Ashford Hospitality Trust (AHT) 10-K 12 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Mar. 10, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-31775
Entity Registrant Name	ASHFORD HOSPITALITY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-1062192
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 285,872
Entity Common Stock, Shares Outstanding		101,998,806
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2020 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Series D
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Series F
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Series G
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Series H
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Series I
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series I
Trading Symbol	AHT-PI
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Investments in hotel properties, net	$ 4,108,443	$ 4,105,219
Cash and cash equivalents	262,636	319,210
Restricted cash	135,571	120,602
Marketable securities	14,591	21,816
Accounts receivable, net of allowance of $698 and $485, respectively	39,638	37,060
Inventories	4,346	4,224
Notes receivable, net	7,709	0
Investment in unconsolidated entities	2,829	4,489
Deferred costs, net	2,897	3,449
Prepaid expenses	21,886	19,982
Derivative assets, net	1,691	2,396
Operating lease right-of-use assets	49,995
Other assets	17,932	15,923
Intangible asset, net	797	9,824
Due from related parties, net	3,019	0
Due from third-party hotel managers	17,368	21,760
Total assets	4,691,348	4,685,954
Liabilities:
Indebtedness, net	4,106,518	3,927,266
Accounts payable and accrued expenses	134,341	136,757
Dividends and distributions payable	20,849	26,794
Due to Ashford Inc., net	6,570	23,034
Due to related parties, net	0	1,477
Due to third-party hotel managers	2,509	2,529
Intangible liabilities, net	2,337	15,483
Operating lease liabilities	53,270
Derivative liabilities, net	42	50
Other liabilities	25,776	18,716
Total liabilities	4,352,212	4,152,106
Commitments and contingencies (note 18)
Redeemable noncontrolling interests in operating partnership	69,870	80,743
Equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 102,103,602 and 101,035,530 shares issued and outstanding at December 31, 2019 and 2018, respectively	1,021	1,010
Additional paid-in capital	1,825,553	1,814,273
Accumulated deficit	(1,558,038)	(1,363,020)
Total stockholders’ equity of the Company	268,762	452,489
Noncontrolling interests in consolidated entities	504	616
Total equity	269,266	453,105
Total liabilities and equity	4,691,348	4,685,954
Series D Cumulative Preferred Stock, 2,389,393 shares issued and outstanding at December 31, 2019 and 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 December 31, 2019 and 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 December 31, 2019 and 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 December 31, 2019 and 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 December 31, 2019 and 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	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts receivable	$ 698	$ 485
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	102,103,602	101,035,530
Common stock, shares outstanding (in shares)	102,103,602	101,035,530
Series D
Preferred stock, shares issued (in shares)	2,389,393	2,389,393
Preferred stock, shares outstanding (in shares)	2,400,000	2,389,393
Series F
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, 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, 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, shares issued (in shares)	5,400,000	5,400,000
Preferred stock, shares outstanding (in shares)	5,400,000	5,400,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Total revenue	$ 1,502,759	$ 1,430,789	$ 1,439,270
Hotel operating expenses:
Total hotel operating expenses	952,674	900,582	907,301
Property taxes, insurance and other	84,110	78,355	73,579
Depreciation and amortization	269,003	258,458	246,731
Impairment charges	33,628	23,391	10,153
Transaction costs	2	11	14
Advisory services fee	63,632	69,122	53,199
Corporate, general and administrative	11,107	10,931	13,288
Total expenses	1,414,156	1,340,850	1,304,265
Gain (loss) on sale of assets and hotel properties	26,126	475	14,030
Operating income (loss)	114,729	90,414	149,035
Equity in earnings (loss) of unconsolidated entities	(2,307)	867	(5,866)
Interest income	3,067	3,952	2,202
Other income (expense)	10,490	64	(3,422)
Interest expense and amortization of premiums and loan costs	(262,001)	(236,786)	(222,631)
Write-off of premiums, loan costs and exit fees	(2,841)	(8,847)	(2,845)
Unrealized gain (loss) on marketable securities	1,896	(1,013)	(4,649)
Unrealized gain (loss) on derivatives	(4,494)	(2,178)	(2,802)
Income (loss) before income taxes	(141,461)	(153,527)	(90,978)
Income tax benefit (expense)	(1,218)	(2,782)	2,218
Net income (loss)	(142,679)	(156,309)	(88,760)
(Income) loss from consolidated entities attributable to noncontrolling interests	112	30	110
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	28,932	29,313	21,642
Net income (loss) attributable to the Company	(113,635)	(126,966)	(67,008)
Preferred dividends	(42,577)	(42,577)	(44,761)
Extinguishment of issuance costs upon redemption of preferred stock	0	0	(10,799)
Net income (loss) attributable to common stockholders	$ (156,212)	$ (169,543)	$ (122,568)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.58)	$ (1.75)	$ (1.30)
Weighted average common shares outstanding – basic (in shares)	99,837	97,282	95,207
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.58)	$ (1.75)	$ (1.30)
Weighted average common shares outstanding – diluted (in shares)	99,837	97,282	95,207
Total hotel revenue
Revenue
Total revenue	$ 1,498,557	$ 1,426,780	$ 1,436,116
Rooms
Revenue
Total revenue	1,184,987	1,134,687	1,143,135
Hotel operating expenses:
Total hotel operating expenses	258,446	248,139	248,643
Food and beverage
Revenue
Total revenue	243,917	224,311	234,777
Hotel operating expenses:
Total hotel operating expenses	167,945	156,902	161,683
Other
Revenue
Total revenue	69,653	67,782	58,204
Hotel operating expenses:
Total hotel operating expenses	472,437	442,463	444,322
Other
Revenue
Total revenue	4,202	4,009	3,154
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 53,846	$ 53,078	$ 52,653

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (142,679)	$ (156,309)	$ (88,760)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0
Total comprehensive income (loss)	(142,679)	(156,309)	(88,760)
(Income) loss from consolidated entities attributable to noncontrolling interests	112	30	110
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	28,932	29,313	21,642
Comprehensive income (loss) attributable to the Company	$ (113,635)	$ (126,966)	$ (67,008)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Series A	Series D	Series F	Series G	Series H	Series I	Preferred StockSeries A	Preferred StockSeries D	Preferred StockSeries F	Preferred StockSeries G	Preferred StockSeries H	Preferred StockSeries I	Common Stock	Common StockCommon Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCommon Stock	Accumulated DeficitSeries A	Accumulated DeficitSeries D	Accumulated DeficitSeries F	Accumulated DeficitSeries G	Accumulated DeficitSeries H	Accumulated DeficitSeries I	Noncontrolling Interests in Consolidated Entities	Redeemable Noncontrolling Interest in Operating Partnership
Beginning balance at Dec. 31, 2016	$ 792,377								$ 17	$ 95	$ 48	$ 62	$ 0	$ 0	$ 964		$ 1,764,450	$ (974,015)								$ 756	$ 132,768
Beginning balance (in shares) at Dec. 31, 2016									1,657	9,469	4,800	6,200	0	0	96,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)															(203)
Purchases of common stock	(1,272)														$ (2)		(1,270)
Equity-based compensation	7,227																7,227										5,060
Forfeitures of restricted shares (in shares)															(56)
Forfeitures of restricted shares	0
Issuance of restricted shares/units (in shares)															1,271
Issuance of restricted shares/units	0														$ 12		(12)										94
Redemption of preferred shares (in shares)									(1,657)	(7,080)
Redemption of preferred shares	(218,425)								$ (17)	$ (71)							(207,538)	(10,799)
Issuance of stock (in shares)		0											3,800	5,400
Issuance of stock	222,071												$ 38	$ 54			221,979
Dividends declared		$ (47,104)	$ (2,539)	$ (18,211)	$ (8,849)	$ (11,430)	$ (2,494)	$ (1,238)							(45,752)				$ (47,104)	$ (2,539)	$ (18,211)	$ (8,849)	$ (11,430)	$ (2,494)	$ (1,238)
Distributions to noncontrolling interests	0																										(10,007)
Redemption/conversion of operating partnership units (in shares)																20
Redemption/conversion of operating partnership units	161															$ 0	161	0									(161)
Redemption value adjustment	(10,010)																	(10,010)									10,010
Net income (loss)	(67,118)																	(67,008)								(110)	(21,642)
Ending balance at Dec. 31, 2017	633,146								$ 0	$ 24	$ 48	$ 62	$ 38	$ 54	$ 974		1,784,997	(1,153,697)								646	116,122
Ending balance (in shares) at Dec. 31, 2017									0	2,389	4,800	6,200	3,800	5,400	97,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)															(249)
Purchases of common stock	(1,598)														$ (3)		(1,595)
Equity-based compensation	16,098																16,098										10,841
Forfeitures of restricted shares (in shares)															(48)
Forfeitures of restricted shares	0
Issuance of restricted shares/units (in shares)															1,490
Issuance of restricted shares/units	123														$ 15		108										53
Issuance of stock (in shares)		2,434			4,800										2,434
Issuance of stock	14,689														$ 24		14,665
Dividends declared		$ (47,951)		(5,047)	$ (8,849)	$ (11,431)	(7,125)	$ (10,125)							(47,057)				(47,951)		(5,047)	(8,849)	(11,431)	(7,125)	(10,125)
Distributions to noncontrolling interests																											(8,789)
Redemption value adjustment	8,171																	8,171									(8,171)
Net income (loss)	(126,996)																	(126,966)								(30)	(29,313)
Ending balance at Dec. 31, 2018	453,105								$ 0	$ 24	$ 48	$ 62	$ 38	$ 54	$ 1,010		1,814,273	(1,363,020)								616	80,743
Ending balance (in shares) at Dec. 31, 2018									0	2,389	4,800	6,200	3,800	5,400	101,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)															(210)
Purchases of common stock	(1,031)														$ (1)		(1,030)
Equity-based compensation	12,413																12,413										7,304
Forfeitures of restricted shares (in shares)															(62)
Forfeitures of restricted shares	0														$ (1)		1
Issuance of restricted shares/units (in shares)															1,340
Issuance of restricted shares/units	0														$ 13		(13)										28
Issuance of units for hotel acquisition	0																										7,854
Issuance of stock (in shares)		0			4,800	6,200		5,400
Common stock issuance costs	(91)																(91)
Dividends declared		$ (31,116)		$ (5,048)	$ (8,849)	$ (11,430)	$ (7,125)	$ (10,125)							(29,840)				$ (31,116)		$ (5,048)	$ (8,849)	$ (11,430)	$ (7,125)	$ (10,125)
Distributions to noncontrolling interests	0																										(6,572)
Redemption value adjustment	(9,445)																	(9,445)									9,445
Net income (loss)	(113,747)																	(113,635)								(112)	(28,932)
Ending balance at Dec. 31, 2019	$ 269,266								$ 0	$ 24	$ 48	$ 62	$ 38	$ 54	$ 1,021		$ 1,825,553	$ (1,558,038)								$ 504	$ 69,870
Ending balance (in shares) at Dec. 31, 2019									0	2,389	4,800	6,200	3,800	5,400	102,104

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock
Dividends declared - common shares (in dollars per share)	$ 0.30	$ 0.48	$ 0.48
Preferred Stock | Series A
Dividends declared - preferred shares (in dollars per share)			1.6032
Preferred Stock | Series D
Dividends declared - preferred shares (in dollars per share)	2.1124	2.1124	2.1124
Preferred Stock | Series F
Dividends declared - preferred shares (in dollars per share)	1.8436	1.8436	1.8436
Preferred Stock | Series G
Dividends declared - preferred shares (in dollars per share)	1.8436	1.8436	1.8346
Preferred Stock | Series H
Dividends declared - preferred shares (in dollars per share)	1.875	1.875	0.6563
Preferred Stock | Series I
Dividends declared - preferred shares (in dollars per share)	$ 1.875	$ 1.875	$ 0.2292

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ (142,679)	$ (156,309)	$ (88,760)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	269,003	258,458	246,731
Impairment charges	33,628	23,391	10,153
Amortization of intangibles	(257)	(237)	(238)
Recognition of deferred income	(954)	(577)	(869)
Deferred income tax expense (benefit)	(159)	135	2,324
Bad debt expense	3,127	2,148	2,185
Equity in (earnings) loss of unconsolidated entities	2,307	(867)	5,866
(Gain) loss on sale of assets and hotel properties, net	(26,126)	(475)	(14,030)
Realized and unrealized (gain) loss on marketable securities	(1,980)	924	3,678
Purchases of marketable securities	(4,208)	(12,228)	(54,793)
Sales of marketable securities	13,413	16,414	77,374
Realized (gain) loss on investment in Ashford Inc.	(11,792)	0	0
(Gain) loss on insurance settlement	(450)	(928)	0
Net settlement of trading derivatives	(3,485)	648	(5,035)
Realized and unrealized (gains) losses on derivatives	5,294	2,178	7,510
Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees	32,153	30,012	14,190
Equity-based compensation	19,717	26,939	12,287
Amortization of parking asset	118	0	0
Non-cash interest income	(191)	0	0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Accounts receivable and inventories	(6,639)	5,553	2,037
Prepaid expenses and other assets	2,307	(1,946)	(4,762)
Operating lease right-of-use assets	1,322	0	0
Operating lease liabilities	(937)	0	0
Accounts payable and accrued expenses	(4,177)	376	(5,316)
Due to/from related parties	(4,496)	(574)	944
Due to/from third-party hotel managers	4,372	(4,214)	(4,353)
Due to/from Braemar OP, net	0	0	(488)
Due to/from Ashford Inc., net	(1,256)	(8,793)	(570)
Other liabilities	234	1,532	1,317
Net cash provided by (used in) operating activities	177,209	181,560	207,382
Cash Flows from Investing Activities
Investment in unconsolidated entity	(647)	(667)	(984)
Proceeds from franchise agreement extensions	4,000	0	0
Acquisition of hotel properties and assets, net of cash and restricted cash acquired	(212,552)	(162,593)	(363)
Improvements and additions to hotel properties	(159,220)	(207,325)	(221,960)
Net proceeds from sale of assets and hotel properties	102,676	40,629	105,267
Payments for initial franchise fees	(475)	(329)	(225)
Liquidation of U.S. AQUA Fund	0	0	50,942
Proceeds from sale of investment in Ashford Inc.	11,792	0	0
Proceeds from property insurance	1,233	651	3,442
Net cash provided by (used in) investing activities	(253,193)	(329,634)	(63,881)
Cash Flows from Financing Activities
Borrowings on indebtedness	404,795	2,705,769	704,800
Repayments of indebtedness	(272,357)	(2,463,100)	(754,836)
Payments for loan costs and exit fees	(9,643)	(55,555)	(13,871)
Payments for dividends and distributions	(86,210)	(97,445)	(101,592)
Purchases of common stock	(1,031)	(1,598)	(1,272)
Redemption of preferred stock	0	0	(218,425)
Payments for derivatives	(1,112)	(3,162)	(871)
Proceeds from common stock offering	0	14,752	0
Proceeds from preferred stock offerings	0	0	222,071
Preferred and common stock offering costs	(91)	0	0
Deposit on ERFP assets	0	16,100	0
Other	28	53	94
Net cash provided by (used in) financing activities	34,379	115,814	(163,902)
Net change in cash and cash equivalents	(41,605)	(32,260)	(20,401)
Cash, cash equivalents and restricted cash at beginning of year	439,812	472,072	492,473
Cash, cash equivalents and restricted cash at end of year	398,207	439,812	472,072
Supplemental Cash Flow Information
Interest paid	233,771	215,344	210,644
Income taxes paid (received), net	(1,059)	1,890	(253)
Supplemental Disclosure of Investing and Financing Activities
Accrued but unpaid capital expenditures	24,239	23,615	19,456
Issuance of units for hotel acquisition	7,854	0	0
Assumption of debt in hotel acquisition	24,922	0	0
Notes receivable issued in land sale	7,590	0	0
Other non-cash consideration from land sale	4,797	0	0
Non-cash dividends paid	0	123	0
Unsettled common stock offering proceeds	0	1,075	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	319,210	354,805	347,091
Cash and cash equivalents at beginning of period included in assets held for sale	0	78	976
Restricted cash at beginning of period	120,602	116,787	144,014
Restricted cash at beginning of period included in assets held for sale	0	0	402
Cash, cash equivalents and restricted cash at beginning of period	439,812	472,072	492,473
Cash and cash equivalents at end of period	262,636	319,210	354,805
Cash and cash equivalents at end of period included in assets held for sale	0	0	78
Restricted cash at end of period	135,571	120,602	116,787
Restricted cash at end of period included in assets held for sale	0	0	402
Cash, cash equivalents and restricted cash at end of period	$ 439,812	$ 472,072	$ 492,473

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 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”).While our portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service 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 December 31, 2019 , we owned interests in the following assets: • 117 consolidated hotel properties, including 115 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,943 total rooms (or 24,916 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and • 17.0% ownership in OpenKey with a carrying value of $2.8 million . For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2019 , our 117 hotel properties were leased or owned by our wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries for U.S. 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. On November 6, 2019, Ashford Inc. completed its acquisition of Remington Lodging’s hotel management business from Mr. Monty J. Bennett, chairman of our board of directors, and chairman, chief executive officer and a significant stockholder of Ashford Inc., and Mr. Archie Bennett, Jr., our chairman emeritus and a significant stockholder of Ashford Inc. Remington Hotels manages 80 of our 117 hotel properties and WorldQuest. 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, but are not limited to project management services, debt placement services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, investment management services and mobile key technology. See note 17 .

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Renaissance Portsmouth Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 SpringHill Suites Glen Allen Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 2018 Embassy Suites New York Manhattan Times Square New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019 San Antonio Marriott San Antonio, TX Disposition August 2, 2019 Hilton Garden Inn Wisconsin Dells Wisconsin Dells, WI Disposition August 6, 2019 Courtyard Savannah Savannah, GA Disposition August 14, 2019 SpringHill Suites Jacksonville Jacksonville, FL Disposition December 3, 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. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income, dividends, and realized gains and losses, is reported as a component of “other income (expense)” in the consolidated statement of operations. Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. We recorded impairment charges of $33.6 million , $23.4 million and $10.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. See note 5 . Hotel Dispositions —D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 . Assets Held for Sale —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. Investments in Unconsolidated Entities —As of December 31, 2019 , we held a 17.0% ownership interest in OpenKey, which is 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 investment in our unconsolidated entity 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) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2019 , 2018 and 2017 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method. Impairment of Notes Receivable —We review notes receivable for impairment each reporting period. A loan is impaired when, based on current information and events, collection of all amounts recorded as assets on the balance sheet is no longer considered probable. When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the year ended December 31, 2019. 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. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally reduced utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. As of January 1, 2019, we recorded operating lease liabilities as well as a corresponding operating lease ROU asset which includes deferred rent and the reclassified intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee. Intangible Assets and Liabilities —Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 21 . Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See notes 8 and 20 . Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master- netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year . Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year . Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year . Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 14 . The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2019 and 2018 , and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Revenue Recognition —On January 1, 2018, we adopted Topic 606 using the modified retrospective method. As the adoption of this standard did not have a material impact on our consolidated financial statements, no adjustments to opening retained earnings were made as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC Topic 605 - Revenue Recognition . Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. Prior to the adoption of Topic 606 on January 1, 2018, hotel revenues, including rooms, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, were recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities were not recorded in revenue. Interest income has been recognized when earned. Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2019 , 2018 and 2017 , we incurred advertising costs of $10.4 million , $8.5 million and $7.5 million , respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations. Equity-Based Compensation —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance 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. Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 19 . The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2015 through 2019 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. Recently Adopted Accounting Standards —In February 2016, the 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. Under the new standard, lessee leases are 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 allows 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, in conjunction with the transition from ASC 840 to ASC 842, 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 operating lease 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 6 . 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. 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 . In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2018-19”). In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments –

Revenue

Revenue	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue For the years ended December 31, 2019 , 2018 , and 2017 , we recorded $0 , $2.6 million , and $0 of business interruption income for the Hilton St. Petersburg Bayfront and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. In 2019, we recorded $172,000 of miscellaneous business interruption income. Business interruption income is included in “other” hotel revenue in our consolidated statements of operations. 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): Year Ended December 31, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 72,572 $ 18,878 $ 4,650 $ — $ 96,100 Boston, MA Area 3 61,222 7,943 3,773 — 72,938 Dallas / Ft. Worth Area 7 59,926 15,814 3,486 — 79,226 Houston, TX Area 3 26,038 9,208 809 — 36,055 Los Angeles, CA Metro Area 6 78,689 16,117 5,237 — 100,043 Miami, FL Metro Area 3 27,857 9,277 938 — 38,072 Minneapolis - St. Paul, MN - WI Area 4 32,073 7,997 3,727 — 43,797 Nashville, TN Area 1 51,628 22,356 2,356 — 76,340 New York / New Jersey Metro Area 7 98,961 24,239 3,461 — 126,661 Orlando, FL Area 3 30,400 1,865 1,737 — 34,002 Philadelphia, PA Area 3 24,469 3,903 723 — 29,095 San Diego, CA Area 2 17,838 1,395 1,015 — 20,248 San Francisco - Oakland, CA Metro Area 7 91,081 9,628 2,627 — 103,336 Tampa, FL Area 2 25,187 7,858 1,112 — 34,157 Washington D.C. - MD - VA Area 9 124,056 26,231 8,333 — 158,620 Other Areas 48 343,813 58,878 23,567 — 426,258 Orlando WorldQuest — 4,066 102 1,333 — 5,501 Sold properties 4 15,111 2,228 769 — 18,108 Corporate — — — — 4,202 4,202 Total 121 $ 1,184,987 $ 243,917 $ 69,653 $ 4,202 $ 1,502,759 Year Ended December 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 66,688 $ 17,060 $ 5,217 $ — $ 88,965 Boston, MA Area 3 60,232 7,725 3,468 — 71,425 Dallas / Ft. Worth Area 7 61,910 16,746 3,602 — 82,258 Houston, TX Area 3 26,783 9,214 854 — 36,851 Los Angeles, CA Metro Area 6 77,976 15,645 4,702 — 98,323 Miami, FL Metro Area 3 28,366 9,009 997 — 38,372 Minneapolis - St. Paul, MN - WI Area 4 36,138 9,618 4,602 — 50,358 Nashville, TN Area 1 50,120 13,116 1,783 — 65,019 New York / New Jersey Metro Area 6 74,441 23,029 2,899 — 100,369 Orlando, FL Area 3 28,966 1,570 1,325 — 31,861 Philadelphia, PA Area 3 24,385 4,534 869 — 29,788 San Diego, CA Area 2 18,392 1,075 971 — 20,438 San Francisco - Oakland, CA Metro Area 6 81,368 7,726 2,562 — 91,656 Tampa, FL Area 2 22,896 6,459 1,542 — 30,897 Washington D.C. - MD - VA Area 9 113,902 23,673 6,695 — 144,270 Other Areas 48 330,898 55,358 23,245 — 409,501 Orlando WorldQuest — 4,429 130 1,188 — 5,747 Sold properties 7 26,797 2,624 1,261 — 30,682 Corporate — — — — 4,009 4,009 Total 122 $ 1,134,687 $ 224,311 $ 67,782 $ 4,009 $ 1,430,789 Year ended December 31, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 67,463 $ 17,526 $ 4,979 $ — $ 89,968 Boston, MA Area 3 58,719 8,265 3,217 — 70,201 Dallas / Ft. Worth Area 7 61,086 16,887 3,258 — 81,231 Houston, TX Area 3 27,965 9,162 738 — 37,865 Los Angeles, CA Metro Area 6 77,224 15,503 4,592 — 97,319 Miami, FL Metro Area 3 28,833 9,057 992 — 38,882 Minneapolis - St. Paul, MN - WI Area 4 36,156 9,740 4,391 — 50,287 Nashville, TN Area 1 50,530 16,979 1,629 — 69,138 New York / New Jersey Metro Area 6 73,670 24,876 2,528 — 101,074 Orlando, FL Area 3 30,053 1,851 736 — 32,640 Philadelphia, PA Area 3 23,434 4,052 725 — 28,211 San Diego, CA Area 2 18,044 1,512 769 — 20,325 San Francisco - Oakland, CA Metro Area 6 77,713 8,073 2,033 — 87,819 Tampa, FL Area 3 23,775 6,699 760 — 31,234 Washington D.C. - MD - VA Area 9 111,928 23,896 5,094 — 140,918 Other Areas 48 327,697 54,716 18,822 — 401,235 Orlando WorldQuest — 4,946 141 1,224 — 6,311 Sold properties 10 43,899 5,842 1,717 — 51,458 Corporate — — — — 3,154 3,154 Total 126 $ 1,143,135 $ 234,777 $ 58,204 $ 3,154 $ 1,439,270

Investments in Hotel Properties

Investments in Hotel Properties, net	12 Months Ended
	Dec. 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): December 31, 2019 2018 Land $ 769,381 $ 670,362 Buildings and improvements 4,129,884 4,062,810 Furniture, fixtures and equipment 503,156 504,806 Construction in progress 29,745 37,394 Condominium properties 12,093 12,091 Total cost 5,444,259 5,287,463 Accumulated depreciation (1,335,816 ) (1,182,244 ) Investments in hotel properties, net $ 4,108,443 $ 4,105,219 The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $3.5 billion and $3.6 billion as of December 31, 2019 and 2018 , respectively. For the years ended December 31, 2019 , 2018 and 2017 , we recognized depreciation expense of $268.4 million , $257.9 million and $246.0 million , respectively. Acquisitions Embassy Suites New York Manhattan Times Square On January 22, 2019, we acquired a 100% interest in the 310 -room Embassy Suites New York Manhattan Times Square for $195.0 million in cash. In connection with this transaction, we entered into a $145.0 million mortgage loan (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 of $1.5 million 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 $ 111,619 Buildings and improvements 80,047 Furniture, fixtures and equipment (1) 8,626 Investments in hotel properties, net $ 200,292 Key money (3,800 ) $ 196,492 Net other assets (liabilities) $ 1,320 _____________________________ (1) FF&E of $8.6 million was sold to Ashford Inc. as a part of the ERFP transaction for the Embassy Suites New York Manhattan Times Square. The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Total revenue $ 26,139 Net income (loss) (3,549 ) 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 of $14.7 million , approximately 1.5 million common units in our operating partnership and the assumption of a 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 of $355,000 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 $ 9,399 Buildings and improvements 34,276 Furniture, fixtures and equipment (1) 3,852 Investments in hotel properties, net $ 47,527 Debt discount 407 $ 47,934 Net other assets (liabilities) $ 38 _____________________________ (1) $3.9 million of FF&E was sold to Ashford Inc. as a part of the ERFP transaction 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 year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Total revenue $ 9,106 Net income (loss) (346 )

Hotel Dispositions, Land Sale,

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries	Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries Hotel Dispositions On August 2, 2019 , the Company sold the San Antonio Marriott for $34.0 million in cash. The sale resulted in a gain of approximately $2.6 million for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $26.8 million of debt associated with the hotel property. See note 8 . On August 6, 2019 , the Company sold the Hilton Garden Inn Wisconsin Dells for $8.0 million in cash. The sale resulted in a loss of approximately $292,000 for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.7 million of debt associated with the hotel property. See note 8 . On August 14, 2019 , the Company sold the Savannah Courtyard for approximately $29.8 million in cash. The sale resulted in a loss of approximately $60,000 for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $28.8 million of debt associated with the hotel property. See note 8 . On December 3, 2019 , the Company sold the SpringHill Suites Jacksonville for approximately $11.2 million in cash. The sale resulted in a gain of approximately $3.8 million for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. On February 20, 2018, the Company sold the SpringHill Suites Glen Allen 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 assets and 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 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 assets and 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 Tampa for approximately $24.0 million in cash. The sale resulted in a gain of approximately $390,000 for the year ended December 31, 2018, which was included in “gain (loss) on sale of assets and 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 . On February 1, 2017, the Company sold the Renaissance Portsmouth hotel for approximately $9.2 million in cash. The sale resulted in a loss of $43,000 for the year ended December 31, 2017, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $20.2 million of debt associated with the hotel property. See note 8 . On March 6, 2017, the Company sold the Embassy Suites Syracuse for approximately $8.8 million in cash. The sale resulted in a loss of $40,000 for the year ended December 31, 2017, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $20.6 million of debt associated with the hotel property. See note 8 . On June 29, 2017, the Company sold the Crowne Plaza Ravinia in Atlanta, Georgia for approximately $88.7 million in cash. The sale resulted in a gain of $14.1 million for the year ended December 31, 2017, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $78.7 million of debt associated with the hotel property. See note 8 . We included the results of operations for these hotel properties through the date of disposition as shown in the consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 . The following table includes condensed financial information from these hotel properties (in thousands): Year Ended December 31, 2019 2018 2017 Total hotel revenue $ 18,108 $ 30,682 $ 51,458 Total hotel operating expenses (11,740 ) (19,631 ) (34,987 ) Gain (loss) on sale of assets and hotel properties 6,072 475 14,030 Property taxes, insurance and other (1,418 ) (2,266 ) (3,105 ) Depreciation and amortization (2,399 ) (4,590 ) (9,012 ) Impairment charges (6,533 ) (16,983 ) (8,301 ) Operating income (loss) 2,090 (12,313 ) 10,083 Interest income — — 12 Interest expense and amortization of premiums and loan costs (808 ) (2,983 ) (8,290 ) Write-off of premiums, loan costs and exit fees (426 ) (524 ) (98 ) Income (loss) before income taxes 856 (15,820 ) 1,707 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (136 ) 2,316 (265 ) Net Income (loss) before income taxes attributable to the Company $ 720 $ (13,504 ) $ 1,442 Land Sale On October 10, 2019 , the Company sold the 1.65 -acre parking lot adjacent to the Hilton St. Petersburg Bayfront in St. Petersburg, Florida for consideration of approximately $20.6 million . The sale resulted in a gain of approximately $19.4 million for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statement of operations. The Company also repaid approximately $8.0 million of debt associated with the hotel property. See notes 8 and 9 . The consideration received is summarized in the table below (in thousands): Cash $ 8,250 Note receivable - construction financing (1) 3,543 Note receivable - certificate of occupancy (2) 4,047 Other asset - future ownership rights of parking parcel (3) 4,100 Other asset - free use of parking easement prior to development commencement (4) 235 Other asset - reimbursement of parking fees while parking parcel is in development (5) 462 Total $ 20,637 ____________________________________ (1) This note receivable has a face value of $4.0 million and was discounted at 7.0% , which represents the stated rate in the note. See note 9 . (2) This note receivable has a face value of $5.3 million and was discounted at 7.0% , which represents the stated rate in the note. See note 9 . (3) The $4.1 million is the estimated fair value on the closing date of the transaction. (4) This amount represents the value for the time period that the Company will receive free use of the parking easement prior to development commencement. The total amount was discounted at 7.0% . (5) This amount represents the value for parking fees that will be reimbursed to the Company during the development of the parking parcel and was discounted at 7.0% . Impairment Charges and Insurance Recoveries For the year ended December 31, 2019 , we recorded impairment charges of $33.6 million . During the second quarter of 2019, we recorded impairment charges of $1.4 million at the Wisconsin Dells Hilton Garden Inn and $5.1 million at the Savannah Courtyard related to the disposition of the hotel properties. In the fourth quarter of 2019, we recorded impairment charges of $9.3 million at the Pittsburgh Hampton Inn Waterfront, $7.6 million at the Stillwater Residence Inn, and $10.2 million at the Washington Hampton Inn Pittsburgh Meadow Lands. These impairment charges resulted from changes in the estimated holding periods of these hotel properties. The impairment charges were based on methodologies discussed in note 2 , which are considered Level 3 valuation techniques. For the year ended December 31, 2018 , we recorded a $23.4 million impairment charge, which was comprised of $9.9 million at the San Antonio Marriott, $6.7 million at the Annapolis Crowne Plaza, $5.1 million at the Wisconsin Dells Hilton Garden Inn and $2.0 million at the SpringHill Suites Centreville related to its disposition. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. We also recorded impairment adjustments of $275,000 in 2018 based on changes in estimates of property damages incurred from Hurricanes Harvey and Irma. For the year ended December 31, 2017 , we recorded an impairment charge of $8.2 million related to two hotel properties. The impairment charges occurred at the SpringHill Suites Centreville and the SpringHill Suites Glen Allen in the amounts of $4.7 million and $3.5 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. The hotel properties were held for sale as of December 31, 2017 and subsequently sold during 2018. In August and September 2017, twenty-four of our hotel properties in Texas and Florida were impacted by the effects of Hurricanes Harvey and Irma. The Company holds insurance policies that provide coverage for property damage and business interruption after meeting certain deductibles at all of its hotel properties. During 2017, the Company recognized impairment charges, net of anticipated insurance recoveries of $2.0 million . Additionally, the Company recognized remediation and other costs, net of anticipated insurance recoveries of $2.8 million , included primarily in other hotel operating expenses. During the year ended December 31, 2019, 2018 and 2017, the Company received proceeds of $0 , $401,000 , and $612,000 , respectively, for business interruption losses associated with lost profits, which has been recorded as “other” hotel revenue in our consolidated statement of operations, in excess of the deductible of $360,000 . We received additional proceeds of $43,000 and $836,000 associated with property damage from the hurricanes during the years ended December 31, 2019 and 2018. The Company will not record an insurance recovery receivable for business interruption losses associated with lost profits until the amount for such recoveries is known and the amount is realizable.

Leases

Leases	12 Months Ended
	Dec. 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 short-term leases on the balance sheet across all existing asset classes. The adoption of this standard has resulted in the recognition of operating lease 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 operating lease 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 consolidated statements of operations and statements of cash flows. The majority of our leases, as lessee, 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 1 year 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 December 31, 2019 . The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment. During preparation of the December 31, 2019 financial statements management identified an error in the adoption of ASC 842. One lease was inadvertently excluded from the original entry to record the initial operating lease right-of-use asset and operating lease liability in the amount of approximately $8.8 million . Management evaluated the impact of this balance sheet entry and concluded it was immaterial. As a result, the operating lease right-of-use asset and related operating lease liability were recorded as of December 31, 2019 in our consolidated balance sheet as an out-of-period adjustment. There was no impact to net income (loss) or cash flows for any prior period. As of December 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): December 31, 2019 Assets Operating lease right-of-use assets $ 49,995 Liabilities Operating lease liabilities $ 53,270 We incurred the following operating lease costs related to our operating leases (in thousands): Classification Year Ended December 31, 2019 Hotel operating expenses - other (1) $ 4,323 _______________________________________ (1) For the year ended December 31, 2019 , operating lease cost includes approximately $501,000 of variable lease cost associated with the ground leases and $176,000 of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 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) $ 3,511 Weighted Average Remaining Lease Term Operating leases (1) 73 years Weighted Average Discount Rate Operating leases (1) 5.17 % _______________________________________ (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 December 31, 2019 were as follows (in thousands): Operating Leases 2020 $ 3,425 2021 3,235 2022 3,092 2023 3,026 2024 3,026 Thereafter 204,869 Total future minimum lease payments 220,673 Less: interest (167,403 ) Present value of lease liabilities $ 53,270 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 .

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities Ashford Inc. As of December 31, 2018, the Company held approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate 25.0% ownership interest in Ashford Inc. with a carrying value of $1.9 million and a fair value of $31.0 million . On October 2, 2019, the Company entered into a stock purchase agreement with Ashford LLC under which Ashford LLC purchased all of the common stock of Ashford Inc. held by Ashford TRS, totaling 393,077 shares, for $30 per share, resulting in total proceeds of approximately $11.8 million and a gain of $11.8 million to the Company which is included in “other income (expense)” in our consolidated statement of operations for the year ended December 31, 2019. The carrying value of our investment in Ashford Inc. on October 2, 2019 was $0 . On October 21, 2019, the Company announced that its board of directors had declared the distribution of its remaining 205,086 shares of common stock of Ashford Inc. Both common stockholders and unitholders of Ashford Trust received their pro rata share of Ashford Inc. common stock. The distribution to Company common stockholders and unitholders was completed through a pro-rata taxable dividend of Ashford Inc. common stock on the Distribution Date to Company Record Holders as of the close of business of the NYSE on the Record Date. On the Distribution Date, each Company Record Holder received approximately 0.0017 shares of Ashford Inc. common stock for every unit and/or share of the Company’s common stock held by such Company Record Holder on the Record Date. No fractional shares of Ashford Inc. common stock were issued. Fractional shares of Ashford Inc. common stock to which Company Record Holders would otherwise be entitled were aggregated and, after the distribution, sold in the open market by the distribution agent. The aggregate net proceeds of the sales were distributed in a pro-rata manner as cash payments to the Company Record Holders who would otherwise have received fractional shares of Ashford Inc. common stock. Additionally, Company Record Holders who hold in “street name” on behalf of their customers may sell additional shares into the open market to make cash payments to their customers who would have otherwise received fractional shares of Ashford Inc. common stock. The carrying value of the remaining investment in Ashford Inc. on November 5, 2019 was $0 . Subsequent to the distribution, the Company does not have any ownership interest in Ashford Inc. The following tables summarize the condensed consolidated balance sheet and our ownership interest in Ashford Inc. as of December 31, 2018 , and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the years ended December 31, 2019 , 2018 and 2017 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheet December 31, 2018 Total assets $ 379,005 Total liabilities $ 108,726 Series B Convertible Preferred Stock 200,847 Redeemable noncontrolling interests 3,531 Total stockholders’ equity of Ashford Inc. 65,443 Noncontrolling interests in consolidated entities 458 Total equity 65,901 Total liabilities and equity $ 379,005 Our ownership interest in Ashford Inc. $ 1,896 Ashford Inc. Condensed Consolidated Statements of Operations Year Ended December 31, 2019 2018 2017 Total revenue $ 291,250 $ 195,520 $ 81,573 Total operating expenses (302,480 ) (196,359 ) (92,095 ) Operating income (loss) (11,230 ) (839 ) (10,522 ) Equity in earnings (loss) of unconsolidated entities (286 ) — — Realized and unrealized gain (loss) on investments, net — — (91 ) Interest expense and amortization of loan costs (2,367 ) (1,200 ) (122 ) Other income (expense) 49 (505 ) 264 Income tax benefit (expense) (1,540 ) 10,364 (9,723 ) Net income (loss) (15,374 ) 7,820 (20,194 ) (Income) loss from consolidated entities attributable to noncontrolling interests 536 924 358 Net (income) loss attributable to redeemable noncontrolling interests 983 1,438 1,484 Net income (loss) attributable to Ashford Inc. (13,855 ) 10,182 (18,352 ) Preferred dividends (14,435 ) (4,466 ) — Amortization of preferred stock discount (1,928 ) (730 ) — Net income attributable to common stockholders $ (30,218 ) $ 4,986 $ (18,352 ) Our equity in earnings (loss) of Ashford Inc. $ (1,896 ) $ 1,459 $ (5,437 ) OpenKey OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software 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 December 31, 2019 , the Company has made investments in OpenKey totaling $4.6 million . In 2019 , 2018 , and 2017 we made additional investments in OpenKey of $647,000 , $667,000 and $983,000 , respectively. The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2019 December 31, 2018 Carrying value of the investment in OpenKey (in thousands) $ 2,829 $ 2,593 Ownership interest in OpenKey 17.0 % 16.3 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Equity in earnings (loss) of unconsolidated entity $ (411 ) $ (592 ) $ (481 ) AQUA U.S. Fund In June 2015, for consideration of certain marketable securities, we obtained a 52.4% ownership interest in the AQUA U.S. Fund. The AQUA U.S. Fund was managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. The AQUA U.S. Fund was consolidated by Ashford Inc. During the first quarter of 2017, we liquidated our investment in the AQUA U.S. Fund subject to a 5% hold back of $2.6 million , which was received during the second quarter of 2017. For the year ended December 31, 2017 , our equity in earnings was $52,000 .

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness and the carrying values of related collateral were as follows at December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Indebtedness Collateral Maturity Interest Rate Debt Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (2) 1 hotel July 2019 4.00% $ — $ — $ 5,232 $ 7,752 Mortgage loan 1 hotel August 2019 LIBOR (1) + 4.95% — — 7,778 9,446 Mortgage loan (3) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 331,686 395,000 344,744 Mortgage loan (4) (5) (6) 19 hotels April 2020 LIBOR (1) + 3.20% 907,030 1,077,936 962,575 1,168,504 Mortgage loan (7) 1 hotel May 2020 LIBOR (1) + 2.90% — — 16,100 29,966 Mortgage loan (8) 1 hotel June 2020 LIBOR (1) + 5.10% 43,750 60,191 43,750 62,995 Mortgage loan (4) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 131,102 180,720 136,325 Mortgage loan (4) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 131,420 174,400 137,611 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 175,875 221,040 176,279 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 105,702 262,640 116,304 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 185,854 160,000 189,026 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 198,059 215,120 193,120 Mortgage loan (9) 1 hotel July 2020 LIBOR (1) + 4.40% 35,200 38,383 35,200 36,177 Mortgage loan (10) 8 hotels July 2020 LIBOR (1) + 4.33% 144,000 168,054 144,000 173,678 Mortgage loan 1 hotel November 2020 6.26% 91,542 112,767 93,433 121,162 Mortgage loan (11) 1 hotel November 2020 LIBOR (1) + 2.55% 25,000 49,748 25,000 49,912 Mortgage loan (12) (13) 17 hotels November 2020 LIBOR (1) + 3.00% 419,000 263,998 427,000 282,462 Mortgage loan (14) 2 hotels March 2021 LIBOR (1) + 2.75% 240,000 235,705 — — Mortgage loan (15) 1 hotel February 2022 LIBOR (1) + 3.90% 145,000 189,982 — — Mortgage loan (14) 2 hotels June 2022 LIBOR (1) + 3.00% — — 178,099 245,984 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 186,400 97,000 194,886 Mortgage loan (7) 1 hotel December 2022 LIBOR (1) + 2.25% 16,100 27,498 — — Mortgage loan 1 hotel May 2023 5.46% 51,843 83,824 52,843 79,124 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 107,212 73,450 110,592 Mortgage loan 1 hotel January 2024 5.49% 6,759 8,112 6,883 8,694 Mortgage loan 1 hotel January 2024 5.49% 9,865 19,166 10,045 20,516 Mortgage loan 1 hotel May 2024 4.99% 6,292 6,896 6,414 7,153 Mortgage loan (2) 1 hotel June 2024 LIBOR (1) + 2.00% 8,881 7,416 — — Mortgage loan 3 hotels August 2024 5.20% 64,207 48,560 65,242 50,768 Mortgage loan 2 hotels August 2024 4.85% 11,845 11,727 12,048 10,909 Mortgage loan 3 hotels August 2024 4.90% 23,683 17,348 24,086 16,211 Mortgage loan 2 hotels February 2025 4.45% 19,438 10,314 19,835 10,423 Mortgage loan 3 hotels February 2025 4.45% 50,279 70,318 51,304 73,645 Mortgage loan 1 hotel March 2025 4.66% 24,919 43,577 — — $ 4,124,003 $ 4,104,830 $ 3,966,237 $ 4,064,368 Premiums, net 655 1,293 Deferred loan costs, net (18,140 ) (40,264 ) Indebtedness, net $ 4,106,518 $ 3,927,266 ____________________________________ (1) LIBOR rates were 1.763% and 2.503% at December 31, 2019 and December 31, 2018 , respectively. (2) On June 7, 2019, we amended this mortgage loan totaling $5.2 million . The amended mortgage loan totaling $8.9 million has a five year term, is interest only and bears interest at a rate of LIBOR + 2.00% . (3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in February 2020. (4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (5) This mortgage loan had a $26.8 million pay down of principal related to the sale of the Marriott San Antonio on August 2, 2019. See note 5 . (6) This mortgage loan had a $28.8 million pay down of principal related to the sale of the Courtyard Savannah on August 14, 2019. See note 5 . (7) On December 27, 2019, we amended this mortgage loan totaling $16.0 million . The amended mortgage totaling $16.1 million has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The amended mortgage loan is interest only and bears interest at a rate of LIBOR + 2.25% . (8) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019. (9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.15% . (10) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.09% . (11) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019. (13) This mortgage loan had an $8.0 million pay down of principal related to the sale of the parking lot adjacent to the Hilton St. Petersburg Bayfront on October 10, 2019. See note 5 . (14) 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% . (15) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. 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 5 . 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 5 . 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 5 . 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% . The secured credit facility expired on September 26, 2019. No amounts were drawn on the secured credit facility at expiration. 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 Manhattan Times Square, 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 Manhattan Times Square. 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 amortizes monthly and provides for a fixed interest rate of 4.66% . The stated maturity date is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley. See note 4 . 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 new 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. On June 7, 2019, we amended the mortgage loan secured by the Fort Worth Ashton totaling $5.2 million . The amended mortgage loan totaling $8.9 million has a five-year term, is interest only and bears interest at a rate of LIBOR + 2.00% . On August 2, 2019 , we repaid $26.8 million of principal on our mortgage loan partially secured by the San Antonio Marriott. This hotel property was sold on August 2, 2019 . See note 5 . On August 6, 2019 , we repaid $7.7 million of principal on our mortgage loan secured by the Hilton Garden Inn Wisconsin Dells. This hotel property was sold on August 6, 2019 . See note 5 . On August 14, 2019 , we repaid $28.8 million of principal on our mortgage loan partially secured by the Courtyard Savannah. This hotel property was sold on August 14, 2019 . See note 5 . On October 10, 2019 , we repaid $8.0 million of principal on our mortgage loan partially secured by the Hilton St. Petersburg Bayfront in connection with selling the 1.65-acre parking lot adjacent to the hotel on October 10, 2019 . See note 5 . On December 27, 2019, we amended the mortgage loan secured by the Indigo Atlanta totaling $16.0 million . The amended mortgage loan totaling $16.1 million has a three-year term, is interest only and bears interest at a rate of LIBOR + 2.25% . The stated maturity is December 2022 with two one-year extension options, subject to the satisfaction of certain conditions. During the years ended December 31, 2019 , 2018 , and 2017 we recognized premium amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Interest expense and amortization of premium and loan costs $ 232 $ 277 $ 1,953 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 December 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. Maturities and scheduled amortizations of indebtedness as of December 31, 2019 for each of the five following years and thereafter are as follows (in thousands): 2020 $ 3,279,403 2021 5,485 2022 503,868 2023 126,875 2024 124,705 Thereafter 83,667 Total $ 4,124,003

Notes Receivable, net and Other

Notes Receivable, net and Other	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Notes Receivable, net and Other	Notes Receivable, net and Other On October 10, 2019, the Company sold the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront in St. Petersburg, Florida. The consideration received is summarized in the table below (in thousands): Cash $ 8,250 Note receivable - construction financing 3,543 Note receivable - certificate of occupancy 4,047 Other asset - future ownership rights of parking parcel 4,100 Other asset - free use of parking easement prior to development commencement 235 Other asset - reimbursement of parking fees while parking parcel is in development 462 Total $ 20,637 Notes Receivable, net Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2019 Construction Financing Note (1) Face amount 7.0 % $ 4,000 Discount (2) (402 ) 3,598 Certificate of Occupancy Note (3) Face amount 7.0 % $ 5,250 Discount (4) (1,139 ) 4,111 Note receivable, net $ 7,709 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024. (2) The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2021. (3) The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025. (4) The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2023. No cash interest income was recorded for the year ended December 31, 2019. For the year ended December 31, 2019, we recognized discount amortization of $119,000 , which is included in “other income (expense)” in the consolidated statement of operations. As of December 31, 2019, there was no allowance related to the notes receivable as collectibility is considered probable. Other Other consideration is summarized in the table below (dollars in thousands, except interest rates): Imputed Interest Rate December 31, 2019 Future ownership rights of parking parcel 7.0 % $ 4,100 Imputed accrued interest 72 4,172 (1) Free use of parking easement prior to development commencement 7.0 % $ 235 Accumulated amortization (118 ) 117 (1) Reimbursement of parking fees while parking parcel is in development (2) 7.0 % $ 462 Accumulated amortization — 462 (1) Total $ 4,751 ____________________________________ (1) Included in “other assets” in the consolidated balance sheets. (2) Amortization will commence when the parking parcel begins development. For the year ended December 31, 2019, we recognized imputed accrued interest of $72,000 and amortization of $118,000 related to the free use of parking easement, which are included in “other income (expense)” in the consolidated statement of operations.

Derivative Instruments and Hedg

Derivative Instruments and Hedging	12 Months Ended
	Dec. 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 each applicable period: Year Ended December 31, 2019 2018 2017 Interest rate caps: Notional amount (in thousands) $ 1,051,050 (1) $ 3,614,618 (1) $ 2,539,700 (1) Strike rate low end of range 1.50 % 1.50 % 1.50 % Strike rate high end of range 4.88 % 5.71 % 5.84 % Effective date range January 2019 - November 2019 January 2018 - November 2018 February 2017 - October 2017 Termination date range June 2020 - February 2022 January 2019 - November 2020 February 2018 - November 2019 Total cost (in thousands) $ 1,112 $ 3,143 $ 871 Interest rate floors: Notional amount (in thousands) $ 6,000,000 (1) $ 12,025,000 (1) $ 10,750,000 (1) Strike rate low end of range 1.63 % 1.25 % 1.00 % Strike rate high end of range 1.63 % 2.00 % 1.50 % Effective date range January 2019 July 2018 - November 2018 September 2017 - December 2017 Termination date range March 2020 September 2019 - November 2021 March 2019 - June 2019 Total cost (in thousands) $ 225 $ 432 $ 388 _______________ (1) These instruments were not designated as cash flow hedges We held interest rate instruments as summarized in the table below: December 31, 2019 December 31, 2018 Interest rate caps: Notional amount (in thousands) $ 3,799,740 (1) $ 3,953,718 (1) Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.22 % 5.71 % Termination date range February 2020 - February 2022 January 2019 - November 2020 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,666,331 $ 3,521,872 Interest rate floors: (2) Notional amount (in thousands) $ 12,025,000 (1 ) $ 28,775,000 (1 ) Strike rate low end of range (0.25 )% (0.25 )% Strike rate high end of range 1.63 % 2.00 % Termination date range March 2020 - 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 December 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 $3.2 million as of December 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 . Futures Contracts —During the year ended December 31, 2016, we purchased an option on Eurodollar futures for a total cost of $250,000 , and maturity date of June 2017. There were no purchases during the years ended December 31, 2019, 2018 and 2017.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 December 31, 2019 , the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 1.76% to 1.47% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counter-party and Cash Collateral Netting (1) Total December 31, 2019: Assets Derivative assets: Interest rate derivatives – floors $ — $ 42 $ — $ 257 $ 299 (2) Interest rate derivatives – caps — 47 — — 47 (2) Credit default swaps — (1,579 ) — 2,924 1,345 (2) — (1,490 ) — 3,181 1,691 Non-derivative assets: Equity securities 14,591 — — — 14,591 (3) Total $ 14,591 $ (1,490 ) $ — $ 3,181 $ 16,282 Liabilities Derivative liabilities: Credit default swaps — (1,092 ) — 1,050 (42 ) (4) Net $ 14,591 $ (2,582 ) $ — $ 4,231 $ 16,240 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 Year Ended December 31, 2019 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (438 ) $ (488 ) $ (2,435 ) Interest rate derivatives - caps (1,666 ) (2,678 ) (758 ) Credit default swaps (2,098 ) (4) 703 (4) (4,201 ) (4) Options on futures contracts — — (116 ) Non-derivative assets: Equity 1,980 (924 ) (3,678 ) Total (2,222 ) (3,387 ) (11,188 ) Liabilities Derivative liabilities: Credit default swaps (1,092 ) 285 — Net $ (3,314 ) $ (3,102 ) $ (11,188 ) Total combined Interest rate derivatives - floors $ 362 $ (488 ) $ (2,435 ) Interest rate derivatives - caps (1,666 ) (2,678 ) (758 ) Credit default swaps (3,190 ) 988 (36 ) Options on futures contracts — — 427 Total derivatives (4,494 ) (1) (2,178 ) (1) (2,802 ) (1) Realized gain (loss) on credit default swaps — (2) (4) — (2) (4) (4,165 ) (2) (4) Realized gain (loss) on options on futures contracts (800 ) (2) — (543 ) (2) Unrealized gain (loss) on marketable securities 1,896 (3) (1,013 ) (3) (4,649 ) (3) Realized gain (loss) on marketable securities 84 (2) 89 (2) 971 (2) Net $ (3,314 ) $ (3,102 ) $ (11,188 ) _________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $1,077 , $1,045 and $1,036 in 2019 , 2018 and 2017 , respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 14,591 $ 14,591 $ 21,816 $ 21,816 Derivative assets, net 1,691 1,691 2,396 2,396 Derivative liabilities, net 42 42 50 50 Financial assets not measured at fair value: Cash and cash equivalents $ 262,636 $ 262,636 $ 319,210 $ 319,210 Restricted cash 135,571 135,571 120,602 120,602 Accounts receivable, net 39,638 39,638 37,060 37,060 Notes receivable, net 7,709 $7,323 to $8,095 — — Due from related parties, net 3,019 3,019 — — Due from third-party hotel managers 17,368 17,368 21,760 21,760 Financial liabilities not measured at fair value: Indebtedness $ 4,124,658 $3,881,453 to $4,290,027 $ 3,967,530 $3,773,343 to $4,170,538 Accounts payable and accrued expenses 134,341 134,341 136,757 136,757 Dividends and distributions payable 20,849 20,849 26,794 26,794 Due to Ashford Inc., net 6,570 6,570 23,034 23,034 Due to related parties, net — — 1,477 1,477 Due to third-party hotel managers 2,509 2,509 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 parties, 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. Notes receivable, net. The carrying amount of notes receivable, net approximates its fair value. We estimate the fair value of the notes receivable, net to be approximately 95% to 105% of the carrying value of $7.7 million as of December 31, 2019 . Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See notes 2 and 11 for a complete description of the methodology and assumptions utilized in determining the fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 94.1% to 104.0% of the carrying value of $4.1 billion at December 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. Derivative assets, net and derivative liabilities, net. Fair value of interest rate caps is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 2 , 10 , and 11 for a complete description of the methodology and assumptions utilized in determining fair values.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 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): Year Ended December 31, 2019 2018 2017 Income (loss) allocated to common stockholders – basic and diluted: Income (loss) attributable to the Company $ (113,635 ) $ (126,966 ) $ (67,008 ) Less: Dividends on preferred stock (42,577 ) (42,577 ) (44,761 ) Less: Extinguishment of issuance costs upon redemption of preferred stock — — (10,799 ) Less: Dividends on common stock (29,840 ) (47,057 ) (45,752 ) Less: Dividends on unvested performance stock units (475 ) (50 ) (393 ) Less: Dividends on unvested restricted shares (801 ) (844 ) (959 ) Undistributed income (loss) allocated to common stockholders (187,328 ) (217,494 ) (169,672 ) Add back: Dividends on common stock 29,840 47,057 45,752 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (157,488 ) $ (170,437 ) $ (123,920 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 99,837 97,282 95,207 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.58 ) $ (1.75 ) $ (1.30 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.58 ) $ (1.75 ) $ (1.30 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2019 2018 2017 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 801 $ 844 $ 959 Income (loss) allocated to unvested performance stock units 475 50 393 Income (loss) attributable to noncontrolling interest in operating partnership (28,932 ) (29,313 ) (21,642 ) Total $ (27,656 ) $ (28,419 ) $ (20,290 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 68 111 376 Effect of unvested performance stock units 69 251 258 Effect of assumed conversion of operating partnership units 19,082 17,599 17,342 Total 19,219 17,961 17,976

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 2019
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (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 years 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 may authorize 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, when and to the extent 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 December 31, 2019 , there were approximately 1.9 million Performance-based 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. During the year ended December 31, 2018, approximately 739,000 performance-based LTIP units were canceled due to the market condition criteria not being met. Following the adoption of ASU 2018-07 in the third quarter of 2018, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. As of December 31, 2019 , we have issued a total of 11.9 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 769,000 units ( none of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting. We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2019 2018 2017 Performance LTIP units Advisory services fee $ 3,594 $ 6,797 $ 1,785 LTIP units Advisory services fee 3,264 3,508 2,800 LTIP units - independent directors Corporate, general and administrative 446 536 475 $ 7,304 $ 10,841 $ 5,060 The unamortized cost of the unvested Performance LTIP units, which was $2.4 million at December 31, 2019 , will be expensed over a period of 2.0 years with a weighted average period of 0.7 years . The unamortized cost of the unvested LTIP units, which was $2.7 million at December 31, 2019 , will be expensed over a period of 2.2 years with a weighted average period of 1.3 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 years ended December 31, 2019 and 2018 , there were no common units redeemed. During the year ended December 31, 2017, 21,000 common units with an aggregate fair value of $161,000 were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: December 31, 2019 December 31, 2018 Redeemable noncontrolling interests (in thousands) $ 69,870 $ 80,743 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 155,536 146,091 Ownership percentage of operating partnership 15.92 % 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): Year Ended December 31, 2019 2018 2017 Allocated net (income) loss to the redeemable noncontrolling interests $ 28,932 $ 29,313 $ 21,642 Aggregate cash distributions to holders of common units and LTIP units 6,572 8,789 10,007 A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2019 2018 2017 Outstanding at beginning of year 19,921 19,602 19,443 LTIP units issued 338 476 701 Performance LTIP units issued 215 582 1,179 Performance LTIP units canceled — (739 ) — Common units issued for hotel acquisition 1,468 — — Common units converted to common stock — — (21 ) Conversion factor adjustment — — (1,700 ) Outstanding at end of year 21,942 19,921 19,602 Common units convertible/redeemable at end of year 18,571 16,645 16,320

Equity

Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Equity	Equity Common Stock and Preferred Stock Repurchases —On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million . The board of directors’ authorization replaced any previous repurchase authorizations. For the years ended December 31, 2019 , 2018 and 2017 , no shares of our common stock or preferred stock have been repurchased under the Repurchase Program. In addition, we acquired 210,700 , 248,562 and 203,299 shares of our common stock in 2019 , 2018 and 2017 , respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. At-the-Market Equity Offering Program —On December 11, 2017, Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million . The issuance activity is summarized below (in thousands): Year Ended December 31, 2019 2018 2017 Common shares issued — 2,434 — Gross proceed received $ — $ 15,522 $ — Commissions and other expenses — 194 — Net proceeds $ — $ 15,328 $ — Preferred Stock —In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock and Series I Cumulative Preferred Stock. 8.55% Series A Cumulative Preferred Stock. On September 18, 2017, the Company redeemed its Series A Cumulative Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4631 per share, for a total redemption price of $25.4631 per share. 8.45% Series D Cumulative Preferred Stock. At December 31, 2019 and 2018 , there were 2.4 million shares of Series D Cumulative Preferred Stock outstanding. The Series D Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series F Cumulative Preferred Stock (noted below), Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series D Cumulative Preferred Stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D Cumulative Preferred Stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1124 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D Cumulative Preferred Stock holders have no voting rights . On September 18, 2017, the Company redeemed approximately 1.6 million shares of its Series D Cumulative Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4577 per share, for a total redemption price of $25.4577 per share. On October 4, 2017, the Company redeemed 379,036 shares of Series D cumulative preferred shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.5516 per share, for a total redemption price of $25.5516 per share. On December 8, 2017, the Company redeemed approximately 5.1 million shares of its Series D Cumulative Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.3990 per share, for a total redemption price of $25.3990 per share. 7.375% Series F Cumulative Preferred Stock. At December 31, 2019 and 2018 there were 4.8 million shares of 7.375% Series F Cumulative Preferred Stock outstanding. The Series F Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series F Cumulative Preferred Stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F Cumulative Preferred Stock is convertible into a maximum 9.68992 shares of our common stock. The actual number is based on a formula as defined in the Series F Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series F Cumulative Preferred Stock will not impact our earnings per share calculations. Series F Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series F Cumulative Preferred Stock holders have no voting rights. 7.375% Series G Cumulative Preferred Stock. At December 31, 2019 and 2018 there were 6.2 million shares of 7.375% Series G Cumulative Preferred Stock outstanding. The 6.2 million of Series G Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below)) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series G Cumulative Preferred Stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G Cumulative Preferred Stock is convertible into a maximum 8.33333 shares of our common stock. The actual number is based on a formula as defined in the Series G Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series G Cumulative Preferred Stock will not impact our earnings per share calculations. Series G Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series G Cumulative Preferred Stock holders have no voting rights. 7.50% Series H Cumulative Preferred Stock. At December 31, 2019 and 2018 there were 3.8 million shares of 7.50% Series H Cumulative Preferred Stock outstanding. The Series H Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock and Series I Cumulative Preferred Stock (discussed below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series H Cumulative Preferred Stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H Cumulative Preferred Stock is convertible into a maximum 8.25083 shares of our common stock. The actual number is based on a formula as defined in the Series H Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series H Cumulative Preferred Stock will not impact our earnings per share. Series H Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H Cumulative Preferred Stock holders have no voting rights. 7.50% Series I Cumulative Preferred Stock. At December 31, 2019 and 2018 there were 5.4 million shares of 7.50% Series I Cumulative Preferred Stock outstanding. The Series I Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock and Series H Cumulative Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series I Cumulative Preferred Stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I Cumulative Preferred Stock is convertible into a maximum 8.06452 shares of our common stock. The actual number is based on a formula as defined in the Series I Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series I Cumulative Preferred Stock will not impact our earnings per share. Series I Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series I Cumulative Preferred Stock holders have no voting rights. Dividends —A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Common stock $ 31,116 $ 47,951 $ 47,104 Preferred stocks: Series A Cumulative Preferred Stock — — 2,539 Series D Cumulative Preferred Stock 5,048 5,047 18,211 Series F Cumulative Preferred Stock 8,849 8,849 8,849 Series G Cumulative Preferred Stock 11,430 11,431 11,430 Series H Cumulative Preferred Stock 7,125 7,125 2,494 Series I Cumulative Preferred Stock 10,125 10,125 1,238 Total dividends declared $ 73,693 $ 90,528 $ 91,865 Noncontrolling Interests in Consolidated Entities —Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties. The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets: December 31, 2019 2018 Carrying value of noncontrolling interests $ 504 $ 616 The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2019 2018 2017 (Income) loss allocated to noncontrolling interests in consolidated entities $ 112 $ 30 $ 110

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Amended and Restated 2011 Stock Incentive Plan approved by stockholders, we are authorized to grant 17.3 million restricted stock units and performance stock units of our common stock as incentive stock awards. At December 31, 2019 , 1.9 million shares were available for future issuance under the Amended and Restated 2011 Stock Incentive Plan. Restricted Stock Units —We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance. At December 31, 2019 , the unamortized cost of the unvested restricted stock units was $7.9 million which will be amortized over a period of 2.2 years with a weighted average period of 1.6 years . The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Advisory services fee $ 6,268 $ 6,698 $ 4,774 Management fees 768 1,159 645 Corporate, general and administrative - Premier 350 — — Corporate, general and administrative - independent directors 90 — 90 $ 7,476 $ 7,857 $ 5,509 During the year ended December 31, 2018, approximately $1.5 million of the compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his death, in accordance with the terms of the awards. A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 1,713 $ 6.56 2,085 $ 7.03 1,627 $ 8.30 Restricted shares granted 1,340 5.36 907 6.64 1,272 6.46 Restricted shares vested (863 ) 6.50 (1,230 ) 7.41 (759 ) 8.82 Restricted shares forfeited (62 ) 5.82 (49 ) 6.41 (55 ) 6.73 Outstanding at end of year 2,128 $ 5.86 1,713 $ 6.56 2,085 $ 7.03 Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of PSUs, which have a cliff vesting period of three years, 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, when and to the extent 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. During the year ended December 31, 2018, 248,000 PSUs were canceled due to the market condition criteria not being met. Upon the adoption of ASU 2018-07, in the third quarter of 2018, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Advisory services fee $ 4,937 $ 8,241 $ 1,718 During the year ended December 31, 2018, approximately $3.0 million of the compensation expense was related to the accelerated vesting of PSUs granted to one of our executive officers upon his death, in accordance with the terms of the awards. The unamortized cost of PSUs, which was $6.7 million at December 31, 2019 , will be expensed over a period of approximately 2.0 years with a weighted average period of 1.4 years . A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 775 $ 6.31 820 $ 6.07 336 $ 6.38 PSUs granted 809 5.36 526 6.64 484 5.85 PSUs vested — — (323 ) 6.19 — — PSUs canceled — — (248 ) 6.38 — — Outstanding at end of year 1,584 $ 5.82 775 $ 6.31 820 $ 6.07

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Remington Lodging (prior to Ashford Inc. acquisitions) Remington Lodging was a property and project management company, wholly owned by our chairman, Mr. Monty J. Bennett and Mr. Archie Bennett, Jr. who is our chairman emeritus. We had master property and project management agreements and property and project management mutual exclusivity agreements with Remington Lodging. On August 8, 2018, Ashford Inc. completed the acquisition of Remington Lodging’s project management business, Premier. As a result of Ashford Inc.’s acquisition, the project management services are no longer provided by Remington Lodging and are now provided by Premier, a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services that were previously provided by Remington Lodging are now be provided by Remington Hotels, a subsidiary of Ashford Inc. under the respective hotel management agreement with each customer, including Ashford Trust and Braemar under the Remington Hotels name. Prior to August 8, 2018, we paid Remington Lodging: (a) monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met; (b) project management fees of up to 4% of project costs; (c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees; and (d) other general and administrative expense reimbursements primarily related to accounting services. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred. Between August 8, 2018 and November 5, 2019, we paid Remington Lodging monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services. The following table presents the fees related to our property and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands): Year Ended December 31, 2019 2018 2017 Hotel management fees, including incentive hotel management fees $ 27,205 $ 30,890 $ 30,629 Market service and project management fees — 11,148 21,315 Corporate general and administrative 6,014 5,872 5,652 Total $ 33,219 $ 47,910 $ 57,596 As of December 31, 2018, the due to related parties, net of $1.5 million represented accrued base and incentive management fees. 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 December 31, 2019 , the monthly 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 pay Ashford LLC an incentive fee over the following three years, subject to the FCCR Condition, as defined in the advisory agreement, which relates to the ratio of adjusted EBITDA to fixed charges. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2019 2018 2017 Advisory services fee Base advisory fee $ 36,269 $ 35,526 $ 34,650 Reimbursable expenses (1) 9,300 8,351 7,472 Equity-based compensation (2) 18,063 25,245 11,077 Total advisory services fee $ 63,632 $ 69,122 $ 53,199 ________ (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. Due from related parties, net includes a $1.2 million security deposit paid to Remington Hotel Corporation, an entity indirectly owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr., for office space allocated to us under our advisory agreement. It will be held as security for the payment of our allocated share of office space rental. If unused it will be returned to us upon lease expiration or earlier termination. Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar, their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.’s risk management department manages the casualty insurance program. At the beginning of each year, Ashford Inc.’s risk management department collects funds from Ashford Trust, Braemar and their respective hotel management companies, to fund the casualty insurance program as needed, on an allocated basis. Ashford Securities On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities to raise retail capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Ashford Trust has entered into a contribution agreement with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar, up to $15 million to fund the operations of Ashford Securities. As of December 31, 2019 , Ashford Trust has funded approximately $2.5 million , of which $1.6 million was included in “other assets” of our consolidated balance sheet. Costs for all operating expenses of Ashford Securities that are contributed by Ashford Trust and Braemar will be expensed as incurred. These costs will be allocated initially to Ashford Trust and Braemar based on an allocation percentage of 75% to Ashford Trust and 25% to Braemar. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised or June 10, 2023, there will be a true up (the “True-up Date”) between Ashford Trust and Braemar whereby the actual capital contributions contributed by each company will be based on the actual amount of capital raised by Ashford Trust and Braemar, respectively. After the True-up Date, the capital contributions will be allocated between Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. Funding advances will be expensed as the expenses are incurred by Ashford Securities. For the year ended December 31, 2019, Ashford Trust has expensed $896,000 of reimbursed operating expenses of Ashford Securities, which is included in “corporate, general, and administrative” in the consolidated statement of operations. 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 hotel FF&E 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 FF&E. As of December 31, 2018, the Company sold $16.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC which were subsequently leased back to the Company rent free. As a result, the Company has not recorded an operating lease right-of-use asset, an operating lease liability or lease expense for rents. 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 FF&E was 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 directly to accumulated deficit 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 Manhattan Times Square acquisitions in 2019, under the ERFP Agreement we are entitled to receive $5.0 million and $19.5 million from Ashford LLC, respectively, in the form of future purchases of hotel FF&E. In the first quarter of 2019 in connection with the Hilton Santa Cruz/Scotts Valley acquisition, the Company sold $5.0 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC which was subsequently leased back to the Company rent free. In accordance with ASC 842, the Company evaluated the transactions and concluded that each transaction qualified as a sale. As a result, the Company recorded a gain of $233,000 for the year ended December 31, 2019 , in conjunction with the sale and derecognized the assets. The gain is included in “gain (loss) on sale of assets and hotel properties” in our consolidated statements of operations. In the second quarter of 2019, in connection with the Embassy Suites New York Manhattan Times Square acquisition, the Company sold $8.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC which was subsequently leased back to the Company rent free. In accordance with ASC 842, the Company evaluated the transactions and concluded that each transaction qualified as a sale. As a result, the Company recorded a gain of $326,000 for the year ended December 31, 2019 , in conjunction with the sale and derecognized the assets. The gain is included in “gain (loss) on sale of assets and hotel properties” in our consolidated statements of operations. Additionally, under the applicable accounting guidance in ASC 842, the Company has not recorded an operating lease right-of-use asset, an operating lease liability or lease expense for rents as the related party lease has no economic substance because the related party lease is provided rent free. In 2016, prior to the ERFP agreement, $4.0 million of key money consideration was invested in FF&E by Ashford LLC 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. 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, 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. Hotel Management Agreement On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services are provided by Remington Hotels, a subsidiary of Ashford Inc., under the respective hotel management agreement with each customer, including Ashford Trust and Braemar. At December 31, 2019 , Remington Hotels managed 80 of our 117 hotel properties and the WorldQuest condominium properties. We pay monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services. We also have a mutual exclusivity agreement with Remington Hotels, pursuant to which: (i) we have agreed to engage Remington Hotels to provide management services with respect to any hotel we acquire or invest in, to the extent we have the right and/or control the right to direct the management of such hotel; and (ii) Remington Hotels has agreed to grant us a right of first refusal to purchase any opportunity to develop or construct a hotel that it identifies that meets our initial investment guidelines. We are not, however, obligated to engage Remington Hotels if our independent directors either: (i) unanimously vote to hire a different manager or developer; or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager could perform the management or other duties materially better. Summary of Transactions 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 hotels, 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): Year Ended December 31, 2019 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Management Fees AIM Cash management services $ 1,206 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 75 — — — — — Ashford Securities Broker/Dealer 896 — — — — — J&S Audio Visual Audio visual commissions 7,365 — — 7,365 — — J&S Audio Visual Equipment 24 24 — — — — Lismore Capital Debt placement services 1,294 — (1,215 ) — — — Lismore Capital Broker services 427 — — — — — OpenKey Mobile key app 112 3 — — 109 — Premier Project management services 20,004 18,281 — — — — Pure Wellness Hypoallergenic premium rooms 1,021 599 — — 422 — Remington Hotels Hotel management services (3) 9,152 — — — 5,356 3,796 Year Ended December 31, 2019 Company Product or Service Total Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Gain (Loss) on Sale of Assets and Hotel Properties Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 1,206 $ — $ — $ 1,206 $ — $ — Ashford LLC Insurance claims services 75 75 — — — — Ashford Securities Broker/Dealer 896 — — 896 — — J&S Audio Visual Audio visual commissions 7,365 — — — — — J&S Audio Visual Equipment 24 — — — — — Lismore Capital Debt placement services 1,294 — — — — 79 Lismore Capital Broker services 427 — — — 427 — OpenKey Mobile key app 112 — — — — — Premier Project management services 20,004 — 1,723 — — — Pure Wellness Hypoallergenic premium rooms 1,021 — — — — — Remington Hotels Hotel management services 9,152 — — — — — Year Ended December 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,156 $ — $ — $ — $ — $ 1,156 Ashford LLC Insurance claims services 76 — — — — 76 J&S Audio Visual Audio visual commissions 3,569 — — 3,569 — — J&S Audio Visual Equipment 925 925 — — — — Lismore Capital Debt placement services 5,094 — (5,094 ) — — — OpenKey Mobile key app 105 3 — — 102 — Premier Project management services 7,677 7,677 — — — — Pure Wellness Hypoallergenic premium rooms 2,436 2,412 — — 24 — Year Ended December 31, 2017 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,976 $ — $ — $ — $ — $ 1,976 J&S Audio Visual Audio visual commissions 66 — — 66 — — Lismore Capital Debt placement services 913 — (913 ) — — — OpenKey Mobile key app 60 — — — 60 — Pure Wellness Hypoallergenic premium rooms 1,309 1,309 — — — — ________ (1) Recorded in FF&E 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. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs. The following table summarizes the amount due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2019 December 31, 2018 Ashford LLC Advisory services $ 1,133 $ 2,362 Ashford LLC Deposit on ERFP assets — 16,100 Ashford LLC Insurance claims services 18 23 AIM Cash management services 82 99 J&S Audio Visual Audio visual commissions 1,009 855 OpenKey Mobile key app 2 1 Premier Project management services 4,028 3,206 Pure Wellness Hypoallergenic premium rooms 298 388 $ 6,570 $ 23,034 As of December 31, 2019, due from related parties, net included a net receivable from Remington Hotels in the amount of $1.8 million primarily related to advances made by Ashford Trust and accrued base and incentive management fees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 December 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 December 31, 2019 , we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% 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 2021 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 table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Other hotel expenses $ 76,707 $ 72,095 $ 69,300 Management Fees —Under hotel management agreements for our hotel properties existing at December 31, 2019 , we pay monthly hotel management fees equal to the greater of approximately $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 1% to 7% of gross revenues, as well as annual incentive management fees, if applicable. These hotel management agreements expire from 2020 through 2038 , with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Additionally, we pay: (a) project management fees of up to 4% of project costs; (b) market service fees including purchasing, design and construction management not to exceed 16.5% of project management budget cumulatively, including project management fees; and (c) other general fees at current market rates as approved by our independent directors, if required. Prior to August 8, 2018, these fees were paid to Remington Lodging. In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Premier, a subsidiary of Ashford Inc. From and after August 8, 2018, we paid the aforementioned fees to Premier. See note 17 . Leases —We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2114 , including four ground leases related to our hotel properties. Two of these ground leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. For the years ended December 31, 2018, and 2017 , we recognized rent expense of $4.0 million and $4.3 million , respectively, which included contingent rent of $837,000 and $1.1 million , respectively. Rent expense is included in “other” hotel expenses in the consolidated statements of operations. On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. The adoption of this standard has resulted in the recognition of operating lease ROU assets and lease liabilities primarily related to our ground lease arrangements. See note 6 for operating lease cost, including variable lease cost associated with the ground leases as well as future minimum lease payments due under non-cancellable leases. Capital Commitments —At December 31, 2019 , we had capital commitments of $50.5 million , including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months . Litigation — Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million . On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company, and on June 7, 2017, the Company paid $2.5 million of the 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 December 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. On December 4, 2015, Pedro Membrives filed a class action lawsuit against HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Mark A. Sharkey, Archie Bennett, Jr., Monty J. Bennett, Christopher Peckham, and any other related entities in the Supreme Court of New York, Nassau County, Commercial Division. On August 30, 2016, the complaint was amended to add Michele Spero as a Plaintiff and Remington Long Island Employers, LLC as a defendant. The lawsuit is captioned Pedro Membrives and Michele Spero, individually and on behalf of others similarly situated v. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC, et al ., Index No. 607828/2015 (Sup. Ct. Nassau Cty.) . The plaintiffs allege that the owner and management company of the Hyatt Regency Long Island hotel violated New York law by improperly retaining service charges rather than distributing them to employees. In 2017, the class was certified. On July 24, 2018, the trial court granted the plaintiffs’ motion for summary judgment on liability. The defendants appealed the summary judgment and that appeal is still pending. Notwithstanding the pending appeal on the summary judgment issue, the trial court continued the litigation with respect to the plaintiffs’ alleged damages. The plaintiffs filed an application for damages on August 28, 2019. The defendants filed their opposition to the plaintiffs’ application for damages on October 11, 2019. The plaintiffs filed their reply on October 25, 2019. The defendants intend to vigorously defend against the plaintiffs’ claims and the Company does not believe that an unfavorable outcome is probable. If the plaintiffs’ motion for summary judgment on liability is upheld and the Company is unsuccessful in any further appeals, the Company estimates that damages could range between approximately $5.8 million and $11.9 million plus attorneys’ fees. As of December 31, 2019, no amounts have been accrued. 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 is based on the definitions within contingency accounting literature. 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, results of operations or cash flow. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2015 through 2019 remain subject to potential examination by certain federal and state taxing authorities. Potential Pension Liabilities —Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Lodging, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Lodging withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union’s pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board (“NLRB”) filed a complaint against Remington Lodging seeking, among other things, that Remington Lodging’s withdrawal of recognition was unlawful. Pending the final determination of the NLRB complaint, including appeals, the pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that (a) Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement, and (b) if the withdrawal of recognition is ultimately deemed lawful, Remington Lodging will have an unfunded pension liability equal to $1.7 million , minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000 , Remington Lodging’s remaining withdrawal liability shall be the unfunded pension liability of $1.7 million , minus $100,000 (or $1.6 million ). This remaining unfunded pension liability shall be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging’s election), which shall continue for the remainder of the twenty years year capped period, unless Remington Lodging elects to pay the unfunded pension liability amount earlier. As previously discussed, on November 6, 2019, Ashford Inc. completed its acquisition of Remington Lodging’s hotel management business, which is a subsidiary of Ashford Inc. and referred to as Remington Hotels. We agreed to indemnify Remington Hotels for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For U.S. federal income tax purposes, we elected to be treated as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax prior to December 31, 2017) and may not qualify as a REIT for four years that are subsequently taxable. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2019 , all of our 117 hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income of $7.3 million , $21.1 million and $4.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2019 2018 2017 Income tax (expense) benefit at federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017 $ (1,539 ) $ (4,435 ) $ (1,478 ) State income tax (expense) benefit, net of U.S. federal income tax benefit (475 ) (698 ) 160 Permanent differences (310 ) (128 ) (338 ) Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act (1) — — (5,242 ) Provision to return adjustment entirely offset by change in valuation allowance (325 ) (230 ) 957 Gross receipts and margin taxes (923 ) (950 ) (913 ) Interest and penalties 32 (11 ) (49 ) Valuation allowance 2,322 3,670 9,121 Total income tax (expense) benefit $ (1,218 ) $ (2,782 ) $ 2,218 ________ (1) Partially offset within change in valuation allowance. The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (48 ) $ (1,195 ) $ 5,264 State (1,329 ) (1,452 ) (722 ) Total current income tax (expense) benefit (1,377 ) (2,647 ) 4,542 Deferred: Federal 126 (39 ) (2,192 ) State 33 (96 ) (132 ) Total deferred income tax (expense) benefit 159 (135 ) (2,324 ) Total income tax (expense) benefit $ (1,218 ) $ (2,782 ) $ 2,218 For the years ended December 31, 2019 , 2018 and 2017 income tax expense includes interest and penalties paid to taxing authorities of $56,000 , $11,000 and $49,000 , respectively. Additionally, in 2019 we received interest income of $88,000 included in income tax expense. At December 31, 2019 and 2018 , we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2019 and 2018 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2019 2018 Allowance for doubtful accounts $ 150 $ 114 Unearned income 2,525 1,801 Federal and state net operating losses 2,458 2,342 Capital loss carryforward 5,436 — Accrued expenses 1,723 1,710 Prepaid expenses (4,823 ) (4,848 ) Tax property basis less than book basis (3,355 ) (1,840 ) Tax derivatives basis greater than book basis 2,281 1,612 Investment in Ashford, Inc. — 7,197 Other 194 664 Deferred tax asset (liability) 6,589 8,752 Valuation allowance (7,712 ) (10,034 ) Net deferred tax asset (liability) $ (1,123 ) $ (1,282 ) At December 31, 2019 , we had net operating loss carryforwards for U.S. federal income tax purposes of $11.7 million , which begin to expire in 2020. The majority of the $11.7 million net operating loss carryforwards are attributable to acquired subsidiaries and subject to substantial limitation on their use. At December 31, 2019 , Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for U.S. federal income tax purposes of $562.0 million , based on the latest filed tax return, which begin to expire in 2024, and are available to offset future taxable income, if any, through 2037. At December 31, 2019 and 2018 , we maintained a valuation allowance of $7.7 million and $10.0 million , respectively. At December 31, 2019 and 2018 , we have reserved certain deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable to our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. A significant number of leases were renewed in 2017 and 2018. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 10,034 $ 6,232 $ 15,353 Additions — 4,766 2,053 Deductions (2,322 ) (964 ) (11,174 ) Balance at end of year $ 7,712 $ 10,034 $ 6,232 On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“Tax Reform”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, in December of 2017 we recorded a one-time tax benefit of approximately $1.1 million , due to a re-measurement of deferred tax assets and liabilities resulting from the decrease in the corporate U.S. federal income tax rate from 35% to 21% as well as the refund of existing credits against Alternative Minimum Tax. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company recognized the estimated tax impacts related to the revaluation of deferred tax assets and liabilities as well as tax refunds and included these amounts in its consolidated financial statements for the year ended December 31, 2017. We finalized our accounting for Tax Reform as of December 31, 2018 with no material adjustments.

Deferred Costs, net

Deferred Costs, net	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, net	Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2019 2018 Deferred franchise fees $ 4,811 $ 4,571 Deferred loan costs — 816 Total costs 4,811 5,387 Accumulated amortization (1,914 ) (1,938 ) Deferred costs, net $ 2,897 $ 3,449

Intangible Assets, net and Inta

Intangible Assets, net and Intangible Liabilities, net	12 Months Ended
	Dec. 31, 2019
Intangible Assets, net and Intangible Liabilities, net [Abstract]
Intangible Assets, net and Intangible Liabilities, net	Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2019 2018 2019 2018 Cost $ 797 $ 10,276 $ 2,723 $ 16,846 Accumulated amortization — (452 ) (386 ) (1,363 ) $ 797 $ 9,824 $ 2,337 $ 15,483 Prior to January 1, 2019, the intangible assets and intangible liabilities included the above-market rate leases (liability) and below-market rate leases (asset) that were determined based on the comparison of rent due under the ground lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective ground lease terms with expiration dates ranging from 2024 to 2114 . For the years ended December 31, 2019 , 2018 and 2017 we recorded $81,000 , $82,000 , and $82,000 of other revenue related to leases where we are the lessor. For the years ended December 31, 2018 and 2017 , net amortization related to intangibles resulted in a reduction in lease expense of $155,000 and $156,000 , respectively, related to leases where we are the lessee. Following the adoption of ASU 2016-02 on January 1, 2019, we derecognized the intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee in the amount of $9.0 million and $13.0 million , respectively. The carrying amount of the ROU assets was then adjusted by the corresponding amount. See note 6 . As of December 31, 2019, intangible assets represents the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia. This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2019 . As of December 31, 2019, intangible liabilities, net represents below market rate leases where the Company is the lessor. Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2020 $ 80 2021 80 2022 80 2023 80 2024 36 Thereafter 1,981 Total $ 2,337

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S that have RevPAR generally less than twice the national average. During 2019 , approximately 11% of our total hotel revenue was generated from nine hotel properties located in the Washington D.C. area. In addition, all hotel properties securing our mortgage loans are located domestically at December 31, 2019 . Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000, U.S. government treasury bill holdings and amounts due or payable under our derivative contracts. At December 31, 2019 , we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 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 December 31, 2019 and 2018 , all of our hotel properties were domestically located.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2019 Total revenue $ 358,718 $ 415,148 $ 374,237 $ 354,656 $ 1,502,759 Total operating expenses 334,966 366,699 347,161 365,330 1,414,156 Gain (loss) on sale of assets and hotel properties 233 328 2,362 23,203 26,126 Operating income (loss) $ 23,985 $ 48,777 $ 29,438 $ 12,529 $ 114,729 Net income (loss) $ (46,622 ) $ (21,352 ) $ (39,086 ) $ (35,619 ) $ (142,679 ) Net income (loss) attributable to the Company $ (38,017 ) $ (16,282 ) $ (31,177 ) $ (28,159 ) $ (113,635 ) Net income (loss) attributable to common stockholders $ (48,661 ) $ (26,926 ) $ (41,822 ) $ (38,803 ) $ (156,212 ) Diluted income (loss) attributable to common stockholders per share $ (0.49 ) $ (0.27 ) $ (0.42 ) $ (0.39 ) $ (1.58 ) (1 ) Weighted average diluted common shares 99,407 99,942 99,971 99,968 99,837 2018 Total revenue $ 342,207 $ 389,164 $ 355,930 $ 343,488 $ 1,430,789 Total operating expenses 318,945 346,129 326,601 349,175 1,340,850 Gain (loss) on sale of assets and hotel properties (9 ) $ 412 $ (9 ) $ 81 $ 475 Operating income (loss) $ 23,253 $ 43,447 $ 29,320 $ (5,606 ) $ 90,414 Net income (loss) $ (32,649 ) $ (23,351 ) $ (34,261 ) $ (66,048 ) $ (156,309 ) Net income (loss) attributable to the Company $ (26,271 ) $ (18,306 ) $ (27,589 ) $ (54,800 ) $ (126,966 ) Net income (loss) attributable to common stockholders $ (36,915 ) $ (28,950 ) $ (38,234 ) $ (65,444 ) $ (169,543 ) Diluted income (loss) attributable to common stockholders per share $ (0.39 ) $ (0.30 ) $ (0.40 ) $ (0.66 ) $ (1.75 ) (1 ) Weighted average diluted common shares 95,367 96,889 97,467 99,324 97,282 _________________ (1) The sum of the diluted income (loss) attributable to common stockholders per share for the four quarters in 2019 and 2018 differs from the annual diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 9, 2020 , we refinanced our $43.8 million mortgage loan, secured by the Le Pavillon in New Orleans, Louisiana. In connection with the refinance we repaid $6.8 million on the existing loan. The new mortgage loan totals $37.0 million . The new mortgage loan is interest only and provides for an interest rate of LIBOR + 3.4% . The stated maturity is January 2023 with two one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Le Pavillon. On March 9, 2020, the Company completed the sale of the Crowne Plaza in Annapolis, Maryland for approximately $5.1 million . As of December 31, 2019, the carrying value of the building and FF&E was approximately $5.3 million at December 31, 2019. This hotel property is subject to a ground lease with a below-market component with a carrying value of $(3.2) million at December 31, 2019. The combined carrying value of the hotel property at December 31, 2019 was approximately $2.2 million .

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Embassy Suites Austin, TX $ 23,364 $ 1,204 $ 9,388 $ 193 $ 6,806 $ 1,397 $ 16,194 $ 17,591 $ 9,052 08/1998 (1),(2),(3) Embassy Suites Dallas, TX 15,465 1,878 8,907 238 6,703 2,116 15,610 17,726 8,618 12/1998 (1),(2),(3) Embassy Suites Herndon, VA 25,120 1,303 9,836 277 8,928 1,580 18,764 20,344 10,400 12/1998 (1),(2),(3) Embassy Suites Las Vegas, NV 30,282 3,307 16,952 397 15,008 3,704 31,960 35,664 17,928 05/1999 (1),(2),(3) Embassy Suites Flagstaff, AZ 18,400 1,267 4,278 — 3,406 1,267 7,684 8,951 3,912 10/2003 (1),(2),(3) Embassy Suites Houston, TX 17,810 1,799 10,404 — 7,312 1,799 17,716 19,515 8,212 03/2005 (1),(2),(3) Embassy Suites West Palm Beach, FL 19,802 3,277 13,949 — 8,877 3,277 22,826 26,103 11,348 03/2005 (1),(2),(3) Embassy Suites Philadelphia, PA 28,698 5,791 34,819 — 17,421 5,791 52,240 58,031 21,982 12/2006 (1),(2),(3) Embassy Suites Walnut Creek, CA 49,920 7,452 25,334 — 22,758 7,452 48,092 55,544 19,170 12/2006 (1),(2),(3) Embassy Suites Arlington, VA 46,355 36,065 41,588 — 18,327 36,065 59,915 95,980 20,197 04/2007 (1),(2),(3) Embassy Suites Portland, OR 88,435 11,110 60,048 — 7,258 11,110 67,306 78,416 23,487 04/2007 (1),(2),(3) Embassy Suites Santa Clara, CA 67,440 8,948 46,239 — 16,209 8,948 62,448 71,396 22,282 04/2007 (1),(2),(3) Embassy Suites Orlando, FL 22,526 5,674 21,593 — 11,586 5,674 33,179 38,853 13,174 04/2007 (1),(2),(3) Embassy Suites New York, NY 145,000 111,619 88,673 — (8,336 ) 111,619 80,337 191,956 1,974 01/2019 (1),(2),(3) Hilton Garden Inn Jacksonville, FL 11,756 1,751 9,164 — 5,752 1,751 14,916 16,667 6,521 11/2003 (1),(2),(3) Hilton Garden Inn Austin, TX 66,257 7,605 48,725 — 5,158 7,605 53,883 61,488 10,694 03/2015 (1),(2),(3) Hilton Garden Inn Baltimore, MD 16,218 4,027 20,199 — 6,171 4,027 26,370 30,397 4,210 03/2015 (1),(2),(3) Hilton Garden Inn Virginia Beach, VA 32,140 4,101 26,329 — 415 4,101 26,744 30,845 3,827 03/2015 (1),(2),(3) Hilton Ft. Worth, TX 62,000 4,538 13,922 1 23,803 4,539 37,725 42,264 16,894 03/2005 (1),(2),(3) Hilton Houston, TX 19,949 2,200 13,247 — 9,936 2,200 23,183 25,383 10,421 03/2005 (1),(2),(3) Hilton St. Petersburg, FL 48,730 2,991 13,907 (1,130 ) 19,489 1,861 33,396 35,257 16,729 03/2005 (1),(2),(3) Hilton Santa Fe, NM 26,400 7,004 10,689 — 7,814 7,004 18,503 25,507 9,380 12/2006 (1),(2),(3) Hilton Bloomington, MN 46,800 5,685 59,139 — 9,596 5,685 68,735 74,420 25,820 04/2007 (1),(2),(3) Hilton Costa Mesa, CA 65,671 12,917 91,791 — 14,922 12,917 106,713 119,630 38,522 04/2007 (1),(2),(3) Hilton Boston, MA 97,000 62,555 134,407 — 14,341 62,555 148,748 211,303 24,903 03/2015 (1),(2),(3) Hilton Parsippany, NJ 38,073 7,293 58,098 — 6,883 7,293 64,981 72,274 14,790 03/2015 (1),(2),(3) Hilton Tampa, FL 27,442 5,206 21,186 — 12,355 5,206 33,541 38,747 9,437 03/2015 (1),(2),(3) Hilton Alexandria, VA 73,450 14,459 96,602 — 45 14,459 96,647 111,106 3,894 06/2018 (1),(2),(3) Hilton Santa Cruz, CA 24,919 9,399 38,129 — (3,066 ) 9,399 35,063 44,462 885 02/2019 (1),(2),(3) Hampton Inn Lawrenceville, GA 5,447 697 3,808 — 3,179 697 6,987 7,684 3,465 11/2003 (1),(2),(3) Hampton Inn Evansville, IN 11,118 1,301 5,034 — 2,619 1,301 7,653 8,954 3,800 09/2004 (1),(2),(3) Hampton Inn Parsippany, NJ 18,641 3,268 24,306 — 2,500 3,268 26,806 30,074 5,172 03/2015 (1),(2),(3) Hampton Inn Buford, GA 8,675 1,168 5,338 — 4,622 1,168 9,960 11,128 3,274 07/2004 (1),(2),(3) Hampton Inn Phoenix, AZ 11,267 853 10,145 — 5,002 853 15,147 16,000 2,865 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Hampton Inn - Waterfront Pittsburgh, PA 12,786 2,335 18,663 (1,213 ) (10,652 ) 1,122 8,011 9,133 226 06/2015 (1),(2),(3),(4) Hampton Inn - Washington Pittsburgh, PA 17,341 2,760 19,739 (1,491 ) (11,327 ) 1,269 8,412 9,681 594 06/2015 (1),(2),(3),(4) Hampton Inn Columbus, OH 21,017 1,789 27,210 1 3,691 1,790 30,901 32,691 5,000 06/2015 (1),(2),(3) Marriott Beverly Hills, CA 123,120 6,510 22,061 — 23,809 6,510 45,870 52,380 24,959 03/2005 (1),(2),(3) Marriott Durham, NC 26,800 1,794 25,056 — 18,478 1,794 43,534 45,328 16,077 02/2006 (1),(2),(3) Marriott Arlington, VA 91,542 20,637 101,376 — 58,860 20,637 160,236 180,873 68,106 07/2006 (1),(2),(3) Marriott Bridgewater, NJ 71,200 5,059 89,268 — 13,231 5,059 102,499 107,558 32,852 04/2007 (1),(2),(3) Marriott Dallas, TX 30,400 2,701 30,893 — 14,196 2,701 45,089 47,790 18,711 04/2007 (1),(2),(3) Marriott Fremont, CA 58,402 5,800 44,200 — 2,172 5,800 46,372 52,172 6,674 08/2014 (1),(2),(3) Marriott Memphis, TN 27,041 6,210 37,284 — 1,589 6,210 38,873 45,083 9,264 02/2015 (1),(2),(3) Marriott Irving, TX 66,653 8,330 82,272 — 35,370 8,330 117,642 125,972 19,426 03/2015 (1),(2),(3) Marriott Omaha, NE 15,847 6,641 49,887 — 12,516 6,641 62,403 69,044 13,505 03/2015 (1),(2),(3) Marriott Sugarland, TX 62,301 9,047 84,043 — (723 ) 9,047 83,320 92,367 11,282 03/2015 (1),(2),(3) SpringHill Suites by Marriott Baltimore, MD 13,600 2,502 13,206 — 4,161 2,502 17,367 19,869 8,158 05/2004 (1),(2),(3) SpringHill Suites by Marriott Kennesaw, GA 6,638 1,106 5,021 — 3,656 1,106 8,677 9,783 3,576 07/2004 (1),(2),(3) SpringHill Suites by Marriott Buford, GA 9,561 1,132 6,089 — 831 1,132 6,920 8,052 2,777 07/2004 (1),(2),(3) SpringHill Suites by Marriott Charlotte, NC 12,775 1,235 6,818 — 1,002 1,235 7,820 9,055 3,032 06/2005 (1),(2),(3) SpringHill Suites by Marriott Durham, NC 6,663 1,090 3,991 — 1,276 1,090 5,267 6,357 2,066 06/2005 (1),(2),(3) SpringHill Suites by Marriott Manhattan Beach, CA 28,560 5,726 21,187 — 1,307 5,726 22,494 28,220 7,564 04/2007 (1),(2),(3) SpringHill Suites by Marriott Plymouth Meeting, PA 20,800 3,210 24,578 — 1,473 3,210 26,051 29,261 8,610 04/2007 (1),(2),(3) Fairfield Inn by Marriott Kennesaw, GA 5,207 840 4,359 — 2,567 840 6,926 7,766 2,246 07/2004 (1),(2),(3) Courtyard by Marriott Bloomington, IN 14,248 900 10,741 — 3,817 900 14,558 15,458 6,677 09/2004 (1),(2),(3) Courtyard by Marriott - Tremont Boston, MA 102,451 24,494 85,246 — 11,340 24,494 96,586 121,080 19,178 03/2015 (1),(2),(3) Courtyard by Marriott Columbus, IN 8,160 673 4,804 — 3,435 673 8,239 8,912 3,960 09/2004 (1),(2),(3) Courtyard by Marriott Denver, CO 33,376 9,342 29,656 — 3,677 9,342 33,333 42,675 5,909 03/2015 (1),(2),(3) Courtyard by Marriott Louisville, KY 18,261 1,352 12,266 — 4,673 1,352 16,939 18,291 6,181 09/2004 (1),(2),(3) Courtyard by Marriott Gaithersburg, MD 28,580 5,128 30,522 — 4,372 5,128 34,894 40,022 5,902 03/2015 (1),(2),(3) Courtyard by Marriott Crystal City, VA 42,538 5,411 38,610 — 14,073 5,411 52,683 58,094 20,534 06/2005 (1),(2),(3) Courtyard by Marriott Ft. Lauderdale, FL 20,617 2,244 18,520 — 6,454 2,244 24,974 27,218 10,598 06/2005 (1),(2),(3) Courtyard by Marriott Overland Park, KS 8,794 1,868 14,030 — 4,559 1,868 18,589 20,457 8,299 06/2005 (1),(2),(3) Courtyard by Marriott Foothill Ranch, CA 21,735 2,447 16,005 — 3,648 2,447 19,653 22,100 8,232 06/2005 (1),(2),(3) Courtyard by Marriott Alpharetta, GA 19,665 2,244 12,345 — 3,590 2,244 15,935 18,179 7,084 06/2005 (1),(2),(3) Courtyard by Marriott Oakland, CA 28,240 5,112 19,429 — 4,099 5,112 23,528 28,640 9,013 04/2007 (1),(2),(3) Courtyard by Marriott Scottsdale, AZ 23,600 3,700 22,134 — 4,884 3,700 27,018 30,718 10,337 04/2007 (1),(2),(3) Courtyard by Marriott Plano, TX 18,160 2,115 22,360 — 1,994 2,115 24,354 26,469 8,592 04/2007 (1),(2),(3) Courtyard by Marriott Newark, CA 34,960 2,863 10,723 — 1,678 2,863 12,401 15,264 4,413 04/2007 (1),(2),(3) Courtyard by Marriott Manchester, CT 6,292 1,301 7,430 — 1,931 1,301 9,361 10,662 3,766 04/2007 (1),(2),(3) Courtyard by Marriott Basking Ridge, NJ 41,600 5,419 45,304 — 6,482 5,419 51,786 57,205 18,549 04/2007 (1),(2),(3) Courtyard by Marriott Wichita, KS 18,380 291 23,090 — (1,108 ) 291 21,982 22,273 2,887 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Courtyard by Marriott - Billerica Boston, MA 29,807 3,528 29,352 — 1,410 3,528 30,762 34,290 6,099 06/2015 (1),(2),(3) Homewood Suites Pittsburgh, PA 25,492 1,906 28,093 — 2,781 1,906 30,874 32,780 5,132 06/2015 (1),(2),(3) Marriott Residence Inn Lake Buena Vista, FL 25,330 2,555 20,367 — 10,717 2,555 31,084 33,639 13,809 03/2004 (1),(2),(3) Marriott Residence Inn Evansville, IN 7,830 961 5,972 (1 ) 2,939 960 8,911 9,871 4,419 09/2004 (1),(2),(3) Marriott Residence Inn Orlando, FL 25,687 6,554 40,539 — 19,672 6,554 60,211 66,765 22,529 06/2005 (1),(2),(3) Marriott Residence Inn Falls Church, VA 26,151 2,752 34,979 — 7,376 2,752 42,355 45,107 17,299 06/2005 (1),(2),(3) Marriott Residence Inn San Diego, CA 29,281 3,156 29,514 — 3,810 3,156 33,324 36,480 13,267 06/2005 (1),(2),(3) Marriott Residence Inn Salt Lake City, UT 15,798 1,897 16,357 — 3,489 1,897 19,846 21,743 7,819 06/2005 (1),(2),(3) Marriott Residence Inn Las Vegas, NV 38,160 18,177 39,568 (6,184 ) (12,854 ) 11,993 26,714 38,707 7,465 04/2007 (1),(2),(3),(4) Marriott Residence Inn Phoenix, AZ 23,680 4,100 23,187 — 2,655 4,100 25,842 29,942 9,014 04/2007 (1),(2),(3) Marriott Residence Inn Plano, TX 14,160 2,045 16,869 — 2,116 2,045 18,985 21,030 6,774 04/2007 (1),(2),(3) Marriott Residence Inn Newark, CA 37,760 3,272 11,706 — 2,586 3,272 14,292 17,564 5,272 04/2007 (1),(2),(3) Marriott Residence Inn Manchester, CT 6,759 1,462 8,306 — 3,798 1,462 12,104 13,566 5,454 04/2007 (1),(2),(3) Marriott Residence Inn Jacksonville, FL 9,865 1,997 16,084 — 10,214 1,997 26,298 28,295 9,129 05/2007 (1),(2),(3) Marriott Residence Inn Stillwater, OK 7,911 930 15,070 (524 ) (7,185 ) 406 7,885 8,291 1,377 06/2015 (1),(2),(3),(4) Tribute Portfolio Santa Fe, NM 25,000 8,094 42,058 — 1,049 8,094 43,107 51,201 1,453 10/2018 (1),(2),(3) TownePlace Suites by Marriott Manhattan Beach, CA 23,680 4,805 17,543 — 4,937 4,805 22,480 27,285 8,843 04/2007 (1),(2),(3) Ritz-Carlton Atlanta, GA 97,902 2,477 80,139 — 31,229 2,477 111,368 113,845 21,266 03/2015 (1),(2),(3) One Ocean Atlantic Beach, FL 57,600 5,815 14,817 — 28,226 5,815 43,043 48,858 25,727 04/2004 (1),(2),(3) Renaissance Nashville, TN 207,000 20,671 158,260 — 33,589 20,671 191,849 212,520 32,689 03/2015 (1),(2),(3) Renaissance Palm Springs, CA 51,522 — 74,112 — 15,176 — 89,288 89,288 17,719 03/2015 (1),(2),(3) Sheraton Hotel Ann Arbor, MI 35,200 4,158 35,042 — 4,570 4,158 39,612 43,770 5,387 06/2015 (1),(2),(3) Sheraton Hotel Langhorne, PA 12,880 2,037 12,424 — 9,270 2,037 21,694 23,731 10,860 07/2004 (1),(2),(3) Sheraton Hotel Minneapolis, MN 20,933 2,953 14,280 — 5,909 2,953 20,189 23,142 9,417 03/2005 (1),(2),(3) Sheraton Hotel Indianapolis, IN 59,278 3,100 22,041 — 22,381 3,100 44,422 47,522 21,532 03/2005 (1),(2),(3) Sheraton Hotel Anchorage, AK 26,331 4,023 39,363 — 19,502 4,023 58,865 62,888 23,437 12/2006 (1),(2),(3) Sheraton Hotel San Diego, CA 36,160 7,294 36,382 — 7,893 7,294 44,275 51,569 17,483 12/2006 (1),(2),(3) Hyatt Regency Coral Gables, FL 63,200 4,805 50,820 — 27,599 4,805 78,419 83,224 28,276 04/2007 (1),(2),(3) Hyatt Regency Hauppauge, NY 36,095 6,284 35,669 — (1,085 ) 6,284 34,584 40,868 6,512 03/2015 (1),(2),(3) Hyatt Regency Savannah, GA 69,224 14,041 72,721 — 13,781 14,041 86,502 100,543 17,958 03/2015 (1),(2),(3) Crown Plaza Key West, FL 64,980 — 27,514 — 11,167 — 38,681 38,681 17,619 03/2005 (1),(2),(3) Crown Plaza Annapolis, MD — — 9,903 — 119 — 10,022 10,022 4,658 03/2015 (1),(2),(3) Annapolis Historic Inn Annapolis, MD 18,658 3,028 7,833 — 8,387 3,028 16,220 19,248 8,962 03/2005 (1),(2),(3),(4) Lakeway Resort & Spa Austin, TX 19,527 4,541 28,940 — 7,716 4,541 36,656 41,197 12,160 02/2015 (1),(2),(3) Silversmith Chicago, IL 27,739 4,782 22,398 — (1,871 ) 4,782 20,527 25,309 3,507 03/2015 (1),(2),(3) The Churchill Washington, D.C. 41,114 25,898 32,304 — 14,778 25,898 47,082 72,980 12,525 03/2015 (1),(2),(3) The Melrose Washington, D.C. 75,454 29,277 62,507 — (43 ) 29,277 62,464 91,741 8,804 03/2015 (1),(2),(3) Le Pavillon New Orleans, LA 43,750 10,933 51,549 (2,601 ) 11,760 8,332 63,309 71,641 11,450 06/2015 (1),(2),(3) The Ashton Ft. Worth, TX 8,881 800 7,187 — 1,712 800 8,899 9,699 2,283 07/2014 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Date Acquisition Date Income Statement Westin Princeton, NJ 33,000 6,475 52,195 — 8,035 6,475 60,230 66,705 10,831 03/2015 (1),(2),(3) W Atlanta, GA 48,800 2,353 54,383 — 4,542 2,353 58,925 61,278 8,589 07/2015 (1),(2),(3) W Minneapolis, MN 51,843 8,430 79,713 — 5,008 8,430 84,721 93,151 9,327 11/2015 (1),(2),(3) Le Meridien Minneapolis, MN — 2,752 12,248 — 2,578 2,752 14,826 17,578 2,561 07/2015 (1),(2),(3) Hotel Indigo Atlanta, GA 16,100 3,230 23,713 — 4,546 3,230 28,259 31,489 3,991 10/2015 (1),(2),(3) WorldQuest Orlando, FL — 1,432 9,870 (40 ) 2,142 1,392 12,012 13,404 3,077 03/2011 (1),(2),(3) Total $ 4,124,003 $ 782,850 $ 3,760,480 $ (12,077 ) $ 913,006 $ 770,773 $ 4,673,486 $ 5,444,259 $ 1,335,816 _________________________ (1) Estimated useful life for buildings is 39 years . (2) Estimated useful life for building improvements is 7.5 years . (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. Year Ended December 31, 2019 2018 2017 Investment in Real Estate: Beginning balance $ 5,287,463 $ 5,064,294 $ 5,054,564 Additions 409,603 374,223 225,461 Impairment/write-offs (136,658 ) (125,964 ) (111,820 ) Sales/disposals (116,149 ) (25,090 ) (85,709 ) Assets held for sale — — (18,202 ) Ending balance $ 5,444,259 $ 5,287,463 $ 5,064,294 Accumulated Depreciation: Beginning balance 1,182,244 1,028,379 894,001 Depreciation expense 269,664 258,441 247,220 Impairment/write-offs (103,038 ) (102,410 ) (101,008 ) Sales/disposals (13,054 ) (2,166 ) (11,364 ) Assets held for sale — — (470 ) Ending balance $ 1,335,816 $ 1,182,244 $ 1,028,379 Investment in Real Estate, net $ 4,108,443 $ 4,105,219 $ 4,035,915

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Renaissance Portsmouth Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 SpringHill Suites Glen Allen Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 2018 Embassy Suites New York Manhattan Times Square New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019 San Antonio Marriott San Antonio, TX Disposition August 2, 2019 Hilton Garden Inn Wisconsin Dells Wisconsin Dells, WI Disposition August 6, 2019 Courtyard Savannah Savannah, GA Disposition August 14, 2019 SpringHill Suites Jacksonville Jacksonville, FL Disposition December 3, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Marketable Securities	Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income, dividends, and realized gains and losses, is reported as a component of “other income (expense)” in the consolidated statement of operations. Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories	Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net	Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized.
Impairment of Investments in Hotel Properties and Hotel Dispositions	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. We recorded impairment charges of $33.6 million , $23.4 million and $10.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. See note 5 . Hotel Dispositions —D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 .
Assets Held for Sale	Assets Held for Sale —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —As of December 31, 2019 , we held a 17.0% ownership interest in OpenKey, which is 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 investment in our unconsolidated entity 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) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2019 , 2018 and 2017 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
Notes Receivable, net and Impairment of Notes Receivable	Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method. Impairment of Notes Receivable —We review notes receivable for impairment each reporting period. A loan is impaired when, based on current information and events, collection of all amounts recorded as assets on the balance sheet is no longer considered probable. When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the year ended December 31, 2019.
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. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally reduced utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. As of January 1, 2019, we recorded operating lease liabilities as well as a corresponding operating lease ROU asset which includes deferred rent and the reclassified intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee.
Intangible Assets and Liabilities	Intangible Assets and Liabilities —Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 21 .
Deferred Costs, net	Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See notes 8 and 20 .
Derivative Instruments and Hedging	Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master- netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets.
Due to/from Related Parties	Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year .
Due to/from Ashford Inc.	Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year .
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year .
Unfavorable Management Contract Liabilities	Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions.
Noncontrolling Interests	Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 14 . The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2019 and 2018 , and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition	Revenue Recognition —On January 1, 2018, we adopted Topic 606 using the modified retrospective method. As the adoption of this standard did not have a material impact on our consolidated financial statements, no adjustments to opening retained earnings were made as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC Topic 605 - Revenue Recognition . Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. Prior to the adoption of Topic 606 on January 1, 2018, hotel revenues, including rooms, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, were recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities were not recorded in revenue. Interest income has been recognized when earned.
Other Hotel Expenses	Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2019 , 2018 and 2017 , we incurred advertising costs of $10.4 million , $8.5 million and $7.5 million , respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance 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.
Depreciation and amortization	Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes	Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 19 . The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2015 through 2019 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In February 2016, the 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. Under the new standard, lessee leases are 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 allows 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, in conjunction with the transition from ASC 840 to ASC 842, 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 operating lease 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 6 . 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. 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 . In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2018-19”). In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We are currently evaluating the impact that ASU 2016-13 will have on our accounts receivable and notes receivable balances within our consolidated financial statements and related disclosures. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures , for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 will have on our consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Acquisitions and Dispositions that Affect Reporting Comparability	The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Renaissance Portsmouth Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 SpringHill Suites Glen Allen Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 2018 Embassy Suites New York Manhattan Times Square New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019 San Antonio Marriott San Antonio, TX Disposition August 2, 2019 Hilton Garden Inn Wisconsin Dells Wisconsin Dells, WI Disposition August 6, 2019 Courtyard Savannah Savannah, GA Disposition August 14, 2019 SpringHill Suites Jacksonville Jacksonville, FL Disposition December 3, 2019

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 72,572 $ 18,878 $ 4,650 $ — $ 96,100 Boston, MA Area 3 61,222 7,943 3,773 — 72,938 Dallas / Ft. Worth Area 7 59,926 15,814 3,486 — 79,226 Houston, TX Area 3 26,038 9,208 809 — 36,055 Los Angeles, CA Metro Area 6 78,689 16,117 5,237 — 100,043 Miami, FL Metro Area 3 27,857 9,277 938 — 38,072 Minneapolis - St. Paul, MN - WI Area 4 32,073 7,997 3,727 — 43,797 Nashville, TN Area 1 51,628 22,356 2,356 — 76,340 New York / New Jersey Metro Area 7 98,961 24,239 3,461 — 126,661 Orlando, FL Area 3 30,400 1,865 1,737 — 34,002 Philadelphia, PA Area 3 24,469 3,903 723 — 29,095 San Diego, CA Area 2 17,838 1,395 1,015 — 20,248 San Francisco - Oakland, CA Metro Area 7 91,081 9,628 2,627 — 103,336 Tampa, FL Area 2 25,187 7,858 1,112 — 34,157 Washington D.C. - MD - VA Area 9 124,056 26,231 8,333 — 158,620 Other Areas 48 343,813 58,878 23,567 — 426,258 Orlando WorldQuest — 4,066 102 1,333 — 5,501 Sold properties 4 15,111 2,228 769 — 18,108 Corporate — — — — 4,202 4,202 Total 121 $ 1,184,987 $ 243,917 $ 69,653 $ 4,202 $ 1,502,759 Year Ended December 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 66,688 $ 17,060 $ 5,217 $ — $ 88,965 Boston, MA Area 3 60,232 7,725 3,468 — 71,425 Dallas / Ft. Worth Area 7 61,910 16,746 3,602 — 82,258 Houston, TX Area 3 26,783 9,214 854 — 36,851 Los Angeles, CA Metro Area 6 77,976 15,645 4,702 — 98,323 Miami, FL Metro Area 3 28,366 9,009 997 — 38,372 Minneapolis - St. Paul, MN - WI Area 4 36,138 9,618 4,602 — 50,358 Nashville, TN Area 1 50,120 13,116 1,783 — 65,019 New York / New Jersey Metro Area 6 74,441 23,029 2,899 — 100,369 Orlando, FL Area 3 28,966 1,570 1,325 — 31,861 Philadelphia, PA Area 3 24,385 4,534 869 — 29,788 San Diego, CA Area 2 18,392 1,075 971 — 20,438 San Francisco - Oakland, CA Metro Area 6 81,368 7,726 2,562 — 91,656 Tampa, FL Area 2 22,896 6,459 1,542 — 30,897 Washington D.C. - MD - VA Area 9 113,902 23,673 6,695 — 144,270 Other Areas 48 330,898 55,358 23,245 — 409,501 Orlando WorldQuest — 4,429 130 1,188 — 5,747 Sold properties 7 26,797 2,624 1,261 — 30,682 Corporate — — — — 4,009 4,009 Total 122 $ 1,134,687 $ 224,311 $ 67,782 $ 4,009 $ 1,430,789 Year ended December 31, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 67,463 $ 17,526 $ 4,979 $ — $ 89,968 Boston, MA Area 3 58,719 8,265 3,217 — 70,201 Dallas / Ft. Worth Area 7 61,086 16,887 3,258 — 81,231 Houston, TX Area 3 27,965 9,162 738 — 37,865 Los Angeles, CA Metro Area 6 77,224 15,503 4,592 — 97,319 Miami, FL Metro Area 3 28,833 9,057 992 — 38,882 Minneapolis - St. Paul, MN - WI Area 4 36,156 9,740 4,391 — 50,287 Nashville, TN Area 1 50,530 16,979 1,629 — 69,138 New York / New Jersey Metro Area 6 73,670 24,876 2,528 — 101,074 Orlando, FL Area 3 30,053 1,851 736 — 32,640 Philadelphia, PA Area 3 23,434 4,052 725 — 28,211 San Diego, CA Area 2 18,044 1,512 769 — 20,325 San Francisco - Oakland, CA Metro Area 6 77,713 8,073 2,033 — 87,819 Tampa, FL Area 3 23,775 6,699 760 — 31,234 Washington D.C. - MD - VA Area 9 111,928 23,896 5,094 — 140,918 Other Areas 48 327,697 54,716 18,822 — 401,235 Orlando WorldQuest — 4,946 141 1,224 — 6,311 Sold properties 10 43,899 5,842 1,717 — 51,458 Corporate — — — — 3,154 3,154 Total 126 $ 1,143,135 $ 234,777 $ 58,204 $ 3,154 $ 1,439,270

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	We allocated the cost of the acquisition including transaction costs of $355,000 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 $ 9,399 Buildings and improvements 34,276 Furniture, fixtures and equipment (1) 3,852 Investments in hotel properties, net $ 47,527 Debt discount 407 $ 47,934 Net other assets (liabilities) $ 38 _____________________________ (1) $3.9 million of FF&E was sold to Ashford Inc. as a part of the ERFP transaction 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 year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Total revenue $ 9,106 Net income (loss) (346 ) Investments in hotel properties, net consisted of the following (in thousands): December 31, 2019 2018 Land $ 769,381 $ 670,362 Buildings and improvements 4,129,884 4,062,810 Furniture, fixtures and equipment 503,156 504,806 Construction in progress 29,745 37,394 Condominium properties 12,093 12,091 Total cost 5,444,259 5,287,463 Accumulated depreciation (1,335,816 ) (1,182,244 ) Investments in hotel properties, net $ 4,108,443 $ 4,105,219 $1.5 million 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 $ 111,619 Buildings and improvements 80,047 Furniture, fixtures and equipment (1) 8,626 Investments in hotel properties, net $ 200,292 Key money (3,800 ) $ 196,492 Net other assets (liabilities) $ 1,320 _____________________________ (1) FF&E of $8.6 million was sold to Ashford Inc. as a part of the ERFP transaction for the Embassy Suites New York Manhattan Times Square. The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) of the hotel property in our consolidated statements of operations for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Total revenue $ 26,139 Net income (loss) (3,549 )

Hotel Dispositions, Land Sale_2

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The consideration received is summarized in the table below (in thousands): Cash $ 8,250 Note receivable - construction financing (1) 3,543 Note receivable - certificate of occupancy (2) 4,047 Other asset - future ownership rights of parking parcel (3) 4,100 Other asset - free use of parking easement prior to development commencement (4) 235 Other asset - reimbursement of parking fees while parking parcel is in development (5) 462 Total $ 20,637 ____________________________________ (1) This note receivable has a face value of $4.0 million and was discounted at 7.0% , which represents the stated rate in the note. See note 9 . (2) This note receivable has a face value of $5.3 million and was discounted at 7.0% , which represents the stated rate in the note. See note 9 . (3) The $4.1 million is the estimated fair value on the closing date of the transaction. (4) This amount represents the value for the time period that the Company will receive free use of the parking easement prior to development commencement. The total amount was discounted at 7.0% . (5) This amount represents the value for parking fees that will be reimbursed to the Company during the development of the parking parcel and was discounted at 7.0% . Year Ended December 31, 2019 2018 2017 Total hotel revenue $ 18,108 $ 30,682 $ 51,458 Total hotel operating expenses (11,740 ) (19,631 ) (34,987 ) Gain (loss) on sale of assets and hotel properties 6,072 475 14,030 Property taxes, insurance and other (1,418 ) (2,266 ) (3,105 ) Depreciation and amortization (2,399 ) (4,590 ) (9,012 ) Impairment charges (6,533 ) (16,983 ) (8,301 ) Operating income (loss) 2,090 (12,313 ) 10,083 Interest income — — 12 Interest expense and amortization of premiums and loan costs (808 ) (2,983 ) (8,290 ) Write-off of premiums, loan costs and exit fees (426 ) (524 ) (98 ) Income (loss) before income taxes 856 (15,820 ) 1,707 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (136 ) 2,316 (265 ) Net Income (loss) before income taxes attributable to the Company $ 720 $ (13,504 ) $ 1,442 Cash $ 8,250 Note receivable - construction financing 3,543 Note receivable - certificate of occupancy 4,047 Other asset - future ownership rights of parking parcel 4,100 Other asset - free use of parking easement prior to development commencement 235 Other asset - reimbursement of parking fees while parking parcel is in development 462 Total $ 20,637

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Balances	As of December 31, 2019 , our leased assets and liabilities consisted of the following (in thousands): December 31, 2019 Assets Operating lease right-of-use assets $ 49,995 Liabilities Operating lease liabilities $ 53,270
Lease Cost and Other Information	We incurred the following operating lease costs related to our operating leases (in thousands): Classification Year Ended December 31, 2019 Hotel operating expenses - other (1) $ 4,323 _______________________________________ (1) For the year ended December 31, 2019 , operating lease cost includes approximately $501,000 of variable lease cost associated with the ground leases and $176,000 of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 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) $ 3,511 Weighted Average Remaining Lease Term Operating leases (1) 73 years Weighted Average Discount Rate Operating leases (1) 5.17 % _______________________________________ (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 December 31, 2019 were as follows (in thousands): Operating Leases 2020 $ 3,425 2021 3,235 2022 3,092 2023 3,026 2024 3,026 Thereafter 204,869 Total future minimum lease payments 220,673 Less: interest (167,403 ) Present value of lease liabilities $ 53,270
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

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2019 December 31, 2018 Carrying value of the investment in OpenKey (in thousands) $ 2,829 $ 2,593 Ownership interest in OpenKey 17.0 % 16.3 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Equity in earnings (loss) of unconsolidated entity $ (411 ) $ (592 ) $ (481 ) The following tables summarize the condensed consolidated balance sheet and our ownership interest in Ashford Inc. as of December 31, 2018 , and the condensed consolidated statements of operations of Ashford Inc. and our equity in earnings (loss) for the years ended December 31, 2019 , 2018 and 2017 (in thousands): Ashford Inc. Condensed Consolidated Balance Sheet December 31, 2018 Total assets $ 379,005 Total liabilities $ 108,726 Series B Convertible Preferred Stock 200,847 Redeemable noncontrolling interests 3,531 Total stockholders’ equity of Ashford Inc. 65,443 Noncontrolling interests in consolidated entities 458 Total equity 65,901 Total liabilities and equity $ 379,005 Our ownership interest in Ashford Inc. $ 1,896 Ashford Inc. Condensed Consolidated Statements of Operations Year Ended December 31, 2019 2018 2017 Total revenue $ 291,250 $ 195,520 $ 81,573 Total operating expenses (302,480 ) (196,359 ) (92,095 ) Operating income (loss) (11,230 ) (839 ) (10,522 ) Equity in earnings (loss) of unconsolidated entities (286 ) — — Realized and unrealized gain (loss) on investments, net — — (91 ) Interest expense and amortization of loan costs (2,367 ) (1,200 ) (122 ) Other income (expense) 49 (505 ) 264 Income tax benefit (expense) (1,540 ) 10,364 (9,723 ) Net income (loss) (15,374 ) 7,820 (20,194 ) (Income) loss from consolidated entities attributable to noncontrolling interests 536 924 358 Net (income) loss attributable to redeemable noncontrolling interests 983 1,438 1,484 Net income (loss) attributable to Ashford Inc. (13,855 ) 10,182 (18,352 ) Preferred dividends (14,435 ) (4,466 ) — Amortization of preferred stock discount (1,928 ) (730 ) — Net income attributable to common stockholders $ (30,218 ) $ 4,986 $ (18,352 ) Our equity in earnings (loss) of Ashford Inc. $ (1,896 ) $ 1,459 $ (5,437 )

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness and the carrying values of related collateral were as follows at December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Indebtedness Collateral Maturity Interest Rate Debt Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (2) 1 hotel July 2019 4.00% $ — $ — $ 5,232 $ 7,752 Mortgage loan 1 hotel August 2019 LIBOR (1) + 4.95% — — 7,778 9,446 Mortgage loan (3) 8 hotels February 2020 LIBOR (1) + 2.92% 395,000 331,686 395,000 344,744 Mortgage loan (4) (5) (6) 19 hotels April 2020 LIBOR (1) + 3.20% 907,030 1,077,936 962,575 1,168,504 Mortgage loan (7) 1 hotel May 2020 LIBOR (1) + 2.90% — — 16,100 29,966 Mortgage loan (8) 1 hotel June 2020 LIBOR (1) + 5.10% 43,750 60,191 43,750 62,995 Mortgage loan (4) 7 hotels June 2020 LIBOR (1) + 3.65% 180,720 131,102 180,720 136,325 Mortgage loan (4) 7 hotels June 2020 LIBOR (1) + 3.39% 174,400 131,420 174,400 137,611 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 3.73% 221,040 175,875 221,040 176,279 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 4.02% 262,640 105,702 262,640 116,304 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 2.73% 160,000 185,854 160,000 189,026 Mortgage loan (4) 5 hotels June 2020 LIBOR (1) + 3.68% 215,120 198,059 215,120 193,120 Mortgage loan (9) 1 hotel July 2020 LIBOR (1) + 4.40% 35,200 38,383 35,200 36,177 Mortgage loan (10) 8 hotels July 2020 LIBOR (1) + 4.33% 144,000 168,054 144,000 173,678 Mortgage loan 1 hotel November 2020 6.26% 91,542 112,767 93,433 121,162 Mortgage loan (11) 1 hotel November 2020 LIBOR (1) + 2.55% 25,000 49,748 25,000 49,912 Mortgage loan (12) (13) 17 hotels November 2020 LIBOR (1) + 3.00% 419,000 263,998 427,000 282,462 Mortgage loan (14) 2 hotels March 2021 LIBOR (1) + 2.75% 240,000 235,705 — — Mortgage loan (15) 1 hotel February 2022 LIBOR (1) + 3.90% 145,000 189,982 — — Mortgage loan (14) 2 hotels June 2022 LIBOR (1) + 3.00% — — 178,099 245,984 Mortgage loan 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 186,400 97,000 194,886 Mortgage loan (7) 1 hotel December 2022 LIBOR (1) + 2.25% 16,100 27,498 — — Mortgage loan 1 hotel May 2023 5.46% 51,843 83,824 52,843 79,124 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 107,212 73,450 110,592 Mortgage loan 1 hotel January 2024 5.49% 6,759 8,112 6,883 8,694 Mortgage loan 1 hotel January 2024 5.49% 9,865 19,166 10,045 20,516 Mortgage loan 1 hotel May 2024 4.99% 6,292 6,896 6,414 7,153 Mortgage loan (2) 1 hotel June 2024 LIBOR (1) + 2.00% 8,881 7,416 — — Mortgage loan 3 hotels August 2024 5.20% 64,207 48,560 65,242 50,768 Mortgage loan 2 hotels August 2024 4.85% 11,845 11,727 12,048 10,909 Mortgage loan 3 hotels August 2024 4.90% 23,683 17,348 24,086 16,211 Mortgage loan 2 hotels February 2025 4.45% 19,438 10,314 19,835 10,423 Mortgage loan 3 hotels February 2025 4.45% 50,279 70,318 51,304 73,645 Mortgage loan 1 hotel March 2025 4.66% 24,919 43,577 — — $ 4,124,003 $ 4,104,830 $ 3,966,237 $ 4,064,368 Premiums, net 655 1,293 Deferred loan costs, net (18,140 ) (40,264 ) Indebtedness, net $ 4,106,518 $ 3,927,266 ____________________________________ (1) LIBOR rates were 1.763% and 2.503% at December 31, 2019 and December 31, 2018 , respectively. (2) On June 7, 2019, we amended this mortgage loan totaling $5.2 million . The amended mortgage loan totaling $8.9 million has a five year term, is interest only and bears interest at a rate of LIBOR + 2.00% . (3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in February 2020. (4) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (5) This mortgage loan had a $26.8 million pay down of principal related to the sale of the Marriott San Antonio on August 2, 2019. See note 5 . (6) This mortgage loan had a $28.8 million pay down of principal related to the sale of the Courtyard Savannah on August 14, 2019. See note 5 . (7) On December 27, 2019, we amended this mortgage loan totaling $16.0 million . The amended mortgage totaling $16.1 million has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The amended mortgage loan is interest only and bears interest at a rate of LIBOR + 2.25% . (8) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019. (9) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.15% . (10) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period, which began in July 2019, resulted in a change in the interest rate in accordance with the original loan terms. The interest rate at December 31, 2018 was LIBOR + 4.09% . (11) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in November 2019. (13) This mortgage loan had an $8.0 million pay down of principal related to the sale of the parking lot adjacent to the Hilton St. Petersburg Bayfront on October 10, 2019. See note 5 . (14) 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% . (15) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. 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% .
Interest Income and Interest Expense Disclosure	During the years ended December 31, 2019 , 2018 , and 2017 we recognized premium amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Interest expense and amortization of premium and loan costs $ 232 $ 277 $ 1,953
Summary of Maturities of Indebtedness of Continuing Operations	Maturities and scheduled amortizations of indebtedness as of December 31, 2019 for each of the five following years and thereafter are as follows (in thousands): 2020 $ 3,279,403 2021 5,485 2022 503,868 2023 126,875 2024 124,705 Thereafter 83,667 Total $ 4,124,003

Notes Receivable, net and Oth_2

Notes Receivable, net and Other (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The consideration received is summarized in the table below (in thousands): Cash $ 8,250 Note receivable - construction financing (1) 3,543 Note receivable - certificate of occupancy (2) 4,047 Other asset - future ownership rights of parking parcel (3) 4,100 Other asset - free use of parking easement prior to development commencement (4) 235 Other asset - reimbursement of parking fees while parking parcel is in development (5) 462 Total $ 20,637 ____________________________________ (1) This note receivable has a face value of $4.0 million and was discounted at 7.0% , which represents the stated rate in the note. See note 9 . (2) This note receivable has a face value of $5.3 million and was discounted at 7.0% , which represents the stated rate in the note. See note 9 . (3) The $4.1 million is the estimated fair value on the closing date of the transaction. (4) This amount represents the value for the time period that the Company will receive free use of the parking easement prior to development commencement. The total amount was discounted at 7.0% . (5) This amount represents the value for parking fees that will be reimbursed to the Company during the development of the parking parcel and was discounted at 7.0% . Year Ended December 31, 2019 2018 2017 Total hotel revenue $ 18,108 $ 30,682 $ 51,458 Total hotel operating expenses (11,740 ) (19,631 ) (34,987 ) Gain (loss) on sale of assets and hotel properties 6,072 475 14,030 Property taxes, insurance and other (1,418 ) (2,266 ) (3,105 ) Depreciation and amortization (2,399 ) (4,590 ) (9,012 ) Impairment charges (6,533 ) (16,983 ) (8,301 ) Operating income (loss) 2,090 (12,313 ) 10,083 Interest income — — 12 Interest expense and amortization of premiums and loan costs (808 ) (2,983 ) (8,290 ) Write-off of premiums, loan costs and exit fees (426 ) (524 ) (98 ) Income (loss) before income taxes 856 (15,820 ) 1,707 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (136 ) 2,316 (265 ) Net Income (loss) before income taxes attributable to the Company $ 720 $ (13,504 ) $ 1,442 Cash $ 8,250 Note receivable - construction financing 3,543 Note receivable - certificate of occupancy 4,047 Other asset - future ownership rights of parking parcel 4,100 Other asset - free use of parking easement prior to development commencement 235 Other asset - reimbursement of parking fees while parking parcel is in development 462 Total $ 20,637
Schedule of Notes Receivable and Other	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2019 Construction Financing Note (1) Face amount 7.0 % $ 4,000 Discount (2) (402 ) 3,598 Certificate of Occupancy Note (3) Face amount 7.0 % $ 5,250 Discount (4) (1,139 ) 4,111 Note receivable, net $ 7,709 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024. (2) The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2021. (3) The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025. (4) The discount represents the imputed interest during the interest free period. Interest begins accruing on July 9, 2023.
Schedule of Other Consideration	Other consideration is summarized in the table below (dollars in thousands, except interest rates): Imputed Interest Rate December 31, 2019 Future ownership rights of parking parcel 7.0 % $ 4,100 Imputed accrued interest 72 4,172 (1) Free use of parking easement prior to development commencement 7.0 % $ 235 Accumulated amortization (118 ) 117 (1) Reimbursement of parking fees while parking parcel is in development (2) 7.0 % $ 462 Accumulated amortization — 462 (1) Total $ 4,751 ____________________________________ (1) Included in “other assets” in the consolidated balance sheets. (2) Amortization will commence when the parking parcel begins development.

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	12 Months Ended
	Dec. 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 each applicable period: Year Ended December 31, 2019 2018 2017 Interest rate caps: Notional amount (in thousands) $ 1,051,050 (1) $ 3,614,618 (1) $ 2,539,700 (1) Strike rate low end of range 1.50 % 1.50 % 1.50 % Strike rate high end of range 4.88 % 5.71 % 5.84 % Effective date range January 2019 - November 2019 January 2018 - November 2018 February 2017 - October 2017 Termination date range June 2020 - February 2022 January 2019 - November 2020 February 2018 - November 2019 Total cost (in thousands) $ 1,112 $ 3,143 $ 871 Interest rate floors: Notional amount (in thousands) $ 6,000,000 (1) $ 12,025,000 (1) $ 10,750,000 (1) Strike rate low end of range 1.63 % 1.25 % 1.00 % Strike rate high end of range 1.63 % 2.00 % 1.50 % Effective date range January 2019 July 2018 - November 2018 September 2017 - December 2017 Termination date range March 2020 September 2019 - November 2021 March 2019 - June 2019 Total cost (in thousands) $ 225 $ 432 $ 388 _______________ (1) These instruments were not designated as cash flow hedges We held interest rate instruments as summarized in the table below: December 31, 2019 December 31, 2018 Interest rate caps: Notional amount (in thousands) $ 3,799,740 (1) $ 3,953,718 (1) Strike rate low end of range 1.50 % 1.50 % Strike rate high end of range 5.22 % 5.71 % Termination date range February 2020 - February 2022 January 2019 - November 2020 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 3,666,331 $ 3,521,872 Interest rate floors: (2) Notional amount (in thousands) $ 12,025,000 (1 ) $ 28,775,000 (1 ) Strike rate low end of range (0.25 )% (0.25 )% Strike rate high end of range 1.63 % 2.00 % Termination date range March 2020 - 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)	12 Months Ended
	Dec. 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) Counter-party and Cash Collateral Netting (1) Total December 31, 2019: Assets Derivative assets: Interest rate derivatives – floors $ — $ 42 $ — $ 257 $ 299 (2) Interest rate derivatives – caps — 47 — — 47 (2) Credit default swaps — (1,579 ) — 2,924 1,345 (2) — (1,490 ) — 3,181 1,691 Non-derivative assets: Equity securities 14,591 — — — 14,591 (3) Total $ 14,591 $ (1,490 ) $ — $ 3,181 $ 16,282 Liabilities Derivative liabilities: Credit default swaps — (1,092 ) — 1,050 (42 ) (4) Net $ 14,591 $ (2,582 ) $ — $ 4,231 $ 16,240 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 Year Ended December 31, 2019 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (438 ) $ (488 ) $ (2,435 ) Interest rate derivatives - caps (1,666 ) (2,678 ) (758 ) Credit default swaps (2,098 ) (4) 703 (4) (4,201 ) (4) Options on futures contracts — — (116 ) Non-derivative assets: Equity 1,980 (924 ) (3,678 ) Total (2,222 ) (3,387 ) (11,188 ) Liabilities Derivative liabilities: Credit default swaps (1,092 ) 285 — Net $ (3,314 ) $ (3,102 ) $ (11,188 ) Total combined Interest rate derivatives - floors $ 362 $ (488 ) $ (2,435 ) Interest rate derivatives - caps (1,666 ) (2,678 ) (758 ) Credit default swaps (3,190 ) 988 (36 ) Options on futures contracts — — 427 Total derivatives (4,494 ) (1) (2,178 ) (1) (2,802 ) (1) Realized gain (loss) on credit default swaps — (2) (4) — (2) (4) (4,165 ) (2) (4) Realized gain (loss) on options on futures contracts (800 ) (2) — (543 ) (2) Unrealized gain (loss) on marketable securities 1,896 (3) (1,013 ) (3) (4,649 ) (3) Realized gain (loss) on marketable securities 84 (2) 89 (2) 971 (2) Net $ (3,314 ) $ (3,102 ) $ (11,188 ) _________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $1,077 , $1,045 and $1,036 in 2019 , 2018 and 2017 , respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured and Not Measured at Fair Value	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 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 $ 14,591 $ 14,591 $ 21,816 $ 21,816 Derivative assets, net 1,691 1,691 2,396 2,396 Derivative liabilities, net 42 42 50 50 Financial assets not measured at fair value: Cash and cash equivalents $ 262,636 $ 262,636 $ 319,210 $ 319,210 Restricted cash 135,571 135,571 120,602 120,602 Accounts receivable, net 39,638 39,638 37,060 37,060 Notes receivable, net 7,709 $7,323 to $8,095 — — Due from related parties, net 3,019 3,019 — — Due from third-party hotel managers 17,368 17,368 21,760 21,760 Financial liabilities not measured at fair value: Indebtedness $ 4,124,658 $3,881,453 to $4,290,027 $ 3,967,530 $3,773,343 to $4,170,538 Accounts payable and accrued expenses 134,341 134,341 136,757 136,757 Dividends and distributions payable 20,849 20,849 26,794 26,794 Due to Ashford Inc., net 6,570 6,570 23,034 23,034 Due to related parties, net — — 1,477 1,477 Due to third-party hotel managers 2,509 2,509 2,529 2,529

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule Of Calculating Basic and Diluted Income (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2019 2018 2017 Income (loss) allocated to common stockholders – basic and diluted: Income (loss) attributable to the Company $ (113,635 ) $ (126,966 ) $ (67,008 ) Less: Dividends on preferred stock (42,577 ) (42,577 ) (44,761 ) Less: Extinguishment of issuance costs upon redemption of preferred stock — — (10,799 ) Less: Dividends on common stock (29,840 ) (47,057 ) (45,752 ) Less: Dividends on unvested performance stock units (475 ) (50 ) (393 ) Less: Dividends on unvested restricted shares (801 ) (844 ) (959 ) Undistributed income (loss) allocated to common stockholders (187,328 ) (217,494 ) (169,672 ) Add back: Dividends on common stock 29,840 47,057 45,752 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (157,488 ) $ (170,437 ) $ (123,920 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 99,837 97,282 95,207 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.58 ) $ (1.75 ) $ (1.30 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.58 ) $ (1.75 ) $ (1.30 )
Summary of Computation of Diluted Income (Loss) Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2019 2018 2017 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 801 $ 844 $ 959 Income (loss) allocated to unvested performance stock units 475 50 393 Income (loss) attributable to noncontrolling interest in operating partnership (28,932 ) (29,313 ) (21,642 ) Total $ (27,656 ) $ (28,419 ) $ (20,290 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 68 111 376 Effect of unvested performance stock units 69 251 258 Effect of assumed conversion of operating partnership units 19,082 17,599 17,342 Total 19,219 17,961 17,976

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2019
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2019 2018 2017 Performance LTIP units Advisory services fee $ 3,594 $ 6,797 $ 1,785 LTIP units Advisory services fee 3,264 3,508 2,800 LTIP units - independent directors Corporate, general and administrative 446 536 475 $ 7,304 $ 10,841 $ 5,060 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Advisory services fee $ 4,937 $ 8,241 $ 1,718 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Advisory services fee $ 6,268 $ 6,698 $ 4,774 Management fees 768 1,159 645 Corporate, general and administrative - Premier 350 — — Corporate, general and administrative - independent directors 90 — 90 $ 7,476 $ 7,857 $ 5,509
Schedules of Redeemable Noncontrolling Interest	The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: December 31, 2019 December 31, 2018 Redeemable noncontrolling interests (in thousands) $ 69,870 $ 80,743 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 155,536 146,091 Ownership percentage of operating partnership 15.92 % 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): Year Ended December 31, 2019 2018 2017 Allocated net (income) loss to the redeemable noncontrolling interests $ 28,932 $ 29,313 $ 21,642 Aggregate cash distributions to holders of common units and LTIP units 6,572 8,789 10,007 A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2019 2018 2017 Outstanding at beginning of year 19,921 19,602 19,443 LTIP units issued 338 476 701 Performance LTIP units issued 215 582 1,179 Performance LTIP units canceled — (739 ) — Common units issued for hotel acquisition 1,468 — — Common units converted to common stock — — (21 ) Conversion factor adjustment — — (1,700 ) Outstanding at end of year 21,942 19,921 19,602 Common units convertible/redeemable at end of year 18,571 16,645 16,320

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of At-the-Market Equity Offering Program	The issuance activity is summarized below (in thousands): Year Ended December 31, 2019 2018 2017 Common shares issued — 2,434 — Gross proceed received $ — $ 15,522 $ — Commissions and other expenses — 194 — Net proceeds $ — $ 15,328 $ —
Summary of Dividends Declared	A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Common stock $ 31,116 $ 47,951 $ 47,104 Preferred stocks: Series A Cumulative Preferred Stock — — 2,539 Series D Cumulative Preferred Stock 5,048 5,047 18,211 Series F Cumulative Preferred Stock 8,849 8,849 8,849 Series G Cumulative Preferred Stock 11,430 11,431 11,430 Series H Cumulative Preferred Stock 7,125 7,125 2,494 Series I Cumulative Preferred Stock 10,125 10,125 1,238 Total dividends declared $ 73,693 $ 90,528 $ 91,865
Schedule of Noncontrolling Interests in Consolidated Entities	The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets: December 31, 2019 2018 Carrying value of noncontrolling interests $ 504 $ 616 The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2019 2018 2017 (Income) loss allocated to noncontrolling interests in consolidated entities $ 112 $ 30 $ 110

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2019 2018 2017 Performance LTIP units Advisory services fee $ 3,594 $ 6,797 $ 1,785 LTIP units Advisory services fee 3,264 3,508 2,800 LTIP units - independent directors Corporate, general and administrative 446 536 475 $ 7,304 $ 10,841 $ 5,060 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Advisory services fee $ 4,937 $ 8,241 $ 1,718 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Advisory services fee $ 6,268 $ 6,698 $ 4,774 Management fees 768 1,159 645 Corporate, general and administrative - Premier 350 — — Corporate, general and administrative - independent directors 90 — 90 $ 7,476 $ 7,857 $ 5,509
Summary of Restricted Stock Unit Activity	A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 1,713 $ 6.56 2,085 $ 7.03 1,627 $ 8.30 Restricted shares granted 1,340 5.36 907 6.64 1,272 6.46 Restricted shares vested (863 ) 6.50 (1,230 ) 7.41 (759 ) 8.82 Restricted shares forfeited (62 ) 5.82 (49 ) 6.41 (55 ) 6.73 Outstanding at end of year 2,128 $ 5.86 1,713 $ 6.56 2,085 $ 7.03
Summary of PSU Activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2019 2018 2017 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 775 $ 6.31 820 $ 6.07 336 $ 6.38 PSUs granted 809 5.36 526 6.64 484 5.85 PSUs vested — — (323 ) 6.19 — — PSUs canceled — — (248 ) 6.38 — — Outstanding at end of year 1,584 $ 5.82 775 $ 6.31 820 $ 6.07

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transaction	The following table presents the fees related to our property and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands): Year Ended December 31, 2019 2018 2017 Hotel management fees, including incentive hotel management fees $ 27,205 $ 30,890 $ 30,629 Market service and project management fees — 11,148 21,315 Corporate general and administrative 6,014 5,872 5,652 Total $ 33,219 $ 47,910 $ 57,596 Year Ended December 31, 2019 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Management Fees AIM Cash management services $ 1,206 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 75 — — — — — Ashford Securities Broker/Dealer 896 — — — — — J&S Audio Visual Audio visual commissions 7,365 — — 7,365 — — J&S Audio Visual Equipment 24 24 — — — — Lismore Capital Debt placement services 1,294 — (1,215 ) — — — Lismore Capital Broker services 427 — — — — — OpenKey Mobile key app 112 3 — — 109 — Premier Project management services 20,004 18,281 — — — — Pure Wellness Hypoallergenic premium rooms 1,021 599 — — 422 — Remington Hotels Hotel management services (3) 9,152 — — — 5,356 3,796 Year Ended December 31, 2019 Company Product or Service Total Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Gain (Loss) on Sale of Assets and Hotel Properties Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 1,206 $ — $ — $ 1,206 $ — $ — Ashford LLC Insurance claims services 75 75 — — — — Ashford Securities Broker/Dealer 896 — — 896 — — J&S Audio Visual Audio visual commissions 7,365 — — — — — J&S Audio Visual Equipment 24 — — — — — Lismore Capital Debt placement services 1,294 — — — — 79 Lismore Capital Broker services 427 — — — 427 — OpenKey Mobile key app 112 — — — — — Premier Project management services 20,004 — 1,723 — — — Pure Wellness Hypoallergenic premium rooms 1,021 — — — — — Remington Hotels Hotel management services 9,152 — — — — — Year Ended December 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,156 $ — $ — $ — $ — $ 1,156 Ashford LLC Insurance claims services 76 — — — — 76 J&S Audio Visual Audio visual commissions 3,569 — — 3,569 — — J&S Audio Visual Equipment 925 925 — — — — Lismore Capital Debt placement services 5,094 — (5,094 ) — — — OpenKey Mobile key app 105 3 — — 102 — Premier Project management services 7,677 7,677 — — — — Pure Wellness Hypoallergenic premium rooms 2,436 2,412 — — 24 — Year Ended December 31, 2017 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,976 $ — $ — $ — $ — $ 1,976 J&S Audio Visual Audio visual commissions 66 — — 66 — — Lismore Capital Debt placement services 913 — (913 ) — — — OpenKey Mobile key app 60 — — — 60 — Pure Wellness Hypoallergenic premium rooms 1,309 1,309 — — — — ________ (1) Recorded in FF&E 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. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs. The following table summarizes the amount due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2019 December 31, 2018 Ashford LLC Advisory services $ 1,133 $ 2,362 Ashford LLC Deposit on ERFP assets — 16,100 Ashford LLC Insurance claims services 18 23 AIM Cash management services 82 99 J&S Audio Visual Audio visual commissions 1,009 855 OpenKey Mobile key app 2 1 Premier Project management services 4,028 3,206 Pure Wellness Hypoallergenic premium rooms 298 388 $ 6,570 $ 23,034 The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2019 2018 2017 Advisory services fee Base advisory fee $ 36,269 $ 35,526 $ 34,650 Reimbursable expenses (1) 9,300 8,351 7,472 Equity-based compensation (2) 18,063 25,245 11,077 Total advisory services fee $ 63,632 $ 69,122 $ 53,199 ________ (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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2019 2018 2017 Other hotel expenses $ 76,707 $ 72,095 $ 69,300

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense	The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2019 2018 2017 Income tax (expense) benefit at federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017 $ (1,539 ) $ (4,435 ) $ (1,478 ) State income tax (expense) benefit, net of U.S. federal income tax benefit (475 ) (698 ) 160 Permanent differences (310 ) (128 ) (338 ) Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act (1) — — (5,242 ) Provision to return adjustment entirely offset by change in valuation allowance (325 ) (230 ) 957 Gross receipts and margin taxes (923 ) (950 ) (913 ) Interest and penalties 32 (11 ) (49 ) Valuation allowance 2,322 3,670 9,121 Total income tax (expense) benefit $ (1,218 ) $ (2,782 ) $ 2,218 ________ (1) Partially offset within change in valuation allowance.
Components of Income Tax Benefit (Expense) From Continuing Operations	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (48 ) $ (1,195 ) $ 5,264 State (1,329 ) (1,452 ) (722 ) Total current income tax (expense) benefit (1,377 ) (2,647 ) 4,542 Deferred: Federal 126 (39 ) (2,192 ) State 33 (96 ) (132 ) Total deferred income tax (expense) benefit 159 (135 ) (2,324 ) Total income tax (expense) benefit $ (1,218 ) $ (2,782 ) $ 2,218
Deferred Tax Asset (Liability) And Related Valuation Allowance	At December 31, 2019 and 2018 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2019 2018 Allowance for doubtful accounts $ 150 $ 114 Unearned income 2,525 1,801 Federal and state net operating losses 2,458 2,342 Capital loss carryforward 5,436 — Accrued expenses 1,723 1,710 Prepaid expenses (4,823 ) (4,848 ) Tax property basis less than book basis (3,355 ) (1,840 ) Tax derivatives basis greater than book basis 2,281 1,612 Investment in Ashford, Inc. — 7,197 Other 194 664 Deferred tax asset (liability) 6,589 8,752 Valuation allowance (7,712 ) (10,034 ) Net deferred tax asset (liability) $ (1,123 ) $ (1,282 )
Summarize the Changes in the Valuation Allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 10,034 $ 6,232 $ 15,353 Additions — 4,766 2,053 Deductions (2,322 ) (964 ) (11,174 ) Balance at end of year $ 7,712 $ 10,034 $ 6,232

Deferred Costs, net (Tables)

Deferred Costs, net (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, net	Deferred costs, net consist of the following (in thousands): December 31, 2019 2018 Deferred franchise fees $ 4,811 $ 4,571 Deferred loan costs — 816 Total costs 4,811 5,387 Accumulated amortization (1,914 ) (1,938 ) Deferred costs, net $ 2,897 $ 3,449

Intangible Assets, net and In_2

Intangible Assets, net and Intangible Liabilities, net (Tables)	12 Months Ended
	Dec. 31, 2019
Intangible Assets, net and Intangible Liabilities, net [Abstract]
Schedule of Intangible Assets, net and Intangible Liabilities, net	Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2019 2018 2019 2018 Cost $ 797 $ 10,276 $ 2,723 $ 16,846 Accumulated amortization — (452 ) (386 ) (1,363 ) $ 797 $ 9,824 $ 2,337 $ 15,483 Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2020 $ 80 2021 80 2022 80 2023 80 2024 36 Thereafter 1,981 Total $ 2,337

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of the Quarterly Results of Operations	The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2019 Total revenue $ 358,718 $ 415,148 $ 374,237 $ 354,656 $ 1,502,759 Total operating expenses 334,966 366,699 347,161 365,330 1,414,156 Gain (loss) on sale of assets and hotel properties 233 328 2,362 23,203 26,126 Operating income (loss) $ 23,985 $ 48,777 $ 29,438 $ 12,529 $ 114,729 Net income (loss) $ (46,622 ) $ (21,352 ) $ (39,086 ) $ (35,619 ) $ (142,679 ) Net income (loss) attributable to the Company $ (38,017 ) $ (16,282 ) $ (31,177 ) $ (28,159 ) $ (113,635 ) Net income (loss) attributable to common stockholders $ (48,661 ) $ (26,926 ) $ (41,822 ) $ (38,803 ) $ (156,212 ) Diluted income (loss) attributable to common stockholders per share $ (0.49 ) $ (0.27 ) $ (0.42 ) $ (0.39 ) $ (1.58 ) (1 ) Weighted average diluted common shares 99,407 99,942 99,971 99,968 99,837 2018 Total revenue $ 342,207 $ 389,164 $ 355,930 $ 343,488 $ 1,430,789 Total operating expenses 318,945 346,129 326,601 349,175 1,340,850 Gain (loss) on sale of assets and hotel properties (9 ) $ 412 $ (9 ) $ 81 $ 475 Operating income (loss) $ 23,253 $ 43,447 $ 29,320 $ (5,606 ) $ 90,414 Net income (loss) $ (32,649 ) $ (23,351 ) $ (34,261 ) $ (66,048 ) $ (156,309 ) Net income (loss) attributable to the Company $ (26,271 ) $ (18,306 ) $ (27,589 ) $ (54,800 ) $ (126,966 ) Net income (loss) attributable to common stockholders $ (36,915 ) $ (28,950 ) $ (38,234 ) $ (65,444 ) $ (169,543 ) Diluted income (loss) attributable to common stockholders per share $ (0.39 ) $ (0.30 ) $ (0.40 ) $ (0.66 ) $ (1.75 ) (1 ) Weighted average diluted common shares 95,367 96,889 97,467 99,324 97,282 _________________ (1) The sum of the diluted income (loss) attributable to common stockholders per share for the four quarters in 2019 and 2018 differs from the annual diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods.

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Dec. 31, 2019USD ($)roomunithotel	Dec. 31, 2018USD ($)	Sep. 30, 2017hotel
Real Estate Properties [Line Items]
Number of hotel properties			24
Number of units in real estate property | room	24,943
Number of units in real estate property, net partnership interest | room	24,916
Investment in unconsolidated entities | $	$ 2,829	$ 4,489
World Quest Resort
Real Estate Properties [Line Items]
Number of units in real estate property | unit	90
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	17.00%	16.30%
Investment in unconsolidated entities | $	$ 2,829	$ 2,593
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties	115
Partially Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties	2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotel properties	117
Number of hotel properties managed by affiliates	80

Significant Accounting Polici_4

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2019USD ($)hoteljoint_venture	Dec. 31, 2018USD ($)hoteljoint_venture	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2007USD ($)
Real Estate Properties [Line Items]
Number of hotel properties stated at historical cost | hotel	4
Impairment of investments in hotel properties	$ 33,628,000	$ 23,391,000	$ 10,153,000
Impairment of investments in unconsolidated entities	$ 0	0	0
Unfavorable management contract liabilities					$ 23,400,000
Noncontrolling interest in joint venture	15.00%
Advertising expense	$ 10,400,000	8,500,000	$ 7,500,000
Below market lease	797,000	9,824,000
Intangible liabilities, net	2,337,000	$ 15,483,000
Operating lease liabilities	53,270,000
Operating lease right-of-use assets	$ 49,995,000
Impact due to adoption of ASU 2016-02
Real Estate Properties [Line Items]
Below market lease				$ 9,000,000
Intangible liabilities, net				13,000,000
Operating lease liabilities				43,300,000
Operating lease right-of-use assets				38,800,000
Deferred rent reclassified				$ 485,000
Two Interstate Hotels
Real Estate Properties [Line Items]
Noncontrolling interest in joint venture	15.00%	15.00%
Number of hotel properties held by joint ventures | hotel	2	2
Number of joint venture | joint_venture	1	1
Notes Receivable
Real Estate Properties [Line Items]
Impairment of investments in hotel properties	$ 0
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	17.00%	16.30%
Minimum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	4.00%
Minimum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furnitures and Fixtures
Real Estate Properties [Line Items]
Estimated useful life	1 year 6 months
Maximum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	6.00%
Maximum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life	39 years
Maximum | Furnitures and Fixtures
Real Estate Properties [Line Items]
Estimated useful life	5 years

Revenue (Details)

Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	121	122	126
Revenue	$ 1,502,759	$ 1,430,789	$ 1,439,270
Miscellaneous business interruption income	$ 0	$ 401	$ 612
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9
Revenue	$ 96,100	$ 88,965	$ 89,968
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 72,938	$ 71,425	$ 70,201
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7
Revenue	$ 79,226	$ 82,258	$ 81,231
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 36,055	$ 36,851	$ 37,865
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6
Revenue	$ 100,043	$ 98,323	$ 97,319
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 38,072	$ 38,372	$ 38,882
Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	4	4	4
Revenue	$ 43,797	$ 50,358	$ 50,287
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1
Revenue	$ 76,340	$ 65,019	$ 69,138
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	6	6
Revenue	$ 126,661	$ 100,369	$ 101,074
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 34,002	$ 31,861	$ 32,640
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3
Revenue	$ 29,095	$ 29,788	$ 28,211
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2
Revenue	$ 20,248	$ 20,438	$ 20,325
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	6	6
Revenue	$ 103,336	$ 91,656	$ 87,819
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	3
Revenue	$ 34,157	$ 30,897	$ 31,234
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9
Revenue	$ 158,620	$ 144,270	$ 140,918
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	48	48	48
Revenue	$ 426,258	$ 409,501	$ 401,235
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0
Revenue	$ 5,501	$ 5,747	$ 6,311
Sold properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	4	7	10
Revenue	$ 18,108	$ 30,682	$ 51,458
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0
Revenue	$ 4,202	$ 4,009	$ 3,154
Rooms
Disaggregation of Revenue [Line Items]
Revenue	1,184,987	1,134,687	1,143,135
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	72,572	66,688	67,463
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	61,222	60,232	58,719
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	59,926	61,910	61,086
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	26,038	26,783	27,965
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	78,689	77,976	77,224
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	27,857	28,366	28,833
Rooms | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	32,073	36,138	36,156
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	51,628	50,120	50,530
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	98,961	74,441	73,670
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	30,400	28,966	30,053
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	24,469	24,385	23,434
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	17,838	18,392	18,044
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	91,081	81,368	77,713
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	25,187	22,896	23,775
Rooms | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	124,056	113,902	111,928
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	343,813	330,898	327,697
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	4,066	4,429	4,946
Rooms | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	15,111	26,797	43,899
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	243,917	224,311	234,777
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	18,878	17,060	17,526
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	7,943	7,725	8,265
Food and Beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	15,814	16,746	16,887
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	9,208	9,214	9,162
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	16,117	15,645	15,503
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	9,277	9,009	9,057
Food and Beverage | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	7,997	9,618	9,740
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	22,356	13,116	16,979
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	24,239	23,029	24,876
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,865	1,570	1,851
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	3,903	4,534	4,052
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	1,395	1,075	1,512
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	9,628	7,726	8,073
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	7,858	6,459	6,699
Food and Beverage | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	26,231	23,673	23,896
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	58,878	55,358	54,716
Food and Beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	102	130	141
Food and Beverage | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	2,228	2,624	5,842
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	69,653	67,782	58,204
Miscellaneous business interruption income	172
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	4,650	5,217	4,979
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	3,773	3,468	3,217
Other Hotel | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	3,486	3,602	3,258
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	809	854	738
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,237	4,702	4,592
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	938	997	992
Other Hotel | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	3,727	4,602	4,391
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	2,356	1,783	1,629
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	3,461	2,899	2,528
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,737	1,325	736
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	723	869	725
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	1,015	971	769
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,627	2,562	2,033
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,112	1,542	760
Other Hotel | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	8,333	6,695	5,094
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	23,567	23,245	18,822
Other Hotel | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	1,333	1,188	1,224
Other Hotel | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	769	1,261	1,717
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	4,202	4,009	3,154
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Sold properties
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	4,202	4,009	3,154
Hilton St. Petersburg Bayfront and Key West Crowne Plaza
Disaggregation of Revenue [Line Items]
Business interruption income	$ 0	$ 2,600	$ 0

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in hotel properties, net
Land	$ 769,381	$ 670,362
Buildings and improvements	4,129,884	4,062,810
Furniture, fixtures and equipment	503,156	504,806
Construction in progress	29,745	37,394
Condominium properties	12,093	12,091
Total cost	5,444,259	5,287,463
Accumulated depreciation	(1,335,816)	(1,182,244)
Investments in hotel properties, net	4,108,443	4,105,219
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes	3,500,000	3,600,000
Depreciation expense, including depreciation of assets under capital leases and discontinued hotel properties	$ 268,400	$ 257,900	$ 246,000

Investments in Hotel Properti_4

Investments in Hotel Properties, net (Acquisitions) (Details) $ / shares in Units, shares in Millions	Feb. 26, 2019USD ($)room$ / sharesshares	Jan. 22, 2019USD ($)room	Dec. 31, 2019USD ($)room	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Number of rooms | room			24,943
Indebtedness, net			$ 4,106,518,000	$ 3,927,266,000
Land			769,381,000	670,362,000
Buildings and improvements			4,129,884,000	4,062,810,000
Furniture, fixtures and equipment			503,156,000	504,806,000
Total cost			5,444,259,000	5,287,463,000
Total revenue			1,502,759,000	1,430,789,000	$ 1,439,270,000
Net income (loss)			(142,679,000)	$ (156,309,000)	$ (88,760,000)
Embassy Suites New York Manhattan Times Square
Real Estate Properties [Line Items]
Percent of voting interest acquired		100.00%
Number of rooms | room		310
Consideration transferred		$ 195,000,000
Mortgage loan total		145,000,000
Cost of asset acquisition		1,500,000
Land		111,619,000
Buildings and improvements		80,047,000
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)		$ 1,320,000
Total revenue			26,139,000
Net income (loss)			(3,549,000)
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
Mortgage loan total	25,300,000
Cost of asset acquisition	355,000
Cash consideration	$ 14,700,000
Issuance of units for hotel acquisition (in shares) | shares	1.5
Indebtedness, net	$ 24,900,000
Share price (in dollars per share) | $ / shares	$ 7
Fair value price per common unit (dollars per share) | $ / shares	$ 5.35
Issuance of units for hotel acquisition	$ 7,900,000
Land	9,399,000
Buildings and improvements	34,276,000
Furniture, fixtures and equipment	3,852,000
Total cost	47,527,000
Debt discount	407,000
PP&E including adjustments	47,934,000
Net other assets (liabilities)	$ 38,000
Total revenue			9,106,000
Net income (loss)			$ (346,000)

Hotel Dispositions, Land Sale_3

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries (Hotel Dispositions Narrative) (Details) - USD ($) $ in Thousands

Dec. 27, 2019

Aug. 14, 2019

Aug. 06, 2019

Aug. 02, 2019

Jun. 07, 2019

Mar. 05, 2019

Jun. 13, 2018

May 10, 2018

May 01, 2018

Apr. 09, 2018

Feb. 20, 2018

Jan. 17, 2018

Jun. 29, 2017

Mar. 06, 2017

Feb. 01, 2017

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 03, 2019

Mortgages

Real Estate Properties [Line Items]

Extinguishment of debt

$ 16,000

$ 5,200

$ 178,100

$ 1,068,000

$ 971,700

$ 376,800

Marriott in San Antonio | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Consideration of property sold

$ 34,000

Gain (loss) on sale of assets and hotel properties

$ 2,600

Marriott in San Antonio | Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Extinguishment of debt

$ 26,800

Hilton Garden Inn in Wisconsin Dells, Wisconsin | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Consideration of property sold

$ 8,000

Gain (loss) on sale of assets and hotel properties

(292)

Hilton Garden Inn in Wisconsin Dells, Wisconsin | Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Extinguishment of debt

$ 7,700

Marriott in Savannah, Georgia | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Consideration of property sold

$ 29,800

Gain (loss) on sale of assets and hotel properties

(60)

Marriott in Savannah, Georgia | Mortgages | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Extinguishment of debt

$ 28,800

Jacksonville FL Spring Hill Suites By Marriott | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Real Estate Properties [Line Items]

Consideration of property sold

$ 11,200

Gain (loss) on sale of assets and hotel properties

$ 3,800

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

Real Estate Properties [Line Items]

Consideration of property sold

$ 10,900

Gain (loss) on sale of assets and hotel properties

$ (13)

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

Real Estate Properties [Line Items]

Extinguishment of debt

$ 7,600

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

Real Estate Properties [Line Items]

Consideration of property sold

$ 7,500

Gain (loss) on sale of assets and hotel properties

98

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

Real Estate Properties [Line Items]

Extinguishment of debt

$ 6,600

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

Real Estate Properties [Line Items]

Consideration of property sold

$ 24,000

Gain (loss) on sale of assets and hotel properties

$ 390

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

Real Estate Properties [Line Items]

Extinguishment of debt

$ 22,500

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

Real Estate Properties [Line Items]

Consideration of property sold

$ 9,200

Gain (loss) on sale of assets and hotel properties

$ (43)

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

Real Estate Properties [Line Items]

Extinguishment of debt

$ 20,200

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

Real Estate Properties [Line Items]

Consideration of property sold

$ 8,800

Gain (loss) on sale of assets and hotel properties

(40)

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

Real Estate Properties [Line Items]

Extinguishment of debt

$ 20,600

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

Real Estate Properties [Line Items]

Consideration of property sold

$ 88,700

Gain (loss) on sale of assets and hotel properties

$ 14,100

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

Real Estate Properties [Line Items]

Extinguishment of debt

$ 78,700

Hotel Dispositions, Land Sale_4

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries (Schedule of Hotel Dispositions and Assets Held for Sale) (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Total hotel revenue	$ 18,108	$ 30,682	$ 51,458
Total hotel operating expenses	(11,740)	(19,631)	(34,987)
Gain (loss) on sale of assets and hotel properties	6,072	475	14,030
Property taxes, insurance and other	(1,418)	(2,266)	(3,105)
Depreciation and amortization	(2,399)	(4,590)	(9,012)
Impairment charges	(6,533)	(16,983)	(8,301)
Operating income (loss)	2,090	(12,313)	10,083
Interest income	0	0	12
Interest expense and amortization of premiums and loan costs	(808)	(2,983)	(8,290)
Write-off of premiums, loan costs and exit fees	(426)	(524)	(98)
Income (loss) before income taxes	856	(15,820)	1,707
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(136)	2,316	(265)
Net Income (loss) before income taxes attributable to the Company	$ 720	$ (13,504)	$ 1,442

Hotel Dispositions, Land Sale_5

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries (Land Sale Narrative) (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Oct. 10, 2019USD ($)a	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets and hotel properties		$ 6,072	$ 475	$ 14,030
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate | a	1.65
Consideration of property sold	$ 20,637
Gain (loss) on sale of assets and hotel properties		$ 19,400
Extinguishment of debt	$ 8,000

Hotel Dispositions, Land Sale_6

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries (Land Sale Consideration) (Details) - USD ($) $ in Thousands	Oct. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash		$ 0	$ 0	$ 78	$ 976
Discount percent		7.00%
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	$ 8,250
Note receivable - construction financing	3,543
Note receivable - certificate of occupancy	4,047
Other asset - future ownership rights of parking parcel	4,100
Other asset - free use of parking easement prior to development commencement	235
Other asset - reimbursement of parking fees while parking parcel is in development	462
Total	$ 20,637
Discount percent	7.00%
Notes Receivable, Construction Financing | Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable face value	$ 4,000
Notes Receivable, Certificate Of Occupancy | Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable face value	$ 5,300

Hotel Dispositions, Land Sale_7

Hotel Dispositions, Land Sale, Impairment Charges and Insurance Recoveries (Impairment Charges and Insurance Recoveries Narrative) (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)hotel	Sep. 30, 2017hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 33,628,000	$ 23,391,000	$ 10,153,000
Impairment adjustments					2,000,000
Number of hotel properties | hotel						24
Recoveries					2,800,000
Allocated proceeds received from business insurance			0	401,000	612,000
Business interruption deductible			360,000	360,000	360,000
Proceeds of property damage			$ 43,000	836,000
Wisconsin Dells, WI Hilton Garden Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties		$ 1,400,000		5,100,000
Savannah, GA Courtyard by Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties		$ 5,100,000
Stillwater Residence Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties	$ 7,600,000
Washington Hampton Inn Pittsburgh Meadow Lands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties	$ 10,200,000
SpringHill Suites Centreville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties				9,300,000	4,700,000
Impairment adjustments				275,000
San Antonio, TX Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties				9,900,000
Annapolis, MD Crowne Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties				6,700,000
Centerville VA Spring Hill Suites By Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties				$ 2,000,000
SpringHill Suites Centreville and SpringHill Suites Glen Allen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties					$ 8,200,000
Number of hotel properties | hotel					2
SpringHill Suites Glen Allen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in hotel properties					$ 3,500,000

Leases (Narrative and Lease Bal

Leases (Narrative and Lease Balances) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 53,270
Operating lease right-of-use assets	49,995
Intangible assets reclassified	797		$ 9,824
Intangible liabilities reclassified	$ 2,337		$ 15,483
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
ASU 2016-02 | Error In Adoption Of ASC 842
Lessee, Lease, Description [Line Items]
Operating lease liabilities		8,800
Operating lease right-of-use assets		$ 8,800
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	99 years

Leases (Lease Cost and Other In

Leases (Lease Cost and Other Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 4,323
Variable lease expense	501
Amortization costs related to the intangible assets and liabilities	176
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 3,511
Weighted Average Remaining Lease Term	73 years
Weighted Average Discount Rate	5.17%

Leases (Maturities of Operating

Leases (Maturities of Operating Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating Leases
2020	$ 3,425
2021	3,235
2022	3,092
2023	3,026
2024	3,026
Thereafter	204,869
Total future minimum lease payments	220,673
Less: interest	(167,403)
Present value of lease liabilities	$ 53,270

Leases (Future Minimum Lease Pa

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

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Narrative and Other Schedules) (Details) $ / shares in Units, $ in Thousands	Oct. 02, 2019USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Nov. 05, 2019USD ($)	Oct. 21, 2019shares	Jun. 30, 2015
Real Estate Properties [Line Items]
Investment in unconsolidated entities			$ 2,829	$ 4,489
Stock purchase agreement (in shares) | shares	393,077
Stock purchase agreement (in dollars per share) | $ / shares	$ 30
Stock purchase agreement proceeds	$ 11,800
Gain from stock purchase agreement	11,800
Equity in earnings (loss) of unconsolidated entities			(2,307)	867	$ (5,866)
Investment in unconsolidated entity			$ 647	$ 667	984
Distribution of remaining shares (in shares) | shares							205,086
Conversion ratio							0.0017
AQUA U.S. Fund
Real Estate Properties [Line Items]
Audit hold-back		5.00%
Proceeds from divestiture		$ 2,600
Ashford Inc.
Real Estate Properties [Line Items]
Shares in investment held (in shares) | shares				598,000
Ownership percentage				25.00%
Investment in unconsolidated entities	$ 0			$ 1,896		$ 0
Investment in unconsolidated subsidiary fair value				$ 31,000
AQUA U.S. Fund
Real Estate Properties [Line Items]
Ownership percentage								52.40%
Equity in earnings (loss) of unconsolidated entities					52
OpenKey
Real Estate Properties [Line Items]
Ownership percentage			17.00%	16.30%
Investment in unconsolidated entities			$ 2,829	$ 2,593
Equity in earnings (loss) of unconsolidated entities			(411)	(592)	(481)
Investments total			4,600
Investment in unconsolidated entity			$ 647	$ 667	$ 983

Investment in Unconsolidated _4

Investment in Unconsolidated Entities (Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Nov. 05, 2019	Oct. 02, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Total assets	$ 4,691,348			$ 4,685,954
Total liabilities	4,352,212			4,152,106
Redeemable noncontrolling interests	69,870			80,743
Total stockholders’ equity of Ashford Inc.	268,762			452,489
Noncontrolling interests in consolidated entities	504			616
Total equity	269,266			453,105	$ 633,146	$ 792,377
Total liabilities and equity	4,691,348			4,685,954
Our ownership interest in Ashford Inc.	$ 2,829			4,489
Ashford Inc.
Real Estate Properties [Line Items]
Total assets				379,005
Total liabilities				108,726
Series B Convertible Preferred Stock				200,847
Redeemable noncontrolling interests				3,531
Total stockholders’ equity of Ashford Inc.				65,443
Noncontrolling interests in consolidated entities				458
Total equity				65,901
Total liabilities and equity				379,005
Our ownership interest in Ashford Inc.		$ 0	$ 0	$ 1,896

Investment in Unconsolidated _5

Investment in Unconsolidated Entities (Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Total revenue	$ 354,656	$ 374,237	$ 415,148	$ 358,718	$ 343,488	$ 355,930	$ 389,164	$ 342,207	$ 1,502,759	$ 1,430,789
Total operating expenses	(365,330)	(347,161)	(366,699)	(334,966)	(349,175)	(326,601)	(346,129)	(318,945)	(1,414,156)	(1,340,850)	$ (1,304,265)
Operating income (loss)	$ 12,529	$ 29,438	$ 48,777	$ 23,985	$ (5,606)	$ 29,320	$ 43,447	$ 23,253	114,729	90,414	149,035
Realized and unrealized gain (loss) on investments, net									1,980	(924)	(3,678)
Interest expense and amortization of loan costs									(262,001)	(236,786)	(222,631)
Other income (expense)									10,490	64	(3,422)
Income tax benefit (expense)									(1,218)	(2,782)	2,218
Net income (loss)									(142,679)	(156,309)	(88,760)
Net (income) loss attributable to redeemable noncontrolling interests									28,932	29,313	21,642
Net income (loss) attributable to the Company									(113,635)	(126,966)	(67,008)
Less: Dividends on preferred stock									(42,577)	(42,577)	(44,761)
Ashford Inc.
Real Estate Properties [Line Items]
Total revenue									291,250	195,520	81,573
Total operating expenses									(302,480)	(196,359)	(92,095)
Operating income (loss)									(11,230)	(839)	(10,522)
Equity in earnings (loss) of unconsolidated entities									(286)	0	0
Realized and unrealized gain (loss) on investments, net									0	0	(91)
Interest expense and amortization of loan costs									(2,367)	(1,200)	(122)
Other income (expense)									49	(505)	264
Income tax benefit (expense)									(1,540)	10,364	(9,723)
Net income (loss)									(15,374)	7,820	(20,194)
(Income) loss from consolidated entities attributable to noncontrolling interests									536	924	358
Net (income) loss attributable to redeemable noncontrolling interests									983	1,438	1,484
Net income (loss) attributable to the Company									(13,855)	10,182	(18,352)
Less: Dividends on preferred stock									(14,435)	(4,466)	0
Amortization of preferred stock discount									(1,928)	(730)	0
Net income attributable to common stockholders									(30,218)	4,986	(18,352)
Our equity in earnings (loss) of equity method investments									$ (1,896)	$ 1,459	$ (5,437)

Indebtedness, net (Details)

Indebtedness, net (Details)	Dec. 27, 2019USD ($)	Oct. 10, 2019USD ($)	Aug. 14, 2019USD ($)	Aug. 02, 2019USD ($)	Jun. 07, 2019USD ($)	Mar. 05, 2019USD ($)	Jun. 13, 2018USD ($)	Apr. 09, 2018USD ($)hotel	Jan. 17, 2018USD ($)hotelextension	Dec. 31, 2019USD ($)hotelextension	Dec. 31, 2018USD ($)	Feb. 26, 2019USD ($)	Jan. 22, 2019USD ($)extension	Nov. 08, 2018USD ($)extension	Jul. 03, 2018USD ($)	Jun. 29, 2018USD ($)
Debt Instrument [Line Items]
Debt Balance										$ 4,124,003,000
Book Value of Collateral										4,104,830,000	$ 4,064,368,000
Indebtedness, net										$ 4,106,518,000	$ 3,927,266,000
LIBOR rate										1.763%	2.503%
Mortgages
Debt Instrument [Line Items]
Extinguishment of debt	$ 16,000,000				$ 5,200,000	$ 178,100,000	$ 1,068,000,000	$ 971,700,000	$ 376,800,000
Mortgages
Debt Instrument [Line Items]
Debt Balance										$ 4,124,003,000	$ 3,966,237,000
Premiums, net										655,000	1,293,000
Deferred loan costs, net										(18,140,000)	(40,264,000)
Indebtedness, net										$ 4,106,518,000	3,927,266,000
Mortgages | Mortgage loan 1
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										4.00%
Debt Balance										$ 0	5,232,000
Book Value of Collateral										$ 0	7,752,000
Debt instrument term										5 years
Mortgages | Mortgage loan 2
Debt Instrument [Line Items]
Collateral | hotel								22		1
Debt Balance										$ 0	7,778,000
Book Value of Collateral										$ 0	9,446,000
Mortgages | Mortgage loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										4.95%
Mortgages | Mortgage loan 3
Debt Instrument [Line Items]
Collateral | hotel										8
Debt Balance										$ 395,000,000	395,000,000
Book Value of Collateral										$ 331,686,000	344,744,000
Principal Amount (in thousands)									$ 395,000,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.92%
Mortgages | Mortgage loan 4
Debt Instrument [Line Items]
Collateral | hotel										19
Debt Balance										$ 907,030,000	962,575,000
Book Value of Collateral										$ 1,077,936,000	1,168,504,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 4 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.20%
Mortgages | Mortgage loan 5
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 0	16,100,000
Book Value of Collateral										$ 0	29,966,000
Principal Amount (in thousands)								$ 985,000,000
Debt instrument term										3 years
Number of extension options | extension										2
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 5 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								3.20%		2.90%
Mortgages | Mortgage loan 6
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 43,750,000	43,750,000
Book Value of Collateral										$ 60,191,000	62,995,000
Number of extension options | extension										3
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 6 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										5.10%
Mortgages | Mortgage loan 7
Debt Instrument [Line Items]
Collateral | hotel										7
Debt Balance										$ 180,720,000	180,720,000
Book Value of Collateral										$ 131,102,000	136,325,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.65%
Mortgages | Mortgage loan 8
Debt Instrument [Line Items]
Collateral | hotel										7
Debt Balance										$ 174,400,000	174,400,000
Book Value of Collateral										$ 131,420,000	137,611,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.39%
Mortgages | Mortgage loan 9
Debt Instrument [Line Items]
Collateral | hotel										5
Debt Balance										$ 221,040,000	221,040,000
Book Value of Collateral										$ 175,875,000	176,279,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 9 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.73%
Mortgages | Mortgage loan 10
Debt Instrument [Line Items]
Collateral | hotel										5
Debt Balance										$ 262,640,000	262,640,000
Book Value of Collateral										$ 105,702,000	116,304,000
Principal Amount (in thousands)							180,720,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 10 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										4.02%
Mortgages | Mortgage loan 11
Debt Instrument [Line Items]
Collateral | hotel										5
Debt Balance										$ 160,000,000	160,000,000
Book Value of Collateral										$ 185,854,000	189,026,000
Principal Amount (in thousands)							174,400,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 11 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.73%
Mortgages | Mortgage loan 12
Debt Instrument [Line Items]
Collateral | hotel										5
Debt Balance										$ 215,120,000	215,120,000
Book Value of Collateral										$ 198,059,000	193,120,000
Principal Amount (in thousands)							221,040,000								$ 56,300,000
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 12 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.68%
Mortgages | Mortgage loan 13
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 35,200,000	35,200,000
Book Value of Collateral										$ 38,383,000	36,177,000
Principal Amount (in thousands)							262,640,000
Number of extension options | extension										3
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 13 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										4.40%
Mortgages | Mortgage loan 14
Debt Instrument [Line Items]
Collateral | hotel										8
Debt Balance										$ 144,000,000	144,000,000
Book Value of Collateral										$ 168,054,000	$ 173,678,000
Number of extension options | extension										3
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 14 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										4.33%	4.15%
Mortgages | Mortgage loan 15
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										6.26%
Debt Balance										$ 91,542,000	$ 93,433,000
Book Value of Collateral										$ 112,767,000	$ 121,162,000
Principal Amount (in thousands)							215,120,000
Mortgages | Mortgage loan 15 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.68%	4.09%
Mortgages | Mortgage loan 16
Debt Instrument [Line Items]
Collateral | hotel									8	1
Debt Balance										$ 25,000,000	$ 25,000,000
Book Value of Collateral										$ 49,748,000	49,912,000
Number of extension options | extension									5	3
Term of mortgage loan extension option									1 year	1 year
Mortgages | Mortgage loan 16 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.55%
Mortgages | Mortgage loan 17
Debt Instrument [Line Items]
Collateral | hotel										17
Debt Balance										$ 419,000,000	427,000,000			$ 25,000,000
Book Value of Collateral										$ 263,998,000	282,462,000
Number of extension options | extension										5				3
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 17 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.00%
Mortgages | Mortgage loan 18
Debt Instrument [Line Items]
Collateral | hotel										2
Debt Balance										$ 240,000,000	0
Book Value of Collateral										235,705,000	0
Principal Amount (in thousands)										$ 240,000,000
Debt instrument term										2 years
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 18 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.75%
Mortgages | Mortgage loan 19
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 145,000,000	0
Book Value of Collateral										$ 189,982,000	0
Principal Amount (in thousands)													$ 145,000,000
Number of extension options | extension										2			2
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 19 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.90%
Mortgages | Mortgage loan 20
Debt Instrument [Line Items]
Collateral | hotel										2
Debt Balance										$ 0	178,099,000
Book Value of Collateral										$ 0	245,984,000
Debt instrument term										2 years
Number of extension options | extension										5
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 20 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										3.00%
Mortgages | Mortgage loan 21
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 97,000,000	97,000,000
Book Value of Collateral										$ 186,400,000	194,886,000
Mortgages | Mortgage loan 21 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.00%
Mortgages | Mortgage loan 22
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 16,100,000	0
Book Value of Collateral										27,498,000	0
Principal Amount (in thousands)										$ 16,100,000
Debt instrument term										3 years
Number of extension options | extension										2
Term of mortgage loan extension option										1 year
Mortgages | Mortgage loan 22 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.25%
Mortgages | Mortgage loan 23
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										5.46%
Debt Balance										$ 51,843,000	52,843,000
Book Value of Collateral										$ 83,824,000	79,124,000
Principal Amount (in thousands)																$ 73,500,000
Mortgages | Mortgage loan 23 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.45%
Mortgages | Mortgage loan 24
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 73,450,000	73,450,000
Book Value of Collateral										$ 107,212,000	110,592,000
Mortgages | Mortgage loan 24 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.45%
Mortgages | Mortgage loan 25
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										5.49%
Debt Balance										$ 6,759,000	6,883,000
Book Value of Collateral										$ 8,112,000	8,694,000
Mortgages | Mortgage loan 26
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										5.49%
Debt Balance										$ 9,865,000	10,045,000
Book Value of Collateral										$ 19,166,000	20,516,000
Mortgages | Mortgage loan 26 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.55%
Mortgages | Mortgage loan 27
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										4.99%
Debt Balance										$ 6,292,000	6,414,000
Book Value of Collateral										$ 6,896,000	7,153,000
Mortgages | Mortgage loan 27 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.25%
Mortgages | Mortgage loan 28
Debt Instrument [Line Items]
Collateral | hotel										1
Debt Balance										$ 8,881,000	0
Book Value of Collateral										7,416,000	0
Principal Amount (in thousands)										$ 8,900,000
Debt instrument term										5 years
Mortgages | Mortgage loan 28 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										2.00%
Mortgages | Mortgage loan 29
Debt Instrument [Line Items]
Collateral | hotel										3
Interest Rate										5.20%
Debt Balance										$ 64,207,000	65,242,000
Book Value of Collateral										$ 48,560,000	50,768,000
Mortgages | Mortgage loan 30
Debt Instrument [Line Items]
Collateral | hotel										2
Interest Rate										4.85%
Debt Balance										$ 11,845,000	12,048,000
Book Value of Collateral										$ 11,727,000	10,909,000
Mortgages | Mortgage loan 31
Debt Instrument [Line Items]
Collateral | hotel										3
Interest Rate										4.90%
Debt Balance										$ 23,683,000	24,086,000
Book Value of Collateral										$ 17,348,000	16,211,000
Mortgages | Mortgage loan 32
Debt Instrument [Line Items]
Collateral | hotel										2
Interest Rate										4.45%
Debt Balance										$ 19,438,000	19,835,000
Book Value of Collateral										$ 10,314,000	10,423,000
Mortgages | Mortgage loan 33
Debt Instrument [Line Items]
Collateral | hotel										3
Interest Rate										4.45%		4.66%
Debt Balance										$ 50,279,000	51,304,000	$ 24,900,000
Book Value of Collateral										$ 70,318,000	73,645,000
Principal Amount (in thousands)												$ 25,300,000
Mortgages | Mortgage loan 34
Debt Instrument [Line Items]
Collateral | hotel										1
Interest Rate										4.66%
Debt Balance										$ 24,919,000	0
Book Value of Collateral										$ 43,577,000	$ 0
Mortgages | Mortgage loan 35
Debt Instrument [Line Items]
Principal Amount (in thousands)							$ 216,320,000
Mortgages | Mortgage loan 35 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										4.36%
Marriott in San Antonio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgages
Debt Instrument [Line Items]
Extinguishment of debt				$ 26,800,000
Marriott in Savannah, Georgia | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgages
Debt Instrument [Line Items]
Extinguishment of debt			$ 28,800,000
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Extinguishment of debt		$ 8,000,000

Indebtedness, net (Narrative) (

Indebtedness, net (Narrative) (Details)

Dec. 27, 2019USD ($)

Oct. 10, 2019USD ($)

Aug. 14, 2019USD ($)

Aug. 06, 2019USD ($)

Aug. 02, 2019USD ($)

Jun. 07, 2019USD ($)

Mar. 05, 2019USD ($)

Jun. 13, 2018USD ($)loan

May 10, 2018USD ($)

May 01, 2018USD ($)

Apr. 09, 2018USD ($)hotel

Feb. 20, 2018USD ($)

Jan. 17, 2018USD ($)hotelextension

Dec. 31, 2019USD ($)hotelextension

Feb. 26, 2019USD ($)

Jan. 22, 2019USD ($)extension

Dec. 31, 2018USD ($)

Nov. 08, 2018USD ($)extension

Sep. 27, 2018USD ($)

Jul. 03, 2018USD ($)

Jun. 29, 2018USD ($)

Debt Instrument [Line Items]

Indebtedness, gross

$ 4,124,003,000

Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

$ 16,000,000

$ 5,200,000

$ 178,100,000

$ 1,068,000,000

$ 971,700,000

$ 376,800,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 7,600,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 6,600,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 22,500,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in San Antonio | Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

$ 26,800,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton Garden Inn in Wisconsin Dells, Wisconsin | Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

$ 7,700,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott in Savannah, Georgia | Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

$ 28,800,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel

Debt Instrument [Line Items]

Extinguishment of debt

$ 8,000,000

Mortgages

Debt Instrument [Line Items]

Indebtedness, gross

4,124,003,000

$ 3,966,237,000

Mortgages | Mortgage loan 18

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 240,000,000

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 240,000,000

0

Collateral | hotel

2

Mortgages | Mortgage loan 18 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Mortgages | Mortgage loan 28

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 8,900,000

Indebtedness, gross

$ 8,881,000

0

Collateral | hotel

1

Mortgages | Mortgage loan 28 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Mortgages | Mortgage loan 22

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 16,100,000

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 16,100,000

0

Collateral | hotel

1

Mortgages | Mortgage loan 22 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Mortgages | Mortgage loan 27

Debt Instrument [Line Items]

Indebtedness, gross

$ 6,292,000

6,414,000

Interest rate

4.99%

Collateral | hotel

1

Mortgages | Mortgage loan 27 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Mortgages | Mortgage loan 16

Debt Instrument [Line Items]

Number of extension options | extension

5

3

Term of mortgage loan extension option

1 year

1 year

Indebtedness, gross

$ 25,000,000

25,000,000

Collateral | hotel

8

1

Mortgages | Mortgage loan 16 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.55%

Mortgages | Mortgage loan 3

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 395,000,000

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 395,000,000

395,000,000

Collateral | hotel

8

Mortgages | Mortgage loan 3 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.92%

Mortgages | Mortgage loan 2

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

7,778,000

Collateral | hotel

22

1

Mortgages | Mortgage loan 2 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.95%

Mortgages | Mortgage loan 5

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 985,000,000

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 0

16,100,000

Collateral | hotel

1

Mortgages | Mortgage loan 5 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.20%

2.90%

Mortgages | Mortgage loan 17

Debt Instrument [Line Items]

Number of extension options | extension

5

3

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 419,000,000

427,000,000

$ 25,000,000

Collateral | hotel

17

Mortgages | Mortgage loan 17 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

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

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 1,270,000,000

Number of loans | loan

6

Mortgages | Mortgage loan 12

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 221,040,000

$ 56,300,000

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 215,120,000

215,120,000

Collateral | hotel

5

Mortgages | Mortgage loan 12 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.68%

Mortgages | Mortgage loan 11

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 174,400,000

Number of extension options | extension

5

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 160,000,000

160,000,000

Collateral | hotel

5

Mortgages | Mortgage loan 11 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.73%

Mortgages | Mortgage loan 23

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 73,500,000

Indebtedness, gross

$ 51,843,000

52,843,000

Interest rate

5.46%

Collateral | hotel

1

Mortgages | Mortgage loan 23 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.45%

Mortgages | Mortgage loan 26

Debt Instrument [Line Items]

Indebtedness, gross

$ 9,865,000

10,045,000

Interest rate

5.49%

Collateral | hotel

1

Mortgages | Mortgage loan 26 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.55%

Mortgages | Mortgage loan 19

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 145,000,000

Number of extension options | extension

2

2

Term of mortgage loan extension option

1 year

Indebtedness, gross

$ 145,000,000

0

Collateral | hotel

1

Mortgages | Mortgage loan 19 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.90%

Mortgages | Mortgage loan 33

Debt Instrument [Line Items]

Principal Amount (in thousands)

$ 25,300,000

Indebtedness, gross

$ 50,279,000

$ 24,900,000

$ 51,304,000

Interest rate

4.45%

4.66%

Collateral | hotel

3

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]

Borrowing capacity

$ 100,000,000

Percent secured by property

100.00%

Line of Credit | Secured Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.65%

Line of Credit | Secured Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.65%

Indebtedness, net (Schedule of

Indebtedness, net (Schedule of Premium Amortization Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Interest expense and amortization of premium and loan costs	$ 232	$ 277	$ 1,953

Indebtedness, net (Maturities)

Indebtedness, net (Maturities) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 3,279,403
2021	5,485
2022	503,868
2023	126,875
2024	124,705
Thereafter	83,667
Total	$ 4,124,003

Notes Receivable, net and Oth_3

Notes Receivable, net and Other (Consideration) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Oct. 10, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	$ 0		$ 0	$ 78	$ 976
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash		$ 8,250
Note receivable - construction financing		3,543
Note receivable - certificate of occupancy		4,047
Other asset - future ownership rights of parking parcel		4,100
Other asset - free use of parking easement prior to development commencement		235
Other asset - reimbursement of parking fees while parking parcel is in development		462
Total		$ 20,637

Notes Receivable, net and Oth_4

Notes Receivable, net and Other (Schedule of Notes Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount percent	7.00%
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable, net	$ 7,709
Notes Receivable | Construction Financing Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	4,000
Discount	(402)
Note receivable, net	$ 3,598
Discount percent	7.00%
Notes Receivable | Certificate Of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 5,250
Discount	(1,139)
Note receivable, net	$ 4,111
Discount percent	7.00%

Notes Receivable, net and Oth_5

Notes Receivable, net and Other (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Discount amortization	$ 119
Future ownership rights of parking parcel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Imputed interest	72
Free use of parking easement prior to development commencement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accumulated amortization	$ 118

Notes Receivable, net and Oth_6

Notes Receivable, net and Other (Other Consideration) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Receivables with Imputed Interest [Line Items]
Imputed Interest Rate	7.00%
Other Assets, Net Amount	$ 4,751
Future ownership rights of parking parcel
Receivables with Imputed Interest [Line Items]
Other Assets, Imputed Interest	72
Other Assets, Face Amount	4,100
Other Assets, Net Amount	4,172
Free use of parking easement prior to development commencement
Receivables with Imputed Interest [Line Items]
Other Assets, Face Amount	235
Accumulated amortization	(118)
Other Assets, Net Amount	117
Reimbursement of parking fees while parking parcel is in development
Receivables with Imputed Interest [Line Items]
Other Assets, Face Amount	462
Accumulated amortization	0
Other Assets, Net Amount	$ 462

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Credit Default Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 212,500,000
Total exposure	3,200,000
Change in market value of credit default swap	250,000
Eurodollar Future
Derivative Instruments, Gain (Loss) [Line Items]
Cost of hedge				$ 250,000
Not Designated as Hedging Instrument | Interest rate derivatives – caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	3,799,740,000	$ 3,953,718,000
Aggregate principle balance on corresponding mortgage loans (in thousands)	$ 3,666,331,000	$ 3,521,872,000
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.50%	1.50%
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	5.22%	5.71%
Not Designated as Hedging Instrument | Interest rate derivatives – floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 12,025,000,000	$ 28,775,000,000
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate low end of range	(0.25%)	(0.25%)
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.63%	2.00%
Not Designated as Hedging Instrument | Interest rate derivatives – caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 1,051,050,000	$ 3,614,618,000	$ 2,539,700,000
Total cost (in thousands)	$ 1,112,000	$ 3,143,000	$ 871,000
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.50%	1.50%	1.50%
Not Designated as Hedging Instrument | Interest rate derivatives – caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4.88%	5.71%	5.84%
Not Designated as Hedging Instrument | Interest rate derivatives – floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 6,000,000,000	$ 12,025,000,000	$ 10,750,000,000
Total cost (in thousands)	$ 225,000	$ 432,000	$ 388,000
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.63%	1.25%	1.00%
Not Designated as Hedging Instrument | Interest rate derivatives – floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.63%	2.00%	1.50%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in or out of level 3	10.00%
LIBOR interest rate forward curve	1.76%
LIBOR interest rate forward curve downtrend	1.47%

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative assets:
Derivative asset	$ 1,691	$ 2,396
Derivative assets, net	1,691	2,396
Derivative liabilities:
Derivative liabilities, net	(42)	(50)
Fair Value Measurements Recurring
Derivative assets:
Counter-party and Cash Collateral Netting	3,181	1,020
Derivative assets, net	1,691	2,396
Equity securities	14,591	21,816
Assets, fair value	16,282	24,212
Derivative liabilities:
Counter-party and Cash Collateral Netting	4,231	970
Net	16,240	24,162
Fair Value Measurements Recurring | Interest rate derivatives – floors
Derivative assets:
Counter-party and Cash Collateral Netting	257	208
Derivative assets, net	299	463
Fair Value Measurements Recurring | Interest rate derivatives – caps
Derivative assets:
Counter-party and Cash Collateral Netting	0	0
Derivative assets, net	47	601
Fair Value Measurements Recurring | Credit default swaps
Derivative assets:
Counter-party and Cash Collateral Netting	2,924	812
Derivative assets, net	1,345	1,332
Derivative liabilities:
Counter-party and Cash Collateral Netting	1,050	(50)
Derivative liabilities, net	(42)	(50)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative asset	0	0
Equity securities	14,591	21,816
Assets, fair value	14,591	21,816
Derivative liabilities:
Net	14,591	21,816
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives – floors
Derivative assets:
Derivative asset	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives – caps
Derivative assets:
Derivative asset	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps
Derivative assets:
Derivative asset	0	0
Derivative liabilities:
Derivative liabilities	0	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative asset	(1,490)	1,376
Equity securities	0	0
Assets, fair value	(1,490)	1,376
Derivative liabilities:
Net	(2,582)	1,376
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives – floors
Derivative assets:
Derivative asset	42	255
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives – caps
Derivative assets:
Derivative asset	47	601
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps
Derivative assets:
Derivative asset	(1,579)	520
Derivative liabilities:
Derivative liabilities	(1,092)	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative asset	0	0
Equity securities	0	0
Assets, fair value	0	0
Derivative liabilities:
Net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives – floors
Derivative assets:
Derivative asset	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives – caps
Derivative assets:
Derivative asset	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps
Derivative assets:
Derivative asset	0	0
Derivative liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements (Effect

Fair Value Measurements (Effects of Fair Value Measured Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	$ (4,494)	$ (2,178)	$ (2,802)
Unrealized gain (loss) on marketable securities	1,896	(1,013)	(4,649)
Derivative expense related to credit default swaps	1,077	1,045	1,036
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	(4,494)	(2,178)	(2,802)
Unrealized gain (loss) on marketable securities	1,896	(1,013)	(4,649)
Realized gain (loss) on marketable securities	84	89	971
Net	(3,314)	(3,102)	(11,188)
Fair Value Measurements Recurring | Interest rate derivatives – floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	362	(488)	(2,435)
Realized gain (loss) on options on derivatives	(800)	0	(543)
Fair Value Measurements Recurring | Interest rate derivatives – caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	(1,666)	(2,678)	(758)
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	(3,190)	988	(36)
Realized gain (loss) on options on derivatives	0	0	(4,165)
Fair Value Measurements Recurring | Options on futures contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives	0	0	427
Fair Value Measurements Recurring | Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(3,314)	(3,102)	(11,188)
Fair Value Measurements Recurring | Derivative liabilities | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(1,092)	285	0
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives – floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(438)	(488)	(2,435)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives – caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(1,666)	(2,678)	(758)
Fair Value Measurements Recurring | Derivative assets | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(2,098)	703	(4,201)
Fair Value Measurements Recurring | Derivative assets | Options on futures contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0	(116)
Fair Value Measurements Recurring | Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(2,222)	(3,387)	(11,188)
Fair Value Measurements Recurring | Non-derivative assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 1,980	$ (924)	$ (3,678)

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying Value	$ 14,591	$ 21,816
Marketable securities, Estimated Fair Value	14,591	21,816
Derivative assets, net, Carrying Value	1,691	2,396
Derivative asset, net, Estimated Fair Value	1,691	2,396
Derivative liabilities, net	42	50
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	262,636	319,210	$ 354,805	$ 347,091
Cash and cash equivalents, Estimated Fair Value	262,636	319,210
Restricted cash, Carrying Value	135,571	120,602	116,787	$ 144,014
Restricted cash, Estimated Fair Value	135,571	120,602
Accounts receivable, net, Carrying Value	39,638	37,060
Accounts receivable, net, Estimated Fair Value	39,638	37,060
Note receivable, net	7,709	0
Note receivable, net, Estimated Fair Value		0
Due from related party, net, Carrying Value	3,019	0
Due from related party, net, Estimated Fair Value	3,019	0
Due from third-party hotel managers, Carrying Value	17,368	21,760
Due from third-party hotel managers, Estimated Fair Value	17,368	21,760
Financial liabilities not measured at fair value:
Indebtedness	4,124,658	3,967,530
Accounts payable and accrued expenses, Carrying Value	134,341	136,757
Accounts payable and accrued expenses, Estimated Fair Value	134,341	136,757
Dividends and distributions payable, Carrying Value	20,849	26,794	$ 25,045
Dividends and distributions payable, Estimated Fair Value	20,849	26,794
Due to affiliates, Carrying Value	6,570	23,034
Due to affiliates, Estimated Fair Value	6,570	23,034
Due to related party, net, Carrying Value	0	1,477
Due to related party, Estimated Fair Value	0	1,477
Due to third-party hotel managers, Carrying Value	2,509	2,529
Due to third-party hotel managers, Estimated Fair Value	2,509	2,529
Minimum
Financial assets not measured at fair value:
Note receivable, net, Estimated Fair Value	7,323
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	3,881,453	3,773,343
Maximum
Financial assets not measured at fair value:
Note receivable, net, Estimated Fair Value	8,095
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	$ 4,290,027	$ 4,170,538

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maturity period of financial assets	90 days
Notes receivable, net	$ 7,709	$ 0
Carrying value of total indebtedness of continuing operations	4,106,518	3,927,266
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of total indebtedness of continuing operations	$ 4,100,000	$ 4,000,000
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percent Of Financing Receivable, After Allowance For Credit Loss	105.00%
Total indebtedness fair value variance from carrying value	104.00%	105.10%
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percent Of Financing Receivable, After Allowance For Credit Loss	95.00%
Total indebtedness fair value variance from carrying value	94.10%	95.10%

Income (Loss) Per Share (Calcul

Income (Loss) Per Share (Calculating Basic and Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income (loss) allocated to common stockholders – basic and diluted:
Income (loss) attributable to the Company	$ (113,635)	$ (126,966)	$ (67,008)
Less: Dividends on preferred stock	(42,577)	(42,577)	(44,761)
Less: Extinguishment of issuance costs upon redemption of preferred stock	0	0	10,799
Undistributed income (loss) allocated to common stockholders	(187,328)	(217,494)	(169,672)
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted	$ (157,488)	$ (170,437)	$ (123,920)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	99,837	97,282	95,207
Basic income (loss) per share:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.58)	$ (1.75)	$ (1.30)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.58)	$ (1.75)	$ (1.30)
Common Stock
Income (loss) allocated to common stockholders – basic and diluted:
Less: Dividends	$ (29,840)	$ (47,057)	$ (45,752)
Performance Shares
Income (loss) allocated to common stockholders – basic and diluted:
Less: Dividends	(475)	(50)	(393)
Restricted Stock
Income (loss) allocated to common stockholders – basic and diluted:
Less: Dividends	$ (801)	$ (844)	$ (959)

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details 1) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to noncontrolling interest in operating partnership	$ (28,932)	$ (29,313)	$ (21,642)
Total	$ (27,656)	$ (28,419)	$ (20,290)
Weighted average diluted shares are not adjusted for:
Total (in shares)	19,219	17,961	17,976
Restricted Stock
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 801	$ 844	$ 959
Weighted average diluted shares are not adjusted for:
Total (in shares)	68	111	376
Performance Shares
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 475	$ 50	$ 393
Weighted average diluted shares are not adjusted for:
Total (in shares)	69	251	258
Redeemable Noncontrolling Interest in Operating Partnership
Weighted average diluted shares are not adjusted for:
Total (in shares)	19,082	17,599	17,342

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) - USD ($) $ in Thousands	Feb. 26, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)		1
Hilton Santa Cruz/Scotts Valley
Redeemable Noncontrolling Interest [Line Items]
Issuance of units for hotel acquisition (in shares)	1,500,000
Partnership Interest
Redeemable Noncontrolling Interest [Line Items]
Units converted to common shares (in shares)		0	0	21,000
Common Units | Partnership Interest
Redeemable Noncontrolling Interest [Line Items]
Units converted to common shares (in shares)		0	0	21,000
LTIP units
Redeemable Noncontrolling Interest [Line Items]
Common partnership unit per converted Long-Term Incentive Plan unit (in shares)		1
Unamortized cost of unvested shares		$ 2,700
Period of unamortized cost with be expensed		2 years 2 months 12 days
Period of recognition for unamortized shares		1 year 3 months 18 days
LTIP units | Common Units
Redeemable Noncontrolling Interest [Line Items]
Fair value				$ 161
LTIP units | Minimum
Redeemable Noncontrolling Interest [Line Items]
Vesting period		3 years
LTIP units | Maximum
Redeemable Noncontrolling Interest [Line Items]
Vesting period		5 years
Performance Long Term Incentive Plan Units
Redeemable Noncontrolling Interest [Line Items]
Awards outstanding (in shares)		1,900,000
Units which have not reached parity (in shares)		0
Unamortized cost of unvested shares		$ 2,400
Period of unamortized cost with be expensed		2 years
Period of recognition for unamortized shares		8 months 12 days
Performance Long Term Incentive Plan Units | Minimum
Redeemable Noncontrolling Interest [Line Items]
Performance adjustment range		0.00%
Performance Long Term Incentive Plan Units | Maximum
Redeemable Noncontrolling Interest [Line Items]
Performance adjustment range		200.00%
Shares canceled (in shares)			739,000
Long Term Incentive Plan Units
Redeemable Noncontrolling Interest [Line Items]
Shares issued (in shares)		11,900,000
Units which have not reached parity (in shares)		769,000

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership (Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Performance LTIP units | Advisory services fee
Debt Instrument [Line Items]
Compensation expense	$ 3,594	$ 6,797	$ 1,785
LTIP units
Debt Instrument [Line Items]
Compensation expense	7,304	10,841	5,060
LTIP units | Advisory services fee
Debt Instrument [Line Items]
Compensation expense	3,264	3,508	2,800
LTIP units | Corporate, general and administrative
Debt Instrument [Line Items]
Compensation expense	$ 446	$ 536	$ 475

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Temporary Equity [Line Items]
Redeemable noncontrolling interests	$ 69,870	$ 80,743
Cumulative adjustments to redeemable noncontrolling interests	$ (9,445)	8,171	$ (10,010)
Ownership percentage of operating partnership	15.00%
Partnership Interest
Temporary Equity [Line Items]
Cumulative adjustments to redeemable noncontrolling interests	$ 155,536	$ 146,091
Ownership percentage of operating partnership	15.92%	14.64%

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership (Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 28,932	$ 29,313	$ 21,642
Aggregate cash distributions to holders of common units and LTIP units	$ 6,572	$ 8,789	$ 10,007

Redeemable Noncontrolling Int_7

Redeemable Noncontrolling Interests in Operating Partnership (Activity of Units in Operating Partnership) (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of the activity of the operating partnership units
Performance LTIP units canceled (in shares)	0	(739,000)	0
Common Units
Summary of the activity of the operating partnership units
Units issued (in shares)	1,468,000	0	0
Partnership Interest
Summary of the activity of the operating partnership units
Outstanding at beginning of year (in shares)	19,921,000	19,602,000	19,443,000
Units issued (in shares)	338,000	476,000	701,000
Common units converted to common stock (in shares)	0	0	(21,000)
Conversion factor adjustment (in shares)	0	0	(1,700,000)
Outstanding at end of year (in shares)	21,942,000	19,921,000	19,602,000
Common units convertible/redeemable at end of year (in shares)	18,571,000	16,645,000	16,320,000
Partnership Interest | Common Units
Summary of the activity of the operating partnership units
Common units converted to common stock (in shares)	0	0	(21,000)
Performance LTIP units
Summary of the activity of the operating partnership units
Units issued (in shares)	215,000	582,000	1,179,000

Equity (Narrative) (Details)

Equity (Narrative) (Details)	Dec. 08, 2017$ / sharesshares	Oct. 04, 2017$ / sharesshares	Sep. 18, 2017$ / sharesshares	Dec. 31, 2019hotel$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2017shares	Dec. 11, 2017USD ($)	Dec. 05, 2017USD ($)$ / shares
Document Period End Date				Dec. 31, 2019
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01			$ 0.01
Authorized amount | $								$ 200,000,000
Shares repurchased (in shares) | shares				0	0	0
Acquisition of common stock (in shares) | shares				210,700	248,562	203,299
Authorized amount | $							$ 100,000,000
Preferred stock, shares authorized (in shares) | shares				50,000,000	50,000,000
Noncontrolling interest in joint venture				15.00%
Majority Owned Properties
Number of hotel properties with joint venture interest | hotel				2
Series A
Percentage of preferred stock shares			8.55%
Liquidation preference (in dollars per share)			$ 25
Dividends accrued and unpaid (in dollars per share)			0.4631
Redemption price of preferred stock (in dollars per share)			25.4631
Series D
Percentage of preferred stock shares				8.45%
Liquidation preference (in dollars per share)	$ 25	$ 25	25
Dividends accrued and unpaid (in dollars per share)	0.3990	0.5516	0.4577
Redemption price of preferred stock (in dollars per share)	$ 25.3990	$ 25.5516	$ 25.4577	$ 25
Preferred stock, shares outstanding (in shares) | shares				2,400,000	2,389,393
Annual dividend rate per share (in dollars per share)				$ 2.1124
Increased dividend rate percentage				9.45%
Redemption of preferred shares (in shares) | shares	5,100,000	379,036	1,600,000
Series F
Percentage of preferred stock shares					7.375%
Liquidation preference (in dollars per share)				$ 25
Preferred stock, shares outstanding (in shares) | shares				4,800,000	4,800,000
Annual dividend rate per share (in dollars per share)				$ 1.8436
Issuance of stock (in shares) | shares				4,800,000	4,800,000
Conversion ratio to common stock				9.68992
Series G
Percentage of preferred stock shares				7.375%
Liquidation preference (in dollars per share)				$ 25
Preferred stock, shares outstanding (in shares) | shares				6,200,000	6,200,000
Annual dividend rate per share (in dollars per share)				$ 1.8436
Issuance of stock (in shares) | shares				6,200,000
Conversion ratio to common stock				8.33333
Series H
Percentage of preferred stock shares				7.50%	7.50%
Liquidation preference (in dollars per share)				$ 25
Preferred stock, shares outstanding (in shares) | shares				3,800,000	3,800,000
Annual dividend rate per share (in dollars per share)				$ 1.8750
Conversion ratio to common stock				8.25083
Series I
Percentage of preferred stock shares				7.50%
Liquidation preference (in dollars per share)				$ 25
Preferred stock, shares outstanding (in shares) | shares				5,400,000	5,400,000
Annual dividend rate per share (in dollars per share)				$ 1.8750
Issuance of stock (in shares) | shares				5,400,000
Conversion ratio to common stock				8.06452

Equity (Issuance Activity) (Det

Equity (Issuance Activity) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Gross proceed received	$ 0	$ 14,752	$ 0
Common Stock
Class of Stock [Line Items]
Common shares issued (in shares)	0	2,434	0
Gross proceed received	$ 0	$ 15,522	$ 0
Commissions and other expenses	0	194	0
Net proceeds	$ 0	$ 15,328	$ 0

Equity (Summary of Dividends De

Equity (Summary of Dividends Declared) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Common stock	$ 31,116	$ 47,951	$ 47,104
Total dividends declared	73,693	90,528	91,865
Series A
Class of Stock [Line Items]
Total dividends declared	0	0	2,539
Series D
Class of Stock [Line Items]
Total dividends declared	5,048	5,047	18,211
Series F
Class of Stock [Line Items]
Total dividends declared	8,849	8,849	8,849
Series G
Class of Stock [Line Items]
Total dividends declared	11,430	11,431	11,430
Series H
Class of Stock [Line Items]
Total dividends declared	7,125	7,125	2,494
Series I
Class of Stock [Line Items]
Total dividends declared	$ 10,125	$ 10,125	$ 1,238

Equity (Noncontrolling Interest

Equity (Noncontrolling Interests in Consolidated Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Carrying value of noncontrolling interests	$ 504	$ 616
(Income) loss allocated to noncontrolling interests in consolidated entities	$ 112	$ 30	$ 110

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 7,900
Period of unamortized cost with be expensed	2 years 2 months 12 days
Weighted average period of recognition for unamortized shares	1 year 7 months 6 days
Compensation expense	$ 7,476	$ 7,857	$ 5,509
Shares canceled (in shares)	(62)	(49)	(55)
Restricted Stock | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 1,500
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 6,700
Period of unamortized cost with be expensed	2 years
Weighted average period of recognition for unamortized shares	1 year 4 months 24 days
Compensation expense	$ 4,937	$ 8,241	$ 1,718
Shares canceled (in shares)	0	(248)	0
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range	0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range	200.00%
Performance Shares | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 3,000
2011 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	17,300
Shares available for future issuance (in shares)	1,900

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 7,476	$ 7,857	$ 5,509
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	4,937	8,241	1,718
Advisory services fee | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	6,268	6,698	4,774
Management fees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	768	1,159	645
Corporate, general and administrative | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	350	0	0
Corporate, general and administrative | Restricted Stock | Independent directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 90	$ 0	$ 90

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Units
Outstanding at beginning of year (in shares)	1,713	2,085	1,627
Shares granted (in shares)	1,340	907	1,272
Shares vested (in shares)	(863)	(1,230)	(759)
Shares canceled (in shares)	(62)	(49)	(55)
Outstanding at end of year (in shares)	2,128	1,713	2,085
Weighted Average Price at Grant
Weighted Average Price at Grant, Beginning of year (in dollars per share)	$ 6.56	$ 7.03	$ 8.30
Weighted Average Price at Grant, Shares granted (in dollars per share)	5.36	6.64	6.46
Weighted Average Price at Grant, Shares vested (in dollars per share)	6.50	7.41	8.82
Weighted Average Price at Grant, Shares canceled (in dollars per share)	5.82	6.41	6.73
Weighted Average Price at Grant, End of year (in dollars per share)	$ 5.86	$ 6.56	$ 7.03
Performance Shares
Units
Outstanding at beginning of year (in shares)	775	820	336
Shares granted (in shares)	809	526	484
Shares vested (in shares)	0	(323)	0
Shares canceled (in shares)	0	(248)	0
Outstanding at end of year (in shares)	1,584	775	820
Weighted Average Price at Grant
Weighted Average Price at Grant, Beginning of year (in dollars per share)	$ 6.31	$ 6.07	$ 6.38
Weighted Average Price at Grant, Shares granted (in dollars per share)	5.36	6.64	5.85
Weighted Average Price at Grant, Shares vested (in dollars per share)	0	6.19	0
Weighted Average Price at Grant, Shares canceled (in dollars per share)	0	6.38	0
Weighted Average Price at Grant, End of year (in dollars per share)	$ 5.82	$ 6.31	$ 6.07

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Sep. 25, 2019USD ($)	Jan. 01, 2019USD ($)	Jun. 26, 2018USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2019	Dec. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)	Sep. 30, 2017hotel	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Percentage not to exceed of project budget							16.50%
Due to related parties, net							$ 0	$ 1,477,000
Number of hotel properties | hotel									24
Due from related parties, net							3,019,000	0
Management fees
Related Party Transaction [Line Items]
Payment of monthly property management fees (greater than $10,000)							$ 14,000
Percentage of base management fee							3.00%
Portion of project management fees to project costs						4.00%	4.00%
Subsidiaries
Related Party Transaction [Line Items]
Number of hotel properties managed by affiliates | hotel							80
Number of hotel properties | hotel							117
Remington Hotels
Related Party Transaction [Line Items]
Security deposit							$ 1,200,000
Due from related parties, net							1,800,000
Ashford Inc.
Related Party Transaction [Line Items]
Contribution amount committed	$ 15,000,000
Contribution amount funded							2,500,000
Expensed reimbursement of operating expenses							896,000
Due to related parties, net							6,570,000	23,034,000
Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Consideration for FF&E				$ 8,100,000	$ 5,000,000
Amount received from hotel FF&E								16,100,000
Recorded gain from sale and derecognized assets		$ 1,800,000
ERFP, percent of commitment for each hotel			10.00%
ERFP, initial term			2 years
ERFP, renewal term			1 year
ERFP, notice term			60 days
Ashford Inc. | Hilton Alexandria Old Town | Affiliated Entity
Related Party Transaction [Line Items]
Obligation amount								$ 11,100,000
Ashford Inc. | Hilton Santa Cruz/Scotts Valley | Affiliated Entity
Related Party Transaction [Line Items]
Entitled to receive for furniture, fixtures, and equipment							5,000,000
Recorded gain from sale and derecognized assets							233,000
Ashford Inc. | Embassy Suites New York Manhattan Times Square | Affiliated Entity
Related Party Transaction [Line Items]
Entitled to receive for furniture, fixtures, and equipment							19,500,000
Recorded gain from sale and derecognized assets							326,000
Ashford Inc. | Consideration to Purchase Furniture, Fixtures and Equipment
Related Party Transaction [Line Items]
Due to related parties, net										$ 4,000,000
Ashford Inc. | Other Assets
Related Party Transaction [Line Items]
Contribution amount funded							$ 1,600,000
Maximum | Ashford Inc.
Related Party Transaction [Line Items]
Quarterly base fee							0.70%
Total market capitalization							$ 10,000,000,000
Maximum | Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
ERFP investment amount (up to)			$ 50,000,000
ERFP commitment amount subject to increase			$ 100,000,000
Minimum | Ashford Inc.
Related Party Transaction [Line Items]
Quarterly base fee							0.50%
Total market capitalization							$ 6,000,000,000

Related Party Transactions (Fee

Related Party Transactions (Fees Related to Property and Project Management Agreements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Hotel management fees, including incentive hotel management fees	$ 27,205	$ 30,890	$ 30,629
Market service and project management fees	0	11,148	21,315
Corporate general and administrative	6,014	5,872	5,652
Total	$ 33,219	$ 47,910	$ 57,596

Related Party Transactions (Adv

Related Party Transactions (Advisory Service Fee) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Advisory services fee	$ 63,632	$ 69,122	$ 53,199
Ashford Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	63,632	69,122	53,199
Ashford Inc. | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	36,269	35,526	34,650
Ashford Inc. | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	9,300	8,351	7,472
Ashford Inc. | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	$ 18,063	$ 25,245	$ 11,077

Related Party Transactions (Sum

Related Party Transactions (Summary of Entities with Advisor Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to related parties, net	$ 0	$ 1,477
AIM | Cash management services
Related Party Transaction [Line Items]
Total	1,206	1,156	$ 1,976
Due to related parties, net	82	99
AIM | Investments in Hotel Properties, net | Cash management services
Related Party Transaction [Line Items]
Total	0	0	0
AIM | Indebtedness, net | Cash management services
Related Party Transaction [Line Items]
Total	0	0	0
AIM | Other Hotel Revenue | Cash management services
Related Party Transaction [Line Items]
Total	0	0	0
AIM | Other Hotel Expenses | Cash management services
Related Party Transaction [Line Items]
Total	0	0	0
AIM | Management Fees | Cash management services
Related Party Transaction [Line Items]
Total	0
AIM | Property Taxes, Insurance and Other | Cash management services
Related Party Transaction [Line Items]
Total	0
AIM | Advisory services fee | Cash management services
Related Party Transaction [Line Items]
Total	0
AIM | Corporate, General and Administrative | Cash management services
Related Party Transaction [Line Items]
Total	1,206	1,156	1,976
AIM | Gain (Loss) on Sale of Assets and Hotel Properties | Cash management services
Related Party Transaction [Line Items]
Total	0
AIM | Write-off of Premiums, Loan Costs and Exit Fees | Cash management services
Related Party Transaction [Line Items]
Total	0
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Total	75	76
Due to related parties, net	18	23
Ashford LLC | Deposit on ERFP assets
Related Party Transaction [Line Items]
Due to related parties, net	0	16,100
Ashford LLC | Advisory services fee
Related Party Transaction [Line Items]
Due to related parties, net	1,133	2,362
Ashford LLC | Investments in Hotel Properties, net | Insurance claims services
Related Party Transaction [Line Items]
Total	0	0
Ashford LLC | Indebtedness, net | Insurance claims services
Related Party Transaction [Line Items]
Total	0	0
Ashford LLC | Other Hotel Revenue | Insurance claims services
Related Party Transaction [Line Items]
Total	0	0
Ashford LLC | Other Hotel Expenses | Insurance claims services
Related Party Transaction [Line Items]
Total	0	0
Ashford LLC | Management Fees | Insurance claims services
Related Party Transaction [Line Items]
Total	0
Ashford LLC | Property Taxes, Insurance and Other | Insurance claims services
Related Party Transaction [Line Items]
Total	75
Ashford LLC | Advisory services fee | Insurance claims services
Related Party Transaction [Line Items]
Total	0
Ashford LLC | Corporate, General and Administrative | Insurance claims services
Related Party Transaction [Line Items]
Total	0	76
Ashford LLC | Gain (Loss) on Sale of Assets and Hotel Properties | Insurance claims services
Related Party Transaction [Line Items]
Total	0
Ashford LLC | Write-off of Premiums, Loan Costs and Exit Fees | Insurance claims services
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Broker/Dealer
Related Party Transaction [Line Items]
Total	896
Ashford Securities | Investments in Hotel Properties, net | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Indebtedness, net | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Other Hotel Revenue | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Other Hotel Expenses | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Management Fees | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Property Taxes, Insurance and Other | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Advisory services fee | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Corporate, General and Administrative | Broker/Dealer
Related Party Transaction [Line Items]
Total	896
Ashford Securities | Gain (Loss) on Sale of Assets and Hotel Properties | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
Ashford Securities | Write-off of Premiums, Loan Costs and Exit Fees | Broker/Dealer
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Audio visual commissions
Related Party Transaction [Line Items]
Total	7,365	3,569	66
Due to related parties, net	1,009	855
J&S Audio Visual | Equipment
Related Party Transaction [Line Items]
Total	24	925
J&S Audio Visual | Investments in Hotel Properties, net | Audio visual commissions
Related Party Transaction [Line Items]
Total	0	0	0
J&S Audio Visual | Investments in Hotel Properties, net | Equipment
Related Party Transaction [Line Items]
Total	24	925
J&S Audio Visual | Indebtedness, net | Audio visual commissions
Related Party Transaction [Line Items]
Total	0	0	0
J&S Audio Visual | Indebtedness, net | Equipment
Related Party Transaction [Line Items]
Total	0	0
J&S Audio Visual | Other Hotel Revenue | Audio visual commissions
Related Party Transaction [Line Items]
Total	7,365	3,569	66
J&S Audio Visual | Other Hotel Revenue | Equipment
Related Party Transaction [Line Items]
Total	0	0
J&S Audio Visual | Other Hotel Expenses | Audio visual commissions
Related Party Transaction [Line Items]
Total	0	0	0
J&S Audio Visual | Other Hotel Expenses | Equipment
Related Party Transaction [Line Items]
Total	0	0
J&S Audio Visual | Management Fees | Audio visual commissions
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Management Fees | Equipment
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Property Taxes, Insurance and Other | Audio visual commissions
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Property Taxes, Insurance and Other | Equipment
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Advisory services fee | Audio visual commissions
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Advisory services fee | Equipment
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Corporate, General and Administrative | Audio visual commissions
Related Party Transaction [Line Items]
Total	0	0	0
J&S Audio Visual | Corporate, General and Administrative | Equipment
Related Party Transaction [Line Items]
Total	0	0
J&S Audio Visual | Gain (Loss) on Sale of Assets and Hotel Properties | Audio visual commissions
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Gain (Loss) on Sale of Assets and Hotel Properties | Equipment
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Write-off of Premiums, Loan Costs and Exit Fees | Audio visual commissions
Related Party Transaction [Line Items]
Total	0
J&S Audio Visual | Write-off of Premiums, Loan Costs and Exit Fees | Equipment
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Debt placement services
Related Party Transaction [Line Items]
Total	1,294	5,094	913
Lismore Capital | Broker services
Related Party Transaction [Line Items]
Total	427
Lismore Capital | Investments in Hotel Properties, net | Debt placement services
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Investments in Hotel Properties, net | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Indebtedness, net | Debt placement services
Related Party Transaction [Line Items]
Total	(1,215)	(5,094)	(913)
Lismore Capital | Indebtedness, net | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Other Hotel Revenue | Debt placement services
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Other Hotel Revenue | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Other Hotel Expenses | Debt placement services
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Other Hotel Expenses | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Management Fees | Debt placement services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Management Fees | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Property Taxes, Insurance and Other | Debt placement services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Property Taxes, Insurance and Other | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Advisory services fee | Debt placement services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Advisory services fee | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Corporate, General and Administrative | Debt placement services
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Corporate, General and Administrative | Broker services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Gain (Loss) on Sale of Assets and Hotel Properties | Debt placement services
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Gain (Loss) on Sale of Assets and Hotel Properties | Broker services
Related Party Transaction [Line Items]
Total	427
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Debt placement services
Related Party Transaction [Line Items]
Total	79
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Broker services
Related Party Transaction [Line Items]
Total	0
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Total	112	105	60
Due to related parties, net	2	1
OpenKey | Investments in Hotel Properties, net | Mobile key app
Related Party Transaction [Line Items]
Total	3	3	0
OpenKey | Indebtedness, net | Mobile key app
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Other Hotel Revenue | Mobile key app
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Other Hotel Expenses | Mobile key app
Related Party Transaction [Line Items]
Total	109	102	60
OpenKey | Management Fees | Mobile key app
Related Party Transaction [Line Items]
Total	0
OpenKey | Property Taxes, Insurance and Other | Mobile key app
Related Party Transaction [Line Items]
Total	0
OpenKey | Advisory services fee | Mobile key app
Related Party Transaction [Line Items]
Total	0
OpenKey | Corporate, General and Administrative | Mobile key app
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Gain (Loss) on Sale of Assets and Hotel Properties | Mobile key app
Related Party Transaction [Line Items]
Total	0
OpenKey | Write-off of Premiums, Loan Costs and Exit Fees | Mobile key app
Related Party Transaction [Line Items]
Total	0
Premier | Project management services
Related Party Transaction [Line Items]
Total	20,004	7,677
Due to related parties, net	4,028	3,206
Premier | Investments in Hotel Properties, net | Project management services
Related Party Transaction [Line Items]
Total	18,281	7,677
Premier | Indebtedness, net | Project management services
Related Party Transaction [Line Items]
Total	0	0
Premier | Other Hotel Revenue | Project management services
Related Party Transaction [Line Items]
Total	0	0
Premier | Other Hotel Expenses | Project management services
Related Party Transaction [Line Items]
Total	0	0
Premier | Management Fees | Project management services
Related Party Transaction [Line Items]
Total	0
Premier | Property Taxes, Insurance and Other | Project management services
Related Party Transaction [Line Items]
Total	0
Premier | Advisory services fee | Project management services
Related Party Transaction [Line Items]
Total	1,723
Premier | Corporate, General and Administrative | Project management services
Related Party Transaction [Line Items]
Total	0	0
Premier | Gain (Loss) on Sale of Assets and Hotel Properties | Project management services
Related Party Transaction [Line Items]
Total	0
Premier | Write-off of Premiums, Loan Costs and Exit Fees | Project management services
Related Party Transaction [Line Items]
Total	0
Pure Wellness | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	1,021	2,436	1,309
Due to related parties, net	298	388
Pure Wellness | Investments in Hotel Properties, net | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	599	2,412	1,309
Pure Wellness | Indebtedness, net | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Other Hotel Revenue | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Other Hotel Expenses | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	422	24	0
Pure Wellness | Management Fees | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0
Pure Wellness | Property Taxes, Insurance and Other | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0
Pure Wellness | Advisory services fee | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0
Pure Wellness | Corporate, General and Administrative | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0	$ 0	$ 0
Pure Wellness | Gain (Loss) on Sale of Assets and Hotel Properties | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0
Pure Wellness | Write-off of Premiums, Loan Costs and Exit Fees | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Hotel management services (3)
Related Party Transaction [Line Items]
Total	9,152
Remington Hotels | Investments in Hotel Properties, net | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Indebtedness, net | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Other Hotel Revenue | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Other Hotel Expenses | Hotel management services (3)
Related Party Transaction [Line Items]
Total	5,356
Remington Hotels | Management Fees | Hotel management services (3)
Related Party Transaction [Line Items]
Total	3,796
Remington Hotels | Property Taxes, Insurance and Other | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Advisory services fee | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Corporate, General and Administrative | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Gain (Loss) on Sale of Assets and Hotel Properties | Hotel management services (3)
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Write-off of Premiums, Loan Costs and Exit Fees | Hotel management services (3)
Related Party Transaction [Line Items]
Total	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details)

Jul. 26, 2018USD ($)

Jun. 29, 2017USD ($)

Jun. 07, 2017USD ($)

Jun. 01, 2017USD ($)

Jun. 30, 2014USD ($)

Nov. 01, 2011USD ($)

Sep. 30, 2019

Dec. 31, 2019USD ($)lease

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2006USD ($)

Loss Contingencies [Line Items]

Number of ground leases | lease

4

Number of ground leases subject to base rent plus contingent rent | lease

2

Rent expenses

$ 4,000,000

$ 4,300,000

Contingent rent

$ 837,000

$ 1,100,000

Capital commitment

$ 50,500,000

Period of payment of capital commitment

12 months

Potential Pension Liabilities

Loss Contingencies [Line Items]

Unfunded pension liabilities

$ 0

Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit

$ 1,700,000

Monthly pension payments

100,000

Accrued unfunded liabilities

1,600,000

Net amount of pension payments on settlement agreement paid by hotel manager

$ 84,000

Term of pension liability

20 years

Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.

Loss Contingencies [Line Items]

Damages awarded

$ 10,800,000

$ 8,800,000

Payments for legal settlements

$ 544,000

$ 3,900,000

Loss accrual

$ 504,000

Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. | Surety Bond

Loss Contingencies [Line Items]

Payments for legal settlements

$ 2,500,000

Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. | Surety Bond | RLI Insurance Company

Loss Contingencies [Line Items]

Payments for legal settlements

$ 10,000,000

Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC

Loss Contingencies [Line Items]

Loss accrual

$ 0

Franchise Fees

Loss Contingencies [Line Items]

Franchisor royalty fees, min

3.00%

Franchisor royalty fees, min, max

6.00%

Food and beverage fees, min

1.00%

Food and beverage fees, max

3.00%

Marketing reservation and other fees (lesser of 1%)

1.00%

Marketing reservation and other fees, Maximum

4.00%

Management fees

Loss Contingencies [Line Items]

Payment of monthly property management fees (greater than $10,000)

$ 14,000

Percentage of base management fee

3.00%

Property management fee as percentage of gross revenue, Minimum

1.00%

Property management fee as percentage of gross revenue, Maximum

7.00%

Portion of project management fees to project costs

4.00%

4.00%

Market service fees as a percent of project management

16.50%

Minimum

Loss Contingencies [Line Items]

Restricted cash as percentage of property revenue

4.00%

Minimum | Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC

Loss Contingencies [Line Items]

Estimated damages

$ 5,800,000

Maximum

Loss Contingencies [Line Items]

Restricted cash as percentage of property revenue

6.00%

Maximum | Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC

Loss Contingencies [Line Items]

Estimated damages

$ 11,900,000

Commitments and Contingencies_3

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies [Line Items]
Other hotel expenses	$ 952,674	$ 900,582	$ 907,301
Franchise
Commitments and Contingencies [Line Items]
Other hotel expenses	$ 76,707	$ 72,095	$ 69,300

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017hotel	Dec. 31, 2016USD ($)
Operating Loss Carryforwards [Line Items]
Minimum percentage of income distributed to shareholders to qualify as a REIT		90.00%
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year		4 years
Number of hotel properties | hotel					24
Ashford TRS recognized net book income (loss)		$ 7,300,000	$ 21,100,000	$ 4,200,000
Income tax interest and penalties expenses		56,000	11,000	49,000
Interest income included in income tax expense		88,000
Income tax interest and penalties expenses accrued		0	0
Net operating loss carryforwards		562,000,000
Valuation allowance	$ (6,232,000)	(7,712,000)	$ (10,034,000)	$ (6,232,000)		$ (15,353,000)
One-time tax benefit	$ 1,100,000
Ashford TRS
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 11,700,000
Subsidiaries
Operating Loss Carryforwards [Line Items]
Number of hotel properties | hotel		117
Net operating loss carryforwards		$ 11,700,000

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017	$ (1,539)	$ (4,435)	$ (1,478)
State income tax (expense) benefit, net of U.S. federal income tax benefit	(475)	(698)	160
Permanent differences	(310)	(128)	(338)
Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act	0	0	(5,242)
Provision to return adjustment entirely offset by change in valuation allowance	(325)	(230)	957
Gross receipts and margin taxes	(923)	(950)	(913)
Interest and penalties	32	(11)	(49)
Valuation allowance	2,322	3,670	9,121
Income tax (expense) benefit from continuing operations	$ (1,218)	$ (2,782)	$ 2,218

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax (Expense) Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ (48)	$ (1,195)	$ 5,264
State	(1,329)	(1,452)	(722)
Total current income tax (expense) benefit	(1,377)	(2,647)	4,542
Deferred:
Federal	126	(39)	(2,192)
State	33	(96)	(132)
Total deferred income tax (expense) benefit	159	(135)	(2,324)
Income tax (expense) benefit from continuing operations	$ (1,218)	$ (2,782)	$ 2,218

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Asset (Liability) and Related Valuation Allowance) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 150	$ 114
Unearned income	2,525	1,801
Federal and state net operating losses	2,458	2,342
Capital loss carryforward	5,436	0
Accrued expenses	1,723	1,710
Prepaid expenses	(4,823)	(4,848)
Tax property basis less than book basis	(3,355)	(1,840)
Tax derivatives basis greater than book basis	2,281	1,612
Investment in Ashford, Inc.	0	7,197
Other	194	664
Deferred tax asset (liability)	6,589	8,752
Valuation allowance	(7,712)	(10,034)	$ (6,232)	$ (15,353)
Net deferred tax asset (liability)	$ (1,123)	$ (1,282)

Income Taxes (Changes in Valuat

Income Taxes (Changes in Valuation Allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in the valuation allowance
Balance at beginning of year	$ 10,034	$ 6,232	$ 15,353
Additions	0	4,766	2,053
Deductions	(2,322)	(964)	(11,174)
Balance at end of year	$ 7,712	$ 10,034	$ 6,232

Deferred Costs, net (Details)

Deferred Costs, net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred franchise fees	$ 4,811	$ 4,571
Deferred loan costs	0	816
Total costs	4,811	5,387
Accumulated amortization	(1,914)	(1,938)
Deferred costs, net	$ 2,897	$ 3,449

Intangible Assets, net and In_3

Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Intangible Assets, net
Cost	$ 797	$ 10,276
Accumulated amortization	0	(452)
Total	797	9,824
Intangible Liabilities, net
Cost	2,723	16,846
Accumulated amortization	(386)	(1,363)
Total	2,337	15,483
Lease revenue	81	82	$ 82
Net amortization related to intangibles was a reduction in lease expense		(155)	$ (156)
Below market lease	797	9,824
Derecognized intangible liabilities	2,337	$ 15,483
Savannah - Dock Acquisition
Intangible Liabilities, net
Intangible asset	797
Impact due to adoption of ASU 2016-02
Intangible Assets, net
Total				$ 9,000
Intangible Liabilities, net
Total				13,000
Below market lease				9,000
Derecognized intangible liabilities				$ 13,000
Amortization expense post-adoption
Intangible Liabilities, net
Total	2,337
Derecognized intangible liabilities	2,337
Intangible Liabilities
2020	80
2021	80
2022	80
2023	80
2024	36
Thereafter	$ 1,981

Concentration of Risk (Details)

Concentration of Risk (Details) - hotel	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2017
Concentration Risk [Line Items]
Number of hotel properties		24
Geographic Concentration Risk | Revenue
Concentration Risk [Line Items]
Concentration risk	11.00%
Number of hotel properties	9

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2019segment
Segment Reporting [Abstract]
Number of operating segments	1

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 354,656	$ 374,237	$ 415,148	$ 358,718	$ 343,488	$ 355,930	$ 389,164	$ 342,207	$ 1,502,759	$ 1,430,789
Total operating expenses	365,330	347,161	366,699	334,966	349,175	326,601	346,129	318,945	1,414,156	1,340,850	$ 1,304,265
Gain (loss) on sale of assets and hotel properties	23,203	2,362	328	233	81	(9)	412	(9)	26,126	475	14,030
Operating income (loss)	12,529	29,438	48,777	23,985	(5,606)	29,320	43,447	23,253	114,729	90,414	$ 149,035
Net income (loss)	(35,619)	(39,086)	(21,352)	(46,622)	(66,048)	(34,261)	(23,351)	(32,649)	(142,679)	(156,309)
Net income (loss) attributable to the Company	(28,159)	(31,177)	(16,282)	(38,017)	(54,800)	(27,589)	(18,306)	(26,271)	(113,635)	(126,966)
Net income (loss) attributable to common stockholders	$ (38,803)	$ (41,822)	$ (26,926)	$ (48,661)	$ (65,444)	$ (38,234)	$ (28,950)	$ (36,915)	$ (156,212)	$ (169,543)
Diluted income (loss) attributable to common stockholders per share (in dollars per share)	$ (0.39)	$ (0.42)	$ (0.27)	$ (0.49)	$ (0.66)	$ (0.40)	$ (0.30)	$ (0.39)	$ (1.58)	$ (1.75)
Weighted average diluted common shares (in shares)	99,968	99,971	99,942	99,407	99,324	97,467	96,889	95,367	99,837	97,282	95,207

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jan. 09, 2020USD ($)extension	Dec. 27, 2019USD ($)	Jun. 07, 2019USD ($)	Mar. 05, 2019USD ($)	Jun. 13, 2018USD ($)	Apr. 09, 2018USD ($)	Jan. 17, 2018USD ($)	Dec. 31, 2019USD ($)	Mar. 09, 2020USD ($)	Dec. 31, 2018USD ($)
Subsequent Event [Line Items]
Below market lease								$ 797		$ 9,824
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza, Annapolis, Maryland
Subsequent Event [Line Items]
Carrying value of building and FF&E								5,300
Below market lease								3,200
Combined carrying value of the hotel property								$ 2,200
Subsequent Event | Mortgages
Subsequent Event [Line Items]
Mortgage loan total	$ 37,000
Number of extension options | extension	2
Term of extension option	1 year
Subsequent Event | Mortgages | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate	3.40%
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza, Annapolis, Maryland
Subsequent Event [Line Items]
Consideration of property sold									$ 5,100
Mortgages
Subsequent Event [Line Items]
Extinguishment of debt		$ 16,000	$ 5,200	$ 178,100	$ 1,068,000	$ 971,700	$ 376,800
Mortgages | Subsequent Event
Subsequent Event [Line Items]
Extinguishment of debt	$ 43,800
Mortgages | Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | New Orleans, LA Le Pavillon
Subsequent Event [Line Items]
Extinguishment of debt	$ 6,800

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,124,003
Initial Cost of Land	782,850
Initial Cost of FF&E, Buildings and improvements	3,760,480
Costs Capitalized Since Acquisition, Land	(12,077)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	913,006
Gross Carrying Amount At Close of Period, Land	770,773
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	4,673,486
Gross Carrying Amount At Close of Period, Total	5,444,259	$ 5,287,463	$ 5,064,294	$ 5,054,564
Accumulated Depreciation	1,335,816	$ 1,182,244	$ 1,028,379	$ 894,001
Austin, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,364
Initial Cost of Land	1,204
Initial Cost of FF&E, Buildings and improvements	9,388
Costs Capitalized Since Acquisition, Land	193
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,806
Gross Carrying Amount At Close of Period, Land	1,397
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,194
Gross Carrying Amount At Close of Period, Total	17,591
Accumulated Depreciation	9,052
Dallas, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,465
Initial Cost of Land	1,878
Initial Cost of FF&E, Buildings and improvements	8,907
Costs Capitalized Since Acquisition, Land	238
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,703
Gross Carrying Amount At Close of Period, Land	2,116
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,610
Gross Carrying Amount At Close of Period, Total	17,726
Accumulated Depreciation	8,618
Herndon, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,120
Initial Cost of Land	1,303
Initial Cost of FF&E, Buildings and improvements	9,836
Costs Capitalized Since Acquisition, Land	277
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,928
Gross Carrying Amount At Close of Period, Land	1,580
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,764
Gross Carrying Amount At Close of Period, Total	20,344
Accumulated Depreciation	10,400
Las Vegas, NV Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,282
Initial Cost of Land	3,307
Initial Cost of FF&E, Buildings and improvements	16,952
Costs Capitalized Since Acquisition, Land	397
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,008
Gross Carrying Amount At Close of Period, Land	3,704
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,960
Gross Carrying Amount At Close of Period, Total	35,664
Accumulated Depreciation	17,928
Flagstaff, AZ Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,400
Initial Cost of Land	1,267
Initial Cost of FF&E, Buildings and improvements	4,278
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,406
Gross Carrying Amount At Close of Period, Land	1,267
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,684
Gross Carrying Amount At Close of Period, Total	8,951
Accumulated Depreciation	3,912
Houston, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,810
Initial Cost of Land	1,799
Initial Cost of FF&E, Buildings and improvements	10,404
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,312
Gross Carrying Amount At Close of Period, Land	1,799
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,716
Gross Carrying Amount At Close of Period, Total	19,515
Accumulated Depreciation	8,212
West Palm Beach, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,802
Initial Cost of Land	3,277
Initial Cost of FF&E, Buildings and improvements	13,949
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,877
Gross Carrying Amount At Close of Period, Land	3,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,826
Gross Carrying Amount At Close of Period, Total	26,103
Accumulated Depreciation	11,348
Philadelphia, PA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,698
Initial Cost of Land	5,791
Initial Cost of FF&E, Buildings and improvements	34,819
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,421
Gross Carrying Amount At Close of Period, Land	5,791
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,240
Gross Carrying Amount At Close of Period, Total	58,031
Accumulated Depreciation	21,982
Walnut Creek, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,920
Initial Cost of Land	7,452
Initial Cost of FF&E, Buildings and improvements	25,334
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	22,758
Gross Carrying Amount At Close of Period, Land	7,452
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	48,092
Gross Carrying Amount At Close of Period, Total	55,544
Accumulated Depreciation	19,170
Arlington, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,355
Initial Cost of Land	36,065
Initial Cost of FF&E, Buildings and improvements	41,588
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	18,327
Gross Carrying Amount At Close of Period, Land	36,065
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	59,915
Gross Carrying Amount At Close of Period, Total	95,980
Accumulated Depreciation	20,197
Portland, OR Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,435
Initial Cost of Land	11,110
Initial Cost of FF&E, Buildings and improvements	60,048
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,258
Gross Carrying Amount At Close of Period, Land	11,110
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	67,306
Gross Carrying Amount At Close of Period, Total	78,416
Accumulated Depreciation	23,487
Santa Clara, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	67,440
Initial Cost of Land	8,948
Initial Cost of FF&E, Buildings and improvements	46,239
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,209
Gross Carrying Amount At Close of Period, Land	8,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,448
Gross Carrying Amount At Close of Period, Total	71,396
Accumulated Depreciation	22,282
Orlando, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,526
Initial Cost of Land	5,674
Initial Cost of FF&E, Buildings and improvements	21,593
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,586
Gross Carrying Amount At Close of Period, Land	5,674
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,179
Gross Carrying Amount At Close of Period, Total	38,853
Accumulated Depreciation	13,174
New York, NY Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	145,000
Initial Cost of Land	111,619
Initial Cost of FF&E, Buildings and improvements	88,673
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(8,336)
Gross Carrying Amount At Close of Period, Land	111,619
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	80,337
Gross Carrying Amount At Close of Period, Total	191,956
Accumulated Depreciation	1,974
Jacksonville Fl Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,756
Initial Cost of Land	1,751
Initial Cost of FF&E, Buildings and improvements	9,164
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,752
Gross Carrying Amount At Close of Period, Land	1,751
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,916
Gross Carrying Amount At Close of Period, Total	16,667
Accumulated Depreciation	6,521
Austin, TX Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,257
Initial Cost of Land	7,605
Initial Cost of FF&E, Buildings and improvements	48,725
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,158
Gross Carrying Amount At Close of Period, Land	7,605
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	53,883
Gross Carrying Amount At Close of Period, Total	61,488
Accumulated Depreciation	10,694
Baltimore, MD Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,218
Initial Cost of Land	4,027
Initial Cost of FF&E, Buildings and improvements	20,199
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,171
Gross Carrying Amount At Close of Period, Land	4,027
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,370
Gross Carrying Amount At Close of Period, Total	30,397
Accumulated Depreciation	4,210
Virginia Beach, VA Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,140
Initial Cost of Land	4,101
Initial Cost of FF&E, Buildings and improvements	26,329
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	415
Gross Carrying Amount At Close of Period, Land	4,101
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,744
Gross Carrying Amount At Close of Period, Total	30,845
Accumulated Depreciation	3,827
Ft. Worth, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,000
Initial Cost of Land	4,538
Initial Cost of FF&E, Buildings and improvements	13,922
Costs Capitalized Since Acquisition, Land	1
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	23,803
Gross Carrying Amount At Close of Period, Land	4,539
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,725
Gross Carrying Amount At Close of Period, Total	42,264
Accumulated Depreciation	16,894
Houston, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,949
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	13,247
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,936
Gross Carrying Amount At Close of Period, Land	2,200
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,183
Gross Carrying Amount At Close of Period, Total	25,383
Accumulated Depreciation	10,421
St. Petersburg, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,730
Initial Cost of Land	2,991
Initial Cost of FF&E, Buildings and improvements	13,907
Costs Capitalized Since Acquisition, Land	(1,130)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,489
Gross Carrying Amount At Close of Period, Land	1,861
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,396
Gross Carrying Amount At Close of Period, Total	35,257
Accumulated Depreciation	16,729
Santa Fe, NM Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,400
Initial Cost of Land	7,004
Initial Cost of FF&E, Buildings and improvements	10,689
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,814
Gross Carrying Amount At Close of Period, Land	7,004
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,503
Gross Carrying Amount At Close of Period, Total	25,507
Accumulated Depreciation	9,380
Bloomington, MN Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,800
Initial Cost of Land	5,685
Initial Cost of FF&E, Buildings and improvements	59,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,596
Gross Carrying Amount At Close of Period, Land	5,685
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	68,735
Gross Carrying Amount At Close of Period, Total	74,420
Accumulated Depreciation	25,820
Costa Mesa, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,671
Initial Cost of Land	12,917
Initial Cost of FF&E, Buildings and improvements	91,791
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,922
Gross Carrying Amount At Close of Period, Land	12,917
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	106,713
Gross Carrying Amount At Close of Period, Total	119,630
Accumulated Depreciation	38,522
Boston, MA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	97,000
Initial Cost of Land	62,555
Initial Cost of FF&E, Buildings and improvements	134,407
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,341
Gross Carrying Amount At Close of Period, Land	62,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	148,748
Gross Carrying Amount At Close of Period, Total	211,303
Accumulated Depreciation	24,903
Parsippany, NJ Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,073
Initial Cost of Land	7,293
Initial Cost of FF&E, Buildings and improvements	58,098
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,883
Gross Carrying Amount At Close of Period, Land	7,293
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	64,981
Gross Carrying Amount At Close of Period, Total	72,274
Accumulated Depreciation	14,790
Tampa, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,442
Initial Cost of Land	5,206
Initial Cost of FF&E, Buildings and improvements	21,186
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,355
Gross Carrying Amount At Close of Period, Land	5,206
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,541
Gross Carrying Amount At Close of Period, Total	38,747
Accumulated Depreciation	9,437
Alexandria, VA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	73,450
Initial Cost of Land	14,459
Initial Cost of FF&E, Buildings and improvements	96,602
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	45
Gross Carrying Amount At Close of Period, Land	14,459
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	96,647
Gross Carrying Amount At Close of Period, Total	111,106
Accumulated Depreciation	3,894
Santa Cruz, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,919
Initial Cost of Land	9,399
Initial Cost of FF&E, Buildings and improvements	38,129
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(3,066)
Gross Carrying Amount At Close of Period, Land	9,399
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,063
Gross Carrying Amount At Close of Period, Total	44,462
Accumulated Depreciation	885
Lawrenceville, GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,447
Initial Cost of Land	697
Initial Cost of FF&E, Buildings and improvements	3,808
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,179
Gross Carrying Amount At Close of Period, Land	697
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,987
Gross Carrying Amount At Close of Period, Total	7,684
Accumulated Depreciation	3,465
Evansville In Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,118
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	5,034
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,619
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,653
Gross Carrying Amount At Close of Period, Total	8,954
Accumulated Depreciation	3,800
Parsippany, NJ Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,641
Initial Cost of Land	3,268
Initial Cost of FF&E, Buildings and improvements	24,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,500
Gross Carrying Amount At Close of Period, Land	3,268
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,806
Gross Carrying Amount At Close of Period, Total	30,074
Accumulated Depreciation	5,172
Buford GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,675
Initial Cost of Land	1,168
Initial Cost of FF&E, Buildings and improvements	5,338
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,622
Gross Carrying Amount At Close of Period, Land	1,168
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,960
Gross Carrying Amount At Close of Period, Total	11,128
Accumulated Depreciation	3,274
Phoenix, AZ Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,267
Initial Cost of Land	853
Initial Cost of FF&E, Buildings and improvements	10,145
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,002
Gross Carrying Amount At Close of Period, Land	853
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,147
Gross Carrying Amount At Close of Period, Total	16,000
Accumulated Depreciation	2,865
Pittsburgh, PA Hampton Inn 1
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,786
Initial Cost of Land	2,335
Initial Cost of FF&E, Buildings and improvements	18,663
Costs Capitalized Since Acquisition, Land	(1,213)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(10,652)
Gross Carrying Amount At Close of Period, Land	1,122
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,011
Gross Carrying Amount At Close of Period, Total	9,133
Accumulated Depreciation	226
Pittsburgh, PA Hampton Inn 2
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,341
Initial Cost of Land	2,760
Initial Cost of FF&E, Buildings and improvements	19,739
Costs Capitalized Since Acquisition, Land	(1,491)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(11,327)
Gross Carrying Amount At Close of Period, Land	1,269
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,412
Gross Carrying Amount At Close of Period, Total	9,681
Accumulated Depreciation	594
Columbus, OH Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,017
Initial Cost of Land	1,789
Initial Cost of FF&E, Buildings and improvements	27,210
Costs Capitalized Since Acquisition, Land	1
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,691
Gross Carrying Amount At Close of Period, Land	1,790
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,901
Gross Carrying Amount At Close of Period, Total	32,691
Accumulated Depreciation	5,000
Beverly Hills, CA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	123,120
Initial Cost of Land	6,510
Initial Cost of FF&E, Buildings and improvements	22,061
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	23,809
Gross Carrying Amount At Close of Period, Land	6,510
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	45,870
Gross Carrying Amount At Close of Period, Total	52,380
Accumulated Depreciation	24,959
Durham, NC Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,800
Initial Cost of Land	1,794
Initial Cost of FF&E, Buildings and improvements	25,056
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	18,478
Gross Carrying Amount At Close of Period, Land	1,794
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,534
Gross Carrying Amount At Close of Period, Total	45,328
Accumulated Depreciation	16,077
Arlington VA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	91,542
Initial Cost of Land	20,637
Initial Cost of FF&E, Buildings and improvements	101,376
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	58,860
Gross Carrying Amount At Close of Period, Land	20,637
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	160,236
Gross Carrying Amount At Close of Period, Total	180,873
Accumulated Depreciation	68,106
Bridgewater NJ Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	71,200
Initial Cost of Land	5,059
Initial Cost of FF&E, Buildings and improvements	89,268
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,231
Gross Carrying Amount At Close of Period, Land	5,059
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	102,499
Gross Carrying Amount At Close of Period, Total	107,558
Accumulated Depreciation	32,852
Dallas TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,400
Initial Cost of Land	2,701
Initial Cost of FF&E, Buildings and improvements	30,893
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,196
Gross Carrying Amount At Close of Period, Land	2,701
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	45,089
Gross Carrying Amount At Close of Period, Total	47,790
Accumulated Depreciation	18,711
Fremont CA, Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,402
Initial Cost of Land	5,800
Initial Cost of FF&E, Buildings and improvements	44,200
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,172
Gross Carrying Amount At Close of Period, Land	5,800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	46,372
Gross Carrying Amount At Close of Period, Total	52,172
Accumulated Depreciation	6,674
Memphis, TN Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,041
Initial Cost of Land	6,210
Initial Cost of FF&E, Buildings and improvements	37,284
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,589
Gross Carrying Amount At Close of Period, Land	6,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	38,873
Gross Carrying Amount At Close of Period, Total	45,083
Accumulated Depreciation	9,264
Irving, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,653
Initial Cost of Land	8,330
Initial Cost of FF&E, Buildings and improvements	82,272
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	35,370
Gross Carrying Amount At Close of Period, Land	8,330
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	117,642
Gross Carrying Amount At Close of Period, Total	125,972
Accumulated Depreciation	19,426
Omaha, NE Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,847
Initial Cost of Land	6,641
Initial Cost of FF&E, Buildings and improvements	49,887
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,516
Gross Carrying Amount At Close of Period, Land	6,641
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,403
Gross Carrying Amount At Close of Period, Total	69,044
Accumulated Depreciation	13,505
Sugarland, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,301
Initial Cost of Land	9,047
Initial Cost of FF&E, Buildings and improvements	84,043
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(723)
Gross Carrying Amount At Close of Period, Land	9,047
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	83,320
Gross Carrying Amount At Close of Period, Total	92,367
Accumulated Depreciation	11,282
Baltimore MD Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,600
Initial Cost of Land	2,502
Initial Cost of FF&E, Buildings and improvements	13,206
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,161
Gross Carrying Amount At Close of Period, Land	2,502
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,367
Gross Carrying Amount At Close of Period, Total	19,869
Accumulated Depreciation	8,158
Kennesaw GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,638
Initial Cost of Land	1,106
Initial Cost of FF&E, Buildings and improvements	5,021
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,656
Gross Carrying Amount At Close of Period, Land	1,106
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,677
Gross Carrying Amount At Close of Period, Total	9,783
Accumulated Depreciation	3,576
Buford GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,561
Initial Cost of Land	1,132
Initial Cost of FF&E, Buildings and improvements	6,089
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	831
Gross Carrying Amount At Close of Period, Land	1,132
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,920
Gross Carrying Amount At Close of Period, Total	8,052
Accumulated Depreciation	2,777
Charlotte NC Spring Hill Suites by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,775
Initial Cost of Land	1,235
Initial Cost of FF&E, Buildings and improvements	6,818
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,002
Gross Carrying Amount At Close of Period, Land	1,235
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,820
Gross Carrying Amount At Close of Period, Total	9,055
Accumulated Depreciation	3,032
Durham NC Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,663
Initial Cost of Land	1,090
Initial Cost of FF&E, Buildings and improvements	3,991
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,276
Gross Carrying Amount At Close of Period, Land	1,090
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,267
Gross Carrying Amount At Close of Period, Total	6,357
Accumulated Depreciation	2,066
Manhattan Beach CA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,560
Initial Cost of Land	5,726
Initial Cost of FF&E, Buildings and improvements	21,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,307
Gross Carrying Amount At Close of Period, Land	5,726
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,494
Gross Carrying Amount At Close of Period, Total	28,220
Accumulated Depreciation	7,564
Plymouth Meeting Pa Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,800
Initial Cost of Land	3,210
Initial Cost of FF&E, Buildings and improvements	24,578
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,473
Gross Carrying Amount At Close of Period, Land	3,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,051
Gross Carrying Amount At Close of Period, Total	29,261
Accumulated Depreciation	8,610
Kennesaw GA Fairfield Inn By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,207
Initial Cost of Land	840
Initial Cost of FF&E, Buildings and improvements	4,359
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,567
Gross Carrying Amount At Close of Period, Land	840
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,926
Gross Carrying Amount At Close of Period, Total	7,766
Accumulated Depreciation	2,246
Bloomington In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,248
Initial Cost of Land	900
Initial Cost of FF&E, Buildings and improvements	10,741
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,817
Gross Carrying Amount At Close of Period, Land	900
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,558
Gross Carrying Amount At Close of Period, Total	15,458
Accumulated Depreciation	6,677
Boston, MA Courtyard by Marriott - Tremont
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	102,451
Initial Cost of Land	24,494
Initial Cost of FF&E, Buildings and improvements	85,246
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,340
Gross Carrying Amount At Close of Period, Land	24,494
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	96,586
Gross Carrying Amount At Close of Period, Total	121,080
Accumulated Depreciation	19,178
Columbus In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,160
Initial Cost of Land	673
Initial Cost of FF&E, Buildings and improvements	4,804
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,435
Gross Carrying Amount At Close of Period, Land	673
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,239
Gross Carrying Amount At Close of Period, Total	8,912
Accumulated Depreciation	3,960
Denver, CO Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,376
Initial Cost of Land	9,342
Initial Cost of FF&E, Buildings and improvements	29,656
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,677
Gross Carrying Amount At Close of Period, Land	9,342
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,333
Gross Carrying Amount At Close of Period, Total	42,675
Accumulated Depreciation	5,909
Louisville KY Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,261
Initial Cost of Land	1,352
Initial Cost of FF&E, Buildings and improvements	12,266
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,673
Gross Carrying Amount At Close of Period, Land	1,352
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,939
Gross Carrying Amount At Close of Period, Total	18,291
Accumulated Depreciation	6,181
Gaithersburg, MD Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,580
Initial Cost of Land	5,128
Initial Cost of FF&E, Buildings and improvements	30,522
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,372
Gross Carrying Amount At Close of Period, Land	5,128
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,894
Gross Carrying Amount At Close of Period, Total	40,022
Accumulated Depreciation	5,902
Crystal City VA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,538
Initial Cost of Land	5,411
Initial Cost of FF&E, Buildings and improvements	38,610
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,073
Gross Carrying Amount At Close of Period, Land	5,411
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,683
Gross Carrying Amount At Close of Period, Total	58,094
Accumulated Depreciation	20,534
Ft Lauderdale Fl Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,617
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	18,520
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,454
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,974
Gross Carrying Amount At Close of Period, Total	27,218
Accumulated Depreciation	10,598
Overland Park Ks Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,794
Initial Cost of Land	1,868
Initial Cost of FF&E, Buildings and improvements	14,030
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,559
Gross Carrying Amount At Close of Period, Land	1,868
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,589
Gross Carrying Amount At Close of Period, Total	20,457
Accumulated Depreciation	8,299
Foothill Ranch Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,735
Initial Cost of Land	2,447
Initial Cost of FF&E, Buildings and improvements	16,005
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,648
Gross Carrying Amount At Close of Period, Land	2,447
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,653
Gross Carrying Amount At Close of Period, Total	22,100
Accumulated Depreciation	8,232
Alpharetta GA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,665
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	12,345
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,590
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,935
Gross Carrying Amount At Close of Period, Total	18,179
Accumulated Depreciation	7,084
Oakland Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,240
Initial Cost of Land	5,112
Initial Cost of FF&E, Buildings and improvements	19,429
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,099
Gross Carrying Amount At Close of Period, Land	5,112
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,528
Gross Carrying Amount At Close of Period, Total	28,640
Accumulated Depreciation	9,013
Scottsdale AZ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,600
Initial Cost of Land	3,700
Initial Cost of FF&E, Buildings and improvements	22,134
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,884
Gross Carrying Amount At Close of Period, Land	3,700
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,018
Gross Carrying Amount At Close of Period, Total	30,718
Accumulated Depreciation	10,337
Plano TX Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,160
Initial Cost of Land	2,115
Initial Cost of FF&E, Buildings and improvements	22,360
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,994
Gross Carrying Amount At Close of Period, Land	2,115
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,354
Gross Carrying Amount At Close of Period, Total	26,469
Accumulated Depreciation	8,592
Newark Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,960
Initial Cost of Land	2,863
Initial Cost of FF&E, Buildings and improvements	10,723
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,678
Gross Carrying Amount At Close of Period, Land	2,863
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,401
Gross Carrying Amount At Close of Period, Total	15,264
Accumulated Depreciation	4,413
Manchester Ct Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,292
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	7,430
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,931
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,361
Gross Carrying Amount At Close of Period, Total	10,662
Accumulated Depreciation	3,766
Basking Ridge NJ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,600
Initial Cost of Land	5,419
Initial Cost of FF&E, Buildings and improvements	45,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,482
Gross Carrying Amount At Close of Period, Land	5,419
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	51,786
Gross Carrying Amount At Close of Period, Total	57,205
Accumulated Depreciation	18,549
Wichita, KS Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,380
Initial Cost of Land	291
Initial Cost of FF&E, Buildings and improvements	23,090
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,108)
Gross Carrying Amount At Close of Period, Land	291
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,982
Gross Carrying Amount At Close of Period, Total	22,273
Accumulated Depreciation	2,887
Boston, MA Courtyard by Marriott - Billerica
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,807
Initial Cost of Land	3,528
Initial Cost of FF&E, Buildings and improvements	29,352
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,410
Gross Carrying Amount At Close of Period, Land	3,528
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,762
Gross Carrying Amount At Close of Period, Total	34,290
Accumulated Depreciation	6,099
Pittsburgh, PA Homewood Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,492
Initial Cost of Land	1,906
Initial Cost of FF&E, Buildings and improvements	28,093
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,781
Gross Carrying Amount At Close of Period, Land	1,906
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,874
Gross Carrying Amount At Close of Period, Total	32,780
Accumulated Depreciation	5,132
Lake Buena Vista Fl Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,330
Initial Cost of Land	2,555
Initial Cost of FF&E, Buildings and improvements	20,367
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,717
Gross Carrying Amount At Close of Period, Land	2,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,084
Gross Carrying Amount At Close of Period, Total	33,639
Accumulated Depreciation	13,809
Evansville In Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,830
Initial Cost of Land	961
Initial Cost of FF&E, Buildings and improvements	5,972
Costs Capitalized Since Acquisition, Land	(1)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,939
Gross Carrying Amount At Close of Period, Land	960
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,911
Gross Carrying Amount At Close of Period, Total	9,871
Accumulated Depreciation	4,419
Orlando FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,687
Initial Cost of Land	6,554
Initial Cost of FF&E, Buildings and improvements	40,539
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,672
Gross Carrying Amount At Close of Period, Land	6,554
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	60,211
Gross Carrying Amount At Close of Period, Total	66,765
Accumulated Depreciation	22,529
Falls Church VA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,151
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	34,979
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,376
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,355
Gross Carrying Amount At Close of Period, Total	45,107
Accumulated Depreciation	17,299
San Diego CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,281
Initial Cost of Land	3,156
Initial Cost of FF&E, Buildings and improvements	29,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,810
Gross Carrying Amount At Close of Period, Land	3,156
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,324
Gross Carrying Amount At Close of Period, Total	36,480
Accumulated Depreciation	13,267
Salt Lake City UT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,798
Initial Cost of Land	1,897
Initial Cost of FF&E, Buildings and improvements	16,357
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,489
Gross Carrying Amount At Close of Period, Land	1,897
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,846
Gross Carrying Amount At Close of Period, Total	21,743
Accumulated Depreciation	7,819
Las Vegas NV Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,160
Initial Cost of Land	18,177
Initial Cost of FF&E, Buildings and improvements	39,568
Costs Capitalized Since Acquisition, Land	(6,184)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(12,854)
Gross Carrying Amount At Close of Period, Land	11,993
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,714
Gross Carrying Amount At Close of Period, Total	38,707
Accumulated Depreciation	7,465
Phoenix AZ Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,100
Initial Cost of FF&E, Buildings and improvements	23,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,655
Gross Carrying Amount At Close of Period, Land	4,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,842
Gross Carrying Amount At Close of Period, Total	29,942
Accumulated Depreciation	9,014
Plano TX Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,160
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	16,869
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,116
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,985
Gross Carrying Amount At Close of Period, Total	21,030
Accumulated Depreciation	6,774
Newark CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,760
Initial Cost of Land	3,272
Initial Cost of FF&E, Buildings and improvements	11,706
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,586
Gross Carrying Amount At Close of Period, Land	3,272
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,292
Gross Carrying Amount At Close of Period, Total	17,564
Accumulated Depreciation	5,272
Manchester CT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,759
Initial Cost of Land	1,462
Initial Cost of FF&E, Buildings and improvements	8,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,798
Gross Carrying Amount At Close of Period, Land	1,462
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,104
Gross Carrying Amount At Close of Period, Total	13,566
Accumulated Depreciation	5,454
Jacksonville FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,865
Initial Cost of Land	1,997
Initial Cost of FF&E, Buildings and improvements	16,084
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,214
Gross Carrying Amount At Close of Period, Land	1,997
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,298
Gross Carrying Amount At Close of Period, Total	28,295
Accumulated Depreciation	9,129
Stillwater, OK Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,911
Initial Cost of Land	930
Initial Cost of FF&E, Buildings and improvements	15,070
Costs Capitalized Since Acquisition, Land	(524)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(7,185)
Gross Carrying Amount At Close of Period, Land	406
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,885
Gross Carrying Amount At Close of Period, Total	8,291
Accumulated Depreciation	1,377
Santa Fe, NM Tribute Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,000
Initial Cost of Land	8,094
Initial Cost of FF&E, Buildings and improvements	42,058
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,049
Gross Carrying Amount At Close of Period, Land	8,094
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,107
Gross Carrying Amount At Close of Period, Total	51,201
Accumulated Depreciation	1,453
Manhattan Beach CA Towne Place Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	17,543
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,937
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,480
Gross Carrying Amount At Close of Period, Total	27,285
Accumulated Depreciation	8,843
Atlanta, GA Ritz-Carlton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	97,902
Initial Cost of Land	2,477
Initial Cost of FF&E, Buildings and improvements	80,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	31,229
Gross Carrying Amount At Close of Period, Land	2,477
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	111,368
Gross Carrying Amount At Close of Period, Total	113,845
Accumulated Depreciation	21,266
Atlantic Beach FL One Ocean
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,600
Initial Cost of Land	5,815
Initial Cost of FF&E, Buildings and improvements	14,817
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	28,226
Gross Carrying Amount At Close of Period, Land	5,815
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,043
Gross Carrying Amount At Close of Period, Total	48,858
Accumulated Depreciation	25,727
Nashville, TN Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	207,000
Initial Cost of Land	20,671
Initial Cost of FF&E, Buildings and improvements	158,260
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	33,589
Gross Carrying Amount At Close of Period, Land	20,671
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	191,849
Gross Carrying Amount At Close of Period, Total	212,520
Accumulated Depreciation	32,689
Palm Springs, CA Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,522
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	74,112
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,176
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	89,288
Gross Carrying Amount At Close of Period, Total	89,288
Accumulated Depreciation	17,719
Ann Arbor, MI Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35,200
Initial Cost of Land	4,158
Initial Cost of FF&E, Buildings and improvements	35,042
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,570
Gross Carrying Amount At Close of Period, Land	4,158
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,612
Gross Carrying Amount At Close of Period, Total	43,770
Accumulated Depreciation	5,387
Langhorne PA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,880
Initial Cost of Land	2,037
Initial Cost of FF&E, Buildings and improvements	12,424
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,270
Gross Carrying Amount At Close of Period, Land	2,037
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,694
Gross Carrying Amount At Close of Period, Total	23,731
Accumulated Depreciation	10,860
Minneapolis MN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,933
Initial Cost of Land	2,953
Initial Cost of FF&E, Buildings and improvements	14,280
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,909
Gross Carrying Amount At Close of Period, Land	2,953
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,189
Gross Carrying Amount At Close of Period, Total	23,142
Accumulated Depreciation	9,417
Indianapolis IN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	59,278
Initial Cost of Land	3,100
Initial Cost of FF&E, Buildings and improvements	22,041
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	22,381
Gross Carrying Amount At Close of Period, Land	3,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	44,422
Gross Carrying Amount At Close of Period, Total	47,522
Accumulated Depreciation	21,532
Anchorage AK Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,331
Initial Cost of Land	4,023
Initial Cost of FF&E, Buildings and improvements	39,363
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,502
Gross Carrying Amount At Close of Period, Land	4,023
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,865
Gross Carrying Amount At Close of Period, Total	62,888
Accumulated Depreciation	23,437
San Diego CA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,160
Initial Cost of Land	7,294
Initial Cost of FF&E, Buildings and improvements	36,382
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,893
Gross Carrying Amount At Close of Period, Land	7,294
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	44,275
Gross Carrying Amount At Close of Period, Total	51,569
Accumulated Depreciation	17,483
Coral Gables FL Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,200
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	50,820
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	27,599
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	78,419
Gross Carrying Amount At Close of Period, Total	83,224
Accumulated Depreciation	28,276
Hauppauge, NY Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,095
Initial Cost of Land	6,284
Initial Cost of FF&E, Buildings and improvements	35,669
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,085)
Gross Carrying Amount At Close of Period, Land	6,284
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,584
Gross Carrying Amount At Close of Period, Total	40,868
Accumulated Depreciation	6,512
Savannah, GA Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	69,224
Initial Cost of Land	14,041
Initial Cost of FF&E, Buildings and improvements	72,721
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,781
Gross Carrying Amount At Close of Period, Land	14,041
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	86,502
Gross Carrying Amount At Close of Period, Total	100,543
Accumulated Depreciation	17,958
Key West FL Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,980
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	27,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,167
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	38,681
Gross Carrying Amount At Close of Period, Total	38,681
Accumulated Depreciation	17,619
Annapolis, MD Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	9,903
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	119
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,022
Gross Carrying Amount At Close of Period, Total	10,022
Accumulated Depreciation	4,658
Annapolis MD Annapolis Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,658
Initial Cost of Land	3,028
Initial Cost of FF&E, Buildings and improvements	7,833
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,387
Gross Carrying Amount At Close of Period, Land	3,028
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,220
Gross Carrying Amount At Close of Period, Total	19,248
Accumulated Depreciation	8,962
Austin, TX Lakeway Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,527
Initial Cost of Land	4,541
Initial Cost of FF&E, Buildings and improvements	28,940
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,716
Gross Carrying Amount At Close of Period, Land	4,541
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,656
Gross Carrying Amount At Close of Period, Total	41,197
Accumulated Depreciation	12,160
Chicago, IL Silversmith
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,739
Initial Cost of Land	4,782
Initial Cost of FF&E, Buildings and improvements	22,398
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,871)
Gross Carrying Amount At Close of Period, Land	4,782
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,527
Gross Carrying Amount At Close of Period, Total	25,309
Accumulated Depreciation	3,507
Washington, DC The Churchill
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,114
Initial Cost of Land	25,898
Initial Cost of FF&E, Buildings and improvements	32,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,778
Gross Carrying Amount At Close of Period, Land	25,898
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	47,082
Gross Carrying Amount At Close of Period, Total	72,980
Accumulated Depreciation	12,525
Washington, DC The Melrose
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	75,454
Initial Cost of Land	29,277
Initial Cost of FF&E, Buildings and improvements	62,507
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(43)
Gross Carrying Amount At Close of Period, Land	29,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,464
Gross Carrying Amount At Close of Period, Total	91,741
Accumulated Depreciation	8,804
New Orleans, LA Le Pavillon
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,750
Initial Cost of Land	10,933
Initial Cost of FF&E, Buildings and improvements	51,549
Costs Capitalized Since Acquisition, Land	(2,601)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,760
Gross Carrying Amount At Close of Period, Land	8,332
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	63,309
Gross Carrying Amount At Close of Period, Total	71,641
Accumulated Depreciation	11,450
Fort Worth TX Ashton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,881
Initial Cost of Land	800
Initial Cost of FF&E, Buildings and improvements	7,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,712
Gross Carrying Amount At Close of Period, Land	800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,899
Gross Carrying Amount At Close of Period, Total	9,699
Accumulated Depreciation	2,283
Princeton, NJ Westin
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,000
Initial Cost of Land	6,475
Initial Cost of FF&E, Buildings and improvements	52,195
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,035
Gross Carrying Amount At Close of Period, Land	6,475
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	60,230
Gross Carrying Amount At Close of Period, Total	66,705
Accumulated Depreciation	10,831
Atlanta, GA W
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,800
Initial Cost of Land	2,353
Initial Cost of FF&E, Buildings and improvements	54,383
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,542
Gross Carrying Amount At Close of Period, Land	2,353
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,925
Gross Carrying Amount At Close of Period, Total	61,278
Accumulated Depreciation	8,589
Minneapolis, MN W
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,843
Initial Cost of Land	8,430
Initial Cost of FF&E, Buildings and improvements	79,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,008
Gross Carrying Amount At Close of Period, Land	8,430
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	84,721
Gross Carrying Amount At Close of Period, Total	93,151
Accumulated Depreciation	9,327
Minneapolis, MN Le Meridien
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	12,248
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,578
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,826
Gross Carrying Amount At Close of Period, Total	17,578
Accumulated Depreciation	2,561
Atlanta, GA Hotel Indigo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,100
Initial Cost of Land	3,230
Initial Cost of FF&E, Buildings and improvements	23,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,546
Gross Carrying Amount At Close of Period, Land	3,230
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,259
Gross Carrying Amount At Close of Period, Total	31,489
Accumulated Depreciation	3,991
Orlando FL World Quest Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,432
Initial Cost of FF&E, Buildings and improvements	9,870
Costs Capitalized Since Acquisition, Land	(40)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,142
Gross Carrying Amount At Close of Period, Land	1,392
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,012
Gross Carrying Amount At Close of Period, Total	13,404
Accumulated Depreciation	$ 3,077

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019
Minimum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year 6 months
Maximum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Maximum | Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

REAL ESTATE AND ACCUMULATED D_4

REAL ESTATE AND ACCUMULATED DEPRECIATION (Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in Real Estate:
Beginning balance	$ 5,287,463	$ 5,064,294	$ 5,054,564
Additions	409,603	374,223	225,461
Impairment/write-offs	(136,658)	(125,964)	(111,820)
Sales/disposals	(116,149)	(25,090)	(85,709)
Assets held for sale	0	0	(18,202)
Ending balance	5,444,259	5,287,463	5,064,294
Accumulated Depreciation:
Beginning balance	1,182,244	1,028,379	894,001
Depreciation expense	269,664	258,441	247,220
Impairment/write-offs	(103,038)	(102,410)	(101,008)
Sales/disposals	(13,054)	(2,166)	(11,364)
Assets held for sale	0	0	(470)
Ending balance	1,335,816	1,182,244	1,028,379
Investment in Real Estate, net	$ 4,108,443	$ 4,105,219	$ 4,035,915

Uncategorized Items - aht2019q4

Label	Element	Value
Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	aht_RestrictedCashandRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations	$ 392,000
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification	1,755,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	398,207,000
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification	$ 1,755,000