Ashford Hospitality Trust (AHT) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	ASHFORD HOSPITALITY TRUST INC
Entity Central Index Key	0001232582
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		102,142,228

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investments in hotel properties, net	$ 4,309,127	$ 4,105,219
Cash and cash equivalents	242,561	319,210
Restricted cash	152,151	120,602
Marketable securities	11,550	21,816
Accounts receivable, net of allowance of $478 and $485, respectively	65,579	37,060
Inventories	4,514	4,224
Investment in unconsolidated entities	3,725	4,489
Deferred costs, net	3,369	3,449
Prepaid expenses	27,143	19,982
Derivative assets, net	2,196	2,396
Operating lease right-of-use assets	40,680
Other assets	15,411	15,923
Intangible assets, net	797	9,824
Due from related party, net	1,166	0
Due from third-party hotel managers	25,181	21,760
Total assets	4,905,150	4,685,954
Liabilities:
Indebtedness, net	4,157,767	3,927,266
Accounts payable and accrued expenses	162,060	136,757
Dividends and distributions payable	27,552	26,794
Due to Ashford Inc., net	7,795	23,034
Due to related party, net	0	1,477
Due to third-party hotel managers	2,480	2,529
Intangible liabilities, net	2,418	15,483
Derivative liabilities, net	36	50
Operating lease liabilities	43,795
Other liabilities	26,619	18,716
Total liabilities	4,430,522	4,152,106
Commitments and contingencies (note 15)
Redeemable noncontrolling interests in operating partnership	101,980	80,743
Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 102,165,662 and 101,035,530 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	1,022	1,010
Additional paid-in capital	1,815,946	1,814,273
Accumulated deficit	(1,445,136)	(1,363,020)
Total stockholders’ equity of the Company	372,058	452,489
Noncontrolling interests in consolidated entities	590	616
Total equity	372,648	453,105
Total liabilities and equity	4,905,150	4,685,954
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at March 31, 2019 and December 31, 2018
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 March 31, 2019 and December 31, 2018
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 March 31, 2019 and December 31, 2018
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 March 31, 2019 and December 31, 2018
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 March 31, 2019 and December 31, 2018
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	Mar. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts receivable	$ 478	$ 485
Preferred stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	102,165,662	101,035,530
Common stock, shares outstanding (in shares)	102,165,662	101,035,530
Series D Preferred Stock
Preferred stock, shares issued (in shares)	2,389,393	2,389,393
Preferred stock, shares outstanding (in shares)	2,389,393	2,389,393
Series F Preferred Stock
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
Series G Preferred Stock
Preferred stock, shares issued (in shares)	6,200,000	6,200,000
Preferred stock, shares outstanding (in shares)	6,200,000	6,200,000
Series H Preferred Stock
Preferred stock, shares issued (in shares)	3,800,000	3,800,000
Preferred stock, shares outstanding (in shares)	3,800,000	3,800,000
Series I Preferred Stock
Preferred stock, shares issued (in shares)	5,400,000	5,400,000
Preferred stock, shares outstanding (in shares)	5,400,000	5,400,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE
Total revenue	$ 358,718	$ 342,207
Hotel operating expenses:
Total hotel expenses	228,486	216,671
Property taxes, insurance, and other	20,397	18,359
Depreciation and amortization	67,178	63,047
Impairment charges	0	1,660
Transaction costs	0	2
Advisory services fee	16,304	17,077
Corporate general and administrative	2,601	2,129
Total expenses	334,966	318,945
Gain (loss) on sale of assets and hotel properties	233	(9)
OPERATING INCOME (LOSS)	23,985	23,253
Equity in earnings (loss) of unconsolidated entities	(1,063)	(588)
Interest income	781	746
Other income (expense)	(316)	76
Interest expense and amortization of premiums and loan costs	(66,166)	(54,743)
Write-off of premiums, loan costs and exit fees	(2,062)	(2,050)
Unrealized gain (loss) on marketable securities	808	(558)
Unrealized gain (loss) on derivatives	(2,994)	329
INCOME (LOSS) BEFORE INCOME TAXES	(47,027)	(33,535)
Income tax (expense) benefit	405	886
NET INCOME (LOSS)	(46,622)	(32,649)
(Income) loss from consolidated entities attributable to noncontrolling interest	26	38
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	8,579	6,340
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(38,017)	(26,271)
Preferred dividends	(10,644)	(10,644)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (48,661)	$ (36,915)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.49)	$ (0.39)
Weighted average common shares outstanding – basic (in shares)	99,407	95,367
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.49)	$ (0.39)
Weighted average common shares outstanding – diluted (in shares)	99,407	95,367
Total hotel revenue
REVENUE
Total revenue	$ 357,646	$ 341,228
Rooms
REVENUE
Total revenue	280,381	270,693
Hotel operating expenses:
Total hotel expenses	60,647	59,086
Food and beverage
REVENUE
Total revenue	61,061	55,044
Hotel operating expenses:
Total hotel expenses	41,323	38,465
Other hotel revenue
REVENUE
Total revenue	16,204	15,491
Hotel operating expenses:
Total hotel expenses	113,527	106,383
Other
REVENUE
Total revenue	1,072	979
Management fees
Hotel operating expenses:
Total hotel expenses	$ 12,989	$ 12,737

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (46,622)	$ (32,649)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0
Comprehensive income (loss)	(46,622)	(32,649)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	26	38
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	8,579	6,340
Comprehensive income (loss) attributable to the Company	$ (38,017)	$ (26,271)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock	Series D Preferred Stock	Series F Preferred Stock	Series G Preferred Stock	Series H Preferred Stock	Series I Preferred Stock	Preferred StockSeries D Preferred Stock	Preferred StockSeries F Preferred Stock	Preferred StockSeries G Preferred Stock	Preferred StockSeries H Preferred Stock	Preferred StockSeries I Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCommon Stock	Accumulated DeficitSeries D Preferred Stock	Accumulated DeficitSeries F Preferred Stock	Accumulated DeficitSeries G Preferred Stock	Accumulated DeficitSeries H Preferred Stock	Accumulated DeficitSeries I Preferred Stock	Noncontrolling Interests In Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2017									2,389	4,800	6,200	3,800	5,400	97,409
Beginning balance, value at Dec. 31, 2017		$ 633,146							$ 24	$ 48	$ 62	$ 38	$ 54	$ 974	$ 1,784,997	$ (1,153,697)							$ 646
Beginning balance, value at Dec. 31, 2017																								$ 116,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock		(1,462)												$ (2)	(1,460)
Purchases of common stock (in shares)														(228)
Equity-based compensation		5,886													5,886									1,116
Forfeitures of restricted shares		0
Forfeitures of restricted shares (in shares)														(14)
Issuance of restricted shares/units, value		123												$ 15	108
Issuance of restricted shares/units, value																								49
Issuance of restricted shares/units (in shares)														1,487
Stock offering / issuance costs		(30)													(30)
Issuance of common stock		0
Dividends			$ (11,961)	$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)						$ (11,613)			$ (11,961)	$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)
Distributions to noncontrolling interests		0
Distributions to noncontrolling interests																								(2,470)
Redemption value adjustment		(4,490)														(4,490)
Redemption value adjustment																								4,490
Income (loss) from continuing operations attributable to the Company		(26,271)														(26,271)
Loss from consolidated entities attributable to noncontrolling interest		(38)																					(38)
Net income (loss)		(26,309)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership																								(6,340)
Ending balance, value at Mar. 31, 2018		584,259							$ 24	$ 48	$ 62	$ 38	$ 54	$ 987	1,789,501	(1,207,063)							608
Ending balance, shares (in shares) at Mar. 31, 2018									2,389	4,800	6,200	3,800	5,400	98,654
Ending balance, value at Mar. 31, 2018																								112,967
Beginning balance, shares (in shares) at Dec. 31, 2017									2,389	4,800	6,200	3,800	5,400	97,409
Beginning balance, value at Dec. 31, 2017		633,146							$ 24	$ 48	$ 62	$ 38	$ 54	$ 974	1,784,997	(1,153,697)							646
Beginning balance, value at Dec. 31, 2017																								116,122
Ending balance, value at Dec. 31, 2018		453,105							$ 24	$ 48	$ 62	$ 38	$ 54	$ 1,010	1,814,273	(1,363,020)							616
Ending balance, shares (in shares) at Dec. 31, 2018									2,389	4,800	6,200	3,800	5,400	101,036
Ending balance, value at Dec. 31, 2018		80,743																						80,743
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of adoption of new accounting standard	[1]	1,755														1,755
Purchases of common stock		(903)												$ (1)	(902)
Purchases of common stock (in shares)														(187)
Equity-based compensation		2,788													2,788									1,802
Forfeitures of restricted shares		0
Forfeitures of restricted shares (in shares)														(6)
Issuance of restricted shares/units, value		0												$ 13	(13)
Issuance of restricted shares/units, value																								23
Issuance of restricted shares/units (in shares)														1,323
Stock offering / issuance costs		(200)													(200)
Issuance of units for hotel acquisition																								7,854
Dividends			$ (12,450)	$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)						$ (11,979)			$ (12,450)	$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)
Distributions to noncontrolling interests		0
Distributions to noncontrolling interests																								(2,623)
Redemption value adjustment		(22,760)														(22,760)
Redemption value adjustment																								22,760
Income (loss) from continuing operations attributable to the Company		(38,017)														(38,017)
Loss from consolidated entities attributable to noncontrolling interest		(26)																					(26)
Net income (loss)		(38,043)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership																								(8,579)
Ending balance, value at Mar. 31, 2019		372,648							$ 24	$ 48	$ 62	$ 38	$ 54	$ 1,022	$ 1,815,946	$ (1,445,136)							$ 590
Ending balance, shares (in shares) at Mar. 31, 2019									2,389	4,800	6,200	3,800	5,400	102,166
Ending balance, value at Mar. 31, 2019		$ 101,980																						$ 101,980
[1]	see note 17.

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Dividends declared - common stock (in dollars per share)	$ 0.12	$ 0.12
Series D Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.5281	0.5281
Series F Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4609	0.4609
Series G Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4609	0.4609
Series H Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4688	0.46875
Series I Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4688	0.4688
Common Stock
Dividends declared - common stock (in dollars per share)	0.12	0.12
Preferred Stock | Series D Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.53	0.53
Preferred Stock | Series F Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.46	0.46
Preferred Stock | Series G Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.46	0.46
Preferred Stock | Series H Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.47	0.47
Preferred Stock | Series I Preferred Stock
Dividends declared - preferred stock (in dollars per share)	$ 0.47	$ 0.47

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash Flows from Operating Activities
Net income (loss)	$ (46,622)	$ (32,649)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	67,178	63,047
Impairment charges	0	1,660
Amortization of intangibles	(59)	(59)
Recognition of deferred income	(222)	144
Bad debt expense	567	509
Deferred income tax expense (benefit)	(697)	(1,147)
Equity in (earnings) loss of unconsolidated entities	1,063	588
(Gain) loss on sale of assets and hotel properties	(233)	9
Realized and unrealized (gain) loss on marketable securities	(804)	448
Purchases of marketable securities	(1,325)	(10,773)
Sales of marketable securities	12,395	1,275
Net settlement of trading derivatives	(2,675)	180
Realized and unrealized (gain) loss on derivatives	3,157	(329)
Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees	9,255	4,434
Equity-based compensation	4,590	7,002
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Accounts receivable and inventories	(29,314)	(11,389)
Prepaid expenses and other assets	(5,162)	(11,348)
Operating lease right-of-use asset	(1,863)
Operating lease liability	514
Accounts payable and accrued expenses	21,195	12,275
Due to/from related party	(2,327)	(3,821)
Due to/from third-party hotel managers	(3,470)	(2,424)
Due to/from Ashford Inc., net	861	(2,229)
Other liabilities	777	1,258
Net cash provided by (used in) operating activities	26,779	16,661
Cash Flows from Investing Activities
Investment in unconsolidated entity	(299)	(667)
Proceeds from franchise agreement	4,000	0
Acquisition of hotel properties and assets, net of cash and restricted cash acquired	(212,791)	(110)
Improvements and additions to hotel properties	(37,982)	(64,006)
Net proceeds from sales of assets and hotel properties	5,000	10,535
Payments for initial franchise fees	(200)	(75)
Proceeds from property insurance	198	651
Net cash provided by (used in) investing activities	(242,074)	(53,672)
Cash Flows from Financing Activities
Borrowings on indebtedness	385,000	401,528
Repayments of indebtedness	(179,554)	(394,704)
Payments for loan costs and exit fees	(8,916)	(1,997)
Payments for dividends and distributions	(24,959)	(23,173)
Purchases of common stock	(903)	(1,462)
Payments for derivatives	(296)	(229)
Common stock offering costs	(200)	0
Other	23	19
Net cash provided by (used in) financing activities	170,195	(20,018)
Net increase (decrease) in cash, cash equivalents and restricted cash	(45,100)	(57,029)
Cash, cash equivalents and restricted cash and at end of period	394,712	415,043
Supplemental Cash Flow Information
Interest paid	57,457	52,168
Income taxes paid (refunded)	46	(255)
Supplemental Disclosure of Non-Cash Investing and Financing Activity
Accrued but unpaid capital expenditures	27,390	18,705
Non-cash dividends paid	0	123
Issuance of units for hotel acquisition	7,854	0
Assumption of debt in hotel acquisition	24,922	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	319,210	354,805	$ 354,805
Cash and cash equivalents at beginning of period included in assets held for sale	0	78	78
Restricted cash at beginning of period	120,602	116,787	116,787
Restricted cash at beginning of period included in assets held for sale	0	402	402
Cash, cash equivalents and restricted cash at beginning of period	439,812	472,072	472,072
Cash and cash equivalents at beginning of period	242,561	277,686	319,210
Cash and cash equivalents at end of period included in assets held for sale	0	1	0
Restricted cash at end of period	152,151	137,145	120,602
Restricted cash at end of period included in assets held for sale	0	211	0
Cash, cash equivalents and restricted cash at end of period	394,712	415,043	439,812
Cash, cash equivalents and restricted cash at end of period	$ 439,812	$ 472,072	$ 472,072

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2019
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. Future investments will predominantly be in upper upscale hotels. 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 March 31, 2019 , we owned interests in the following assets: • 121 consolidated hotel properties, including 119 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 25,579 total rooms (or 25,552 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); • a 24.2% ownership in Ashford Inc. common stock with a carrying value of $949,000 and a fair value of $33.2 million ; and • a 16.6% ownership in OpenKey with a carrying value of $2.8 million . For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of March 31, 2019 , our 121 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 March 31, 2019 , Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly owned by Mr. Monty J. Bennett, our Chairman, and his father Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 83 of our 121 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, audio visual services, real estate advisory services, investment management services and mobile key technology.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2018 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2019. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2019 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date SpringHill Suites Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville, VA Disposition May 1, 2018 Residence Inn 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 Embassy Suites New York Midtown Manhattan New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019 Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 6 . Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.6% to 24.2% , at March 31, 2019 , are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) in unconsolidated entities. No such impairment was recorded for the three months ended March 31, 2019 and 2018 . 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. Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which under the elected practical expedients under ASC 842, we are not accounting for separately. For certain equipment leases, such as office equipment, we account for the lease and non-lease components as a single lease component. 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 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 certain 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,” “management fees” and “corporate general and administrative” expense, 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 certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Recently Adopted Accounting Standards —In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a 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. We adopted the standard effective January 1, 2019 on a modified retrospective basis and implemented internal controls to enable the preparation of financial information on adoption. We elected the practical expedients which provide us the option to apply the new guidance at its effective date on January 1, 2019 without having to adjust the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. The adoption of this standard has resulted in the recognition of ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding ROU asset of $38.8 million , which includes, among other things, reclassified intangible assets of $9.0 million , intangible liabilities of $13.0 million and deferred rent of $485,000 . The standard did not have a material impact on our consolidated statements of operations and statements of cash flows. See related disclosures in note 5 . Recently Issued Accounting Standards —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

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Rooms revenue represents revenue from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Taxes specifically 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): Three Months Ended March 31, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 20,276 $ 5,043 $ 1,195 $ — $ 26,514 Boston, MA Area 3 9,470 1,601 812 — 11,883 Dallas / Ft. Worth Area 7 15,904 4,776 885 — 21,565 Houston, TX Area 3 6,641 2,561 199 — 9,401 Los Angeles, CA Metro Area 6 20,544 4,593 1,166 — 26,303 Miami, FL Metro Area 3 8,910 2,788 225 — 11,923 Minneapolis / St. Paul, MN / WI Area 4 6,369 1,622 793 — 8,784 Nashville, TN Area 1 12,082 5,198 697 — 17,977 New York / New Jersey Metro Area 7 18,877 4,706 766 — 24,349 Orlando, FL Area 3 8,986 536 460 — 9,982 Philadelphia, PA Area 3 4,667 793 156 — 5,616 San Diego, CA Area 2 4,329 402 219 — 4,950 San Francisco / Oakland, CA Metro Area 6 21,625 2,338 567 — 24,530 Tampa, FL Area 2 8,134 2,713 269 — 11,116 Washington D.C. / MD / VA Area 9 25,755 5,450 1,811 — 33,016 Other Areas 53 86,626 15,926 5,591 — 108,143 Orlando WorldQuest — 1,186 15 393 — 1,594 Corporate — — — — 1,072 1,072 Total 121 $ 280,381 $ 61,061 $ 16,204 $ 1,072 $ 358,718 Three Months Ended March 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 17,259 $ 4,439 $ 1,343 $ — $ 23,041 Boston, MA Area 3 9,166 1,402 776 — 11,344 Dallas / Ft. Worth Area 7 16,482 4,963 779 — 22,224 Houston, TX Area 3 6,972 2,642 215 — 9,829 Los Angeles, CA Metro Area 6 20,581 4,456 999 — 26,036 Miami, FL Metro Area 3 9,994 2,555 294 — 12,843 Minneapolis - St. Paul, MN - WI Area 4 8,844 2,261 1,120 — 12,225 Nashville, TN Area 1 10,978 2,320 472 — 13,770 New York / New Jersey Metro Area 6 16,323 4,923 744 — 21,990 Orlando, FL Area 3 8,341 371 196 — 8,908 Philadelphia, PA Area 3 4,907 1,030 189 — 6,126 San Diego, CA Area 2 4,173 240 221 — 4,634 San Francisco - Oakland, CA Metro Area 6 18,486 1,918 466 — 20,870 Tampa, FL Area 2 7,481 1,915 786 — 10,182 Washington D.C. - MD - VA Area 8 23,650 5,145 1,225 — 30,020 Other Areas 51 83,092 14,430 5,236 — 102,758 Orlando WorldQuest — 1,391 33 338 — 1,762 Sold properties 3 2,573 1 92 — 2,666 Corporate — — — — 979 979 Total 120 $ 270,693 $ 55,044 $ 15,491 $ 979 $ 342,207

Investment in Hotel Properties,

Investment in Hotel Properties, net	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): March 31, 2019 December 31, 2018 Land $ 791,075 $ 670,362 Buildings and improvements 4,193,548 4,062,810 Furniture, fixtures, and equipment 499,059 504,806 Construction in progress 34,753 37,394 Condominium properties 12,091 12,091 Total cost 5,530,526 5,287,463 Accumulated depreciation (1,221,399 ) (1,182,244 ) Investments in hotel properties, net $ 4,309,127 $ 4,105,219 Acquisitions Embassy Suites New York Midtown Manhattan On January 22, 2019, we acquired a 100% interest in the 310 -room Embassy Suites New York Midtown Manhattan for $195.0 million . In connection with this transaction, we entered into a $145.0 million non-recourse mortgage loan at closing (see note 8 ). 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 on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands): Land $ 111,760 Buildings and improvements 79,906 Furniture, fixtures and equipment 8,626 $ 200,292 Key money (3,800 ) $ 196,492 Net other assets (liabilities) $ 1,559 The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Total revenue $ 3,394 Net income (loss) (2,371 ) Hilton Santa Cruz/Scotts Valley On February 26, 2019, we acquired a 100% interest in the 178 -room Hilton Santa Cruz/Scotts Valley for $47.5 million . Consideration included cash, approximately 1.5 million common units in our operating partnership and the assumption of non-recourse mortgage loan with a face value of approximately $25.3 million and a fair value of $24.9 million (see note 8 ). The number of common units was determined using a price of $7.00 per common unit. On February 26, 2019, the price per unit was $5.35 resulting in a fair value of $7.9 million . We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs to the individual assets acquired on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands): Land $ 9,439 Buildings and improvements 34,203 Furniture, fixtures and equipment (1) 3,852 $ 47,494 Debt discount 407 $ 47,901 Net other assets (liabilities) $ 320 _____________________________ (1) Furniture, fixtures and equipment was sold to Ashford Inc. as a part of the $5.0 million ERFP for the Hilton Santa Cruz/Scotts Valley. The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Total revenue $ 820 Net income (loss) (237 )

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. We elected the practical expedients which allowed us to apply the new guidance at its effective date on January 1, 2019 without adjusting the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. The adoption of this standard has resulted in the recognition of ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding ROU asset of $38.8 million which includes the reclassified intangible assets of $9.0 million , intangible liabilities of $13.0 million and deferred rent of $485,000 . The standard did not have a material impact on our condensed consolidated statements of operations and statements of cash flows. The majority of our leases are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to 99 years. The exercise of lease renewal options is at our sole discretion. Some leases have variable payments, however, if variable payments are contingent, they are not included in the ROU assets and liabilities. We have no finance leases as of March 31, 2019. As of March 31, 2019, our leased assets and liabilities consisted of the following (in thousands): March 31, 2019 Assets Operating lease right-of-use assets $ 40,680 Liabilities Operating lease liabilities $ 43,795 We incurred the following lease costs related to our operating leases (in thousands): Classification Three Months Ended March 31, 2019 Operating lease cost (1) Hotel operating expenses - other $ 831 _______________________________________ (1) Includes approximately $192,000 of variable lease cost associated with the ground leases and ( $39,000 ) of net amortization costs related to the intangible assets and liabilities that was reclassified upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Three Months Ended March 31, 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 728 Weighted Average Remaining Lease Term Operating leases (1) 71 years Weighted Average Discount Rate Operating leases (1) 5.16 % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. Future minimum lease payments due under non-cancellable leases as of March 31, 2019 were as follows (in thousands): Operating Leases 2019 $ 2,914 2020 2,791 2021 2,600 2022 2,483 2023 2,419 Thereafter 167,006 Total future minimum lease payments 180,213 Less: interest (136,418 ) Present value of lease liabilities $ 43,795 Future minimum lease payments due under non-cancellable leases under ASC 840 as of December 31, 2018 were 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 Enhanced Return Funding Program We lease certain assets from Ashford Inc. under the Enhanced Return Funding Program. See note 17 .

Hotel Dispositions, Impairment

Hotel Dispositions, Impairment Charges and Insurance Recoveries	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions, Impairment Charges and Insurance Recoveries	Hotel Dispositions, Impairment Charges and Insurance Recoveries Hotel Dispositions 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 , which was 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 8 . On May 1, 2018, the Company sold the SpringHill Suites in Centreville, Virginia (“SpringHill Suites Centreville”) for approximately $7.5 million in cash. The sale resulted in a gain of approximately $98,000 for the year ended December 31, 2018 , which was 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 8 . 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 , which was 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 8 . 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 three months ended March 31, 2018 . The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the three months ended March 31, 2018 (in thousands): Three Months Ended March 31, 2018 Total hotel revenue $ 2,666 Total hotel operating expenses (1,645 ) Gain (loss) on sale of hotel properties (9 ) Operating income (loss) 1,012 Property taxes, insurance and other (150 ) Depreciation and amortization (309 ) Impairment charges (1,939 ) Interest expense and amortization of loan costs (480 ) Write-off of loan costs and exit fees (61 ) Income (loss) before income taxes (1,927 ) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 282 Net income (loss) attributable to the Company $ (1,645 ) 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. For the three months ended March 31, 2019 and 2018 , the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $0 and $401,000 , respectively, which is included in “other” hotel revenue in our consolidated statement of operations. We received additional proceeds of $36,000 and $500,000 associated with property damage from the hurricanes during the three months ended March 31, 2019 and 2018 , respectively. 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. For the three months ended March 31, 2018, we recorded a $2.0 million impairment charge at the SpringHill Suites Centreville. The SpringHill Suites Centreville was sold on May 1, 2018. We also recorded impairment adjustments of $35,000 and $302,000 for the three months ended March 31, 2019 and 2018 , respectively, based on changes in estimates of property damages incurred from the hurricanes.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
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 approximately 24.2% of the outstanding common stock of Ashford Inc. as of March 31, 2019 , with a carrying value of $949,000 and a fair value of $33.2 million . The following tables summarize the condensed consolidated balance sheets and our ownership interest in Ashford Inc. as of March 31, 2019 and December 31, 2018 and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the three months ended March 31, 2019 and 2018 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2019 December 31, 2018 Total assets $ 420,106 $ 379,005 Total liabilities $ 144,363 $ 108,726 Series B cumulative convertible preferred stock 201,338 200,847 Redeemable noncontrolling interests 3,810 3,531 Total stockholders’ equity of Ashford Inc. 69,968 65,443 Noncontrolling interests in consolidated entities 627 458 Total equity 70,595 65,901 Total liabilities and equity $ 420,106 $ 379,005 Our ownership interest in Ashford Inc. $ 949 $ 1,896 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2019 2018 Total revenue $ 63,320 $ 48,168 Total operating expenses (60,778 ) (53,204 ) Operating income (loss) 2,542 (5,036 ) Equity in earnings (loss) of unconsolidated entities (275 ) — Interest expense and loan amortization costs (366 ) (166 ) Other income (expense) (33 ) 73 Income tax (expense) benefit (1,300 ) (706 ) Net income (loss) 568 (5,835 ) (Income) loss from consolidated entities attributable to noncontrolling interests 163 173 Net (income) loss attributable to redeemable noncontrolling interests (21 ) (61 ) Net income (loss) attributable to Ashford Inc. 710 (5,723 ) Preferred dividends (2,791 ) — Amortization of preferred stock discount (491 ) — Net income attributable to common shareholders $ (2,572 ) $ (5,723 ) Our equity in earnings (loss) of Ashford Inc. $ (947 ) $ (437 ) OpenKey OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of March 31, 2019 , the Company has made investments totaling $4.3 million . In 2019 and 2018, we made additional investments of $299,000 and $667,000 , respectively. The following table summarizes our carrying value and ownership interest in OpenKey: March 31, 2019 December 31, 2018 Carrying value of the investment in OpenKey (in thousands) $ 2,776 $ 2,593 Ownership interest in OpenKey 16.6 % 16.3 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended March 31, Line Item 2019 2018 Equity in earnings (loss) in unconsolidated entity $ (116 ) $ (151 )

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2019 December 31, 2018 Secured credit facility (3) None September 2019 Base Rate (2) + 1.65% or LIBOR (1) + 2.65% $ — $ — Mortgage loan (4) 1 hotel June 2019 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan 1 hotel July 2019 4.00% 5,213 5,232 Mortgage loan (5) 1 hotel July 2019 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (5) 8 hotels July 2019 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (6) 1 hotel August 2019 LIBOR (1) + 4.95% 7,778 7,778 Mortgage loan (7) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 427,000 Mortgage loan (7) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 395,000 Mortgage loan (7) 21 hotels April 2020 LIBOR (1) + 3.20% 962,575 962,575 Mortgage loan (8) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 16,100 Mortgage loan (7) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 180,720 Mortgage loan (7) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 174,400 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 221,040 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 262,640 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 160,000 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 215,120 Mortgage loan 1 hotel November 2020 6.26% 92,951 93,433 Mortgage loan (9) 1 hotel November 2020 LIBOR (1) + 2.55% 25,000 25,000 Mortgage loan (10) 2 hotels March 2021 LIBOR (1) + 2.75% 240,000 — Mortgage loan (8) 1 hotel February 2022 LIBOR (1) + 3.90% 145,000 — Mortgage loan (10) 2 hotels June 2022 LIBOR (1) + 3.00% — 178,099 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 97,000 Mortgage loan 1 hotel May 2023 5.46% 52,588 52,843 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 73,450 Mortgage loan 1 hotel January 2024 5.49% 6,852 6,883 Mortgage loan 1 hotel January 2024 5.49% 9,999 10,045 Mortgage loan 1 hotel May 2024 4.99% 6,383 6,414 Mortgage loan 3 hotels August 2024 5.20% 65,056 65,242 Mortgage loan 2 hotels August 2024 4.85% 12,013 12,048 Mortgage loan 3 hotels August 2024 4.90% 24,015 24,086 Mortgage loan 2 hotels February 2025 4.45% 19,765 19,835 Mortgage loan 3 hotels February 2025 4.45% 51,124 51,304 Mortgage loan 1 hotel March 2025 4.66% 25,280 — 4,197,012 3,966,237 Premiums, net 821 1,293 Deferred loan costs, net (40,066 ) (40,264 ) Indebtedness, net $ 4,157,767 $ 3,927,266 _____________________________ (1) LIBOR rates were 2.495% and 2.503% at March 31, 2019 and December 31, 2018 , respectively. (2) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) The secured credit facility has borrowing capacity of up to $100.0 million . (4) 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. (5) 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. (6) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in August 2018. (7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (10) On March 5, 2019, we refinanced this mortgage loan totaling $178.1 million with a new $240.0 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 + 2.75% . 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 an 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 an 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 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 an 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 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 an 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. On January 22, 2019, in connection with the acquisition of the Embassy Suites New York Midtown Manhattan, we completed the financing of a $145.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 3.90% . The stated maturity date of the mortgage loan is February 2022, with two one-year extensions. The mortgage loan is secured by the Embassy Suites New York Midtown Manhattan. On February 26, 2019, in connection with the acquisition of the Hilton Santa Cruz/Scotts Valley, we assumed a $25.3 million non-recourse mortgage loan with a fair value of $24.9 million . This mortgage loan is amortizes monthly 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. On March 5, 2019, we refinanced our $178.1 million mortgage loan, secured by the Renaissance Nashville and Westin Princeton. The new mortgage loan totals $240.0 million . The mortgage loan is interest only and provides for an interest rate of LIBOR + 2.75% . The stated maturity is March 2021 with five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Renaissance Nashville and Westin Princeton. During the three months ended March 31, 2019 and 2018 , we recognized net premium amortization as presented in the table below (in thousands): Three Months Ended March 31, Line Item 2019 2018 Interest expense and amortization of premium and loan costs $ 65 $ 69 The amortization of the net 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 March 31, 2019 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (38,017 ) $ (26,271 ) Less: Dividends on preferred stock (10,644 ) (10,644 ) Less: Dividends on common stock (11,979 ) (11,613 ) Less: Dividends on unvested performance stock units (190 ) (123 ) Less: Dividends on unvested restricted shares (281 ) (225 ) Undistributed income (loss) (61,111 ) (48,876 ) Add back: Dividends on common stock 11,979 11,613 Distributed and undistributed income (loss) - basic and diluted $ (49,132 ) $ (37,263 ) Weighted average shares outstanding: Weighted average common shares outstanding - basic and diluted 99,407 95,367 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.49 ) $ (0.39 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.49 ) $ (0.39 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended March 31, 2019 2018 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 281 $ 225 Income (loss) allocated to unvested performance stock units 190 123 Income (loss) attributable to noncontrolling interest in operating partnership units (8,579 ) (6,340 ) Total $ (8,108 ) $ (5,992 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 235 181 Effect of unvested performance stock units 278 551 Effect of assumed conversion of operating partnership units 18,345 17,541 Effect of advisory services incentive fee shares 22 283 Total 18,880 18,556

Derivative Instruments and Hedg

Derivative Instruments and Hedging	3 Months Ended
	Mar. 31, 2019
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: Three Months Ended March 31, 2019 2018 Interest rate caps: Notional amount (in thousands) $ 385,000 $ 1,005,100 Strike rate low end of range 3.50 % 2.50 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2019 - March 2019 January 2018 - March 2018 Termination date range March 2021 - February 2022 January 2019 - February 2020 Total cost (in thousands) $ 295 $ 229 Interest rate floors: Notional amount (in thousands) $ 6,000,000 $ — Strike rate low end of range 1.63 % — Strike rate high end of range 1.63 % — Effective date range January 2019 n/a Termination date range March 2020 n/a Total cost (in thousands) $ 225 $ — None of these instruments were designated as cash flow hedges. We held interest rate instruments as summarized in the table below: March 31, 2019 December 31, 2018 Interest rate caps: Notional amount (in thousands) $ 4,046,918 (1) $ 3,953,718 (1) Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.71 % 5.71 % Termination date range April 2019 - February 2022 January 2019 - November 2020 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,728,773 $ 3,521,872 Interest rate floors: (2) Notional amount (in thousands) $ 30,775,000 (1) $ 28,775,000 (1) Strike rate low end of range (0.25 )% (0.25 )% Strike rate high end of range 2.00 % 2.00 % Termination date range June 2019 - November 2021 March 2019 - November 2021 _______________ (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 March 31, 2019 , 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 $4.9 million as of March 31, 2019 . Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in market value is over $250,000 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 2.495% to 2.000% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total March 31, 2019: Assets Derivative assets: Interest rate derivatives - floors $ — $ 283 $ — $ 384 $ 667 (2) Interest rate derivatives - caps — 255 — — 255 (2) Credit default swaps — (1,013 ) — 2,287 1,274 (2) — (475 ) — 2,671 2,196 Non-derivative assets: Equity securities 11,550 — — — 11,550 (3) Total $ 11,550 $ (475 ) $ — $ 2,671 $ 13,746 Liabilities Derivative liabilities: Credit default swaps $ — $ (786 ) $ — $ 750 $ (36 ) (4) Net $ 11,550 $ (1,261 ) $ — $ 3,421 $ 13,710 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 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in our consolidated balance sheets. (3) Reported as “marketable securities” in our consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in our consolidated balance sheets. Effect of Fair-Value-Measured Assets and Liabilities on Consolidated Statements of Operations The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended March 31, 2019 2018 Assets Derivative assets: Interest rate derivatives - floors $ (196 ) $ (91 ) Interest rate derivatives - caps (642 ) 134 Credit default swaps (1,533 ) (4) 286 (4) (2,371 ) 329 Non-derivative assets: Equity 804 (448 ) Total (1,567 ) (119 ) Liabilities Derivative liabilities: Credit default swaps (786 ) (4) — Net $ (2,353 ) $ (119 ) Total combined Interest rate derivatives - floors $ (33 ) $ (91 ) Interest rate derivatives - caps (642 ) 134 Credit default swaps (2,319 ) 286 Unrealized gain (loss) on derivatives (2,994 ) (1) 329 (1) Realized gain (loss) on interest rate floors (163 ) (2) — Unrealized gain (loss) on marketable securities 808 (3) (558 ) (3) Realized gain (loss) on marketable securities (4 ) (2) 110 (2) Net $ (2,353 ) $ (119 ) ____________________________________ (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 $266 and $266 for the three months ended March 31, 2019 and 2018 , respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 11,550 $ 11,550 $ 21,816 $ 21,816 Derivative assets, net 2,196 2,196 2,396 2,396 Derivative liabilities, net 36 36 50 50 Financial assets not measured at fair value: Cash and cash equivalents $ 242,561 $ 242,561 $ 319,210 $ 319,210 Restricted cash 152,151 152,151 120,602 120,602 Accounts receivable, net 65,579 65,579 37,060 37,060 Due from third-party hotel managers 25,181 25,181 21,760 21,760 Financial liabilities not measured at fair value: Indebtedness $ 4,197,833 $3,950,831 to $4,366,709 $ 3,967,530 $3,773,343 to $4,170,538 Accounts payable and accrued expenses 162,060 162,060 136,757 136,757 Dividends and distributions payable 27,552 27,552 26,794 26,794 Due to Ashford Inc., net 7,795 7,795 23,034 23,034 Due to related party, net — — 1,477 1,477 Due to third-party hotel managers 2,480 2,480 2,529 2,529 Cash, cash equivalents and restricted cash . These financial assets bear interest at market rates and have original maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, accounts payable and accrued expenses, dividends and distributions payable, due to/from related party, net, due to Ashford Inc., net and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique. Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See note 11 for a complete description of the methodology and assumptions utilized in determining the fair values. Derivative assets, net and derivative liabilities, net. Fair value of interest rate caps is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 10 and 11 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 94.1% to 104.0% of the carrying value of $4.2 billion at March 31, 2019 and approximately 95.1% to 105.1% of the carrying value of $4.0 billion at December 31, 2018 . This is considered a Level 2 valuation technique.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership ( the “common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement, (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership. The compensation committee of the board of directors of the Company approves the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance 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 number of Performance LTIP units actually earned may range from 0% to 200% of target 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 March 31, 2019 , there were approximately 1.9 million Performance LTIP units, representing 200% of the target number granted, outstanding. The performance criteria for the performance LTIP units are based on market conditions under the relevant literature, and the performance LTIP units were granted to non-employees. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. As of March 31, 2019 , we have issued a total of 11.8 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 1.2 million units ( 215,000 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): Three Months Ended March 31, Type Line Item 2019 2018 Performance LTIP units Advisory services fee $ 852 $ 408 LTIP units Advisory services fee 950 708 $ 1,802 $ 1,116 The unamortized cost of the unvested Performance LTIP units, which was $5.2 million at March 31, 2019 , will be expensed over a period of 2.8 years with a weighted average period of 1.5 years. The unamortized cost of the unvested LTIP units, which was $5.0 million at March 31, 2019 , will be expensed over a period of 2.9 years with a weighted average period of 1.8 years. On February 26, 2019, we issued 1.5 million common units in our operating partnership in conjunction with the acquisition of the Hilton Santa Cruz/Scotts Valley. See note 4 . During the three months ended March 31, 2019 and 2018 , there were no common units redeemed. The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage: March 31, 2019 December 31, 2018 Redeemable noncontrolling interests $ 101,980 $ 80,743 Cumulative adjustments to redeemable noncontrolling interests (1) 168,850 146,091 Ownership percentage of operating partnership 14.99 % 14.64 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended March 31, 2019 2018 Allocated net (income) loss to the redeemable noncontrolling interests $ 8,579 $ 6,340 Aggregate cash distributions to holders of common units and LTIP units 2,623 2,470

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Common Stock Dividends —For each of the 2019 and 2018 quarters, the board of directors declared quarterly dividends of $0.12 per outstanding share of common stock with an annualized target of $0.48 per share for 2019 . 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, employees of Remington Lodging, which is included in “management fees” on our consolidated statements of operations and employees of Premier Project Management LLC (“Premier”), which is included in “corporate, general and administrative” expense on our consolidated statements of operations. We also issue common stock to certain of our independent directors, which immediately vests, and is included in “corporate, general and administrative” expense on our consolidated statements of operations. At March 31, 2019 , the unamortized cost of the unvested restricted stock units was $13.9 million , which will be amortized over a period of 2.9 years with a weighted average period of 2.2 years and had vesting dates between March 2019 and March 2021. The following table summarizes the stock-based compensation expense (in thousands): Three Months Ended March 31, Line Item 2019 2018 Advisory services fee $ 1,538 $ 2,297 Management fees 202 257 Corporate general and administrative - Premier 99 — $ 1,839 $ 2,554 During the three months ended March 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. Performance Stock Units —The compensation committee of the board of directors of the Company approves the issuance of PSUs, which have a three -year cliff vesting, to certain executive officers and directors from time to time. 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 number of PSUs actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. The following table summarizes the compensation expense (in thousands): Three Months Ended March 31, Line Item 2019 2018 Advisory services fee $ 949 $ 3,332 During the three months ended March 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 $10.7 million at March 31, 2019 , will be expensed over a period of approximately 2.8 years with a weighted average period of 2.2 years. Preferred Dividends —The board of directors declared quarterly dividends as presented below: Three Months Ended March 31, 2019 2018 8.45% Series D cumulative preferred stock $ 0.5281 $ 0.5281 7.375% Series F cumulative preferred stock 0.4609 0.4609 7.375% Series G cumulative preferred stock 0.4609 0.4609 7.50% Series H cumulative preferred stock 0.4688 0.4688 7.50% Series I cumulative preferred stock 0.4688 0.4688 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 having an aggregate value of up to $200 million . The board of directors’ authorization replaced any previous repurchase authorizations. There were no repurchases under the Repurchase Program for the three months ended March 31, 2019 and 2018 . At-the-Market Equity Offering Program —On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million . During the three months ended March 31, 2019 and 2018 no shares of its common stock were issued under this program. As of March 31, 2019 , we have issued approximately 2.4 million shares of our common stock for gross proceeds of approximately $15.5 million leaving approximately $84.5 million available under the program. 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 $590,000 and $616,000 at March 31, 2019 and December 31, 2018 , respectively. Our ownership interest is reported in equity in the consolidated balance sheets. The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Three Months Ended March 31, Line Item 2019 2018 (Income) loss allocated to noncontrolling interests in consolidated entities $ 26 $ 38

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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 March 31, 2019 , 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. The below table summarizes the franchise fees incurred (in thousands): Three Months Ended March 31, Line Item 2019 2018 Other hotel expenses $ 17,748 $ 17,404 Management Fees —Under property management agreements for our hotel properties existing at March 31, 2019 , we pay monthly property management fee 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 1% 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. 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, a ruling that Remington Lodging’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of March 31, 2019 , Remington Lodging continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Lodging does not comply with the settlement agreement, we have agreed to indemnify Remington Lodging for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement 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 would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million ). This remaining unfunded pension liability would 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 a twenty -( 20 )-year capped period, unless Remington Lodging elects to pay the unfunded pension liability amount earlier. 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 judgement. 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 March 31, 2019 , 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.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers 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. As of March 31, 2019 and December 31, 2018 , all of our hotel properties were domestically located.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ashford Inc. Advisory Agreement 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. 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 March 31, 2019 , 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 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): Three Months Ended March 31, 2019 2018 Advisory services fee Base advisory fee $ 8,989 $ 8,615 Reimbursable expenses (1) 2,390 1,529 Equity-based compensation (2) 4,289 6,746 Incentive fee 636 187 Total advisory services fee $ 16,304 $ 17,077 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotel properties, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Three Months Ended March 31, 2019 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Advisory Services Fee Corporate, General and Administrative AIM Cash management services $ 358 $ — $ — $ — $ — $ — $ 358 Ashford LLC Insurance claims services 11 — — — — — 11 J&S Audio Visual Audio visual commissions 1,703 — — 1,703 — — — Lismore Capital Mortgage placement services 1,079 — (1,079 ) — — — — OpenKey Mobile key app 31 3 — — 28 — — Premier Project management services 6,728 6,379 — — — 349 — Pure Wellness Hypoallergenic premium rooms 383 355 — — 28 — — Three Months Ended March 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Advisory Services Fee Corporate, General and Administrative AIM Cash management services $ 181 $ — $ — $ — $ — $ — $ 181 Ashford LLC Insurance claims services 19 — — — — — 19 J&S Audio Visual Audio visual commissions 273 — — 273 — — — Lismore Capital Mortgage placement services 632 — (632 ) — — — — OpenKey Mobile key app 25 — — — 25 — — Pure Wellness Hypoallergenic premium rooms 338 338 — — — — — ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. The following table summarizes the amount due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service March 31, 2019 December 31, 2018 Ashford LLC Advisory services $ 2,834 $ 2,362 Ashford LLC Deposit on ERFP assets — 16,100 Ashford LLC Insurance claims services 11 23 AIM Investment management services 139 99 J&S Audio Visual Audio visual services 980 855 OpenKey Mobile key app 6 1 Premier Project management services 3,349 3,206 Pure Wellness Hypoallergenic premium rooms 476 388 $ 7,795 $ 23,034 In 2016, $4.0 million of key money consideration was invested in furniture, fixtures and equipment by Ashford Inc. to be used by Ashford Trust, which represented all of the key money consideration for the Le Pavillon Hotel. Upon adoption of ASC 842, we evaluated this arrangement, which is accounted for as a lease that will expire in 2021. Under the applicable accounting guidance in ASC 842, as the related party lease is provided rent-free, there is no economic substance related to the lease which results in not recording an operating lease right-of-use asset, an operating lease liability or lease expense. Enhanced Return Funding Program On June 26, 2018, Ashford Trust entered into the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement (the “ERFP Agreement”) with Ashford Inc. The Amended and Restated Advisory Agreement was also amended to name Ashford Inc. and its subsidiaries as the Company’s sole and exclusive provider of asset management, project management and other services offered by Ashford Inc. or any of its subsidiaries and to revise the payment terms such that the base fee and reimbursable expenses will be paid monthly. The independent members of the board of directors of each of Ashford Inc. and Ashford Trust, with the assistance of separate and independent legal counsel, engaged to negotiate the ERFP Agreement on behalf of Ashford Inc. and Ashford Trust, respectively. The ERFP Agreement generally provides that Ashford LLC will make investments to facilitate the acquisition of properties by Ashford Trust OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). The investments will equal 10% of the property acquisition price and will be made, either at the time of the property acquisition or at any time generally in the following two years, in exchange for furniture, fixture and equipment for use at the acquired property or any other property owned by Ashford Trust OP. The initial term of the ERFP Agreement is two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one -year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Ashford Trust provides written notice to the other at least sixty days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement. As a result of the Hilton Alexandria Old Town and La Posada de Santa Fe acquisitions in 2018, 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 sold $16.1 million of hotel furniture, fixtures, and equipment from certain Ashford Trust hotel properties to Ashford LLC which were subsequently leased back to the Company rent free. Under the applicable accounting guidance in ASC 842, as the related party lease is provided rent free, the lease has no economic substance. As a result the Company has not recorded an operating lease right-of-use asset, an operating lease liability or lease expense. 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 were not derecognized at December 31, 2018 and the Company recorded a $16.1 million liability to Ashford LLC. Upon adoption of Topic 842 on January 1, 2019, the Company reevaluated the transaction under the applicable accounting guidance and concluded that the transaction qualified as a sale. As a result, the Company recorded a $1.8 million gain to retained earnings and, in conjunction with the sale, derecognized the assets and removed the liability to Ashford LLC. As a result of the Hilton Santa Cruz/Scotts Valley and Embassy Suites New York Midtown Manhattan acquisitions in 2019, under the ERFP Agreement we were entitled to receive $5.0 million and $19.5 million from Ashford LLC, respectively, in the form of future purchases of hotel furniture, fixtures, and equipment. As of March 31, 2019, the Company sold $5.0 million of hotel furniture, fixtures, and equipment from certain Ashford Trust hotel properties to Ashford LLC which were subsequently leased back to the Company rent free. Under the applicable accounting guidance in ASC 842, as the related party lease is provided rent free, the lease has no economic substance. As a result the Company has not recorded an operating lease right-of-use asset, an operating lease liability or lease expense. As of March 31, 2019, Ashford LLC remitted payment of $5.0 million to the Company. In accordance with ASC 842 on January 1, 2019, the Company evaluated the transaction under the applicable accounting guidance and concluded that the transaction qualified as a sale. As a result, the Company recorded a $233,000 gain and, in conjunction with the sale, derecognized the assets. Project Management Agreement 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 Ashford Inc.’s indirect subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides project management services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the project management agreement, we pay 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. Remington Lodging On August 8, 2018, Ashford Inc. completed the acquisition of Premier. As a result of Ashford Inc.’s acquisition, the project management services are no longer provided by Remington Lodging. Remington Lodging continues to provide property management services to the Company. At March 31, 2019 , Remington Lodging managed 83 of our 121 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): Three Months Ended March 31, 2019 2018 Property management fees, including incentive property management fees $ 6,809 $ 6,651 Market service and project management fees — 4,366 Corporate general and administrative expenses 1,748 1,465 Total $ 8,557 $ 12,482 Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted shares of restricted stock under the Ashford Trust Stock Plan. These share grants are recorded as a component of “management fees” in our consolidated statements of operations. Expense of $202,000 and $257,000 was recognized for the three months ended March 31, 2019 and 2018 , respectively. The unamortized cost of the unvested grants was $1.5 million as of March 31, 2019 , which will be amortized over a period of 2.9 years.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2018 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2019. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2019 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date SpringHill Suites Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville, VA Disposition May 1, 2018 Residence Inn 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 Embassy Suites New York Midtown Manhattan New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019
Use of Estimates	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Impairment of Investment in Hotel Properties and Assets Held for Sale	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 6 .
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.6% to 24.2% , at March 31, 2019 , are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) in unconsolidated entities. No such impairment was recorded for the three months ended March 31, 2019 and 2018 . 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.
Leases	Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which under the elected practical expedients under ASC 842, we are not accounting for separately. For certain equipment leases, such as office equipment, we account for the lease and non-lease components as a single lease component.
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 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 certain 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,” “management fees” and “corporate general and administrative” expense, 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 certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a 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. We adopted the standard effective January 1, 2019 on a modified retrospective basis and implemented internal controls to enable the preparation of financial information on adoption. We elected the practical expedients which provide us the option to apply the new guidance at its effective date on January 1, 2019 without having to adjust the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record leases with an initial term of twelve months or less (“short-term leases”) on the balance sheet across all existing asset classes. The adoption of this standard has resulted in the recognition of ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding ROU asset of $38.8 million , which includes, among other things, reclassified intangible assets of $9.0 million , intangible liabilities of $13.0 million and deferred rent of $485,000 . The standard did not have a material impact on our consolidated statements of operations and statements of cash flows. See related disclosures in note 5 . Recently Issued Accounting Standards —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	Rooms revenue represents revenue from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Taxes specifically collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Three Months Ended March 31, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 20,276 $ 5,043 $ 1,195 $ — $ 26,514 Boston, MA Area 3 9,470 1,601 812 — 11,883 Dallas / Ft. Worth Area 7 15,904 4,776 885 — 21,565 Houston, TX Area 3 6,641 2,561 199 — 9,401 Los Angeles, CA Metro Area 6 20,544 4,593 1,166 — 26,303 Miami, FL Metro Area 3 8,910 2,788 225 — 11,923 Minneapolis / St. Paul, MN / WI Area 4 6,369 1,622 793 — 8,784 Nashville, TN Area 1 12,082 5,198 697 — 17,977 New York / New Jersey Metro Area 7 18,877 4,706 766 — 24,349 Orlando, FL Area 3 8,986 536 460 — 9,982 Philadelphia, PA Area 3 4,667 793 156 — 5,616 San Diego, CA Area 2 4,329 402 219 — 4,950 San Francisco / Oakland, CA Metro Area 6 21,625 2,338 567 — 24,530 Tampa, FL Area 2 8,134 2,713 269 — 11,116 Washington D.C. / MD / VA Area 9 25,755 5,450 1,811 — 33,016 Other Areas 53 86,626 15,926 5,591 — 108,143 Orlando WorldQuest — 1,186 15 393 — 1,594 Corporate — — — — 1,072 1,072 Total 121 $ 280,381 $ 61,061 $ 16,204 $ 1,072 $ 358,718 Three Months Ended March 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 17,259 $ 4,439 $ 1,343 $ — $ 23,041 Boston, MA Area 3 9,166 1,402 776 — 11,344 Dallas / Ft. Worth Area 7 16,482 4,963 779 — 22,224 Houston, TX Area 3 6,972 2,642 215 — 9,829 Los Angeles, CA Metro Area 6 20,581 4,456 999 — 26,036 Miami, FL Metro Area 3 9,994 2,555 294 — 12,843 Minneapolis - St. Paul, MN - WI Area 4 8,844 2,261 1,120 — 12,225 Nashville, TN Area 1 10,978 2,320 472 — 13,770 New York / New Jersey Metro Area 6 16,323 4,923 744 — 21,990 Orlando, FL Area 3 8,341 371 196 — 8,908 Philadelphia, PA Area 3 4,907 1,030 189 — 6,126 San Diego, CA Area 2 4,173 240 221 — 4,634 San Francisco - Oakland, CA Metro Area 6 18,486 1,918 466 — 20,870 Tampa, FL Area 2 7,481 1,915 786 — 10,182 Washington D.C. - MD - VA Area 8 23,650 5,145 1,225 — 30,020 Other Areas 51 83,092 14,430 5,236 — 102,758 Orlando WorldQuest — 1,391 33 338 — 1,762 Sold properties 3 2,573 1 92 — 2,666 Corporate — — — — 979 979 Total 120 $ 270,693 $ 55,044 $ 15,491 $ 979 $ 342,207

Investment in Hotel Propertie_2

Investment in Hotel Properties, net (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of investments in hotel properties, net	We allocated the cost of the acquisition including transaction costs to the individual assets acquired on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands): Land $ 111,760 Buildings and improvements 79,906 Furniture, fixtures and equipment 8,626 $ 200,292 Key money (3,800 ) $ 196,492 Net other assets (liabilities) $ 1,559 The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Total revenue $ 3,394 Net income (loss) (2,371 ) Investments in hotel properties, net consisted of the following (in thousands): March 31, 2019 December 31, 2018 Land $ 791,075 $ 670,362 Buildings and improvements 4,193,548 4,062,810 Furniture, fixtures, and equipment 499,059 504,806 Construction in progress 34,753 37,394 Condominium properties 12,091 12,091 Total cost 5,530,526 5,287,463 Accumulated depreciation (1,221,399 ) (1,182,244 ) Investments in hotel properties, net $ 4,309,127 $ 4,105,219 We allocated the cost of the acquisition including transaction costs to the individual assets acquired on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands): Land $ 9,439 Buildings and improvements 34,203 Furniture, fixtures and equipment (1) 3,852 $ 47,494 Debt discount 407 $ 47,901 Net other assets (liabilities) $ 320 _____________________________ (1) Furniture, fixtures and equipment was sold to Ashford Inc. as a part of the $5.0 million ERFP for the Hilton Santa Cruz/Scotts Valley. The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Total revenue $ 820 Net income (loss) (237 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Balances	As of March 31, 2019, our leased assets and liabilities consisted of the following (in thousands): March 31, 2019 Assets Operating lease right-of-use assets $ 40,680 Liabilities Operating lease liabilities $ 43,795
Lease Cost and Other Information	We incurred the following lease costs related to our operating leases (in thousands): Classification Three Months Ended March 31, 2019 Operating lease cost (1) Hotel operating expenses - other $ 831 _______________________________________ (1) Includes approximately $192,000 of variable lease cost associated with the ground leases and ( $39,000 ) of net amortization costs related to the intangible assets and liabilities that was reclassified upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Three Months Ended March 31, 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 728 Weighted Average Remaining Lease Term Operating leases (1) 71 years Weighted Average Discount Rate Operating leases (1) 5.16 % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
Maturities of Operating Lease Liabilities	Future minimum lease payments due under non-cancellable leases as of March 31, 2019 were as follows (in thousands): Operating Leases 2019 $ 2,914 2020 2,791 2021 2,600 2022 2,483 2023 2,419 Thereafter 167,006 Total future minimum lease payments 180,213 Less: interest (136,418 ) Present value of lease liabilities $ 43,795
Future Minimum Lease Payments	Future minimum lease payments due under non-cancellable leases under ASC 840 as of December 31, 2018 were 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

Hotel Dispositions, Impairmen_2

Hotel Dispositions, Impairment Charges and Insurance Recoveries (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups	The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the three months ended March 31, 2018 (in thousands): Three Months Ended March 31, 2018 Total hotel revenue $ 2,666 Total hotel operating expenses (1,645 ) Gain (loss) on sale of hotel properties (9 ) Operating income (loss) 1,012 Property taxes, insurance and other (150 ) Depreciation and amortization (309 ) Impairment charges (1,939 ) Interest expense and amortization of loan costs (480 ) Write-off of loan costs and exit fees (61 ) Income (loss) before income taxes (1,927 ) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 282 Net income (loss) attributable to the Company $ (1,645 )

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: March 31, 2019 December 31, 2018 Carrying value of the investment in OpenKey (in thousands) $ 2,776 $ 2,593 Ownership interest in OpenKey 16.6 % 16.3 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended March 31, Line Item 2019 2018 Equity in earnings (loss) in unconsolidated entity $ (116 ) $ (151 ) The following tables summarize the condensed consolidated balance sheets and our ownership interest in Ashford Inc. as of March 31, 2019 and December 31, 2018 and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the three months ended March 31, 2019 and 2018 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2019 December 31, 2018 Total assets $ 420,106 $ 379,005 Total liabilities $ 144,363 $ 108,726 Series B cumulative convertible preferred stock 201,338 200,847 Redeemable noncontrolling interests 3,810 3,531 Total stockholders’ equity of Ashford Inc. 69,968 65,443 Noncontrolling interests in consolidated entities 627 458 Total equity 70,595 65,901 Total liabilities and equity $ 420,106 $ 379,005 Our ownership interest in Ashford Inc. $ 949 $ 1,896 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2019 2018 Total revenue $ 63,320 $ 48,168 Total operating expenses (60,778 ) (53,204 ) Operating income (loss) 2,542 (5,036 ) Equity in earnings (loss) of unconsolidated entities (275 ) — Interest expense and loan amortization costs (366 ) (166 ) Other income (expense) (33 ) 73 Income tax (expense) benefit (1,300 ) (706 ) Net income (loss) 568 (5,835 ) (Income) loss from consolidated entities attributable to noncontrolling interests 163 173 Net (income) loss attributable to redeemable noncontrolling interests (21 ) (61 ) Net income (loss) attributable to Ashford Inc. 710 (5,723 ) Preferred dividends (2,791 ) — Amortization of preferred stock discount (491 ) — Net income attributable to common shareholders $ (2,572 ) $ (5,723 ) Our equity in earnings (loss) of Ashford Inc. $ (947 ) $ (437 )

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2019 December 31, 2018 Secured credit facility (3) None September 2019 Base Rate (2) + 1.65% or LIBOR (1) + 2.65% $ — $ — Mortgage loan (4) 1 hotel June 2019 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan 1 hotel July 2019 4.00% 5,213 5,232 Mortgage loan (5) 1 hotel July 2019 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (5) 8 hotels July 2019 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (6) 1 hotel August 2019 LIBOR (1) + 4.95% 7,778 7,778 Mortgage loan (7) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 427,000 Mortgage loan (7) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 395,000 Mortgage loan (7) 21 hotels April 2020 LIBOR (1) + 3.20% 962,575 962,575 Mortgage loan (8) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 16,100 Mortgage loan (7) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 180,720 Mortgage loan (7) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 174,400 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 221,040 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 262,640 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 160,000 Mortgage loan (7) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 215,120 Mortgage loan 1 hotel November 2020 6.26% 92,951 93,433 Mortgage loan (9) 1 hotel November 2020 LIBOR (1) + 2.55% 25,000 25,000 Mortgage loan (10) 2 hotels March 2021 LIBOR (1) + 2.75% 240,000 — Mortgage loan (8) 1 hotel February 2022 LIBOR (1) + 3.90% 145,000 — Mortgage loan (10) 2 hotels June 2022 LIBOR (1) + 3.00% — 178,099 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 97,000 Mortgage loan 1 hotel May 2023 5.46% 52,588 52,843 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 73,450 Mortgage loan 1 hotel January 2024 5.49% 6,852 6,883 Mortgage loan 1 hotel January 2024 5.49% 9,999 10,045 Mortgage loan 1 hotel May 2024 4.99% 6,383 6,414 Mortgage loan 3 hotels August 2024 5.20% 65,056 65,242 Mortgage loan 2 hotels August 2024 4.85% 12,013 12,048 Mortgage loan 3 hotels August 2024 4.90% 24,015 24,086 Mortgage loan 2 hotels February 2025 4.45% 19,765 19,835 Mortgage loan 3 hotels February 2025 4.45% 51,124 51,304 Mortgage loan 1 hotel March 2025 4.66% 25,280 — 4,197,012 3,966,237 Premiums, net 821 1,293 Deferred loan costs, net (40,066 ) (40,264 ) Indebtedness, net $ 4,157,767 $ 3,927,266 _____________________________ (1) LIBOR rates were 2.495% and 2.503% at March 31, 2019 and December 31, 2018 , respectively. (2) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) The secured credit facility has borrowing capacity of up to $100.0 million . (4) 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. (5) 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. (6) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in August 2018. (7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (8) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (10) On March 5, 2019, we refinanced this mortgage loan totaling $178.1 million with a new $240.0 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 + 2.75% . 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 interest rate after the purchase of the Pool E loan is LIBOR + 2.73% .
Schedule of Interest Expense - Premium Amortization	During the three months ended March 31, 2019 and 2018 , we recognized net premium amortization as presented in the table below (in thousands): Three Months Ended March 31, Line Item 2019 2018 Interest expense and amortization of premium and loan costs $ 65 $ 69

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (38,017 ) $ (26,271 ) Less: Dividends on preferred stock (10,644 ) (10,644 ) Less: Dividends on common stock (11,979 ) (11,613 ) Less: Dividends on unvested performance stock units (190 ) (123 ) Less: Dividends on unvested restricted shares (281 ) (225 ) Undistributed income (loss) (61,111 ) (48,876 ) Add back: Dividends on common stock 11,979 11,613 Distributed and undistributed income (loss) - basic and diluted $ (49,132 ) $ (37,263 ) Weighted average shares outstanding: Weighted average common shares outstanding - basic and diluted 99,407 95,367 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.49 ) $ (0.39 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (0.49 ) $ (0.39 )
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): Three Months Ended March 31, 2019 2018 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 281 $ 225 Income (loss) allocated to unvested performance stock units 190 123 Income (loss) attributable to noncontrolling interest in operating partnership units (8,579 ) (6,340 ) Total $ (8,108 ) $ (5,992 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 235 181 Effect of unvested performance stock units 278 551 Effect of assumed conversion of operating partnership units 18,345 17,541 Effect of advisory services incentive fee shares 22 283 Total 18,880 18,556

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	3 Months Ended
	Mar. 31, 2019
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: Three Months Ended March 31, 2019 2018 Interest rate caps: Notional amount (in thousands) $ 385,000 $ 1,005,100 Strike rate low end of range 3.50 % 2.50 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2019 - March 2019 January 2018 - March 2018 Termination date range March 2021 - February 2022 January 2019 - February 2020 Total cost (in thousands) $ 295 $ 229 Interest rate floors: Notional amount (in thousands) $ 6,000,000 $ — Strike rate low end of range 1.63 % — Strike rate high end of range 1.63 % — Effective date range January 2019 n/a Termination date range March 2020 n/a Total cost (in thousands) $ 225 $ — None of these instruments were designated as cash flow hedges. We held interest rate instruments as summarized in the table below: March 31, 2019 December 31, 2018 Interest rate caps: Notional amount (in thousands) $ 4,046,918 (1) $ 3,953,718 (1) Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.71 % 5.71 % Termination date range April 2019 - February 2022 January 2019 - November 2020 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,728,773 $ 3,521,872 Interest rate floors: (2) Notional amount (in thousands) $ 30,775,000 (1) $ 28,775,000 (1) Strike rate low end of range (0.25 )% (0.25 )% Strike rate high end of range 2.00 % 2.00 % Termination date range June 2019 - November 2021 March 2019 - November 2021 _______________ (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)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total March 31, 2019: Assets Derivative assets: Interest rate derivatives - floors $ — $ 283 $ — $ 384 $ 667 (2) Interest rate derivatives - caps — 255 — — 255 (2) Credit default swaps — (1,013 ) — 2,287 1,274 (2) — (475 ) — 2,671 2,196 Non-derivative assets: Equity securities 11,550 — — — 11,550 (3) Total $ 11,550 $ (475 ) $ — $ 2,671 $ 13,746 Liabilities Derivative liabilities: Credit default swaps $ — $ (786 ) $ — $ 750 $ (36 ) (4) Net $ 11,550 $ (1,261 ) $ — $ 3,421 $ 13,710 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 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in our consolidated balance sheets. (3) Reported as “marketable securities” in our consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in our consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended March 31, 2019 2018 Assets Derivative assets: Interest rate derivatives - floors $ (196 ) $ (91 ) Interest rate derivatives - caps (642 ) 134 Credit default swaps (1,533 ) (4) 286 (4) (2,371 ) 329 Non-derivative assets: Equity 804 (448 ) Total (1,567 ) (119 ) Liabilities Derivative liabilities: Credit default swaps (786 ) (4) — Net $ (2,353 ) $ (119 ) Total combined Interest rate derivatives - floors $ (33 ) $ (91 ) Interest rate derivatives - caps (642 ) 134 Credit default swaps (2,319 ) 286 Unrealized gain (loss) on derivatives (2,994 ) (1) 329 (1) Realized gain (loss) on interest rate floors (163 ) (2) — Unrealized gain (loss) on marketable securities 808 (3) (558 ) (3) Realized gain (loss) on marketable securities (4 ) (2) 110 (2) Net $ (2,353 ) $ (119 ) ____________________________________ (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 $266 and $266 for the three months ended March 31, 2019 and 2018 , 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)	3 Months Ended
	Mar. 31, 2019
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): March 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 11,550 $ 11,550 $ 21,816 $ 21,816 Derivative assets, net 2,196 2,196 2,396 2,396 Derivative liabilities, net 36 36 50 50 Financial assets not measured at fair value: Cash and cash equivalents $ 242,561 $ 242,561 $ 319,210 $ 319,210 Restricted cash 152,151 152,151 120,602 120,602 Accounts receivable, net 65,579 65,579 37,060 37,060 Due from third-party hotel managers 25,181 25,181 21,760 21,760 Financial liabilities not measured at fair value: Indebtedness $ 4,197,833 $3,950,831 to $4,366,709 $ 3,967,530 $3,773,343 to $4,170,538 Accounts payable and accrued expenses 162,060 162,060 136,757 136,757 Dividends and distributions payable 27,552 27,552 26,794 26,794 Due to Ashford Inc., net 7,795 7,795 23,034 23,034 Due to related party, net — — 1,477 1,477 Due to third-party hotel managers 2,480 2,480 2,529 2,529

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Three Months Ended March 31, Type Line Item 2019 2018 Performance LTIP units Advisory services fee $ 852 $ 408 LTIP units Advisory services fee 950 708 $ 1,802 $ 1,116 The following table summarizes the stock-based compensation expense (in thousands): Three Months Ended March 31, Line Item 2019 2018 Advisory services fee $ 1,538 $ 2,297 Management fees 202 257 Corporate general and administrative - Premier 99 — $ 1,839 $ 2,554 The following table summarizes the compensation expense (in thousands): Three Months Ended March 31, Line Item 2019 2018 Advisory services fee $ 949 $ 3,332
Redeemable Noncontrolling Interest	The following table shows the redeemable noncontrolling interest in Ashford Trust (in thousands) and the corresponding approximate ownership percentage: March 31, 2019 December 31, 2018 Redeemable noncontrolling interests $ 101,980 $ 80,743 Cumulative adjustments to redeemable noncontrolling interests (1) 168,850 146,091 Ownership percentage of operating partnership 14.99 % 14.64 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended March 31, 2019 2018 Allocated net (income) loss to the redeemable noncontrolling interests $ 8,579 $ 6,340 Aggregate cash distributions to holders of common units and LTIP units 2,623 2,470

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Three Months Ended March 31, Type Line Item 2019 2018 Performance LTIP units Advisory services fee $ 852 $ 408 LTIP units Advisory services fee 950 708 $ 1,802 $ 1,116 The following table summarizes the stock-based compensation expense (in thousands): Three Months Ended March 31, Line Item 2019 2018 Advisory services fee $ 1,538 $ 2,297 Management fees 202 257 Corporate general and administrative - Premier 99 — $ 1,839 $ 2,554 The following table summarizes the compensation expense (in thousands): Three Months Ended March 31, Line Item 2019 2018 Advisory services fee $ 949 $ 3,332
Dividends Declared	The board of directors declared quarterly dividends as presented below: Three Months Ended March 31, 2019 2018 8.45% Series D cumulative preferred stock $ 0.5281 $ 0.5281 7.375% Series F cumulative preferred stock 0.4609 0.4609 7.375% Series G cumulative preferred stock 0.4609 0.4609 7.50% Series H cumulative preferred stock 0.4688 0.4688 7.50% Series I cumulative preferred stock 0.4688 0.4688
Schedule of Noncontrolling Interests in Consolidated Entities	The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Three Months Ended March 31, Line Item 2019 2018 (Income) loss allocated to noncontrolling interests in consolidated entities $ 26 $ 38
Schedule of Equity Activity	On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million . During the three months ended March 31, 2019 and 2018 no shares of its common stock were issued under this program. As of March 31, 2019 , we have issued approximately 2.4 million shares of our common stock for gross proceeds of approximately $15.5 million leaving approximately $84.5 million available under the program.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The below table summarizes the franchise fees incurred (in thousands): Three Months Ended March 31, Line Item 2019 2018 Other hotel expenses $ 17,748 $ 17,404

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2019 2018 Advisory services fee Base advisory fee $ 8,989 $ 8,615 Reimbursable expenses (1) 2,390 1,529 Equity-based compensation (2) 4,289 6,746 Incentive fee 636 187 Total advisory services fee $ 16,304 $ 17,077 ________ (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. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Three Months Ended March 31, 2019 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Advisory Services Fee Corporate, General and Administrative AIM Cash management services $ 358 $ — $ — $ — $ — $ — $ 358 Ashford LLC Insurance claims services 11 — — — — — 11 J&S Audio Visual Audio visual commissions 1,703 — — 1,703 — — — Lismore Capital Mortgage placement services 1,079 — (1,079 ) — — — — OpenKey Mobile key app 31 3 — — 28 — — Premier Project management services 6,728 6,379 — — — 349 — Pure Wellness Hypoallergenic premium rooms 383 355 — — 28 — — Three Months Ended March 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Advisory Services Fee Corporate, General and Administrative AIM Cash management services $ 181 $ — $ — $ — $ — $ — $ 181 Ashford LLC Insurance claims services 19 — — — — — 19 J&S Audio Visual Audio visual commissions 273 — — 273 — — — Lismore Capital Mortgage placement services 632 — (632 ) — — — — OpenKey Mobile key app 25 — — — 25 — — Pure Wellness Hypoallergenic premium rooms 338 338 — — — — — ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. The following table summarizes the amount due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service March 31, 2019 December 31, 2018 Ashford LLC Advisory services $ 2,834 $ 2,362 Ashford LLC Deposit on ERFP assets — 16,100 Ashford LLC Insurance claims services 11 23 AIM Investment management services 139 99 J&S Audio Visual Audio visual services 980 855 OpenKey Mobile key app 6 1 Premier Project management services 3,349 3,206 Pure Wellness Hypoallergenic premium rooms 476 388 $ 7,795 $ 23,034

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Mar. 31, 2019USD ($)roomunithotel	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of rooms | room	25,579
Number of rooms owned, net of partnership interest | room	25,552
Investment in unconsolidated entities | $	$ 3,725	$ 4,489
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit	90
Ashford Inc.
Real Estate Properties [Line Items]
Ownership percentage	24.20%
Investment in unconsolidated entities | $	$ 949	$ 1,896
Fair value of equity method investment | $	$ 33,200
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	16.60%	16.30%
Investment in unconsolidated entities | $	$ 2,776	$ 2,593
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel	119
Majority Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel	2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotel properties | hotel	121
Number of hotel properties managed by affiliates | hotel	83

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Impairment of unconsolidated entities	$ 0	$ 0
Operating lease liabilities	43,795,000
Operating lease right-of-use assets	$ 40,680,000
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	16.60%			16.30%
Ashford Inc.
Real Estate Properties [Line Items]
Ownership percentage	24.20%
Minimum
Real Estate Properties [Line Items]
Restricted cash reserves as percentage of property revenue	4.00%
Maximum
Real Estate Properties [Line Items]
Restricted cash reserves as percentage of property revenue	6.00%
ASU 2016-02
Real Estate Properties [Line Items]
Operating lease liabilities			$ 43,300,000
Operating lease right-of-use assets			38,800,000
Intangible assets reclassified			9,000,000
Intangible liabilities reclassified			13,000,000
Deferred rent reclassified			$ 485,000

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)hotel	Mar. 31, 2018USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	121
Total revenue	$ 358,718	$ 342,207
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9
Total revenue	$ 26,514	$ 23,041
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3
Total revenue	$ 11,883	$ 11,344
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7
Total revenue	$ 21,565	$ 22,224
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3
Total revenue	$ 9,401	$ 9,829
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6
Total revenue	$ 26,303	$ 26,036
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3
Total revenue	$ 11,923	$ 12,843
Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	4	4
Total revenue	$ 8,784	$ 12,225
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1
Total revenue	$ 17,977	$ 13,770
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	6
Total revenue	$ 24,349	$ 21,990
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3
Total revenue	$ 9,982	$ 8,908
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3
Total revenue	$ 5,616	$ 6,126
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2
Total revenue	$ 4,950	$ 4,634
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6
Total revenue	$ 24,530	$ 20,870
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2
Total revenue	$ 11,116	$ 10,182
Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	8
Total revenue	$ 33,016	$ 30,020
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	53	51
Total revenue	$ 108,143	$ 102,758
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0
Total revenue	$ 1,594	$ 1,762
Sold properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel		3
Total revenue		$ 2,666
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0
Total revenue	$ 1,072	$ 979
Total hotel revenue
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel		120
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	280,381	$ 270,693
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	20,276	17,259
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	9,470	9,166
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	15,904	16,482
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	6,641	6,972
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	20,544	20,581
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	8,910	9,994
Rooms | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	6,369	8,844
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	12,082	10,978
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	18,877	16,323
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	8,986	8,341
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	4,667	4,907
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	4,329	4,173
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	21,625	18,486
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	8,134	7,481
Rooms | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	25,755	23,650
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	86,626	83,092
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	1,186	1,391
Rooms | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		2,573
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenue	61,061	55,044
Food and beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	5,043	4,439
Food and beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	1,601	1,402
Food and beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	4,776	4,963
Food and beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	2,561	2,642
Food and beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	4,593	4,456
Food and beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	2,788	2,555
Food and beverage | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	1,622	2,261
Food and beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	5,198	2,320
Food and beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	4,706	4,923
Food and beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	536	371
Food and beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	793	1,030
Food and beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	402	240
Food and beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	2,338	1,918
Food and beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	2,713	1,915
Food and beverage | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	5,450	5,145
Food and beverage | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	15,926	14,430
Food and beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	15	33
Food and beverage | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		1
Food and beverage | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other hotel revenue
Disaggregation of Revenue [Line Items]
Total revenue	16,204	15,491
Other hotel revenue | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	1,195	1,343
Other hotel revenue | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	812	776
Other hotel revenue | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	885	779
Other hotel revenue | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	199	215
Other hotel revenue | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	1,166	999
Other hotel revenue | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	225	294
Other hotel revenue | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	793	1,120
Other hotel revenue | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	697	472
Other hotel revenue | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	766	744
Other hotel revenue | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	460	196
Other hotel revenue | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	156	189
Other hotel revenue | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	219	221
Other hotel revenue | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	567	466
Other hotel revenue | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	269	786
Other hotel revenue | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	1,811	1,225
Other hotel revenue | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	5,591	5,236
Other hotel revenue | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	393	338
Other hotel revenue | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		92
Other hotel revenue | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other
Disaggregation of Revenue [Line Items]
Total revenue	1,072	979
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		0
Other | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,072	$ 979

Investment in Hotel Propertie_3

Investment in Hotel Properties, net (Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 791,075	$ 670,362
Buildings and improvements	4,193,548	4,062,810
Furniture, fixtures, and equipment	499,059	504,806
Construction in progress	34,753	37,394
Condominium properties	12,091	12,091
Total cost	5,530,526	5,287,463
Accumulated depreciation	(1,221,399)	(1,182,244)
Investments in hotel properties, net	$ 4,309,127	$ 4,105,219

Investment in Hotel Propertie_4

Investment in Hotel Properties, net (Acquisitions) (Details) $ / shares in Units, shares in Millions	Feb. 26, 2019USD ($)room$ / sharesshares	Jan. 22, 2019USD ($)room	Mar. 31, 2019USD ($)room	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of rooms | room			25,579
Indebtedness, net			$ 4,157,767,000		$ 3,927,266,000
Share price (in dollars per share) | $ / shares	$ 5.35
Land			791,075,000		670,362,000
Buildings and improvements			4,193,548,000		4,062,810,000
Furniture, fixtures and equipment			499,059,000		504,806,000
Total cost			5,530,526,000		$ 5,287,463,000
Total revenue			358,718,000	$ 342,207,000
Net income (loss)			(46,622,000)	$ (32,649,000)
Embassy Suites New York Midtown Manhattan
Real Estate Properties [Line Items]
Number of rooms | room		310
Consideration transferred		$ 195,000,000
Principal amount		145,000,000
Land		111,760,000
Buildings and improvements		79,906,000
Furniture, fixtures and equipment		8,626,000
Total cost		200,292,000
Key money		(3,800,000)
PP&E including adjustments		196,492,000
Net other assets (liabilities)		$ 1,559,000
Total revenue			3,394,000
Net income (loss)			(2,371,000)
ERFP, amount received	$ 5,000,000
Hilton Santa Cruz/Scotts Valley
Real Estate Properties [Line Items]
Percent of voting interest acquired	100.00%
Number of rooms | room	178
Consideration transferred	$ 47,500,000
Principal amount	25,300,000
Indebtedness, net	$ 24,900,000
Issuance of units for hotel acquisition (in shares) | shares	1.5
Issuance of units for hotel acquisition	$ 7,900,000
Share price (in dollars per share) | $ / shares	$ 7
Land	$ 9,439,000
Buildings and improvements	34,203,000
Furniture, fixtures and equipment	3,852,000
Total cost	47,494,000
Debt discount	407,000
PP&E including adjustments	47,901,000
Net other assets (liabilities)	$ 320,000
Total revenue			820,000
Net income (loss)			$ (237,000)

Leases - Narrative and Lease Ba

Leases - Narrative and Lease Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 43,795
Operating lease right-of-use assets	$ 40,680
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease liabilities		$ 43,300
Operating lease right-of-use assets		38,800
Intangible assets reclassified		9,000
Intangible liabilities reclassified		13,000
Deferred rent reclassified		$ 485
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	99 years

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 831
Variable lease expense	192
Amortization costs related to the intangible assets and liabilities	39
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 728
Weighted Average Remaining Lease Term	71 years
Weighted Average Discount Rate	5.16%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating leases
2019 (remainder of year)	$ 2,914
2020	2,791
2021	2,600
2022	2,483
2023	2,419
Thereafter	167,006
Total principal and interest payments	180,213
Less: present value discount	(136,418)
Present value of net minimum lease payments	$ 43,795

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 2,643
2020	2,506
2021	2,379
2022	2,297
2023	2,249
Thereafter	121,697
Total	$ 133,771

Hotel Dispositions, Impairmen_3

Hotel Dispositions, Impairment Charges and Insurance Recoveries (Hotel Dispositions) (Details) - USD ($) $ in Thousands	Mar. 05, 2019	Jun. 13, 2018	May 10, 2018	May 01, 2018	Apr. 09, 2018	Feb. 20, 2018	Jan. 17, 2018	Mar. 31, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt	$ 178,100
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt		$ 1,068,000		$ 6,600	$ 971,700		$ 376,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Condensed financial information
Total hotel revenue								$ 2,666
Total hotel operating expenses								(1,645)
Gain (loss) on sale of hotel properties								(9)
Operating income (loss)								1,012
Property taxes, insurance and other								(150)
Depreciation and amortization								(309)
Impairment charges								(1,939)
Interest expense and amortization of loan costs								(480)
Write-off of loan costs and exit fees								(61)
Income (loss) before income taxes								(1,927)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership								282
Net income (loss) attributable to the Company								$ (1,645)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SpringHill Suites Glen Allen | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt						$ 7,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt				6,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal			$ 24,000
Gain (loss) on disposal									$ 400
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Tampa | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt			$ 22,500
Disposal Group, Held-for-sale, Not Discontinued Operations | SpringHill Suites Glen Allen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal						$ 10,900
Gain (loss) on disposal									(13)
Disposal Group, Held-for-sale, Not Discontinued Operations | Centerville VA Spring Hill Suites By Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal				$ 7,500
Gain (loss) on disposal									$ 98

Hotel Dispositions, Impairmen_4

Hotel Dispositions, Impairment Charges and Insurance Recoveries (Impairment Charges and Insurance Recoveries) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel properties with impairment | hotel		24
Proceeds from business interruption losses and property damage	$ 0	$ 401
Proceeds from property damage recoveries	36	500
SpringHill Suites Centreville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties	2,000
Impairment adjustments	$ 35	$ 302

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Narrative and OpenKey Schedules) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Real Estate Properties [Line Items]
Investment in unconsolidated entities	$ 3,725		$ 4,489
Investment cost	299	$ 667
Equity in earnings (loss) in unconsolidated entity	$ (1,063)	(588)
Ashford Inc.
Real Estate Properties [Line Items]
Shares in investment held (in shares)	598
Ownership percentage	24.20%
Investment in unconsolidated entities	$ 949		$ 1,896
Fair value of equity method investment	33,200
Equity in earnings (loss) in unconsolidated entity	(947)	(437)
OpenKey
Real Estate Properties [Line Items]
Total investment	$ 4,300
Ownership percentage	16.60%		16.30%
Investment in unconsolidated entities	$ 2,776		$ 2,593
Investment cost	299		$ 667
Equity in earnings (loss) in unconsolidated entity	$ (116)	$ (151)

Investment in Unconsolidated _4

Investment in Unconsolidated Entities (Summary of Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Total assets	$ 4,905,150	$ 4,685,954
Total liabilities	4,430,522	4,152,106
Redeemable noncontrolling interests in operating partnership	101,980	80,743
Total stockholders’ equity of Ashford Inc.	372,058	452,489
Noncontrolling interests in consolidated entities	590	616
Total equity	372,648	453,105	$ 584,259	$ 633,146
Total liabilities and equity	4,905,150	4,685,954
Our ownership interest in Ashford Inc.	3,725	4,489
Ashford Inc.
Real Estate Properties [Line Items]
Total assets	420,106	379,005
Total liabilities	144,363	108,726
Series B cumulative convertible preferred stock	201,338	200,847
Redeemable noncontrolling interests in operating partnership	3,810	3,531
Total stockholders’ equity of Ashford Inc.	69,968	65,443
Noncontrolling interests in consolidated entities	627	458
Total equity	70,595	65,901
Total liabilities and equity	420,106	379,005
Our ownership interest in Ashford Inc.	$ 949	$ 1,896

Investment in Unconsolidated _5

Investment in Unconsolidated Entities (Summary of Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate Properties [Line Items]
Total operating expenses	$ (334,966)	$ (318,945)
OPERATING INCOME (LOSS)	23,985	23,253
Interest expense and loan amortization costs	(66,166)	(54,743)
Other income (expense)	(316)	76
Income tax expense	405	886
NET INCOME (LOSS)	(46,622)	(32,649)
Net (income) loss attributable to redeemable noncontrolling interests	8,579	6,340
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(38,017)	(26,271)
Our equity in earnings (loss) of Ashford Inc.	(1,063)	(588)
Ashford Inc.
Real Estate Properties [Line Items]
Total revenue	63,320	48,168
Total operating expenses	(60,778)	(53,204)
OPERATING INCOME (LOSS)	2,542	(5,036)
Unconsolidated Entity Income Loss From Equity Method Investments	(275)	0
Interest expense and loan amortization costs	(366)	(166)
Other income (expense)	(33)	73
Income tax expense	(1,300)	(706)
NET INCOME (LOSS)	568	(5,835)
(Income) loss from consolidated entities attributable to noncontrolling interests	163	173
Net (income) loss attributable to redeemable noncontrolling interests	(21)	(61)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	710	(5,723)
Preferred dividends	(2,791)	0
Amortization of preferred stock discount	(491)	0
Net income attributable to common shareholders	(2,572)	(5,723)
Our equity in earnings (loss) of Ashford Inc.	$ (947)	$ (437)

Indebtedness (Details)

Indebtedness (Details)

Mar. 05, 2019USD ($)

Jun. 13, 2018USD ($)loan

May 10, 2018USD ($)

May 01, 2018USD ($)

Apr. 09, 2018USD ($)

Feb. 20, 2018USD ($)

Jan. 17, 2018USD ($)

Mar. 31, 2019USD ($)hotelextension

Mar. 31, 2018USD ($)

Feb. 26, 2019USD ($)

Jan. 22, 2019USD ($)

Dec. 31, 2018USD ($)

Nov. 08, 2018USD ($)

Sep. 27, 2018USD ($)

Jul. 03, 2018USD ($)

Jun. 29, 2018USD ($)

Debt Instrument [Line Items]

Deferred loan costs, net

$ 4,157,767,000

$ 3,927,266,000

London Interbank Offered Rate (LIBOR) Rate

2.495%

2.503%

Extinguishment of debt

$ 178,100,000

Interest expense and amortization of premium and loan costs

$ 65,000

$ 69,000

Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

$ 1,068,000,000

$ 6,600,000

$ 971,700,000

$ 376,800,000

Number of refinanced loans | loan

7

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 7,600,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 6,600,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 22,500,000

Line of Credit | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

1.00%

Line of Credit | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

Line of Credit | Secured credit facility

Debt Instrument [Line Items]

Collateral | hotel

0

Maximum borrowing capacity

$ 100,000,000

$ 100,000,000

Long-term debt, gross

$ 0

$ 0

Debt Instrument, Percent Secured by Property

100.00%

Line of Credit | Secured credit facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

Line of Credit | Secured credit facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.65%

Mortgages

Debt Instrument [Line Items]

Long-term debt, gross

$ 4,197,012,000

3,966,237,000

Premiums, net

821,000

1,293,000

Deferred loan costs, net

(40,066,000)

(40,264,000)

Deferred loan costs, net

$ 4,157,767,000

3,927,266,000

Extinguishment of debt

178,100,000

Mortgages | Mortgage loan 1

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 43,750,000

43,750,000

Mortgages | Mortgage loan 1 | 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 | Mortgage loan 2

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

4.00%

Long-term debt, gross

$ 5,213,000

5,232,000

Mortgages | Mortgage loan 3

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 35,200,000

35,200,000

Mortgages | Mortgage loan 3 | 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 | Mortgage loan 4

Debt Instrument [Line Items]

Collateral | hotel

8

Long-term debt, gross

$ 144,000,000

144,000,000

Mortgages | Mortgage loan 4 | 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 | Mortgage loan 5

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 7,778,000

7,778,000

Mortgages | Mortgage loan 5 | 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 | Mortgage loan 6

Debt Instrument [Line Items]

Collateral | hotel

17

Long-term debt, gross

$ 427,000,000

427,000,000

Mortgages | Mortgage loan 6 | 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 | Mortgage loan 7

Debt Instrument [Line Items]

Collateral | hotel

8

Long-term debt, gross

$ 395,000,000

395,000,000

Principal amount

$ 395,000,000

Mortgages | Mortgage loan 7 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.92%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 8

Debt Instrument [Line Items]

Collateral | hotel

21

Long-term debt, gross

$ 962,575,000

962,575,000

Principal amount

$ 985,000,000

Mortgages | Mortgage loan 8 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.20%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 9

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 16,100,000

16,100,000

Mortgages | Mortgage loan 9 | 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 | Mortgage loan 10

Debt Instrument [Line Items]

Collateral | hotel

7

Long-term debt, gross

$ 180,720,000

180,720,000

Principal amount

$ 180,720,000

Mortgages | Mortgage loan 10 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

Initial term of loan

2 years

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 11

Debt Instrument [Line Items]

Collateral | hotel

7

Long-term debt, gross

$ 174,400,000

174,400,000

Principal amount

174,400,000

Mortgages | Mortgage loan 11 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.39%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 12

Debt Instrument [Line Items]

Collateral | hotel

5

Long-term debt, gross

$ 221,040,000

221,040,000

Principal amount

221,040,000

Mortgages | Mortgage loan 12 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.73%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 13

Debt Instrument [Line Items]

Collateral | hotel

5

Long-term debt, gross

$ 262,640,000

262,640,000

Principal amount

262,640,000

Mortgages | Mortgage loan 13 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.02%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 14

Debt Instrument [Line Items]

Collateral | hotel

5

Long-term debt, gross

$ 160,000,000

160,000,000

Principal amount

216,320,000

$ 56,300,000

Mortgages | Mortgage loan 14 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.73%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 15

Debt Instrument [Line Items]

Collateral | hotel

5

Long-term debt, gross

$ 215,120,000

215,120,000

Principal amount

215,120,000

Mortgages | Mortgage loan 15 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.68%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 16

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

6.26%

Long-term debt, gross

$ 92,951,000

93,433,000

Mortgages | Mortgage loan 17

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 25,000,000

25,000,000

$ 25,000,000

Mortgages | Mortgage loan 17 | 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 | Mortgage loan 18

Debt Instrument [Line Items]

Collateral | hotel

2

Long-term debt, gross

$ 240,000,000

0

Principal amount

$ 240,000,000

$ 240,000,000

Mortgages | Mortgage loan 18 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Initial term of loan

2 years

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 19

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 145,000,000

0

Principal amount

$ 145,000,000

Mortgages | Mortgage loan 19 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.90%

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Mortgages | Mortgage loan 20

Debt Instrument [Line Items]

Collateral | hotel

2

Long-term debt, gross

$ 0

178,099,000

Mortgages | Mortgage loan 20 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Number of extension options | extension

0

Mortgages | Mortgage loan 21

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 97,000,000

97,000,000

Mortgages | Mortgage loan 21 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Number of extension options | extension

0

Mortgages | Mortgage loan 22

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

5.46%

Long-term debt, gross

$ 52,588,000

52,843,000

Mortgages | Mortgage loan 23

Debt Instrument [Line Items]

Collateral | hotel

1

Long-term debt, gross

$ 73,450,000

73,450,000

Principal amount

$ 73,500,000

Initial term of loan

5 years

Mortgages | Mortgage loan 23 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.45%

Number of extension options | extension

0

Mortgages | Mortgage loan 24

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

5.49%

Long-term debt, gross

$ 6,852,000

6,883,000

Mortgages | Mortgage loan 25

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

5.49%

Long-term debt, gross

$ 9,999,000

10,045,000

Mortgages | Mortgage loan 26

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

4.99%

Long-term debt, gross

$ 6,383,000

6,414,000

Mortgages | Mortgage loan 27

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

5.20%

Long-term debt, gross

$ 65,056,000

65,242,000

Mortgages | Mortgage loan 28

Debt Instrument [Line Items]

Collateral | hotel

2

Interest rate

4.85%

Long-term debt, gross

$ 12,013,000

12,048,000

Mortgages | Mortgage loan 29

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

4.90%

Long-term debt, gross

$ 24,015,000

24,086,000

Mortgages | Mortgage loan 30

Debt Instrument [Line Items]

Collateral | hotel

2

Interest rate

4.45%

Long-term debt, gross

$ 19,765,000

19,835,000

Mortgages | Mortgage loan 31

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

4.45%

Long-term debt, gross

$ 51,124,000

51,304,000

Mortgages | Mortgage loan 32

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

4.66%

Long-term debt, gross

$ 25,280,000

$ 24,900,000

$ 0

Principal amount

$ 25,300,000

Mortgages | Pool A, B, C, D, E, F Mortgages

Debt Instrument [Line Items]

Principal amount

$ 1,270,000,000

Number of mortgage loans | loan

6

Income (Loss) Per Share (Summar

Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (38,017)	$ (26,271)
Less: Dividends on preferred stock	(10,644)	(10,644)
Undistributed income (loss)	61,111	48,876
Distributed and undistributed income (loss) - basic and diluted	$ (49,132)	$ (37,263)
Weighted average shares outstanding:
Weighted average common shares outstanding – basic and diluted (in shares)	99,407	95,367
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.49)	$ (0.39)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.49)	$ (0.39)
Performance stock units
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	$ (190)	$ (123)
Restricted shares
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	(281)	(225)
Common Stock
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	$ (11,979)	$ (11,613)

Income (Loss) Per Share (Summ_2

Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to noncontrolling interest in operating partnership units	$ (8,579)	$ (6,340)
Total	$ (8,108)	$ (5,992)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	18,880	18,556
Restricted shares
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 281	$ 225
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	235	181
Performance stock units
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 190	$ 123
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	278	551
Operating partnership units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	18,345	17,541
Incentive fee shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	22	283

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 212,500,000
Total exposure	4,900,000
Change in market value of credit default swap	250,000
Not Designated as Hedging Instrument | Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	385,000,000		$ 1,005,100,000
Total cost	295,000	$ 229,000
Not Designated as Hedging Instrument | Interest rate caps | Mortgages
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	4,046,918,000		3,953,718,000
Aggregate principle balance on corresponding mortgage loans	$ 3,728,773,000		$ 3,521,872,000
Not Designated as Hedging Instrument | Interest rate caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	3.50%		2.50%
Not Designated as Hedging Instrument | Interest rate caps | Minimum | Mortgages
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.50%		1.50%
Not Designated as Hedging Instrument | Interest rate caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	4.00%		4.00%
Not Designated as Hedging Instrument | Interest rate caps | Maximum | Mortgages
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	5.71%		5.71%
Not Designated as Hedging Instrument | Interest rate floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 6,000,000,000		$ 0
Total cost	225,000	$ 0
Not Designated as Hedging Instrument | Interest rate floors | Mortgages
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivatives	$ 30,775,000,000		$ 28,775,000,000
Not Designated as Hedging Instrument | Interest rate floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.63%		0.00%
Not Designated as Hedging Instrument | Interest rate floors | Minimum | Mortgages
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate low end of range	(0.25%)		(0.25%)
Not Designated as Hedging Instrument | Interest rate floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.63%		0.00%
Not Designated as Hedging Instrument | Interest rate floors | Maximum | Mortgages
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	2.00%		2.00%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in/out of level 3	10.00%
London Interbank Offered Rate (LIBOR) Rate	2.495%		2.503%
Higher interest rate on derivatives	2.00%
Derivative expense related to credit default swaps	$ 266	$ 266

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative assets:
Derivative assets, net	$ 2,196	$ 2,396
Derivative liabilities:
Derivative liabilities, net	(36)	(50)
Fair Value Measurements Recurring
Derivative assets:
Derivative assets, net	2,196	2,396
Counterparty and Cash Collateral Netting	2,671	1,020
Total	13,746	24,212
Derivative liabilities:
Counterparty and Cash Collateral Netting	3,421	970
Net	13,710	24,162
Fair Value Measurements Recurring | Equity
Derivative assets:
Counterparty and Cash Collateral Netting	0	0
Assets, fair value disclosure	11,550	21,816
Fair Value Measurements Recurring | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	667	463
Counterparty and Cash Collateral Netting	384	208
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	255	601
Counterparty and Cash Collateral Netting	0	0
Fair Value Measurements Recurring | Credit default swaps
Derivative assets:
Derivative assets, net	1,274	1,332
Counterparty and Cash Collateral Netting	2,287	812
Derivative liabilities:
Derivative liabilities, net	(36)	(50)
Counterparty and Cash Collateral Netting	750	50
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets, net	0	0
Total	11,550	21,816
Derivative liabilities:
Net	11,550	21,816
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Equity
Derivative assets:
Assets, fair value disclosure	11,550	21,816
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps
Derivative assets:
Derivative assets, net	0	0
Derivative liabilities:
Derivative liabilities, net	0	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets, net	(475)	1,376
Total	(475)	1,376
Derivative liabilities:
Net	(1,261)	1,376
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Equity
Derivative assets:
Assets, fair value disclosure	0	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	283	255
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	255	601
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps
Derivative assets:
Derivative assets, net	(1,013)	520
Derivative liabilities:
Derivative liabilities, net	(786)	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets, net	0	0
Total	0	0
Derivative liabilities:
Net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Equity
Derivative assets:
Assets, fair value disclosure	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - floors
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - caps
Derivative assets:
Derivative assets, net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps
Derivative assets:
Derivative assets, net	0	0
Derivative liabilities:
Derivative liabilities, net	$ 0	$ 0

Fair Value Measurements (Effect

Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (2,994)	$ 329
Unrealized gain (loss) on marketable securities	808	(558)
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(2,994)	329
Unrealized gain (loss) on marketable securities	808	(558)
Realized gain (loss) on marketable securities	(4)	110
Net	(2,353)	(119)
Fair Value Measurements Recurring | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(33)	(91)
Realized loss on derivatives	(163)	0
Fair Value Measurements Recurring | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(642)	134
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(2,319)	286
Fair Value Measurements Recurring | Derivative Liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Liabilities	(2,353)	(119)
Fair Value Measurements Recurring | Derivative Liabilities | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Liabilities	(786)	0
Fair Value Measurements Recurring | Derivative Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(2,371)	329
Fair Value Measurements Recurring | Derivative Assets | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(196)	(91)
Fair Value Measurements Recurring | Derivative Assets | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(642)	134
Fair Value Measurements Recurring | Derivative Assets | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,533)	286
Fair Value Measurements Recurring | Non Derivative Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	(1,567)	(119)
Fair Value Measurements Recurring | Non Derivative Assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (Loss) Recognized in income, Assets	$ 804	$ (448)

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying value	$ 11,550	$ 21,816
Marketable securities, Estimated fair value	11,550	21,816
Derivative assets, net, Carrying value	2,196	2,396
Derivative assets, net, Estimated fair value	2,196	2,396
Derivative liabilities, net, Carrying value	36	50
Derivative liabilities, net, Estimated fair value	36	50
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	242,561	319,210	$ 277,686	$ 354,805
Cash and cash equivalents, Estimated fair value	242,561	319,210
Restricted cash, Carrying value	152,151	120,602	137,145	$ 116,787
Restricted cash, Estimated fair value	152,151	120,602
Accounts receivable, Carrying value	65,579	37,060
Accounts receivable, Estimated fair value	65,579	37,060
Due from third-party hotel managers, Carrying value	25,181	21,760
Due from third party hotel managers, Estimated fair value	25,181	21,760
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	4,157,767	3,927,266
Accounts payable and accrued expenses, Carrying value	162,060	136,757
Accounts payable and accrued expenses, Estimated fair value	162,060	136,757
Dividends payable, Carrying value	27,552	26,794	$ 26,824
Dividends payable, Estimated fair value	27,552	26,794
Due to Ashford Inc., net, Estimated fair value	7,795	23,034
Due to Ashford Inc. Fair Value Disclosure	7,795	23,034
Due to related party, net, Carrying value	0	1,477
Due to related party, net, Estimated fair value	0	1,477
Due to third-party hotel managers, Carrying value	2,480	2,529
Due to third-party hotel managers, Estimated fair value	2,480	2,529
Minimum
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,950,831	3,773,343
Maximum
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	4,366,709	4,170,538
Reported Value Measurement
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value		319,210
Restricted cash, Carrying value		120,602
Accounts receivable, Carrying value		37,060
Due from third-party hotel managers, Carrying value		21,760
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	$ 4,197,833
Accounts payable and accrued expenses, Carrying value		136,757
Due to related party, net, Carrying value		$ 1,477

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days
Carrying value of total indebtedness of continuing operations	$ 4.2	$ 4
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	94.10%	95.10%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	104.00%	105.10%

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	Feb. 26, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)		1
Redeemable noncontrolling interests		$ 101,980		$ 80,743
Adjustments to redeemable noncontrolling interests		$ (22,760)	$ (4,490)
Ownership percentage of operating partnership		15.00%		15.00%
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		$ 8,579	6,340
Aggregate cash distributions to holders of common units and LTIP units		24,959	23,173
Partnership Interest
Noncontrolling Interest [Line Items]
Adjustments to redeemable noncontrolling interests		$ 168,850		$ 146,091
Ownership percentage of operating partnership		14.99%		14.64%
Partnership Interest | Common Units
Noncontrolling Interest [Line Items]
Common units converted (in shares)		0
Advisory services fee
Noncontrolling Interest [Line Items]
Compensation expense (credit)		$ 1,802	1,116
LTIP and Performance LTIP [Member]
Noncontrolling Interest [Line Items]
Shares issued (in shares)		11,800,000
Units which have not reached full economic parity with common units (in shares)		1,200,000
Long Term Incentive Plan
Noncontrolling Interest [Line Items]
Common partnership unit per converted LTIP unit (in shares)		1
Fair value of unrecognized cost		$ 5,000
Amortization period of LTIP unit		2 years 10 months 24 days
Period for recognition		1 year 9 months 18 days
Long Term Incentive Plan | Partnership Interest
Noncontrolling Interest [Line Items]
Aggregate cash distributions to holders of common units and LTIP units		$ 2,623	2,470
Long Term Incentive Plan | Advisory services fee
Noncontrolling Interest [Line Items]
Compensation expense (credit)		$ 950	708
Long Term Incentive Plan | Minimum
Noncontrolling Interest [Line Items]
Vesting period		3 years
Long Term Incentive Plan | Maximum
Noncontrolling Interest [Line Items]
Vesting period		5 years
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Vesting period		3 years
Units which have not reached full economic parity with common units (in shares)		215,000
Fair value of unrecognized cost		$ 5,200
Amortization period of LTIP unit		2 years 10 months
Period for recognition		1 year 6 months
Performance Long Term Incentive Plan Units | Advisory services fee
Noncontrolling Interest [Line Items]
Compensation expense (credit)		$ 852	$ 408
Performance Long Term Incentive Plan Units | Minimum
Noncontrolling Interest [Line Items]
Performance adjustment		0.00%
Performance Long Term Incentive Plan Units | Maximum
Noncontrolling Interest [Line Items]
Performance adjustment		200.00%
Other than options (in shares)		1,900,000
Hilton Santa Cruz/Scotts Valley
Noncontrolling Interest [Line Items]
Issuance of units for hotel acquisition (in shares)	1,500,000

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)hotel$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)hotelshares	Dec. 11, 2017USD ($)
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 200,000,000
Dividends declared - common stock (in dollars per share) | $ / shares	$ 0.12	$ 0.12
Dividends annualized target (in dollars per share) | $ / shares	$ 0.48
At-the-market equity distribution program amount				$ 100,000,000
Stock repurchased (in shares) | shares	0	0
Ownership by non-controlling owners	15.00%		15.00%
Noncontrolling interests in consolidated entities	$ 590,000		$ 616,000
Income (loss) from consolidated joint ventures attributable to noncontrolling interests	$ 26,000	$ 38,000
Majority Owned Properties
Class of Stock [Line Items]
Number of hotel properties with JV interests | hotel	2		2
Common Stock
Class of Stock [Line Items]
Remaining authorized repurchase amount	$ 84,500,000
Issuance of common stock (in shares) | shares			2,400,000
Gross proceed received			$ 15,500,000
Series D Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share) | $ / shares	$ 0.5281	$ 0.5281
Dividend rate	8.45%	8.45%
Series F Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share) | $ / shares	$ 0.4609	$ 0.4609
Dividend rate	7.375%	7.375%
Series G Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share) | $ / shares	$ 0.4609	$ 0.4609
Dividend rate	7.375%	7.375%
Series H Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share) | $ / shares	$ 0.4688	$ 0.46875
Dividend rate	7.50%	7.50%
Series I Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share) | $ / shares	$ 0.4688	$ 0.4688
Dividend rate	7.50%	7.50%
Advisory services fee
Class of Stock [Line Items]
Compensation expense (credit)	$ 1,802,000	$ 1,116,000
Restricted shares
Class of Stock [Line Items]
Fair value of unrecognized cost	$ 13,900,000
Amortization period	2 years 11 months
Period for recognition	2 years 2 months 23 days
Compensation expense (credit)	$ 1,839,000	2,554,000
Restricted shares | Executive Officer
Class of Stock [Line Items]
Compensation expense (credit)		1,500,000
Restricted shares | Advisory services fee
Class of Stock [Line Items]
Compensation expense (credit)	1,538,000	2,297,000
Restricted shares | Management fees
Class of Stock [Line Items]
Compensation expense (credit)	202,000	257,000
Restricted shares | Corporate, general and administrative
Class of Stock [Line Items]
Compensation expense (credit)	99,000	0
Performance Long Term Incentive Plan Units
Class of Stock [Line Items]
Fair value of unrecognized cost	$ 5,200,000
Amortization period	2 years 10 months
Period for recognition	1 year 6 months
Vesting period	3 years
Performance Long Term Incentive Plan Units | Minimum
Class of Stock [Line Items]
Performance adjustment	0.00%
Performance Long Term Incentive Plan Units | Maximum
Class of Stock [Line Items]
Performance adjustment	200.00%
Performance Long Term Incentive Plan Units | Advisory services fee
Class of Stock [Line Items]
Compensation expense (credit)	$ 852,000	408,000
Performance Shares
Class of Stock [Line Items]
Fair value of unrecognized cost	$ 10,700,000
Amortization period	2 years 9 months
Period for recognition	2 years 2 months 12 days
Compensation expense (credit)	$ 949,000	3,332,000
Performance Shares | Minimum
Class of Stock [Line Items]
Performance adjustment	0.00%
Performance Shares | Maximum
Class of Stock [Line Items]
Performance adjustment	200.00%
Performance Shares | Executive Officer
Class of Stock [Line Items]
Compensation expense (credit)		$ 3,000,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	Jul. 26, 2018	Jun. 29, 2017	Jun. 07, 2017	Jun. 01, 2017	Jun. 30, 2014	Nov. 01, 2011	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2006
Commitments and Contingencies [Line Items]
Franchise fees incurred							$ 228,486,000	$ 216,671,000
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.
Commitments and Contingencies [Line Items]
Damages awarded					$ 10,800,000				$ 8,800,000
Payments for legal settlements	$ 544,000	$ 3,900,000
Loss contingency accrual							504,000
Potential Pension Liabilities
Commitments and Contingencies [Line Items]
Unfunded pension liabilities at acquisition										$ 0
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit						$ 1,700,000
Monthly pension payments						100,000
Accrued unfunded pension liabilities						1,600,000
Net amount of pension payments on settlement agreement paid by hotel manager						$ 84,000
Term of Pension Liability						20 years
Surety Bond | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.
Commitments and Contingencies [Line Items]
Payments for legal settlements			$ 2,500,000
Surety Bond | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. | RLI Insurance Company
Commitments and Contingencies [Line Items]
Payments for legal settlements				$ 10,000,000
Franchise fees
Commitments and Contingencies [Line Items]
Franchise fees incurred							$ 17,748,000	$ 17,404,000
Franchise Fees
Commitments and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum							3.00%
Franchisor royalty fees percent of gross room revenue, maximum							6.00%
Food and beverage fees minimum							2.00%
Food and beverage fees maximum							3.00%
Marketing reservation and other fees, minimum							1.00%
Marketing reservation and other fees, maximum							4.00%
Management fees
Commitments and Contingencies [Line Items]
Payment of monthly property management fees, minimum							$ 14,000
Property management fee as percentage of gross revenue used if greater than $10,000 (CPI adjusted since 2003)							3.00%
Property management fee as percentage of gross revenue, minimum							1.00%
Property management fee as percentage of gross revenue, maximum							7.00%
Minimum
Commitments and Contingencies [Line Items]
Restricted cash reserves as percentage of property revenue							4.00%
Maximum
Commitments and Contingencies [Line Items]
Restricted cash reserves as percentage of property revenue							6.00%

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	Jan. 01, 2019USD ($)	Jun. 26, 2018USD ($)	Mar. 31, 2019USD ($)hotel	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Advisory services fee			$ 16,304	$ 17,077
Due to related party, net			0		$ 1,477
Due to Ashford Inc.			7,795		23,034
Property management fees, including incentive property management fees			6,809	6,651
Market service and project management fees			0	4,366
Corporate general and administrative expenses			1,748	1,465
Total			8,557	12,482
Restricted shares
Related Party Transaction [Line Items]
Compensation expense			1,839	2,554
Fair value of unrecognized cost			$ 13,900
Amortization period			2 years 11 months
Management fees | Restricted shares
Related Party Transaction [Line Items]
Compensation expense			$ 202	257
Advisory services fee
Related Party Transaction [Line Items]
Compensation expense			1,802	1,116
Advisory services fee | Restricted shares
Related Party Transaction [Line Items]
Compensation expense			1,538	2,297
Ashford Inc. | Consideration to Purchase Furniture, Fixtures and Equipment
Related Party Transaction [Line Items]
Due to related party, net						$ 4,000
Remington Lodging Employees | Restricted shares
Related Party Transaction [Line Items]
Fair value of unrecognized cost			$ 1,500
Amortization period			2 years 11 months
Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee			$ 16,304	17,077
Due to related party, net					16,100
ERFP, commitment amount		$ 50,000
ERFP, potential commitment amount		$ 100,000
ERFP, percent of commitment for each hotel		10.00%
ERFP, initial term		2 years
ERFP, renewal term		1 year
ERFP, notice term		60 days
ERFP, consideration			5,000		16,100
ERFP, amount received			5,000		16,100
ERFP, gains recognized	$ 1,800
Ashford Inc. | Affiliated Entity | Base Fee
Related Party Transaction [Line Items]
Advisory services fee			8,989	8,615
Ashford Inc. | Affiliated Entity | Reimbursable Expenses
Related Party Transaction [Line Items]
Advisory services fee			2,390	1,529
Ashford Inc. | Affiliated Entity | Equity-Based Compensation
Related Party Transaction [Line Items]
Advisory services fee			4,289	6,746
Ashford Inc. | Affiliated Entity | Incentive Management Fee
Related Party Transaction [Line Items]
Advisory services fee			636	187
OpenKey
Related Party Transaction [Line Items]
Due to Ashford Inc.			6		1
OpenKey | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			31	25
OpenKey | Affiliated Entity | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction			3
OpenKey | Affiliated Entity | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction			28
Pure Rooms
Related Party Transaction [Line Items]
Due to Ashford Inc.			476		388
Pure Rooms | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			383	338
Pure Rooms | Affiliated Entity | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction			355	338
Pure Rooms | Affiliated Entity | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction			28
Lismore Capital | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			1,079	632
J&S Audio Visual
Related Party Transaction [Line Items]
Due to Ashford Inc.			980		855
J&S Audio Visual | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			1,703	273
AIM
Related Party Transaction [Line Items]
Due to Ashford Inc.			139		99
AIM | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			358	181
Premier
Related Party Transaction [Line Items]
Due to Ashford Inc.			3,349		3,206
Premier | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			6,728
Premier | Affiliated Entity | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction			6,379
Premier | Affiliated Entity | Advisory services fee
Related Party Transaction [Line Items]
Amount of transaction			349
Ashford LLC | Deposit on ERFP Assets
Related Party Transaction [Line Items]
Due to Ashford Inc.			0		16,100
Ashford LLC | Advisory services fee
Related Party Transaction [Line Items]
Due to Ashford Inc.			2,834		2,362
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Due to Ashford Inc.			11		23
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Amount of transaction			$ 11	$ 19
Minimum | Ashford Inc.
Related Party Transaction [Line Items]
Advisory services quarterly base fee			0.50%
Total market capitalization			$ 6,000,000
Maximum | Ashford Inc.
Related Party Transaction [Line Items]
Advisory services quarterly base fee			0.70%
Total market capitalization			$ 10,000,000
Subsidiaries
Related Party Transaction [Line Items]
Number of hotel properties managed by affiliates | hotel			83
Number of hotel properties | hotel			121
Hilton Alexandria Old Town | Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
ERFP, entitles to receive					11,100
Santa Fe, NM La Posada de Santa Fe | Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
ERFP, entitles to receive					$ 5,000
Hilton Santa Cruz/Scotts Valley | Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
ERFP, entitles to receive			$ 5,000
ERFP, gains recognized	$ 233
Embassy Suites New York Midtown Manhattan | Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
ERFP, entitles to receive			$ 19,500
Management fees
Related Party Transaction [Line Items]
Project management fees			4.00%