income (loss) 291 La Posada de Santa Fe On October 31, 2018, the Company acquired a 100% interest in the 157 -room La Posada de Santa Fe in Santa Fe, New Mexico for $50.0 million before closing costs. 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 $ 8,094 Buildings and improvements 41,222 Furniture, fixtures and equipment 835 $ 50,151 Net other assets (liabilities) $ 366 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 year ended December 31, 2018 (in thousands): Year Ended December 31, 2018 Total revenue $ 2,255 Net income (loss) (164 )

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 31, 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 25.0% ownership interest in Ashford Inc., as of December 31, 2018 , with a carrying value of $1.9 million and a fair value of $31.0 million . The following tables summarize the condensed consolidated balance sheets and our ownership interest in Ashford Inc. as of December 31, 2018 and 2017 , and the condensed consolidated statements of operations and our equity in earnings (loss) of Ashford Inc. for the years ended December 31, 2018 , 2017 and 2016 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets December 31, 2018 December 31, 2017 Total assets $ 379,005 $ 114,810 Total liabilities 108,726 78,742 Series B cumulative convertible preferred stock 200,847 — Redeemable noncontrolling interests 3,531 5,111 Total stockholders’ equity of Ashford Inc. 65,443 30,185 Noncontrolling interests in consolidated entities 458 772 Total equity 65,901 30,957 Total liabilities and equity $ 379,005 $ 114,810 Our ownership interest in Ashford Inc. $ 1,896 $ 437 Ashford Inc. Condensed Consolidated Statements of Operations Year Ended December 31, 2018 2017 2016 Total revenue $ 195,520 $ 81,573 $ 67,607 Total expenses (196,359 ) (92,095 ) (70,064 ) Operating income (loss) (839 ) (10,522 ) (2,457 ) Realized and unrealized gain (loss) on investment in unconsolidated entity, net — — (1,460 ) Realized and unrealized gain (loss) on investments, net — (91 ) (7,787 ) Interest expense and loan amortization costs (1,200 ) (122 ) — Other income (expense) (505 ) 264 81 Income tax benefit (expense) 10,364 (9,723 ) (780 ) Net income (loss) 7,820 (20,194 ) (12,403 ) (Income) loss from consolidated entities attributable to noncontrolling interests 924 358 8,860 Net (income) loss attributable to redeemable noncontrolling interests 1,438 1,484 1,147 Net income (loss) attributable to Ashford Inc. 10,182 (18,352 ) (2,396 ) Preferred dividends (4,466 ) — — Amortization of preferred stock discount (730 ) — — Net income attributable to common stockholders $ 4,986 $ (18,352 ) $ (2,396 ) Our equity in earnings (loss) of Ashford Inc. $ 1,459 $ (5,437 ) $ (743 ) AQUA U.S. Fund In June 2015, for consideration of certain marketable securities, we obtained a 52.4% ownership interest in the AQUA U.S. Fund. The AQUA U.S. Fund was managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. The AQUA U.S. Fund was consolidated by Ashford Inc. During the first quarter of 2017, we liquidated our investment in the AQUA U.S. Fund subject to a 5% hold back of $2.6 million , which was received during the second quarter of 2017. For the years ended December 31, 2017 and 2016 , our equity in earnings (loss) was $52,000 and $(5.1) million , respectively. OpenKey In 2016, the Company made investments totaling $2.3 million in OpenKey, which is controlled and consolidated by Ashford Inc., for a 16.2% 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 December 31, 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: December 31, 2018 December 31, 2017 Carrying value of the investment in OpenKey (in thousands) $ 2,593 $ 2,518 Ownership interest in OpenKey 16.3 % 16.2 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Equity in earnings (loss) in unconsolidated entity $ (592 ) $ (481 ) $ (305 )

Hotel Dispositions, Impairment

Hotel Dispositions, Impairment Charges and Insurance Recoveries, and Assets Held for Sale	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions, Impairment Charges and Insurance Recoveries, and Assets Held for Sale	Hotel Dispositions, Impairment Charges and Insurance Recoveries, and Assets Held for Sale Hotel Dispositions On June 1, 2016, the Company sold the Noble Five Hotels, a 5 -hotel portfolio of select-service hotel properties for approximately $142.0 million in cash. The sale resulted in a gain of $22.8 million for the year ended December 31, 2016 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. The portfolio is comprised of the Courtyard Edison in Edison, New Jersey; the Residence Inn Buckhead in Atlanta, Georgia; the Courtyard Lake Buena Vista, the Fairfield Inn Lake Buena Vista and the SpringHill Suites Lake Buena Vista in Orlando, Florida. On September 1, 2016, the Company sold the Hampton Inn Gainesville for approximately $26.5 million in cash. The sale resulted in a gain of $1.6 million for the year ended December 31, 2016 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. On October 1, 2016, the Company sold the SpringHill Suites in Gaithersburg, Maryland for approximately $13.2 million . The consideration received from the sale was a combination of cash and approximately 2.0 million Class B common units of the Company’s operating partnership. The Class B operating partnership units were redeemed at a price of $5.74 per unit, or a price of $6.05 per common share after taking into account the current conversion factor. The Company also paid off approximately $10.4 million of debt associated with the hotel property. The sale resulted in a loss of $223,000 for the year ended December 31, 2016 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations (see impairment discussion below). On October 7, 2016, the Company sold the Courtyard and Residence Inn in Palm Desert, California for $36.0 million . The consideration received from the sale was a combination of cash and assumption of approximately $23.8 million of mortgage debt associated with the hotel properties. The sale resulted in a gain of $7.5 million for the year ended December 31, 2016 and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. 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 9 . 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 9 . 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 9 . On February 20, 2018, the Company sold the SpringHill Suites in Glen Allen, Virginia for approximately $10.9 million in cash. The sale resulted in a loss of approximately $13,000 for the year ended December 31, 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 9 . On May 1, 2018, the Company sold the SpringHill Suites in Centreville, Virginia for approximately $7.5 million in cash. The sale resulted in a gain of approximately $98,000 for the year ended December 31, 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 9 . On May 10, 2018, the Company sold the Residence Inn in Tampa, Florida for approximately $24.0 million in cash. The sale resulted in a gain of approximately $400,000 for the year ended December 31, 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 9 . We included the results of operations for these hotel properties through the date of disposition in net income (loss) as shown in the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 , respectively . The following table includes condensed financial information from these hotel properties (in thousands): Year Ended December 31, 2018 2017 2016 Total hotel revenue $ 3,648 $ 24,483 $ 89,567 Total hotel operating expenses (2,188 ) (17,908 ) (59,444 ) Gain (loss) on sale of hotel properties 475 14,030 31,713 Operating income (loss) 1,935 20,605 61,836 Property taxes, insurance and other (235 ) (1,166 ) (4,354 ) Depreciation and amortization (347 ) (4,613 ) (13,726 ) Impairment charges (1,939 ) (8,220 ) (18,316 ) Interest income — 12 1 Interest expense and amortization of loan costs (525 ) (4,092 ) (12,377 ) Write-off of loan costs and exit fees (524 ) (98 ) (5,076 ) Income (loss) before income taxes (1,635 ) 2,428 7,988 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 239 (377 ) (1,157 ) Income (loss) before income taxes attributable to the Company $ (1,396 ) $ 2,051 $ 6,831 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 . In 2018, we recorded revenue from business interruption losses associated with lost profits from the hurricanes of $401,000 , which is included in “other” hotel revenue in our consolidated statement of operations. We received additional proceeds of $836,000 associated with property damage from the hurricanes during the year ended December 31, 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. In 2018, we recorded a $23.4 million impairment charge, which was comprised of $9.9 million at the San Antonio Marriott, $6.7 million at the Annapolis Crowne Plaza, $5.1 million at the Wisconsin Dells Hilton Garden Inn and $2.0 million at the SpringHill Suites Centreville related to its disposition. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. We also recorded impairment adjustments of $275,000 in 2018 based on changes in estimates of property damages incurred from Hurricanes Harvey and Irma. In 2017 we recorded impairment charges of $8.2 million related to two hotel properties. The impairment charges occurred at the SpringHill Suites in Centreville, Virginia (“SpringHill Suites Centreville”) and the 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. The hotel properties were held for sale as of December 31, 2017 and subsequently sold during 2018. See discussion below. In 2016 we recorded impairment charges of $18.3 million related to three hotel properties. The impairment charges occurred at the SpringHill Suites Gaithersburg, Embassy Suites Syracuse and the Renaissance Portsmouth in the amounts of $5.0 million , $4.1 million and $9.2 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. On October 1, 2016, the Company sold the SpringHill Suites Gaithersburg for approximately $13.2 million . 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, the Company sold the SpringHill Suites Glen Allen for approximately $10.9 million . The sale resulted in a loss of $13,000 for the year ended December 31, 2018 , and is included in “gain (loss) on sale of hotel properties” in the consolidated statements of operations. On May 1, 2018, the Company sold 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 $98,000 for the year ended December 31, 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 were as follows (in thousands): 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

Deferred Costs, net

Deferred Costs, net	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, net	Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2018 2017 Deferred franchise fees $ 4,571 $ 4,400 Deferred loan costs 816 — Total costs 5,387 4,400 Accumulated amortization (1,938 ) (1,623 ) Deferred costs, net $ 3,449 $ 2,777

Intangible Assets, net and Inta

Intangible Assets, net and Intangible Liabilities, net	12 Months Ended
	Dec. 31, 2018
Intangible Assets, net and Intangible Liabilities, net [Abstract]
Intangible Assets, net and Intangible Liabilities, net	Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liability, net December 31, December 31, 2018 2017 2018 2017 Cost $ 10,276 $ 10,276 $ 16,846 $ 16,846 Accumulated amortization (452 ) (333 ) (1,363 ) (1,007 ) $ 9,824 $ 9,943 $ 15,483 $ 15,839 The intangible assets and intangible liabilities noted above represent the above-market rate leases (liability) and below-market rate leases (asset) that were determined based on the comparison of rent due under the ground lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective ground lease terms with expiration dates ranging from 2024 to 2114. For the years ended December 31, 2018 , 2017 and 2016 , net amortization related to intangibles was a reduction in lease expense of $237,000 , $238,000 and $156,000 , respectively. In connection with the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia we recorded an intangible asset of approximately $797,000 . This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2018 . As discussed in note 2 , we will adopt ASU 2016-02 effective January 1, 2019. Upon adoption, we will derecognize the assets and/or liabilities previously recognized associated with favorable/unfavorable market-rate leases where we are the lessee. The carrying amount of the ROU assets will then be adjusted by the corresponding amount. After adoption of ASC 842, amortization of the favorable/unfavorable market-rate leases will be included within the amortization of the related ROU assets, and because the ROU assets relate to operating leases, the company does not expect any significant net impact in its statement of operations. Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Estimated future amortization expense pre-adoption Impact due to adoption of ASU 2016-02 Estimated future amortization expense post-adoption 2019 $ 118 $ (118 ) $ — 2020 118 (118 ) — 2021 118 (118 ) — 2022 118 (118 ) — 2023 118 (118 ) — Thereafter 8,437 (8,437 ) — Total $ 9,027 $ (9,027 ) $ — Intangible Liabilities Estimated future amortization expense pre-adoption Impact due to adoption of ASU 2016-02 Estimated future amortization expense post-adoption 2019 $ 356 $ (274 ) $ 82 2020 356 (274 ) 82 2021 356 (274 ) 82 2022 356 (274 ) 82 2023 356 (274 ) 82 Thereafter 13,703 (11,675 ) 2,028 Total $ 15,483 $ (13,045 ) $ 2,438

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Indebtedness Collateral Maturity Interest Rate Debt Book Value of Collateral Debt Balance Book Value of Collateral 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% — — 376,800 346,609 Mortgage loan (5) 22 hotels April 2018 LIBOR (1) + 4.39% — — 971,654 1,206,994 Mortgage loan (6) 1 hotel July 2018 LIBOR (1) + 5.10% — — 40,500 52,038 Mortgage loan (6) (7) 3 hotels August 2018 LIBOR (1) + 4.35% — — 52,530 61,358 Mortgage loan (6) 6 hotels August 2018 LIBOR (1) + 4.35% — — 280,421 162,938 Mortgage loan (6) (8) 17 hotels October 2018 LIBOR (1) + 4.55% — — 450,000 442,394 Mortgage loan (6) 5 hotels February 2019 LIBOR (1) + 4.75% — — 200,000 208,338 Mortgage loan (6) 1 hotel April 2019 LIBOR (1) + 4.95% — — 33,300 39,298 Mortgage loan (6) 1 hotel May 2019 LIBOR (1) + 5.10% — — 25,100 32,188 Mortgage loan (9) 1 hotel June 2019 LIBOR (1) + 5.10% 43,750 62,995 43,750 62,348 Mortgage loan 1 hotel July 2019 4.00% 5,232 7,752 5,336 8,056 Mortgage loan (10) 1 hotel July 2019 LIBOR (1) + 4.15% 35,200 36,177 35,200 36,220 Mortgage loan (10) 8 hotels July 2019 LIBOR (1) + 4.09% 144,000 173,678 144,000 174,676 Mortgage loan (11) 1 hotel August 2019 LIBOR (1) + 4.95% 7,778 9,446 12,000 15,279 Mortgage loan (12) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 282,462 427,000 290,973 Mortgage loan (4) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 344,744 — — Mortgage loan (5) 21 hotels April 2020 LIBOR (1) + 3.20% 962,575 1,168,504 — — Mortgage loan (13) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 29,966 16,100 25,654 Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 136,325 — — Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 137,611 — — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 176,279 — — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 116,304 — — Mortgage loan (6) (14) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 189,026 — — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 193,120 — — Mortgage loan 1 hotel November 2020 6.26% 93,433 121,162 95,207 126,462 Mortgage loan (15) 1 hotel November 2020 LIBOR (1) + 2.55% 25,000 49,912 — — Mortgage loan (16) 2 hotels June 2022 LIBOR (1) + 3.00% 178,099 245,984 164,700 234,253 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 194,886 97,000 196,365 Mortgage loan 1 hotel May 2023 5.46% 52,843 79,124 53,789 81,854 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 110,592 — — Mortgage loan 1 hotel January 2024 5.49% 6,883 8,694 7,000 9,392 Mortgage loan 1 hotel January 2024 5.49% 10,045 20,516 10,216 17,533 Mortgage loan 1 hotel May 2024 4.99% 6,414 7,153 6,530 7,438 Mortgage loan 3 hotels August 2024 5.20% 65,242 50,768 66,224 51,393 Mortgage loan 2 hotels August 2024 4.85% 12,048 10,909 12,242 11,135 Mortgage loan 3 hotels August 2024 4.90% 24,086 16,211 24,471 15,693 Mortgage loan 2 hotels February 2025 4.45% 19,835 10,423 20,214 10,516 Mortgage loan 3 hotels February 2025 4.45% 51,304 73,645 52,284 72,112 $ 3,966,237 $ 4,064,368 $ 3,723,568 $ 3,999,507 Premiums, net 1,293 1,570 Deferred loan costs, net (40,264 ) (15,617 ) $ 3,927,266 $ 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 $ 3,927,266 $ 3,696,300 ____________________________________ (1) LIBOR rates were 2.503% and 1.564% at December 31, 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, (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 pay down. See note 6 . (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 6 . (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 6 . (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 pay down 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 mortgage loan has three one-year extension options subject to satisfaction of certain conditions. (16) This $181.0 million mortgage loan had an initial advance of $164.7 million in May 2017. In February, May, June, October and November 2018, additional advances of $6.5 million , $1.1 million , $1.9 million , $2.9 million , and $1.0 million , respectively, were used for a capital expenditures project at one of the hotel properties securing this mortgage loan. 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. See note 6 . 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. See note 6 . 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 Atlanta. 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. See note 6 . 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 totaled $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. See note 6 . 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. See note 6 . 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. See note 6 . 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 refinancing. 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, Virginia, 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 refinancing. 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 would be 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% . On November 8, 2018, in connection with the acquisition of the La Posada de Santa Fe we completed the financing of a $25.0 million mortgage loan. This mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.55% . The stated maturity date of the mortgage loan is November 2020, with three one-year extension options. The mortgage loan is secured by the La Posada de Santa Fe. During the years ended December 31, 2018 , 2017 , and 2016 we recognized premium amortization of $277,000 , $2.0 million and $2.1 million respectively. The amortization of the premium is computed using a method that approximates the effective interest method, which is included in interest expense and amortization of premiums and loan costs in the consolidated statements of operations. We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. As of December 31, 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. Maturities and scheduled amortizations of indebtedness as of December 31, 2018 for each of the five following years and thereafter are as follows (in thousands): 2019 $ 669,233 2020 2,710,200 2021 7,953 2022 275,810 2023 126,291 Thereafter 176,750 Total $ 3,966,237

Derivative Instruments and Hedg

Derivative Instruments and Hedging	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2018 2017 2016 Interest cap rates: Notional amount (in thousands) $ 3,614,618 $ 2,539,700 $ 1,465,700 Strike rate low end of range 1.50 % 1.50 % 2.00 % Strike rate high end of range 5.71 % 5.84 % 4.50 % Effective date range January 2018 - November 2018 February 2017 - October 2017 February 2016 - January 2017 Termination date range January 2019 - November 2020 February 2018 - November 2019 February 2017 - October 2018 Total cost (in thousands) $ 3,143 $ 871 $ 199 Interest rate floors: Notional amount (in thousands) $ 12,025,000 $ 10,750,000 $ — Strike rate low end of range 1.25 % 1.00 % — Strike rate high end of range 2.00 % 1.50 % — Effective date range July 2018 - November 2018 September 2017 - December 2017 n/a Termination date range September 2019 - November 2021 March 2019 - June 2019 n/a Total cost (in thousands) $ 432 $ 388 $ — None of these instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: December 31, 2018 December 31, 2017 Interest cap rates: Notional amount (in thousands) $ 3,953,718 (1) $ 3,399,700 (1) Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.71 % 5.84 % Termination date range January 2019 - November 2020 January 2018 - November 2019 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,521,872 $ 3,370,055 Interest rate floors: (2) Notional amount (in thousands) $ 28,775,000 (1 ) $ 16,750,000 (1 ) Strike rate low end of range (0.25 )% (0.25 )% Strike rate low end of range 2.00 % 1.50 % Termination date range March 2019 - November 2021 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 December 31, 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 $7.5 million as of December 31, 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 . Futures Contracts —During the year ended December 31, 2016, we purchased an option on Eurodollar futures for a total cost of $250,000 , and maturity date of June 2017. There were no purchases during the years ended December 31, 2018 and 2017.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 2018 , the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 2.50% to 2.33% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counter-party and Cash Collateral Netting (1) Total December 31, 2018: Assets Derivative assets: Interest rate derivatives – floors $ — $ 255 $ — $ 208 $ 463 (2) Interest rate derivatives – caps — 601 — — 601 (2) Credit default swaps — 520 — 812 1,332 (2) — 1,376 — 1,020 2,396 Non-derivative assets: Equity securities 21,816 — — — 21,816 (3) Total $ 21,816 $ 1,376 $ — $ 1,020 $ 24,212 Liabilities Derivative liabilities: Credit default swaps — — — (50 ) (50 ) (4) Net $ 21,816 $ 1,376 $ — $ 970 $ 24,162 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 the consolidated balance sheets. (3) Reported as “marketable securities” in the consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in the consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following tables summarize the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): Gain (Loss) Recognized in Income Year Ended December 31, 2018 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (488 ) $ (2,435 ) $ 611 Interest rate derivatives - caps (2,678 ) (758 ) (535 ) Credit default swaps 703 (4) (4,201 ) (4) (5,843 ) (4) Options on futures contracts — (116 ) (348 ) Non-derivative assets: Equity (924 ) (3,678 ) 4,946 Total (3,387 ) (11,188 ) (1,169 ) Liabilities Derivative liabilities: Credit default swaps 285 — — Net $ (3,102 ) $ (11,188 ) $ (1,169 ) Total combined Interest rate derivatives - floors $ (488 ) $ (2,435 ) $ 611 Interest rate derivatives - caps (2,678 ) (758 ) (535 ) Credit default swaps 988 (36 ) (2,574 ) Options on futures contracts — 427 (36 ) Total derivatives (2,178 ) (1) (2,802 ) (1) (2,534 ) (1) Realized gain (loss) on credit default swaps — (2) (4) (4,165 ) (2) (4) (3,269 ) (2) (4) Realized gain (loss) on options on futures contracts — (2) (543 ) (312 ) Unrealized gain (loss) on marketable securities (1,013 ) (3) (4,649 ) (3) 4,946 (3) Realized gain (loss) on marketable securities 89 (2) 971 (2) — (2) Net $ (3,102 ) $ (11,188 ) $ (1,169 ) _________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $1,045 , $1,036 and $873 in 2018 , 2017 and 2016 , respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets, net $ 2,396 $ 2,396 $ 2,010 $ 2,010 Marketable securities 21,816 21,816 26,926 26,926 Derivative liabilities, net 50 50 — — Financial assets not measured at fair value: Cash and cash equivalents (1) $ 319,210 $ 319,210 $ 354,883 $ 354,883 Restricted cash (1) 120,602 120,602 117,189 117,189 Accounts receivable, net (1) 37,060 37,060 44,384 44,384 Due from third-party hotel managers (1) 21,760 21,760 17,418 17,418 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,967,530 $3,773,343 to $4,170,538 $ 3,725,138 $3,559,993 to $3,934,727 Accounts payable and accrued expenses (1) 136,757 136,757 133,063 133,063 Dividends and distributions payable 26,794 26,794 25,045 25,045 Due to Ashford Inc., net 23,034 23,034 15,146 15,146 Due to related party, net (1) 1,477 1,477 1,161 1,161 Due to third-party hotel managers 2,529 2,529 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 notes 2 and 11 for a complete description of the methodology and assumptions utilized in determining the fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 95.1% to 105.1% of the carrying value of $4.0 billion at December 31, 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. 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 2 , 10 , and 11 for a complete description of the methodology and assumptions utilized in determining fair values.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 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 2020 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 $72.1 million , $69.3 million and $70.5 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Franchise fees are included in “other” hotel expenses in the consolidated statements of operations. Management Fees —Under property management agreements for our hotel properties existing at December 31, 2018 , we pay 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. These property management agreements expire from 2020 through 2039 , with renewal options. If we terminate a property 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. Additionally, we pay: (a) project management fees of up to 4% of project costs; (b) market service fees including purchasing, design and construction management not to exceed 16.5% of project management budget cumulatively, including project management fees; and (c) other general fees at current market rates as approved by our independent directors, if required. Prior to August 8, 2018, these fees were paid to Remington Lodging. In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Premier Project Management LLC (“Premier”), a wholly owned subsidiary of Ashford Inc. From and after August 8, 2018, we paid the aforementioned fees to Premier. See note 20 . Leases —We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2114 , including four ground leases related to our hotel properties. Two of these ground leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. For the years ended December 31, 2018 , 2017 and 2016 ,we recognized rent expense of $4.0 million , $4.3 million and $5.3 million , respectively, which included contingent rent of $837,000 , $1.1 million and $1.7 million , respectively. Rent expense related to continuing operations is included in “other” hotel expenses in the consolidated statements of operations. Future minimum rentals due under non-cancelable leases are as follows for each of the five following years and thereafter are as follows (in thousands): 2019 $ 2,643 2020 2,506 2021 2,379 2022 2,297 2023 2,249 Thereafter 121,697 Total $ 133,771 Capital Commitments —At December 31, 2018 , we had capital commitments of $68.6 million , including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months . Litigation — Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. 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, and on June 7, 2017, the Company paid $2.5 million of the judgment. 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 of $3.9 million 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 December 31, 2018 , we have accrued approximately $504,000 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. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2014 through 2018 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.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 2018
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (“common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested throughout the period plus distributions paid to the limited partners with regard to the Class B common units. Class B common units had a fixed dividend rate of 7.2% and had priority in payment of cash dividends over common units but otherwise had no preference over common units. 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. During the fourth quarter of 2016, the Class B common units were converted, at the Company’s election, to common units. 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 December 31, 2018 , there were approximately 1.7 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. During the year ended December 31, 2018, approximately 739,000 performance-based LTIP units were forfeited due to the market condition criteria not being met. 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 December 31, 2018 , we have issued a total of 11.3 million LTIP and performance LTIP units, each net of performance LTIP cancellations. All LTIP and performance LTIP units other than approximately 686,000 units ( none of which are performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting. We recorded compensation expense for performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2018 2017 2016 Performance LTIP units Advisory services fee $ 6,797 $ 1,785 $ 1,164 LTIP units Advisory services fee 3,508 2,800 2,405 LTIP units - independent directors Corporate, general and administrative 536 475 357 $ 10,841 $ 5,060 $ 3,926 The unamortized cost of the unvested performance LTIP units, which was $5.2 million at December 31, 2018 , will be expensed over a period of 2.2 years with a weighted average period of 1.6 years . The unamortized cost of the unvested LTIP units, which was $4.6 million at December 31, 2018 , will be expensed over a period of 2.2 years with a weighted average period of 1.5 years . During the year ended December 31, 2018 , no common units were redeemed. During the year ended December 31, 2017, 21,000 common units with an aggregate fair value of $161,000 were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. During the year ended December 31, 2016, 224,000 common units with an aggregate fair value of $1.6 million were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. Also during 2016, as discussed in note 6 , 2.0 million Class B common units were redeemed as part of the sale of the SpringHill Suites Gaithersburg. The Class B units had a fair value of $11.7 million as of the date of conversion. The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage: December 31, 2018 December 31, 2017 Redeemable noncontrolling interests $ 80,743 $ 116,122 Cumulative adjustments to redeemable noncontrolling interests (1) 146,091 154,262 Ownership percentage of operating partnership 14.64 % 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): Year Ended December 31, 2018 2017 2016 Allocated net (income) loss to the redeemable noncontrolling interests $ 29,313 $ 21,642 $ 12,483 Aggregate cash distributions to holders of common units and LTIP units 8,789 10,007 10,988 A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2018 2017 2016 Outstanding at beginning of year 19,602 19,443 20,388 LTIP units issued 476 701 515 Performance LTIP units issued 582 1,179 803 Performance LTIP units canceled (739 ) — — Common units converted for sale of hotel property — — (2,039 ) Common units converted to common stock — (21 ) (224 ) Conversion factor adjustment — (1,700 ) — Outstanding at end of year 19,921 19,602 19,443 Common units convertible/redeemable at end of year 16,645 16,320 17,531

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Common Stock Repurchases —On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share having an aggregate value of up to $200 million . The board of director’s authorization replaced any previous repurchase authorizations. There were no repurchases under the Repurchase Program for the year ended December 31, 2018. For the years ended December 31, 2018 , 2017 and 2016 , no shares of our common stock have been repurchased under the share repurchase program. In addition, we acquired 248,562 shares, 203,299 shares and 124,463 shares of our common stock in 2018 , 2017 and 2016 , respectively, to satisfy employees’ statutory minimum federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. At-the-Market Equity Offering Program —On December 11, 2017, we entered into equity distribution agreements with UBS Securities LLC, Morgan Stanley & Co. LLC, B. Riley FBR, Inc., Robert W. Baird & Co. Incorporated, D.A. Davidson & Co., Deutsche Bank Securities Inc. and Janney Montgomery Scott LLC, each acting as a sales agent (the “Equity Distribution Agreements”). Pursuant to the Equity Distribution Agreements, we may sell from time to time through the sales agents shares of our common stock having an aggregate offering price of up to $100.0 million . Sales of shares of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415 of the Securities Act, including sales made directly on the New York Stock Exchange, the existing trading market for our common stock, or sales made to or through a market maker other than on an exchange or through an electronic communications network. We will pay each of the sales agents a commission, which in each case shall not be more than 2.0% of the gross sales price of the shares of our common stock sold through such sales agent. The table below summarizes the issuance activity (in thousands): Year Ended December 31, 2018 2017 Common shares issued 2,434 — Gross proceed received $ 15,522 $ — Commissions and other expenses $ 194 $ — Net proceeds $ 15,328 $ — Preferred Stock —In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D cumulative preferred stock, Series F cumulative preferred stock, Series G cumulative preferred stock, Series H cumulative preferred stock and Series I cumulative preferred stock. 8.55% Series A Cumulative Preferred Stock. On September 18, 2017, the Company redeemed its 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. 8.45% Series D Cumulative Preferred Stock. At both December 31, 2018 and 2017 , there were 2.4 million shares, respectively of Series D cumulative preferred stock outstanding. Series D cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series D cumulative preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D cumulative preferred stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1125 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D cumulative preferred stock holders have no voting rights . On September 18, 2017, the Company redeemed approximately 1.6 million shares of its Series D cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4577 per share, for a total redemption price of $25.4577 per share. On October 4, 2017, the Company redeemed 379,036 shares of Series D cumulative preferred shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.5516 per share, for a total redemption price of $25.5516 per share. On December 8, 2017, the Company redeemed approximately 5.1 million shares of its Series D cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.3990 per share, for a total redemption price of $25.3990 per share. 7.375% Series F Cumulative Preferred Stock. At December 31, 2018 and 2017 there were 4.8 million shares of 7.375% Series F cumulative preferred stock outstanding. The Series F cumulative preferred stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D cumulative preferred stock, Series G cumulative preferred stock (noted below), Series H cumulative preferred stock (noted below) and Series I cumulative preferred stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series F cumulative preferred stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F cumulative preferred stock is convertible into a maximum 9.68992 shares of our common stock. The actual number is based on a formula as defined in the Series F cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F cumulative preferred stock to common stock have not been met as of period end. Therefore, Series F cumulative preferred stock will not impact our earnings per share calculations. Series F cumulative preferred stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8438 per share). In general, Series F cumulative preferred stock holders have no voting rights. 7.375% Series G Cumulative Preferred Stock. At December 31, 2018 and 2017 there were 6.2 million shares of 7.375% Series G cumulative preferred stock outstanding. The 6.2 million of Series G cumulative preferred stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series A cumulative preferred stock (all shares redeemed on September 18, 2017), Series D cumulative preferred stock ( 7.1 million shares redeemed in 2017), Series F cumulative preferred stock, Series H cumulative preferred stock (noted below) and Series I cumulative preferred stock (noted below)) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series G cumulative preferred stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G cumulative preferred stock is convertible into a maximum 8.33333 shares of our common stock. The actual number is based on a formula as defined in the Series G cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G cumulative preferred stock to common stock have not been met as of period end. Therefore, Series G cumulative preferred stock will not impact our earnings per share calculations. Series G cumulative preferred stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8438 per share). In general, Series G cumulative preferred stock holders have no voting rights. 7.50% Series H Cumulative Preferred Stock. At December 31, 2018 and 2017 there were 3.8 million shares of 7.50% Series H cumulative preferred stock outstanding. The Series H cumulative preferred stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series A cumulative preferred stock (all shares redeemed on September 18, 2017), Series D cumulative preferred stock ( 7.1 million shares redeemed in 2017), Series F cumulative preferred stock, Series G cumulative preferred stock and Series I cumulative preferred stock (discussed below)) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series H cumulative preferred stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H cumulative preferred stock is convertible into a maximum 8.25083 shares of our common stock. The actual number is based on a formula as defined in the Series H cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H cumulative preferred stock to common stock have not been met as of period end. Therefore, Series H cumulative preferred stock will not impact our earnings per share. Series H cumulative preferred stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H cumulative preferred stock holders have no voting rights. 7.50% Series I Cumulative Preferred Stock. At December 31, 2018 and 2017 there were 5.4 million shares of 7.50% Series I cumulative preferred stock outstanding. The Series I cumulative preferred stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D cumulative preferred stock ( 7.1 million shares redeemed in 2017), Series F cumulative preferred stock, Series G cumulative preferred stock and Series H cumulative preferred stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series I cumulative preferred stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I cumulative preferred stock is convertible into a maximum 8.06452 shares of our common stock. The actual number is based on a formula as defined in the Series I cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I cumulative preferred stock to common stock have not been met as of period end. Therefore, Series I cumulative preferred stock will not impact our earnings per share. Series I cumulative preferred stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series I cumulative preferred stock holders have no voting rights. Dividends —A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Common stock $ 47,951 $ 47,104 $ 46,292 Preferred stocks: Series A cumulative preferred stock — 2,539 3,542 Series D cumulative preferred stock 5,047 18,211 20,002 Series E cumulative preferred stock — — 6,280 Series F cumulative preferred stock 8,849 8,849 4,130 Series G cumulative preferred stock 11,431 11,430 2,318 Series H cumulative preferred stock 7,125 2,494 — Series I cumulative preferred stock 10,125 1,238 — Total dividends declared $ 90,528 $ 91,865 $ 82,564 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 $616,000 and $646,000 at December 31, 2018 and 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): Year Ended December 31, Line Item 2018 2017 2016 (Income) loss allocated to noncontrolling interests in consolidated entities $ 30 $ 110 $ 14

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Amended and Restated 2011 Stock Incentive Plan approved by stockholders, we are authorized to grant 17.3 million restricted stock units and performance stock units of our common stock as incentive stock awards. At December 31, 2018 , 4.3 million shares were available for future issuance under the Amended and Restated 2011 Stock Incentive Plan. 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 December 31, 2018 , the unamortized cost of the unvested restricted stock units was $8.7 million which will be amortized over a period of 2.2 years with a weighted average period of 1.7 years and had vesting schedules between March 2019 and March 2021 . The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Advisory services fee $ 6,698 $ 4,774 $ 3,878 Management fees 1,159 645 639 Corporate, general and administrative - independent directors — 90 247 $ 7,857 $ 5,509 $ 4,764 During the year ended December 31, 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. A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2018 2017 2016 Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Outstanding at beginning of year 2,085 $ 7.03 1,627 $ 8.30 1,459 $ 10.21 Restricted shares granted 907 6.64 1,272 6.46 862 6.26 Restricted shares vested (1,230 ) 7.41 (759 ) 8.82 (647 ) 9.92 Restricted shares forfeited (49 ) 6.41 (55 ) 6.73 (47 ) 7.95 Outstanding at end of year 1,713 6.56 2,085 7.03 1,627 8.30 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. During the year ended December 31, 2018, 248,000 PSUs were forfeited due to the market condition criteria not being met. 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): Year Ended December 31, Line Item 2018 2017 2016 Advisory services fee $ 8,241 $ 1,718 $ 982 During the year ended December 31, 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 PSUs, which was $5.4 million at December 31, 2018 , will be expensed over a period of approximately 2.2 years with a weighted average period of 1.8 years . A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2018 2017 2016 PSUs Weighted Average Price at Grant PSUs Weighted Average Price at Grant PSUs Weighted Average Price at Grant Outstanding at beginning of year 820 $ 6.07 336 $ 6.38 — $ — PSUs granted 526 6.64 484 5.85 336 6.38 PSUs vested (323 ) 6.19 — — — — PSUs canceled (248 ) 6.38 — — — — Outstanding at end of year 775 6.31 820 6.07 336 6.38

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For federal income tax purposes, we elected to be treated as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax prior to December 31, 2017) and may not qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2018 , all of our 119 hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income of $21.1 million , $4.2 million and $13.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2018 2017 2016 Income tax (expense) benefit at federal statutory income tax rate of 21% in 2018 and 35% in 2017 and 2016 $ (4,435 ) $ (1,478 ) $ (4,764 ) State income tax (expense) benefit, net of federal income tax benefit (698 ) 160 (742 ) Permanent differences (128 ) (338 ) (798 ) Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act (1) — (5,242 ) — Provision to return adjustment entirely offset by change in valuation allowance (230 ) 957 — Gross receipts and margin taxes (950 ) (913 ) (692 ) Interest and penalties (11 ) (49 ) (7 ) Valuation allowance 3,670 9,121 5,471 Total income tax (expense) benefit $ (2,782 ) $ 2,218 $ (1,532 ) ________ (1) Partially offset within change in valuation allowance. The components of income tax (expense) benefit from continuing operations are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ (1,195 ) $ 5,264 $ (605 ) State (1,452 ) (722 ) (1,229 ) Total current income tax (expense) benefit (2,647 ) 4,542 (1,834 ) Deferred: Federal (39 ) (2,192 ) 278 State (96 ) (132 ) 24 Total deferred income tax (expense) benefit (135 ) (2,324 ) 302 Total income tax (expense) benefit $ (2,782 ) $ 2,218 $ (1,532 ) For the years ended December 31, 2018 , 2017 and 2016 income tax expense includes interest and penalties paid to taxing authorities of $11,000 , $49,000 and $7,000 , respectively. At December 31, 2018 and 2017 , we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2018 and 2017 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2018 2017 Allowance for doubtful accounts $ 114 $ 168 Unearned income 1,801 1,926 Federal and state net operating losses 2,342 4,153 Accrued expenses 1,710 1,693 Prepaid expenses (4,848 ) (4,666 ) Tax property basis less than book basis (1,840 ) (846 ) Tax derivatives basis greater than book basis 1,612 2,034 Investment in Ashford, Inc. 7,197 — Other 664 623 Deferred tax asset (liability) 8,752 5,085 Valuation allowance (10,034 ) (6,232 ) Net deferred tax asset (liability) $ (1,282 ) $ (1,147 ) At December 31, 2018 , we had net operating loss carryforwards for federal income tax purposes of $10.1 million , which begin to expire in 2029. The entirety of the $10.1 million net operating loss carryforwards are attributable to acquired subsidiaries and subject to substantial limitation on their use. At December 31, 2018 , Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for federal income tax purposes of $426.0 million , based on the latest filed tax return, which begin to expire in 2023, and are available to offset future taxable income, if any, through 2036. At December 31, 2018 and 2017 , we maintained a valuation allowance of $10.0 million and $6.2 million , respectively. At December 31, 2018 and 2017 , we fully reserved the deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Internal Revenue Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable by our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. A significant number of leases were renewed in 2017 and 2018. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of year $ 6,232 $ 15,353 $ 20,670 Additions 4,766 2,053 2,169 Deductions (964 ) (11,174 ) (7,486 ) Balance at end of year $ 10,034 $ 6,232 $ 15,353 On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“Tax Reform”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, in December of 2017 we recorded a one-time tax benefit of approximately $1.1 million , due to a re-measurement of deferred tax assets and liabilities resulting from the decrease in the corporate Federal income tax rate from 35% to 21% as well as the refund of existing credits against Alternative Minimum Tax. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company recognized the estimated tax impacts related to the revaluation of deferred tax assets and liabilities as well as tax refunds and included these amounts in its consolidated financial statements for the year ended December 31, 2017. As of December 31, 2018, we have finalized our accounting for Tax Reform and concluded that no material adjustments were required.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2018 2017 2016 Income (loss) allocated to common stockholders – Basic and diluted: Income (loss) attributable to the Company $ (126,966 ) $ (67,008 ) $ (46,285 ) Less: Dividends on preferred stock (42,577 ) (44,761 ) (36,272 ) Less: Extinguishment of issuance costs upon redemption of preferred stock — (10,799 ) (6,124 ) Less: Dividends on common stock (47,057 ) (45,752 ) (45,388 ) Less: Dividends on unvested performance stock units (50 ) (393 ) (161 ) Less: Dividends on unvested restricted shares (844 ) (959 ) (743 ) Undistributed income (loss) (217,494 ) (169,672 ) (134,973 ) Add back: Dividends on common stock 47,057 45,752 45,388 Distributed and undistributed net income (loss) - basic and diluted $ (170,437 ) $ (123,920 ) $ (89,585 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 97,282 95,207 94,426 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.75 ) $ (1.30 ) $ (0.95 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.75 ) $ (1.30 ) $ (0.95 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2018 2017 2016 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 844 $ 959 $ 743 Income (loss) allocated to unvested performance stock units 50 393 161 Income (loss) attributable to noncontrolling interest in operating partnership (29,313 ) (21,642 ) (12,483 ) Total $ (28,419 ) $ (20,290 ) $ (11,579 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 111 376 373 Effect of unvested performance stock units 251 258 102 Effect of assumed conversion of operating partnership units 17,599 17,342 18,727 Total 17,961 17,976 19,202

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 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 December 31, 2018 and 2017 , all of our hotel properties were domestically located.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Remington Lodging As of December 31, 2018 , we have a master property management agreement and a property management mutual exclusivity agreement with Remington Lodging, which is wholly owned by our Chairman, Mr. Monty J. Bennett and his father Mr. Archie Bennett, Jr. who is our Chairman Emeritus. Prior to August 8, 2018, we paid Remington Lodging: (a) monthly property management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met; (b) project management fees of up to 4% of project costs; (c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees; and (d) other general and administrative expense reimbursements primarily related to accounting services. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred. On August 8, 2018, Remington Lodging sold its project management business, including construction management, interior design, architectural oversight, and the purchasing, freight management, and supervision of installation of furniture, fixtures, and equipment, and related services to Ashford Inc., which owns substantially all of our advisor. As a result, from and after August 8, 2018, we paid Remington Lodging monthly property management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services. At December 31, 2018 , Remington Lodging managed 81 of our 119 hotel properties and the WorldQuest condominium properties included in continuing operations and we incurred the following fees related to the management agreement with Remington Lodging (in thousands): Year Ended December 31, 2018 2017 2016 Property management fees, including incentive property management fees $ 30,890 $ 30,629 $ 31,164 Market service and project management fees 11,148 21,315 18,751 Corporate general and administrative 5,872 5,652 5,435 Total $ 47,910 $ 57,596 $ 55,350 We also have a mutual exclusivity agreement with Remington Lodging, pursuant to which: (i) we have agreed to engage Remington Lodging to provide management services with respect to any hotel we acquire or invest in, to the extent we have the right and/or control the right to direct the management of such hotel; and (ii) Remington Lodging has agreed to grant us a right of first refusal to purchase any opportunity to develop or construct a hotel that it identifies that meets our initial investment guidelines. We are not, however, obligated to engage Remington Lodging if our independent directors either: (i) unanimously vote to hire a different manager or developer; or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager could perform the management or other duties materially better. Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted approximately 177,000 , 131,000 and 173,000 shares of restricted stock under the Ashford Trust Stock Plan in 2018 , 2017 and 2016 , respectively. These share grants are recorded as a component of “management fees” in our consolidated statements of operations. Expense of $1.2 million , $645,000 and $639,000 was recognized for the year ended December 31, 2018 , 2017 and 2016 , respectively. The unamortized cost of the grants was $1.6 million as of December 31, 2018 , which will be recognized over a period of 2.2 years. Upon formation, we also agreed to indemnify certain related parties, including our Chairman and our Chairman Emeritus, who contributed hotel properties in connection with our initial public offering in exchange for operating partnership units, against the income tax such related parties may incur if we dispose of one or more of those contributed properties under the terms of the agreement. Ashford Inc. Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our Chairman Mr. Monty J. Bennett, also serves as Chairman of the board of directors and Chief Executive Officer of Ashford Inc. As of December 31, 2018, Mr. Monty Bennett and his father, Mr. Archie Bennett, Jr., who is our Chairman Emeritus, beneficially own approximately 313,014 shares of Ashford Inc.’s common stock, which represented an approximate 13.1% ownership in Ashford Inc. and 7,800,000 share of Ashford Inc.’s Series B Cumulative Preferred Stock, which is exercisable (at an exercise price of $140 per share) into an additional approximate 1,392,857 shares of Ashford Inc. common stock, which if exercised as of December 31, 2018, would have increased Mr. Bennett and Mr. Bennett, Jr.’s ownership interest in Ashford Inc. to 45.1% . Under our advisory agreement, 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 December 31, 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 (or for a stub period if the advisory agreement is terminated at other than year-end). 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): Year Ended December 31, 2018 2017 2016 Advisory services fee Base advisory fee $ 35,526 $ 34,650 $ 34,589 Reimbursable expenses (1) 8,351 7,472 5,917 Equity-based compensation (2) 25,245 11,077 8,429 Incentive fee — — 5,426 Total advisory services fee $ 69,122 $ 53,199 $ 54,361 ________ (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. Pursuant to the Company's property management agreements with each property management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar, their property managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.'s risk management department manages the casualty insurance program. At the beginning of each year, Ashford Inc.'s risk management department collects funds from Ashford Trust, Braemar and their respective property management companies, to fund the casualty insurance program as needed, on an allocated basis. In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Premier. From and after August 8, 2018, we paid Premier: (a) project management fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision. In connection with Ashford Inc.’s acquisition of Premier from Remington Lodging in August 2018, we entered into the Mutual Exclusivity Agreement dated as of August 8, 2018 with Ashford Trust OP and Premier, pursuant to which Premier gave us a first right of refusal to purchase any lodging-related investments identified by Premier and any of its affiliates that met our initial investment criteria, and we agreed to engage Premier to provide project management for hotels we acquired or invested in, to the extent that we had the right or controlled the right to direct such matters. 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 and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands): Year Ended December 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,156 $ — $ — $ — $ — $ 1,156 Ashford LLC Insurance claims services 76 — — — — 76 J&S Audio Visual Audiovisual commissions 3,569 — — 3,569 — — J&S Audio Visual Equipment 925 925 — — — — Lismore Capital Mortgage placement services 5,094 — (5,094 ) — — — OpenKey Mobile key app 105 3 — — 102 — Premier Project management services 7,677 7,677 — — — — Pure Wellness Hypoallergenic premium rooms 2,436 2,412 — — 24 — Year Ended December 31, 2017 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,976 $ — $ — $ — $ — $ 1,976 J&S Audio Visual Audiovisual commissions 66 — — 66 — — Lismore Capital Mortgage placement services 913 — (913 ) — — — OpenKey Mobile key app 60 — — — 60 — Pure Wellness Hypoallergenic premium rooms 1,309 1,309 — — — — ________ (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 components of due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2018 December 31, 2017 Ashford LLC Advisory services $ 2,362 $ 14,547 Ashford LLC Deposit on ERFP assets 16,100 — Ashford LLC Insurance claims services 23 — AIM Cash management services 99 347 J&S Audio Visual Audiovisual commissions or equipment 855 (52 ) OpenKey Mobile key app 1 8 Premier Project management services 3,206 — Pure Wellness Hypoallergenic premium rooms 388 296 $ 23,034 $ 15,146 In connection with our acquisition of the Le Pavillon in 2015 and Ashford Inc.’s engagement to provide hotel advisory services to us, Ashford Inc. agreed to provide $4.0 million of key money consideration to purchase furniture, fixtures and equipment (“FF&E”) . During the fourth quarter of 2016, the $4.0 million of key money consideration was invested in FF&E by Ashford Inc. to be used by Ashford Trust, which represented all of the key money consideration for Le Pavillon. 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. Lease expense of $625,000 , $633,000 , and $112,000 was recognized for the years ended December 31, 2018 , 2017 , and 2016 respectively, and was included in “other” hotel expense in the consolidated statements of operations. 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., which replaced the previous “key money” program. The Amended and Restated Advisory Agreement was also amended, among other things, 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 provide funding 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). Each funding 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 within the two-year period following the date of such acquisition, 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 and La Posada de Santa Fe acquisitions, under the ERFP Agreement we were entitled to receive $11.1 million and $5.0 million from Ashford LLC, respectively, in the form of future purchases of hotel furniture, fixtures, and equipment. As of December 31, 2018, the Company entered into an agreement to sell $16.1 million of hotel furniture, fixtures, and equipment from certain Ashford Trust hotel properties to Ashford LLC which will be subsequently leased back to the Company rent free. As of December 31, 2018, Ashford LLC remitted payment of $16.1 million to the Company. Under the relevant accounting guidance related to sales-leaseback transactions, the transaction was not accounted for as a sale under Topic 606. As a result the applicable hotel furniture, fixtures, and equipment has not been derecognized and the Company has recorded a $16.1 million liability to Ashford LLC. Upon adoption of Topic 842 on January 1, 2019, the Company will reevaluate the transaction under the new accounting guidance.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2018
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is to acquire full service hotels in the upscale and upper upscale segments in domestic and international markets that have RevPAR generally less than twice the national average. During 2018 , approximately 10% of our total hotel revenue was generated from nine hotel properties located in the Washington D.C. area. In addition, all hotel properties securing our mortgage loans are located domestically at December 31, 2018 . Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, U.S. government treasury bill holdings and amounts due or payable under our derivative contracts. At December 31, 2018 , we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2018 Total revenue $ 342,207 $ 389,164 $ 355,930 $ 343,488 $ 1,430,789 Total operating expenses 318,945 346,129 326,601 349,175 1,340,850 Gain (loss) on sale of hotel properties (9 ) 412 (9 ) 81 475 Operating income (loss) $ 23,253 $ 43,447 $ 29,320 $ (5,606 ) $ 90,414 Net Income (loss) $ (32,649 ) $ (23,351 ) $ (34,261 ) $ (66,048 ) $ (156,309 ) Net Income (loss) attributable to the Company $ (26,271 ) $ (18,306 ) $ (27,589 ) $ (54,800 ) $ (126,966 ) Net Income (loss) attributable to common stockholders $ (36,915 ) $ (28,950 ) $ (38,234 ) $ (65,444 ) $ (169,543 ) Diluted income (loss) attributable to common stockholders per share $ (0.39 ) $ (0.30 ) $ (0.40 ) $ (0.66 ) $ (1.75 ) (1 ) Weighted average diluted common shares 95,367 96,889 97,467 99,324 97,282 2017 Total revenue $ 353,709 $ 390,670 $ 353,325 $ 341,566 $ 1,439,270 Total operating expenses 325,447 332,185 323,709 322,924 1,304,265 Gain (loss) on sale of hotel properties (83 ) $ 14,092 $ 15 $ 6 $ 14,030 Operating income (loss) $ 28,179 $ 72,577 $ 29,631 $ 18,648 $ 149,035 Net Income (loss) $ (31,937 ) $ 10,428 $ (28,726 ) $ (38,525 ) $ (88,760 ) Net Income (loss) attributable to the Company $ (25,413 ) $ 10,184 $ (21,808 ) $ (29,971 ) $ (67,008 ) Net Income (loss) attributable to common stockholders $ (36,369 ) $ (772 ) $ (37,755 ) $ (47,672 ) $ (122,568 ) Diluted income (loss) attributable to common stockholders per share $ (0.39 ) $ (0.01 ) $ (0.40 ) $ (0.50 ) $ (1.30 ) (1 ) Weighted average diluted common shares 94,840 95,320 95,332 95,328 95,207 _________________ (1) The sum of the diluted income (loss) from continuing operations attributable to common stockholders per share for the four quarters in 2018 and 2017 differs from the annual diluted income (loss) from continuing operations attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On January 22, 2019, the Company acquired a 100% interest in the 310 -room Embassy Suites New York Midtown Manhattan for $195.0 million . In connection with this acquisition, we closed on a $145 million mortgage loan. This mortgage loan is interest only and provides for a floating interest rate of LIBOR + 3.90% . The stated maturity date of the mortgage loan is February 2022, with two one -year extension options. The mortgage loan is secured by the Embassy Suites New York Midtown Manhattan. As a result of the acquisition, we are entitled to receive $19.5 million from Ashford LLC in exchange for future purchases of hotel furniture, fixtures, and equipment at Ashford Trust properties that will be leased to us by Ashford LLC rent free. On February 6, 2019, we made an additional investment of $299,000 in OpenKey. On February 26, 2019, the Company acquired a 100% interest in the 178 -room Hilton Santa Cruz/Scotts Valley for $50.0 million . Consideration included cash and approximately 1.5 million common units in operating partnership. Additionally, we assumed a $25.3 million non-recourse mortgage loan. This mortgage loan is interest only and provides for a fixed interest rate of 4.66% . The stated maturity date of the mortgage loan is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley. As a result of the acquisition, we are entitled to receive $5.0 million from Ashford LLC in exchange for future purchases of hotel furniture, fixtures, and equipment at Ashford Trust properties that will be leased to us by Ashford LLC rent free. We are currently evaluating the hotel property acquisitions to determine whether the transactions are business combinations or asset acquisitions.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Embassy Suites Austin, TX $ 23,810 $ 1,204 $ 9,388 $ 193 $ 7,027 $ 1,397 $ 16,415 $ 17,812 $ 8,584 08/1998 (1),(2),(3) Embassy Suites Dallas, TX 15,760 1,878 8,907 238 6,929 2,116 15,836 17,952 8,360 12/1998 (1),(2),(3) Embassy Suites Herndon, VA 25,120 1,303 9,836 277 9,035 1,580 18,871 20,451 9,511 12/1998 (1),(2),(3) Embassy Suites Las Vegas, NV 30,860 3,307 16,952 397 14,959 3,704 31,911 35,615 15,603 05/1999 (1),(2),(3) Embassy Suites Flagstaff, AZ 18,400 1,267 4,278 — 4,820 1,267 9,098 10,365 5,143 10/2003 (1),(2),(3) Embassy Suites Houston, TX 18,150 1,799 10,404 — 7,629 1,799 18,033 19,832 7,400 03/2005 (1),(2),(3) Embassy Suites West Palm Beach, FL 20,180 3,277 13,949 — 9,706 3,277 23,655 26,932 11,293 03/2005 (1),(2),(3) Embassy Suites Philadelphia, PA 28,698 5,791 34,819 — 17,519 5,791 52,338 58,129 18,952 12/2006 (1),(2),(3) Embassy Suites Walnut Creek, CA 49,920 7,452 25,334 — 21,249 7,452 46,583 54,035 15,642 12/2006 (1),(2),(3) Embassy Suites Arlington, VA 46,355 36,065 41,588 — 15,533 36,065 57,121 93,186 17,408 04/2007 (1),(2),(3) Embassy Suites Portland, OR 88,435 11,110 60,048 — 7,338 11,110 67,386 78,496 21,939 04/2007 (1),(2),(3) Embassy Suites Santa Clara, CA 67,440 8,948 46,239 — 16,210 8,948 62,449 71,397 18,752 04/2007 (1),(2),(3) Embassy Suites Orlando, FL 22,526 5,674 21,593 — 11,047 5,674 32,640 38,314 11,090 04/2007 (1),(2),(3) Hilton Garden Inn Jacksonville, FL 11,980 1,751 9,164 — 5,806 1,751 14,970 16,721 5,528 11/2003 (1),(2),(3) Hilton Garden Inn Austin, TX 66,798 7,605 48,725 — 4,682 7,605 53,407 61,012 8,034 03/2015 (1),(2),(3) Hilton Garden Inn Baltimore, MD 16,351 4,027 20,199 — 3,220 4,027 23,419 27,446 2,490 03/2015 (1),(2),(3) Hilton Garden Inn Virginia Beach, VA 32,402 4,101 26,329 — 182 4,101 26,511 30,612 2,936 03/2015 (1),(2),(3) Hilton Garden Inn Wisconsin Dells, WI 7,778 867 14,318 (327 ) (4,797 ) 540 9,521 10,061 615 08/2015 (1),(2),(3),(4) Hilton Ft. Worth, TX 62,000 4,538 13,922 — 17,897 4,538 31,819 36,357 16,092 03/2005 (1),(2),(3) Hilton Houston, TX 20,330 2,200 13,247 — 9,788 2,200 23,035 25,235 10,018 03/2005 (1),(2),(3) Hilton St. Petersburg, FL 49,660 2,991 13,907 — 19,311 2,991 33,218 36,209 14,948 03/2005 (1),(2),(3) Hilton Santa Fe, NM 26,400 7,004 10,689 — 10,045 7,004 20,734 27,738 10,569 12/2006 (1),(2),(3) Hilton Bloomington, MN 46,800 5,685 59,139 — 14,024 5,685 73,163 78,848 27,810 04/2007 (1),(2),(3) Hilton Costa Mesa, CA 65,671 12,917 91,791 — 15,205 12,917 106,996 119,913 36,422 04/2007 (1),(2),(3) Hilton Boston, MA 97,000 62,555 134,407 — 17,444 62,555 151,851 214,406 19,520 03/2015 (1),(2),(3) Hilton Parsippany, NJ 38,383 7,293 58,098 — 5,250 7,293 63,348 70,641 11,280 03/2015 (1),(2),(3) Hilton Tampa, FL 27,666 5,206 21,186 — 11,139 5,206 32,325 37,531 6,326 03/2015 (1),(2),(3) Hilton Alexandria, VA 73,450 14,459 97,014 — 597 14,459 97,611 112,070 1,478 06/2018 (1),(2),(3) Hampton Inn Lawrenceville, GA 5,540 697 3,808 — 3,187 697 6,995 7,692 3,110 11/2003 (1),(2),(3) Hampton Inn Evansville, IN 11,330 1,301 5,034 — 2,807 1,301 7,841 9,142 3,760 09/2004 (1),(2),(3) Hampton Inn Parsippany, NJ 18,793 3,268 24,306 — 2,917 3,268 27,223 30,491 4,459 03/2015 (1),(2),(3) Hampton Inn Buford, GA 8,822 1,168 5,338 — 2,218 1,168 7,556 8,724 2,448 07/2004 (1),(2),(3) Hampton Inn Phoenix, AZ 11,266 853 10,145 — 4,603 853 14,748 15,601 1,588 06/2015 (1),(2),(3) Hampton Inn - Waterfront Pittsburgh, PA 12,786 2,335 18,663 — (441 ) 2,335 18,222 20,557 1,897 06/2015 (1),(2),(3) Hampton Inn - Washington Pittsburgh, PA 17,341 2,760 19,739 — (377 ) 2,760 19,362 22,122 2,216 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Hampton Inn Columbus, OH 21,017 1,789 27,210 — 2,223 1,789 29,433 31,222 3,205 06/2015 (1),(2),(3) Marriott Beverly Hills, CA 123,120 6,510 22,061 — 30,877 6,510 52,938 59,448 27,765 03/2005 (1),(2),(3) Marriott Durham, NC 26,800 1,794 25,056 — 14,184 1,794 39,240 41,034 13,631 02/2006 (1),(2),(3) Marriott Arlington, VA 93,433 20,637 101,376 — 57,590 20,637 158,966 179,603 58,441 07/2006 (1),(2),(3) Marriott Bridgewater, NJ 71,200 5,059 89,268 — 4,984 5,059 94,252 99,311 30,279 04/2007 (1),(2),(3) Marriott Dallas, TX 30,400 2,701 30,893 — 14,538 2,701 45,431 48,132 16,034 04/2007 (1),(2),(3) Marriott Fremont, CA 58,403 5,800 44,200 — (3,308 ) 5,800 40,892 46,692 5,405 8/2014 (1),(2),(3) Marriott Memphis, TN 27,041 6,210 37,284 — 1,241 6,210 38,525 44,735 7,252 02/2015 (1),(2),(3) Marriott Irving, TX 67,196 8,330 82,272 — 20,139 8,330 102,411 110,741 11,764 03/2015 (1),(2),(3) Marriott Omaha, NE 15,976 6,641 49,887 — 11,209 6,641 61,096 67,737 9,519 03/2015 (1),(2),(3) Marriott San Antonio, TX 23,229 9,764 31,384 (958 ) (8,088 ) 8,806 23,296 32,102 1,165 03/2015 (1),(2),(3),(4) Marriott Sugarland, TX 62,809 9,047 84,043 — (1,530 ) 9,047 82,513 91,560 8,655 03/2015 (1),(2),(3) SpringHill Suites by Marriott Jacksonville, FL — 1,348 7,111 — 3,663 1,348 10,774 12,122 4,539 11/2003 (1),(2),(3) SpringHill Suites by Marriott Baltimore, MD 13,600 2,502 13,206 — 4,453 2,502 17,659 20,161 7,730 05/2004 (1),(2),(3) SpringHill Suites by Marriott Kennesaw, GA 6,751 1,106 5,021 — 3,674 1,106 8,695 9,801 2,913 07/2004 (1),(2),(3) SpringHill Suites by Marriott Buford, GA 9,724 1,132 6,089 — 1,131 1,132 7,220 8,352 2,999 07/2004 (1),(2),(3) SpringHill Suites by Marriott Charlotte, NC 13,036 1,235 6,818 — 1,120 1,235 7,938 9,173 3,022 06/2005 (1),(2),(3) SpringHill Suites by Marriott Durham, NC 6,799 1,090 3,991 — 1,274 1,090 5,265 6,355 2,083 06/2005 (1),(2),(3) SpringHill Suites by Marriott Manhattan Beach, CA 28,560 5,726 21,187 — 1,584 5,726 22,771 28,497 7,201 04/2007 (1),(2),(3) SpringHill Suites by Marriott Plymouth Meeting, PA 20,800 3,210 24,578 — 1,788 3,210 26,366 29,576 8,351 04/2007 (1),(2),(3) Fairfield Inn by Marriott Kennesaw, GA 5,297 840 4,359 — 674 840 5,033 5,873 1,852 07/2004 (1),(2),(3) Courtyard by Marriott Bloomington, IN 14,520 900 10,741 — 4,043 900 14,784 15,684 6,179 09/2004 (1),(2),(3) Courtyard by Marriott - Tremont Boston, MA 103,286 24,494 85,246 — 10,144 24,494 95,390 119,884 14,631 03/2015 (1),(2),(3) Courtyard by Marriott Columbus, IN 8,160 673 4,804 — 3,900 673 8,704 9,377 3,870 09/2004 (1),(2),(3) Courtyard by Marriott Denver, CO 33,648 9,342 29,656 — 2,721 9,342 32,377 41,719 4,066 03/2015 (1),(2),(3) Courtyard by Marriott Louisville, KY 18,555 1,352 12,266 — 3,365 1,352 15,631 16,983 5,297 09/2004 (1),(2),(3) Courtyard by Marriott Gaithersburg, MD 28,812 5,128 30,522 — 4,228 5,128 34,750 39,878 4,132 03/2015 (1),(2),(3) Courtyard by Marriott Crystal City, VA 43,350 5,411 38,610 — 13,726 5,411 52,336 57,747 17,752 06/2005 (1),(2),(3) Courtyard by Marriott Ft. Lauderdale, FL 20,949 2,244 18,520 — 6,643 2,244 25,163 27,407 9,569 06/2005 (1),(2),(3) Courtyard by Marriott Overland Park, KS 8,973 1,868 14,030 — 5,104 1,868 19,134 21,002 8,114 06/2005 (1),(2),(3) Courtyard by Marriott Savannah, GA 24,924 6,948 31,755 — (290 ) 6,948 31,465 38,413 3,372 03/2015 (1),(2),(3) Courtyard by Marriott Foothill Ranch, CA 22,150 2,447 16,005 — 3,832 2,447 19,837 22,284 7,608 06/2005 (1),(2),(3) Courtyard by Marriott Alpharetta, GA 20,040 2,244 12,345 — 4,180 2,244 16,525 18,769 6,843 06/2005 (1),(2),(3) Courtyard by Marriott Oakland, CA 28,240 5,112 19,429 — 4,291 5,112 23,720 28,832 8,424 04/2007 (1),(2),(3) Courtyard by Marriott Scottsdale, AZ 23,600 3,700 22,134 — 5,045 3,700 27,179 30,879 9,776 04/2007 (1),(2),(3) Courtyard by Marriott Plano, TX 18,160 2,115 22,360 — 2,259 2,115 24,619 26,734 8,227 04/2007 (1),(2),(3) Courtyard by Marriott Newark, CA 34,960 2,863 10,723 — 3,581 2,863 14,304 17,167 5,897 04/2007 (1),(2),(3) Courtyard by Marriott Manchester, CT 6,414 1,301 7,430 — 2,222 1,301 9,652 10,953 3,800 04/2007 (1),(2),(3) Courtyard by Marriott Basking Ridge, NJ 41,600 5,419 45,304 — 7,093 5,419 52,397 57,816 16,914 04/2007 (1),(2),(3) Courtyard by Marriott Wichita, KS 18,380 291 23,090 — (1,229 ) 291 21,861 22,152 2,197 06/2015 (1),(2),(3) Courtyard by Marriott - Billerica Boston, MA 29,807 3,528 29,352 — 1,127 3,528 30,479 34,007 4,575 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Homewood Suites Pittsburgh, PA 25,492 1,906 28,093 — 2,050 1,906 30,143 32,049 3,760 06/2015 (1),(2),(3) Marriott Residence Inn Lake Buena Vista, FL 25,738 2,555 20,367 — 10,156 2,555 30,523 33,078 11,834 03/2004 (1),(2),(3) Marriott Residence Inn Evansville, IN 7,980 961 5,972 — 3,355 961 9,327 10,288 4,177 09/2004 (1),(2),(3) Marriott Residence Inn Orlando, FL 26,211 6,554 40,539 — 18,092 6,554 58,631 65,185 18,562 06/2005 (1),(2),(3) Marriott Residence Inn Falls Church, VA 26,650 2,752 34,979 — 6,220 2,752 41,199 43,951 15,349 06/2005 (1),(2),(3) Marriott Residence Inn San Diego, CA 29,840 3,156 29,514 — 3,694 3,156 33,208 36,364 12,299 06/2005 (1),(2),(3) Marriott Residence Inn Salt Lake City, UT 16,120 1,897 16,357 — 3,201 1,897 19,558 21,455 7,321 06/2005 (1),(2),(3) Marriott Residence Inn Las Vegas, NV 38,160 18,177 39,568 (6,184 ) (11,343 ) 11,993 28,225 40,218 7,192 04/2007 (1),(2),(3),(4) Marriott Residence Inn Phoenix, AZ 23,680 4,100 23,187 — 5,990 4,100 29,177 33,277 11,518 04/2007 (1),(2),(3) Marriott Residence Inn Plano, TX 14,160 2,045 16,869 — 2,257 2,045 19,126 21,171 6,525 04/2007 (1),(2),(3) Marriott Residence Inn Newark, CA 37,760 3,272 11,706 — 3,215 3,272 14,921 18,193 5,784 04/2007 (1),(2),(3) Marriott Residence Inn Manchester, CT 6,883 1,462 8,306 — 4,226 1,462 12,532 13,994 5,300 04/2007 (1),(2),(3) Marriott Residence Inn Jacksonville, FL 10,045 1,997 16,084 — 9,737 1,997 25,821 27,818 7,302 05/2007 (1),(2),(3) Marriott Residence Inn Stillwater, OK 7,911 930 15,070 — 1,861 930 16,931 17,861 2,455 06/2015 (1),(2),(3) TownePlace Suites by Marriott Manhattan Beach, CA 23,680 4,805 17,543 — 4,736 4,805 22,279 27,084 7,637 04/2007 (1),(2),(3) Ritz-Carlton Atlanta, GA 98,700 2,477 80,139 — 26,824 2,477 106,963 109,440 13,736 03/2015 (1),(2),(3) One Ocean Atlantic Beach, FL 57,600 5,815 14,817 — 27,256 5,815 42,073 47,888 23,474 04/2004 (1),(2),(3) Renaissance Nashville, TN 152,516 20,671 158,260 — 28,663 20,671 186,923 207,594 23,292 03/2015 (1),(2),(3) Renaissance Palm Springs, CA 51,942 — 74,112 — 14,708 — 88,820 88,820 12,595 03/2015 (1),(2),(3) Sheraton Hotel Ann Arbor, MI 35,200 4,158 35,042 — 886 4,158 35,928 40,086 3,909 06/2015 (1),(2),(3) Sheraton Hotel Langhorne, PA 12,880 2,037 12,424 — 12,635 2,037 25,059 27,096 13,645 07/2004 (1),(2),(3) Sheraton Hotel Minneapolis, MN 20,933 2,953 14,280 — 9,333 2,953 23,613 26,566 11,848 03/2005 (1),(2),(3) Sheraton Hotel Indianapolis, IN 60,410 3,100 22,041 — 23,343 3,100 45,384 48,484 20,858 03/2005 (1),(2),(3) Sheraton Hotel Anchorage, AK 26,331 4,023 39,363 — 18,435 4,023 57,798 61,821 20,922 12/2006 (1),(2),(3) Sheraton Hotel San Diego, CA 36,160 7,294 36,382 — 8,330 7,294 44,712 52,006 16,696 12/2006 (1),(2),(3) Hyatt Regency Coral Gables, FL 63,200 4,805 50,820 — 24,165 4,805 74,985 79,790 23,575 04/2007 (1),(2),(3) Hyatt Regency Hauppauge, NY 36,389 6,284 35,669 — (1,428 ) 6,284 34,241 40,525 6,963 03/2015 (1),(2),(3) Hyatt Regency Savannah, GA 69,788 14,041 72,721 — 12,322 14,041 85,043 99,084 13,388 03/2015 (1),(2),(3) Crowne Plaza Key West, FL 64,982 — 27,514 — 15,302 — 42,816 42,816 19,962 03/2005 (1),(2),(3) Crowne Plaza Annapolis, MD — — 9,903 — (20 ) — 9,883 9,883 3,094 03/2015 (1),(2),(3),(4) Annapolis Inn Annapolis, MD 18,658 3,028 7,833 — 9,465 3,028 17,298 20,326 8,849 03/2005 (1),(2),(3) La Posada de Santa Fe Santa Fe, NM 25,000 8,094 42,058 — — 8,094 42,058 50,152 240 10/2018 (1),(2),(3) Lakeway Resort & Spa Austin, TX 19,527 4,541 28,940 — 5,960 4,541 34,900 39,441 9,261 02/2015 (1),(2),(3) Silversmith Chicago, IL 27,965 4,782 22,398 — 1,563 4,782 23,961 28,743 6,187 03/2015 (1),(2),(3) The Churchill Washington, D.C. 41,449 25,898 32,304 — 14,302 25,898 46,606 72,504 9,156 03/2015 (1),(2),(3) The Melrose Washington, D.C. 76,069 29,277 62,507 — (500 ) 29,277 62,007 91,284 6,809 03/2015 (1),(2),(3) Le Pavillon New Orleans, LA 43,750 10,933 51,549 (2,600 ) 10,932 8,333 62,481 70,814 7,819 06/2015 (1),(2),(3) The Ashton Ft. Worth, TX 5,232 800 7,187 — 1,561 800 8,748 9,548 1,796 07/2014 (1),(2),(3) Westin Princeton, NJ 25,583 6,475 52,195 — 12,241 6,475 64,436 70,911 9,229 03/2015 (1),(2),(3) W Atlanta, GA 48,800 2,353 54,383 — 2,336 2,353 56,719 59,072 6,002 07/2015 (1),(2),(3) W Minneapolis, MN 52,843 8,430 79,713 — (2,578 ) 8,430 77,135 85,565 6,441 11/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Le Meridien Minneapolis, MN — 2,752 12,248 — 3,186 2,752 15,434 18,186 1,906 07/2015 (1),(2),(3) Hotel Indigo Atlanta, GA 16,100 3,230 23,713 — 5,832 3,230 29,545 32,775 2,809 10/2015 (1),(2),(3) WorldQuest Resort Orlando, FL — 1,432 9,870 (42 ) 1,438 1,390 11,308 12,698 2,499 03/2011 (1),(2),(3) Total $ 3,966,237 $ 680,759 $ 3,718,658 $ (9,006 ) $ 897,052 $ 671,753 $ 4,615,710 $ 5,287,463 $ 1,182,244 _________________________ (1) Estimated useful life for buildings is 39 years . (2) Estimated useful life for building improvements is 7.5 years . (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. Year Ended December 31, 2018 2017 2016 Investment in Real Estate: Beginning balance $ 5,064,294 $ 5,054,564 $ 5,181,466 Additions 374,223 225,461 206,022 Impairment/write-offs (125,964 ) (111,820 ) (85,338 ) Sales/disposals (25,090 ) (85,709 ) (227,988 ) Assets held for sale — (18,202 ) (19,598 ) Ending balance $ 5,287,463 $ 5,064,294 $ 5,054,564 Accumulated Depreciation: Beginning balance 1,028,379 894,001 761,782 Depreciation expense 258,441 247,220 245,953 Impairment/write-offs (102,410 ) (101,008 ) (67,022 ) Sales/disposals (2,166 ) (11,364 ) (44,346 ) Assets held for sale — (470 ) (2,366 ) Ending balance $ 1,182,244 $ 1,028,379 $ 894,001 Investment in Real Estate, net $ 4,105,219 $ 4,035,915 $ 4,160,563

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. 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. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 5-hotel portfolio Various Disposition June 1, 2016 Hampton Inn & Suites Gainesville, FL Disposition September 1, 2016 SpringHill Suites Gaithersburg Gaithersburg, MD Disposition October 1, 2016 2-hotel portfolio Palm Desert, CA Disposition October 7, 2016 Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 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 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Marketable Securities	Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income (expense), dividends, and realized gains and losses, is reported as a component of “other income (expense).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories	Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net	Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized.
Impairment of Investment in Hotel Properties and Hotel Dispositions	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. 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. We recorded impairment charges of $23.4 million , $10.2 million and $1.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. See note 6 . Hotel Dispositions —D iscontinued 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. See note 6 .
Assets Held for Sale	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 6 .
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.3% to 25.0% , at December 31, 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 years ended December 31, 2018 , 2017 and 2016 . 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.
Deferred Costs, net	Deferred Costs, net —Debt issuance costs are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs associated with our secured revolving credit facility are presented as an asset on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See notes 7 and 9 .
Intangible Assets and Liabilities	Intangible Assets and Liabilities —Intangible assets and liabilities represent the assets and liabilities recorded on certain hotel properties’ ground lease contracts that were below or above market rates at the date of acquisition. These assets and liabilities are amortized using the straight line method over the remaining terms of the respective lease contracts. See note 8 .
Derivative Instruments and Hedging	Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master- netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense)”, respectively, in the consolidated statements of operations.
Due to/from Related Party	Due to/from Related Party —Due to/from related party represents current receivables and payables resulting from transactions related to hotel management with a related party. As of December 31, 2017 it also included current receivables/payables resulting from transactions related to project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year .
Due to/from Affiliates	Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. See note 20. Due to/from Ashford Inc. is generally settled within a period not exceeding one year .
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year .
Unfavorable Management Contract Liabilities	Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions.
Noncontrolling Interests	Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 14 . The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2018 and 2017 , and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition	Revenue Recognition —Prior to the adoption of Topic 606 on January 1, 2018, hotel revenues, including rooms, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, were recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities were not recorded in revenue. Interest income has been recognized when earned. On January 1, 2018, we adopted Topic 606 using the modified retrospective method. Rooms revenue represents revenue from the occupancy of our hotel rooms, which 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 audiovisual 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, audiovisual 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 from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. See note 3 .
Other Hotel Expenses	Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2018 , 2017 and 2016 , we incurred advertising costs of $8.5 million , $7.5 million and $6.4 million , respectively. Advertising costs related to continuing operations are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation —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.
Depreciation and amortization	Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes	Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 17 . The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2014 through 2018 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Reclassifications	Reclassifications —As part of the SEC’s Disclosure Update Simplification Project, in 2018, the SEC issued a final rule that eliminated Rule 3-15(a)(1) gain (loss) on sale of hotel properties by REITs to resolve inconsistencies in the presentation requirements in US GAAP. With the elimination of the SEC rule allowing for alternate presentation, our statements of operations must be in accordance with ASC 360-10-45-5. As a result, we have presented “gain (loss) on sale of hotel properties” as a component of “operating income (loss)” for all periods presented.
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 rooms, 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 acquisitions completed in 2018 are acquisitions 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. 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, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“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 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 guarantee, rate implicit in the lease, lease term and purchase option. 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. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors (“ASU 2018-20”). The amendments create a lessor practical expedient applicable to sales and other similar taxes incurred in connection with a lease, and simplify lessor accounting for lessor costs paid by the lessee. 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 lease obligations which is estimated to be between $39.0 million and $47.6 million . This amount includes intangible assets and liabilities of $9.0 million and $13.0 million , respectively, primarily related to the ground leases and other operating leases, respectively, that we will reclass to the ROU asset as of January 1, 2019. We disclosed $133.8 million in undiscounted future minimum rentals due under non-cancelable leases in note 13 . We have also engaged 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 will use the transition method that includes the practical expedient that allows us to not reevaluate or recast prior periods upon adoption effective January 1, 2019. 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. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) . ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . 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)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 66,688 $ 17,060 $ 5,217 $ — $ 88,965 Boston, MA Area 3 60,232 7,725 3,468 — 71,425 Dallas / Ft. Worth Area 7 61,910 16,746 3,602 — 82,258 Houston, TX Area 3 26,783 9,214 854 — 36,851 Los Angeles, CA Metro Area 6 77,976 15,645 4,702 — 98,323 Miami, FL Metro Area 3 28,366 9,009 997 — 38,372 Minneapolis / St. Paul, MN / WI Area 4 36,138 9,618 4,602 — 50,358 Nashville, TN Area 1 50,120 13,116 1,783 — 65,019 New York / New Jersey Metro Area 6 74,441 23,029 2,899 — 100,369 Orlando, FL Area 3 28,966 1,570 1,325 — 31,861 Philadelphia, PA Area 3 24,385 4,534 869 — 29,788 San Diego, CA Area 2 18,392 1,075 971 — 20,438 San Francisco/Oakland, CA Metro Area 6 81,368 7,726 2,562 — 91,656 Tampa, FL Area 2 22,896 6,459 1,542 — 30,897 Washington D.C. / MD / VA Area 9 113,902 23,673 6,695 — 144,270 Other Areas 52 354,177 57,981 24,377 — 436,535 Orlando WorldQuest — 4,429 130 1,188 — 5,747 Sold properties 3 3,518 1 129 — 3,648 Corporate — — — — 4,009 4,009 Total 122 $ 1,134,687 $ 224,311 $ 67,782 $ 4,009 $ 1,430,789 Year Ended December 31, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 67,463 $ 17,526 $ 4,979 $ — $ 89,968 Boston, MA Area 3 58,719 8,265 3,217 — 70,201 Dallas / Ft. Worth Area 7 61,086 16,887 3,258 — 81,231 Houston, TX Area 3 27,965 9,162 738 — 37,865 Los Angeles, CA Metro Area 6 77,224 15,503 4,592 — 97,319 Miami, FL Metro Area 3 28,833 9,057 992 — 38,882 Minneapolis / St. Paul, MN / WI Area 4 36,156 9,740 4,391 — 50,287 Nashville, TN Area 1 50,530 16,979 1,629 — 69,138 New York / New Jersey Metro Area 6 73,670 24,876 2,528 — 101,074 Orlando, FL Area 3 30,053 1,851 736 — 32,640 Philadelphia, PA Area 3 23,434 4,052 725 — 28,211 San Diego, CA Area 2 18,044 1,512 769 — 20,325 San Francisco/Oakland, CA Metro Area 6 77,713 8,073 2,033 — 87,819 Tampa, FL Area 3 23,775 6,699 760 — 31,234 Washington D.C. / MD / VA Area 9 111,928 23,896 5,094 — 140,918 Other Areas 52 350,891 57,341 19,978 — 428,210 Orlando WorldQuest — 4,946 141 1,224 — 6,311 Sold properties 6 20,705 3,217 561 — 24,483 Corporate — — — — 3,154 3,154 Total 126 $ 1,143,135 $ 234,777 $ 58,204 $ 3,154 $ 1,439,270 Year ended December 31, 2016 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 66,971 $ 18,482 $ 4,621 $ — $ 90,074 Boston, MA Area 3 56,194 7,974 3,073 — 67,241 Dallas / Ft. Worth Area 7 61,160 18,398 3,024 — 82,582 Houston, TX Area 3 25,484 9,538 649 — 35,671 Los Angeles, CA Metro Area 6 77,198 15,348 4,312 — 96,858 Miami, FL Metro Area 3 27,979 8,749 881 — 37,609 Minneapolis / St. Paul, MN / WI Area 4 38,712 11,113 4,336 — 54,161 Nashville, TN Area 1 48,674 19,421 1,507 — 69,602 New York / New Jersey Metro Area 6 71,647 25,504 1,809 — 98,960 Orlando, FL Area 3 28,062 1,902 681 — 30,645 Philadelphia, PA Area 3 24,272 4,513 883 — 29,668 San Diego, CA Area 2 17,785 2,063 514 — 20,362 San Francisco/Oakland, CA Metro Area 6 76,306 8,886 2,179 — 87,371 Tampa, FL Area 3 23,136 6,834 771 — 30,741 Washington D.C. / MD / VA Area 9 108,049 22,885 4,879 — 135,813 Other Areas 54 348,833 58,807 19,342 — 426,982 Orlando WorldQuest — 5,039 151 1,204 — 6,394 Sold properties 15 74,698 12,643 2,226 — 89,567 Corporate — — — — 1,742 1,742 Total 138 $ 1,180,199 $ 253,211 $ 56,891 $ 1,742 $ 1,492,043

Investment in Hotel Propertie_2

Investment in Hotel Properties, net (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Investment in hotel properties	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 $ 8,094 Buildings and improvements 41,222 Furniture, fixtures and equipment 835 $ 50,151 Net other assets (liabilities) $ 366 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 year ended December 31, 2018 (in thousands): Year Ended December 31, 2018 Total revenue $ 2,255 Net income (loss) (164 ) 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 year ended December 31, 2018 (in thousands): Year Ended December 31, 2018 Total revenue $ 9,418 Net income (loss) 291 Investments in hotel properties consisted of the following (in thousands): December 31, 2018 2017 Land $ 670,362 $ 653,293 Buildings and improvements 4,062,810 3,895,112 Furniture, fixtures and equipment 504,806 468,420 Construction in progress 37,394 35,273 Condominium properties 12,091 12,196 Total cost 5,287,463 5,064,294 Accumulated depreciation (1,182,244 ) (1,028,379 ) Investments in hotel properties, net $ 4,105,219 $ 4,035,915

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2018 December 31, 2017 Carrying value of the investment in OpenKey (in thousands) $ 2,593 $ 2,518 Ownership interest in OpenKey 16.3 % 16.2 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Equity in earnings (loss) in unconsolidated entity $ (592 ) $ (481 ) $ (305 ) Ashford Inc. Condensed Consolidated Balance Sheets December 31, 2018 December 31, 2017 Total assets $ 379,005 $ 114,810 Total liabilities 108,726 78,742 Series B cumulative convertible preferred stock 200,847 — Redeemable noncontrolling interests 3,531 5,111 Total stockholders’ equity of Ashford Inc. 65,443 30,185 Noncontrolling interests in consolidated entities 458 772 Total equity 65,901 30,957 Total liabilities and equity $ 379,005 $ 114,810 Our ownership interest in Ashford Inc. $ 1,896 $ 437 Ashford Inc. Condensed Consolidated Statements of Operations Year Ended December 31, 2018 2017 2016 Total revenue $ 195,520 $ 81,573 $ 67,607 Total expenses (196,359 ) (92,095 ) (70,064 ) Operating income (loss) (839 ) (10,522 ) (2,457 ) Realized and unrealized gain (loss) on investment in unconsolidated entity, net — — (1,460 ) Realized and unrealized gain (loss) on investments, net — (91 ) (7,787 ) Interest expense and loan amortization costs (1,200 ) (122 ) — Other income (expense) (505 ) 264 81 Income tax benefit (expense) 10,364 (9,723 ) (780 ) Net income (loss) 7,820 (20,194 ) (12,403 ) (Income) loss from consolidated entities attributable to noncontrolling interests 924 358 8,860 Net (income) loss attributable to redeemable noncontrolling interests 1,438 1,484 1,147 Net income (loss) attributable to Ashford Inc. 10,182 (18,352 ) (2,396 ) Preferred dividends (4,466 ) — — Amortization of preferred stock discount (730 ) — — Net income attributable to common stockholders $ 4,986 $ (18,352 ) $ (2,396 ) Our equity in earnings (loss) of Ashford Inc. $ 1,459 $ (5,437 ) $ (743 )

Hotel Dispositions, Impairmen_2

Hotel Dispositions, Impairment Charges and Insurance Recoveries, and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheets were as follows (in thousands): 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 The following table includes condensed financial information from these hotel properties (in thousands): Year Ended December 31, 2018 2017 2016 Total hotel revenue $ 3,648 $ 24,483 $ 89,567 Total hotel operating expenses (2,188 ) (17,908 ) (59,444 ) Gain (loss) on sale of hotel properties 475 14,030 31,713 Operating income (loss) 1,935 20,605 61,836 Property taxes, insurance and other (235 ) (1,166 ) (4,354 ) Depreciation and amortization (347 ) (4,613 ) (13,726 ) Impairment charges (1,939 ) (8,220 ) (18,316 ) Interest income — 12 1 Interest expense and amortization of loan costs (525 ) (4,092 ) (12,377 ) Write-off of loan costs and exit fees (524 ) (98 ) (5,076 ) Income (loss) before income taxes (1,635 ) 2,428 7,988 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 239 (377 ) (1,157 ) Income (loss) before income taxes attributable to the Company $ (1,396 ) $ 2,051 $ 6,831

Deferred Costs, net (Tables)

Deferred Costs, net (Tables)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, net	Deferred costs, net consist of the following (in thousands): December 31, 2018 2017 Deferred franchise fees $ 4,571 $ 4,400 Deferred loan costs 816 — Total costs 5,387 4,400 Accumulated amortization (1,938 ) (1,623 ) Deferred costs, net $ 3,449 $ 2,777

Intangible Assets, net and In_2

Intangible Assets, net and Intangible Liabilities, net (Tables)	12 Months Ended
	Dec. 31, 2018
Intangible Assets, net and Intangible Liabilities, net [Abstract]
Schedule of Intangible Assets, net and Intangible Liabilities, net	Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Estimated future amortization expense pre-adoption Impact due to adoption of ASU 2016-02 Estimated future amortization expense post-adoption 2019 $ 118 $ (118 ) $ — 2020 118 (118 ) — 2021 118 (118 ) — 2022 118 (118 ) — 2023 118 (118 ) — Thereafter 8,437 (8,437 ) — Total $ 9,027 $ (9,027 ) $ — Intangible Liabilities Estimated future amortization expense pre-adoption Impact due to adoption of ASU 2016-02 Estimated future amortization expense post-adoption 2019 $ 356 $ (274 ) $ 82 2020 356 (274 ) 82 2021 356 (274 ) 82 2022 356 (274 ) 82 2023 356 (274 ) 82 Thereafter 13,703 (11,675 ) 2,028 Total $ 15,483 $ (13,045 ) $ 2,438 Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liability, net December 31, December 31, 2018 2017 2018 2017 Cost $ 10,276 $ 10,276 $ 16,846 $ 16,846 Accumulated amortization (452 ) (333 ) (1,363 ) (1,007 ) $ 9,824 $ 9,943 $ 15,483 $ 15,839

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 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 refinancing. The net floating interest rate after the purchase of the Pool E loan is LIBOR + 2.73% . Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Indebtedness Collateral Maturity Interest Rate Debt Book Value of Collateral Debt Balance Book Value of Collateral 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% — — 376,800 346,609 Mortgage loan (5) 22 hotels April 2018 LIBOR (1) + 4.39% — — 971,654 1,206,994 Mortgage loan (6) 1 hotel July 2018 LIBOR (1) + 5.10% — — 40,500 52,038 Mortgage loan (6) (7) 3 hotels August 2018 LIBOR (1) + 4.35% — — 52,530 61,358 Mortgage loan (6) 6 hotels August 2018 LIBOR (1) + 4.35% — — 280,421 162,938 Mortgage loan (6) (8) 17 hotels October 2018 LIBOR (1) + 4.55% — — 450,000 442,394 Mortgage loan (6) 5 hotels February 2019 LIBOR (1) + 4.75% — — 200,000 208,338 Mortgage loan (6) 1 hotel April 2019 LIBOR (1) + 4.95% — — 33,300 39,298 Mortgage loan (6) 1 hotel May 2019 LIBOR (1) + 5.10% — — 25,100 32,188 Mortgage loan (9) 1 hotel June 2019 LIBOR (1) + 5.10% 43,750 62,995 43,750 62,348 Mortgage loan 1 hotel July 2019 4.00% 5,232 7,752 5,336 8,056 Mortgage loan (10) 1 hotel July 2019 LIBOR (1) + 4.15% 35,200 36,177 35,200 36,220 Mortgage loan (10) 8 hotels July 2019 LIBOR (1) + 4.09% 144,000 173,678 144,000 174,676 Mortgage loan (11) 1 hotel August 2019 LIBOR (1) + 4.95% 7,778 9,446 12,000 15,279 Mortgage loan (12) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 282,462 427,000 290,973 Mortgage loan (4) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 344,744 — — Mortgage loan (5) 21 hotels April 2020 LIBOR (1) + 3.20% 962,575 1,168,504 — — Mortgage loan (13) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 29,966 16,100 25,654 Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 136,325 — — Mortgage loan (6) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 137,611 — — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 176,279 — — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 116,304 — — Mortgage loan (6) (14) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 189,026 — — Mortgage loan (6) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 193,120 — — Mortgage loan 1 hotel November 2020 6.26% 93,433 121,162 95,207 126,462 Mortgage loan (15) 1 hotel November 2020 LIBOR (1) + 2.55% 25,000 49,912 — — Mortgage loan (16) 2 hotels June 2022 LIBOR (1) + 3.00% 178,099 245,984 164,700 234,253 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 194,886 97,000 196,365 Mortgage loan 1 hotel May 2023 5.46% 52,843 79,124 53,789 81,854 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 110,592 — — Mortgage loan 1 hotel January 2024 5.49% 6,883 8,694 7,000 9,392 Mortgage loan 1 hotel January 2024 5.49% 10,045 20,516 10,216 17,533 Mortgage loan 1 hotel May 2024 4.99% 6,414 7,153 6,530 7,438 Mortgage loan 3 hotels August 2024 5.20% 65,242 50,768 66,224 51,393 Mortgage loan 2 hotels August 2024 4.85% 12,048 10,909 12,242 11,135 Mortgage loan 3 hotels August 2024 4.90% 24,086 16,211 24,471 15,693 Mortgage loan 2 hotels February 2025 4.45% 19,835 10,423 20,214 10,516 Mortgage loan 3 hotels February 2025 4.45% 51,304 73,645 52,284 72,112 $ 3,966,237 $ 4,064,368 $ 3,723,568 $ 3,999,507 Premiums, net 1,293 1,570 Deferred loan costs, net (40,264 ) (15,617 ) $ 3,927,266 $ 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 $ 3,927,266 $ 3,696,300 ____________________________________ (1) LIBOR rates were 2.503% and 1.564% at December 31, 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, (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 pay down. See note 6 . (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 6 . (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 6 . (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 pay down 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 mortgage loan has three one-year extension options subject to satisfaction of certain conditions. (16) This $181.0 million mortgage loan had an initial advance of $164.7 million in May 2017. In February, May, June, October and November 2018, additional advances of $6.5 million , $1.1 million , $1.9 million , $2.9 million , and $1.0 million , respectively, were used for a capital expenditures project at one of the hotel properties securing this mortgage loan.
Summary of maturities of indebtedness of continuing operations	Maturities and scheduled amortizations of indebtedness as of December 31, 2018 for each of the five following years and thereafter are as follows (in thousands): 2019 $ 669,233 2020 2,710,200 2021 7,953 2022 275,810 2023 126,291 Thereafter 176,750 Total $ 3,966,237

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2018 2017 2016 Interest cap rates: Notional amount (in thousands) $ 3,614,618 $ 2,539,700 $ 1,465,700 Strike rate low end of range 1.50 % 1.50 % 2.00 % Strike rate high end of range 5.71 % 5.84 % 4.50 % Effective date range January 2018 - November 2018 February 2017 - October 2017 February 2016 - January 2017 Termination date range January 2019 - November 2020 February 2018 - November 2019 February 2017 - October 2018 Total cost (in thousands) $ 3,143 $ 871 $ 199 Interest rate floors: Notional amount (in thousands) $ 12,025,000 $ 10,750,000 $ — Strike rate low end of range 1.25 % 1.00 % — Strike rate high end of range 2.00 % 1.50 % — Effective date range July 2018 - November 2018 September 2017 - December 2017 n/a Termination date range September 2019 - November 2021 March 2019 - June 2019 n/a Total cost (in thousands) $ 432 $ 388 $ — None of these instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: December 31, 2018 December 31, 2017 Interest cap rates: Notional amount (in thousands) $ 3,953,718 (1) $ 3,399,700 (1) Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.71 % 5.84 % Termination date range January 2019 - November 2020 January 2018 - November 2019 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,521,872 $ 3,370,055 Interest rate floors: (2) Notional amount (in thousands) $ 28,775,000 (1 ) $ 16,750,000 (1 ) Strike rate low end of range (0.25 )% (0.25 )% Strike rate low end of range 2.00 % 1.50 % Termination date range March 2019 - November 2021 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)	12 Months Ended
	Dec. 31, 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) Counter-party and Cash Collateral Netting (1) Total December 31, 2018: Assets Derivative assets: Interest rate derivatives – floors $ — $ 255 $ — $ 208 $ 463 (2) Interest rate derivatives – caps — 601 — — 601 (2) Credit default swaps — 520 — 812 1,332 (2) — 1,376 — 1,020 2,396 Non-derivative assets: Equity securities 21,816 — — — 21,816 (3) Total $ 21,816 $ 1,376 $ — $ 1,020 $ 24,212 Liabilities Derivative liabilities: Credit default swaps — — — (50 ) (50 ) (4) Net $ 21,816 $ 1,376 $ — $ 970 $ 24,162 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 the consolidated balance sheets. (3) Reported as “marketable securities” in the consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in the consolidated balance sheets.
Effect of fair value measured assets and liabilities on consolidated statements of operations	The following tables summarize the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): Gain (Loss) Recognized in Income Year Ended December 31, 2018 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (488 ) $ (2,435 ) $ 611 Interest rate derivatives - caps (2,678 ) (758 ) (535 ) Credit default swaps 703 (4) (4,201 ) (4) (5,843 ) (4) Options on futures contracts — (116 ) (348 ) Non-derivative assets: Equity (924 ) (3,678 ) 4,946 Total (3,387 ) (11,188 ) (1,169 ) Liabilities Derivative liabilities: Credit default swaps 285 — — Net $ (3,102 ) $ (11,188 ) $ (1,169 ) Total combined Interest rate derivatives - floors $ (488 ) $ (2,435 ) $ 611 Interest rate derivatives - caps (2,678 ) (758 ) (535 ) Credit default swaps 988 (36 ) (2,574 ) Options on futures contracts — 427 (36 ) Total derivatives (2,178 ) (1) (2,802 ) (1) (2,534 ) (1) Realized gain (loss) on credit default swaps — (2) (4) (4,165 ) (2) (4) (3,269 ) (2) (4) Realized gain (loss) on options on futures contracts — (2) (543 ) (312 ) Unrealized gain (loss) on marketable securities (1,013 ) (3) (4,649 ) (3) 4,946 (3) Realized gain (loss) on marketable securities 89 (2) 971 (2) — (2) Net $ (3,102 ) $ (11,188 ) $ (1,169 ) _________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $1,045 , $1,036 and $873 in 2018 , 2017 and 2016 , 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)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Carrying amounts and estimated fair values of financial instruments measured at fair value on recurring basis	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets, net $ 2,396 $ 2,396 $ 2,010 $ 2,010 Marketable securities 21,816 21,816 26,926 26,926 Derivative liabilities, net 50 50 — — Financial assets not measured at fair value: Cash and cash equivalents (1) $ 319,210 $ 319,210 $ 354,883 $ 354,883 Restricted cash (1) 120,602 120,602 117,189 117,189 Accounts receivable, net (1) 37,060 37,060 44,384 44,384 Due from third-party hotel managers (1) 21,760 21,760 17,418 17,418 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,967,530 $3,773,343 to $4,170,538 $ 3,725,138 $3,559,993 to $3,934,727 Accounts payable and accrued expenses (1) 136,757 136,757 133,063 133,063 Dividends and distributions payable 26,794 26,794 25,045 25,045 Due to Ashford Inc., net 23,034 23,034 15,146 15,146 Due to related party, net (1) 1,477 1,477 1,161 1,161 Due to third-party hotel managers 2,529 2,529 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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Future minimum rentals due under non-cancelable leases	Future minimum rentals due under non-cancelable leases are as follows for each of the five following years and thereafter are as follows (in thousands): 2019 $ 2,643 2020 2,506 2021 2,379 2022 2,297 2023 2,249 Thereafter 121,697 Total $ 133,771

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2018
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Compensation expense	We recorded compensation expense for performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2018 2017 2016 Performance LTIP units Advisory services fee $ 6,797 $ 1,785 $ 1,164 LTIP units Advisory services fee 3,508 2,800 2,405 LTIP units - independent directors Corporate, general and administrative 536 475 357 $ 10,841 $ 5,060 $ 3,926 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Advisory services fee $ 6,698 $ 4,774 $ 3,878 Management fees 1,159 645 639 Corporate, general and administrative - independent directors — 90 247 $ 7,857 $ 5,509 $ 4,764 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Advisory services fee $ 8,241 $ 1,718 $ 982
Redeemable noncontrolling interest	The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage: December 31, 2018 December 31, 2017 Redeemable noncontrolling interests $ 80,743 $ 116,122 Cumulative adjustments to redeemable noncontrolling interests (1) 146,091 154,262 Ownership percentage of operating partnership 14.64 % 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): Year Ended December 31, 2018 2017 2016 Allocated net (income) loss to the redeemable noncontrolling interests $ 29,313 $ 21,642 $ 12,483 Aggregate cash distributions to holders of common units and LTIP units 8,789 10,007 10,988 A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2018 2017 2016 Outstanding at beginning of year 19,602 19,443 20,388 LTIP units issued 476 701 515 Performance LTIP units issued 582 1,179 803 Performance LTIP units canceled (739 ) — — Common units converted for sale of hotel property — — (2,039 ) Common units converted to common stock — (21 ) (224 ) Conversion factor adjustment — (1,700 ) — Outstanding at end of year 19,921 19,602 19,443 Common units convertible/redeemable at end of year 16,645 16,320 17,531

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of At-the-Market Equity Offering Program	We will pay each of the sales agents a commission, which in each case shall not be more than 2.0% of the gross sales price of the shares of our common stock sold through such sales agent. The table below summarizes the issuance activity (in thousands): Year Ended December 31, 2018 2017 Common shares issued 2,434 — Gross proceed received $ 15,522 $ — Commissions and other expenses $ 194 $ — Net proceeds $ 15,328 $ —
Summary of dividends declared	A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Common stock $ 47,951 $ 47,104 $ 46,292 Preferred stocks: Series A cumulative preferred stock — 2,539 3,542 Series D cumulative preferred stock 5,047 18,211 20,002 Series E cumulative preferred stock — — 6,280 Series F cumulative preferred stock 8,849 8,849 4,130 Series G cumulative preferred stock 11,431 11,430 2,318 Series H cumulative preferred stock 7,125 2,494 — Series I cumulative preferred stock 10,125 1,238 — Total dividends declared $ 90,528 $ 91,865 $ 82,564
Schedule of Noncontrolling Interests in Consolidated Entities	The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2018 2017 2016 (Income) loss allocated to noncontrolling interests in consolidated entities $ 30 $ 110 $ 14

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock activity	A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2018 2017 2016 Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Outstanding at beginning of year 2,085 $ 7.03 1,627 $ 8.30 1,459 $ 10.21 Restricted shares granted 907 6.64 1,272 6.46 862 6.26 Restricted shares vested (1,230 ) 7.41 (759 ) 8.82 (647 ) 9.92 Restricted shares forfeited (49 ) 6.41 (55 ) 6.73 (47 ) 7.95 Outstanding at end of year 1,713 6.56 2,085 7.03 1,627 8.30
Compensation expense	We recorded compensation expense for performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2018 2017 2016 Performance LTIP units Advisory services fee $ 6,797 $ 1,785 $ 1,164 LTIP units Advisory services fee 3,508 2,800 2,405 LTIP units - independent directors Corporate, general and administrative 536 475 357 $ 10,841 $ 5,060 $ 3,926 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Advisory services fee $ 6,698 $ 4,774 $ 3,878 Management fees 1,159 645 639 Corporate, general and administrative - independent directors — 90 247 $ 7,857 $ 5,509 $ 4,764 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2018 2017 2016 Advisory services fee $ 8,241 $ 1,718 $ 982
Summary of PSU activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2018 2017 2016 PSUs Weighted Average Price at Grant PSUs Weighted Average Price at Grant PSUs Weighted Average Price at Grant Outstanding at beginning of year 820 $ 6.07 336 $ 6.38 — $ — PSUs granted 526 6.64 484 5.85 336 6.38 PSUs vested (323 ) 6.19 — — — — PSUs canceled (248 ) 6.38 — — — — Outstanding at end of year 775 6.31 820 6.07 336 6.38

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Reconciles the income tax expense at statutory rates to the actual income tax expense	The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2018 2017 2016 Income tax (expense) benefit at federal statutory income tax rate of 21% in 2018 and 35% in 2017 and 2016 $ (4,435 ) $ (1,478 ) $ (4,764 ) State income tax (expense) benefit, net of federal income tax benefit (698 ) 160 (742 ) Permanent differences (128 ) (338 ) (798 ) Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act (1) — (5,242 ) — Provision to return adjustment entirely offset by change in valuation allowance (230 ) 957 — Gross receipts and margin taxes (950 ) (913 ) (692 ) Interest and penalties (11 ) (49 ) (7 ) Valuation allowance 3,670 9,121 5,471 Total income tax (expense) benefit $ (2,782 ) $ 2,218 $ (1,532 ) ________ (1) Partially offset within change in valuation allowance.
Components of income tax benefit (expense) from continuing operations	The components of income tax (expense) benefit from continuing operations are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ (1,195 ) $ 5,264 $ (605 ) State (1,452 ) (722 ) (1,229 ) Total current income tax (expense) benefit (2,647 ) 4,542 (1,834 ) Deferred: Federal (39 ) (2,192 ) 278 State (96 ) (132 ) 24 Total deferred income tax (expense) benefit (135 ) (2,324 ) 302 Total income tax (expense) benefit $ (2,782 ) $ 2,218 $ (1,532 )
Deferred tax asset (liability) and related valuation allowance	At December 31, 2018 and 2017 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2018 2017 Allowance for doubtful accounts $ 114 $ 168 Unearned income 1,801 1,926 Federal and state net operating losses 2,342 4,153 Accrued expenses 1,710 1,693 Prepaid expenses (4,848 ) (4,666 ) Tax property basis less than book basis (1,840 ) (846 ) Tax derivatives basis greater than book basis 1,612 2,034 Investment in Ashford, Inc. 7,197 — Other 664 623 Deferred tax asset (liability) 8,752 5,085 Valuation allowance (10,034 ) (6,232 ) Net deferred tax asset (liability) $ (1,282 ) $ (1,147 )
Summarizes the changes in the valuation allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of year $ 6,232 $ 15,353 $ 20,670 Additions 4,766 2,053 2,169 Deductions (964 ) (11,174 ) (7,486 ) Balance at end of year $ 10,034 $ 6,232 $ 15,353

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2018 2017 2016 Income (loss) allocated to common stockholders – Basic and diluted: Income (loss) attributable to the Company $ (126,966 ) $ (67,008 ) $ (46,285 ) Less: Dividends on preferred stock (42,577 ) (44,761 ) (36,272 ) Less: Extinguishment of issuance costs upon redemption of preferred stock — (10,799 ) (6,124 ) Less: Dividends on common stock (47,057 ) (45,752 ) (45,388 ) Less: Dividends on unvested performance stock units (50 ) (393 ) (161 ) Less: Dividends on unvested restricted shares (844 ) (959 ) (743 ) Undistributed income (loss) (217,494 ) (169,672 ) (134,973 ) Add back: Dividends on common stock 47,057 45,752 45,388 Distributed and undistributed net income (loss) - basic and diluted $ (170,437 ) $ (123,920 ) $ (89,585 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 97,282 95,207 94,426 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.75 ) $ (1.30 ) $ (0.95 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.75 ) $ (1.30 ) $ (0.95 )
Summary of computation of diluted income per share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2018 2017 2016 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 844 $ 959 $ 743 Income (loss) allocated to unvested performance stock units 50 393 161 Income (loss) attributable to noncontrolling interest in operating partnership (29,313 ) (21,642 ) (12,483 ) Total $ (28,419 ) $ (20,290 ) $ (11,579 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 111 376 373 Effect of unvested performance stock units 251 258 102 Effect of assumed conversion of operating partnership units 17,599 17,342 18,727 Total 17,961 17,976 19,202

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of related party transaction	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 and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands): Year Ended December 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,156 $ — $ — $ — $ — $ 1,156 Ashford LLC Insurance claims services 76 — — — — 76 J&S Audio Visual Audiovisual commissions 3,569 — — 3,569 — — J&S Audio Visual Equipment 925 925 — — — — Lismore Capital Mortgage placement services 5,094 — (5,094 ) — — — OpenKey Mobile key app 105 3 — — 102 — Premier Project management services 7,677 7,677 — — — — Pure Wellness Hypoallergenic premium rooms 2,436 2,412 — — 24 — Year Ended December 31, 2017 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,976 $ — $ — $ — $ — $ 1,976 J&S Audio Visual Audiovisual commissions 66 — — 66 — — Lismore Capital Mortgage placement services 913 — (913 ) — — — OpenKey Mobile key app 60 — — — 60 — Pure Wellness Hypoallergenic premium rooms 1,309 1,309 — — — — ________ (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 components of due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2018 December 31, 2017 Ashford LLC Advisory services $ 2,362 $ 14,547 Ashford LLC Deposit on ERFP assets 16,100 — Ashford LLC Insurance claims services 23 — AIM Cash management services 99 347 J&S Audio Visual Audiovisual commissions or equipment 855 (52 ) OpenKey Mobile key app 1 8 Premier Project management services 3,206 — Pure Wellness Hypoallergenic premium rooms 388 296 $ 23,034 $ 15,146 The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2018 2017 2016 Advisory services fee Base advisory fee $ 35,526 $ 34,650 $ 34,589 Reimbursable expenses (1) 8,351 7,472 5,917 Equity-based compensation (2) 25,245 11,077 8,429 Incentive fee — — 5,426 Total advisory services fee $ 69,122 $ 53,199 $ 54,361 ________ (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. At December 31, 2018 , Remington Lodging managed 81 of our 119 hotel properties and the WorldQuest condominium properties included in continuing operations and we incurred the following fees related to the management agreement with Remington Lodging (in thousands): Year Ended December 31, 2018 2017 2016 Property management fees, including incentive property management fees $ 30,890 $ 30,629 $ 31,164 Market service and project management fees 11,148 21,315 18,751 Corporate general and administrative 5,872 5,652 5,435 Total $ 47,910 $ 57,596 $ 55,350

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of the quarterly results of operations	The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2018 Total revenue $ 342,207 $ 389,164 $ 355,930 $ 343,488 $ 1,430,789 Total operating expenses 318,945 346,129 326,601 349,175 1,340,850 Gain (loss) on sale of hotel properties (9 ) 412 (9 ) 81 475 Operating income (loss) $ 23,253 $ 43,447 $ 29,320 $ (5,606 ) $ 90,414 Net Income (loss) $ (32,649 ) $ (23,351 ) $ (34,261 ) $ (66,048 ) $ (156,309 ) Net Income (loss) attributable to the Company $ (26,271 ) $ (18,306 ) $ (27,589 ) $ (54,800 ) $ (126,966 ) Net Income (loss) attributable to common stockholders $ (36,915 ) $ (28,950 ) $ (38,234 ) $ (65,444 ) $ (169,543 ) Diluted income (loss) attributable to common stockholders per share $ (0.39 ) $ (0.30 ) $ (0.40 ) $ (0.66 ) $ (1.75 ) (1 ) Weighted average diluted common shares 95,367 96,889 97,467 99,324 97,282 2017 Total revenue $ 353,709 $ 390,670 $ 353,325 $ 341,566 $ 1,439,270 Total operating expenses 325,447 332,185 323,709 322,924 1,304,265 Gain (loss) on sale of hotel properties (83 ) $ 14,092 $ 15 $ 6 $ 14,030 Operating income (loss) $ 28,179 $ 72,577 $ 29,631 $ 18,648 $ 149,035 Net Income (loss) $ (31,937 ) $ 10,428 $ (28,726 ) $ (38,525 ) $ (88,760 ) Net Income (loss) attributable to the Company $ (25,413 ) $ 10,184 $ (21,808 ) $ (29,971 ) $ (67,008 ) Net Income (loss) attributable to common stockholders $ (36,369 ) $ (772 ) $ (37,755 ) $ (47,672 ) $ (122,568 ) Diluted income (loss) attributable to common stockholders per share $ (0.39 ) $ (0.01 ) $ (0.40 ) $ (0.50 ) $ (1.30 ) (1 ) Weighted average diluted common shares 94,840 95,320 95,332 95,328 95,207 _________________ (1) The sum of the diluted income (loss) from continuing operations attributable to common stockholders per share for the four quarters in 2018 and 2017 differs from the annual diluted income (loss) from continuing operations attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Dec. 31, 2018USD ($)roomunithotel	Dec. 31, 2017USD ($)	Sep. 30, 2017hotel	Jun. 30, 2015
Real Estate Properties [Line Items]
Number of hotel properties			24
Number of units in real estate property | room	25,087
Number of units in real estate property, net partnership interest | room	25,060
Investment in unconsolidated entities | $	$ 4,489	$ 2,955
OpenKey [Member]
Real Estate Properties [Line Items]
Ownership percentage	16.30%	16.20%
Investment in unconsolidated entities | $	$ 2,593	$ 2,518
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Ownership percentage				52.40%
World Quest Resort [Member]
Real Estate Properties [Line Items]
Number of units in real estate property | unit	90
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Ownership percentage	25.00%
Investment in unconsolidated entities | $	$ 1,896	$ 437
Investment in unconsolidated subsidiary fair value | $	$ 31,000
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties	117
Partially Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties	2
Subsidiaries [Member]
Real Estate Properties [Line Items]
Number of hotel properties	119
Number of hotel properties managed by affiliates	81

Significant Accounting Polici_3

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2018USD ($)joint_venturehotel	Dec. 31, 2017USD ($)joint_venturehotel	Dec. 31, 2016USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2007USD ($)
Real Estate Properties [Line Items]
Number of hotel properties stated at historical cost | hotel	4
Impairment of investments in unconsolidated entities	$ 0	$ 0	$ 0
Impairment of investments in hotel properties	23,391,000	10,153,000	17,816,000
Impairment of investments in hotel properties	$ 23,400,000	10,200,000	1,800,000
Unfavorable management contract liabilities					$ 23,400,000
Noncontrolling interest in joint venture	15.00%
Advertising expense	$ 8,500,000	7,500,000	$ 6,400,000
Below market lease	9,824,000	9,943,000
Intangible liabilities, net	15,483,000	$ 15,839,000
Undiscounted future minimum rentals due under non-cancelable leases	133,771,000
Impact due to adoption of ASU 2016-02
Real Estate Properties [Line Items]
Below market lease	(9,027,000)
Intangible liabilities, net	$ (13,045,000)
Two Interstate Hotels [Member]
Real Estate Properties [Line Items]
Noncontrolling interest in joint venture	15.00%	15.00%
Number of hotel properties held by joint ventures | hotel	2	2
Number of joint venture | joint_venture	1	1
OpenKey [Member]
Real Estate Properties [Line Items]
Ownership percentage	16.30%	16.20%
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Ownership percentage	25.00%
Minimum [Member]
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	4.00%
Minimum [Member] | Scenario, Forecast [Member]
Real Estate Properties [Line Items]
Lease obligation expected				$ 39,000,000
Minimum [Member] | Impact due to adoption of ASU 2016-02
Real Estate Properties [Line Items]
Below market lease	$ 9,000,000
Intangible liabilities, net	$ 13,000,000
Minimum [Member] | Building and Building Improvements [Member]
Real Estate Properties [Line Items]
Estimated useful life	7 years 6 months
Minimum [Member] | Furniture, fixtures and equipment [Member]
Real Estate Properties [Line Items]
Estimated useful life	1 year 6 months
Maximum [Member]
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	6.00%
Maximum [Member] | Impact due to adoption of ASU 2016-02 | Scenario, Forecast [Member]
Real Estate Properties [Line Items]
Lease obligation expected				$ 47,600,000
Maximum [Member] | Building and Building Improvements [Member]
Real Estate Properties [Line Items]
Estimated useful life	39 years
Maximum [Member] | Furniture, fixtures and equipment [Member]
Real Estate Properties [Line Items]
Estimated useful life	5 years

Revenue (Details)

Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)hotel	Dec. 31, 2016USD ($)hotel
Disaggregation of Revenue [Line Items]
Business interruption income	$ 401	$ 612
Number of Hotels | hotel	122	126	138
Revenue	$ 1,430,789	$ 1,439,270	$ 1,492,043
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	10
Revenue	$ 88,965	$ 89,968	$ 90,074
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 71,425	$ 70,201	$ 67,241
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7
Revenue	$ 82,258	$ 81,231	$ 82,582
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 36,851	$ 37,865	$ 35,671
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6
Revenue	$ 98,323	$ 97,319	$ 96,858
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 38,372	$ 38,882	$ 37,609
Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	4	4	4
Revenue	$ 50,358	$ 50,287	$ 54,161
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1
Revenue	$ 65,019	$ 69,138	$ 69,602
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6
Revenue	$ 100,369	$ 101,074	$ 98,960
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 31,861	$ 32,640	$ 30,645
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 29,788	$ 28,211	$ 29,668
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2
Revenue	$ 20,438	$ 20,325	$ 20,362
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6
Revenue	$ 91,656	$ 87,819	$ 87,371
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	3	3
Revenue	$ 30,897	$ 31,234	$ 30,741
Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9
Revenue	$ 144,270	$ 140,918	$ 135,813
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	52	52	54
Revenue	$ 436,535	$ 428,210	$ 426,982
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0
Revenue	$ 5,747	$ 6,311	$ 6,394
Sold properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	6	15
Revenue	$ 3,648	$ 24,483	$ 89,567
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0
Revenue	$ 4,009	$ 3,154	$ 1,742
Rooms
Disaggregation of Revenue [Line Items]
Revenue	1,134,687	1,143,135	1,180,199
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	66,688	67,463	66,971
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	60,232	58,719	56,194
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	61,910	61,086	61,160
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	26,783	27,965	25,484
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	77,976	77,224	77,198
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	28,366	28,833	27,979
Rooms | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	36,138	36,156	38,712
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	50,120	50,530	48,674
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	74,441	73,670	71,647
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	28,966	30,053	28,062
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	24,385	23,434	24,272
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	18,392	18,044	17,785
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	81,368	77,713	76,306
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	22,896	23,775	23,136
Rooms | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	113,902	111,928	108,049
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	354,177	350,891	348,833
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	4,429	4,946	5,039
Rooms | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	3,518	20,705	74,698
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Food and beverage
Disaggregation of Revenue [Line Items]
Revenue	224,311	234,777	253,211
Food and beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	17,060	17,526	18,482
Food and beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	7,725	8,265	7,974
Food and beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	16,746	16,887	18,398
Food and beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	9,214	9,162	9,538
Food and beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	15,645	15,503	15,348
Food and beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	9,009	9,057	8,749
Food and beverage | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	9,618	9,740	11,113
Food and beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	13,116	16,979	19,421
Food and beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	23,029	24,876	25,504
Food and beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,570	1,851	1,902
Food and beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	4,534	4,052	4,513
Food and beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	1,075	1,512	2,063
Food and beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	7,726	8,073	8,886
Food and beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	6,459	6,699	6,834
Food and beverage | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	23,673	23,896	22,885
Food and beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	57,981	57,341	58,807
Food and beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	130	141	151
Food and beverage | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	1	3,217	12,643
Food and beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	67,782	58,204	56,891
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	5,217	4,979	4,621
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	3,468	3,217	3,073
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	3,602	3,258	3,024
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	854	738	649
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	4,702	4,592	4,312
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	997	992	881
Other | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	4,602	4,391	4,336
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	1,783	1,629	1,507
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,899	2,528	1,809
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,325	736	681
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	869	725	883
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	971	769	514
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,562	2,033	2,179
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,542	760	771
Other | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	6,695	5,094	4,879
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	24,377	19,978	19,342
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	1,188	1,224	1,204
Other | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	129	561	2,226
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	4,009	3,154	1,742
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	4,009	3,154	1,742
BP Deepwater Horizon Oil Spill
Disaggregation of Revenue [Line Items]
Business interruption income	$ 2,600	$ 0	$ 0

Investment in Hotel Propertie_3

Investment in Hotel Properties, net (Details) $ in Thousands	Oct. 31, 2018USD ($)room	Jun. 29, 2018USD ($)room	Dec. 31, 2018USD ($)room	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Investment in hotel properties, net
Land			$ 670,362	$ 653,293
Buildings and improvements			4,062,810	3,895,112
Furniture, fixtures and equipment			504,806	468,420
Construction in progress			37,394	35,273
Condominium properties			12,091	12,196
Total cost			5,287,463	5,064,294
Accumulated depreciation			(1,182,244)	(1,028,379)
Investments in hotel properties, net			4,105,219	4,035,915
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes			3,600,000	3,500,000
Depreciation expense, including depreciation of assets under capital leases and discontinued hotel properties			$ 257,900	246,000	$ 243,600
Number of units in real estate property | room			25,087
Revenue			$ 1,430,789	1,439,270	1,492,043
Net income (loss)			(156,309)	$ (88,760)	$ (58,782)
Hilton Alexandria Old Town [Member]
Investment in hotel properties, net
Land		$ 14,459
Buildings and improvements		94,535
Furniture, fixtures and equipment		2,479
Total cost		111,473
Net other assets (liabilities)		$ 194
Percent of voting interests acquired	100.00%
Number of units in real estate property | room		252
Consideration transfered		$ 111,000
Revenue			9,418
Net income (loss)			291
Santa Fe, NM La Posada de Santa Fe [Member]
Investment in hotel properties, net
Land	$ 8,094
Buildings and improvements	41,222
Furniture, fixtures and equipment	835
Total cost	50,151
Net other assets (liabilities)	$ 366
Percent of voting interests acquired	100.00%
Number of units in real estate property | room	157
Consideration transfered	$ 50,000
Revenue			2,255
Net income (loss)			$ (164)

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Total assets	$ 4,685,954	$ 4,669,850
Total liabilities	4,152,106	3,920,582
Redeemable noncontrolling interests	80,743	116,122
Total stockholders' equity	452,489	632,500
Noncontrolling interest in consolidated entities	616	646
Total equity	453,105	633,146	$ 792,377	$ 811,856
Total liabilities and equity	4,685,954	4,669,850
Our ownership interest	4,489	2,955
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total assets	379,005	114,810
Total liabilities	108,726	78,742
Series B cumulative convertible preferred stock	200,847	0
Redeemable noncontrolling interests	3,531	5,111
Total stockholders' equity	65,443	30,185
Noncontrolling interest in consolidated entities	458	772
Total equity	65,901	30,957
Total liabilities and equity	379,005	114,810
Our ownership interest	$ 1,896	$ 437

Investment in Unconsolidated _4

Investment in Unconsolidated Entities (Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Total revenue	$ 343,488	$ 355,930	$ 389,164	$ 342,207	$ 341,566	$ 353,325	$ 390,670	$ 353,709	$ 1,430,789	$ 1,439,270
Total expenses	(349,175)	(326,601)	(346,129)	(318,945)	(322,924)	(323,709)	(332,185)	(325,447)	(1,340,850)	(1,304,265)	$ (1,336,339)
Operating income (loss)	$ (5,606)	$ 29,320	$ 43,447	$ 23,253	$ 18,648	$ 29,631	$ 72,577	$ 28,179	90,414	149,035	187,303
Realized and unrealized gain (loss) on investments, net									(924)	(3,678)	4,946
Interest expense and loan amortization costs									(236,786)	(222,631)	(223,967)
Other income (expense)									64	(3,422)	(4,517)
Income tax benefit (expense)									(2,782)	2,218	(1,532)
Net income (loss)									(156,309)	(88,760)	(58,782)
Net (income) loss attributable to redeemable noncontrolling interests									29,313	21,642	12,483
Net income (loss) attributable to the Company									(126,966)	(67,008)	(46,285)
Our equity in earnings (loss) of equity method investments									867	(5,866)	(6,110)
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Total revenue									195,520	81,573	67,607
Total expenses									(196,359)	(92,095)	(70,064)
Operating income (loss)									(839)	(10,522)	(2,457)
Realized and unrealized gain (loss) on investment in unconsolidated entity, net									0	0	(1,460)
Realized and unrealized gain (loss) on investments, net									0	(91)	(7,787)
Interest expense and loan amortization costs									(1,200)	(122)	0
Other income (expense)									(505)	264	81
Income tax benefit (expense)									10,364	(9,723)	(780)
Net income (loss)									7,820	(20,194)	(12,403)
(Income) loss from consolidated entities attributable to noncontrolling interests									924	358	8,860
Net (income) loss attributable to redeemable noncontrolling interests									1,438	1,484	1,147
Net income (loss) attributable to the Company									10,182	(18,352)	(2,396)
Preferred dividends									(4,466)	0	0
Amortization of preferred stock discount									(730)	0	0
Net income attributable to common stockholders									4,986	(18,352)	(2,396)
Our equity in earnings (loss) of equity method investments									$ 1,459	$ (5,437)	$ (743)

Investment in Unconsolidated _5

Investment in Unconsolidated Entities (Narrative and Other Schedules) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2015
Real Estate Properties [Line Items]
Investment in unconsolidated entities		$ 4,489	$ 2,955
Equity in earnings (loss) of unconsolidated entities		867	(5,866)	$ (6,110)
Investment in unconsolidated entity		$ 667	$ 984	2,321
OpenKey [Member]
Real Estate Properties [Line Items]
Ownership percentage		16.30%	16.20%
Investment in unconsolidated entities		$ 2,593	$ 2,518
Equity in earnings (loss) of unconsolidated entities		(592)	(481)	(305)
Investment in unconsolidated entity		667	983	2,300
Investments total		$ 4,000
Ashford Inc. [Member]
Real Estate Properties [Line Items]
Shares in investment held (in shares)		598
Ownership percentage		25.00%
Investment in unconsolidated entities		$ 1,896	437
Investment in unconsolidated subsidiary fair value		31,000
Equity in earnings (loss) of unconsolidated entities		$ 1,459	(5,437)	(743)
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Ownership percentage					52.40%
Equity in earnings (loss) of unconsolidated entities			$ 52	$ (5,100)
AQUA U.S. Fund [Member]
Real Estate Properties [Line Items]
Audit hold-back	5.00%
Proceeds from divestiture	$ 2,600

Hotel Dispositions, Impairmen_3

Hotel Dispositions, Impairment Charges and Insurance Recoveries, and Assets Held for Sale (Schedule of Hotel Dispositions and Assets Held for Sale) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 0	$ 78	$ 976	$ 0
Assets held for sale	0	18,423
Liabilities
Liabilities related to assets held for sale	0	13,977
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Real Estate Properties [Line Items]
Total hotel revenue	3,648	24,483	89,567
Total hotel operating expenses	(2,188)	(17,908)	(59,444)
Operating income (loss)	1,935	20,605	61,836
Property taxes, insurance and other	(235)	(1,166)	(4,354)
Depreciation and amortization	(347)	(4,613)	(13,726)
Impairment charges	(1,939)	(8,220)	(18,316)
Interest income	0	12	1
Gain (loss) on sale of hotel properties	475	14,030	31,713
Interest expense and amortization of loan costs	(525)	(4,092)	(12,377)
Write-off of loan costs and exit fees	(524)	(98)	(5,076)
Income (loss) before income taxes	(1,635)	2,428	7,988
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	239	(377)	(1,157)
Income (loss) before income taxes attributable to the Company	$ (1,396)	2,051	$ 6,831
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
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

Hotel Dispositions, Impairmen_4

Hotel Dispositions, Impairment Charges and Insurance Recoveries, and Assets Held for Sale (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions

Jun. 13, 2018USD ($)

May 10, 2018USD ($)

May 01, 2018USD ($)

Apr. 09, 2018USD ($)

Feb. 20, 2018USD ($)

Jan. 17, 2018USD ($)

Oct. 31, 2017USD ($)

Jun. 29, 2017USD ($)

May 24, 2017USD ($)

May 10, 2017USD ($)

Mar. 06, 2017USD ($)

Feb. 01, 2017USD ($)

Oct. 07, 2016USD ($)

Oct. 01, 2016USD ($)$ / sharesshares

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)hotel

Dec. 31, 2016USD ($)hotelshares

Sep. 30, 2017hotel

Sep. 01, 2016USD ($)

Jun. 01, 2016USD ($)hotel

Real Estate Properties [Line Items]

Number of hotel properties | hotel

24

Impairment of investments in hotel properties

$ 23,400

$ 10,200

$ 1,800

Impairment Adjustments

2,000

Recoveries

2,800

Third-party recoveries

267

Environmental insurance deductible

4,800

Allocated proceeds received from business insurance

401

612

Proceeds from Property Damage Recoveries

836

Business interruption deductible

$ 360

San Antonio, TX Marriott [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

9,900

Annapolis, MD Crowne Plaza [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

6,700

Wisconsin Dells, WI Hilton Garden Inn [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

5,100

Centerville VA Spring Hill Suites By Marriott [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

2,000

SpringHill Suites Centreville and SpringHill Suites Glen Allen [Member]

Real Estate Properties [Line Items]

Number of hotel properties | hotel

2

Impairment of investments in hotel properties

$ 8,200

SpringHill Suites Centreville [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

4,700

Impairment Adjustments

275

SpringHill Suites Glen Allen [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

3,500

SpringHill Suites Gaithersburg, Embassy Suites Syracuse and the Renaissance Portsmouth [Member]

Real Estate Properties [Line Items]

Number of hotel properties | hotel

3

Impairment of investments in hotel properties

$ 18,300

SpringHill Suites in Gaithersburg, Maryland [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

5,000

Syracuse NY Embassy Suites [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

4,100

Portsmouth, VA Renaissance [Member]

Real Estate Properties [Line Items]

Impairment of investments in hotel properties

9,200

Mortgages [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 15,700

$ 105,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]

Real Estate Properties [Line Items]

Total hotel revenue

3,648

24,483

89,567

Income (loss) before income taxes

(1,635)

2,428

7,988

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 88,700

Gain (loss) on disposal

14,100

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member]

Real Estate Properties [Line Items]

Number of hotel properties | hotel

5

Consideration for disposal

$ 142,000

Gain (loss) on disposal

22,800

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hampton Inn & Suites - Gainesville [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 26,500

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hampton Inn & Suites - Gainesville [Member] | Gain on Acquisition of PIM Highland JV [Member]

Real Estate Properties [Line Items]

Gain (loss) on disposal

1,600

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 13,200

Gain (loss) on disposal

$ (223)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 10,400

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | Class B Common Units

Real Estate Properties [Line Items]

Consideration (in shares) | shares

2

2

Consideration per unit (in dollars per share) | $ / shares

$ 5.74

Consideration per share redeemed (in dollars per share) | $ / shares

$ 6.05

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Palm Desert Hotels [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 36,000

Gain (loss) on disposal

$ 7,500

Extinguishment of debt

$ 23,800

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 8,800

Gain (loss) on disposal

(40)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 9,200

Gain (loss) on disposal

$ (43)

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Residence Inn Tampa [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 24,000

Gain (loss) on disposal

400

Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Centerville VA Spring Hill Suites By Marriott [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 7,500

Gain (loss) on disposal

98

Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member]

Real Estate Properties [Line Items]

Consideration for disposal

$ 10,900

Gain (loss) on disposal

$ (13)

Mortgages [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 1,068,000

22,500

6,600

$ 971,700

$ 376,800

$ 412,500

Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Centerville VA Spring Hill Suites By Marriott [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 6,600

Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 7,600

Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 78,700

Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 20,600

Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 20,200

Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Residence Inn Tampa [Member]

Real Estate Properties [Line Items]

Extinguishment of debt

$ 22,500

Deferred Costs, net (Details)

Deferred Costs, net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred franchise fees	$ 4,571	$ 4,400
Deferred franchise fees	816	0
Total costs	5,387	4,400
Accumulated amortization	(1,938)	(1,623)
Deferred costs, net	$ 3,449	$ 2,777

Intangible Assets, net and In_3

Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible Assets, net
Cost	$ 10,276	$ 10,276
Accumulated amortization	(452)	(333)
Total	9,824	9,943
Intangible Liability, net
Cost	16,846	16,846
Accumulated amortization	(1,363)	(1,007)
Total	15,483	15,839
Net amortization related to intangibles was a reduction in lease expense	(237)	$ (238)	$ (156)
Savannah - Dock Acquisition [Member]
Intangible Liability, net
Intangible asset	797
Estimated future amortization expense pre-adoption
Intangible Assets, net
Total	9,027
Intangible Liability, net
Total	15,483
Intangible Assets
2,019	118
2,020	118
2,021	118
2,022	118
2,023	118
Thereafter	8,437
Intangible Liabilities
2,019	356
2,020	356
2,021	356
2,022	356
2,023	356
Thereafter	13,703
Impact due to adoption of ASU 2016-02
Intangible Assets, net
Total	(9,027)
Intangible Liability, net
Total	(13,045)
Intangible Assets
2,019	(118)
2,020	(118)
2,021	(118)
2,022	(118)
2,023	(118)
Thereafter	(8,437)
Intangible Liabilities
2,019	(274)
2,020	(274)
2,021	(274)
2,022	(274)
2,023	(274)
Thereafter	(11,675)
Estimated future amortization expense post-adoption
Intangible Assets, net
Total	0
Intangible Liability, net
Total	2,438
Intangible Assets
2,019	0
2,020	0
2,021	0
2,022	0
2,023	0
Thereafter	0
Intangible Liabilities
2,019	82
2,020	82
2,021	82
2,022	82
2,023	82
Thereafter	$ 2,028

Indebtedness, net (Details)

Indebtedness, net (Details)	Jul. 01, 2020USD ($)	Aug. 31, 2018USD ($)	Jun. 13, 2018USD ($)loan	May 10, 2018USD ($)	May 01, 2018USD ($)	Apr. 09, 2018USD ($)	Feb. 20, 2018USD ($)	Jan. 17, 2018USD ($)hotelextension	Oct. 31, 2017USD ($)hotel	Oct. 30, 2017USD ($)	Jun. 29, 2017USD ($)	May 24, 2017USD ($)	May 10, 2017USD ($)	Mar. 06, 2017USD ($)	Feb. 01, 2017USD ($)	Dec. 31, 2018USD ($)hotelextension	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 30, 2018USD ($)	Oct. 31, 2018USD ($)	Sep. 27, 2018USD ($)	Jul. 03, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 29, 2018USD ($)	May 31, 2018USD ($)	Feb. 28, 2018USD ($)	May 31, 2017USD ($)
Debt Instrument [Line Items]
Book Value of Collateral																$ 4,064,368,000	$ 3,999,507,000
Indebtedness, gross																3,966,237,000
Indebtedness, net																$ 3,927,266,000	$ 3,696,300,000
LIBOR rate																2.503%	1.564%
Premium amortization recognized																$ 277,000	$ 2,000,000	$ 2,100,000
Mortgages [Member]
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
Face amount of debt										$ 94,700,000
Number of refinanced loans | loan			7
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt															$ 20,200,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt														$ 20,600,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt											$ 78,700,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt							$ 7,600,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Centerville VA Spring Hill Suites By Marriott [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt					$ 6,600,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Residence Inn Tampa [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt				$ 22,500,000
Mortgage loan 15 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel									17
Mortgage loan 28 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt										$ 94,500,000
Line of Credit [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																1.00%
Line of Credit [Member] | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate																0.50%
Line of Credit [Member] | Secured Credit Facility [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																0
Book Value of Collateral																$ 0	0
Indebtedness, gross																$ 0	0
Maximum borrowing capacity																					$ 100,000,000
Percent secured by property																					100.00%
Line of Credit [Member] | Secured Credit Facility [Member] | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate																1.65%
Line of Credit [Member] | Secured Credit Facility [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.65%
Mortgages [Member]
Debt Instrument [Line Items]
Extinguishment of debt												$ 15,700,000	$ 105,000,000
Indebtedness, gross																$ 3,966,237,000	3,723,568,000
Premiums, net																1,293,000	1,570,000
Deferred loan costs, net																(40,264,000)	(15,617,000)
Indebtedness including assets held for sale																3,927,266,000	3,709,521,000
Indebtedness, net																$ 3,927,266,000	3,696,300,000
Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Indebtedness, net																$ 0	5,992,000
Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Indebtedness, net																$ 0	7,229,000
Mortgages [Member] | LIBOR | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member]
Debt Instrument [Line Items]
Basis spread on variable rate																4.35%
Mortgages [Member] | LIBOR | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member]
Debt Instrument [Line Items]
Basis spread on variable rate																4.55%
Mortgages [Member] | Mortgage loan 1 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																8
Book Value of Collateral																$ 0	346,609,000
Indebtedness, gross																$ 0	376,800,000
Mortgages [Member] | Mortgage loan 1 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.95%
Mortgages [Member] | Mortgage loan 2 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																22
Book Value of Collateral																$ 0	1,206,994,000
Indebtedness, gross																$ 0	971,654,000
Mortgages [Member] | Mortgage loan 2 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.39%
Mortgages [Member] | Mortgage loan 3 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 0	52,038,000
Indebtedness, gross																$ 0	40,500,000
Mortgages [Member] | Mortgage loan 3 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																5.10%
Mortgages [Member] | Mortgage loan 4 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																3
Book Value of Collateral																$ 0	61,358,000
Indebtedness, gross																$ 0	52,530,000
Mortgages [Member] | Mortgage loan 4 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.35%
Mortgages [Member] | Mortgage loan 5 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																6
Book Value of Collateral																$ 0	162,938,000
Indebtedness, gross																$ 0	280,421,000
Mortgages [Member] | Mortgage loan 5 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.35%
Mortgages [Member] | Mortgage loan 6 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																17
Book Value of Collateral																$ 0	442,394,000
Indebtedness, gross																$ 0	450,000,000
Mortgages [Member] | Mortgage loan 6 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.55%
Mortgages [Member] | Mortgage loan 7 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																5
Book Value of Collateral																$ 0	208,338,000
Indebtedness, gross																$ 0	200,000,000
Mortgages [Member] | Mortgage loan 7 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.75%
Mortgages [Member] | Mortgage loan 8 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 0	39,298,000
Indebtedness, gross																$ 0	33,300,000
Mortgages [Member] | Mortgage loan 8 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.95%
Mortgages [Member] | Mortgage loan 9 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 0	32,188,000
Indebtedness, gross																$ 0	25,100,000
Mortgages [Member] | Mortgage loan 9 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																5.10%
Mortgages [Member] | Mortgage loan 10 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 62,995,000	62,348,000
Indebtedness, gross																$ 43,750,000	43,750,000
Mortgages [Member] | Mortgage loan 10 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																5.10%
Number of extension options | extension																3
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 11 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																4.00%
Book Value of Collateral																$ 7,752,000	8,056,000
Indebtedness, gross																$ 5,232,000	5,336,000
Mortgages [Member] | Mortgage loan 12 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 36,177,000	36,220,000
Indebtedness, gross																$ 35,200,000	35,200,000
Mortgages [Member] | Mortgage loan 12 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.15%
Number of extension options | extension																3
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 13 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																8
Book Value of Collateral																$ 173,678,000	174,676,000
Indebtedness, gross																$ 144,000,000	144,000,000
Mortgages [Member] | Mortgage loan 13 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.09%
Number of extension options | extension																3
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 14 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 9,446,000	15,279,000
Indebtedness, gross																$ 7,778,000	12,000,000
Quarterly principal payments		$ 4,200,000
Mortgages [Member] | Mortgage loan 14 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.95%
Number of extension options | extension																2
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 15 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																17
Book Value of Collateral																$ 282,462,000	290,973,000
Indebtedness, gross																$ 427,000,000	427,000,000
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Face amount of debt									$ 427,000,000
Mortgages [Member] | Mortgage loan 15 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.00%
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 16 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel								8								8
Book Value of Collateral																$ 344,744,000	0
Indebtedness, gross																$ 395,000,000	0
Debt instrument term								2 years
Number of extension options | extension								5
Term of mortgage loan extension option								1 year
Face amount of debt								$ 395,000,000
Mortgages [Member] | Mortgage loan 16 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.92%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 17 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																21
Book Value of Collateral																$ 1,168,504,000	0
Indebtedness, gross																$ 962,575,000	0
Face amount of debt						$ 985,000,000
Mortgages [Member] | Mortgage loan 17 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.20%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 18 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																6.00%
Book Value of Collateral																$ 29,966,000	25,654,000
Indebtedness, gross																$ 16,100,000	16,100,000
Amortization term																30 years
Face amount of debt												$ 16,100,000
Mortgages [Member] | Mortgage loan 18 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.90%
Number of extension options | extension																2
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 19 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																7
Book Value of Collateral																$ 136,325,000	0
Indebtedness, gross																180,720,000	0
Face amount of debt																$ 180,720,000
Mortgages [Member] | Mortgage loan 19 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.65%
Debt instrument term																2 years
Number of extension options | extension																2
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 20 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																7
Book Value of Collateral																$ 137,611,000	0
Indebtedness, gross																174,400,000	0
Face amount of debt																$ 174,400,000
Mortgages [Member] | Mortgage loan 20 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.39%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 21 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																5
Book Value of Collateral																$ 176,279,000	0
Indebtedness, gross																221,040,000	0
Face amount of debt																$ 221,040,000
Mortgages [Member] | Mortgage loan 21 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.73%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 22 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																5
Book Value of Collateral																$ 116,304,000	0
Indebtedness, gross																262,640,000	0
Face amount of debt																$ 262,640,000
Mortgages [Member] | Mortgage loan 22 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																4.02%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 23 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																5
Book Value of Collateral																$ 189,026,000	0
Indebtedness, gross																160,000,000	0
Face amount of debt																$ 216,320,000						$ 56,300,000
Mortgages [Member] | Mortgage loan 23 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.73%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 24 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																5
Book Value of Collateral																$ 193,120,000	0
Indebtedness, gross																215,120,000	0
Face amount of debt																$ 215,120,000
Mortgages [Member] | Mortgage loan 24 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.68%
Debt instrument term																2 years
Number of extension options | extension																5
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 25 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																6.26%
Book Value of Collateral																$ 121,162,000	126,462,000
Indebtedness, gross																$ 93,433,000	95,207,000
Mortgages [Member] | Mortgage loan 26 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 49,912,000	0
Indebtedness, gross																$ 25,000,000
Mortgages [Member] | Mortgage loan 26 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.55%
Number of extension options | extension																3
Term of mortgage loan extension option																1 year
Mortgages [Member] | Mortgage loan 27 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																2
Book Value of Collateral																$ 245,984,000	234,253,000
Indebtedness, gross													181,000,000			$ 178,099,000	164,700,000
Number of extension options | extension																0
Face amount of debt													$ 181,000,000						$ 1,000,000	$ 2,900,000			$ 1,900,000		$ 1,100,000	$ 6,500,000	$ 164,700,000
Debt Instrument, Capital Expenditure Reimbursement																$ 16,300,000
Mortgages [Member] | Mortgage loan 27 [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Quarterly principal payments	$ 750,000
Mortgages [Member] | Mortgage loan 27 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																3.00%
Mortgages [Member] | Mortgage loan 28 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 194,886,000	196,365,000
Indebtedness, gross																$ 97,000,000	97,000,000
Number of extension options | extension																0
Mortgages [Member] | Mortgage loan 28 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.00%
Mortgages [Member] | Mortgage loan 29 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																5.46%
Book Value of Collateral																$ 79,124,000	81,854,000
Indebtedness, gross																$ 52,843,000	53,789,000
Mortgages [Member] | Mortgage loan 30 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Book Value of Collateral																$ 110,592,000	0
Indebtedness, gross																$ 73,450,000	0
Number of extension options | extension																0
Face amount of debt																								$ 73,500,000
Mortgages [Member] | Mortgage loan 30 [Member] | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate																2.45%
Mortgages [Member] | Mortgage loan 31 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																5.49%
Book Value of Collateral																$ 8,694,000	9,392,000
Indebtedness, gross																$ 6,883,000	7,000,000
Mortgages [Member] | Mortgage loan 32 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																5.49%
Book Value of Collateral																$ 20,516,000	17,533,000
Indebtedness, gross																$ 10,045,000	10,216,000
Mortgages [Member] | Mortgage loan 33 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																1
Interest rate																4.99%
Book Value of Collateral																$ 7,153,000	7,438,000
Indebtedness, gross																$ 6,414,000	6,530,000
Mortgages [Member] | Mortgage loan 34 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																3
Interest rate																5.20%
Book Value of Collateral																$ 50,768,000	51,393,000
Indebtedness, gross																$ 65,242,000	66,224,000
Mortgages [Member] | Mortgage loan 35 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																2
Interest rate																4.85%
Book Value of Collateral																$ 10,909,000	11,135,000
Indebtedness, gross																$ 12,048,000	12,242,000
Mortgages [Member] | Mortgage loan 36 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																3
Interest rate																4.90%
Book Value of Collateral																$ 16,211,000	15,693,000
Indebtedness, gross																$ 24,086,000	24,471,000
Mortgages [Member] | Mortgage loan 37 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																2
Interest rate																4.45%
Book Value of Collateral																$ 10,423,000	10,516,000
Indebtedness, gross																$ 19,835,000	20,214,000
Mortgages [Member] | Mortgage loan 38 [Member]
Debt Instrument [Line Items]
Number of hotels collateralized by a loan | hotel																3
Interest rate																4.45%
Book Value of Collateral																$ 73,645,000	72,112,000
Indebtedness, gross																$ 51,304,000	$ 52,284,000
Mortgages [Member] | Pool A, B, C, D, E, F Mortgages [Member]
Debt Instrument [Line Items]
Face amount of debt			$ 1,270,000,000
Number of mortgage loans | loan			6

Indebtedness, net - Maturities

Indebtedness, net - Maturities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
2,019	$ 669,233
2,020	2,710,200
2,021	7,953
2,022	275,810
2,023	126,291
Thereafter	176,750
Total	$ 3,966,237

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Indebtedness, net	$ 3,927,266,000	$ 3,696,300,000
Corresponding Mortgage Loans [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Indebtedness, net	3,521,872,000	3,370,055,000
Credit Default Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	212,500,000
Total exposure	7,500,000
Change in market value of credit default swap	250,000
Eurodollar Future [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cost of hedge	250,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	3,614,618,000	2,539,700,000	$ 1,465,700,000
Notional amount	3,953,718,000	3,399,700,000
Payments of derivative issuance costs	$ 3,143,000	$ 871,000	$ 199,000
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Minimum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.50%	1.50%	2.00%
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	5.71%	5.84%	4.50%
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 12,025,000,000	$ 10,750,000,000	$ 0
Notional amount	28,775,000,000	16,750,000,000
Payments of derivative issuance costs	$ 432,000	$ 388,000	$ 0
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member] | Minimum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.25%	1.00%	0.00%
Floor price	(0.25%)	(0.25%)
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	2.00%	1.50%	0.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivative assets:
Derivative assets	$ 2,396	$ 2,010
Derivative liabilities:
Derivative liabilities:	(50)	0
Fair Value Measurements Recurring [Member]
Derivative assets:
Derivative assets	2,396	2,010
Counter-party and Cash Collateral Netting	1,020	2,031
Derivative liabilities:
Counter-party and Cash Collateral Netting	970
Net	24,162	28,936
Fair Value Measurements Recurring [Member] | Equity Securities [Member]
Derivative assets:
Counter-party and Cash Collateral Netting	0	0
Assets, fair value	21,816	26,926
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member]
Derivative assets:
Counter-party and Cash Collateral Netting	1,020
Assets, fair value	24,212
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member]
Derivative assets:
Derivative assets	463	343
Counter-party and Cash Collateral Netting	208	32
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member]
Derivative assets:
Derivative assets	601	137
Counter-party and Cash Collateral Netting	0	0
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets	1,332	1,530
Counter-party and Cash Collateral Netting	812	1,999
Derivative liabilities:
Derivative liabilities:	(50)
Counter-party and Cash Collateral Netting	(50)
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Net	21,816	26,926
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Equity Securities [Member]
Derivative assets:
Assets, fair value	21,816	26,926
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Non Derivative Assets [Member]
Derivative assets:
Assets, fair value	21,816
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Interest Rate Floor [Member]
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Interest Rate Cap [Member]
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities:	0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Derivative assets:
Derivative assets	1,376	(21)
Derivative liabilities:
Net	1,376	(21)
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member]
Derivative assets:
Assets, fair value	0	0
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Non Derivative Assets [Member]
Derivative assets:
Assets, fair value	1,376
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Floor [Member]
Derivative assets:
Derivative assets	255	311
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Cap [Member]
Derivative assets:
Derivative assets	601	137
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets	520	(469)
Derivative liabilities:
Derivative liabilities:	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Net	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member]
Derivative assets:
Assets, fair value	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Non Derivative Assets [Member]
Derivative assets:
Assets, fair value	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Floor [Member]
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Cap [Member]
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Credit Default Swaps [Member]
Derivative assets:
Derivative assets	0	$ 0
Derivative liabilities:
Derivative liabilities:	$ 0

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	$ (2,178)	$ (2,802)	$ (2,534)
Unrealized gain (loss) on marketable securities	(1,013)	(4,649)	4,946
Fair Value Measurements Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net	(3,102)	(11,188)	(1,169)
Total derivatives	(2,178)	(2,802)	(2,534)
Unrealized gain (loss) on marketable securities	(1,013)	(4,649)	4,946
Realized gain (loss) on marketable securities	89	971	0
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	(488)	(2,435)	611
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	(2,678)	(758)	(535)
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	988	(36)	(2,574)
Realized gain (loss) on options on derivatives	0	(4,165)	(3,269)
Fair Value Measurements Recurring [Member] | Future [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	0	427	(36)
Realized gain (loss) on options on derivatives	0	(543)	(312)
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	285	0	0
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Interest Rate Floor [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(488)	(2,435)	611
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(2,678)	(758)	(535)
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Credit Default Swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	703	(4,201)	(5,843)
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Future [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	(116)	(348)
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(3,387)	(11,188)	(1,169)
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | Equity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ (924)	$ (3,678)	$ 4,946

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in or out of level 3	10.00%
London Interbank Offered Rate (LIBOR) Rate	2.503%	1.564%
Higher Uptrend in the LIBOR interest rate	2.33%
Derivative expense related to credit default swaps	$ 1,045	$ 1,036	$ 873

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial assets and liabilities measured at fair value:
Derivative assets, net, Carrying Value	$ 2,396	$ 2,010
Derivative assets, net Estimated Fair Value	2,396	2,010
Marketable securities, Carrying Value	21,816	26,926
Marketable securities, Estimated Fair Value	21,816	26,926
Derivative liabilities, Carrying Value and Estimated Fair Value	50	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	319,210	354,805	$ 347,091	$ 215,078
Cash and cash equivalents, Estimated Fair Value	319,210	354,883
Restricted cash, Carrying Value	120,602	116,787	144,014	$ 153,680
Restricted cash, Estimated Fair Value	120,602	117,189
Accounts receivable, net, Carrying Value	37,060	44,257
Accounts receivable, net, Estimated Fair Value	37,060	44,384
Due from third-party hotel managers, Carrying Value	21,760	17,387
Due from third party hotel managers, Estimated Fair Value	21,760	17,418
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	3,927,266	3,696,300
Accounts payable and accrued expenses, Carrying Value	136,757	132,401
Accounts payable and accrued expenses, Estimated Fair Value	136,757	133,063
Dividends payable, Carrying Value	26,794	25,045	$ 24,765
Dividends payable, Estimated Fair Value	26,794	25,045
Due to affiliates, Carrying Value	23,034	15,146
Due to affiliates, Estimated Fair Value	23,034	15,146
Due to related party, net, Carrying Value	1,477	1,067
Due to related party, Estimated Fair Value	1,477	1,161
Due to third-party hotel managers, Carrying Value	2,529	2,431
Due to third-party hotel managers, Estimated Fair Value	2,529	2,431
Minimum [Member]
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	3,773,343	3,559,993
Maximum [Member]
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	4,170,538	3,934,727
Value Including Assets/Liabilities Held for Sale [Member]
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value		354,883
Restricted cash, Carrying Value		117,189
Accounts receivable, net, Carrying Value		44,384
Due from third-party hotel managers, Carrying Value		17,418
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	3,967,530	3,725,138
Accounts payable and accrued expenses, Carrying Value		133,063
Dividends payable, Carrying Value	26,794
Due to related party, net, Carrying Value		$ 1,161
Due to third-party hotel managers, Carrying Value	2,529
Value Including Assets/Liabilities Held for Sale [Member] | Ashford Inc. [Member]
Financial liabilities not measured at fair value:
Due to affiliates, Carrying Value	$ 23,034

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity period of financial assets	90 days
Carrying value of total indebtedness of continuing operations	$ 4	$ 3.7
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value	105.10%	105.60%
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value	95.10%	95.60%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 2,643
2,020	2,506
2,021	2,379
2,022	2,297
2,023	2,249
Thereafter	121,697
Total	$ 133,771

Commitments and Contingencies_3

Commitments and Contingencies (Narrative) (Details)	Jul. 26, 2018USD ($)	Jun. 29, 2017USD ($)	Jun. 07, 2017USD ($)	Jun. 01, 2017USD ($)	Jun. 30, 2014USD ($)	Nov. 01, 2011USD ($)	Dec. 31, 2018USD ($)lease	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2006USD ($)
Loss Contingencies [Line Items]
Franchise fees							$ 72,100,000	$ 69,300,000	$ 70,500,000
Number of ground leases | lease							4
Rent expenses							$ 4,000,000	4,300,000	5,300,000
Contingent rent							837,000	$ 1,100,000	1,700,000
Capital commitment							$ 68,600,000
Period of payment of capital commitment							12 months
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member]
Loss Contingencies [Line Items]
Damages awarded					$ 10,800,000				$ 8,800,000
Payments for legal settlements	$ 544,000	$ 3,900,000
Loss accrual							$ 504,000
Surety Bond [Member] | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member]
Loss Contingencies [Line Items]
Payments for legal settlements			$ 2,500,000
Potential Pension Liabilities [Member]
Loss Contingencies [Line Items]
Unfunded pension liabilities										$ 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 liabilities						1,600,000
Net amount of pension payments on settlement agreement paid by hotel manager						$ 84,000
Term of pension liability						20 years
Management fees
Loss Contingencies [Line Items]
Payment of monthly property management fees (greater than $10,000)							$ 14,000
Percentage of base management fee							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%
Market service fees as a percent of project management							16.50%
Franchise Fees [Member]
Loss Contingencies [Line Items]
Franchisor royalty fees, min							3.00%
Franchisor royalty fees, min, max							6.00%
Food and beverage fees, min							2.00%
Food and beverage fees, max							3.00%
Marketing reservation and other fees (lesser of 1%)							1.00%
Marketing reservation and other fees, Maximum							4.00%
RLI Insurance Company [Member] | Surety Bond [Member] | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member]
Loss Contingencies [Line Items]
Payments for legal settlements				$ 10,000,000
Minimum [Member]
Loss Contingencies [Line Items]
Restricted cash as percentage of property revenue							4.00%
Maximum [Member]
Loss Contingencies [Line Items]
Restricted cash as percentage of property revenue							6.00%

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 01, 2016
Redeemable Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)	1
Redeemable noncontrolling interests in operating partnership	$ 80,743	$ 116,122
Noncontrolling interest in joint venture	15.00%
Redemption value adjustment	$ 8,171	(10,010)	$ (49,250)
Payments of dividends	97,445	101,592	91,465
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 29,313	$ 21,642	$ 12,483
Summary of the activity of the operating partnership units
Performance LTIP units canceled (in shares)	(739,000)	0	0
Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest in joint venture	14.64%	15.52%
Redemption value adjustment	$ 146,091	$ 154,262
Summary of the activity of the operating partnership units
Outstanding at beginning of year (in shares)	19,602,000	19,443,000	20,388,000
Shares issued (in shares)	476,000	701,000	515,000
Units converted to common shares (in shares)	0	(21,000)	(224,000)
Outstanding at end of year (in shares)	19,921,000	19,602,000	19,443,000
Conversion factor adjustment (in shares)	0	(1,700,000)	0
Common units convertible/redeemable at end of year (in shares)	16,645,000	16,320,000	17,531,000
Class B Common Units
Redeemable Noncontrolling Interest [Line Items]
Dividend Rate common units, after year three	7.20%
Class B Common Units | SpringHill Suites in Gaithersburg, Maryland [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Redeemable Noncontrolling Interest [Line Items]
Fair value			$ 11,700
Consideration (in shares)			2,000,000	2,000,000
Summary of the activity of the operating partnership units
Units converted to common shares (in shares)	0	0	(2,039,000)
Common Units [Member] | Partnership Interest [Member]
Summary of the activity of the operating partnership units
Units converted to common shares (in shares)	0	(21,000)	(224,000)
Long Term Incentive Plan [Member]
Redeemable Noncontrolling Interest [Line Items]
Common partnership unit per converted Long-Term Incentive Plan unit (in shares)	1
Compensation expense	$ 10,841	$ 5,060	$ 3,926
Unamortized cost of unvested shares	$ 4,600
Period of recognition for unamortized shares	2 years 2 months
Weighted average period of recognition for unamortized shares	1 year 6 months
Long Term Incentive Plan [Member] | Advisory Services Fee [Member]
Redeemable Noncontrolling Interest [Line Items]
Compensation expense	$ 3,508	2,800	2,405
Long Term Incentive Plan [Member] | General and Administrative Expense [Member]
Redeemable Noncontrolling Interest [Line Items]
Compensation expense	$ 536	475	357
Long Term Incentive Plan [Member] | Minimum [Member]
Redeemable Noncontrolling Interest [Line Items]
Vesting period	3 years
Long Term Incentive Plan [Member] | Maximum [Member]
Redeemable Noncontrolling Interest [Line Items]
Vesting period	5 years
Long Term Incentive Plan [Member] | Partnership Interest [Member]
Redeemable Noncontrolling Interest [Line Items]
Payments of dividends	$ 8,789	10,007	10,988
Long Term Incentive Plan [Member] | Common Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Fair value		$ 161	$ 1,600
LTIP and Performance LTIP [Member]
Redeemable Noncontrolling Interest [Line Items]
Units which have not reached parity (in shares)	686,000
Summary of the activity of the operating partnership units
Shares issued (in shares)	11,300,000
Performance Long Term Incentive Plan Units [Member]
Redeemable Noncontrolling Interest [Line Items]
Units which have not reached parity (in shares)	0
Unamortized cost of unvested shares	$ 5,200
Period of recognition for unamortized shares	2 years 2 months
Weighted average period of recognition for unamortized shares	1 year 7 months 6 days
Summary of the activity of the operating partnership units
Shares issued (in shares)	582,000	1,179,000	803,000
Performance Long Term Incentive Plan Units [Member] | Advisory Services Fee [Member]
Redeemable Noncontrolling Interest [Line Items]
Compensation expense	$ 6,797	$ 1,785	$ 1,164
Performance Long Term Incentive Plan Units [Member] | Minimum [Member]
Redeemable Noncontrolling Interest [Line Items]
Performance adjustment range	0.00%
Performance Long Term Incentive Plan Units [Member] | Maximum [Member]
Redeemable Noncontrolling Interest [Line Items]
Awards outstanding (in shares)	1,700,000
Performance adjustment range	200.00%
Shares canceled (in shares)	(739,000)

Equity (Details)

Equity (Details)	Dec. 08, 2017$ / sharesshares	Oct. 04, 2017$ / sharesshares	Sep. 18, 2017$ / sharesshares	Dec. 31, 2018USD ($)hotel$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares
Authorized amount				$ 200,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Authorized amount				$ 100,000,000
Sales commission maximum				2.00%
Acquisition of common stock (in shares) | shares				248,562	203,299	124,463
Preferred stock, shares authorized (in shares) | shares				50,000,000	50,000,000
Noncontrolling interest in joint venture				15.00%
Noncontrolling interests in consolidated entities				$ 616,000	$ 646,000
(Income) loss from consolidated joint ventures attributable to noncontrolling interests				30,000	110,000	$ 14,000
Proceeds from common stock offering				14,752,000	0	0
Common shares				47,951,000	47,104,000	46,292,000
Total dividends declared				$ 90,528,000	91,865,000	$ 82,564,000
Majority Owned Properties [Member]
Number of hotel properties with joint venture interest | hotel				2
Common Stock [Member]
Proceeds from common stock offering				$ 15,522,000	0
Commissions and other expenses				194,000	0
Net proceeds				$ 15,328,000	$ 0
Issuance of stock (in shares) | shares				2,434,000	0
Common and Preferred Stock [Member]
Shares repurchased (in shares) | shares				0	0	0
Series A Preferred Stock [Member]
Percentage of preferred stock shares				8.55%
Redemption price of preferred stock (in dollars per share) | $ / shares			$ 25.4631
Liquidation preference (in dollars per share) | $ / shares			25
Dividends accrued and unpaid (in dollars per share) | $ / shares			0.4631
Total dividends declared				$ 0	$ 2,539,000	$ 3,542,000
Series D Preferred Stock [Member]
Percentage of preferred stock shares				8.45%
Preferred stock, shares outstanding (in shares) | shares				2,389,393	2,389,393
Redemption price of preferred stock (in dollars per share) | $ / shares	$ 25.3990	$ 25.5516	25.4577	$ 25
Liquidation preference (in dollars per share) | $ / shares	25	25	25
Dividends accrued and unpaid (in dollars per share) | $ / shares	$ 0.3990	$ 0.5516	$ 0.4577
Annual dividend rate per share | $ / shares				$ 2.1125
Increased dividend rate percentage				9.45%
Redemption of preferred shares (in shares) | shares	5,100,000	379,036	1,600,000
Total dividends declared				$ 5,047,000	$ 18,211,000	20,002,000
Series E Preferred Stock [Member]
Total dividends declared				$ 0	$ 0	6,280,000
Series F Preferred Stock [Member]
Percentage of preferred stock shares				7.375%
Preferred stock, shares outstanding (in shares) | shares				4,800,000	4,800,000
Liquidation preference (in dollars per share) | $ / shares				$ 25
Conversion ratio to common stock				9.68992
Annual dividend rate per share | $ / shares				$ 1.8438
Total dividends declared				$ 8,849,000	$ 8,849,000	4,130,000
Issuance of stock (in shares) | shares				4,800,000
Series G Preferred Stock [Member]
Percentage of preferred stock shares				7.375%
Preferred stock, shares outstanding (in shares) | shares				6,200,000	6,200,000
Liquidation preference (in dollars per share) | $ / shares				$ 25
Conversion ratio to common stock				8.33333
Annual dividend rate per share | $ / shares				$ 1.8438
Redemption of preferred shares (in shares) | shares				7,100,000
Total dividends declared				$ 11,431,000	$ 11,430,000	2,318,000
Issuance of stock (in shares) | shares				6,200,000
Series H Preferred Stock [Member]
Percentage of preferred stock shares				7.50%
Preferred stock, shares outstanding (in shares) | shares				3,800,000	3,800,000
Liquidation preference (in dollars per share) | $ / shares				$ 25
Conversion ratio to common stock				8.25083
Annual dividend rate per share | $ / shares				$ 1.8750
Redemption of preferred shares (in shares) | shares				7,100,000
Total dividends declared				$ 7,125,000	$ 2,494,000	0
Series I Preferred Stock [Member]
Percentage of preferred stock shares				7.50%
Preferred stock, shares outstanding (in shares) | shares				5,400,000	5,400,000
Liquidation preference (in dollars per share) | $ / shares				$ 25
Conversion ratio to common stock				8.06452
Annual dividend rate per share | $ / shares				$ 1.8750
Redemption of preferred shares (in shares) | shares				7,100,000
Total dividends declared				$ 10,125,000	$ 1,238,000	$ 0
Issuance of stock (in shares) | shares				5,400,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock [Member]
Summary of equity instruments other than options activity
Outstanding at beginning of year (in shares)	2,085	1,627	1,459
Weighted Average Price at Grant, Beginning of year (in dollars per share)	$ 7.03	$ 8.30	$ 10.21
Shares granted (in shares)	907	1,272	862
Weighted Average Price at Grant, Shares granted (in dollars per share)	$ 6.64	$ 6.46	$ 6.26
Shares vested (in shares)	(1,230)	(759)	(647)
Weighted Average Price at Grant, Shares vested (in dollars per share)	$ 7.41	$ 8.82	$ 9.92
Shares canceled (in shares)	(49)	(55)	(47)
Weighted Average Price at Grant, Shares canceled (in dollars per share)	$ 6.41	$ 6.73	$ 7.95
Outstanding at end of year (in shares)	1,713	2,085	1,627
Weighted Average Price at Grant, End of year (in dollars per share)	$ 6.56	$ 7.03	$ 8.30
Performance Shares [Member]
Summary of equity instruments other than options activity
Outstanding at beginning of year (in shares)	820	336	0
Weighted Average Price at Grant, Beginning of year (in dollars per share)	$ 6.07	$ 6.38	$ 0
Shares granted (in shares)	526	484	336
Weighted Average Price at Grant, Shares granted (in dollars per share)	$ 6.64	$ 5.85	$ 6.38
Shares vested (in shares)	(323)	0	0
Weighted Average Price at Grant, Shares vested (in dollars per share)	$ 6.19	$ 0	$ 0
Shares canceled (in shares)	(248)	0	0
Weighted Average Price at Grant, Shares canceled (in dollars per share)	$ 6.38	$ 0	$ 0
Outstanding at end of year (in shares)	775	820	336
Weighted Average Price at Grant, End of year (in dollars per share)	$ 6.31	$ 6.07	$ 6.38

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details 2) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 7,857	$ 5,509	$ 4,764
Unamortized cost of unvested shares	$ 8,700
Period of recognition for unamortized shares	2 years 2 months
Weighted average period of recognition for unamortized shares	1 year 8 months 12 days
Shares canceled (in shares)	(49)	(55)	(47)
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 8,241	$ 1,718	$ 982
Unamortized cost of unvested shares	$ 5,400
Period of recognition for unamortized shares	2 years 2 months
Weighted average period of recognition for unamortized shares	1 year 9 months 18 days
Shares canceled (in shares)	(248)	0	0
Performance Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range	0.00%
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range	200.00%
2011 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	17,300
Shares available for future issuance (in shares)	4,300
Executive Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,500
Executive Officer [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	3,000
Advisory Services Fee [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	6,698	$ 4,774	$ 3,878
Management fees | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,159	645	639
General and Administrative Expense [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0	$ 90	$ 247

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21% in 2018 and 35% in 2017 and 2016	$ (4,435)	$ (1,478)	$ (4,764)
Federal statutory income tax rate	21.00%	35.00%	35.00%
State income tax (expense) benefit, net of federal income tax benefit	$ (698)	$ 160	$ (742)
Permanent differences	(128)	(338)	(798)
Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act	0	(5,242)	0
Provision to return adjustment entirely offset by change in valuation allowance	(230)	957	0
Gross receipts and margin taxes	(950)	(913)	(692)
Interest and penalties	(11)	(49)	(7)
Valuation allowance	3,670	9,121	5,471
Income tax (expense) benefit from continuing operations	$ (2,782)	$ 2,218	$ (1,532)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ (1,195)	$ 5,264	$ (605)
State	(1,452)	(722)	(1,229)
Total current income tax (expense) benefit	(2,647)	4,542	(1,834)
Deferred:
Federal	(39)	(2,192)	278
State	(96)	(132)	24
Total deferred income tax (expense) benefit	(135)	(2,324)	302
Income tax (expense) benefit from continuing operations	$ (2,782)	$ 2,218	$ (1,532)

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 114	$ 168
Unearned income	1,801	1,926
Federal and state net operating losses	2,342	4,153
Accrued expenses	1,710	1,693
Prepaid expenses	(4,848)	(4,666)
Tax property basis less than book basis	(1,840)	(846)
Tax derivatives basis greater than book basis	1,612	2,034
Investment in Ashford, Inc.	7,197	0
Other	664	623
Deferred tax asset (liability)	8,752	5,085
Valuation allowance	(10,034)	(6,232)	$ (15,353)	$ (20,670)
Net deferred tax asset (liability)	$ (1,282)	$ (1,147)

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in the valuation allowance
Balance at beginning of year	$ 6,232	$ 15,353	$ 20,670
Additions charged to other	4,766	2,053	2,169
Deductions	(964)	(11,174)	(7,486)
Balance at end of year	$ 10,034	$ 6,232	$ 15,353

Income Taxes (Details Textual)

Income Taxes (Details Textual)	1 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2017hotel	Dec. 31, 2015USD ($)
Operating Loss Carryforwards [Line Items]
Minimum percentage of income distributed to shareholders to qualify as a REIT		90.00%
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year		4 years
Number of hotel properties | hotel					24
Ashford TRS recognized net book income (loss)		$ 21,100,000	$ 4,200,000	$ 13,600,000
Income tax interest and penalties expenses		11,000	49,000	7,000
Income tax interest and penalties expenses accrued	$ 0	0	0
Income tax benefit (expense)		(2,782,000)	2,218,000	(1,532,000)
Valuation allowance	6,232,000	10,034,000	$ 6,232,000	$ 15,353,000		$ 20,670,000
Net operating loss carryforwards		$ 426,000,000
One-time tax benefit	$ 1,100,000
Subsidiaries [Member]
Operating Loss Carryforwards [Line Items]
Number of hotel properties | hotel		119
Net operating loss carryforwards		$ 10,100,000
Ashford TRS [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 10,100,000

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income (loss) allocated to common stockholders – Basic and diluted:
Income (loss) attributable to the Company	$ (54,800)	$ (27,589)	$ (18,306)	$ (26,271)	$ (29,971)	$ (21,808)	$ 10,184	$ (25,413)	$ (126,966)	$ (67,008)	$ (46,285)
Less: Dividends on preferred stock									(42,577)	(44,761)	(36,272)
Less: Extinguishment of issuance costs upon redemption of preferred stock									0	10,799	6,124
Undistributed income (loss)									(217,494)	(169,672)	(134,973)
Distributed and undistributed net income (loss) - basic and diluted									$ (170,437)	$ (123,920)	$ (89,585)
Weighted average common shares outstanding:
Weighted average common shares outstanding (in shares)									97,282	95,207	94,426
Basic income (loss) per share:
Net income (loss) attributable to common stockholders (in dollars per share)									$ (1.75)	$ (1.30)	$ (0.95)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)									$ (1.75)	$ (1.30)	$ (0.95)
Common Stock [Member]
Income (loss) allocated to common stockholders – Basic and diluted:
Less: Dividends									$ (47,057)	$ (45,752)	$ (45,388)
Performance Shares [Member]
Income (loss) allocated to common stockholders – Basic and diluted:
Less: Dividends									(50)	(393)	(161)
Restricted Stock [Member]
Income (loss) allocated to common stockholders – Basic and diluted:
Less: Dividends									$ (844)	$ (959)	$ (743)

Income (Loss) Per Share (Deta_2

Income (Loss) Per Share (Details 1) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to noncontrolling interest in operating partnership	$ (29,313)	$ (21,642)	$ (12,483)
Total	$ (28,419)	$ (20,290)	$ (11,579)
Weighted average diluted shares are not adjusted for:
Total	17,961	17,976	19,202
Restricted Stock [Member]
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 844	$ 959	$ 743
Weighted average diluted shares are not adjusted for:
Total	111	376	373
Performance Shares [Member]
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 50	$ 393	$ 161
Weighted average diluted shares are not adjusted for:
Total	251	258	102
Redeemable Noncontrolling Interest in Operating Partnership
Weighted average diluted shares are not adjusted for:
Total	17,599	17,342	18,727

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2018segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)hotel$ / sharesshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Jun. 26, 2018USD ($)	Sep. 30, 2017hotel
Related Party Transaction [Line Items]
Maximum percentage of project budget to be paid as market service fees	16.50%
Number of hotel properties | hotel					24
Number of disposed properties description for related party indemnification agreement | hotel	1
Advisory services fee	$ 69,122,000	$ 53,199,000	$ 54,361,000
Due to related party, net	1,477,000	1,067,000
Restricted Stock [Member]
Related Party Transaction [Line Items]
Compensation expense	7,857,000	$ 5,509,000	$ 4,764,000
Unamortized cost of unvested shares	$ 8,700,000
Period of recognition for unamortized shares	2 years 2 months
Shares granted (in shares) | shares	907,000	1,272,000	862,000
Management fees
Related Party Transaction [Line Items]
Payment of monthly property management fees (greater than $10,000)	$ 14,000
Percentage of base management fee	3.00%
Portion of project management fees to project costs	4.00%
Subsidiaries [Member]
Related Party Transaction [Line Items]
Number of hotel properties managed by affiliates | hotel	81
Number of hotel properties | hotel	119
Remington Lodging Employees [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Compensation expense	$ 1,200,000	$ 645,000	$ 639,000
Unamortized cost of unvested shares	$ 1,600,000
Period of recognition for unamortized shares	2 years 2 months 12 days
Shares granted (in shares) | shares	177,000	131,000	173,000
Ashford Inc. [Member] | Consideration to Purchase Furniture, Fixtures and Equipment [Member]
Related Party Transaction [Line Items]
Due to related party, net			$ 4,000,000
Lease expense	$ 625,000	$ 633,000	112,000
Ashford Inc. [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Quarterly base advisory service fee	0.70%
Total market capitalization	$ 10,000,000,000
Ashford Inc. [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Quarterly base advisory service fee	0.50%
Total market capitalization	$ 6,000,000,000
Ashford Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Advisory services fee	69,122,000	$ 53,199,000	$ 54,361,000
Due to related party, net	16,100,000
Enhanced Return Funding Program, Commitment Amount				$ 50,000,000
Enhanced Return Funding Program, Potential Commitment Amount				$ 100,000,000
Enhanced Return Funding Program, Percent of Commitment for Each Hotel				10.00%
Enhanced Return Funding Program, Consideration for Furniture, Fixtures, and Equipment	16,100,000
Enhanced Return Funding Program, Amount Received	16,100,000
Hilton Alexandria Old Town [Member] | Ashford Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Enhanced Return Funding Program, Obligation Amount	11,100,000
Santa Fe, NM La Posada de Santa Fe [Member] | Ashford Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Enhanced Return Funding Program, Obligation Amount	$ 5,000,000
Common Stock [Member] | Ashford Inc. [Member] | Beneficial Owner [Member]
Related Party Transaction [Line Items]
Shares in investment held (in shares) | shares	313,014
Ownership percent	13.10%
Series B Preferred Stock [Member] | Ashford Inc. [Member] | Beneficial Owner [Member]
Related Party Transaction [Line Items]
Shares in investment held (in shares) | shares	7,800,000
Exercise price (in dollars per share) | $ / shares	$ 140
Shares issued if converted (in shares) | shares	1,392,857
Ownership if converted	45.10%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Property management fees, including incentive property management fees	$ 30,890	$ 30,629	$ 31,164
Market service and project management fees	11,148	21,315	18,751
Corporate general and administrative	5,872	5,652	5,435
Total	47,910	57,596	55,350
Advisory services fee	69,122	53,199	54,361
Due to Ashford Inc.	23,034	15,146
Ashford Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Advisory services fee	69,122	53,199	54,361
Ashford Inc. [Member] | Affiliated Entity [Member] | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	35,526	34,650	34,589
Ashford Inc. [Member] | Affiliated Entity [Member] | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	8,351	7,472	5,917
Ashford Inc. [Member] | Affiliated Entity [Member] | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	25,245	11,077	8,429
Ashford Inc. [Member] | Affiliated Entity [Member] | Incentive management fee
Related Party Transaction [Line Items]
Advisory services fee	0	0	$ 5,426
OpenKey [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	1	8
OpenKey [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	105	60
Premier [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	3,206	0
Premier [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	7,677
Pure Rooms [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	388	296
Pure Rooms [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	2,436	1,309
Lismore Capital [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	5,094	913
J&S Audio Visual [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	855	(52)
J&S Audio Visual [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total		66
AIM [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	99	347
AIM [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	1,156	1,976
Ashford LLC [Member] | Advisory Services Fee [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	2,362	14,547
Ashford LLC [Member] | Deposit on ERFP assets
Related Party Transaction [Line Items]
Due to Ashford Inc.	16,100	0
Ashford LLC [Member] | Insurance Claims Services [Member]
Related Party Transaction [Line Items]
Due to Ashford Inc.	23	0
Ashford LLC [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	76
Other Hotel Revenue [Member] | J&S Audio Visual [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total		66
Other Revenue [Member] | J&S Audio Visual [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	3,569
Investments in Hotel Properties, Net [Member] | OpenKey [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	3
Investments in Hotel Properties, Net [Member] | Pure Rooms [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	2,412	$ 1,309
Investments in Hotel Properties, Net [Member] | J&S Audio Visual [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	925
Other Hotel Expenses [Member] | OpenKey [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	102
Other Hotel Expenses [Member] | Pure Rooms [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Total	$ 24

Concentration of Risk (Details)

Concentration of Risk (Details) - hotel	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2017
Concentration Risk [Line Items]
Number of hotel properties		24
Geographic Concentration Risk [Member] | Revenue [Member]
Concentration Risk [Line Items]
Concentration risk	10.00%
Number of hotel properties	9

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 343,488	$ 355,930	$ 389,164	$ 342,207	$ 341,566	$ 353,325	$ 390,670	$ 353,709	$ 1,430,789	$ 1,439,270
Total operating expenses	349,175	326,601	346,129	318,945	322,924	323,709	332,185	325,447	1,340,850	1,304,265	$ 1,336,339
Gain (loss) on sale of hotel properties	81	(9)	412	(9)	6	15	14,092	(83)	475	14,030	31,599
Operating income (loss)	(5,606)	29,320	43,447	23,253	18,648	29,631	72,577	28,179	90,414	149,035	187,303
Income (loss) from continuing operations	(66,048)	(34,261)	(23,351)	(32,649)	(38,525)	(28,726)	10,428	(31,937)	(156,309)	(88,760)
Income (loss) attributable to the Company	(54,800)	(27,589)	(18,306)	(26,271)	(29,971)	(21,808)	10,184	(25,413)	(126,966)	(67,008)	$ (46,285)
Income (loss) from continuing operations attributable to common stockholders	$ (65,444)	$ (38,234)	$ (28,950)	$ (36,915)	$ (47,672)	$ (37,755)	$ (772)	$ (36,369)	$ (169,543)	$ (122,568)
Diluted income (loss) from continuing operations attributable to common stockholders per share (in dollars per share)	$ (0.66)	$ (0.40)	$ (0.30)	$ (0.39)	$ (0.50)	$ (0.40)	$ (0.01)	$ (0.39)	$ (1.75)	$ (1.30)
Weighted average common shares outstanding – diluted (in shares)	99,324	97,467	96,889	95,367	95,328	95,332	95,320	94,840	97,282	95,207

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands

Feb. 26, 2019USD ($)room

Feb. 06, 2019USD ($)

Jan. 22, 2019USD ($)roomextension

Jun. 13, 2018USD ($)

May 10, 2018USD ($)

May 01, 2018USD ($)

Apr. 09, 2018USD ($)

Jan. 17, 2018USD ($)

Oct. 31, 2017USD ($)

May 24, 2017USD ($)

May 10, 2017USD ($)

Dec. 31, 2018USD ($)room

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Subsequent Event [Line Items]

Number of units in real estate property | room

25,087

Indebtedness, gross

$ 3,966,237

Investment in unconsolidated entity

667

$ 984

$ 2,321

Mortgages [Member]

Subsequent Event [Line Items]

Extinguishment of debt

$ 15,700

$ 105,000

Indebtedness, gross

3,966,237

3,723,568

Mortgages [Member]

Subsequent Event [Line Items]

Extinguishment of debt

$ 1,068,000

$ 22,500

$ 6,600

$ 971,700

$ 376,800

$ 412,500

Embassy Suites New York Midtown Manhattan [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Percent of voting interests acquired

100.00%

Number of units in real estate property | room

310

Consideration transfered

$ 195,000

Liabilities assumed

$ 145,000

Basis spread on variable rate

3.90%

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Entitled to receive for furniture, fixtures, and equipment

$ 19,500

Hilton Santa Cruz/Scotts Valley [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Percent of voting interests acquired

100.00%

Number of units in real estate property | room

178

Cash consideration

$ 50,000

Consideration transfered

1,500

Liabilities assumed

$ 25,300

Interest rate

4.66%

Entitled to receive for furniture, fixtures, and equipment

$ 5,000

OpenKey [Member]

Subsequent Event [Line Items]

Investment in unconsolidated entity

$ 667

$ 983

$ 2,300

OpenKey [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Investment in unconsolidated entity

$ 299

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,966,237
Initial Cost of Land	680,759
Initial Cost of FF&E, Buildings and improvements	3,718,658
Costs Capitalized Since Acquisition, Land	(9,006)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	897,052
Gross Carrying Amount At Close of Period, Land	671,753
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	4,615,710
Gross Carrying Amount At Close of Period, Total	5,287,463	$ 5,064,294	$ 5,054,564	$ 5,181,466
Accumulated Depreciation	1,182,244	$ 1,028,379	$ 894,001	$ 761,782
Austin, TX Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,810
Initial Cost of Land	1,204
Initial Cost of FF&E, Buildings and improvements	9,388
Costs Capitalized Since Acquisition, Land	193
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,027
Gross Carrying Amount At Close of Period, Land	1,397
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,415
Gross Carrying Amount At Close of Period, Total	17,812
Accumulated Depreciation	8,584
Dallas, TX Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,760
Initial Cost of Land	1,878
Initial Cost of FF&E, Buildings and improvements	8,907
Costs Capitalized Since Acquisition, Land	238
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,929
Gross Carrying Amount At Close of Period, Land	2,116
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,836
Gross Carrying Amount At Close of Period, Total	17,952
Accumulated Depreciation	8,360
Herndon, VA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,120
Initial Cost of Land	1,303
Initial Cost of FF&E, Buildings and improvements	9,836
Costs Capitalized Since Acquisition, Land	277
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,035
Gross Carrying Amount At Close of Period, Land	1,580
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,871
Gross Carrying Amount At Close of Period, Total	20,451
Accumulated Depreciation	9,511
Las Vegas, NV Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,860
Initial Cost of Land	3,307
Initial Cost of FF&E, Buildings and improvements	16,952
Costs Capitalized Since Acquisition, Land	397
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,959
Gross Carrying Amount At Close of Period, Land	3,704
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,911
Gross Carrying Amount At Close of Period, Total	35,615
Accumulated Depreciation	15,603
Flagstaff, AZ Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,400
Initial Cost of Land	1,267
Initial Cost of FF&E, Buildings and improvements	4,278
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,820
Gross Carrying Amount At Close of Period, Land	1,267
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,098
Gross Carrying Amount At Close of Period, Total	10,365
Accumulated Depreciation	5,143
Houston, TX Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,150
Initial Cost of Land	1,799
Initial Cost of FF&E, Buildings and improvements	10,404
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,629
Gross Carrying Amount At Close of Period, Land	1,799
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,033
Gross Carrying Amount At Close of Period, Total	19,832
Accumulated Depreciation	7,400
West Palm Beach, FL Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,180
Initial Cost of Land	3,277
Initial Cost of FF&E, Buildings and improvements	13,949
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,706
Gross Carrying Amount At Close of Period, Land	3,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,655
Gross Carrying Amount At Close of Period, Total	26,932
Accumulated Depreciation	11,293
Philadelphia, PA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,698
Initial Cost of Land	5,791
Initial Cost of FF&E, Buildings and improvements	34,819
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,519
Gross Carrying Amount At Close of Period, Land	5,791
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,338
Gross Carrying Amount At Close of Period, Total	58,129
Accumulated Depreciation	18,952
Walnut Creek, CA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,920
Initial Cost of Land	7,452
Initial Cost of FF&E, Buildings and improvements	25,334
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	21,249
Gross Carrying Amount At Close of Period, Land	7,452
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	46,583
Gross Carrying Amount At Close of Period, Total	54,035
Accumulated Depreciation	15,642
Arlington, VA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,355
Initial Cost of Land	36,065
Initial Cost of FF&E, Buildings and improvements	41,588
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,533
Gross Carrying Amount At Close of Period, Land	36,065
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	57,121
Gross Carrying Amount At Close of Period, Total	93,186
Accumulated Depreciation	17,408
Portland, OR Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,435
Initial Cost of Land	11,110
Initial Cost of FF&E, Buildings and improvements	60,048
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,338
Gross Carrying Amount At Close of Period, Land	11,110
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	67,386
Gross Carrying Amount At Close of Period, Total	78,496
Accumulated Depreciation	21,939
Santa Clara, CA Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	67,440
Initial Cost of Land	8,948
Initial Cost of FF&E, Buildings and improvements	46,239
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,210
Gross Carrying Amount At Close of Period, Land	8,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,449
Gross Carrying Amount At Close of Period, Total	71,397
Accumulated Depreciation	18,752
Orlando, FL Embassy Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,526
Initial Cost of Land	5,674
Initial Cost of FF&E, Buildings and improvements	21,593
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,047
Gross Carrying Amount At Close of Period, Land	5,674
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,640
Gross Carrying Amount At Close of Period, Total	38,314
Accumulated Depreciation	11,090
Jacksonville, FL Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,980
Initial Cost of Land	1,751
Initial Cost of FF&E, Buildings and improvements	9,164
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,806
Gross Carrying Amount At Close of Period, Land	1,751
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,970
Gross Carrying Amount At Close of Period, Total	16,721
Accumulated Depreciation	5,528
Austin, TX Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,798
Initial Cost of Land	7,605
Initial Cost of FF&E, Buildings and improvements	48,725
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,682
Gross Carrying Amount At Close of Period, Land	7,605
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	53,407
Gross Carrying Amount At Close of Period, Total	61,012
Accumulated Depreciation	8,034
Baltimore, MD Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,351
Initial Cost of Land	4,027
Initial Cost of FF&E, Buildings and improvements	20,199
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,220
Gross Carrying Amount At Close of Period, Land	4,027
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,419
Gross Carrying Amount At Close of Period, Total	27,446
Accumulated Depreciation	2,490
Virginia Beach, VA Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,402
Initial Cost of Land	4,101
Initial Cost of FF&E, Buildings and improvements	26,329
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	182
Gross Carrying Amount At Close of Period, Land	4,101
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,511
Gross Carrying Amount At Close of Period, Total	30,612
Accumulated Depreciation	2,936
Wisconsin Dells, WI Hilton Garden Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,778
Initial Cost of Land	867
Initial Cost of FF&E, Buildings and improvements	14,318
Costs Capitalized Since Acquisition, Land	(327)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(4,797)
Gross Carrying Amount At Close of Period, Land	540
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,521
Gross Carrying Amount At Close of Period, Total	10,061
Accumulated Depreciation	615
Ft. Worth, TX Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,000
Initial Cost of Land	4,538
Initial Cost of FF&E, Buildings and improvements	13,922
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,897
Gross Carrying Amount At Close of Period, Land	4,538
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,819
Gross Carrying Amount At Close of Period, Total	36,357
Accumulated Depreciation	16,092
Houston, TX Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,330
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	13,247
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,788
Gross Carrying Amount At Close of Period, Land	2,200
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,035
Gross Carrying Amount At Close of Period, Total	25,235
Accumulated Depreciation	10,018
St. Petersburg, FL Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,660
Initial Cost of Land	2,991
Initial Cost of FF&E, Buildings and improvements	13,907
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,311
Gross Carrying Amount At Close of Period, Land	2,991
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,218
Gross Carrying Amount At Close of Period, Total	36,209
Accumulated Depreciation	14,948
Santa Fe, NM Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,400
Initial Cost of Land	7,004
Initial Cost of FF&E, Buildings and improvements	10,689
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,045
Gross Carrying Amount At Close of Period, Land	7,004
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,734
Gross Carrying Amount At Close of Period, Total	27,738
Accumulated Depreciation	10,569
Bloomington, MN Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,800
Initial Cost of Land	5,685
Initial Cost of FF&E, Buildings and improvements	59,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,024
Gross Carrying Amount At Close of Period, Land	5,685
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	73,163
Gross Carrying Amount At Close of Period, Total	78,848
Accumulated Depreciation	27,810
Costa Mesa, CA Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,671
Initial Cost of Land	12,917
Initial Cost of FF&E, Buildings and improvements	91,791
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,205
Gross Carrying Amount At Close of Period, Land	12,917
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	106,996
Gross Carrying Amount At Close of Period, Total	119,913
Accumulated Depreciation	36,422
Boston, MA Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	97,000
Initial Cost of Land	62,555
Initial Cost of FF&E, Buildings and improvements	134,407
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,444
Gross Carrying Amount At Close of Period, Land	62,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	151,851
Gross Carrying Amount At Close of Period, Total	214,406
Accumulated Depreciation	19,520
Parsippany, NJ Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,383
Initial Cost of Land	7,293
Initial Cost of FF&E, Buildings and improvements	58,098
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,250
Gross Carrying Amount At Close of Period, Land	7,293
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	63,348
Gross Carrying Amount At Close of Period, Total	70,641
Accumulated Depreciation	11,280
Tampa, FL Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,666
Initial Cost of Land	5,206
Initial Cost of FF&E, Buildings and improvements	21,186
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,139
Gross Carrying Amount At Close of Period, Land	5,206
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,325
Gross Carrying Amount At Close of Period, Total	37,531
Accumulated Depreciation	6,326
Alexandria, VA Hilton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	73,450
Initial Cost of Land	14,459
Initial Cost of FF&E, Buildings and improvements	97,014
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	597
Gross Carrying Amount At Close of Period, Land	14,459
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	97,611
Gross Carrying Amount At Close of Period, Total	112,070
Accumulated Depreciation	1,478
Lawrenceville, GA Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,540
Initial Cost of Land	697
Initial Cost of FF&E, Buildings and improvements	3,808
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,187
Gross Carrying Amount At Close of Period, Land	697
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,995
Gross Carrying Amount At Close of Period, Total	7,692
Accumulated Depreciation	3,110
Evansville, IN Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,330
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	5,034
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,807
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,841
Gross Carrying Amount At Close of Period, Total	9,142
Accumulated Depreciation	3,760
Parsippany, NJ Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,793
Initial Cost of Land	3,268
Initial Cost of FF&E, Buildings and improvements	24,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,917
Gross Carrying Amount At Close of Period, Land	3,268
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,223
Gross Carrying Amount At Close of Period, Total	30,491
Accumulated Depreciation	4,459
Buford, GA Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,822
Initial Cost of Land	1,168
Initial Cost of FF&E, Buildings and improvements	5,338
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,218
Gross Carrying Amount At Close of Period, Land	1,168
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,556
Gross Carrying Amount At Close of Period, Total	8,724
Accumulated Depreciation	2,448
Phoenix, AZ Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,266
Initial Cost of Land	853
Initial Cost of FF&E, Buildings and improvements	10,145
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,603
Gross Carrying Amount At Close of Period, Land	853
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,748
Gross Carrying Amount At Close of Period, Total	15,601
Accumulated Depreciation	1,588
Pittsburgh, PA Hampton Inn 1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,786
Initial Cost of Land	2,335
Initial Cost of FF&E, Buildings and improvements	18,663
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(441)
Gross Carrying Amount At Close of Period, Land	2,335
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,222
Gross Carrying Amount At Close of Period, Total	20,557
Accumulated Depreciation	1,897
Pittsburgh, PA Hampton Inn 2 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,341
Initial Cost of Land	2,760
Initial Cost of FF&E, Buildings and improvements	19,739
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(377)
Gross Carrying Amount At Close of Period, Land	2,760
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,362
Gross Carrying Amount At Close of Period, Total	22,122
Accumulated Depreciation	2,216
Columbus, OH Hampton Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,017
Initial Cost of Land	1,789
Initial Cost of FF&E, Buildings and improvements	27,210
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,223
Gross Carrying Amount At Close of Period, Land	1,789
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,433
Gross Carrying Amount At Close of Period, Total	31,222
Accumulated Depreciation	3,205
Beverly Hills, CA Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	123,120
Initial Cost of Land	6,510
Initial Cost of FF&E, Buildings and improvements	22,061
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	30,877
Gross Carrying Amount At Close of Period, Land	6,510
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,938
Gross Carrying Amount At Close of Period, Total	59,448
Accumulated Depreciation	27,765
Durham, NC Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,800
Initial Cost of Land	1,794
Initial Cost of FF&E, Buildings and improvements	25,056
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,184
Gross Carrying Amount At Close of Period, Land	1,794
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,240
Gross Carrying Amount At Close of Period, Total	41,034
Accumulated Depreciation	13,631
Arlington, VA Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	93,433
Initial Cost of Land	20,637
Initial Cost of FF&E, Buildings and improvements	101,376
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	57,590
Gross Carrying Amount At Close of Period, Land	20,637
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	158,966
Gross Carrying Amount At Close of Period, Total	179,603
Accumulated Depreciation	58,441
Bridgewater, NJ Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	71,200
Initial Cost of Land	5,059
Initial Cost of FF&E, Buildings and improvements	89,268
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,984
Gross Carrying Amount At Close of Period, Land	5,059
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	94,252
Gross Carrying Amount At Close of Period, Total	99,311
Accumulated Depreciation	30,279
Dallas, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,400
Initial Cost of Land	2,701
Initial Cost of FF&E, Buildings and improvements	30,893
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,538
Gross Carrying Amount At Close of Period, Land	2,701
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	45,431
Gross Carrying Amount At Close of Period, Total	48,132
Accumulated Depreciation	16,034
Fremont CA, Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,403
Initial Cost of Land	5,800
Initial Cost of FF&E, Buildings and improvements	44,200
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(3,308)
Gross Carrying Amount At Close of Period, Land	5,800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	40,892
Gross Carrying Amount At Close of Period, Total	46,692
Accumulated Depreciation	5,405
Memphis, TN Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,041
Initial Cost of Land	6,210
Initial Cost of FF&E, Buildings and improvements	37,284
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,241
Gross Carrying Amount At Close of Period, Land	6,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	38,525
Gross Carrying Amount At Close of Period, Total	44,735
Accumulated Depreciation	7,252
Irving, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	67,196
Initial Cost of Land	8,330
Initial Cost of FF&E, Buildings and improvements	82,272
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	20,139
Gross Carrying Amount At Close of Period, Land	8,330
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	102,411
Gross Carrying Amount At Close of Period, Total	110,741
Accumulated Depreciation	11,764
Omaha, NE Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,976
Initial Cost of Land	6,641
Initial Cost of FF&E, Buildings and improvements	49,887
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,209
Gross Carrying Amount At Close of Period, Land	6,641
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	61,096
Gross Carrying Amount At Close of Period, Total	67,737
Accumulated Depreciation	9,519
San Antonio, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,229
Initial Cost of Land	9,764
Initial Cost of FF&E, Buildings and improvements	31,384
Costs Capitalized Since Acquisition, Land	(958)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(8,088)
Gross Carrying Amount At Close of Period, Land	8,806
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,296
Gross Carrying Amount At Close of Period, Total	32,102
Accumulated Depreciation	1,165
Sugarland, TX Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,809
Initial Cost of Land	9,047
Initial Cost of FF&E, Buildings and improvements	84,043
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,530)
Gross Carrying Amount At Close of Period, Land	9,047
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	82,513
Gross Carrying Amount At Close of Period, Total	91,560
Accumulated Depreciation	8,655
Jacksonville, FL SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,348
Initial Cost of FF&E, Buildings and improvements	7,111
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,663
Gross Carrying Amount At Close of Period, Land	1,348
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,774
Gross Carrying Amount At Close of Period, Total	12,122
Accumulated Depreciation	4,539
Baltimore, MD SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,600
Initial Cost of Land	2,502
Initial Cost of FF&E, Buildings and improvements	13,206
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,453
Gross Carrying Amount At Close of Period, Land	2,502
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,659
Gross Carrying Amount At Close of Period, Total	20,161
Accumulated Depreciation	7,730
Kennesaw, GA SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,751
Initial Cost of Land	1,106
Initial Cost of FF&E, Buildings and improvements	5,021
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,674
Gross Carrying Amount At Close of Period, Land	1,106
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,695
Gross Carrying Amount At Close of Period, Total	9,801
Accumulated Depreciation	2,913
Buford, GA SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,724
Initial Cost of Land	1,132
Initial Cost of FF&E, Buildings and improvements	6,089
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,131
Gross Carrying Amount At Close of Period, Land	1,132
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,220
Gross Carrying Amount At Close of Period, Total	8,352
Accumulated Depreciation	2,999
Charlotte, NC SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,036
Initial Cost of Land	1,235
Initial Cost of FF&E, Buildings and improvements	6,818
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,120
Gross Carrying Amount At Close of Period, Land	1,235
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,938
Gross Carrying Amount At Close of Period, Total	9,173
Accumulated Depreciation	3,022
Durham, NC SpringHill Suites by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,799
Initial Cost of Land	1,090
Initial Cost of FF&E, Buildings and improvements	3,991
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,274
Gross Carrying Amount At Close of Period, Land	1,090
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,265
Gross Carrying Amount At Close of Period, Total	6,355
Accumulated Depreciation	2,083
Manhattan Beach CA Spring Hill Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,560
Initial Cost of Land	5,726
Initial Cost of FF&E, Buildings and improvements	21,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,584
Gross Carrying Amount At Close of Period, Land	5,726
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,771
Gross Carrying Amount At Close of Period, Total	28,497
Accumulated Depreciation	7,201
Plymouth Meeting PA Spring Hill Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,800
Initial Cost of Land	3,210
Initial Cost of FF&E, Buildings and improvements	24,578
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,788
Gross Carrying Amount At Close of Period, Land	3,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,366
Gross Carrying Amount At Close of Period, Total	29,576
Accumulated Depreciation	8,351
Kennesaw GA Fairfield Inn By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,297
Initial Cost of Land	840
Initial Cost of FF&E, Buildings and improvements	4,359
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	674
Gross Carrying Amount At Close of Period, Land	840
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,033
Gross Carrying Amount At Close of Period, Total	5,873
Accumulated Depreciation	1,852
Bloomington IN Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,520
Initial Cost of Land	900
Initial Cost of FF&E, Buildings and improvements	10,741
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,043
Gross Carrying Amount At Close of Period, Land	900
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,784
Gross Carrying Amount At Close of Period, Total	15,684
Accumulated Depreciation	6,179
Boston, MA Courtyard by Marriott - Tremont [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	103,286
Initial Cost of Land	24,494
Initial Cost of FF&E, Buildings and improvements	85,246
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,144
Gross Carrying Amount At Close of Period, Land	24,494
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	95,390
Gross Carrying Amount At Close of Period, Total	119,884
Accumulated Depreciation	14,631
Columbus IN Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,160
Initial Cost of Land	673
Initial Cost of FF&E, Buildings and improvements	4,804
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,900
Gross Carrying Amount At Close of Period, Land	673
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,704
Gross Carrying Amount At Close of Period, Total	9,377
Accumulated Depreciation	3,870
Denver, CO Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,648
Initial Cost of Land	9,342
Initial Cost of FF&E, Buildings and improvements	29,656
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,721
Gross Carrying Amount At Close of Period, Land	9,342
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,377
Gross Carrying Amount At Close of Period, Total	41,719
Accumulated Depreciation	4,066
Louisville KY Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,555
Initial Cost of Land	1,352
Initial Cost of FF&E, Buildings and improvements	12,266
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,365
Gross Carrying Amount At Close of Period, Land	1,352
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,631
Gross Carrying Amount At Close of Period, Total	16,983
Accumulated Depreciation	5,297
Gaithersburg, MD Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,812
Initial Cost of Land	5,128
Initial Cost of FF&E, Buildings and improvements	30,522
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,228
Gross Carrying Amount At Close of Period, Land	5,128
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,750
Gross Carrying Amount At Close of Period, Total	39,878
Accumulated Depreciation	4,132
Crystal City VA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,350
Initial Cost of Land	5,411
Initial Cost of FF&E, Buildings and improvements	38,610
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,726
Gross Carrying Amount At Close of Period, Land	5,411
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,336
Gross Carrying Amount At Close of Period, Total	57,747
Accumulated Depreciation	17,752
Ft Lauderdale FL Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,949
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	18,520
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,643
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,163
Gross Carrying Amount At Close of Period, Total	27,407
Accumulated Depreciation	9,569
Overland Park KS Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,973
Initial Cost of Land	1,868
Initial Cost of FF&E, Buildings and improvements	14,030
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,104
Gross Carrying Amount At Close of Period, Land	1,868
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,134
Gross Carrying Amount At Close of Period, Total	21,002
Accumulated Depreciation	8,114
Savannah, GA Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,924
Initial Cost of Land	6,948
Initial Cost of FF&E, Buildings and improvements	31,755
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(290)
Gross Carrying Amount At Close of Period, Land	6,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,465
Gross Carrying Amount At Close of Period, Total	38,413
Accumulated Depreciation	3,372
Foothill Ranch CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,150
Initial Cost of Land	2,447
Initial Cost of FF&E, Buildings and improvements	16,005
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,832
Gross Carrying Amount At Close of Period, Land	2,447
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,837
Gross Carrying Amount At Close of Period, Total	22,284
Accumulated Depreciation	7,608
Alpharetta GA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,040
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	12,345
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,180
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,525
Gross Carrying Amount At Close of Period, Total	18,769
Accumulated Depreciation	6,843
Oakland CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,240
Initial Cost of Land	5,112
Initial Cost of FF&E, Buildings and improvements	19,429
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,291
Gross Carrying Amount At Close of Period, Land	5,112
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,720
Gross Carrying Amount At Close of Period, Total	28,832
Accumulated Depreciation	8,424
Scottsdale AZ Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,600
Initial Cost of Land	3,700
Initial Cost of FF&E, Buildings and improvements	22,134
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,045
Gross Carrying Amount At Close of Period, Land	3,700
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,179
Gross Carrying Amount At Close of Period, Total	30,879
Accumulated Depreciation	9,776
Plano TX Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,160
Initial Cost of Land	2,115
Initial Cost of FF&E, Buildings and improvements	22,360
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,259
Gross Carrying Amount At Close of Period, Land	2,115
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,619
Gross Carrying Amount At Close of Period, Total	26,734
Accumulated Depreciation	8,227
Newark CA Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,960
Initial Cost of Land	2,863
Initial Cost of FF&E, Buildings and improvements	10,723
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,581
Gross Carrying Amount At Close of Period, Land	2,863
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,304
Gross Carrying Amount At Close of Period, Total	17,167
Accumulated Depreciation	5,897
Manchester CT Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,414
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	7,430
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,222
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,652
Gross Carrying Amount At Close of Period, Total	10,953
Accumulated Depreciation	3,800
Basking Ridge NJ Courtyard By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,600
Initial Cost of Land	5,419
Initial Cost of FF&E, Buildings and improvements	45,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,093
Gross Carrying Amount At Close of Period, Land	5,419
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,397
Gross Carrying Amount At Close of Period, Total	57,816
Accumulated Depreciation	16,914
Wichita, KS Courtyard by Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,380
Initial Cost of Land	291
Initial Cost of FF&E, Buildings and improvements	23,090
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,229)
Gross Carrying Amount At Close of Period, Land	291
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,861
Gross Carrying Amount At Close of Period, Total	22,152
Accumulated Depreciation	2,197
Boston, MA Courtyard by Marriott - Billerica [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,807
Initial Cost of Land	3,528
Initial Cost of FF&E, Buildings and improvements	29,352
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,127
Gross Carrying Amount At Close of Period, Land	3,528
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,479
Gross Carrying Amount At Close of Period, Total	34,007
Accumulated Depreciation	4,575
Pittsburgh, PA Homewood Suites [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,492
Initial Cost of Land	1,906
Initial Cost of FF&E, Buildings and improvements	28,093
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,050
Gross Carrying Amount At Close of Period, Land	1,906
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,143
Gross Carrying Amount At Close of Period, Total	32,049
Accumulated Depreciation	3,760
Lake Buena Vista FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,738
Initial Cost of Land	2,555
Initial Cost of FF&E, Buildings and improvements	20,367
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,156
Gross Carrying Amount At Close of Period, Land	2,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,523
Gross Carrying Amount At Close of Period, Total	33,078
Accumulated Depreciation	11,834
Evansville IN Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,980
Initial Cost of Land	961
Initial Cost of FF&E, Buildings and improvements	5,972
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,355
Gross Carrying Amount At Close of Period, Land	961
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,327
Gross Carrying Amount At Close of Period, Total	10,288
Accumulated Depreciation	4,177
Orlando FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,211
Initial Cost of Land	6,554
Initial Cost of FF&E, Buildings and improvements	40,539
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	18,092
Gross Carrying Amount At Close of Period, Land	6,554
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,631
Gross Carrying Amount At Close of Period, Total	65,185
Accumulated Depreciation	18,562
Falls Church VA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,650
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	34,979
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,220
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	41,199
Gross Carrying Amount At Close of Period, Total	43,951
Accumulated Depreciation	15,349
San Diego CA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,840
Initial Cost of Land	3,156
Initial Cost of FF&E, Buildings and improvements	29,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,694
Gross Carrying Amount At Close of Period, Land	3,156
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,208
Gross Carrying Amount At Close of Period, Total	36,364
Accumulated Depreciation	12,299
Salt Lake City UT Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,120
Initial Cost of Land	1,897
Initial Cost of FF&E, Buildings and improvements	16,357
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,201
Gross Carrying Amount At Close of Period, Land	1,897
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,558
Gross Carrying Amount At Close of Period, Total	21,455
Accumulated Depreciation	7,321
Las Vegas NV Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,160
Initial Cost of Land	18,177
Initial Cost of FF&E, Buildings and improvements	39,568
Costs Capitalized Since Acquisition, Land	(6,184)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(11,343)
Gross Carrying Amount At Close of Period, Land	11,993
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,225
Gross Carrying Amount At Close of Period, Total	40,218
Accumulated Depreciation	7,192
Phoenix AZ Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,100
Initial Cost of FF&E, Buildings and improvements	23,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,990
Gross Carrying Amount At Close of Period, Land	4,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,177
Gross Carrying Amount At Close of Period, Total	33,277
Accumulated Depreciation	11,518
Plano TX Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,160
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	16,869
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,257
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,126
Gross Carrying Amount At Close of Period, Total	21,171
Accumulated Depreciation	6,525
Newark CA Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,760
Initial Cost of Land	3,272
Initial Cost of FF&E, Buildings and improvements	11,706
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,215
Gross Carrying Amount At Close of Period, Land	3,272
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,921
Gross Carrying Amount At Close of Period, Total	18,193
Accumulated Depreciation	5,784
Manchester CT Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,883
Initial Cost of Land	1,462
Initial Cost of FF&E, Buildings and improvements	8,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,226
Gross Carrying Amount At Close of Period, Land	1,462
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,532
Gross Carrying Amount At Close of Period, Total	13,994
Accumulated Depreciation	5,300
Jacksonville FL Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,045
Initial Cost of Land	1,997
Initial Cost of FF&E, Buildings and improvements	16,084
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,737
Gross Carrying Amount At Close of Period, Land	1,997
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,821
Gross Carrying Amount At Close of Period, Total	27,818
Accumulated Depreciation	7,302
Stillwater, OK Marriott Residence Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,911
Initial Cost of Land	930
Initial Cost of FF&E, Buildings and improvements	15,070
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,861
Gross Carrying Amount At Close of Period, Land	930
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,931
Gross Carrying Amount At Close of Period, Total	17,861
Accumulated Depreciation	2,455
Manhattan Beach CA Towne Place Suites By Marriott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	17,543
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,736
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,279
Gross Carrying Amount At Close of Period, Total	27,084
Accumulated Depreciation	7,637
Atlanta, GA Ritz-Carlton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,700
Initial Cost of Land	2,477
Initial Cost of FF&E, Buildings and improvements	80,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	26,824
Gross Carrying Amount At Close of Period, Land	2,477
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	106,963
Gross Carrying Amount At Close of Period, Total	109,440
Accumulated Depreciation	13,736
Atlantic Beach FL One Ocean [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,600
Initial Cost of Land	5,815
Initial Cost of FF&E, Buildings and improvements	14,817
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	27,256
Gross Carrying Amount At Close of Period, Land	5,815
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,073
Gross Carrying Amount At Close of Period, Total	47,888
Accumulated Depreciation	23,474
Nashville, TN Renaissance [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	152,516
Initial Cost of Land	20,671
Initial Cost of FF&E, Buildings and improvements	158,260
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	28,663
Gross Carrying Amount At Close of Period, Land	20,671
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	186,923
Gross Carrying Amount At Close of Period, Total	207,594
Accumulated Depreciation	23,292
Palm Springs, CA Renaissance [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,942
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	74,112
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,708
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	88,820
Gross Carrying Amount At Close of Period, Total	88,820
Accumulated Depreciation	12,595
Ann Arbor, MI Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,200
Initial Cost of Land	4,158
Initial Cost of FF&E, Buildings and improvements	35,042
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	886
Gross Carrying Amount At Close of Period, Land	4,158
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,928
Gross Carrying Amount At Close of Period, Total	40,086
Accumulated Depreciation	3,909
Langhorne PA Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,880
Initial Cost of Land	2,037
Initial Cost of FF&E, Buildings and improvements	12,424
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,635
Gross Carrying Amount At Close of Period, Land	2,037
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,059
Gross Carrying Amount At Close of Period, Total	27,096
Accumulated Depreciation	13,645
Minneapolis MN Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,933
Initial Cost of Land	2,953
Initial Cost of FF&E, Buildings and improvements	14,280
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,333
Gross Carrying Amount At Close of Period, Land	2,953
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,613
Gross Carrying Amount At Close of Period, Total	26,566
Accumulated Depreciation	11,848
Indianapolis IN Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60,410
Initial Cost of Land	3,100
Initial Cost of FF&E, Buildings and improvements	22,041
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	23,343
Gross Carrying Amount At Close of Period, Land	3,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	45,384
Gross Carrying Amount At Close of Period, Total	48,484
Accumulated Depreciation	20,858
Anchorage AK Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,331
Initial Cost of Land	4,023
Initial Cost of FF&E, Buildings and improvements	39,363
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	18,435
Gross Carrying Amount At Close of Period, Land	4,023
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	57,798
Gross Carrying Amount At Close of Period, Total	61,821
Accumulated Depreciation	20,922
San Diego CA Sheraton Hotel [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,160
Initial Cost of Land	7,294
Initial Cost of FF&E, Buildings and improvements	36,382
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,330
Gross Carrying Amount At Close of Period, Land	7,294
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	44,712
Gross Carrying Amount At Close of Period, Total	52,006
Accumulated Depreciation	16,696
Coral Gables FL Hyatt Regency [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,200
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	50,820
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	24,165
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	74,985
Gross Carrying Amount At Close of Period, Total	79,790
Accumulated Depreciation	23,575
Hauppauge, NY Hyatt Regency [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,389
Initial Cost of Land	6,284
Initial Cost of FF&E, Buildings and improvements	35,669
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,428)
Gross Carrying Amount At Close of Period, Land	6,284
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,241
Gross Carrying Amount At Close of Period, Total	40,525
Accumulated Depreciation	6,963
Savannah, GA Hyatt Regency [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	69,788
Initial Cost of Land	14,041
Initial Cost of FF&E, Buildings and improvements	72,721
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,322
Gross Carrying Amount At Close of Period, Land	14,041
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	85,043
Gross Carrying Amount At Close of Period, Total	99,084
Accumulated Depreciation	13,388
Key West FL Crowne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,982
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	27,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,302
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,816
Gross Carrying Amount At Close of Period, Total	42,816
Accumulated Depreciation	19,962
Annapolis, MD Crowne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	9,903
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(20)
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,883
Gross Carrying Amount At Close of Period, Total	9,883
Accumulated Depreciation	3,094
Annapolis MD Annapolis Inn [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,658
Initial Cost of Land	3,028
Initial Cost of FF&E, Buildings and improvements	7,833
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,465
Gross Carrying Amount At Close of Period, Land	3,028
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,298
Gross Carrying Amount At Close of Period, Total	20,326
Accumulated Depreciation	8,849
Santa Fe, NM La Posada de Santa Fe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,000
Initial Cost of Land	8,094
Initial Cost of FF&E, Buildings and improvements	42,058
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	0
Gross Carrying Amount At Close of Period, Land	8,094
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,058
Gross Carrying Amount At Close of Period, Total	50,152
Accumulated Depreciation	240
Austin, TX Lakeway Resort & Spa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,527
Initial Cost of Land	4,541
Initial Cost of FF&E, Buildings and improvements	28,940
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,960
Gross Carrying Amount At Close of Period, Land	4,541
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,900
Gross Carrying Amount At Close of Period, Total	39,441
Accumulated Depreciation	9,261
Chicago, IL Silversmith [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,965
Initial Cost of Land	4,782
Initial Cost of FF&E, Buildings and improvements	22,398
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,563
Gross Carrying Amount At Close of Period, Land	4,782
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,961
Gross Carrying Amount At Close of Period, Total	28,743
Accumulated Depreciation	6,187
Washington, DC The Churchill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,449
Initial Cost of Land	25,898
Initial Cost of FF&E, Buildings and improvements	32,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,302
Gross Carrying Amount At Close of Period, Land	25,898
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	46,606
Gross Carrying Amount At Close of Period, Total	72,504
Accumulated Depreciation	9,156
Washington, DC The Melrose [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	76,069
Initial Cost of Land	29,277
Initial Cost of FF&E, Buildings and improvements	62,507
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(500)
Gross Carrying Amount At Close of Period, Land	29,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,007
Gross Carrying Amount At Close of Period, Total	91,284
Accumulated Depreciation	6,809
New Orleans, LA Le Pavillon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,750
Initial Cost of Land	10,933
Initial Cost of FF&E, Buildings and improvements	51,549
Costs Capitalized Since Acquisition, Land	(2,600)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,932
Gross Carrying Amount At Close of Period, Land	8,333
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,481
Gross Carrying Amount At Close of Period, Total	70,814
Accumulated Depreciation	7,819
Fort Worth TX Ashton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,232
Initial Cost of Land	800
Initial Cost of FF&E, Buildings and improvements	7,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,561
Gross Carrying Amount At Close of Period, Land	800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,748
Gross Carrying Amount At Close of Period, Total	9,548
Accumulated Depreciation	1,796
Princeton, NJ Westin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,583
Initial Cost of Land	6,475
Initial Cost of FF&E, Buildings and improvements	52,195
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,241
Gross Carrying Amount At Close of Period, Land	6,475
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	64,436
Gross Carrying Amount At Close of Period, Total	70,911
Accumulated Depreciation	9,229
Atlanta, GA W [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,800
Initial Cost of Land	2,353
Initial Cost of FF&E, Buildings and improvements	54,383
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,336
Gross Carrying Amount At Close of Period, Land	2,353
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	56,719
Gross Carrying Amount At Close of Period, Total	59,072
Accumulated Depreciation	6,002
Minneapolis, MN W [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	52,843
Initial Cost of Land	8,430
Initial Cost of FF&E, Buildings and improvements	79,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(2,578)
Gross Carrying Amount At Close of Period, Land	8,430
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	77,135
Gross Carrying Amount At Close of Period, Total	85,565
Accumulated Depreciation	6,441
Minneapolis, MN Le Meridien [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	12,248
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,186
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,434
Gross Carrying Amount At Close of Period, Total	18,186
Accumulated Depreciation	1,906
Atlanta, GA Hotel Indigo [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,100
Initial Cost of Land	3,230
Initial Cost of FF&E, Buildings and improvements	23,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,832
Gross Carrying Amount At Close of Period, Land	3,230
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,545
Gross Carrying Amount At Close of Period, Total	32,775
Accumulated Depreciation	2,809
Orlando FL World Quest Resort [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,432
Initial Cost of FF&E, Buildings and improvements	9,870
Costs Capitalized Since Acquisition, Land	(42)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,438
Gross Carrying Amount At Close of Period, Land	1,390
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,308
Gross Carrying Amount At Close of Period, Total	12,698
Accumulated Depreciation	$ 2,499

Real Estate And Accumulated D_3

Real Estate And Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment in Real Estate:
Beginning balance	$ 5,064,294	$ 5,054,564	$ 5,181,466
Additions	374,223	225,461	206,022
Impairment/write-offs	(125,964)	(111,820)	(85,338)
Sales/disposals	(25,090)	(85,709)	(227,988)
Assets held for sale	0	(18,202)	(19,598)
Ending balance	5,287,463	5,064,294	5,054,564
Accumulated Depreciation:
Beginning balance	1,028,379	894,001	761,782
Depreciation expense	258,441	247,220	245,953
Impairment/write-offs	(102,410)	(101,008)	(67,022)
Sales/disposals	(2,166)	(11,364)	(44,346)
Assets held for sale	0	(470)	(2,366)
Ending balance	1,182,244	1,028,379	894,001
Investment in Real Estate, net	$ 4,105,219	$ 4,035,915	$ 4,160,563

Real Estate and Accumulated D_4

Real Estate and Accumulated Depreciation (Details Textual)	12 Months Ended
	Dec. 31, 2018
Minimum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years 6 months
Minimum [Member] | Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year 6 months
Maximum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Maximum [Member] | Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years