Ashford Hospitality Trust (AHT) 10-Q 3 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 30, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,475,085
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Series D Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Series G Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Series H Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Series I Preferred Stock
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	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Investments in hotel properties, net	$ 3,927,826	$ 4,108,443
Cash and cash equivalents	165,476	262,636
Restricted cash	95,318	135,571
Marketable securities	1,819	14,591
Accounts receivable, net of allowance of $1,475 and $698, respectively	19,299	39,638
Inventories	3,287	4,346
Notes receivable, net	7,981	7,709
Investment in unconsolidated entity	2,722	2,829
Deferred costs, net	2,713	2,897
Prepaid expenses	24,126	21,886
Derivative assets, net	1,852	1,691
Operating lease right-of-use assets	45,368	49,995
Other assets	28,088	17,932
Intangible assets	797	797
Due from related parties, net	4,969	3,019
Due from third-party hotel managers	12,894	17,368
Total assets	4,344,535	4,691,348
Liabilities:
Indebtedness, net	4,107,245	4,106,518
Accounts payable and accrued expenses	89,152	124,226
Accrued interest payable	90,997	10,115
Dividends and distributions payable	868	20,849
Due to Ashford Inc., net	2,421	6,570
Due to third-party hotel managers	605	2,509
Intangible liabilities, net	2,297	2,337
Operating lease liabilities	45,603	53,270
Derivative liabilities, net	220	42
Other liabilities	13,161	25,776
Total liabilities	4,352,569	4,352,212
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership	30,332	69,870
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 10,475,085 and 10,210,360 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	105	102
Additional paid-in capital	1,829,935	1,826,472
Accumulated deficit	(1,868,968)	(1,558,038)
Total stockholders’ equity (deficit) of the Company	(38,702)	268,762
Noncontrolling interest in consolidated entities	336	504
Total equity (deficit)	(38,366)	269,266
Total liabilities and equity/deficit	4,344,535	4,691,348
Series D Preferred Stock
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	24	24
Series F Preferred Stock
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	48	48
Series G Preferred Stock
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	62	62
Series H Preferred Stock
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	38	38
Series I Preferred Stock
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 54	$ 54

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Allowance for doubtful accounts receivable	$ 1,475	$ 698
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	10,475,085	10,210,360
Common stock, shares outstanding (in shares)	10,475,085	10,210,360
Series D Preferred Stock
Equity (deficit):
Preferred stock, shares issued (in shares)	2,389,393	2,389,393
Preferred stock, shares outstanding (in shares)	2,389,393	2,389,393
Series F Preferred Stock
Equity (deficit):
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
Equity (deficit):
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
Equity (deficit):
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
Equity (deficit):
Preferred stock, shares issued (in shares)	5,400,000	5,400,000
Preferred stock, shares outstanding (in shares)	5,400,000	5,400,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE
Total revenue	$ 43,065	$ 415,148	$ 324,942	$ 773,866
Hotel operating expenses:
Total hotel expenses	66,555	251,693	268,265	480,179
Property taxes, insurance and other	20,700	21,762	41,172	42,159
Depreciation and amortization	65,016	67,511	131,366	134,689
Impairment charges	27,605	6,533	55,218	6,533
Transaction costs	0	2	0	2
Advisory services fee	10,216	16,281	25,515	32,585
Corporate, general and administrative	4,708	2,917	8,200	5,518
Total expenses	194,800	366,699	529,736	701,665
Gain (loss) on sale of assets and hotel properties	(6)	328	3,617	561
OPERATING INCOME (LOSS)	(151,741)	48,777	(201,177)	72,762
Equity in earnings (loss) of unconsolidated entities	(79)	(867)	(158)	(1,930)
Interest income	41	785	652	1,566
Other income (expense)	(3,149)	(338)	(1,627)	(654)
Interest expense and amortization of premiums and loan costs	(88,082)	(67,987)	(145,167)	(134,153)
Write-off of premiums, loan costs and exit fees	(1,935)	(90)	(2,030)	(2,152)
Unrealized gain (loss) on marketable securities	479	598	(998)	1,406
Unrealized gain (loss) on derivatives	192	1,476	4,614	(1,518)
INCOME (LOSS) BEFORE INCOME TAXES	(244,274)	(17,646)	(345,891)	(64,673)
Income tax (expense) benefit	2,188	(3,706)	1,885	(3,301)
NET INCOME (LOSS)	(242,086)	(21,352)	(344,006)	(67,974)
(Income) loss attributable to noncontrolling interest in consolidated entities	120	(14)	168	12
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	37,350	5,084	55,021	13,663
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(204,616)	(16,282)	(288,817)	(54,299)
Preferred dividends	(10,644)	(10,644)	(21,288)	(21,288)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (215,260)	$ (26,926)	$ (310,105)	$ (75,587)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (20.85)	$ (2.73)	$ (30.46)	$ (7.67)
Weighted average common shares outstanding – basic (in shares)	10,312	9,994	10,162	9,968
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (20.85)	$ (2.73)	$ (30.46)	$ (7.67)
Weighted average common shares outstanding – diluted (in shares)	10,312	9,994	10,162	9,968
Total hotel revenue
REVENUE
Total revenue	$ 42,789	$ 414,025	$ 323,894	$ 771,671
Rooms
REVENUE
Total revenue	37,439	328,252	253,246	608,633
Hotel operating expenses:
Total hotel expenses	12,642	68,179	65,108	128,826
Food and beverage
REVENUE
Total revenue	1,197	67,298	49,147	128,359
Hotel operating expenses:
Total hotel expenses	3,463	44,122	38,364	85,445
Other hotel revenue and expenses
REVENUE
Total revenue	4,153	18,475	21,501	34,679
Hotel operating expenses:
Total hotel expenses	46,061	124,609	149,855	238,136
Other
REVENUE
Total revenue	276	1,123	1,048	2,195
Management fees
Hotel operating expenses:
Total hotel expenses	$ 4,389	$ 14,783	$ 14,938	$ 27,772

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (242,086)	$ (21,352)	$ (344,006)	$ (67,974)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(242,086)	(21,352)	(344,006)	(67,974)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	120	(14)	168	12
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	37,350	5,084	55,021	13,663
Comprehensive income (loss) attributable to the Company	$ (204,616)	$ (16,282)	$ (288,817)	$ (54,299)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Series D Preferred Stock	Series F Preferred Stock	Series G Preferred Stock	Series H Preferred Stock	Series I Preferred Stock	Impact of adoption of new accounting standard	Preferred StockSeries D Preferred Stock	Preferred StockSeries F Preferred Stock	Preferred StockSeries G Preferred Stock	Preferred StockSeries H Preferred Stock	Preferred StockSeries I Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCommon Stock	Accumulated DeficitSeries D Preferred Stock	Accumulated DeficitSeries F Preferred Stock	Accumulated DeficitSeries G Preferred Stock	Accumulated DeficitSeries H Preferred Stock	Accumulated DeficitSeries I Preferred Stock	Accumulated DeficitImpact of adoption of new accounting standard	Noncontrolling Interests In Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2018									2,389	4,800	6,200	3,800	5,400	10,104
Beginning balance, value at Dec. 31, 2018	$ 453,105							$ 1,755	$ 24	$ 48	$ 62	$ 38	$ 54	$ 101	$ 1,815,182	$ (1,363,020)							$ 1,755	$ 616
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(21)
Purchases of common stock	(1,031)														(1,031)
Equity-based compensation	6,037														6,037										$ 3,921
Forfeitures of restricted shares (in shares)														(3)
Forfeitures of restricted shares	0
Issuance of restricted shares/units (in shares)														133
Issuance of restricted shares/units	0													$ 1	(1)										28
Common stock issuance costs	(91)														(91)
Dividends declared		$ (18,673)	$ (2,524)	$ (4,425)	$ (5,715)	$ (3,562)	$ (5,062)							$ (17,844)			$ (18,673)	$ (2,524)	$ (4,425)	$ (5,715)	$ (3,562)	$ (5,062)
Distributions to noncontrolling interests	0																								(3,940)
Redemption value adjustment	1,701															1,701									(1,701)
Net income (loss)	(54,311)															(54,299)								(12)	(13,663)
Ending balance, shares (in shares) at Jun. 30, 2019									2,389	4,800	6,200	3,800	5,400	10,213
Ending balance, value at Jun. 30, 2019	367,204								$ 24	$ 48	$ 62	$ 38	$ 54	$ 102	1,820,096	(1,453,824)								604
Beginning balance, value at Dec. 31, 2018																									80,743
Redeemable Noncontrolling Interests in Operating Partnership
Equity-based compensation	6,037														6,037										3,921
Forfeitures of restricted shares	0
Issuance of restricted shares/units	0													$ 1	(1)										28
Issuance of units for hotel acquisition	0																								7,854
Distributions to noncontrolling interests	0																								(3,940)
Redemption value adjustment	1,701															1,701									(1,701)
Net income (loss)	(54,311)															(54,299)								(12)	(13,663)
Ending balance, value at Jun. 30, 2019																									73,242
Beginning balance, shares (in shares) at Dec. 31, 2018									2,389	4,800	6,200	3,800	5,400	10,104
Beginning balance, value at Dec. 31, 2018	453,105							$ 1,755	$ 24	$ 48	$ 62	$ 38	$ 54	$ 101	1,815,182	(1,363,020)							$ 1,755	616
Ending balance, shares (in shares) at Dec. 31, 2019									2,389	4,800	6,200	3,800	5,400	10,210
Ending balance, value at Dec. 31, 2019	269,266								$ 24	$ 48	$ 62	$ 38	$ 54	$ 102	1,826,472	(1,558,038)								504
Beginning balance, value at Dec. 31, 2018																									80,743
Ending balance, value at Dec. 31, 2019	69,870																								69,870
Beginning balance, shares (in shares) at Mar. 31, 2019									2,389	4,800	6,200	3,800	5,400	10,217
Beginning balance, value at Mar. 31, 2019	372,647								$ 24	$ 48	$ 62	$ 38	$ 54	$ 102	1,816,865	(1,445,136)								590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(2)
Purchases of common stock	(127)														(127)
Equity-based compensation	3,249														3,249										2,119
Forfeitures of restricted shares (in shares)														(3)
Forfeitures of restricted shares	0
Issuance of restricted shares/units (in shares)														1
Issuance of restricted shares/units	0																								5
Common stock issuance costs	109														109
Dividends declared		$ (6,223)	(1,262)	(2,213)	(2,857)	(1,781)	(2,531)							$ (5,865)			$ (6,223)	(1,262)	(2,213)	(2,857)	(1,781)	(2,531)
Distributions to noncontrolling interests	0																								(1,317)
Redemption value adjustment	24,461															24,461									(24,461)
Net income (loss)	(16,268)															(16,282)								14	(5,084)
Ending balance, shares (in shares) at Jun. 30, 2019									2,389	4,800	6,200	3,800	5,400	10,213
Ending balance, value at Jun. 30, 2019	367,204								$ 24	$ 48	$ 62	$ 38	$ 54	$ 102	1,820,096	(1,453,824)								604
Beginning balance, value at Mar. 31, 2019																									101,980
Redeemable Noncontrolling Interests in Operating Partnership
Equity-based compensation	3,249														3,249										2,119
Forfeitures of restricted shares	0
Issuance of restricted shares/units	0																								5
Distributions to noncontrolling interests	0																								(1,317)
Redemption value adjustment	24,461															24,461									(24,461)
Net income (loss)	(16,268)															(16,282)								14	(5,084)
Ending balance, value at Jun. 30, 2019																									73,242
Beginning balance, shares (in shares) at Dec. 31, 2019									2,389	4,800	6,200	3,800	5,400	10,210
Beginning balance, value at Dec. 31, 2019	269,266								$ 24	$ 48	$ 62	$ 38	$ 54	$ 102	1,826,472	(1,558,038)								504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(31)
Purchases of common stock	(397)														(397)
Equity-based compensation	2,887														2,887										2,860
Forfeitures of restricted shares (in shares)														(51)
Forfeitures of restricted shares	0
Issuance of restricted shares/units (in shares)														151
Issuance of restricted shares/units	17													$ 1	16										107
PSU dividend claw back upon cancellation and forfeiture	605															605									1,401
Dividends declared			$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)							$ 0				$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)
Conversion of operating partnership units (in shares)														196
Redemption value adjustment	(12,074)															(12,074)									12,074
Net income (loss)	(288,985)															(288,817)								(168)	(55,021)
Ending balance, shares (in shares) at Jun. 30, 2020									2,389	4,800	6,200	3,800	5,400	10,475
Ending balance, value at Jun. 30, 2020	(38,366)								$ 24	$ 48	$ 62	$ 38	$ 54	$ 105	1,829,935	(1,868,968)								336
Beginning balance, value at Dec. 31, 2019	69,870																								69,870
Redeemable Noncontrolling Interests in Operating Partnership
Equity-based compensation	2,887														2,887										2,860
Forfeitures of restricted shares	0
Issuance of restricted shares/units	17													1	16										107
Conversion of operating partnership units	959													$ 2	957										(959)
Redemption value adjustment	(12,074)															(12,074)									12,074
Net income (loss)	(288,985)															(288,817)								(168)	(55,021)
Ending balance, value at Jun. 30, 2020	30,332																								30,332
Beginning balance, shares (in shares) at Mar. 31, 2020									2,389	4,800	6,200	3,800	5,400	10,512
Beginning balance, value at Mar. 31, 2020	197,670								$ 24	$ 48	$ 62	$ 38	$ 54	$ 105	1,830,342	(1,633,459)								456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(6)
Purchases of common stock	(39)														(39)
Equity-based compensation	(385)														(385)										1,227
Forfeitures of restricted shares (in shares)														(48)
Forfeitures of restricted shares	0																								106
Issuance of restricted shares/units (in shares)														17
Issuance of restricted shares/units	17														17
PSU dividend claw back upon cancellation and forfeiture	227															227
Dividends declared														$ 0
Redemption value adjustment	(31,120)															(31,120)									31,120
Net income (loss)	(204,736)															(204,616)								(120)	(37,350)
Ending balance, shares (in shares) at Jun. 30, 2020									2,389	4,800	6,200	3,800	5,400	10,475
Ending balance, value at Jun. 30, 2020	(38,366)								$ 24	$ 48	$ 62	$ 38	$ 54	$ 105	1,829,935	(1,868,968)								336
Beginning balance, value at Mar. 31, 2020																									35,229
Redeemable Noncontrolling Interests in Operating Partnership
Equity-based compensation	(385)														(385)										1,227
Forfeitures of restricted shares	0																								106
Issuance of restricted shares/units	17														$ 17
Redemption value adjustment	(31,120)															(31,120)									31,120
Net income (loss)	(204,736)															$ (204,616)								$ (120)	(37,350)
Ending balance, value at Jun. 30, 2020	$ 30,332																								$ 30,332

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends declared - common stock (in dollars per share)	$ 0.60
Series D Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.5281
Series F Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4609
Series G Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4609
Series H Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4688
Series I Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.4688
Common Stock
Dividends declared - common stock (in dollars per share)	0.60		$ 1.80
Preferred Stock | Series D Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.53	$ 1.58	1.58
Preferred Stock | Series F Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.46	1.38	1.38
Preferred Stock | Series G Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.46	1.38	1.38
Preferred Stock | Series H Preferred Stock
Dividends declared - preferred stock (in dollars per share)	0.47	1.41	1.41
Preferred Stock | Series I Preferred Stock
Dividends declared - preferred stock (in dollars per share)	$ 0.47	$ 1.41	$ 1.41

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net income (loss)	$ (344,006)	$ (67,974)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	131,366	134,689
Impairment charges	55,218	6,533
Amortization of intangibles	(148)	(119)
Recognition of deferred income	(464)	(466)
Bad debt expense	2,005	1,669
Deferred income tax expense (benefit)	(946)	1,085
Equity in (earnings) loss of unconsolidated entities	158	1,930
(Gain) loss on sale of assets and hotel properties	(3,617)	(561)
Realized and unrealized (gain) loss on marketable securities	(1,110)	(1,422)
Purchases of marketable securities	(1,351)	(3,854)
Sales of marketable securities	15,233	12,829
Net settlement of trading derivatives	1,469	(875)
Realized and unrealized (gain) loss on derivatives	(1,389)	1,906
Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees	12,037	16,898
Equity-based compensation	5,747	9,958
Amortization of parking asset	117	0
Non-cash interest income	(419)	0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Accounts receivable and inventories	19,193	(30,733)
Prepaid expenses and other assets	(4,904)	(9,248)
Operating lease right-of-use asset	532	(2,272)
Operating lease liability	(306)	491
Accounts payable and accrued expenses and accrued interest payable	62,724	22,964
Due to/from related parties	(1,950)	(3,696)
Due to/from third-party hotel managers	2,570	3,128
Due to/from Ashford Inc., net	(1,422)	(1,244)
Other liabilities	(11,088)	655
Net cash provided by (used in) operating activities	(64,751)	92,271
Cash Flows from Investing Activities
Investment in unconsolidated entity	(51)	(299)
Proceeds from franchise agreement	0	4,000
Acquisition of hotel properties and assets, net of cash and restricted cash acquired	0	(213,073)
Improvements and additions to hotel properties	(29,777)	(81,541)
Net proceeds from sales of assets and hotel properties	4,653	13,089
Payments for initial franchise fees	0	(200)
Proceeds from property insurance	200	231
Net cash provided by (used in) investing activities	(24,975)	(277,793)
Cash Flows from Financing Activities
Borrowings on indebtedness	88,000	388,694
Repayments of indebtedness	(96,336)	(181,241)
Payments for loan costs and exit fees	(10,312)	(9,107)
Payments for dividends and distributions	(28,619)	(50,260)
Purchases of common stock	(357)	(906)
Payments for derivatives	(63)	(1,049)
Other	0	28
Net cash provided by (used in) financing activities	(47,687)	146,159
Net increase (decrease) in cash, cash equivalents and restricted cash	(137,413)	(39,363)
Cash, cash equivalents and restricted cash at beginning of period	398,207	439,812
Cash, cash equivalents and restricted cash and at end of period	260,794	400,449
Supplemental Cash Flow Information
Interest paid	54,279	118,740
Income taxes paid (refunded)	40	(1,611)
Supplemental Disclosure of Non-Cash Investing and Financing Activity
Accrued but unpaid capital expenditures	5,458	22,581
Accrued stock offering costs	0	90
Common stock purchases accrued but not paid	40	126
Issuance of units for hotel acquisition	0	7,854
Assumption of debt in hotel acquisition	0	24,922
Dividends and distributions declared but not paid	868	20,435
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents at beginning of period	262,636	319,210
Restricted cash at beginning of period	135,571	120,602
Cash, cash equivalents and restricted cash at beginning of period	398,207	439,812
Cash and cash equivalents at end of period included in assets held for sale	0	1,281
Cash and cash equivalents at beginning of period	165,476	235,936
Restricted cash at end of period included in assets held for sale	0	486
Restricted cash at end of period	95,318	162,746
Cash, cash equivalents and restricted cash at end of period	$ 260,794	$ 400,449

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 , we owned interests in the following assets: • 116 consolidated hotel properties, including 114 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 24,746 total rooms (or 24,719 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and • 17.1% ownership in OpenKey with a carrying value of $2.7 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 June 30, 2020 , our 116 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. Remington Hotels, a subsidiary of Ashford Inc., manages 79 of our 116 hotel properties and WorldQuest. Third-party management companies manage 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, broker-dealer and distribution services and mobile key technology. In June 2020, our board of directors approved a reverse stock split of our issued and outstanding common stock at a ratio of 1-for-10. This reverse stock split converted every ten issued and outstanding shares of common stock into one share of common stock. The reverse stock split was effective as of the close of business on July 15, 2020. As a result of the reverse stock split, the number of outstanding shares of common stock was reduced from approximately 104.8 million shares to approximately 10.5 million shares. Additionally, the number of outstanding common units, Long-Term Incentive Plan (“LTIP”) units and Performance LTIP units was reduced from approximately 20.5 million units to approximately 2.1 million units. All common stock, common units, LTIP units, Performance LTIP units, PSUs and RSUs as well as per share data related to these classes of equity have been updated in the accompanying consolidated financial statements to reflect this reverse stock split for all periods presented. COVID-19, Management’s Plans and Liquidity In December 2019, COVID-19 was identified in Wuhan, China, which subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Since late February 2020, we have experienced a significant decline in occupancy and RevPAR and we expect the significant occupancy and RevPAR declines associated with COVID-19 to continue as we are experiencing significant reservation cancellations as well as a significant reduction in new reservations. The prolonged presence of the virus has resulted in health and other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry and our portfolio have experienced the postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, in March 2020, the Company temporarily suspended operations at 23 of its 116 hotels and dramatically reduced staffing and expenses at its hotels that remain operational. As of June 30, 2020 operations at five of the Company’s hotels remain temporarily suspended. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. The full financial impact of the reduction in hotel demand caused by the pandemic and suspension of operations at the Company’s hotels cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. The Company expects that the COVID-19 pandemic will have a significant negative impact on the Company’s results of operations, financial position and cash flow for at least the remainder of 2020 and into 2021. As a result, the Company suspended the quarterly cash dividend on its common stock for the first and second quarters, suspended quarterly cash dividend on its preferred stock for the second quarter and reduced planned capital expenditures, and working closely with its hotel managers, significantly reduced its hotels’ operating expenses. The Company’s advisor adopted a remote-work policy at its corporate office in an effort to protect the health and safety of its employees. Beginning on April 1, 2020, we did not make principal or interest payments under nearly all of our loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. The lenders who hold the mortgage note secured by the Embassy Suites New York Manhattan Times Square ( $145.0 million mortgage loan) and the mortgage note secured by the Hilton Scotts Valley hotel in Santa Cruz, California ( $24.8 million mortgage loan) have each sent us an acceleration notice which accelerated all payments due under the applicable loan documents. In addition, the lender for the W Hotel in Minneapolis, Minnesota ( $51.6 million mortgage loan), the lender for our Rockbridge Portfolio ( $144.2 million mortgage loan), which is an eight hotel portfolio, and the lender for the portfolio consisting of the Courtyard by Marriott in Fort Lauderdale, Florida, Courtyard by Marriott in Louisville, Kentucky and Marriott Residence Inn in Lake Buena Vista, Florida ( $64.0 million mortgage loan), have each sent to us a notice of Uniform Commercial Code (“UCC”) sale, which provides that the respective lender will sell the subsidiaries of the Company that own the respective hotels in a public auction. The Company is in the process of negotiating forbearance agreements with its lenders. At this time, forbearance agreements have been executed on some, but not all of our loans. On July 16, 2020, we reached a forbearance agreement with our lenders for the Highland Pool loan, which is a $907.0 million loan secured by nineteen of our hotels. The forbearance agreement allows the Company to defer interest payments for six months in exchange for the Company’s agreement to a repayment schedule of the deferred interest payments. In the aggregate, including the Highland Pool loan, we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of approximately $1.1 billion out of approximately $4.1 billion in property level debt outstanding as of June 30, 2020. Additionally, certain of the Company's hotel properties are subject to ground leases rather than a fee simple interest, with respect to all or a portion of the real property at those hotels. It is possible the Company will default on some or all of the ground leases within the next twelve months. As of June 30, 2020, the Company held cash and cash equivalents of $165.5 million and restricted cash of $95.3 million . During the three months ended June 30, 2020, we utilized cash, cash equivalents and restricted cash of $106.2 million . We are currently experiencing significant variability in the operating cash flows of our hotel properties, and we continue to negotiate forbearance agreements with our lenders. Additionally as discussed above we have received various acceleration notices and UCC sale notices from our lenders. We are also taking several steps to reduce our cash utilization and potentially raise additional capital. All of these items create uncertainty surrounding future cash flows. As a result of these uncertainties, management cannot reasonably estimate how long the Company's current cash, cash equivalents and restricted cash will last, but if our cash utilization going forward is consistent with the second quarter of 2020 and we do not raise additional capital, it is possible that the Company may utilize all of its cash, cash equivalents and restricted cash within the next twelve months. Based on these factors, the Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. U.S. generally accepted accounting principles require that in making this determination, the Company cannot consider any remedies that are outside of the Company’s control and have not been fully implemented. As a result, the Company could not consider future potential fundraising activities, whether through equity or debt offerings, dispositions of hotel properties or the likelihood of obtaining forbearance agreements as we could not conclude they were probable of being effectively implemented. Any forbearance agreements will most likely lead to increased costs, increased interest rates, additional restrictive covenants and other possible lender protections. In addition to or in lieu of obtaining forbearance agreements as described above, the Company could transfer the hotels securing the mortgage loans to the respective lenders. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020 . Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 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 Crowne Plaza Annapolis Annapolis, MD Disposition March 9, 2020 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. Income Taxes —On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the period ended June 30, 2020 , the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ending December 31, 2020. Recently Adopted Accounting Standards —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“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 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. 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 adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —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 may have on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur. Reclassification —Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following tables present our revenue disaggregated by geographical areas (in thousands): Three Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 1,094 $ — $ 459 $ — $ 1,553 Boston, MA Area 3 808 — 291 — 1,099 Dallas / Ft. Worth Area 7 1,631 57 158 — 1,846 Houston, TX Area 3 1,165 11 43 — 1,219 Los Angeles, CA Metro Area 6 3,377 71 344 — 3,792 Miami, FL Metro Area 3 464 23 24 — 511 Minneapolis - St. Paul, MN - WI Area 4 356 16 171 — 543 Nashville, TN Area 1 172 14 153 — 339 New York / New Jersey Metro Area 7 2,961 14 290 — 3,265 Orlando, FL Area 3 637 1 83 — 721 Philadelphia, PA Area 3 964 113 18 — 1,095 San Diego, CA Area 2 647 1 68 — 716 San Francisco - Oakland, CA Metro Area 7 3,466 — 296 — 3,762 Tampa, FL Area 2 806 25 62 — 893 Washington D.C. - MD - VA Area 9 1,651 30 243 — 1,924 Other Areas 47 17,189 821 1,422 — 19,432 Orlando WorldQuest — 51 — 28 — 79 Corporate — — — — 276 276 Total 116 $ 37,439 $ 1,197 $ 4,153 $ 276 $ 43,065 Three Months Ended June 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 18,001 $ 4,607 $ 1,195 $ — $ 23,803 Boston, MA Area 3 18,880 2,272 1,002 — 22,154 Dallas / Ft. Worth Area 7 15,986 4,078 871 — 20,935 Houston, TX Area 3 6,939 2,131 219 — 9,289 Los Angeles, CA Metro Area 6 20,282 4,113 1,294 — 25,689 Miami, FL Metro Area 3 6,812 2,593 239 — 9,644 Minneapolis - St. Paul, MN - WI Area 4 9,197 2,293 1,318 — 12,808 Nashville, TN Area 1 14,539 6,272 523 — 21,334 New York / New Jersey Metro Area 7 27,391 7,598 685 — 35,674 Orlando, FL Area 3 7,597 512 413 — 8,522 Philadelphia, PA Area 3 7,037 1,010 197 — 8,244 San Diego, CA Area 2 4,734 257 273 — 5,264 San Francisco - Oakland, CA Metro Area 7 24,239 2,514 708 — 27,461 Tampa, FL Area 2 6,395 1,765 294 — 8,454 Washington D.C. - MD - VA Area 9 39,610 8,159 2,339 — 50,108 Other Areas 47 91,993 16,003 6,285 — 114,281 Orlando WorldQuest — 1,018 37 298 — 1,353 Sold properties 5 7,602 1,084 322 — 9,008 Corporate — — — — 1,123 1,123 Total 121 $ 328,252 $ 67,298 $ 18,475 $ 1,123 $ 415,148 Six Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 15,152 $ 4,059 $ 1,612 $ — $ 20,823 Boston, MA Area 3 7,596 995 1,524 — 10,115 Dallas / Ft. Worth Area 7 14,759 3,978 1,117 — 19,854 Houston, TX Area 3 6,271 2,302 231 — 8,804 Los Angeles, CA Metro Area 6 19,589 3,428 1,429 — 24,446 Miami, FL Metro Area 3 8,606 2,464 231 — 11,301 Minneapolis - St. Paul, MN - WI Area 4 4,926 1,275 761 — 6,962 Nashville, TN Area 1 9,710 5,114 1,041 — 15,865 New York / New Jersey Metro Area 7 17,296 3,417 1,390 — 22,103 Orlando, FL Area 3 7,550 428 761 — 8,739 Philadelphia, PA Area 3 4,651 801 179 — 5,631 San Diego, CA Area 2 3,991 248 306 — 4,545 San Francisco - Oakland, CA Metro Area 7 19,558 2,068 944 — 22,570 Tampa, FL Area 2 7,415 2,166 413 — 9,994 Washington D.C. - MD - VA Area 9 22,097 4,418 2,220 — 28,735 Other Areas 47 82,507 11,817 6,952 — 101,276 Orlando WorldQuest — 1,082 25 375 — 1,482 Sold properties 1 490 144 15 — 649 Corporate — — — — 1,048 1,048 Total 117 $ 253,246 $ 49,147 $ 21,501 $ 1,048 $ 324,942 Six Months Ended June 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 38,277 $ 9,650 $ 2,390 $ — $ 50,317 Boston, MA Area 3 28,350 3,873 1,814 — 34,037 Dallas / Ft. Worth Area 7 31,890 8,854 1,756 — 42,500 Houston, TX Area 3 13,580 4,692 418 — 18,690 Los Angeles, CA Metro Area 6 40,826 8,706 2,460 — 51,992 Miami, FL Metro Area 3 15,722 5,381 464 — 21,567 Minneapolis - St. Paul, MN - WI Area 4 15,566 3,915 2,111 — 21,592 Nashville, TN Area 1 26,621 11,470 1,220 — 39,311 New York / New Jersey Metro Area 7 46,268 12,304 1,451 — 60,023 Orlando, FL Area 3 16,583 1,048 873 — 18,504 Philadelphia, PA Area 3 11,704 1,803 353 — 13,860 San Diego, CA Area 2 9,063 659 492 — 10,214 San Francisco - Oakland, CA Metro Area 7 45,864 4,852 1,275 — 51,991 Tampa, FL Area 2 14,529 4,478 563 — 19,570 Washington D.C. - MD - VA Area 9 65,365 13,609 4,150 — 83,124 Other Areas 47 172,369 30,418 11,586 — 214,373 Orlando WorldQuest — 2,204 52 691 — 2,947 Sold properties 5 13,852 2,595 612 — 17,059 Corporate — — — — 2,195 2,195 Total 121 $ 608,633 $ 128,359 $ 34,679 $ 2,195 $ 773,866

Investments in Hotel Properties

Investments in Hotel Properties, net	6 Months Ended
	Jun. 30, 2020
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): June 30, 2020 December 31, 2019 Land $ 764,751 $ 769,381 Buildings and improvements 4,053,059 4,129,884 Furniture, fixtures and equipment 465,923 503,156 Construction in progress 9,257 29,745 Condominium properties 11,740 12,093 Total cost 5,304,730 5,444,259 Accumulated depreciation (1,376,904 ) (1,335,816 ) Investments in hotel properties, net $ 3,927,826 $ 4,108,443

Hotel Dispositions and Impairme

Hotel Dispositions and Impairment Charges	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions and Impairment Charges	Hotel Disposition and Impairment Charges Hotel Disposition On March 9, 2020 , the Company sold the Crowne Plaza in Annapolis, Maryland for approximately $5.1 million in cash. The net carrying value was approximately $2.1 million . The sale resulted in a gain of approximately $3.6 million for the six months ended June 30, 2020 , which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. Impairment Charges During the three and six months ended June 30, 2020 , we recorded impairment charges of $27.6 million and $55.2 million , respectively. For the three months ended March 31, 2020, the impairment charge was comprised of $13.9 million at the Columbus Hampton Inn Easton, $10.0 million at the Canonsburg Homewood Suites Pittsburgh Southpointe and $3.7 million at the Phoenix Hampton Inn Airport North as a result of reduced estimated cash flows resulting from the COVID-19 pandemic and changes to the expected holding periods of these hotel properties. On July 9, 2020, the non-recourse mortgage loan secured by eight hotel properties matured. The lender has provided notice of UCC sale, which provides that the respective lender will sell the subsidiaries of the Company that own the respective hotels in a public auction. As a result, as of June 30, 2020, the estimated fair value of each hotel property was compared to its carrying value. For the three months ended June 30, 2020, an impairment charge was recorded that was comprised of $1.7 million at the Columbus Hampton Inn Easton, $3.0 million at the Pittsburgh Hampton Inn Waterfront West Homestead, $3.0 million at the Washington Hampton Inn Pittsburgh Meadow Lands, $1.8 million at the Cannonsburg Homewood Suites Pittsburgh Southpointe, $2.4 million at the Stillwater Residence Inn, $9.5 million at the Billerica Courtyard by Marriott Boston, and $6.1 million at the Wichita Courtyard by Marriott Old Town resulting from the difference between the estimated fair value of the property as compared to the net book value at June 30, 2020. We engaged a third-party valuation expert to assist in determining the fair value of the hotel properties. Each impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques. During the three and six months ended June 30, 2019 , we recorded impairment charges of $6.5 million , which were comprised of $1.4 million at the Wisconsin Dells Hilton Garden Inn and $5.1 million at the Savannah Courtyard. Each impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques. The following table presents our hotel properties measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at June 30, 2020 , and the related impairment charges recorded (in thousands): Fair values as of June 30, 2020 Six months ended June 30, 2020 Level 1 Level 2 Level 3 Total Impairment Charges Phoenix Hampton Inn Airport North $ — $ — $ — $ — $ 3,692 (1) Columbus Hampton Inn Easton — — 11,252 11,252 15,678 (2) Pittsburgh Hampton Inn Waterfront West Homestead — — 5,723 5,723 2,985 (2) Washington Hampton Inn Pittsburgh Meadow Lands — — 5,820 5,820 3,035 (2) Cannonsburg Homewood Suites Pittsburgh Southpointe — — 15,132 15,132 11,826 (2) Stillwater Residence Inn — — 4,171 4,171 2,395 (2) Billerica Courtyard by Marriott Boston — — 17,945 17,945 9,471 (2) Wichita Courtyard by Marriott Old Town — — 12,901 12,901 6,136 (2) Total $ — $ — $ 72,944 $ 72,944 $ 55,218 _________________________ (1) The impairment charge was taken in the quarter ended March 31, 2020, based on its estimated fair value of $9.0 million which is considered a Level 3 valuation technique. (2) The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the six months ended June 30, 2020.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity 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 entity” 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 June 30, 2020 , the Company has made investments in OpenKey totaling $4.7 million . We review our investment in OpenKey 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 the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entities. No such impairment was recorded for the three and six months ended June 30, 2020 and 2019 . The following table summarizes our carrying value and ownership interest in OpenKey: June 30, 2020 December 31, 2019 Carrying value of the investment in OpenKey (in thousands) $ 2,722 $ 2,829 Ownership interest in OpenKey 17.1 % 17.0 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Equity in earnings (loss) of unconsolidated entities $ (79 ) $ (100 ) $ (158 ) $ (216 )

Indebtedness, net

Indebtedness, net	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) June 30, 2020 December 31, 2019 Mortgage loan (4) 1 hotel June 2020 LIBOR (3) + 5.10% n/a $ — $ 43,750 Mortgage loan (5) (6) 7 hotels June 2020 LIBOR (3) + 3.65% 4.00% 180,720 180,720 Mortgage loan (5) (6) 7 hotels June 2020 LIBOR (3) + 3.39% 4.00% 174,400 174,400 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 3.73% 4.00% 221,040 221,040 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 4.02% 4.00% 262,640 262,640 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 2.73% 4.00% 160,000 160,000 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 3.68% 4.00% 215,120 215,120 Mortgage loan (7) 1 hotel July 2020 LIBOR (3) + 4.40% n/a 35,200 35,200 Mortgage loan (8) (9) 8 hotels July 2020 LIBOR (3) + 4.33% n/a 144,188 144,000 Mortgage loan (6) 1 hotel November 2020 6.26% 5.00% 91,046 91,542 Mortgage loan (10) 1 hotel November 2020 LIBOR (3) + 2.55% n/a 25,000 25,000 Mortgage loan (6) (11) 17 hotels November 2020 LIBOR (3) + 3.00% 4.00% 419,000 419,000 Mortgage loan (6) (12) 8 hotels February 2021 LIBOR (3) + 2.92% 5.00% 395,000 395,000 Mortgage loan (5) (6) 2 hotels March 2021 LIBOR (3) + 2.75% 4.00% 240,000 240,000 Mortgage loan (6) (13) 19 hotels April 2021 LIBOR (3) + 3.20% 4.00% 907,030 907,030 Mortgage loan (6) (14) 1 hotel February 2022 LIBOR (3) + 3.90% 5.00% 145,000 145,000 Mortgage loan (6) 1 hotel November 2022 LIBOR (3) + 2.00% 5.00% 97,000 97,000 Mortgage loan (15) 1 hotel December 2022 LIBOR (3) + 2.25% n/a 16,100 16,100 Mortgage loan (4) (6) (18) 1 hotel January 2023 LIBOR (3) + 3.40% 4.00% 37,000 — Mortgage loan (6) (9) 1 hotel May 2023 5.46% 5.00% 51,582 51,843 Mortgage loan (16) 1 hotel June 2023 LIBOR (3) + 2.45% n/a 73,450 73,450 Mortgage loan (6) 1 hotel January 2024 5.49% 5.00% 6,727 6,759 Mortgage loan (6) 1 hotel January 2024 5.49% 5.00% 9,818 9,865 Mortgage loan (6) 1 hotel May 2024 4.99% 5.00% 6,260 6,292 Mortgage loan (17) 1 hotel June 2024 LIBOR (3) + 2.00% n/a 8,881 8,881 Mortgage loan (6) (9) 3 hotels August 2024 5.20% 4.00% 64,022 64,207 Mortgage loan (6) 2 hotels August 2024 4.85% 4.00% 11,792 11,845 Mortgage loan (6) 3 hotels August 2024 4.90% 4.00% 23,578 23,683 Mortgage loan (6) 2 hotels February 2025 4.45% 4.00% 19,369 19,438 Mortgage loan (6) 3 hotels February 2025 4.45% 4.00% 50,098 50,279 Mortgage loan (6) 1 hotel March 2025 4.66% 5.00% 24,794 24,919 4,115,855 4,124,003 Premiums, net 542 655 Deferred loan costs, net (9,152 ) (18,140 ) Indebtedness, net $ 4,107,245 $ 4,106,518 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2020. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.162% and 1.763% at June 30, 2020 and December 31, 2019 , respectively. (4) On January 9, 2020, we refinanced this mortgage loan totaling $43.8 million with a new $37.0 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.40% . (5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (6) As of June 30, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019. (8) Effective April 22, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement included interest payment deferral for three months , which is due at maturity, lender's legal fees were added to the principal balance of the mortgage loan totaling $188,000 , lender held reserves could be utilized to fund budgeted operating shortfalls at the property-level, and FF&E deposits being waived through maturity. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019. (9) The lender holding this mortgage loan has delivered a notice of UCC sale, which provides that the lender will sell the subsidiaries of the Company that owns the respective hotels in public auction. (10) Effective June 29, 2020, we executed a consent and loan modification agreement for this mortgage loan. In connection with the agreement, lender-held reserves were made available to fund monthly interest payments due under the loan and monthly FF&E escrow deposits were waived until April 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.25% . (11) 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. (12) 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. (13) Effective July 9, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through October 2020. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020. (14) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.50% . (15) Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for three months, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through December 2020 and tax escrow deposits were waived through October 2020. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (16) Effective May 20, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. (17) Effective April 7, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement include an initial interest payment deferral for three months , with the option to extend the interest payment deferral an additional three months . All deferred interest is due at maturity. (18) Effective July 7, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for two months , lender-held reserves were made available to fund monthly interest payments due under the loan and property-level operating expenses, and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. 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 reduced the loan amount by $6.8 million . The new mortgage loan totals $37.0 million . The new mortgage loan is interest only and provides for an interest rate of LIBOR + 3.40% . 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. In April 2020, certain subsidiaries of the Company applied for and received loans from Key Bank, N.A. under the Payroll Protection Program (“PPP”), which was established under the CARES Act. All funds borrowed under the PPP were returned on or before May 7, 2020. During the three and six months ended June 30, 2020 and 2019 , we recognized net premium amortization as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Interest expense and amortization of premium and loan costs $ 57 $ 55 $ 113 $ 120 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. Beginning on April 1, 2020, we did not make principal or interest payments under nearly all of our loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. The lenders who hold the mortgage note secured by the Embassy Suites New York Manhattan Times Square ( $145.0 million mortgage loan) and the mortgage note secured by the Hilton Scotts Valley hotel in Santa Cruz, California ( $24.8 million mortgage loan) have each sent us an acceleration notice which accelerated all payments due under the applicable loan documents. In addition, the lender for the W Hotel in Minneapolis, Minnesota ( $51.6 million mortgage loan), the lender for our Rockbridge Portfolio ( $144.2 million mortgage loan), which is an eight hotel portfolio, and the lender for the portfolio consisting of the Courtyard by Marriott in Fort Lauderdale, Florida, Courtyard by Marriott in Louisville, Kentucky and Marriott Residence Inn in Lake Buena Vista, Florida ( $64.0 million mortgage loan), have each sent to us a notice of UCC sale, which provides that the respective lender will sell the subsidiaries of the Company that own the respective hotels in a public auction. The Company is in the process of negotiating forbearance agreements with its lenders. At this time, forbearance agreements have been executed on some, but not all of our loans. On July 16, 2020, we reached a forbearance agreement with our lenders for the Highland Pool loan, which is a $907.0 million loan secured by nineteen of our hotels. The forbearance agreement allows the Company to defer interest payments for six months in exchange for the Company’s agreement to a repayment schedule of the deferred interest payments. In the aggregate, including the Highland Pool loan, we have entered into forbearance and other agreements with varying terms and conditions that conditionally waive or defer payment defaults for loans with a total outstanding principal balance of $1.1 billion out of $4.1 billion in property level debt outstanding as of June 30, 2020. See note 15 for discussion of the loan modification agreement with Lismore. In addition, the senior lenders and mezzanine lenders who hold notes secured by the Embassy Suites New York Manhattan Times Square are parties to a guaranty with a third party, which guaranty the mezzanine lenders can call upon to make payment of up to $20 million now that the mezzanine loans have been accelerated. As of June 30, 2020, the principal and accrued interest amount of the notes currently held by the senior lenders, senior mezzanine lenders and junior mezzanine lenders is approximately $111.7 million , $27.4 million and $10.5 million , respectively. If the lenders call upon the guaranty, and the third party guarantor makes payments under the guaranty, the guarantor has the right to require us to reimburse them for the amount paid under the guaranty. If we do not reimburse the guarantor, the guarantor will have the option to purchase the equity in the entity which owns the Embassy Suites New York Manhattan Times Square hotel for $1 .

Notes Receivable, net and Other

Notes Receivable, net and Other	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Notes Receivable, net and Other	Notes Receivable, net and Other Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate June 30, 2020 December 31, 2019 Construction Financing Note (1) (5) Face amount 7.0 % $ 4,000 $ 4,000 Discount (2) (275 ) (402 ) 3,725 3,598 Certificate of Occupancy Note (3) (5) Face amount 7.0 % $ 5,250 $ 5,250 Discount (4) (994 ) (1,139 ) 4,256 4,111 Note receivable, net $ 7,981 $ 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. (5) The notes receivable are secured by the 1.65 -acre land parcel adjacent to the Hilton St. Petersburg Bayfront. No cash interest income was recorded for the three and six months ended June 30, 2020 . For the three and six months ended June 30, 2020 , we recognized discount amortization income of $137,000 and $272,000 , respectively, which is included in “other income (expense)” in the consolidated statement of operations. On January 1, 2020, we adopted the provisions of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses. Upon adoption we evaluated the notes and other receivables under the criteria in ASC Topic 326. Upon adoption we determined that the expected credit loss associated with the notes and other receivables was immaterial. As of June 30, 2020 , there was no allowance related to the notes receivable. Other consideration received from the sale of the 1.65 -acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands): Imputed Interest Rate June 30, 2020 December 31, 2019 Future ownership rights of parking parcel 7.0 % $ 4,100 $ 4,100 Imputed interest 219 72 4,319 (1) 4,172 (1) Free use of parking easement prior to development commencement 7.0 % $ 235 $ 235 Accumulated amortization (235 ) (118 ) — (1) 117 (1) Reimbursement of parking fees while parking parcel is in development (2) 7.0 % $ 462 $ 462 Accumulated amortization — — 462 (1) 462 (1) Total $ 4,781 $ 4,751 ____________________________________ (1) Included in “other assets” in the consolidated balance sheets. (2) Amortization will commence when the parking parcel begins development. For the three and six months ended June 30, 2020 , we recognized imputed interest income of $74,000 and $147,000 , respectively, and amortization expense of $0 and $117,000 , respectively, 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	6 Months Ended
	Jun. 30, 2020
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: Six Months Ended June 30, 2020 2019 Interest rate caps: Notional amount (in thousands) $ 432,000 (1) $ 624,050 (1) Strike rate low end of range 3.00 % 1.50 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2020 January 2019 - June 2019 Termination date range February 2021 - February 2022 June 2020 - February 2022 Total cost (in thousands) $ 63 $ 1,048 Interest rate floors: Notional amount (in thousands) $ — (1) $ 6,000,000 (1) Strike rate low end of range 1.63 % Strike rate high end of range 1.63 % Effective date range January 2019 Termination date range March 2020 Total cost (in thousands) $ — $ 225 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: June 30, 2020 December 31, 2019 Interest rate caps: Notional amount (in thousands) $ 1,521,650 (1) $ 3,799,740 (1) Strike rate low end of range 1.81 % 1.50 % Strike rate high end of range 4.88 % 5.22 % Termination date range July 2020 - February 2022 February 2020 - February 2022 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 1,513,838 $ 3,666,331 Interest rate floors: (2) Notional amount (in thousands) $ 5,025,000 (1) $ 12,025,000 (1) Strike rate low end of range (0.25 )% (0.25 )% Strike rate high end of range 1.25 % 1.63 % Termination date range July 2020 - November 2021 March 2020 - 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 June 30, 2020 , 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 $3.4 million as of June 30, 2020 . Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in market value is over $250,000 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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). Fair values of hotel properties are based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach (Level 3 inputs). See note 5 . 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 June 30, 2020 , the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 0.162% to 0.101% 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 June 30, 2020: Assets Derivative assets: Interest rate derivatives - floors $ — $ 425 $ — $ — $ 425 (2) Interest rate derivatives - caps — 40 — — 40 (2) Credit default swaps — (1,154 ) — 2,541 1,387 (2) — (689 ) — 2,541 1,852 Non-derivative assets: Equity securities 1,819 — — — 1,819 (3) Total $ 1,819 $ (689 ) $ — $ 2,541 $ 3,671 Liabilities Derivative liabilities: Credit default swaps — (820 ) — 600 (220 ) (4) Net $ 1,819 $ (1,509 ) $ — $ 3,141 $ 3,451 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 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in our consolidated balance sheets. (3) Reported as “marketable securities” in our consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in our consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following tables summarize the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended June 30, 2020 2019 Assets Derivative assets: Interest rate derivatives - floors $ 386 $ 2,115 Interest rate derivatives - caps (18 ) (472 ) Credit default swaps (2,005 ) (4) (257 ) (4) (1,637 ) 1,386 Non-derivative assets: Equity 483 618 Total (1,154 ) 2,004 Liabilities Derivative liabilities: Credit default swaps (1,171 ) (4) (135 ) (4) Net $ (2,325 ) $ 1,869 Total combined Interest rate derivatives - floors $ 3,386 $ 2,340 Interest rate derivatives - caps (18 ) (472 ) Credit default swaps (3,176 ) (392 ) Unrealized gain (loss) on derivatives 192 (1) 1,476 (1) Realized gain (loss) on interest rate floors (3,000 ) (2) (225 ) (2) Unrealized gain (loss) on marketable securities 479 (3) 598 (3) Realized gain (loss) on marketable securities 4 (2) 20 (2) Net $ (2,325 ) $ 1,869 ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $272 and $271 for the three months ended June 30, 2020 and 2019 , respectively, included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Six Months Ended June 30, 2020 2019 Assets Derivative assets: Interest rate derivatives - floors $ 763 $ 1,919 Interest rate derivatives - caps (70 ) (1,114 ) Credit default swaps 425 (4) (1,790 ) (4) 1,118 (985 ) Non-derivative assets: Equity 1,110 1,422 Total 2,228 437 Liabilities Derivative liabilities: Credit default swaps 271 (4) (921 ) (4) Net $ 2,499 $ (484 ) Total combined Interest rate derivatives - floors $ 3,988 $ 2,307 Interest rate derivatives - caps (70 ) (1,114 ) Credit default swaps 696 (2,711 ) Unrealized gain (loss) on derivatives 4,614 (1) (1,518 ) (1) Realized gain (loss) on options on interest rate floors (3,225 ) (2) (388 ) (2) Unrealized gain (loss) on marketable securities (998 ) (3) 1,406 (3) Realized gain (loss) on marketable securities 2,108 (2) 16 (2) Net $ 2,499 $ (484 ) ____________________________________ (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 $540 and $537 for the six months ended June 30, 2020 and 2019 , respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 1,819 $ 1,819 $ 14,591 $ 14,591 Derivative assets, net 1,852 1,852 1,691 1,691 Derivative liabilities, net 220 220 42 42 Financial assets not measured at fair value: Cash and cash equivalents $ 165,476 $ 165,476 $ 262,636 $ 262,636 Restricted cash 95,318 95,318 135,571 135,571 Accounts receivable, net 19,299 19,299 39,638 39,638 Notes receivable, net 7,981 7,582 to 8,380 7,709 7,323 to 8,095 Due from related parties, net 4,969 4,969 3,019 3,019 Due from third-party hotel managers 12,894 12,894 17,368 17,368 Financial liabilities not measured at fair value: Indebtedness $ 4,116,397 $3,638,266 to $4,021,238 $ 4,124,658 $3,881,453 to $4,290,027 Accounts payable and accrued expenses 89,152 89,152 124,226 124,226 Accrued interest payable 90,997 90,997 10,115 10,115 Dividends and distributions payable 868 868 20,849 20,849 Due to Ashford Inc., net 2,421 2,421 6,570 6,570 Due to third-party hotel managers 605 605 2,509 2,509 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 95.0% and 105.0% of the carrying value of $8.0 million at June 30, 2020 and approximately 95.0% to 105.0% 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 note 10 for a complete description of the methodology and assumptions utilized in determining the fair values. Derivative assets, net and derivative liabilities, net. Fair value of interest rate caps is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. Current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied and adjusted for credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 88.4% to 97.7% of the carrying value of $4.1 billion at June 30, 2020 and approximately 94.1% to 104.0% of the carrying value of $4.1 billion at December 31, 2019 . These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (204,616 ) $ (16,282 ) $ (288,817 ) $ (54,299 ) Less: Dividends on preferred stock (10,644 ) (10,644 ) (21,288 ) (21,288 ) Less: Dividends on common stock — (5,865 ) — (17,844 ) Less: Dividends on unvested performance stock units — (95 ) — (285 ) Add: Claw back of dividends on unvested performance stock units 227 — 605 — Less: Dividends on unvested restricted shares — (263 ) — (544 ) Undistributed income (loss) allocated to common stockholders (215,033 ) (33,149 ) (309,500 ) (94,260 ) Add back: Dividends on common stock — 5,865 — 17,844 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (215,033 ) $ (27,284 ) $ (309,500 ) $ (76,416 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 10,312 9,994 10,162 9,968 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (20.85 ) $ (2.73 ) $ (30.46 ) $ (7.67 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (20.85 ) $ (2.73 ) $ (30.46 ) $ (7.67 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 263 $ — $ 544 Income (loss) allocated to unvested performance stock units — 95 — 285 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (37,350 ) (1 ) (5,084 ) (55,021 ) (1 ) (13,663 ) Total $ (37,350 ) $ (4,726 ) $ (55,021 ) $ (12,834 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares — 1 12 12 Effect of unvested performance stock units — — — 14 Effect of assumed conversion of operating partnership units 1,823 1,930 1,881 1,882 Total 1,823 1,931 1,893 1,908 _______________ (1) Inclusive of preferred stock dividends in arrears of $1.6 million for both the three and six months ended June 20, 2020 allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (the “common units”) and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either: (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three 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. In March 2020, 28,000 LTIP units with a fair value of approximately $372,000 and a vesting period of three years were granted. In May 2020, approximately 70,000 LTIP units were issued to independent directors with a fair value of approximately $422,000 , which vested immediately upon grant. In addition, in May 2020, approximately 16,000 LTIP units were issued to independent directors with a fair value of approximately $107,000 , which vested immediately upon grant. This grant represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors and will be amortized to equity-based compensation expense over the next 12 months . See note 18 . 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 June 30, 2020 , there were approximately 130,000 Performance LTIP units, representing 200% of the target number granted, outstanding. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the Performance LTIP units were granted to non-employees. During the six months ended June 30, 2020 , approximately 109,000 performance-based LTIP units were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $1.4 million . In March 2020, 50,000 Performance LTIP units with a fair value of $200,000 and a vesting period of three years were granted. As of June 30, 2020 , we have issued a total of 1.2 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 171,000 units ( 50,000 of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting. The following table presents the common units redeemed and the fair value upon redemption (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Common units converted to stock — — 196 — Fair value of common units converted $ — $ — $ 959 $ — The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: June 30, 2020 December 31, 2019 Redeemable noncontrolling interests (in thousands) $ 30,332 $ 69,870 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 162,020 155,536 Ownership percentage of operating partnership 14.79 % 15.92 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Allocated net (income) loss to the redeemable noncontrolling interests $ 37,350 $ 5,084 $ 55,021 $ 13,663 Distributions declared to holders of common units, LTIP units and Performance LTIP units — 1,317 — 3,940 Performance LTIP dividend claw back upon cancellation — — (1,401 ) —

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Common Stock Dividends —For the first and second quarters of 2020 , the board of directors did not declare a quarterly common stock dividend. For the first and second quarters of 2019 , the board of directors declared a quarterly dividend of $1.20 and $0.60 , respectively, per outstanding share of common stock. 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. In March 2020, 133,000 restricted stock units with a fair value of approximately $1.8 million and a vesting period of three years were granted. In May 2020, 14,000 shares of common stock were issued to independent directors with a fair value of approximately $84,000 , which vested immediately upon grant. Additionally, in May 2020, 3,000 shares of common stock were issued to independent directors with a fair value of approximately $17,000 , which vested immediately upon grant. This grant represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors and will be amortized to equity-based compensation expense over the next 12 months . See note 18 . Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units (“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 six months ended June 30, 2020 , 35,000 PSUs were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $378,000 . In March 2020, 70,000 PSUs with a fair value of $560,000 and a vesting period of three years were granted. During 2020, 66,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the six months ended June 30, 2020, which is included in “advisory services fees” on our consolidated statement of operations. Additionally, as a result of the forfeiture there was a claw back of the previously declared dividends in the amount of $227,000 for the three and six months ended June 30, 2020. Preferred Dividends —The board of directors declared quarterly dividends as presented below: Three Months Ended June 30, 2020 2019 8.45% Series D Cumulative Preferred Stock $ — $ 0.5281 7.375% Series F Cumulative Preferred Stock — 0.4609 7.375% Series G Cumulative Preferred Stock — 0.4609 7.50% Series H Cumulative Preferred Stock — 0.4688 7.50% Series I Cumulative Preferred Stock — 0.4688 The table below presents the accumulated but unpaid dividends in arrears as of June 30, 2020 (in thousands): June 30, 2020 8.45% Series D Cumulative Preferred Stock ($.53/share) $ 1,262 7.375% Series F Cumulative Preferred Stock ($.46/share) 2,212 7.375% Series G Cumulative Preferred Stock ($.46/share) 2,858 7.50% Series H Cumulative Preferred Stock ($.47/share) 1,781 7.50% Series I Cumulative Preferred Stock ($.47/share) 2,531 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. No shares of our common stock or preferred stock were repurchased under the Repurchase Program during the six months ended June 30, 2020 and 2019 . At-the-Market Equity Offering Program —On December 11, 2017, the Company established an “at-the-market” equity offering program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $100 million . No shares of its common stock were issued under this program during the three and six months ended June 30, 2020 or 2019 .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Remington Lodging (prior to Ashford Inc. acquisitions) Between January 1, 2019 and November 5, 2019, we paid Remington Lodging monthly hotel management fees equal to the greater of $14,000 per hotel (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. 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 June 30, 2020 , 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): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Advisory services fee Base advisory fee $ 8,557 $ 9,362 $ 17,474 $ 18,351 Reimbursable expenses (1) 1,567 3,006 3,398 5,396 Equity-based compensation (2) 92 (3) 4,549 4,643 (3) 8,838 Incentive fee — (636 ) — — Total advisory services fee $ 10,216 $ 16,281 $ 25,515 $ 32,585 ________ (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. (3) During the three and six months ended June 30, 2020, 66,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the three and six months ended June 30, 2020, Lismore Advisory Fee On March 20, 2020, Lismore Capital LLC (“Lismore”), a subsidiary of Ashford Inc., entered into an agreement with the Company to seek modifications, forbearances or refinancings of the Company’s loans (the “Ashford Trust Agreement”). Pursuant to the Ashford Trust Agreement, Lismore shall, during the agreement term (which commenced on March 20, 2020 and shall end on the date that is twelve months following the commencement date, or upon it being terminated by Ashford Trust on not less than thirty days written notice) negotiate the refinancing, modification or forbearance of the existing mortgage debt on Ashford Trust’s hotels. For the purposes of the Ashford Trust Agreement, financing shall include, without limitation, senior or subordinate loan financing, provided in any single transaction or a combination of transactions, including, mortgage loan financing, mezzanine loan financing, or subordinate loan financing encumbering the applicable hotel or unsecured loan financing. On July 1, 2020, the Company amended and restated the agreement with Lismore with an effective date of April 6, 2020. Pursuant to the amended and restated agreement, the term of the agreement was extended to 24 months following the commencement date. In connection with the services provided by Lismore under the amended and restated agreement, Lismore is entitled to receive a fee of approximately $2.6 million in three equal installments of approximately $857,000 per month beginning July 20, 2020, and ending on September 20, 2020. Lismore is also entitled to receive a fee that is calculated and payable as follows: (i) a fee equal to 25 basis points ( 0.25% ) of the amount of a loan, payable upon the acceptance by the applicable lender of any forbearance or extension of such loan, or in the case where a third-party agent or contractor engaged by the Company has secured an extension of the maturity date equal to or greater than 12 months of any such loan, then the amount payable to Lismore shall be reduced to 10 basis points ( 0.10% ); (ii) a fee equal to 75 basis points ( 0.75% ) of the amount of any principal reduction of a loan upon the acceptance by any lender of any principal reduction of such loan; and (iii) a fee equal to 150 basis points ( 1.50% ) of the implied conversion value (but in any case, no less than 50% percent of the face value of such loan or loans) of a loan upon the acceptance by any lender of any debt to equity conversion of such loan. At the time of amendment, the Company had paid Lismore approximately $8.3 million , in the aggregate, pursuant to the original agreement. Under the amended and restated agreement, the Company is still entitled, in the event that the Company does not complete, for any reason, extensions or forbearances during the term of the agreement equal to or greater than approximately $4.1 billion , to offset, against any fees the Company or its affiliates owe pursuant to the advisory agreement, a portion of the fee previously paid by the Company to Lismore equal to the product of (x) approximately $4.1 billion minus the amount of extensions or forbearances completed during the term of the agreement multiplied by (y) 0.125% . Upon entering into the agreement with Lismore, the Company made a payment of $5.1 million . No amounts under this payment can be clawed back. As of June 30, 2020, the Company has also paid $2.6 million related to periodic installments of which $303,000 has been expensed in accordance with the agreement and $2.2 million may be offset against future fees under the agreement that are eligible for claw back under the agreement. Further, the Company has paid $606,000 in success fees under the agreement in connection with each signed forbearance or other agreement, of which no amounts are available for claw back. As of June 30, 2020 , the Company has recognized expense of $1.6 million , which is included in “write-off of premiums, loan costs and exit fees,” and approximately $6.7 million is included in “other assets.” 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 Hotels & Resorts Inc. (“Braemar”), up to $15 million to fund the operations of Ashford Securities. As of June 30, 2020 , Ashford Trust has funded approximately $2.5 million . As of June 30, 2020 and December 31, 2019 , $582,000 and $1.6 million , respectively, of the pre-funded amounts were included in “other assets” on our consolidated balance sheets. 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. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Corporate, general and administrative $ 316 $ — $ 1,013 $ — In the fourth quarter of 2019, the Company expensed $896,000 of reimbursed operating expenses of Ashford Securities. Enhanced Return Funding Program The Enhanced Return Funding Program Agreement (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 three 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 Embassy Suites New York Manhattan Times Square acquisition in 2019, under the ERFP Agreement, we are entitled to receive $19.5 million from Ashford LLC in the form of future purchases of hotel FF&E. In the second quarter of 2019, the Company sold $8.1 million of hotel FF&E from certain Ashford Trust hotel properties to Ashford LLC. On March 13, 2020, an extension agreement was entered into whereby the required FF&E acquisition date by Ashford LLC of the remaining $11.4 million was extended to December 31, 2022. 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 subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides project management services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the project management agreement, we pay Premier: (a) project management fees of up to 4% of project costs; and (b) market service fees at current market rates with respect to construction management, interior design, FF&E purchasing, FF&E expediting/freight management, FF&E warehousing and FF&E installation and supervision. On March 20, 2020, we amended the project management agreement to provide that Premier's fees shall be paid by the Company to Premier upon the completion of any work provided by third party vendors to the Company. 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 June 30, 2020 , Remington Hotels managed 79 of our 116 hotel properties and the WorldQuest condominium properties. We pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (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. Pursuant to the terms of the Letter Agreement dated March 13, 2020 (the “Hotel Management Letter Agreement”), in order to allow Remington Hotels to better manage its corporate working capital and to ensure the continued efficient operation of our hotels, we agreed to pay the base fee and to reimburse all expenses on a weekly basis for the preceding week, rather than on a monthly basis. The Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by us. 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 , 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. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. Franchise Fees —Under franchise agreements for our hotel properties existing at June 30, 2020 , 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): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Other hotel expenses $ 3,202 $ 20,954 $ 17,261 $ 38,702 Management Fees —Under hotel management agreements for our hotel properties existing at June 30, 2020 , we pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (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 2021 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. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2016 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, a ruling that Remington Lodging’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of June 30, 2020 , Remington Lodging continues to comply with the settlement agreement by making the appropriate monthly pension fund payments. If Remington Lodging does not comply with the settlement agreement, we have agreed to indemnify Remington Lodging for the payment of the unfunded pension liability, if any, as set forth in the settlement agreement equal to $1.7 million minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000 , Remington Lodging’s remaining withdrawal liability would be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million ). This remaining unfunded pension liability would be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging’s election), which shall continue for the remainder of twenty years , which is capped, unless Remington Lodging elects to pay the unfunded pension liability amount earlier. Litigation — Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million . On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company, and on June 7, 2017, the Company paid $2.5 million of the judgment. On June 27, 2017, the Florida Supreme Court denied the Company’s petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney’s fees being the only remaining dispute. On June 29, 2017, the balance of the judgment of $3.9 million was paid to Nantucket by the Company. On July 26, 2018, we paid $544,000 as part of a settlement on certain legal fees. The negotiations relating to the potential payment of the remaining attorney’s fees are still ongoing. As of June 30, 2020 , 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 to the New York State Appellate Division, Second Department (the “Second Department”), and the appeal is still pending. By Order dated May 7, 2020, the Second Department referred the matter for mandatory mediation. The parties participated in mediation on June 22, 2020, however, they were not able to arrive at mutually acceptable settlement terms. 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, however, 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 June 30, 2020 , no amounts have been accrued. In June 2020, each of the Company, Braemar, Ashford Inc., and Lismore, a subsidiary of Ashford Inc. (collectively with the Company, Braemar, Ashford Inc. and Lismore, the “Ashford Companies”), received an administrative subpoena from the SEC. The administrative subpoena requests the production of documents and other information since January 1, 2018 relating to, among other things, (1) related party transactions among the Ashford Companies (including the agreement between the Company and Lismore pursuant to which the Company engaged Lismore to negotiate the refinancing, modification or forbearance of certain mortgage debt) or between any of the Ashford Companies and any officer, director or owner of the Ashford Companies or any entity controlled by any such person, and (2) the Company’s accounting policies, procedures, and internal controls related to such related party transactions. The Company is responding to the administrative subpoena. 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.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 , all of our hotel properties were domestically located.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of COVID-19, the annual cash retainer for each independent director serving on the Company’s board of directors would be temporarily reduced by 25% and would continue in effect until the board of directors determined in its discretion that the effects of COVID-19 had subsided. The Company also disclosed at that time that any amounts relinquished pursuant to the reduction in fees may be paid in the future, as determined by the board of directors in its discretion. On August 3, 2020, the Company announced that for fiscal year 2020, the independent directors will receive the full value of their annual cash retainer (without reduction). However, all remaining quarterly installments of the annual cash retainer (and any additional cash retainers for committee service or service as lead director), will instead be paid in either fully vested shares of common stock or LTIP units (at each director’s election). The board of directors currently intends to continue paying the value of all cash retainers to independent directors in the form of equity through the Company’s 2021 Annual Meeting of Stockholders, at which time the board of directors currently intends to re-examine the program.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020 . Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 .
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.
Income Taxes	Income Taxes —On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the period ended June 30, 2020 , the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the impact of the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ending December 31, 2020.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“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 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. 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 adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —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 may have on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur.
Reclassification	Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Acquisitions and Dispositions that Affect Comparability	The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 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 Crowne Plaza Annapolis Annapolis, MD Disposition March 9, 2020

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Three Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 1,094 $ — $ 459 $ — $ 1,553 Boston, MA Area 3 808 — 291 — 1,099 Dallas / Ft. Worth Area 7 1,631 57 158 — 1,846 Houston, TX Area 3 1,165 11 43 — 1,219 Los Angeles, CA Metro Area 6 3,377 71 344 — 3,792 Miami, FL Metro Area 3 464 23 24 — 511 Minneapolis - St. Paul, MN - WI Area 4 356 16 171 — 543 Nashville, TN Area 1 172 14 153 — 339 New York / New Jersey Metro Area 7 2,961 14 290 — 3,265 Orlando, FL Area 3 637 1 83 — 721 Philadelphia, PA Area 3 964 113 18 — 1,095 San Diego, CA Area 2 647 1 68 — 716 San Francisco - Oakland, CA Metro Area 7 3,466 — 296 — 3,762 Tampa, FL Area 2 806 25 62 — 893 Washington D.C. - MD - VA Area 9 1,651 30 243 — 1,924 Other Areas 47 17,189 821 1,422 — 19,432 Orlando WorldQuest — 51 — 28 — 79 Corporate — — — — 276 276 Total 116 $ 37,439 $ 1,197 $ 4,153 $ 276 $ 43,065 Three Months Ended June 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 18,001 $ 4,607 $ 1,195 $ — $ 23,803 Boston, MA Area 3 18,880 2,272 1,002 — 22,154 Dallas / Ft. Worth Area 7 15,986 4,078 871 — 20,935 Houston, TX Area 3 6,939 2,131 219 — 9,289 Los Angeles, CA Metro Area 6 20,282 4,113 1,294 — 25,689 Miami, FL Metro Area 3 6,812 2,593 239 — 9,644 Minneapolis - St. Paul, MN - WI Area 4 9,197 2,293 1,318 — 12,808 Nashville, TN Area 1 14,539 6,272 523 — 21,334 New York / New Jersey Metro Area 7 27,391 7,598 685 — 35,674 Orlando, FL Area 3 7,597 512 413 — 8,522 Philadelphia, PA Area 3 7,037 1,010 197 — 8,244 San Diego, CA Area 2 4,734 257 273 — 5,264 San Francisco - Oakland, CA Metro Area 7 24,239 2,514 708 — 27,461 Tampa, FL Area 2 6,395 1,765 294 — 8,454 Washington D.C. - MD - VA Area 9 39,610 8,159 2,339 — 50,108 Other Areas 47 91,993 16,003 6,285 — 114,281 Orlando WorldQuest — 1,018 37 298 — 1,353 Sold properties 5 7,602 1,084 322 — 9,008 Corporate — — — — 1,123 1,123 Total 121 $ 328,252 $ 67,298 $ 18,475 $ 1,123 $ 415,148 Six Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 15,152 $ 4,059 $ 1,612 $ — $ 20,823 Boston, MA Area 3 7,596 995 1,524 — 10,115 Dallas / Ft. Worth Area 7 14,759 3,978 1,117 — 19,854 Houston, TX Area 3 6,271 2,302 231 — 8,804 Los Angeles, CA Metro Area 6 19,589 3,428 1,429 — 24,446 Miami, FL Metro Area 3 8,606 2,464 231 — 11,301 Minneapolis - St. Paul, MN - WI Area 4 4,926 1,275 761 — 6,962 Nashville, TN Area 1 9,710 5,114 1,041 — 15,865 New York / New Jersey Metro Area 7 17,296 3,417 1,390 — 22,103 Orlando, FL Area 3 7,550 428 761 — 8,739 Philadelphia, PA Area 3 4,651 801 179 — 5,631 San Diego, CA Area 2 3,991 248 306 — 4,545 San Francisco - Oakland, CA Metro Area 7 19,558 2,068 944 — 22,570 Tampa, FL Area 2 7,415 2,166 413 — 9,994 Washington D.C. - MD - VA Area 9 22,097 4,418 2,220 — 28,735 Other Areas 47 82,507 11,817 6,952 — 101,276 Orlando WorldQuest — 1,082 25 375 — 1,482 Sold properties 1 490 144 15 — 649 Corporate — — — — 1,048 1,048 Total 117 $ 253,246 $ 49,147 $ 21,501 $ 1,048 $ 324,942 Six Months Ended June 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 38,277 $ 9,650 $ 2,390 $ — $ 50,317 Boston, MA Area 3 28,350 3,873 1,814 — 34,037 Dallas / Ft. Worth Area 7 31,890 8,854 1,756 — 42,500 Houston, TX Area 3 13,580 4,692 418 — 18,690 Los Angeles, CA Metro Area 6 40,826 8,706 2,460 — 51,992 Miami, FL Metro Area 3 15,722 5,381 464 — 21,567 Minneapolis - St. Paul, MN - WI Area 4 15,566 3,915 2,111 — 21,592 Nashville, TN Area 1 26,621 11,470 1,220 — 39,311 New York / New Jersey Metro Area 7 46,268 12,304 1,451 — 60,023 Orlando, FL Area 3 16,583 1,048 873 — 18,504 Philadelphia, PA Area 3 11,704 1,803 353 — 13,860 San Diego, CA Area 2 9,063 659 492 — 10,214 San Francisco - Oakland, CA Metro Area 7 45,864 4,852 1,275 — 51,991 Tampa, FL Area 2 14,529 4,478 563 — 19,570 Washington D.C. - MD - VA Area 9 65,365 13,609 4,150 — 83,124 Other Areas 47 172,369 30,418 11,586 — 214,373 Orlando WorldQuest — 2,204 52 691 — 2,947 Sold properties 5 13,852 2,595 612 — 17,059 Corporate — — — — 2,195 2,195 Total 121 $ 608,633 $ 128,359 $ 34,679 $ 2,195 $ 773,866

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): June 30, 2020 December 31, 2019 Land $ 764,751 $ 769,381 Buildings and improvements 4,053,059 4,129,884 Furniture, fixtures and equipment 465,923 503,156 Construction in progress 9,257 29,745 Condominium properties 11,740 12,093 Total cost 5,304,730 5,444,259 Accumulated depreciation (1,376,904 ) (1,335,816 ) Investments in hotel properties, net $ 3,927,826 $ 4,108,443

Hotel Dispositions and Impair_2

Hotel Dispositions and Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Non-Recurring Basis of Fair Value Measurement of Hotel Properties	The following table presents our hotel properties measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at June 30, 2020 , and the related impairment charges recorded (in thousands): Fair values as of June 30, 2020 Six months ended June 30, 2020 Level 1 Level 2 Level 3 Total Impairment Charges Phoenix Hampton Inn Airport North $ — $ — $ — $ — $ 3,692 (1) Columbus Hampton Inn Easton — — 11,252 11,252 15,678 (2) Pittsburgh Hampton Inn Waterfront West Homestead — — 5,723 5,723 2,985 (2) Washington Hampton Inn Pittsburgh Meadow Lands — — 5,820 5,820 3,035 (2) Cannonsburg Homewood Suites Pittsburgh Southpointe — — 15,132 15,132 11,826 (2) Stillwater Residence Inn — — 4,171 4,171 2,395 (2) Billerica Courtyard by Marriott Boston — — 17,945 17,945 9,471 (2) Wichita Courtyard by Marriott Old Town — — 12,901 12,901 6,136 (2) Total $ — $ — $ 72,944 $ 72,944 $ 55,218 _________________________ (1) The impairment charge was taken in the quarter ended March 31, 2020, based on its estimated fair value of $9.0 million which is considered a Level 3 valuation technique. (2) The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the six months ended June 30, 2020.

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: June 30, 2020 December 31, 2019 Carrying value of the investment in OpenKey (in thousands) $ 2,722 $ 2,829 Ownership interest in OpenKey 17.1 % 17.0 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Equity in earnings (loss) of unconsolidated entities $ (79 ) $ (100 ) $ (158 ) $ (216 )

Indebtedness, net (Tables)

Indebtedness, net (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) June 30, 2020 December 31, 2019 Mortgage loan (4) 1 hotel June 2020 LIBOR (3) + 5.10% n/a $ — $ 43,750 Mortgage loan (5) (6) 7 hotels June 2020 LIBOR (3) + 3.65% 4.00% 180,720 180,720 Mortgage loan (5) (6) 7 hotels June 2020 LIBOR (3) + 3.39% 4.00% 174,400 174,400 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 3.73% 4.00% 221,040 221,040 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 4.02% 4.00% 262,640 262,640 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 2.73% 4.00% 160,000 160,000 Mortgage loan (5) (6) 5 hotels June 2020 LIBOR (3) + 3.68% 4.00% 215,120 215,120 Mortgage loan (7) 1 hotel July 2020 LIBOR (3) + 4.40% n/a 35,200 35,200 Mortgage loan (8) (9) 8 hotels July 2020 LIBOR (3) + 4.33% n/a 144,188 144,000 Mortgage loan (6) 1 hotel November 2020 6.26% 5.00% 91,046 91,542 Mortgage loan (10) 1 hotel November 2020 LIBOR (3) + 2.55% n/a 25,000 25,000 Mortgage loan (6) (11) 17 hotels November 2020 LIBOR (3) + 3.00% 4.00% 419,000 419,000 Mortgage loan (6) (12) 8 hotels February 2021 LIBOR (3) + 2.92% 5.00% 395,000 395,000 Mortgage loan (5) (6) 2 hotels March 2021 LIBOR (3) + 2.75% 4.00% 240,000 240,000 Mortgage loan (6) (13) 19 hotels April 2021 LIBOR (3) + 3.20% 4.00% 907,030 907,030 Mortgage loan (6) (14) 1 hotel February 2022 LIBOR (3) + 3.90% 5.00% 145,000 145,000 Mortgage loan (6) 1 hotel November 2022 LIBOR (3) + 2.00% 5.00% 97,000 97,000 Mortgage loan (15) 1 hotel December 2022 LIBOR (3) + 2.25% n/a 16,100 16,100 Mortgage loan (4) (6) (18) 1 hotel January 2023 LIBOR (3) + 3.40% 4.00% 37,000 — Mortgage loan (6) (9) 1 hotel May 2023 5.46% 5.00% 51,582 51,843 Mortgage loan (16) 1 hotel June 2023 LIBOR (3) + 2.45% n/a 73,450 73,450 Mortgage loan (6) 1 hotel January 2024 5.49% 5.00% 6,727 6,759 Mortgage loan (6) 1 hotel January 2024 5.49% 5.00% 9,818 9,865 Mortgage loan (6) 1 hotel May 2024 4.99% 5.00% 6,260 6,292 Mortgage loan (17) 1 hotel June 2024 LIBOR (3) + 2.00% n/a 8,881 8,881 Mortgage loan (6) (9) 3 hotels August 2024 5.20% 4.00% 64,022 64,207 Mortgage loan (6) 2 hotels August 2024 4.85% 4.00% 11,792 11,845 Mortgage loan (6) 3 hotels August 2024 4.90% 4.00% 23,578 23,683 Mortgage loan (6) 2 hotels February 2025 4.45% 4.00% 19,369 19,438 Mortgage loan (6) 3 hotels February 2025 4.45% 4.00% 50,098 50,279 Mortgage loan (6) 1 hotel March 2025 4.66% 5.00% 24,794 24,919 4,115,855 4,124,003 Premiums, net 542 655 Deferred loan costs, net (9,152 ) (18,140 ) Indebtedness, net $ 4,107,245 $ 4,106,518 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2020. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.162% and 1.763% at June 30, 2020 and December 31, 2019 , respectively. (4) On January 9, 2020, we refinanced this mortgage loan totaling $43.8 million with a new $37.0 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.40% . (5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (6) As of June 30, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019. (8) Effective April 22, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement included interest payment deferral for three months , which is due at maturity, lender's legal fees were added to the principal balance of the mortgage loan totaling $188,000 , lender held reserves could be utilized to fund budgeted operating shortfalls at the property-level, and FF&E deposits being waived through maturity. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019. (9) The lender holding this mortgage loan has delivered a notice of UCC sale, which provides that the lender will sell the subsidiaries of the Company that owns the respective hotels in public auction. (10) Effective June 29, 2020, we executed a consent and loan modification agreement for this mortgage loan. In connection with the agreement, lender-held reserves were made available to fund monthly interest payments due under the loan and monthly FF&E escrow deposits were waived until April 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.25% . (11) 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. (12) 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. (13) Effective July 9, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through October 2020. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in April 2020. (14) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.50% . (15) Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for three months, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, monthly FF&E escrow deposits were waived through December 2020 and tax escrow deposits were waived through October 2020. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (16) Effective May 20, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period. (17) Effective April 7, 2020, we executed a forbearance agreement for this mortgage loan, which amended the terms. Terms of the agreement include an initial interest payment deferral for three months , with the option to extend the interest payment deferral an additional three months . All deferred interest is due at maturity. (18) Effective July 7, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for two months , lender-held reserves were made available to fund monthly interest payments due under the loan and property-level operating expenses, and monthly FF&E escrow deposits were waived through March 2021. Deferred interest payments will accrue interest at the stated rate of the mortgage loan and are to be repaid over twelve months following the deferral period.
Schedule of Interest Expense - Premium Amortization	During the three and six months ended June 30, 2020 and 2019 , we recognized net premium amortization as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Interest expense and amortization of premium and loan costs $ 57 $ 55 $ 113 $ 120

Notes Receivable, net and Oth_2

Notes Receivable, net and Other (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of Notes Receivable and Other	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate June 30, 2020 December 31, 2019 Construction Financing Note (1) (5) Face amount 7.0 % $ 4,000 $ 4,000 Discount (2) (275 ) (402 ) 3,725 3,598 Certificate of Occupancy Note (3) (5) Face amount 7.0 % $ 5,250 $ 5,250 Discount (4) (994 ) (1,139 ) 4,256 4,111 Note receivable, net $ 7,981 $ 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. (5) The notes receivable are secured by the 1.65 -acre land parcel adjacent to the Hilton St. Petersburg Bayfront.
Schedule of Other Consideration	Other consideration received from the sale of the 1.65 -acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands): Imputed Interest Rate June 30, 2020 December 31, 2019 Future ownership rights of parking parcel 7.0 % $ 4,100 $ 4,100 Imputed interest 219 72 4,319 (1) 4,172 (1) Free use of parking easement prior to development commencement 7.0 % $ 235 $ 235 Accumulated amortization (235 ) (118 ) — (1) 117 (1) Reimbursement of parking fees while parking parcel is in development (2) 7.0 % $ 462 $ 462 Accumulated amortization — — 462 (1) 462 (1) Total $ 4,781 $ 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)	6 Months Ended
	Jun. 30, 2020
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: Six Months Ended June 30, 2020 2019 Interest rate caps: Notional amount (in thousands) $ 432,000 (1) $ 624,050 (1) Strike rate low end of range 3.00 % 1.50 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2020 January 2019 - June 2019 Termination date range February 2021 - February 2022 June 2020 - February 2022 Total cost (in thousands) $ 63 $ 1,048 Interest rate floors: Notional amount (in thousands) $ — (1) $ 6,000,000 (1) Strike rate low end of range 1.63 % Strike rate high end of range 1.63 % Effective date range January 2019 Termination date range March 2020 Total cost (in thousands) $ — $ 225 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: June 30, 2020 December 31, 2019 Interest rate caps: Notional amount (in thousands) $ 1,521,650 (1) $ 3,799,740 (1) Strike rate low end of range 1.81 % 1.50 % Strike rate high end of range 4.88 % 5.22 % Termination date range July 2020 - February 2022 February 2020 - February 2022 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 1,513,838 $ 3,666,331 Interest rate floors: (2) Notional amount (in thousands) $ 5,025,000 (1) $ 12,025,000 (1) Strike rate low end of range (0.25 )% (0.25 )% Strike rate high end of range 1.25 % 1.63 % Termination date range July 2020 - November 2021 March 2020 - 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)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: Assets Derivative assets: Interest rate derivatives - floors $ — $ 425 $ — $ — $ 425 (2) Interest rate derivatives - caps — 40 — — 40 (2) Credit default swaps — (1,154 ) — 2,541 1,387 (2) — (689 ) — 2,541 1,852 Non-derivative assets: Equity securities 1,819 — — — 1,819 (3) Total $ 1,819 $ (689 ) $ — $ 2,541 $ 3,671 Liabilities Derivative liabilities: Credit default swaps — (820 ) — 600 (220 ) (4) Net $ 1,819 $ (1,509 ) $ — $ 3,141 $ 3,451 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 ____________________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in our consolidated balance sheets. (3) Reported as “marketable securities” in our consolidated balance sheets. (4) Reported net as “derivative liabilities, net” in our consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following tables summarize the effect of fair value measured assets and liabilities on the consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended June 30, 2020 2019 Assets Derivative assets: Interest rate derivatives - floors $ 386 $ 2,115 Interest rate derivatives - caps (18 ) (472 ) Credit default swaps (2,005 ) (4) (257 ) (4) (1,637 ) 1,386 Non-derivative assets: Equity 483 618 Total (1,154 ) 2,004 Liabilities Derivative liabilities: Credit default swaps (1,171 ) (4) (135 ) (4) Net $ (2,325 ) $ 1,869 Total combined Interest rate derivatives - floors $ 3,386 $ 2,340 Interest rate derivatives - caps (18 ) (472 ) Credit default swaps (3,176 ) (392 ) Unrealized gain (loss) on derivatives 192 (1) 1,476 (1) Realized gain (loss) on interest rate floors (3,000 ) (2) (225 ) (2) Unrealized gain (loss) on marketable securities 479 (3) 598 (3) Realized gain (loss) on marketable securities 4 (2) 20 (2) Net $ (2,325 ) $ 1,869 ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $272 and $271 for the three months ended June 30, 2020 and 2019 , respectively, included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Six Months Ended June 30, 2020 2019 Assets Derivative assets: Interest rate derivatives - floors $ 763 $ 1,919 Interest rate derivatives - caps (70 ) (1,114 ) Credit default swaps 425 (4) (1,790 ) (4) 1,118 (985 ) Non-derivative assets: Equity 1,110 1,422 Total 2,228 437 Liabilities Derivative liabilities: Credit default swaps 271 (4) (921 ) (4) Net $ 2,499 $ (484 ) Total combined Interest rate derivatives - floors $ 3,988 $ 2,307 Interest rate derivatives - caps (70 ) (1,114 ) Credit default swaps 696 (2,711 ) Unrealized gain (loss) on derivatives 4,614 (1) (1,518 ) (1) Realized gain (loss) on options on interest rate floors (3,225 ) (2) (388 ) (2) Unrealized gain (loss) on marketable securities (998 ) (3) 1,406 (3) Realized gain (loss) on marketable securities 2,108 (2) 16 (2) Net $ 2,499 $ (484 ) ____________________________________ (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 $540 and $537 for the six months ended June 30, 2020 and 2019 , 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)	6 Months Ended
	Jun. 30, 2020
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ 1,819 $ 1,819 $ 14,591 $ 14,591 Derivative assets, net 1,852 1,852 1,691 1,691 Derivative liabilities, net 220 220 42 42 Financial assets not measured at fair value: Cash and cash equivalents $ 165,476 $ 165,476 $ 262,636 $ 262,636 Restricted cash 95,318 95,318 135,571 135,571 Accounts receivable, net 19,299 19,299 39,638 39,638 Notes receivable, net 7,981 7,582 to 8,380 7,709 7,323 to 8,095 Due from related parties, net 4,969 4,969 3,019 3,019 Due from third-party hotel managers 12,894 12,894 17,368 17,368 Financial liabilities not measured at fair value: Indebtedness $ 4,116,397 $3,638,266 to $4,021,238 $ 4,124,658 $3,881,453 to $4,290,027 Accounts payable and accrued expenses 89,152 89,152 124,226 124,226 Accrued interest payable 90,997 90,997 10,115 10,115 Dividends and distributions payable 868 868 20,849 20,849 Due to Ashford Inc., net 2,421 2,421 6,570 6,570 Due to third-party hotel managers 605 605 2,509 2,509

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (204,616 ) $ (16,282 ) $ (288,817 ) $ (54,299 ) Less: Dividends on preferred stock (10,644 ) (10,644 ) (21,288 ) (21,288 ) Less: Dividends on common stock — (5,865 ) — (17,844 ) Less: Dividends on unvested performance stock units — (95 ) — (285 ) Add: Claw back of dividends on unvested performance stock units 227 — 605 — Less: Dividends on unvested restricted shares — (263 ) — (544 ) Undistributed income (loss) allocated to common stockholders (215,033 ) (33,149 ) (309,500 ) (94,260 ) Add back: Dividends on common stock — 5,865 — 17,844 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (215,033 ) $ (27,284 ) $ (309,500 ) $ (76,416 ) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 10,312 9,994 10,162 9,968 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (20.85 ) $ (2.73 ) $ (30.46 ) $ (7.67 ) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (20.85 ) $ (2.73 ) $ (30.46 ) $ (7.67 )
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 263 $ — $ 544 Income (loss) allocated to unvested performance stock units — 95 — 285 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (37,350 ) (1 ) (5,084 ) (55,021 ) (1 ) (13,663 ) Total $ (37,350 ) $ (4,726 ) $ (55,021 ) $ (12,834 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares — 1 12 12 Effect of unvested performance stock units — — — 14 Effect of assumed conversion of operating partnership units 1,823 1,930 1,881 1,882 Total 1,823 1,931 1,893 1,908 _______________ (1) Inclusive of preferred stock dividends in arrears of $1.6 million for both the three and six months ended June 20, 2020 allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the common units redeemed and the fair value upon redemption (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Common units converted to stock — — 196 — Fair value of common units converted $ — $ — $ 959 $ — The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: June 30, 2020 December 31, 2019 Redeemable noncontrolling interests (in thousands) $ 30,332 $ 69,870 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 162,020 155,536 Ownership percentage of operating partnership 14.79 % 15.92 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Allocated net (income) loss to the redeemable noncontrolling interests $ 37,350 $ 5,084 $ 55,021 $ 13,663 Distributions declared to holders of common units, LTIP units and Performance LTIP units — 1,317 — 3,940 Performance LTIP dividend claw back upon cancellation — — (1,401 ) —

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Dividends Declared	The board of directors declared quarterly dividends as presented below: Three Months Ended June 30, 2020 2019 8.45% Series D Cumulative Preferred Stock $ — $ 0.5281 7.375% Series F Cumulative Preferred Stock — 0.4609 7.375% Series G Cumulative Preferred Stock — 0.4609 7.50% Series H Cumulative Preferred Stock — 0.4688 7.50% Series I Cumulative Preferred Stock — 0.4688 The table below presents the accumulated but unpaid dividends in arrears as of June 30, 2020 (in thousands): June 30, 2020 8.45% Series D Cumulative Preferred Stock ($.53/share) $ 1,262 7.375% Series F Cumulative Preferred Stock ($.46/share) 2,212 7.375% Series G Cumulative Preferred Stock ($.46/share) 2,858 7.50% Series H Cumulative Preferred Stock ($.47/share) 1,781 7.50% Series I Cumulative Preferred Stock ($.47/share) 2,531

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Corporate, general and administrative $ 316 $ — $ 1,013 $ — The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Advisory services fee Base advisory fee $ 8,557 $ 9,362 $ 17,474 $ 18,351 Reimbursable expenses (1) 1,567 3,006 3,398 5,396 Equity-based compensation (2) 92 (3) 4,549 4,643 (3) 8,838 Incentive fee — (636 ) — — Total advisory services fee $ 10,216 $ 16,281 $ 25,515 $ 32,585 ________ (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. (3) During the three and six months ended June 30, 2020, 66,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the three and six months ended June 30, 2020,

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2020 2019 2020 2019 Other hotel expenses $ 3,202 $ 20,954 $ 17,261 $ 38,702

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Jul. 16, 2020USD ($)hotel	Apr. 22, 2020	Jun. 30, 2020USD ($)roomunithotelshares	Jun. 30, 2020USD ($)roomunithotelshares	Jun. 30, 2020USD ($)roomunithotelshares	Jun. 30, 2019USD ($)	Jul. 15, 2020shares	Jul. 14, 2020shares	Mar. 31, 2020hotel	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of rooms | room			24,746	24,746	24,746
Number of rooms owned, net of partnership interest | room			24,719	24,719	24,719
Investment in unconsolidated entity			$ 2,722	$ 2,722	$ 2,722					$ 2,829
Stock split ratio			0.1
Number of shares of common stock (in shares) | shares			10,475,085	10,475,085	10,475,085					10,210,360
Cash and cash equivalents			$ 165,476	$ 165,476	$ 165,476	$ 235,936				$ 262,636	$ 319,210
Restricted cash			95,318	95,318	95,318	162,746				135,571	$ 120,602
Cash, cash equivalents and restricted cash utilized				106,200	137,413	$ 39,363
Mortgages
Real Estate Properties [Line Items]
Outstanding principal balance with waived or deferred payments			1,100,000	1,100,000	1,100,000
Long-term debt, gross			4,115,855	4,115,855	4,115,855					4,124,003
Mortgage loan 16 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross			$ 145,000	$ 145,000	$ 145,000					145,000
Collateral | hotel			1	1	1
Mortgage loan 15 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross			$ 907,030	$ 907,030	$ 907,030					907,030
Collateral | hotel			19	19	19
Mortgage loan 31 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross			$ 24,794	$ 24,794	$ 24,794					24,919
Collateral | hotel			1	1	1
Mortgage loan 20 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross			$ 51,582	$ 51,582	$ 51,582					51,843
Collateral | hotel			1	1	1
Mortgage loan 9 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross			$ 144,188	$ 144,188	$ 144,188					144,000
Collateral | hotel			8	8	8
Interest expense deferral term		3 months
Mortgage loan 26 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross			$ 64,022	$ 64,022	$ 64,022					$ 64,207
Collateral | hotel			3	3	3
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit			90	90	90
OpenKey
Real Estate Properties [Line Items]
Ownership percentage			17.10%	17.10%	17.10%					17.00%
Investment in unconsolidated entity			$ 2,722	$ 2,722	$ 2,722					$ 2,829
Subsequent Event
Real Estate Properties [Line Items]
Number of outstanding units (in shares) | shares							2,100,000	20,500,000
Number of shares of common stock (in shares) | shares							10,500,000	104,800,000
Subsequent Event | Mortgage loan 15 | Mortgages
Real Estate Properties [Line Items]
Long-term debt, gross	$ 907,000
Collateral | hotel	19
Interest expense deferral term	6 months
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel			114	114	114
Majority Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel			2	2	2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotel properties | hotel									116
Number of hotel properties managed by affiliates | hotel			79	79	79
Number of hotel properties suspended | hotel			5	5	5				23

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)hotel	Jun. 30, 2019USD ($)hotel	Jun. 30, 2020USD ($)hotel	Jun. 30, 2019USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	116	121	117	121
Total revenue	$ 43,065	$ 415,148	$ 324,942	$ 773,866
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9	9
Total revenue	$ 1,553	$ 23,803	$ 20,823	$ 50,317
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Total revenue	$ 1,099	$ 22,154	$ 10,115	$ 34,037
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7	7
Total revenue	$ 1,846	$ 20,935	$ 19,854	$ 42,500
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Total revenue	$ 1,219	$ 9,289	$ 8,804	$ 18,690
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6	6
Total revenue	$ 3,792	$ 25,689	$ 24,446	$ 51,992
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Total revenue	$ 511	$ 9,644	$ 11,301	$ 21,567
Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	4	4	4	4
Total revenue	$ 543	$ 12,808	$ 6,962	$ 21,592
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 339	$ 21,334	$ 15,865	$ 39,311
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7	7
Total revenue	$ 3,265	$ 35,674	$ 22,103	$ 60,023
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Total revenue	$ 721	$ 8,522	$ 8,739	$ 18,504
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Total revenue	$ 1,095	$ 8,244	$ 5,631	$ 13,860
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Total revenue	$ 716	$ 5,264	$ 4,545	$ 10,214
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7	7
Total revenue	$ 3,762	$ 27,461	$ 22,570	$ 51,991
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Total revenue	$ 893	$ 8,454	$ 9,994	$ 19,570
Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9	9
Total revenue	$ 1,924	$ 50,108	$ 28,735	$ 83,124
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	47	47	47	47
Total revenue	$ 19,432	$ 114,281	$ 101,276	$ 214,373
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0	0
Total revenue	$ 79	$ 1,353	$ 1,482	$ 2,947
Sold properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel		5	1	5
Total revenue		$ 9,008	$ 649	$ 17,059
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0	0
Total revenue	$ 276	$ 1,123	$ 1,048	$ 2,195
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	37,439	328,252	253,246	608,633
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	1,094	18,001	15,152	38,277
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	808	18,880	7,596	28,350
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	1,631	15,986	14,759	31,890
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	1,165	6,939	6,271	13,580
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	3,377	20,282	19,589	40,826
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	464	6,812	8,606	15,722
Rooms | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	356	9,197	4,926	15,566
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	172	14,539	9,710	26,621
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	2,961	27,391	17,296	46,268
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	637	7,597	7,550	16,583
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	964	7,037	4,651	11,704
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	647	4,734	3,991	9,063
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	3,466	24,239	19,558	45,864
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	806	6,395	7,415	14,529
Rooms | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	1,651	39,610	22,097	65,365
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	17,189	91,993	82,507	172,369
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	51	1,018	1,082	2,204
Rooms | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		7,602	490	13,852
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Total revenue	1,197	67,298	49,147	128,359
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	4,607	4,059	9,650
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	2,272	995	3,873
Food and Beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	57	4,078	3,978	8,854
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	11	2,131	2,302	4,692
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	71	4,113	3,428	8,706
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	23	2,593	2,464	5,381
Food and Beverage | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	16	2,293	1,275	3,915
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	14	6,272	5,114	11,470
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	14	7,598	3,417	12,304
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	1	512	428	1,048
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	113	1,010	801	1,803
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	1	257	248	659
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	2,514	2,068	4,852
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	25	1,765	2,166	4,478
Food and Beverage | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	30	8,159	4,418	13,609
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	821	16,003	11,817	30,418
Food and Beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	0	37	25	52
Food and Beverage | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		1,084	144	2,595
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Total revenue	4,153	18,475	21,501	34,679
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	459	1,195	1,612	2,390
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	291	1,002	1,524	1,814
Other Hotel | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	158	871	1,117	1,756
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	43	219	231	418
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	344	1,294	1,429	2,460
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	24	239	231	464
Other Hotel | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	171	1,318	761	2,111
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	153	523	1,041	1,220
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	290	685	1,390	1,451
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	83	413	761	873
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	18	197	179	353
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	68	273	306	492
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	296	708	944	1,275
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	62	294	413	563
Other Hotel | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	243	2,339	2,220	4,150
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	1,422	6,285	6,952	11,586
Other Hotel | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	28	298	375	691
Other Hotel | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		322	15	612
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Total revenue	276	1,123	1,048	2,195
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Minneapolis - St. Paul, MN-WI Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Washington DC - MD - VA Area
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Sold properties
Disaggregation of Revenue [Line Items]
Total revenue		0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Total revenue	$ 276	$ 1,123	$ 1,048	$ 2,195

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 764,751	$ 769,381
Buildings and improvements	4,053,059	4,129,884
Furniture, fixtures and equipment	465,923	503,156
Construction in progress	9,257	29,745
Condominium properties	11,740	12,093
Investments in hotel properties, net	5,304,730	5,444,259
Accumulated depreciation	(1,376,904)	(1,335,816)
Investments in hotel properties, net	$ 3,927,826	$ 4,108,443

Hotel Dispositions and Impair_3

Hotel Dispositions and Impairment Charges (Narrative) (Details) - USD ($) $ in Thousands	Mar. 09, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		$ 27,600			$ 55,218
Crowne Plaza, Annapolis, Maryland | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal	$ 5,100
Carrying value of hotel property	$ 2,100
Gain (loss) on disposal					3,600
Savannah Courtyard
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties				$ 5,100		$ 5,100
Wisconsin Dells Hilton Garden Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties				1,400		1,400
Wisconsin Dells Hilton Garden Inn and Savannah Courtyard
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties				$ 6,500		$ 6,500
Wichita Courtyard by Marriott Old Town
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		6,100			6,136
Billerica Courtyard by Marriott Boston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		9,500			9,471
Stillwater Residence Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		2,400			2,395
Cannonsburg Homewood Suites Pittsburgh Southpointe
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		1,800			11,826
Washington Hampton Inn Pittsburgh Meadow Lands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		3,000			3,035
Pittsburgh Hampton Inn Waterfront West Homestead
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		3,000			2,985
Phoenix Hampton Inn Airport North
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			$ 3,700		3,692
Canonsburg Homewood Suites Pittsburgh Southpointe
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			10,000
Columbus Hampton Inn Easton
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		$ 1,700	$ 13,900		$ 15,678

Hotel Dispositions and Impair_4

Hotel Dispositions and Impairment Charges (Hotel Properties Measured at Fair Value) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	$ 27,600		$ 55,218
Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	72,944		72,944
Phoenix Hampton Inn Airport North
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		$ 3,700	3,692
Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Columbus Hampton Inn Easton
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	1,700	13,900	15,678
Columbus Hampton Inn Easton | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	11,252		11,252
Pittsburgh Hampton Inn Waterfront West Homestead
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	3,000		2,985
Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	5,723		5,723
Washington Hampton Inn Pittsburgh Meadow Lands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	3,000		3,035
Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	5,820		5,820
Cannonsburg Homewood Suites Pittsburgh Southpointe
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	1,800		11,826
Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	15,132		15,132
Stillwater Residence Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	2,400		2,395
Stillwater Residence Inn | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	4,171		4,171
Billerica Courtyard by Marriott Boston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	9,500		9,471
Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	17,945		17,945
Wichita Courtyard by Marriott Old Town
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	6,100		6,136
Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	12,901		12,901
Level 1 | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Columbus Hampton Inn Easton | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Stillwater Residence Inn | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 1 | Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Columbus Hampton Inn Easton | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Stillwater Residence Inn | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 2 | Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0		0
Level 3 | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	72,944		72,944
Level 3 | Phoenix Hampton Inn Airport North | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0	$ 9,000	0
Level 3 | Columbus Hampton Inn Easton | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	11,252		11,252
Level 3 | Pittsburgh Hampton Inn Waterfront West Homestead | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	5,723		5,723
Level 3 | Washington Hampton Inn Pittsburgh Meadow Lands | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	5,820		5,820
Level 3 | Cannonsburg Homewood Suites Pittsburgh Southpointe | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	15,132		15,132
Level 3 | Stillwater Residence Inn | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	4,171		4,171
Level 3 | Billerica Courtyard by Marriott Boston | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	17,945		17,945
Level 3 | Wichita Courtyard by Marriott Old Town | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	$ 12,901		$ 12,901

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Investment in Unconsolidated Entity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total investment			$ 51	$ 299
Carrying value of the investment in OpenKey (in thousands)	$ 2,722		2,722		$ 2,829
Equity in earnings (loss) of unconsolidated entities	(79)	$ (867)	(158)	(1,930)
OpenKey
Schedule of Equity Method Investments [Line Items]
Total investment			4,700
Carrying value of the investment in OpenKey (in thousands)	$ 2,722		$ 2,722		$ 2,829
Ownership interest in OpenKey	17.10%		17.10%		17.00%
Equity in earnings (loss) of unconsolidated entities	$ (79)	$ (100)	$ (158)	$ (216)

Indebtedness, net (Details)

Indebtedness, net (Details)	Jul. 16, 2020USD ($)hotel	Jul. 09, 2020	Jul. 07, 2020	Jun. 29, 2020	May 20, 2020	Apr. 22, 2020USD ($)	Apr. 07, 2020	Jan. 09, 2020USD ($)extension	Jun. 30, 2020USD ($)hotelextension	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)hotelextension	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Indebtedness, net									$ 4,107,245,000		$ 4,107,245,000		$ 4,106,518,000
LIBOR rate									0.162%		0.162%		1.763%
Interest expense and amortization of premium and loan costs									$ 57,000	$ 55,000	$ 113,000	$ 120,000
Option to purchase equity for guarantor											1
Mortgages
Debt Instrument [Line Items]
Extinguishment of debt								$ 43,800,000
Mortgages | New Orleans, LA Le Pavillon
Debt Instrument [Line Items]
Extinguishment of debt								6,800,000
Mortgages
Debt Instrument [Line Items]
Outstanding principal balance with waived or deferred payments									1,100,000,000		1,100,000,000
Long-term debt, gross									4,115,855,000		4,115,855,000		$ 4,124,003,000
Premiums, net									542,000		542,000		655,000
Deferred loan costs, net									(9,152,000)		(9,152,000)		(18,140,000)
Indebtedness, net									4,107,245,000		4,107,245,000		4,106,518,000
Principal amount								$ 37,000,000
Number of extension options | extension								2
Mortgages | Senior Lender
Debt Instrument [Line Items]
Long-term debt, gross									111,700,000		111,700,000
Mortgages | Senior Mezzanine Lenders
Debt Instrument [Line Items]
Long-term debt, gross									27,400,000		27,400,000
Mortgages | Junior Mezzanine Lenders
Debt Instrument [Line Items]
Long-term debt, gross									$ 10,500,000		$ 10,500,000
Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%				3.40%			1.50%
Mortgages | Mortgage loan 1
Debt Instrument [Line Items]
Collateral | hotel									1		1
Long-term debt, gross									$ 0		$ 0		43,750,000
Initial term of loan								3 years
Term of mortgage loan extension option								1 year
Mortgages | Mortgage loan 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											5.20%
Mortgages | Mortgage loan 2
Debt Instrument [Line Items]
Collateral | hotel									7		7
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 180,720,000		$ 180,720,000		180,720,000
Number of extension options | extension								2
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.65%
Mortgages | Mortgage loan 3
Debt Instrument [Line Items]
Collateral | hotel									7		7
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 174,400,000		$ 174,400,000		174,400,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.39%
Mortgages | Mortgage loan 4
Debt Instrument [Line Items]
Collateral | hotel									5		5
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 221,040,000		$ 221,040,000		221,040,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 4 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.73%
Mortgages | Mortgage loan 5
Debt Instrument [Line Items]
Collateral | hotel									5		5
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 262,640,000		$ 262,640,000		262,640,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 5 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											4.02%
Mortgages | Mortgage loan 6
Debt Instrument [Line Items]
Collateral | hotel									5		5
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 160,000,000		$ 160,000,000		160,000,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 6 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.73%
Mortgages | Mortgage loan 7
Debt Instrument [Line Items]
Collateral | hotel									5		5
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 215,120,000		$ 215,120,000		215,120,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.68%
Mortgages | Mortgage loan 8
Debt Instrument [Line Items]
Collateral | hotel									1		1
Long-term debt, gross									$ 35,200,000		$ 35,200,000		35,200,000
Number of extension options | extension									3		3
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											4.40%
Mortgages | Mortgage loan 9
Debt Instrument [Line Items]
Collateral | hotel									8		8
Long-term debt, gross									$ 144,188,000		$ 144,188,000		144,000,000
Number of extension options | extension									3		3
Interest expense deferral term						3 months
Lender legal fees						$ 188,000
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 9 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											4.33%
Mortgages | Mortgage loan 10
Debt Instrument [Line Items]
Collateral | hotel									1		1
Interest Rate									6.26%		6.26%
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 91,046,000		$ 91,046,000		91,542,000
Mortgages | Mortgage loan 11
Debt Instrument [Line Items]
Collateral | hotel									1		1
Long-term debt, gross									$ 25,000,000		$ 25,000,000		25,000,000
Number of extension options | extension									3		3
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 11 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.55%
Mortgages | Mortgage loan 12
Debt Instrument [Line Items]
Collateral | hotel									17		17
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 419,000,000		$ 419,000,000		419,000,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 12 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.00%
Mortgages | Mortgage loan 13
Debt Instrument [Line Items]
Collateral | hotel									8		8
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 395,000,000		$ 395,000,000		395,000,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 13 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.92%
Mortgages | Mortgage loan 14
Debt Instrument [Line Items]
Collateral | hotel									2		2
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 240,000,000		$ 240,000,000		240,000,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 14 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.75%
Mortgages | Mortgage loan 15
Debt Instrument [Line Items]
Collateral | hotel									19		19
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 907,030,000		$ 907,030,000		907,030,000
Number of extension options | extension									5		5
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 15 | Subsequent Event
Debt Instrument [Line Items]
Collateral | hotel	19
Long-term debt, gross	$ 907,000,000
Interest expense deferral term	6 months
Interest expense repayment term		12 months
Mortgages | Mortgage loan 15 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.20%
Mortgages | Mortgage loan 16
Debt Instrument [Line Items]
Collateral | hotel									1		1
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 145,000,000		$ 145,000,000		145,000,000
Number of extension options | extension									2		2
Term of mortgage loan extension option											1 year
Call upon payment guaranty (up to)											$ 20,000,000
Mortgages | Mortgage loan 16 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.90%
Mortgages | Mortgage loan 17
Debt Instrument [Line Items]
Collateral | hotel									1		1
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 97,000,000		$ 97,000,000		97,000,000
Mortgages | Mortgage loan 17 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.00%
Mortgages | Mortgage loan 18
Debt Instrument [Line Items]
Collateral | hotel									1		1
Long-term debt, gross									$ 16,100,000		$ 16,100,000		16,100,000
Number of extension options | extension									2		2
Term of mortgage loan extension option											1 year
Mortgages | Mortgage loan 18 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.25%
Mortgages | Mortgage loan 19
Debt Instrument [Line Items]
Collateral | hotel									1		1
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 37,000,000		$ 37,000,000		0
Initial term of loan								3 years
Number of extension options | extension								2
Term of mortgage loan extension option								1 year
Mortgages | Mortgage loan 19 | Subsequent Event
Debt Instrument [Line Items]
Interest expense deferral term			2 months
Interest expense repayment term			12 months
Mortgages | Mortgage loan 19 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											3.40%
Mortgages | Mortgage loan 20
Debt Instrument [Line Items]
Collateral | hotel									1		1
Interest Rate									5.46%		5.46%
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 51,582,000		$ 51,582,000		51,843,000
Mortgages | Mortgage loan 21
Debt Instrument [Line Items]
Collateral | hotel									1		1
Long-term debt, gross									$ 73,450,000		$ 73,450,000		73,450,000
Interest expense repayment term					12 months
Mortgages | Mortgage loan 21 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.45%
Mortgages | Mortgage loan 22
Debt Instrument [Line Items]
Collateral | hotel									1		1
Interest Rate									5.49%		5.49%
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 6,727,000		$ 6,727,000		6,759,000
Mortgages | Mortgage loan 23
Debt Instrument [Line Items]
Collateral | hotel									1		1
Interest Rate									5.49%		5.49%
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 9,818,000		$ 9,818,000		9,865,000
Mortgages | Mortgage loan 24
Debt Instrument [Line Items]
Collateral | hotel									1		1
Interest Rate									4.99%		4.99%
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 6,260,000		$ 6,260,000		6,292,000
Mortgages | Mortgage loan 25
Debt Instrument [Line Items]
Collateral | hotel									1		1
Long-term debt, gross									$ 8,881,000		$ 8,881,000		8,881,000
Interest expense deferral term							3 months
Interest expense deferral extension term							3 months
Mortgages | Mortgage loan 25 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate											2.00%
Mortgages | Mortgage loan 26
Debt Instrument [Line Items]
Collateral | hotel									3		3
Interest Rate									5.20%		5.20%
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 64,022,000		$ 64,022,000		64,207,000
Mortgages | Mortgage loan 27
Debt Instrument [Line Items]
Collateral | hotel									2		2
Interest Rate									4.85%		4.85%
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 11,792,000		$ 11,792,000		11,845,000
Mortgages | Mortgage loan 28
Debt Instrument [Line Items]
Collateral | hotel									3		3
Interest Rate									4.90%		4.90%
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 23,578,000		$ 23,578,000		23,683,000
Mortgages | Mortgage loan 29
Debt Instrument [Line Items]
Collateral | hotel									2		2
Interest Rate									4.45%		4.45%
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 19,369,000		$ 19,369,000		19,438,000
Mortgages | Mortgage loan 30
Debt Instrument [Line Items]
Collateral | hotel									3		3
Interest Rate									4.45%		4.45%
Default Rate									4.00%		4.00%
Long-term debt, gross									$ 50,098,000		$ 50,098,000		50,279,000
Mortgages | Mortgage loan 31
Debt Instrument [Line Items]
Collateral | hotel									1		1
Interest Rate									4.66%		4.66%
Default Rate									5.00%		5.00%
Long-term debt, gross									$ 24,794,000		$ 24,794,000		$ 24,919,000

Notes Receivable, net and Oth_3

Notes Receivable, net and Other (Schedule of Notes Receivable) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7.00%
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable, net	$ 7,981,000	$ 7,709,000
Notes Receivable | Construction Financing Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	4,000,000	4,000,000
Discount	(275,000)	(402,000)
Note receivable, net	$ 3,725,000	3,598,000
Due date term	3 years
Notes Receivable | Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 5,250,000	5,250,000
Discount	(994,000)	(1,139,000)
Note receivable, net	$ 4,256,000	$ 4,111,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7.00%

Notes Receivable, net and Oth_4

Notes Receivable, net and Other (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)a	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)a
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0		$ 0
Discount amortization	137,000		272,000
Interest income	41,000	$ 785,000	652,000	$ 1,566,000
Future ownership rights of parking parcel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	74,000		147,000
Free use of parking easement prior to development commencement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortization expense	$ 0		$ 117,000
Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of property | a		1.65		1.65

Notes Receivable, net and Oth_5

Notes Receivable, net and Other (Other Consideration) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Receivables with Imputed Interest [Line Items]
Imputed Interest Rate	7.00%
Total	$ 4,781	$ 4,751
Future ownership rights of parking parcel
Receivables with Imputed Interest [Line Items]
Face amount	4,100	4,100
Imputed interest	219	72
Total	4,319	4,172
Free use of parking easement prior to development commencement
Receivables with Imputed Interest [Line Items]
Face amount	235	235
Accumulated amortization	(235)	(118)
Total	0	117
Reimbursement of parking fees while parking parcel is in development
Receivables with Imputed Interest [Line Items]
Face amount	462	462
Accumulated amortization	0	0
Total	$ 462	$ 462

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Credit default swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 212,500,000
Total exposure	3,400,000
Change in market value of credit default swap	250,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	1,521,650,000		$ 3,799,740,000
Aggregate principle balance on corresponding mortgage loans (in thousands)	$ 1,513,838,000		$ 3,666,331,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	1.81%		1.50%
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	4.88%		5.22%
Not Designated as Hedging Instrument | Interest rate derivatives - floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 5,025,000,000		$ 12,025,000,000
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]
Derivative interest rate	1.25%		1.63%
Not Designated as Hedging Instrument | Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 432,000,000	$ 624,050,000
Total cost (in thousands)	$ 63,000	$ 1,048,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	3.00%	1.50%
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate	4.00%	4.00%
Not Designated as Hedging Instrument | Interest rate derivatives - floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 0	$ 6,000,000,000
Total cost (in thousands)	$ 0	$ 225,000
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate		1.63%
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative interest rate		1.63%

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in/out of level 3	10.00%
LIBOR interest rate forward curve downtrend	0.101%

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative assets:
Derivative assets	$ 1,852	$ 1,691
Derivative assets, net	1,852	1,691
Derivative liabilities:
Derivative liabilities, net	(220)	(42)
Fair Value Measurements Recurring
Derivative assets:
Counterparty and Cash Collateral Netting	2,541	3,181
Derivative assets, net	1,852	1,691
Non-derivative assets:
Non-derivative assets	1,819	14,591
Total	3,671	16,282
Derivative liabilities:
Counterparty and Cash Collateral Netting	3,141	4,231
Net	3,451	16,240
Fair Value Measurements Recurring | Interest rate derivatives - floors
Derivative assets:
Counterparty and Cash Collateral Netting	0	257
Derivative assets, net	425	299
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Counterparty and Cash Collateral Netting	0	0
Derivative assets, net	40	47
Fair Value Measurements Recurring | Credit default swaps
Derivative assets:
Counterparty and Cash Collateral Netting	2,541	2,924
Derivative assets, net	1,387	1,345
Derivative liabilities:
Counterparty and Cash Collateral Netting	600	1,050
Derivative liabilities, net	(220)	(42)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets	0	0
Non-derivative assets:
Non-derivative assets	1,819	14,591
Total	1,819	14,591
Derivative liabilities:
Net	1,819	14,591
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - floors
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities	0	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets	(689)	(1,490)
Non-derivative assets:
Non-derivative assets	0	0
Total	(689)	(1,490)
Derivative liabilities:
Net	(1,509)	(2,582)
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors
Derivative assets:
Derivative assets	425	42
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	40	47
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps
Derivative assets:
Derivative assets	(1,154)	(1,579)
Derivative liabilities:
Derivative liabilities	(820)	(1,092)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets	0	0
Non-derivative assets:
Non-derivative assets	0	0
Total	0	0
Derivative liabilities:
Net	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - floors
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps
Derivative assets:
Derivative assets	0	0
Derivative liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements (Effect

Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ 192	$ 1,476	$ 4,614	$ (1,518)
Unrealized gain (loss) on marketable securities	479	598	(998)	1,406
Derivative expense related to credit default swaps	272	271	540	537
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	192	1,476	4,614	(1,518)
Unrealized gain (loss) on marketable securities	479	598	(998)	1,406
Realized gain (loss) on marketable securities	4	20	2,108	16
Net	(2,325)	1,869	2,499	(484)
Fair Value Measurements Recurring | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	3,386	2,340	3,988	2,307
Realized gain (loss) on interest rate floors	(3,000)	(225)	(3,225)	(388)
Fair Value Measurements Recurring | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(18)	(472)	(70)	(1,114)
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(3,176)	(392)	696	(2,711)
Fair Value Measurements Recurring | Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, liabilities	(2,325)	1,869	2,499	(484)
Fair Value Measurements Recurring | Derivative liabilities | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, liabilities	(1,171)	(135)	271	(921)
Fair Value Measurements Recurring | Derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, assets	(1,637)	1,386	1,118	(985)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, assets	386	2,115	763	1,919
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, assets	(18)	(472)	(70)	(1,114)
Fair Value Measurements Recurring | Derivative assets | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, assets	(2,005)	(257)	425	(1,790)
Fair Value Measurements Recurring | Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, assets	(1,154)	2,004	2,228	437
Fair Value Measurements Recurring | Non-derivative assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain or (loss) recognized in income, assets	$ 483	$ 618	$ 1,110	$ 1,422

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying value	$ 1,819	$ 14,591
Marketable securities, Estimated fair value	1,819	14,591
Derivative assets, net, Carrying value	1,852	1,691
Derivative assets, net, Estimated fair value	1,852	1,691
Derivative liabilities, net	220	42
Financial assets not measured at fair value:
Cash and cash equivalents	165,476	262,636	$ 235,936	$ 319,210
Cash and cash equivalents, Estimated fair value	165,476	262,636
Restricted cash, Carrying Value	95,318	135,571	162,746	$ 120,602
Restricted cash, Estimated fair value	95,318	135,571
Accounts receivable, Carrying value	19,299	39,638
Accounts receivable, Estimated fair value	19,299	39,638
Notes receivable, net, Carrying value	7,981	7,709
Due from related party, net, Carrying value	4,969	3,019
Due from related party, net, Estimated fair value	4,969	3,019
Due from third-party hotel managers, Carrying value	12,894	17,368
Due from third party hotel managers, Estimated fair value	12,894	17,368
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	4,116,397	4,124,658
Accounts payable and accrued expenses	89,152	124,226
Accrued interest payable	90,997	10,115
Dividends payable, Carrying value	868	20,849	$ 20,435
Dividends payable, Estimated fair value	868	20,849
Due to Ashford Inc., net, Carrying value	2,421	6,570
Due to Ashford Inc., net, Estimated fair value	2,421	6,570
Due to third-party hotel managers, Carrying value	605	2,509
Due to third-party hotel managers, Estimated fair value	605	2,509
Minimum
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	7,582	7,323
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,638,266	3,881,453
Maximum
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	8,380	8,095
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 4,021,238	$ 4,290,027

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days
Notes receivable, net	$ 7,981	$ 7,709
Indebtedness, net	4,107,245	4,106,518
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net	$ 4,100,000	$ 4,100,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable	95.00%	95.00%
Total indebtedness fair value variance from carrying value (as a percent)	88.40%	94.10%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable	105.00%	105.00%
Total indebtedness fair value variance from carrying value (as a percent)	97.70%	104.00%

Income (Loss) Per Share (Summar

Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (204,616)	$ (16,282)	$ (288,817)	$ (54,299)
Less: Dividends on preferred stock	(10,644)	(10,644)	(21,288)	(21,288)
Add: Claw back of dividends on unvested performance stock units	227		605
Undistributed income (loss) allocated to common stockholders	(215,033)	(33,149)	(309,500)	(94,260)
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted	$ (215,033)	$ (27,284)	$ (309,500)	$ (76,416)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	10,312	9,994	10,162	9,968
Weighted average common shares outstanding – diluted (in shares)	10,312	9,994	10,162	9,968
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (20.85)	$ (2.73)	$ (30.46)	$ (7.67)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (20.85)	$ (2.73)	$ (30.46)	$ (7.67)
Performance stock units
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	$ 0	$ (95)	$ 0	$ (285)
Add: Claw back of dividends on unvested performance stock units	227	0	605	0
Restricted shares
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	0	(263)	0	(544)
Common Stock
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	$ 0	$ (5,865)	$ 0	$ (17,844)

Income (Loss) Per Share (Summ_2

Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (37,350)	$ (5,084)	$ (55,021)	$ (13,663)
Total	$ (37,350)	$ (4,726)	$ (55,021)	$ (12,834)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,823	1,931	1,893	1,908
Redeemable Noncontrolling Interests in Operating Partnership
Weighted average diluted shares are not adjusted for:
Preferred stock dividends in arrears	$ 1,600		$ 1,600
Restricted shares
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 0	$ 263	$ 0	$ 544
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	1	12	12
Performance stock units
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 0	$ 95	$ 0	$ 285
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	0	0	14
Redeemable Noncontrolling Interests in Operating Partnership
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,823	1,930	1,881	1,882

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)					1
Other than options (in shares)		50,000
Redeemable noncontrolling interests (in thousands)			$ 30,332		$ 30,332		$ 69,870
Cumulative adjustments to redeemable noncontrolling interests			(31,120)	$ 24,461	(12,074)	$ 1,701
Allocated net (income) loss to the redeemable noncontrolling interests			37,350	5,084	55,021	13,663
Distributions declared to holders of common units, LTIP units and Performance LTIP units			0	1,317	0	3,940
Performance LTIP dividend claw back upon cancellation			$ (227)		(605)
Partnership Interest
Noncontrolling Interest [Line Items]
Cumulative adjustments to redeemable noncontrolling interests					$ 162,020		$ 155,536
Ashford Trust OP | Partnership Interest
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership			14.79%		14.79%		15.92%
LTIP and Performance LTIP
Noncontrolling Interest [Line Items]
Units outstanding (in shares)			1,200,000		1,200,000
Units which have not reached full economic parity with common units (in shares)					171,000
Long Term Incentive Plan
Noncontrolling Interest [Line Items]
Vesting period		3 years
Common partnership unit per converted LTIP unit (in shares)					1
Shares granted (in shares)		28,000
Fair value of options		$ 372
Long Term Incentive Plan | Minimum
Noncontrolling Interest [Line Items]
Vesting period					3 years
Long Term Incentive Plan | Maximum
Noncontrolling Interest [Line Items]
Vesting period					5 years
Long Term Incentive Plan | Director | May 2020 Grant 1
Noncontrolling Interest [Line Items]
Other than options (in shares)	70,000
Fair value of options	$ 422
Long Term Incentive Plan | Director | May 2020 Grant 2
Noncontrolling Interest [Line Items]
Other than options (in shares)	16,000
Fair value of options	$ 107
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Vesting period		3 years
Other than options (in shares)			130,000		130,000
Fair value of options		$ 200
Units canceled (in shares)					109,000
Units which have not reached full economic parity with common units (in shares)					50,000
Performance LTIP dividend claw back upon cancellation			$ 0	$ 0	$ (1,401)	$ 0
Performance Long Term Incentive Plan Units | Minimum
Noncontrolling Interest [Line Items]
Performance adjustment			0.00%		0.00%
Performance Long Term Incentive Plan Units | Maximum
Noncontrolling Interest [Line Items]
Performance adjustment			200.00%		200.00%
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units converted to stock (in shares)			0	0	196,000	0
Fair value of common units converted			$ 0	$ 0	$ 959	$ 0

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation (Details) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended
	May 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 11, 2017	Dec. 05, 2017
Class of Stock [Line Items]
Dividends declared - common stock (in dollars per share)				$ 0.60	$ 1.20
Stock repurchase program, par value (in dollars per share)			$ 0.01			$ 0.01		$ 0.01		$ 0.01
Authorized amount										$ 200,000,000
Stock repurchased (in shares)						0	0
At-the-market equity distribution program amount									$ 100,000,000
Shares issued under program (in shares)			0	0		0	0
Series D Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share)			$ 0	$ 0.5281
Preferred stock percentage						8.45%
Series F Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share)			0	0.4609
Preferred stock percentage						7.375%
Series G Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share)			0	0.4609
Preferred stock percentage						7.375%
Series H Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share)			0	0.4688
Preferred stock percentage						7.50%
Series I Preferred Stock
Class of Stock [Line Items]
Dividends declared - preferred stock (in dollars per share)			$ 0	$ 0.4688
Preferred stock percentage						7.50%
Restricted shares
Class of Stock [Line Items]
Shares granted (in shares)		133,000
Value of shares granted		$ 1,800,000
Vesting period		3 years
Non-employee restricted shares | May 2020 Grant 1
Class of Stock [Line Items]
Shares granted (in shares)	14,000
Fair value of options	$ 84,000
Non-employee restricted shares | May 2020 Grant 2
Class of Stock [Line Items]
Shares granted (in shares)	3,000
Fair value of options	$ 17,000
Performance Shares
Class of Stock [Line Items]
Shares granted (in shares)		70,000
Vesting period		3 years				3 years
Fair value of options		$ 560,000
Units canceled/forfeited (in shares)						35,000
Performance LTIP dividend claw back upon cancellation						$ 378,000
Claw back of dividends			$ 227,000			$ 227,000
Performance Shares | Minimum
Class of Stock [Line Items]
Performance adjustment			0.00%			0.00%
Performance Shares | Maximum
Class of Stock [Line Items]
Performance adjustment			200.00%			200.00%
Performance Shares | Executive Officer
Class of Stock [Line Items]
Units canceled/forfeited (in shares)			66,000			66,000
Value of shares forfeited			$ 1,900,000			$ 1,900,000

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Preferred Dividends Unpaid (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / shares
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends in arrears | $	$ 1,262
Preferred stock dividends in arrears (in dollars per share) | $ / shares	$ 0.53
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends in arrears | $	$ 2,212
Preferred stock dividends in arrears (in dollars per share) | $ / shares	$ 0.46
Series G Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends in arrears | $	$ 2,858
Preferred stock dividends in arrears (in dollars per share) | $ / shares	$ 0.46
Series H Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends in arrears | $	$ 1,781
Preferred stock dividends in arrears (in dollars per share) | $ / shares	$ 0.47
Series I Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends in arrears | $	$ 2,531
Preferred stock dividends in arrears (in dollars per share) | $ / shares	$ 0.47

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)

Jul. 01, 2020USD ($)installment

Mar. 20, 2020USD ($)

Sep. 25, 2019USD ($)

Jun. 26, 2018USD ($)

Jun. 30, 2020USD ($)hotel

Dec. 31, 2019USD ($)

Jun. 30, 2019USD ($)hotel

Jun. 30, 2020USD ($)hotel

Mar. 31, 2020USD ($)

Jun. 30, 2019USD ($)hotel

Nov. 05, 2019USD ($)

Dec. 31, 2019USD ($)

Mar. 13, 2020USD ($)

Related Party Transaction [Line Items]

Allocation percentage

75.00%

Preferred equity offerings

$ 400,000,000

Number of hotels | hotel

116

121

117

121

Subsidiaries

Related Party Transaction [Line Items]

Number of hotel properties managed by affiliates | hotel

79

79

Number of hotels | hotel

116

Ashford Inc.

Related Party Transaction [Line Items]

Advisory services, incentive fee term

3 years

Contribution amount committed

$ 15,000,000

Contribution amount funded

$ 2,500,000

Corporate, general and administrative

$ 316,000

$ 896,000

$ 0

$ 1,013,000

$ 0

Ashford Inc. | Affiliated entity

Related Party Transaction [Line Items]

ERFP, percent of commitment for each hotel

10.00%

ERFP, term after acquisition

3 years

ERFP, initial term

2 years

ERFP, renewal term

1 year

ERFP, notice term

60 days

Ashford Inc. | Affiliated entity | Embassy Suites New York Manhattan Times Square

Related Party Transaction [Line Items]

Entitled to receive for furniture, fixtures, and equipment

$ 19,500,000

$ 19,500,000

Consideration for FF&E

$ 8,100,000

Remaining ERFP amount

$ 11,400,000

Ashford Inc. | Other Assets

Related Party Transaction [Line Items]

Contribution amount funded

582,000

$ 1,600,000

Lismore capital | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, amount paid

$ 5,100,000

Periodic installment payments

2,600,000

Payment expensed in accordance with the agreement

303,000

Payment amount to be offset against future fees

2,200,000

Expensed recognized in write-off loan costs and exit fees

1,600,000

Expensed recognized in other assets

6,700,000

Lismore capital | Success Fees | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, amount paid

$ 606,000

Lismore capital | Subsequent Event | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, term

24 months

Advisory services, aggregate fee

$ 2,600,000

Number of installments | installment

3

Monthly installment fee

$ 857,000

Advisory services aggregate fee, percent

0.25%

Advisory services, extension term

12 months

Advisory services, amount paid

$ 8,300,000

Advisory services, financing amount

$ 4,100,000,000

Advisory services, multiple percentage

0.125%

Lismore capital | Subsequent Event | Payable Reduction | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, rate

0.10%

Lismore capital | Subsequent Event | Advisory Services Fee | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, rate

0.75%

Lismore capital | Subsequent Event | Percent of Conversion Value | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, rate

1.50%

Lismore capital | Subsequent Event | Percent of Face Value | Subsidiaries

Related Party Transaction [Line Items]

Advisory services, rate

50.00%

Braemar Hotels & Resorts Inc

Related Party Transaction [Line Items]

Allocation percentage

25.00%

Maximum | Ashford Inc.

Related Party Transaction [Line Items]

Quarterly base fee

0.70%

0.70%

Total market capitalization

$ 10,000,000,000

$ 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%

0.50%

Total market capitalization

$ 6,000,000,000

$ 6,000,000,000

Management Fees

Related Party Transaction [Line Items]

Percent of gross revenue

7.00%

Portion of project management fees to project costs

4.00%

Management Fees | Minimum | Management Fees

Related Party Transaction [Line Items]

Percent of gross revenue

3.00%

Management Fees | Minimum | Remington Hotels | Management Fees

Related Party Transaction [Line Items]

Payment of monthly property management fees

$ 14,000

$ 14,000

Percent of gross revenue

3.00%

Related Party Transactions (Adv

Related Party Transactions (Advisory Service Fee and Reimbursed Operating Expeses) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Advisory services fee	$ 10,216		$ 16,281	$ 25,515	$ 32,585
Performance Shares
Related Party Transaction [Line Items]
Units canceled/forfeited (in shares)				35,000
Executive Officer | Performance Shares
Related Party Transaction [Line Items]
Units canceled/forfeited (in shares)	66,000			66,000
Value of shares forfeited	$ 1,900			$ 1,900
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	316	$ 896	0	1,013	0
Ashford Inc. | Affiliated entity
Related Party Transaction [Line Items]
Advisory services fee	10,216		16,281	25,515	32,585
Ashford Inc. | Affiliated entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	8,557		9,362	17,474	18,351
Ashford Inc. | Affiliated entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	1,567		3,006	3,398	5,396
Ashford Inc. | Affiliated entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	92		4,549	4,643	8,838
Ashford Inc. | Affiliated entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 0		$ (636)	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)

Jul. 26, 2018

Jun. 29, 2017

Jun. 07, 2017

Jun. 01, 2017

Jun. 30, 2014

Nov. 01, 2011

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

Nov. 05, 2019

Dec. 31, 2016

Dec. 31, 2006

Commitments and Contingencies [Line Items]

Other hotel expenses

$ 66,555,000

$ 251,693,000

$ 268,265,000

$ 480,179,000

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

Commitments and Contingencies [Line Items]

Damages awarded

$ 10,800,000

$ 8,800,000

Payments for legal settlements

$ 544,000

$ 3,900,000

Loss contingency accrual

504,000

504,000

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

Commitments and Contingencies [Line Items]

Loss contingency accrual

0

0

Potential Pension Liabilities

Commitments and Contingencies [Line Items]

Unfunded pension liabilities at acquisition

$ 0

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

$ 1,700,000

Monthly pension payments

100,000

Accrued unfunded pension liabilities

1,600,000

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

$ 84,000

Term of pension liability

20 years

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

Commitments and Contingencies [Line Items]

Payments for legal settlements

$ 2,500,000

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

Commitments and Contingencies [Line Items]

Payments for legal settlements

$ 10,000,000

Franchise fees

Commitments and Contingencies [Line Items]

Other hotel expenses

$ 3,202,000

$ 20,954,000

$ 17,261,000

$ 38,702,000

Franchise Fees

Commitments and Contingencies [Line Items]

Franchisor royalty fees percent of gross room revenue, minimum

3.00%

3.00%

Franchisor royalty fees percent of gross room revenue, maximum

6.00%

6.00%

Food and beverage fees minimum

1.00%

1.00%

Food and beverage fees maximum

3.00%

3.00%

Marketing reservation and other fees, minimum

1.00%

1.00%

Marketing reservation and other fees, maximum

4.00%

4.00%

Management Fees

Commitments and Contingencies [Line Items]

Property management fee as percentage of gross revenue, minimum

1.00%

Property management fee as percentage of gross revenue, maximum

7.00%

Minimum

Commitments and Contingencies [Line Items]

Restricted cash reserves as percentage of property revenue

4.00%

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

Commitments and Contingencies [Line Items]

Damages sought

$ 5,800,000

Maximum

Commitments and Contingencies [Line Items]

Restricted cash reserves as percentage of property revenue

6.00%

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

Commitments and Contingencies [Line Items]

Damages sought

$ 11,900,000

Management Fees | Minimum | Management Fees

Commitments and Contingencies [Line Items]

Percent of gross revenue

3.00%

Remington Hotels | Management Fees | Minimum | Management Fees

Commitments and Contingencies [Line Items]

Payment of monthly property management fees

$ 14,000

$ 14,000

Percent of gross revenue

3.00%

Segment Reporting (Details)

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Event (Details)

Subsequent Event (Details)	Mar. 16, 2020
Director | COVID-19
Subsequent Event [Line Items]
Temporary reduction to cash retainer	25.00%