Ashford Hospitality Trust (AHT) 10-K 16 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 11, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-31775
Entity Registrant Name	ASHFORD HOSPITALITY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-1062192
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 70,987,000
Entity Common Stock, Shares Outstanding		103,356,082
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2021 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Entity Central Index Key	0001232582
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Preferred Stock, Series F
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Preferred Stock, Series G
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Preferred Stock, Series H
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Preferred Stock, Series I
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series I
Trading Symbol	AHT-PI
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Investments in hotel properties, net	$ 3,426,982	$ 4,108,443
Cash and cash equivalents	92,905	262,636
Restricted cash	74,408	135,571
Marketable securities	0	14,591
Accounts receivable, net of allowance of $441 and $698, respectively	21,760	39,638
Inventories	2,447	4,346
Notes receivable, net	8,263	7,709
Investment in unconsolidated entity	2,811	2,829
Deferred costs, net	1,851	2,897
Prepaid expenses	18,401	21,886
Derivative assets, net	263	1,691
Operating lease right-of-use assets	45,008	49,995
Other assets	23,303	17,932
Intangible assets	797	797
Due from related parties, net	5,801	3,019
Due from third-party hotel managers	9,383	17,368
Total assets	3,734,383	4,691,348
Liabilities:
Indebtedness, net	3,728,911	4,106,518
Accounts payable and accrued expenses	99,954	124,226
Accrued interest payable	98,685	10,115
Dividends and distributions payable	868	20,849
Due to Ashford Inc., net	13,383	6,570
Due to third-party hotel managers	184	2,509
Intangible liabilities, net	2,257	2,337
Operating lease liabilities	45,309	53,270
Derivative liabilities, net	0	42
Other liabilities	5,336	25,776
Total liabilities	3,994,887	4,352,212
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership	22,951	69,870
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 64,362,505 and 10,210,360 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	644	102
Additional paid-in capital	1,808,875	1,826,472
Accumulated deficit	(2,093,292)	(1,558,038)
Total stockholders’ equity (deficit) of the Company	(283,621)	268,762
Noncontrolling interest in consolidated entities	166	504
Total equity (deficit)	(283,455)	269,266
Total liabilities and equity/deficit	3,734,383	4,691,348
Preferred Stock, Series D
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	18	24
Preferred Stock, Series F
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	29	48
Preferred Stock, Series G
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	44	62
Preferred Stock, Series H
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	27	38
Preferred Stock, Series I
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 34	$ 54

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Allowance for doubtful accounts receivable	$ 441	$ 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)	64,362,505	10,210,360
Common stock, shares outstanding (in shares)	64,362,505	10,210,360
Preferred Stock, Series D
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01
Preferred stock, shares issued (in shares)	1,791,461	2,389,393
Preferred stock, shares outstanding (in shares)	1,791,461	2,389,393
Preferred Stock, Series F
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01
Preferred stock, shares issued (in shares)	2,891,440	4,800,000
Preferred stock, shares outstanding (in shares)	2,891,440	4,800,000
Preferred Stock, Series G
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01
Preferred stock, shares issued (in shares)	4,422,623	6,200,000
Preferred stock, shares outstanding (in shares)	4,422,623	6,200,000
Preferred Stock, Series H
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01
Preferred stock, shares issued (in shares)	2,668,637	3,800,000
Preferred stock, shares outstanding (in shares)	2,668,637	3,800,000
Preferred Stock, Series I
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01
Preferred stock, shares issued (in shares)	3,391,349	5,400,000
Preferred stock, shares outstanding (in shares)	3,391,349	5,400,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Total revenue	$ 508,238	$ 1,502,759	$ 1,430,789
Hotel operating expenses:
Total hotel expenses	434,672	952,674	900,582
Property taxes, insurance and other	79,669	84,110	78,355
Depreciation and amortization	252,765	269,003	258,458
Impairment charges	91,721	33,628	23,391
Transaction costs	0	2	11
Advisory services fee	50,050	63,632	69,122
Corporate, general and administrative	28,048	11,107	10,931
Total expenses	936,925	1,414,156	1,340,850
Gain (loss) on disposition of assets and hotel properties	(36,680)	26,126	475
OPERATING INCOME (LOSS)	(465,367)	114,729	90,414
Equity in earnings (loss) of unconsolidated entities	(448)	(2,307)	867
Interest income	672	3,067	3,952
Other income (expense)	(16,998)	10,490	64
Interest expense and amortization of premiums and loan costs	(247,381)	(262,001)	(236,786)
Write-off of premiums, loan costs and exit fees	(13,867)	(2,841)	(8,847)
Gain (loss) on extinguishment of debt	90,349	0	0
Unrealized gain (loss) on marketable securities	(1,467)	1,896	(1,013)
Unrealized gain (loss) on derivatives	19,950	(4,494)	(2,178)
INCOME (LOSS) BEFORE INCOME TAXES	(634,557)	(141,461)	(153,527)
Income tax (expense) benefit	1,335	(1,218)	(2,782)
NET INCOME (LOSS)	(633,222)	(142,679)	(156,309)
(Income) loss attributable to noncontrolling interest in consolidated entities	338	112	30
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	89,008	28,932	29,313
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(543,876)	(113,635)	(126,966)
Preferred dividends	(32,117)	(42,577)	(42,577)
Gain (loss) on extinguishment of preferred stock	(55,477)	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (520,516)	$ (156,212)	$ (169,543)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (33)	$ (15.77)	$ (17.52)
Weighted average common shares outstanding – basic (in shares)	15,756	9,984	9,728
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (33)	$ (15.77)	$ (17.52)
Weighted average common shares outstanding – diluted (in shares)	15,756	9,984	9,728
Total hotel revenue
REVENUE
Total revenue	$ 506,505	$ 1,498,557	$ 1,426,780
Rooms
REVENUE
Total revenue	407,492	1,184,987	1,134,687
Hotel operating expenses:
Total hotel expenses	106,508	258,446	248,139
Food and beverage
REVENUE
Total revenue	61,157	243,917	224,311
Hotel operating expenses:
Total hotel expenses	49,223	167,945	156,902
Other hotel revenue
REVENUE
Total revenue	37,856	69,653	67,782
Hotel operating expenses:
Total hotel expenses	253,997	472,437	442,463
Other
REVENUE
Total revenue	1,733	4,202	4,009
Management fees
Hotel operating expenses:
Total hotel expenses	$ 24,944	$ 53,846	$ 53,078

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (633,222)	$ (142,679)	$ (156,309)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0
Comprehensive income (loss)	(633,222)	(142,679)	(156,309)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	338	112	30
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	89,008	28,932	29,313
Comprehensive income (loss) attributable to the Company	$ (543,876)	$ (113,635)	$ (126,966)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock, Series D	Preferred Stock, Series F	Preferred Stock, Series G	Preferred Stock, Series H	Preferred Stock, Series I	Impact of adoption of new accounting standard	Preferred StockPreferred Stock, Series D	Preferred StockPreferred Stock, Series F	Preferred StockPreferred Stock, Series G	Preferred StockPreferred Stock, Series H	Preferred StockPreferred Stock, Series I	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitPreferred Stock, Series D	Accumulated DeficitPreferred Stock, Series F	Accumulated DeficitPreferred Stock, Series G	Accumulated DeficitPreferred Stock, Series H	Accumulated DeficitPreferred Stock, Series I	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, 2017								2,389	4,800	6,200	3,800	5,400	9,741
Beginning balance, value at Dec. 31, 2017	$ 633,146							$ 24	$ 48	$ 62	$ 38	$ 54	$ 97	$ 1,785,874	$ (1,153,697)							$ 646	$ 116,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)													(25)
Purchases of common stock	(1,598)													(1,598)
Equity-based compensation	16,098													16,098									10,841
Forfeitures of restricted shares (in shares)													(5)
Issuance of restricted shares/units (in shares)													149
Issuance of restricted shares/units	123												$ 2	121									53
Common stock issued (in shares)													244
Issuance of stock	14,689												$ 2	14,687
Dividends declared - common shares	(47,951)														(47,951)
Dividends declared - preferred shares		$ (5,047)	$ (8,849)	$ (11,431)	$ (7,125)	$ (10,125)										$ (5,047)	$ (8,849)	$ (11,431)	$ (7,125)	$ (10,125)
Distributions to noncontrolling interests																							(8,789)
Redemption value adjustment	8,171														8,171								(8,171)
Net income (loss)	(126,996)														(126,966)							(30)	(29,313)
Ending balance, shares (in shares) at Dec. 31, 2018								2,389	4,800	6,200	3,800	5,400	10,104
Ending 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	80,743
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	12,413													12,413									7,304
Forfeitures of restricted shares (in shares)													(7)
Issuance of restricted shares/units (in shares)													134
Issuance of restricted shares/units	0												$ 1	(1)									28
Issuance of units for hotel acquisition																							7,854
Common stock issuance costs	(91)													(91)
Dividends declared - common shares	(31,116)														(31,116)
Dividends declared - preferred shares		(5,048)	(8,849)	(11,430)	(7,125)	(10,125)										(5,048)	(8,849)	(11,430)	(7,125)	(10,125)
Distributions to noncontrolling interests																							(6,572)
Redemption value adjustment	(9,445)														(9,445)								9,445
Net income (loss)	(113,747)														(113,635)							(112)	(28,932)
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	69,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)													(32)
Purchases of common stock	(399)													(399)
Equity-based compensation	5,916													5,916									4,830
Forfeitures of restricted shares (in shares)													(53)
Issuance of restricted shares/units (in shares)													186
Issuance of restricted shares/units	0												$ 1	(1)
Common stock issued (in shares)													12,679
Issuance of stock	31,872												$ 127	31,745
Dividends declared - preferred shares		$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)										$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)
Dividend claw back	606														606								1,401
Redemption/conversion of operating partnership units (in shares)													196
Redemption/conversion of operating partnership units	959												$ 2	957									(959)
Redemption value adjustment	(36,817)														(36,817)								36,817
Extinguishment of preferred stock (in shares)								(598)	(1,909)	(1,777)	(1,131)	(2,009)	41,177
Extinguishment of preferred stock	0							$ (6)	$ (19)	$ (18)	$ (11)	$ (20)	$ 412	(55,815)	55,477
Net income (loss)	(544,214)														(543,876)							(338)	(89,008)
Ending balance, shares (in shares) at Dec. 31, 2020								1,791	2,891	4,423	2,669	3,391	64,363
Ending balance, value at Dec. 31, 2020	$ (283,455)							$ 18	$ 29	$ 44	$ 27	$ 34	$ 644	$ 1,808,875	$ (2,093,292)							$ 166	$ 22,951

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends declared - common stock (in dollars per share)		$ 3	$ 4.80
Preferred Stock | Preferred Stock, Series D
Dividends declared - preferred stock (in dollars per share)	$ 0.53	2.11	2.11
Preferred Stock | Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)	0.46	1.84	1.84
Preferred Stock | Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)	0.46	1.84	1.84
Preferred Stock | Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)	0.47	1.88	1.88
Preferred Stock | Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)	$ 0.47	$ 1.88	$ 1.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Cash Flows from Operating Activities
Net income (loss)	$ (633,222)	$ (142,679)	$ (156,309)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	252,765	269,003	258,458
Impairment charges	91,721	33,628	23,391
Amortization of intangibles	(307)	(257)	(237)
Recognition of deferred income	(768)	(954)	(577)
Bad debt expense	1,810	3,127	2,148
Deferred income tax expense (benefit)	(1,058)	(159)	135
Equity in (earnings) loss of unconsolidated entities	448	2,307	(867)
(Gain) loss on disposition of assets and hotel properties	36,680	(26,126)	(475)
(Gain) loss on extinguishment of debt	(90,349)	0	0
Realized and unrealized (gain) loss on marketable securities	(801)	(1,980)	924
Realized (gain) loss on investment in Ashford Inc.	0	(11,792)	0
Purchases of marketable securities	(1,997)	(4,208)	(12,228)
Sales of marketable securities	17,389	13,413	16,414
Gain on insurance settlements	0	(450)	(928)
Net settlement of trading derivatives	2,347	(3,485)	648
Realized and unrealized (gain) loss on derivatives	(878)	5,294	2,178
Amortization of loan costs, premiums and capitalized default interest and write-off of premiums, loan costs and exit fees	10,229	32,153	30,012
Equity-based compensation	10,746	19,717	26,939
Amortization of parking asset	117	118	0
Non-cash interest income	(854)	(191)	0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Accounts receivable and inventories	15,738	(6,639)	5,553
Prepaid expenses and other assets	1,079	2,307	(1,946)
Operating lease right-of-use assets	1,006	1,322	0
Operating lease liabilities	(595)	(937)	0
Accounts payable and accrued expenses and accrued interest payable	143,241	(4,177)	376
Due to/from related parties	(2,782)	(4,496)	(574)
Due to/from third-party hotel managers	3,763	4,372	(4,214)
Due to/from Ashford Inc., net	6,091	(1,256)	(8,793)
Other liabilities	(11,090)	234	1,532
Net cash provided by (used in) operating activities	(149,531)	177,209	181,560
Cash Flows from Investing Activities
Investment in unconsolidated entity	(430)	(647)	(667)
Proceeds from franchise agreement	0	4,000	0
Acquisition of hotel properties and assets, net of cash and restricted cash acquired	(1,113)	(212,552)	(162,593)
Improvements and additions to hotel properties	(46,206)	(159,220)	(207,325)
Net proceeds from disposition of assets and hotel properties	38,763	102,676	40,629
Payments for initial franchise fees	0	(475)	(329)
Proceeds from sale of investment in Ashford Inc.	0	11,792	0
Proceeds from property insurance	1,382	1,233	651
Net cash provided by (used in) investing activities	(7,604)	(253,193)	(329,634)
Cash Flows from Financing Activities
Borrowings on indebtedness	88,000	404,795	2,705,769
Repayments of indebtedness	(137,849)	(272,357)	(2,463,100)
Payments for loan costs and exit fees	(26,682)	(9,643)	(55,555)
Payments for dividends and distributions	(28,619)	(86,210)	(97,445)
Purchases of common stock	(399)	(1,031)	(1,598)
Payments for derivatives	(83)	(1,112)	(3,162)
Proceeds from common stock offerings	31,873	0	14,752
Preferred and common stock offering costs	0	(91)	0
Net proceeds from sale of FF&E	0	0	16,100
Other	0	28	53
Net cash provided by (used in) financing activities	(73,759)	34,379	115,814
Net increase (decrease) in cash, cash equivalents and restricted cash	(230,894)	(41,605)	(32,260)
Cash, cash equivalents and restricted cash at beginning of period	398,207	439,812	472,072
Cash, cash equivalents and restricted cash and at end of period	167,313	398,207	439,812
Supplemental Cash Flow Information
Interest paid	91,372	233,711	215,344
Income taxes paid (refunded)	1,021	(1,059)	1,890
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures	12,640	24,239	23,615
Non-cash dividends paid	0	0	123
Accrued stock offering costs	0	0	1,075
Notes receivable issued in land sale	0	7,590	0
Other non-cash consideration from land sale	0	4,797	0
Issuance of units for hotel acquisition	0	7,854	0
Assumption of debt in hotel acquisition	0	24,922	0
Buyer assumption of debt in hotel disposition	108,750	0	0
Non-cash extinguishment of debt	179,030	0	0
Non-cash loan principal associated with default interest and late charges	47,453	0	0
Non-cash loan proceeds associated with accrued interest and legal fees	22,456	0	0
Non-cash extinguishment of preferred stock	179,061	0	0
Issuance of common stock from preferred stock exchanges	123,584	0	0
Dividends and distributions declared but not paid	868	20,849	26,794
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	92,905	262,636	319,210
Cash and cash equivalents included in assets held for sale		0	0
Restricted cash	74,408	135,571	120,602
Restricted cash included in assets held for sale		0	0
Cash, cash equivalents and restricted cash	$ 167,313	$ 398,207	$ 439,812

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 December 31, 2020, we owned interests in the following assets: • 103 consolidated hotel properties, including 101 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 22,621 total rooms (or 22,594 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and • 17.5% ownership in OpenKey with a carrying value of $2.8 million. For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2020, our 103 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 68 of our 103 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 and related 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 on that date. 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 on that date. All common stock, common units, LTIP units, Performance LTIP units, performance stock units and restricted stock units as well as per share data related to these classes of equity have been revised 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, 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 remained operational. As of December 31, 2020, operations at two of the Company’s hotels remained 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 cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. In addition, one or more possible recurrences of COVID-19 cases could result in further reductions in business and personal travel and could cause state and local governments to reinstate travel restrictions. The Company expects that the COVID-19 pandemic will continue to have a significant negative impact on the Company’s results of operations, financial position and cash flow throughout 2021 and for the foreseeable future. As a result, the Company suspended the quarterly cash dividend on its common stock for each quarter in fiscal year 2020, suspended the quarterly cash dividend on its preferred stock for the second, third and fourth quarters of fiscal year 2020, reduced planned capital expenditures, and working closely with its hotel managers, significantly reduced its hotels’ operating expenses. 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 Company is in the process of negotiating forbearance agreements with its lenders. At this time, forbearance agreements have been executed on most, but not all of our loans. In the aggregate, as of December 31, 2020 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 $2.8 billion out of approximately $3.7 billion in property level debt outstanding as of December 31, 2020 . See notes 7 and 25. 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 may default on some or all of the ground leases within the next twelve months. When preparing financial statements for each annual and interim reporting period management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that create substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, the Company considers its current financial condition and liquidity sources, including current funds available, forecasted future cash flows and its unconditional obligations due over the next 12 months. As of December 31, 2020 , the Company held cash and cash equivalents of $92.9 million and restricted cash of $74.4 million. We are currently experiencing significant variability in the operating cash flows of our hotel properties. We are also taking several steps to reduce our cash utilization and potentially raise additional capital. On January 15, 2021, the Company entered into a senior secured term loan facility with Oaktree Capital Management L.P. comprising of (a) initial term loans in an aggregate principal amount of $200 million, (b) initial delayed draw term loans in an aggregate principal amount of up to $150 million and (c) additional delayed draw term loans in an aggregate principal amount of up to $100 million. See note 25 . We cannot predict when hotel operating levels will return to normalized levels after the effects of the pandemic subside, whether our hotels will be forced to shut down operations or whether one or more governmental entities may impose additional travel restrictions due to a resurgence of COVID-19 cases in the future. As a result of these factors arising from the impact of the pandemic, we are unable to estimate future financial performance with certainty. However, based on our completed senior secured term loan facility with Oaktree Capital Management L.P. and forbearance and other agreements with our property-level lenders, our current unrestricted and restricted cash on hand, our current cash utilization and forecast of future operating results for the next 12 months from the date of this report, and the actions we have taken to improve our liquidity, the Company has concluded that management’s current plan alleviates the substantial doubt about its ability to continue as a going concern. Facts and circumstances could change in the future that are outside of management’s control, such as additional government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date SpringHill Suites Glen Allen Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 2018 Embassy Suites New York Manhattan Times Square New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019 San Antonio Marriott San Antonio, TX Disposition August 2, 2019 Hilton Garden Inn Wisconsin Dells Wisconsin Dells, WI Disposition August 6, 2019 Courtyard Savannah Savannah, GA Disposition August 14, 2019 SpringHill Suites Jacksonville Jacksonville, FL Disposition December 3, 2019 Crowne Plaza Annapolis Annapolis, MD Disposition March 9, 2020 Columbus Hampton Inn Easton Columbus, OH Disposition August 19, 2020 Stillwater Residence Inn Stillwater, OK Disposition August 19, 2020 Washington Hampton Inn Pittsburgh Meadow Lands Pittsburgh, PA Disposition August 19, 2020 Phoenix Hampton Inn Airport North Phoenix, AZ Disposition August 19, 2020 Pittsburgh Hampton Inn Waterfront West Homestead Pittsburgh, PA Disposition August 19, 2020 Wichita Courtyard by Marriott Old Town Wichita, KS Disposition August 19, 2020 Canonsburg Homewood Suites Pittsburgh Southpointe Pittsburgh, PA Disposition August 19, 2020 Billerica Courtyard by Marriott Boston Boston, MA Disposition August 19, 2020 Embassy Suites New York Manhattan Times Square New York, NY Disposition August 19, 2020 W Minneapolis, MN Minneapolis, MN Disposition September 15, 2020 Courtyard Louisville Louisville, KY Disposition September 21, 2020 Courtyard Ft. Lauderdale Ft. Lauderdale, FL Disposition September 21, 2020 Residence Inn Lake Buena Vista Lake Buena Vista, FL Disposition September 21, 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. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approxim ately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income, dividends, and realized gains and losses, is reported as a component of “other income (expense)” in the consolidated statements of operations. Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $91.7 million, $33.6 million and $23.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. See note 5. Hotel Dispositions —D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 . Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. Investments in Unconsolidated Entity —As of December 31, 2020, we held a 17.5% ownership interest in OpenKey, which is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investment in our unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2020, 2019 and 2018. Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated. Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method. Impairment of Notes Receivable —We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Under the model, the Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the years ended December 31, 2020 and 2019. Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. As of January 1, 2019, we recorded operating lease liabilities as well as a corresponding operating lease ROU asset which includes deferred rent and the reclassified intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee. Intangible Assets and Liabilities —Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 21. Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 20. Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master-netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. For interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense),” respectively, in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year. Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year. Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year. Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2020 and 2019, and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Revenue Recognition —Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2020, 2019 and 2018, we incurred advertising costs of $4.3 million, $10.4 million and $8.5 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations. Equity-Based Compensation —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 19 . The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2016 through 2020 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. Recently Adopted Accounting Standards —In June 2016, the 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 will 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. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue For the years ended December 31, 2020, 2019, and 2018, we recorded $0, $0, and $2.6 million of business interruption income for the Hilton St. Petersburg Bayfront and Key West Crowne Plaza related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. In 2019, we recorded $172,000 of miscellaneous business interruption income. Business interruption income is included in “other” hotel revenue in our consolidated statements of operations. Taxes specifically collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 28,047 $ 5,513 $ 3,096 $ — $ 36,656 Boston, MA Area 2 9,645 896 2,441 — 12,982 Dallas / Ft. Worth Area 7 22,491 4,896 2,025 — 29,412 Houston, TX Area 3 11,418 2,854 394 — 14,666 Los Angeles, CA Metro Area 6 34,182 4,461 2,721 — 41,364 Miami, FL Metro Area 2 8,643 2,509 302 — 11,454 Minneapolis - St. Paul, MN - WI Area 3 4,417 996 277 — 5,690 Nashville, TN Area 1 12,105 5,591 2,239 — 19,935 New York / New Jersey Metro Area 6 20,130 4,254 1,517 — 25,901 Orlando, FL Area 2 8,415 532 952 — 9,899 Philadelphia, PA Area 3 9,888 1,426 352 — 11,666 San Diego, CA Area 2 6,998 322 665 — 7,985 San Francisco - Oakland, CA Metro Area 7 33,888 2,299 1,568 — 37,755 Tampa, FL Area 2 11,325 2,449 906 — 14,680 Washington D.C. - MD - VA Area 9 31,446 4,737 3,242 — 39,425 Other Areas 39 130,311 16,320 12,763 — 159,394 Orlando WorldQuest — 1,571 24 547 — 2,142 Disposed properties 14 22,572 1,078 1,849 — 25,499 Corporate — — — — 1,733 1,733 Total 117 $ 407,492 $ 61,157 $ 37,856 $ 1,733 $ 508,238 Year Ended December 31, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 72,572 $ 18,878 $ 4,650 $ — $ 96,100 Boston, MA Area 2 54,276 7,072 3,605 — 64,953 Dallas / Ft. Worth Area 7 59,926 15,814 3,486 — 79,226 Houston, TX Area 3 26,038 9,208 809 — 36,055 Los Angeles, CA Metro Area 6 78,689 16,117 5,237 — 100,043 Miami, FL Metro Area 2 21,356 8,578 797 — 30,731 Minneapolis - St. Paul, MN - WI Area 3 19,980 5,973 814 — 26,767 Nashville, TN Area 1 51,628 22,356 2,356 — 76,340 New York / New Jersey Metro Area 6 74,075 23,601 2,847 — 100,523 Orlando, FL Area 2 22,891 1,836 1,287 — 26,014 Philadelphia, PA Area 3 24,469 3,903 723 — 29,095 San Diego, CA Area 2 17,838 1,395 1,015 — 20,248 San Francisco - Oakland, CA Metro Area 7 91,081 9,628 2,627 — 103,336 Tampa, FL Area 2 25,187 7,858 1,112 — 34,157 Washington D.C. - MD - VA Area 9 124,056 26,231 8,333 — 158,620 Other Areas 39 306,637 57,170 22,881 — 386,688 Orlando WorldQuest — 4,066 102 1,333 — 5,501 Disposed properties 18 110,222 8,197 5,741 — 124,160 Corporate — — — — 4,202 4,202 Total 121 $ 1,184,987 $ 243,917 $ 69,653 $ 4,202 $ 1,502,759 Year Ended December 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 66,688 $ 17,060 $ 5,217 $ — $ 88,965 Boston, MA Area 2 52,508 6,609 3,378 — 62,495 Dallas / Ft. Worth Area 7 61,910 16,746 3,602 — 82,258 Houston, TX Area 3 26,783 9,214 854 — 36,851 Los Angeles, CA Metro Area 6 77,976 15,645 4,702 — 98,323 Miami, FL Metro Area 2 21,652 8,283 849 — 30,784 Minneapolis - St. Paul, MN - WI Area 3 22,071 7,219 949 — 30,239 Nashville, TN Area 1 50,120 13,116 1,782 — 65,018 New York / New Jersey Metro Area 5 74,441 23,029 2,899 — 100,369 Orlando, FL Area 2 20,393 1,518 830 — 22,741 Philadelphia, PA Area 3 24,385 4,534 869 — 29,788 San Diego, CA Area 2 18,392 1,075 971 — 20,438 San Francisco - Oakland, CA Metro Area 7 81,368 7,726 2,562 — 91,656 Tampa, FL Area 2 22,896 6,459 1,542 — 30,897 Washington D.C. - MD - VA Area 9 113,902 23,673 6,695 — 144,270 Other Areas 38 293,283 53,752 22,470 — 369,505 Orlando WorldQuest — 4,429 130 1,188 — 5,747 Disposed properties 21 101,490 8,523 6,423 — 116,436 Corporate — — — — 4,009 4,009 Total 122 $ 1,134,687 $ 224,311 $ 67,782 $ 4,009 $ 1,430,789

Investments in Hotel Properties

Investments in Hotel Properties, net	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Land $ 630,690 $ 769,381 Buildings and improvements 3,751,588 4,129,884 Furniture, fixtures and equipment 388,428 503,156 Construction in progress 16,192 29,745 Condominium properties 11,707 12,093 Total cost 4,798,605 5,444,259 Accumulated depreciation (1,371,623) (1,335,816) Investments in hotel properties, net $ 3,426,982 $ 4,108,443 The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $3.0 billion and $3.5 billion as of December 31, 2020 and 2019, respectively. For the years ended December 31, 2020, 2019 and 2018, we recognized depreciation expense of $252.4 million, $268.4 million and $257.9 million, respectively.

Hotel Dispositions and Impairme

Hotel Dispositions and Impairment Charges	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions and Impairment Charges	Hotel Disposition and Impairment ChargesHotel Dispositions 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 $3.7 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. On May 12, 2020, the lender who held the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($108.8 million mortgage loan and $36.2 million in mezzanine loans) sent the Company an acceleration notice which accelerated all payments due under the applicable loan documents. To remedy the acceleration notice, on August 19, 2020 the Company sold the Embassy Suites New York Manhattan Times Square for approximately $143.9 million of consideration, which consisted of $35.1 million in cash and $108.8 million in the form of the assumption of the mortgage loan. The sale resulted in a loss of approximately $40.4 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. See note 7. On June 22, 2020, the lender for the W Hotel in Minneapolis, Minnesota ($45.8 million mortgage loan and $5.8 million mezzanine loan) sent to the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotel in a public auction. On September 15, 2020, the Company completed a consensual assignment of 100% of the equity interests in the owner of the W Hotel, which resulted in a gain on extinguishment of debt of approximately $1.1 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. See note 7. On July 9, 2020, the mortgage, senior mezzanine and junior mezzanine loans with a principal amount of $144.2 million, and securing the Courtyard Billerica, Hampton Inn Columbus Easton, Hampton Inn Phoenix Airport, Homewood Suites Pittsburgh Southpointe, Hampton Inn Pittsburgh Waterfront, Hampton Inn Pittsburgh Washington, Residence Inn Stillwater and Courtyard Wichita (the “Rockbridge Portfolio”) matured and the Company failed to repay the loans on such maturity date. On August 19, 2020, the Company completed a consensual assignment of the entities that own the Rockbridge Portfolio in lieu of a UCC sale, which resulted in a gain on extinguishment of debt of approximately $65.2 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. See note 7. On July 23, 2020, the lender for the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista (collectively “MS C1” with a $56.0 million mortgage loan and $8.0 million mezzanine loan) sent to us a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotels in a public auction. On September 21, 2020, the mezzanine lender for MS C1 conducted a UCC-foreclosure of its collateral consisting of 100% of the equity interests in the owners of the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Buena On August 2, 2019, the Company sold the Marriott in San Antonio, Texas for $34.0 million in cash. The sale resulted in a gain of approximately $2.6 million for the year ended December 31, 2019, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $26.8 million of debt associated with the hotel property. See note 7. On August 6, 2019, the Company sold the Hilton Garden Inn in Wisconsin Dells, Wisconsin for $8.0 million in cash. The sale resulted in a loss of approximately $292,000 for the year ended December 31, 2019, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.7 million of debt associated with the hotel property. See note 7. On August 14, 2019, the Company sold the Courtyard by Marriott in Savannah, Georgia for approximately $29.8 million in cash. The sale resulted in a loss of approximately $60,000 for the year ended December 31, 2019, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $28.8 million of debt associated with the hotel property. See note 7. On December 3, 2019, the Company sold the SpringHill Suites Jacksonville for approximately $11.2 million in cash. The sale resulted in a gain of approximately $3.8 million for the year ended December 31, 2019, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. On February 20, 2018, the Company sold the SpringHill Suites Glen Allen for approximately $10.9 million in cash. The sale resulted in a loss of approximately $13,000 for the year ended December 31, 2018, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $7.6 million of debt associated with the hotel property. See note 7. On May 1, 2018, the Company sold the SpringHill Suites Centreville for approximately $7.5 million in cash. The sale resulted in a gain of approximately $98,000 for the year ended December 31, 2018, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $6.6 million of debt associated with the hotel property. See note 7. On May 10, 2018, the Company sold the Residence Inn Tampa for approximately $24.0 million in cash. The sale resulted in a gain of approximately $390,000 for the year ended December 31, 2018, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. The Company also repaid approximately $22.5 million of debt associated with the hotel property. See note 7. The results of operations for these hotel properties are included in net income (loss) through the date of disposition as shown in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 . The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Total hotel revenue $ 25,499 $ 124,160 $ 116,436 Total hotel operating expenses (20,916) (77,685) (72,047) Gain (loss) on disposition of assets and hotel properties (36,680) 6,042 475 Property taxes, insurance and other (6,406) (11,272) (8,939) Depreciation and amortization (12,426) (23,577) (23,481) Impairment charges (85,144) (33,628) (23,599) Operating income (loss) (136,073) (15,960) (11,155) Interest income 9 55 57 Interest expense and amortization of premiums and loan costs (21,502) (26,690) (19,609) Write-off of premiums, loan costs and exit fees (21) (524) (98) Gain (loss) on extinguishment of debt 90,349 — — Income (loss) before income taxes (67,238) (43,119) (30,805) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 9,913 5,215 3,534 Net income (loss) before income taxes attributable to the Company $ (57,325) $ (37,904) $ (27,271) For the years ended December 31, 2020, 2019 and 2018, we recorded impairment charges of $91.7 million, $33.6 million and $23.4 million, respectively. For the three months ended March 31, 2020, we recorded an impairment charge of $27.6 million. 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 the Rockbridge Portfolio matured. The lender provided notice of UCC sale, which resulted in the sale of the subsidiaries of the Company that own the respective hotels in a public auction. As a result, the estimated fair value of each hotel property was compared to its carrying value, as of June 30, 2020. During the three months ended June 30, 2020, an impairment charge totaling $27.6 million 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. No further impairment was required for the properties, which were disposed of on August 19, 2020. In conjunction with the disposition of the W Minneapolis, we engaged a third party valuation expert to assist in determining the fair value of the hotel property. For the three months ended September 30, 2020, the impairment charge was comprised of $29.9 million resulting from the difference between the estimated fair value of the property as compared to the net book value at September 15, 2020. The 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. In December 2020, the Company entered into a purchase sale agreement to sell the Le Meridien in Minneapolis, MN. We engaged a third party valuation expert to assist in determining the fair value of the hotel property. For the three months ended The following table presents our hotel property 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 December 31, 2020, and the related impairment charge recorded (in thousands): Fair Value as of December 31, 2020 Year Ended December 31, 2020 Level 1 Level 2 Level 3 Total Impairment Charges Le Meridien Minneapolis $ — $ — $ 7,663 $ 7,663 $ 6,577

Investment in Unconsolidated En

Investment in Unconsolidated Entity	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated EntityOpenKey, 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 December 31, 2020, the Company has made investments in OpenKey totaling $5.0 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 years ended December 31, 2020, 2019 and 2018. The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2020 December 31, 2019 Carrying value of the investment in OpenKey (in thousands) $ 2,811 $ 2,829 Ownership interest in OpenKey 17.5 % 17.0 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Equity in earnings (loss) of unconsolidated entities $ (448) $ (411) $ (592)

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): December 31, 2020 December 31, 2019 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (4) 1 hotel June 2020 LIBOR (3) + 5.10% n/a $ — $ — $ 43,750 $ 60,191 Mortgage loan (5) 8 hotels July 2020 LIBOR (3) + 4.33% n/a — — 144,000 168,054 Mortgage loan (6) 2 hotels March 2021 LIBOR (3) + 2.75% n/a 240,000 224,022 240,000 235,705 Mortgage loan (7) 19 hotels April 2021 LIBOR (3) + 3.20% n/a 914,281 1,020,462 907,030 1,077,936 Mortgage loan (8) 7 hotels June 2021 LIBOR (3) + 3.65% n/a 180,720 125,266 180,720 131,102 Mortgage loan (8) 7 hotels June 2021 LIBOR (3) + 3.39% n/a 174,400 124,613 174,400 131,420 Mortgage loan (9) 5 hotels June 2021 LIBOR (3) + 3.73% n/a 221,040 163,550 221,040 175,875 Mortgage loan (10) 5 hotels June 2021 LIBOR (3) + 4.02% n/a 262,640 94,111 262,640 105,702 Mortgage loan (10) 5 hotels June 2021 LIBOR (3) + 3.68% n/a 215,120 190,650 215,120 198,059 Mortgage loan (11) 5 hotels June 2021 LIBOR (3) + 2.73% n/a 160,000 178,377 160,000 185,854 Mortgage loan (12) 1 hotel November 2021 6.26% n/a 84,544 101,521 91,542 112,767 Mortgage loan (13)(14) 17 hotels November 2021 LIBOR (3) + 3.00% 4.00% 419,000 238,886 419,000 263,998 Mortgage loan (15) 1 hotel November 2021 LIBOR (3) + 2.55% n/a 25,000 48,231 25,000 49,748 Mortgage loan (5) 1 hotel February 2022 LIBOR (3) + 3.90% n/a — — 145,000 189,982 Mortgage loan (13)(16) 8 hotels February 2022 LIBOR (3) + 2.92% 5.00% 395,000 311,023 395,000 331,686 Mortgage loan (17) 1 hotel July 2022 LIBOR (3) + 3.95% n/a 34,200 38,549 35,200 38,383 Mortgage loan (18) 1 hotel November 2022 LIBOR (3) + 2.00% n/a 98,259 180,312 97,000 186,400 Mortgage loan (19) 1 hotel December 2022 LIBOR (3) + 2.25% n/a 16,100 26,046 16,100 27,498 Mortgage loan (4) (20) 1 hotel January 2023 LIBOR (3) + 3.40% n/a 37,000 56,784 — — Mortgage loan (5) 1 hotel May 2023 5.46% n/a — — 51,843 83,824 Mortgage loan (21) 1 hotel June 2023 LIBOR (3) + 2.45% n/a 73,450 105,359 73,450 107,212 Mortgage loan (22) 1 hotel January 2024 5.49% n/a 6,706 7,456 6,759 8,112 Mortgage loan (22) 1 hotel January 2024 5.49% n/a 9,786 17,172 9,865 19,166 Mortgage loan (13) 1 hotel May 2024 4.99% 5.00% 6,260 6,494 6,292 6,896 Mortgage loan (23) 1 hotel June 2024 LIBOR (3) + 2.00% n/a 8,881 6,980 8,881 7,416 Mortgage loan (5) 3 hotels August 2024 5.20% n/a — — 64,207 48,560 Mortgage loan (24) 2 hotels August 2024 4.85% n/a 11,774 10,466 11,845 11,727 Mortgage loan (24) 3 hotels August 2024 4.90% n/a 23,542 15,805 23,683 17,348 Mortgage loan (13) 2 hotels February 2025 4.45% 4.00% 19,369 9,859 19,438 10,314 Mortgage loan (13) 3 hotels February 2025 4.45% 4.00% 50,098 64,816 50,279 70,318 Mortgage loan (25) 1 hotel March 2025 4.66% n/a 24,415 42,778 24,919 43,577 3,711,585 $ 3,409,588 4,124,003 $ 4,104,830 Premiums (discounts), net (288) 655 Capitalized default interest and late charges 27,444 — Deferred loan costs, net (9,830) (18,140) Indebtedness, net $ 3,728,911 $ 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 December 31, 2020. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.144% and 1.763% at December 31, 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) During 2020, we disposed of the properties securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5. (6) Effective August 5, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (7) 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, monthly FF&E escrow deposits were waived through November 2020, and monthly tax deposits were waived until July 2021. In conjunction with the forbearance agreement, deferred interest payments of $6.1 million are capitalized into the principal balance 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. (8) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with three one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (9) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, and an extension option for the mezzanine debt to June 2021. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period with any remaining balance due at maturity. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (10) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with two one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (11) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (12) Effective November 1, 2020, we executed a loan modification agreement for this mortgage loan. Terms of the amendment required a $5.0 million principal paydown, the loan maturity was extended one year, monthly FF&E escrow deposits were waived from October 2020 through March 2021, and lender-held FF&E reserve funds were made available to fund property-level operating shortfalls through March 2021 and debt service payments from November 2020 through February 2021. This mortgage loan has no extension options. (13) As of December 31, 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. (14) Effective February 9, 2021, we executed an agreement regarding existing default and extension options for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived through December 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020. (15) 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. The first one-year extension option began in November 2020. This mortgage loan has a LIBOR floor of 1.25%. (16) Effective January 19, 2021, we executed a loan modification and reinstatement agreement for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived from April 2020 through December 2020, and monthly tax escrow deposits were waived from April 2020 through June 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021. (17) Effective August 3, 2020, we executed a loan amendment for this mortgage loan. Terms of the amendment required a $1.0 million principal paydown. The amended mortgage loan has a two-year initial term and one one-year extension options, subject to satisfaction of certain conditions, is interest only and bears interest at a rate of LIBOR + 3.95%, and has a LIBOR floor of 0.25% . (18) Effective October 2, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. (19) 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. This mortgage has a LIBOR floor of 0.25%. (20) 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 debt service or property-level operating expenses, and monthly FF&E escrow deposits were waived from April 2020 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. (21) 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. (22) Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits for six months, with deferred payments due in nine monthly installments beginning January 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020. (23) 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, which was exercised on September 24, 2020. All deferred interest is due at maturity. (24) Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits from June 2020 through December 2020, with deferred payments due in six monthly installments beginning July 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020. (25) Effective December 8, 2020, we executed a loan modification agreement for this mortgage loan. In connection with the agreement, monthly tax and insurance escrow deposits were waived from April 2020 through September 2020, monthly FF&E escrow deposits were waived from April 2020 through September 2022, and lender-held reserves were made available to fund April 2020 through December 2020 debt service payments. 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. 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 Company is in the process of negotiating forbearance agreements with its lenders. Forbearance agreements have been executed on most, but not all of our loans. In the aggregate, 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 $2.8 billion out of approximately $3.7 billion in property level debt outstanding as of December 31, 2020 . See footnotes in the table above for general terms of the agreements. See note 16 for discussion of the loan modification agreement with Lismore Capital LLC. The lender who holds the mortgage note secured by the Hilton Scotts Valley hotel in Santa Cruz, California ($24.4 million mortgage loan) provided an acceleration notice which accelerated all payments due under the applicable loan documents. A loan modification agreement was reached on December 8, 2020. On May 12, 2020, the lender who held the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($108.8 million mortgage loan and $36.2 million in mezzanine loans) sent the Company an acceleration notice which accelerated all payments due under the applicable loan documents. To remedy the acceleration notice, on August 19. 2020 the Company sold the Embassy Suites New York Manhattan Times Square for approximately $143.9 million of consideration, which consisted of $35.1 million in cash and $108.8 million in the form of the assumption of the mortgage loan. The sale resulted in a loss of approximately $40.4 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statements of operations. Upon the loan assumption by the buyer, accrued interest was forgiven by the lender and the $35.1 million of proceeds were used to extinguish the $36.2 million of mezzanine loans, which resulted in a gain of $4.3 million which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. On June 22, 2020, the lender for the W Hotel in Minneapolis, Minnesota ($45.8 million mortgage loan and a $5.8 million mezzanine loan) sent the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotel in a public auction. On September 15, 2020, the Company completed a consensual assignment of 100% of the equity interests in the owner of the W Hotel, which resulted in a gain on extinguishment of debt of approximately $1.1 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. On July 9, 2020, the mortgage, senior mezzanine and junior mezzanine loans with an aggregate principal balance of $144.2 million, secured by the Rockbridge Portfolio, matured and the Company failed to repay the loans on such maturity date. On August 19, 2020, the Company completed a consensual assignment of the entities that own the Rockbridge Portfolio in lieu of a UCC sale, which resulted in a gain on extinguishment of debt of approximately $65.2 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. On July 23, 2020, the lender for MS C1 ($56.0 million mortgage loan and an $8.0 million mezzanine loan) sent the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotels in a public auction. On September 21, 2020, the mezzanine lender for MS C1 conducted a UCC-foreclosure of its collateral consisting of 100% of the equity interests in the owners of the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Buena Vista hotels, which resulted in a gain on extinguishment of debt of approximately $19.7 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. On August 3, 2020, we amended our $35.2 million mortgage loan, secured by the Sheraton Ann Arbor hotel, which extended the maturity to July 2022. In conjunction with the amended terms, we repaid $1.0 million in principal, with another $1.0 million principal reduction due January 2021. The amended mortgage loan is interest only and bears interest at a rate of LIBOR + 3.95%, and has a LIBOR floor of 0.25%. This loan has a one-year extension option, subject to satisfaction of certain conditions. For the year ended December 31, 2020 the Company determined that all of the forbearance and other agreements evaluated were considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the year ended December 31, 2020 as the carrying amount of the original loans was not greater than the undiscounted cash flows of the modified loans. Additionally, as a result of the troubled debt restructurings all accrued default interest and late charges were capitalized into the applicable loan balances and will be amortized over the remaining term of the loan using the effective interest method. The amount of default interest and late charges capitalized into the loan balance was $47.5 million. The amount of the capitalized principal that was amortized during the year ended December 31, 2020 was $20.0 million, which is included in “interest expense and amortization of premiums and loan costs” in the consolidated statement of operations. On January 22, 2019, in connection with the acquisition of the Embassy Suites New York Manhattan Times Square, we completed the financing of a $145.0 million mortgage loan. This mortgage loan is interest only and provides for an interest rate of LIBOR + 3.90%. The stated maturity date of the mortgage loan is February 2022, with two one-year extensions. The mortgage loan is secured by the Embassy Suites New York Manhattan Times Square. On February 26, 2019, in connection with the acquisition of the Hilton Santa Cruz/Scotts Valley, we assumed a $25.3 million non-recourse mortgage loan with a fair value of $24.9 million. This mortgage loan amortizes monthly and provides for a fixed interest rate of 4.66%. The stated maturity date is March 2025. The mortgage loan is secured by the Hilton Santa Cruz/Scotts Valley. On March 5, 2019, we refinanced our $178.1 million mortgage loan, secured by the Renaissance Nashville and Westin Princeton. The new mortgage loan totals $240.0 million. The new mortgage loan is interest only and provides for an interest rate of LIBOR + 2.75%. The stated maturity is March 2021 with five one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Renaissance Nashville and Westin Princeton. On June 7, 2019, we amended the mortgage loan secured by the Fort Worth Ashton totaling $5.2 million. The amended mortgage loan totaling $8.9 million has a five-year term, is interest only and bears interest at a rate of LIBOR + 2.00%. On August 2, 2019, we repaid $26.8 million of principal on our mortgage loan partially secured by the San Antonio Marriott. This hotel property was sold on August 2, 2019. See note 5. On August 6, 2019, we repaid $7.7 million of principal on our mortgage loan secured by the Hilton Garden Inn Wisconsin Dells. This hotel property was sold on August 6, 2019. See note 5. On August 14, 2019, we repaid $28.8 million of principal on our mortgage loan partially secured by the Courtyard Savannah. This hotel property was sold on August 14, 2019. See note 5. On October 10, 2019, we repaid $8.0 million of principal on our mortgage loan partially secured by the Hilton St. Petersburg Bayfront in connection with selling the 1.65-acre parking lot adjacent to the hotel on October 10, 2019. See note 5. Year Ended December 31, Line Item 2020 2019 2018 Interest expense and amortization of premium and loan costs $ 154 $ 232 $ 277 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. As of December 31, 2020, we were in compliance with all covenants on mortgage loans in which we entered into forbearance and other agreements. 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. Maturities and scheduled amortizations of indebtedness as of December 31, 2020 for each of the five following years and thereafter are as follows (in thousands): 2021 $ 2,902,783 2022 544,681 2023 113,996 2024 65,157 2025 84,968 Thereafter — Total $ 3,711,585

Notes Receivable, net and Other

Notes Receivable, net and Other	12 Months Ended
	Dec. 31, 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 December 31, 2020 December 31, 2019 Construction Financing Note (1) (5) Face amount 7.0 % $ 4,000 $ 4,000 Discount (2) (143) (402) 3,857 3,598 Certificate of Occupancy Note (3) (5) Face amount 7.0 % $ 5,250 $ 5,250 Discount (4) (844) (1,139) 4,406 4,111 Note receivable, net $ 8,263 $ 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 years ended December 31, 2020 and 2019. For the years ended December 31, 2020 and 2019, we recognized discount amortization income of $554,000 and $119,000, respectively, which is included in “other income (expense)” in the consolidated statements of operations. On January 1, 2020, we adopted the provisions of 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 December 31, 2020 and 2019, 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 December 31, 2020 December 31, 2019 Future ownership rights of parking parcel 7.0 % $ 4,100 $ 4,100 Imputed interest 372 72 4,472 (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 % $ 231 $ 462 Total $ 4,703 $ 4,751 ____________________________________ (1) Included in “other assets” in the consolidated balance sheets. (2) Payments commenced in July when the parking parcel development began. For the years ended December 31, 2020 and 2019, we recognized imputed interest income of $300,000 and $72,000, respectively, and amortization expense of $117,000 and $118,000, respectively, related to the free use of parking easement, which are included in “other income (expense)” in the consolidated statement of operations. For the years ended December 31, 2020 and 2019, we received reimbursement of $240,000 and $0 of parking fees and recognized interest income of $9,000 and $0, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel is in development.

Derivative Instruments and Hedg

Derivative Instruments and Hedging	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2020 2019 2018 Interest rate caps: Notional amount (in thousands) $ 457,000 (1) $ 1,051,050 (1) $ 3,614,618 (1) Strike rate low end of range 3.00 % 1.50 % 1.50 % Strike rate high end of range 4.00 % 4.88 % 5.71 % Effective date range January 2020 - September 2020 January 2019 - November 2019 January 2018 - November 2018 Termination date range February 2021 - February 2022 June 2020 - February 2022 January 2019 - November 2020 Total cost (in thousands) $ 83 $ 1,112 $ 3,143 Interest rate floors: Notional amount (in thousands) $ — $ 6,000,000 (1) $ 12,025,000 (1) Strike rate low end of range 1.63 % 1.25 % Strike rate high end of range 1.63 % 2.00 % Effective date range January 2019 July 2018 - November 2018 Termination date range March 2020 September 2019 - November 2021 Total cost (in thousands) $ — $ 225 $ 432 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: December 31, 2020 December 31, 2019 Interest rate caps: Notional amount (in thousands) $ 842,000 (1) $ 3,799,740 (1) Strike rate low end of range 3.00 % 1.50 % Strike rate high end of range 4.00 % 5.22 % Termination date range February 2021 - February 2022 February 2020 - February 2022 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 697,000 $ 3,666,331 Interest rate floors: (2) Notional amount (in thousands) $ 25,000 (1) $ 12,025,000 (1) Strike rate low end of range 1.25 % (0.25) % Strike rate high end of range 1.25 % 1.63 % Termination date range 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. 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

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 2020, the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 0.144% to 0.131% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counter-party and Cash Collateral Netting (1) Total December 31, 2020: Assets Derivative assets: Interest rate derivatives - floors $ — $ 263 $ — $ — $ 263 (2) Total $ — $ 263 $ — $ — $ 263 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.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ — $ — $ 14,591 $ 14,591 Derivative assets, net 263 263 1,691 1,691 Derivative liabilities, net — — 42 42 Financial assets not measured at fair value: Cash and cash equivalents $ 92,905 $ 92,905 $ 262,636 $ 262,636 Restricted cash 74,408 74,408 135,571 135,571 Accounts receivable, net 21,760 21,760 39,638 39,638 Notes receivable, net 8,263 $7,850 to $8,676 7,709 $7,323 to $8,095 Due from related parties, net 5,801 5,801 3,019 3,019 Due from third-party hotel managers 9,383 9,383 17,368 17,368 Financial liabilities not measured at fair value: Indebtedness $ 3,711,297 $3,167,369 to $3,500,777 $ 4,124,658 $3,881,453 to $4,290,027 Accounts payable and accrued expenses 99,954 99,954 124,226 124,226 Accrued interest payable 98,685 98,685 10,115 10,115 Dividends and distributions payable 868 868 20,849 20,849 Due to Ashford Inc., net 13,383 13,383 6,570 6,570 Due to third-party hotel managers 184 184 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, accrued interest payable, 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 $8.3 million at December 31, 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. 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 85.3% to 94.3% of the carrying value of $3.7 billion at December 31, 2020 and

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2020 2019 2018 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (543,876) $ (113,635) $ (126,966) Less: Dividends on preferred stock (32,117) (42,577) (42,577) Less: Extinguishment of preferred stock 55,477 — — Less: Dividends on common stock — (29,840) (47,057) Less: Dividends on unvested performance stock units — (475) (50) Add: Claw back of dividends on unvested performance stock units 606 — — Less: Dividends on unvested restricted shares — (801) (844) Undistributed income (loss) allocated to common stockholders (519,910) (187,328) (217,494) Add back: Dividends on common stock — 29,840 47,057 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (519,910) $ (157,488) $ (170,437) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 15,756 9,984 9,728 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (33.00) $ (15.77) $ (17.52) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (33.00) $ (15.77) $ (17.52) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2020 2019 2018 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 801 $ 844 Income (loss) allocated to unvested performance stock units — 475 50 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (89,008) (1) (28,932) (29,313) Total $ (89,008) $ (27,656) $ (28,419) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 6 7 11 Effect of unvested performance stock units — 7 25 Effect of assumed conversion of operating partnership units 1,896 1,908 1,760 Effect of contingently issuable shares 4 — — Total 1,906 1,922 1,796 _______________ (1) Inclusive of preferred stock dividends in arrears of $3.1 million for the year ended December 31, 2020 allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 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. We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2020 2019 2018 Performance LTIP units Advisory services fee $ 1,972 $ 3,594 $ 6,797 LTIP units Advisory services fee 2,042 3,264 3,508 LTIP units - independent directors Corporate, general and administrative 816 446 536 $ 4,830 $ 7,304 $ 10,841 The unamortized cost of the unvested Performance LTIP units, which was $652,000 at December 31, 2020, will be expensed over a peri od of 2.0 years with a weighted average peri od of 1.0 year. The unamortized cost of the unvested LTIP units, which was $2.6 million at December 31, 2020, will be ex pensed over a period of 2.2 y ears with a weighted average period o f 1.4 years. The following table presents the common units redeemed and the fair value upon redemption (in thousands): Year Ended December 31, 2020 2019 2018 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: December 31, 2020 December 31, 2019 Redeemable noncontrolling interests (in thousands) $ 22,951 $ 69,870 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 186,763 155,536 Ownership percentage of operating partnership 8.51 % 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): Year Ended December 31, 2020 2019 2018 Allocated net (income) loss to the redeemable noncontrolling interests $ 89,008 $ 28,932 $ 29,313 Distributions declared to holders of common units, LTIP units and Performance LTIP units — 6,572 8,789 Performance LTIP dividend claw back upon cancellation (1,401) — — A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2020 2019 2018 Outstanding at beginning of year 2,194 1,992 1,960 LTIP units issued 232 34 48 Performance LTIP units issued 50 21 58 Performance LTIP units canceled (109) — (74) Common units issued for hotel acquisition — 147 — Common units converted to common stock (196) — — Outstanding at end of year 2,171 2,194 1,992 Common units convertible/redeemable at end of year 1,777 1,857 1,665

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	Equity Common Stock and Preferred Stock Repurchases —On December 5, 2017, the board of directors reapproved a stock repurchase program (the “Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations. For the years ended December 31, 2020, 2019 and 2018, no shares of our common stock or preferred stock have been repurchased under the Repurchase Program. In addition, we acquired 30,558, 21,070 and 24,856 shares of our common stock in 2020, 2019 and 2018, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. At-the-Market Equity Offering Program —On December 11, 2017, 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 year ended December 31, 2019. As of December 31, 2020, we have issued approximately 4.4 million shares of our common stock for gross proceeds of approximately $27.5 million. The program expired on September 28, 2020. The table below summarizes the activity (in thousands): Year Ended December 31, 2020 2019 2018 Common stock issued 4,127 — 243 Gross proceed received $ 12,009 $ — $ 15,522 Commissions and other expenses 150 — 194 Net proceeds $ 11,859 $ — $ 15,328 Common Stock Resale Agreement - On December 7, 2020, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”), entered into a purchase agreement, pursuant to which the Company may sell to Lincoln Park up to $40 million of shares of common stock, par value $0.01 per share of the Company, from time to time during the term of the purchase agreement. Meanwhile, both parties also entered into a registration rights agreement, pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of shares of Common Stock that are issued to Lincoln Park under the Purchase Agreement. Meanwhile, both parties also entered into a registration rights agreement, pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of shares of Common Stock that are issued to Lincoln Park under the Purchase Agreement. The Company filed a registration statement on Form S-11 on December 11, 2020, which was amended on December 21, 2020, and deemed effective by the SEC on December 22, 2020. Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $40.0 million of shares of Common Stock. Such sales of Common Stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company’s sole discretion, over a 24-month period commencing on the date that a registration statement covering the resale of shares of Common Stock that are issued under the Purchase Agreement, which the Company agreed to file with the SEC pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed and the other conditions set forth in the Purchase Agreement are satisfied. Lincoln Park has no right to require the Company to sell any Common Stock to Lincoln Park, but Lincoln Park is obligated to make purchases as the Company directs, subject to conditions set forth in the Purchase Agreement. Upon entering into the Purchase Agreement, the Company issued 190,840 shares of Common Stock (the “Commitment Shares”) as consideration for Lincoln Park’s execution and delivery of the Purchase Agreement. Under the Purchase Agreement, the Company may from time to time, at its discretion, direct Lincoln Park to purchase on any single business day (a “Regular Purchase”) up to (i) 400,000 shares of Common Stock if the closing sale price of the Common Stock is not below $5.00 per share on the NYSE or (ii) 300,000 shares of Common Stock if the closing sale price of the Common Stock is below $5.00 per share on the NYSE. In any case, Lincoln Park’s commitment in any single Regular Purchase may not exceed $3,000,000. The foregoing share amounts and per share prices will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring after the date of the Purchase Agreement. In addition to Regular Purchases, the Company may also direct Lincoln Park to purchase other amounts as accelerated purchases or as additional accelerated purchases on the terms and subject to the conditions set forth in the Purchase Agreement. The Purchase Agreement also prohibits the Company from directing Lincoln Park to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park and its affiliates having beneficial ownership, at any single point in time, of more than 4.99% of the then total outstanding shares of Common Stock. The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Shares sold to Lincoln Park 8,362 Additional commitment shares 191 Total shares issued to Lincoln Park 8,553 Gross proceeds received $ 20,556 Preferred Stock —In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock and Series I Cumulative Preferred Stock. On November 25, 2020 Ashford Trust closed its previously commenced offers to exchange any and all shares of the Company’s 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share for newly issued shares of the Company’s common stock, par value $0.01. The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Preferred Shares Tendered Common Shares Issued 8.45% Series D Cumulative Preferred Stock 575 3,211 7.375% Series F Cumulative Preferred Stock 1,755 9,791 7.375% Series G Cumulative Preferred Stock 1,663 9,279 7.50% Series H Cumulative Preferred Stock 1,029 5,742 7.50% Series I Cumulative Preferred Stock 1,858 10,366 6,880 38,389 From December 8, 2020 through December 31, 2020, Ashford Trust entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended. The Company agreed to exchange a total of 2,788,035 shares of its common stock, par value $0.01 per share, for an aggregate of 544,177 shares of Preferred Stock. The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Preferred Shares Tendered Common Shares Issued 8.45% Series D Cumulative Preferred Stock 23 131 7.375% Series F Cumulative Preferred Stock 154 795 7.375% Series G Cumulative Preferred Stock 114 573 7.50% Series H Cumulative Preferred Stock 102 515 7.50% Series I Cumulative Preferred Stock 151 774 544 2,788 8.45% Series D Cumulative Preferred Stock. At December 31, 2020 and 2019, there were 1.8 million and 2.4 million shares of Series D Cumulative Preferred Stock outstanding, respectively. The Series D Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series F Cumulative Preferred Stock (noted below), Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series D Cumulative Preferred Stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D Cumulative Preferred Stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1124 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D Cumulative Preferred Stock holders have no voting rights. 7.375% Series F Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 2.9 million and 4.8 million shares of 7.375% Series F Cumulative Preferred Stock outstanding, respectively. The Series F Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series F Cumulative Preferred Stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F Cumulative Preferred Stock is convertible into a maximum 9.68992 shares of our common stock. The actual number is based on a formula as defined in the Series F Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series F Cumulative Preferred Stock will not impact our earnings per share calculations. Series F Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series F Cumulative Preferred Stock holders have no voting rights. 7.375% Series G Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 4.4 million and 6.2 million shares of 7.375% Series G Cumulative Preferred Stock outstanding, respectively. The Series G Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series H Cumulative Preferred Stock (noted below) and Series I Cumulative Preferred Stock (noted below)) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series G Cumulative Preferred Stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G Cumulative Preferred Stock is convertible into a maximum 8.33333 shares of our common stock. The actual number is based on a formula as defined in the Series G Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series G Cumulative Preferred Stock will not impact our earnings per share calculations. Series G Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series G Cumulative Preferred Stock holders have no voting rights. 7.50% Series H Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 2.7 million and 3.8 million shares of 7.50% Series H Cumulative Preferred Stock outstanding, respectively. The Series H Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock and Series I Cumulative Preferred Stock (discussed below) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series H Cumulative Preferred Stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H Cumulative Preferred Stock is convertible into a maximum 8.25083 shares of our common stock. The actual number is based on a formula as defined in the Series H Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series H Cumulative Preferred Stock will not impact our earnings per share. Series H Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H Cumulative Preferred Stock holders have no voting rights. 7.50% Series I Cumulative Preferred Stock. At December 31, 2020 and 2019 there were 3.4 million and 5.4 million shares of 7.50% Series I Cumulative Preferred Stock outstanding, respectively. The Series I Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock and Series H Cumulative Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series I Cumulative Preferred Stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I Cumulative Dividends —A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Common stock $ — $ 31,116 $ 47,951 Preferred stocks: Series D Cumulative Preferred Stock 1,262 5,048 5,047 Series F Cumulative Preferred Stock 2,212 8,849 8,849 Series G Cumulative Preferred Stock 2,858 11,430 11,431 Series H Cumulative Preferred Stock 1,781 7,125 7,125 Series I Cumulative Preferred Stock 2,531 10,125 10,125 Total dividends declared $ 10,644 $ 73,693 $ 90,528 The table below presents the accumulated but unpaid dividends in arrears as of December 31, 2020 (in thousands): December 31, 2020 8.45% Series D Cumulative Preferred Stock ($1.58/share) $ 2,838 7.375% Series F Cumulative Preferred Stock ($1.38/share) 3,998 7.375% Series G Cumulative Preferred Stock ($1.38/share) 6,115 7.50% Series H Cumulative Preferred Stock ($1.41/share) 3,753 7.50% Series I Cumulative Preferred Stock ($1.41share) 4,769 Total $ 21,473 Noncontrolling Interests in Consolidated Entities —Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties. The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets: December 31, 2020 2019 Carrying value of noncontrolling interests $ 166 $ 504 The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2020 2019 2018 (Income) loss allocated to noncontrolling interests in consolidated entities $ 338 $ 112 $ 30

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Amended and Restated 2011 Stock Incentive Plan approved by stockholders, we are au thorized to grant approximately 1.7 million restricted stock units and performance stock units of our common stock as incentive stock awards. At December 31, 2020 , approximately 126,000 shares were available for future issuance under the Amended and Restated 2011 Stock Incentive Plan. Restricted Stock Units —We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance. At December 31, 2020, the unamortized cost of the unvested restricted stock units was $2.9 million which will be amortized over a period of 2.2 years with a weighted average period of 1.6 years. In May 2020, September 2020 and December 2020, approximately 3,000, 13,000 and 6,000 shares of common stock, respectively, were issued to independent directors with fair values of approximately $17,000, $25,000 and $20,000 respectively, which vested immediately upon grant and have been expensed during the year ended December 31, 2020. These grants represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors in connection with the COVID-19 related modifications to our director compensation program discussed in note 13. The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Advisory services fee $ 3,897 $ 6,268 $ 6,698 Management fees 594 768 1,159 Corporate, general and administrative - Premier 298 350 — Corporate, general and administrative - independent directors 147 90 — $ 4,936 $ 7,476 $ 7,857 A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2020 2019 2018 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 213 $ 58.60 171 $ 65.60 208 $ 70.30 Restricted shares granted 168 11.55 134 53.60 91 66.40 Restricted shares vested (162) 46.25 (86) 65.00 (123) 74.10 Restricted shares forfeited (53) 34.89 (6) 58.20 (5) 64.10 Outstanding at end of year 166 $ 30.61 213 $ 58.60 171 $ 65.60 Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of PSUs, which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. The number of PSUs actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. During the year ended December 31, 2018, 24,800 PSUs were canceled due to the market condition criteria not being met. During the year ended December 31, 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. During 2020, 65,000 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 year ended December 31, 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 $228,000 for the year ended December 31, 2020. The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Advisory services fee $ 958 $ 4,937 $ 8,241 A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2020 2019 2018 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 158 $ 58.20 77 $ 63.10 82 $ 60.70 PSUs granted 70 8.00 81 53.60 53 66.40 PSUs vested — — — — (33) 61.90 PSU’s forfeited (65) 45.83 — — — — PSUs canceled (35) 58.50 — — (25) 63.80 Outstanding at end of year 128 $ 37.79 158 $ 58.20 77 $ 63.10

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ashford Inc. Advisory Agreement Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman, Mr. Monty J. Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc. Under our advisory agreement, we pay advisory fees to Ashford LLC. We are required to pay Ashford LLC a monthly base fee that is a percentage of our total market capitalization on a declining sliding scale plus the Net Asset Fee Adjustment, as defined in the advisory agreement, subject to a minimum monthly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale is between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion. At December 31, 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. On October 16, 2020, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral on the payment of: (i) approximately $3 million in base advisory fees with respect to the month of October 2020; and (ii) approximately $1 million in reimbursable expenses with respect to the month of October 2020 payable under the advisory agreement. On November 5, 2020, the independent members of the board of directors of Ashford Inc. provided the Company an additional 30-day deferral of the base advisory fees that were previously deferred from October. Additionally, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral on the payment of approximately $3 million in base advisory fees with respect to the month of November 2020. On November 26, 2020, the independent members of the board of directors of Ashford Inc. granted Ashford Trust: (i) an additional deferral of the payment of the base advisory fees that were previously deferred for the months of October 2020 and November 2020; and (ii) a deferral of approximately $3 million in base advisory fees with respect to the month of December 2020. The foregoing payments will now be due and payable on January 4, 2021. Additionally, the independent members of the board of directors of Ashford Inc. waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the Advisory Agreement or any damages that may have arisen in absence of such fee deferral. On January 4, 2021, the independent members of the board of directors of Ashford Inc. granted Ashford Trust: (i) an additional deferral of the payment of the base advisory fees that were previously deferred for the months of October 2020, November 2020 and December 2020; and (ii) a deferral of approximately $2.8 million in base advisory fees with respect to the month of January 2021. The foregoing payments were due and payable on January 11, 2021. Additionally, the Ashford Inc. Directors waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the Advisory Agreement or any damages that may have arisen in absence of such fee deferral. All outstanding base advisory fees and reimbursable expenses outstanding as of December 31, 2020 were paid in January 2021. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2020 2019 2018 Advisory services fee Base advisory fee $ 34,745 $ 36,269 $ 35,526 Reimbursable expenses (1) 6,436 9,300 8,351 Equity-based compensation (2) 8,869 (3) 18,063 25,245 Total advisory services fee $ 50,050 $ 63,632 $ 69,122 ________ (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 year ended December 31, 2020, 65,000 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 year ended December 31, 2020. Due from related parties, net includes a $1.2 million security deposit paid to Remington Hotel Corporation, an entity indirectly owned by Mr. Monty J. Bennett and Mr. Archie Bennett, Jr., for office space allocated to us under our advisory agreement. It will be held as security for the payment of our allocated share of office space rental. If unused it will be returned to us upon lease expiration or earlier termination. Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar, their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.’s risk management department manages the casualty insurance program. At the beginning of each year, Ashford Inc.’s risk management department collects funds from Ashford Trust, Braemar and their respective hotel management companies, to fund the casualty insurance program as needed, on an allocated basis. 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 “Lismore Agreement”). Pursuant to the Lismore 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 Lismore 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 December 31, 2020, the Company has also paid $5.1 million related to periodic installments of which approximately $3.5 million has been expensed in accordance with the agreement and approximately $1.7 million may be offset against future fees under the agreement that are eligible for claw back under the agreement. As of December 31, 2020 approximately $4.4 million of the payments are included in “other assets.” Further, the Company has incurred approximately $6.7 million 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 December 31, 2020, the Company has a payable of $3.4 million for these fees included in “Due to Ashford Inc., net” on our consolidated balance sheet. On August 25, 2020, in light of the fact that Ashford Trust subsequently agreed to transfer the hotels underlying the Rockbridge Portfolio to the lender, the independent members of the board of directors of Ashford Inc. waived $540,000 of Lismore advisory fees associated with items (ii) and (iii) above with respect to the Rockbridge Portfolio loan. Also on August 25, 2020, in light of the fact that Lismore negotiated access to the FF&E reserves but no forbearance on debt service, the independent members of the board of directors of Ashford Inc. waived $94,000 of Lismore advisory fees associated with items (ii) and (iii) above with respect to the mortgage loan secured by La Posada de Santa Fe. On October 16, 2020, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral on the payment of the success fees of approximately $3.0 million that were earned by Ashford Inc. during the third quarter. On November 5, 2020, the independent members of the board of directors of Ashford Inc. provided the Company an additional 30-day deferral of the payment of the success fees. For the year ended December 31, 2020, the Company has recognized expense of $9.2 million, which is included in “write-off of premiums, loan costs and exit fees.” Additionally, the independent members of the board of directors of Ashford Inc. accelerated approximately $506,000 in claw back credit due to Ashford Trust which, absent a waiver, would occur after the expiration of the Lismore Agreement. Such claw back credit is due to Ashford Trust in connection with certain properties Ashford Trust no longer owns. On November 5, 2020, the independent members of the board of directors of Ashford Inc. provided the Company a 30-day deferral of potential Lismore success fees for the month of November 2020. On November 26, 2020, the Ashford Inc. Directors granted Ashford Trust: (i) an additional deferral of the payment of Lismore success fees for the months of October 2020 and November 2020; and (ii) a deferral of any Lismore success fees for the month of December 2020. The foregoing payments will now be due and payable on January 4, 2021. On January 4, 2021, the Ashford Inc. Directors granted Ashford Trust: (i) an additional deferral of the payment of any Lismore success fees for the months of October 2020, November 2020 and December 2020; and (ii) a deferral of any additional Lismore success fees for the month of January 2021. The foregoing payments were payable on January 11, 2021. Additionally, the Ashford Inc. Directors waived any claim against Ashford Trust and Ashford Trust’s affiliates and each of their officers and directors for breach of the Lismore Agreement or any damages that may have arisen in absence of such fee deferral. All amounts were paid in January 2021. 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 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. 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 would be allocated between Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. Funding advances would be expensed as the expenses are incurred by Ashford Securities. On December 31, 2020, an Amended and Restated Contribution Agreement was entered into by Ashford Inc., Ashford Trust and Braemar with respect to expenses to be reimbursed to Ashford Securities. The Initial True-Up Date did not occur and beginning on the effective date of the Amended and Restated Contribution Agreement, costs will be allocated based upon an allocation percentage of 50% to Ashford Inc., 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised, or June 10, 2023, there will be an Amended and Restated true up (the “Amended and Restated True-up Date”) among Ashford Inc., Ashford Trust and Braemar whereby the actual expense reimbursement paid by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively. After the Amended and Restated True-Up Date, the expense reimbursements will be allocated among Ashford Inc., Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. As of December 31, 2020, Ashford Trust has funded approximately $3.0 million. As of December 31, 2020 and 2019, $85,000 and $1.6 million, respectively, of the pre-funded amounts were included in “other assets” on our consolidated balance sheets. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Corporate, general and administrative $ 1,998 $ 896 $ — 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. On August 19, 2020, the Embassy Suites New York Manhattan Times Square was sold. The hotel contained FF&E that was previously sold to Ashford LLC under the ERFP program. On November 5, 2020, the independent members of the board of directors of Ashford Inc. waived the requirement of the Company to provide replacement FF&E. On November 25, 2020, the Ashford Trust Directors granted Ashford Inc., in its sole and absolute discretion, the right to set-off against the Embassy Suites New York ERFP Balance, the fees pursuant to the Advisory Agreement and Lismore Agreement that have been or may be deferred by Ashford Inc. 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 December 31, 2020, Remington Hotels managed 68 of our 103 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. Remington Lodging (prior to Ashford Inc. acquisitions) Remington Lodging was a property and project management company, wholly owned by our chairman, Mr. Monty J. Bennett and Mr. Archie Bennett, Jr. who is our chairman emeritus. We had master property and project management agreements and property and project management mutual exclusivity agreements with Remington Lodging. On August 8, 2018, Ashford Inc. completed the acquisition of Remington Lodging’s project management business, Premier. As a result of Ashford Inc.’s acquisition, the project management services are no longer provided by Remington Lodging and are now provided by Premier, a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services that were previously provided by Remington Lodging are now be provided by Remington Hotels, a subsidiary of Ashford Inc. under the respective hotel management agreement with each customer, including Ashford Trust and Braemar under the Remington Hotels name. Prior to August 8, 2018, we paid Remington Lodging: (a) monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met; (b) project management fees of up to 4% of project costs; (c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees; and (d) other general and administrative expense reimbursements primarily related to accounting services. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred. Between August 8, 2018 and November 5, 2019, we paid Remington Lodging monthly hotel management fees equal to the greater of $14,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services. The following table presents the fees related to our hotel and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands): Year ended December 31, 2019 2018 Hotel management fees, including incentive hotel management fees $ 27,205 $ 30,890 Market service and project management fees — 11,148 Corporate general and administrative 6,014 5,872 Total $ 33,219 $ 47,910 Summary of Transactions In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotels, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Year Ended December 31, 2020 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fee AIM Cash management services $ 995 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 118 — — — — — J&S Audio Visual Audio visual commissions 2,187 — — — 2,187 — Lismore Capital Debt placement and related services 16,570 (4) — 128 4,388 — — Lismore Capital Broker services 170 — — 70 — — OpenKey Mobile key app 118 — — — — — Premier Project management services 6,801 5,727 — — — — Pure Wellness Hypoallergenic premium rooms 967 38 — — — — Remington Hotels Hotel management services (3) 27,443 — — — — 15,835 Year Ended December 31, 2020 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Expenses Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 995 $ — $ — $ — $ 995 $ — Ashford LLC Insurance claims services 118 — 118 — — — J&S Audio Visual Audio visual commissions 2,187 — — — — — Lismore Capital Debt placement and related services 16,570 — — — — 12,054 Lismore Capital Broker services 170 — — — — 100 OpenKey Mobile key app 118 118 — — — — Premier Project management services 6,801 — — 1,074 — — Pure Wellness Hypoallergenic premium rooms 967 929 — — — — Remington Hotels Hotel management services (3) 27,443 11,608 — — — — Year Ended December 31, 2019 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Management Fees AIM Cash management services $ 1,206 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 75 — — — — — Ashford Securities Broker/Dealer 896 — — — — — J&S Audio Visual Audio visual commissions 7,365 — — 7,365 — — J&S Audio Visual Equipment 24 24 — — — — Lismore Capital Debt placement and related services 1,294 — (1,215) — — — Lismore Capital Broker services 427 — — — — — OpenKey Mobile key app 112 3 — — 109 — Premier Project management services 20,004 18,281 — — — — Pure Wellness Hypoallergenic premium rooms 1,021 599 — — 422 — Remington Hotels Hotel management services (3) 9,152 — — — 5,356 3,796 Year Ended December 31, 2019 Company Product or Service Total Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Gain (Loss) on Disposition of Assets and Hotel Properties Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 1,206 $ — $ — $ 1,206 $ — $ — Ashford LLC Insurance claims services 75 75 — — — — Ashford Securities Broker/Dealer 896 — — 896 — — J&S Audio Visual Audio visual commissions 7,365 — — — — — J&S Audio Visual Equipment 24 — — — — — Lismore Capital Debt placement and related services 1,294 — — — — 79 Lismore Capital Broker services 427 — — — 427 — OpenKey Mobile key app 112 — — — — — Premier Project management services 20,004 — 1,723 — — — Pure Wellness Hypoallergenic premium rooms 1,021 — — — — — Remington Hotels Hotel management services (3) 9,152 — — — — — Year Ended December 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,156 $ — $ — $ — $ — $ 1,156 Ashford LLC Insurance claims services 76 — — — — 76 J&S Audio Visual Audio visual commissions 3,569 — — 3,569 — — J&S Audio Visual Equipment 925 925 — — — — Lismore Capital Debt placement and related services 5,094 — (5,094) — — — OpenKey Mobile key app 105 3 — — 102 — Premier Project management services 7,677 7,677 — — — — Pure Wellness Hypoallergenic premium rooms 2,436 2,412 — — 24 — (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs (4) Amount excludes a $506,000 claw back credit due to Ashford Trust. See Lismore Advisory Fee section above. The following table summarizes the amount due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2020 December 31, 2019 Ashford LLC Advisory services $ 9,533 $ 1,133 Ashford LLC Insurance claims services 30 18 AIM Cash management services (111) 82 J&S Audio Visual Audio visual commissions 131 1,009 OpenKey Mobile key app 13 2 Premier Project management services 323 4,028 Pure Wellness Hypoallergenic premium rooms 44 298 Lismore Capital Debt placement and related services 3,420 — $ 13,383 $ 6,570 As of December 31, 2020 and 2019, due from related parties, net included a net receivable from Remington Hotels in the amount of $4.6 million and $1.8 million, respectively, primarily related to advances made by Ashford Trust and accrued base and incentive management fees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 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): Year Ended December 31, Line Item 2020 2019 2018 Other hotel expenses $ 22,658 $ 76,707 $ 72,095 Management Fees —Under hotel management agreements for our hotel properties existing at December 31, 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. Additionally, we pay: (a) project management fees of up to 4% of project costs; (b) market service fees including purchasing, design and construction management not to exceed 16.5% of project management budget cumulatively, including project management fees; and (c) other general fees at current market rates as approved by our independent directors, if required. Prior to August 8, 2018, these fees were paid to Remington Lodging. In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Premier, a subsidiary of Ashford Inc. From and after August 8, 2018, we paid the aforementioned fees to Premier. See note 16. Leases —We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2084, including three ground leases related to our hotel properties. Two of these ground leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. For the year ended December 31, 2018, we recognized rent expense of $4.0 million, which included contingent rent of $837,000. Rent expense is included in “other” hotel expenses in the consolidated statements of operations. On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. The adoption of this standard has resulted in the recognition of operating lease ROU assets and lease liabilities primarily related to our ground lease arrangements. See note 18 for operating lease cost, including variable lease cost associated with the ground leases as well as future minimum lease payments due under non-cancellable leases. Capital Commitments —At December 31, 2020, we had capital commitments of $29.4 million, including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2016 through 2020 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 December 31, 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 December 31, 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 oth er 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, however, the trial judge retired at the end of 2020 without deciding any issues relating to damages. The case has been re-assigned, and the new trial judge has directed the parties to explore another round of mediation. If this effort is unsuccessful, the trial court will likely schedule a hearing on the damages issue. 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 interest and attorneys’ fees. As of December 31, 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 Company’s administrative subpoena requires 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 Lismore 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. In addition, in October 2020, Mr. Monty J. Bennett, chairman of our board of directors, received an administrative subpoena from the SEC requiring testimony and the production of documents and other information substantially similar to the requests in the subpoenas received by the Ashford Companies. The Company and Mr. Monty J. Bennett are responding to the administrative subpoenas. A class action lawsuit has been filed against one of the Company’s hotel management companies alleging violations of certain California employment laws, which class action affects nine hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (1) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous written policy requiring its employees to stay on premises during rest breaks; and (2) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members have until April 4, 2021 to opt out of the class. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because the class size has not yet been determined and there is uncertainty under California law with respect to a significant legal issue, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of December 31, 2020, no amounts have been accrued. We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters, matters relating to compliance with applicable law (for example, the Americans with Disability Act and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do 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, our assessment may change depending upon the development of these legal proceedings, and the final results of these legal proceedings cannot be predicted with certainty. If we do not 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, results of operations, or cash flows could be materially adversely affected in future periods.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases On January 1, 2019, we adopted ASC 842 on a modified retrospective basis. We elected the practical expedients which allowed us to apply the new guidance at its effective date on January 1, 2019 without adjusting the comparative prior period financial statements. The package of practical expedients also allowed us to carry forward the historical lease classification. Additionally, we elected the practical expedients allowing us not to separate lease and non-lease components and not record short-term leases on the balance sheet across all existing asset classes. The adoption of this standard has resulted in the recognition of operating lease ROU assets and lease liabilities primarily related to our ground lease arrangements for which we are the lessee. As of January 1, 2019, we recorded operating lease liabilities of $43.3 million as well as a corresponding operating lease ROU asset of $38.8 million which includes the reclassified intangible assets of $9.0 million, intangible liabilities of $13.0 million and deferred rent of $485,000. The adoption of the standard did not have a material impact on our consolidated statements of operations and statements of cash flows. The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from 1 year to 99 years. The exercise of lease renewal options is at our sole discretion. Some leases have variable payments, however, if variable payments are contingent, they are not included in the ROU assets and liabilities. We have no finance leases as of December 31, 2020. The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment. As of December 31, 2020 and 2019, our leased assets and liabilities consisted of the following (in thousands): December 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets $ 45,008 $ 49,995 Liabilities Operating lease liabilities $ 45,309 $ 53,270 We incurred the following operating lease costs related to our operating leases (in thousands): Classification Year Ended December 31, 2020 Year Ended December 31, 2019 Hotel operating expenses - other (1) $ 4,453 $ 4,323 _______________________________________ (1) For the years ended December 31, 2020 and 2019, operating lease cost includes approximately $495,000 and $501,000, respectively, of variable lease cost associated with the ground leases and $227,000 and $176,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 3,028 $ 3,511 Weighted Average Remaining Lease Term Operating leases (1) 69 years 73 years Weighted Average Discount Rate Operating leases (1) 5.14 % 5.17 % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. Future minimum lease payments due under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Operating Leases 2021 $ 2,974 2022 2,852 2023 2,834 2024 2,833 2025 2,833 Thereafter 172,683 Total future minimum lease payments (1) 187,009 Less: interest 141,700 Present value of lease liabilities $ 45,309 ________ (1) Based on payment amounts as of December 31, 2020. Enhanced Return Funding Program We lease certain assets from Ashford Inc. under the Enhanced Return Funding Program. See note 16.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For U.S. federal income tax purposes, we elected to be treated as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax prior to December 31, 2017) and may not qualify as a REIT for four years that are subsequently taxable. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2020, all of our 103 hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income (loss) of $(142.0) million, $7.3 million and $21.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2020 2019 2018 Income tax (expense) benefit at federal statutory income tax rate of 21% $ 29,811 $ (1,539) $ (4,435) State income tax (expense) benefit, net of U.S. federal income tax benefit 4,014 (475) (698) Permanent differences 415 (310) (128) Provision to return adjustment (228) (325) (230) Gross receipts and margin taxes (347) (923) (950) Interest and penalties (13) 32 (11) Valuation allowance (32,317) 2,322 3,670 Total income tax (expense) benefit $ 1,335 $ (1,218) $ (2,782) The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ 826 $ (48) $ (1,195) State (549) (1,329) (1,452) Total current income tax (expense) benefit 277 (1,377) (2,647) Deferred: Federal 927 126 (39) State 131 33 (96) Total deferred income tax (expense) benefit 1,058 159 (135) Total income tax (expense) benefit $ 1,335 $ (1,218) $ (2,782) For the years ended December 31, 2020, 2019 and 2018 income tax expense includes interest and penalties paid to taxing authorities of $11,000, $56,000 and $11,000, respectively. Additionally, in 2020 we received interest income of $19,000 included in income tax expense. At December 31, 2020 and 2019, we determined that there were no material amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2020 and 2019, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2020 2019 Allowance for doubtful accounts $ 89 $ 150 Unearned income 1,364 2,525 Federal and state net operating losses 30,687 2,458 Capital loss carryforward 7,372 5,436 Accrued expenses 1,263 1,723 Prepaid expenses (121) (4,823) Tax property basis less than book basis (2,600) (3,355) Tax derivatives basis greater than book basis 296 2,281 Other 1,307 194 Deferred tax asset (liability) 39,657 6,589 Valuation allowance (40,029) (7,712) Net deferred tax asset (liability) $ (372) $ (1,123) At December 31, 2020, we had TRS net operating loss carryforwards for U.S. federal income tax purposes of $130.3 million, of which $10.1 million is subject to expiration and will begin to expire in 2021. The remainder was generated after 12/31/2017 and is not subject to expiration under the Tax Cuts and Jobs Act. The loss carryforwards subject to expiration may be available to offset future taxable income, if any, in 2021 through 2027, with the remainder available to offset taxable income beyond 2027. The majority of the net operating loss carryforwards are subject to substantial limitation on their use. At December 31, 2020, Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for U.S. federal income tax purposes of $617.2 million, based on the latest filed tax return, of which $426.1 million will begin to expire in 2023, and are available to offset future taxable income, if any, through 2036. The remainder was generated after December 31, 2017 and is not subject to expiration under the Tax Cuts and Jobs Act. The majority of the net operating loss carryforwards are subject to substantial limitation on their use. At December 31, 2020 and 2019, we maintained a valuation allowance of $40.0 million and $7.7 million, respectively. At December 31, 2020 and 2019, we have reserved certain deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable to our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. All existing leases were extended and terms amended in 2020 to reflect the economic impact of COVID-19. Outside consultants prepared the transfer pricing studies supporting the rents from the leases. Outside consultants will continue to provide transfer pricing studies on any newly acquired properties. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 7,712 $ 10,034 $ 6,232 Additions 32,317 — 4,766 Deductions — (2,322) (964) Balance at end of year $ 40,029 $ 7,712 $ 10,034 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 year ended December 31, 2020, the CARES Act allowed us to record a tax benefit of $858,000 for the 2020 net operating loss at our TRS that will be carried back to prior tax years. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law, and extended several COVID-19 tax related measures passed as part of the “CARES Act.” The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which is the period ended December 31, 2020. The Consolidated Appropriations Act, 2021 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020.

Deferred Costs, net

Deferred Costs, net	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, net	Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2020 2019 Deferred franchise fees $ 3,472 $ 4,811 Accumulated amortization (1,621) (1,914) Deferred costs, net $ 1,851 $ 2,897

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingWe operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics. As of December 31, 2020 and December 31, 2019, all of our hotel properties were domestically located.

Intangible Assets, net and Inta

Intangible Assets, net and Intangible Liabilities, net	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Intangible Liabilities, net	Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2020 2019 2020 2019 Cost $ 797 $ 797 $ 2,723 $ 2,723 Accumulated amortization — — (466) (386) $ 797 $ 797 $ 2,257 $ 2,337 The intangible assets represents the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia. This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, intangible liabilities, net represents below market rate leases where the Company is the lessor. For the years ended December 31, 2020, 2019 and 2018 we recorded $80,000, $81,000, and $82,000 of other revenue related to leases where we are the lessor. Prior to January 1, 2019, the intangible assets and intangible liabilities included the above-market rate leases (liability) and below-market rate leases (asset) that were determined based on the comparison of rent due under the ground lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective ground lease terms with expiration dates ranging from 2024 to 2114. For the year ended December 31, 2018, net amortization related to intangibles resulted in a reduction in lease expense of $155,000 related to leases where we are the lessee. Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2021 $ 80 2022 80 2023 80 2024 36 2025 32 Thereafter 1,949 Total $ 2,257

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S that have RevPAR generally less than twice the national average. During 2020, no geographic area represented greater than 8% of our total hotel revenue. All hotel properties securing our mortgage loans are located domestically at December 31, 2020. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000, U.S. government treasury bill holdings and amounts due or payable under our derivative contracts. At December 31, 2020, we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data): First Second Third Fourth Full 2020 Total revenue $ 281,877 $ 43,065 $ 93,043 $ 90,253 $ 508,238 Total operating expenses 334,936 194,800 217,198 189,991 936,925 Gain (loss) on disposition of assets and hotel properties 3,623 (6) (40,370) 73 (36,680) Operating income (loss) $ (49,436) $ (151,741) $ (164,525) $ (99,665) $ (465,367) Net income (loss) $ (101,920) $ (242,086) $ (151,626) $ (137,590) $ (633,222) Net income (loss) attributable to the Company $ (84,201) $ (204,616) $ (129,281) $ (125,778) $ (543,876) Net income (loss) attributable to common stockholders $ (94,845) $ (215,260) $ (139,925) $ (70,486) $ (520,516) Diluted income (loss) attributable to common stockholders per share $ (9.40) (2) $ (20.85) $ (11.89) $ (2.29) $ (33.00) (1) Weighted average diluted common shares 10,047 (2) 10,312 11,767 30,751 15,756 2019 Total revenue $ 358,718 $ 415,148 $ 374,237 $ 354,656 $ 1,502,759 Total operating expenses 334,966 366,699 347,161 365,330 1,414,156 Gain (loss) on disposition of assets and hotel properties 233 328 2,362 23,203 26,126 Operating income (loss) $ 23,985 $ 48,777 $ 29,438 $ 12,529 $ 114,729 Net income (loss) $ (46,622) $ (21,352) $ (39,086) $ (35,619) $ (142,679) Net income (loss) attributable to the Company $ (38,017) $ (16,282) $ (31,177) $ (28,159) $ (113,635) Net income (loss) attributable to common stockholders $ (48,661) $ (26,926) $ (41,822) $ (38,803) $ (156,212) Diluted income (loss) attributable to common stockholders per share $ (4.94) (2) $ (2.73) (2) $ (4.21) (2) $ (3.90) (2) $ (15.77) (1) (2) Weighted average diluted common shares 9,941 (2) 9,994 (2) 9,997 (2) 9,997 (2) 9,984 (2) _________________ (1) The sum of the diluted income (loss) attributable to common stockholders per share for the four quarters in 2020 and 2019 differs from the annual diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods. (2) Amounts have been revised for the effects of the 1-for-10 reverse stock split. See note 1.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 15, 2021, the Company and Ashford Hospitality Limited Partnership, an indirect subsidiary of the Company entered into a Credit Agreement (the “Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management, L.P. (the “Lenders”) and Oaktree Fund Administration, LLC, as administrative agent (the “Administrative Agent”). The Credit Agreement provides that, subject to the conditions set forth therein, the Lenders will make available to the Borrower a senior secured term loan facility comprising of (a) initial term loans (the “Initial Term Loan”) in an aggregate principal amount of $200 million, (b) initial delayed draw term loans in an aggregate principal amount of up to $150 million (the “Initial DDTL”) and (c) additional delayed draw term loans in an aggregate principal amount of up to $100 million (the “Additional DDTL,” and together with the Initial Term Loan and the Initial DDTL, collectively, the “Loans”), in each case to fund general corporate operations of the Company and its subsidiaries. The Loans under the Credit Agreement will bear interest (a) with respect to the Initial Term Loan and the Initial DDTL, at an annual rate equal to 16% for the first two years, reducing to 14% thereafter and (b) with respect to the Additional DDTL, at an annual rate equal to 18.5% for the first two years, reducing to 16.5% thereafter. Interest payments on the Loans will be due and payable in arrears on the last business day of March, June, September and December of each calendar year and the maturity date. For the first two years following the closing of the Credit Agreement, the Borrower will have the option to pay accrued interest “in kind” by adding such amount of accrued interest to the outstanding principal balance of the Loans (such interest, “PIK Interest”). The initial maturity date of the Credit Agreement (the “Maturity Date”) shall be three years, with two optional one-year extensions subject to satisfaction of certain terms and conditions. The Lenders shall, subject to certain terms, have the ability to make protective advances to the Borrower pursuant to the terms of the Credit Agreement to cure defaults with respect to mortgage and mezzanine-level indebtedness of subsidiaries of the Borrower having principal balances in excess of $400 million. On January 20, 2021, the Company completed the sale of the Le Meridien in Minneapolis, Minnesota for approximately $7.9 million, which was closed as of December 31, 2020. As of December 31, 2020, the carrying value of the building and FF&E was approximately $7.7 million at December 31, 2020. On January 22, 2021, the Company entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA II PN, Ltd., (“YA”), pursuant to which the Company will be able to sell up to 13,718,319 shares of its common stock. As of March 11, 2021, approximately 13.7 million shares of common stock with an aggregate offering price of approximately $40.6 million have been sold under the SEDA. From January 1, 2021 through March 11, 2021, we have issued approximately 2.0 million shares of our common stock for gross proceeds of approximately $4.6 million to Lincoln Park under the Purchase Agreement. From January 1, 2021 through March 11, 2021, Ashford (the “Company”) entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended. During this period, the Company exchanged a total of 23.2 million shares of its common stock, par value $0.01 per share for an aggregate of 3.5 million shares of Preferred Stock. In February 2021 the Company was informed by its lender that the lender is initiating foreclosure proceedings for the foreclosure of the SpringHill Suites Durham and SpringHill Suites Charlotte, which secures the Company’s $19.4 million mortgage loan. As of March 11, 2021, forbearance agreements have been executed on most, but not all of our loans. In the aggregate, 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 $3.6 billion out of approximately $3.7 billion in property level debt outstanding as of December 31, 2020 . See note 7 to our consolidated financial statements. On March 12, 2021, Ashford Trust and Lincoln Park entered into the 2 nd Purchase Agreement, which provides that subject to the terms and conditions set forth therein, the Company may sell to Lincoln Park up to 20,660,880 shares of common stock, from time to time during the term of the 2 nd Purchase Agreement. Upon entering into the 2 nd Purchase Agreement, the Company issued 162,655 shares of common stock as consideration for Lincoln Park’s execution and delivery of the 2 nd Purchase Agreement.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Embassy Suites Austin, TX $ 23,363 $ 1,204 $ 9,388 $ 193 $ 5,597 $ 1,397 $ 14,985 $ 16,382 $ 8,915 08/1998 (1), (2), (3) Embassy Suites Dallas, TX 15,464 1,878 8,907 238 6,114 2,116 15,021 17,137 9,014 12/1998 (1), (2), (3) Embassy Suites Herndon, VA 25,120 1,303 9,836 277 7,260 1,580 17,096 18,676 10,048 12/1998 (1), (2), (3) Embassy Suites Las Vegas, NV 30,282 3,307 16,952 397 12,648 3,704 29,600 33,304 18,235 05/1999 (1), (2), (3) Embassy Suites Flagstaff, AZ 18,400 1,267 4,278 — 2,501 1,267 6,779 8,046 3,598 10/2003 (1), (2), (3) Embassy Suites Houston, TX 17,810 1,799 10,404 — 5,701 1,799 16,105 17,904 7,885 03/2005 (1), (2), (3) Embassy Suites West Palm Beach, FL 19,802 3,277 13,949 — 7,094 3,277 21,043 24,320 10,671 03/2005 (1), (2), (3) Embassy Suites Philadelphia, PA 28,699 5,791 34,819 — 16,374 5,791 51,193 56,984 23,898 12/2006 (1), (2), (3) Embassy Suites Walnut Creek, CA 49,920 7,452 25,334 — 22,509 7,452 47,843 55,295 22,877 12/2006 (1), (2), (3) Embassy Suites Arlington, VA 46,355 36,065 41,588 — 17,395 36,065 58,983 95,048 23,237 04/2007 (1), (2), (3) Embassy Suites Portland, OR 88,435 11,110 60,048 — 6,288 11,110 66,336 77,446 24,857 04/2007 (1), (2), (3) Embassy Suites Santa Clara, CA 67,440 8,948 46,239 — 15,704 8,948 61,943 70,891 25,452 04/2007 (1), (2), (3) Embassy Suites Orlando, FL 22,526 5,674 21,593 — 10,159 5,674 31,752 37,426 14,171 04/2007 (1), (2), (3) Hilton Garden Inn Jacksonville, FL 11,756 1,751 9,164 — 5,397 1,751 14,561 16,312 7,343 11/2003 (1), (2), (3) Hilton Garden Inn Austin, TX 66,788 7,605 48,725 — 3,276 7,605 52,001 59,606 11,341 03/2015 (1), (2), (3) Hilton Garden Inn Baltimore, MD 16,349 4,027 20,199 — 6,103 4,027 26,302 30,329 5,784 03/2015 (1), (2), (3) Hilton Garden Inn Virginia Beach, VA 32,397 4,101 26,329 — 284 4,101 26,613 30,714 4,546 03/2015 (1), (2), (3) Hilton Ft. Worth, TX 62,000 4,538 13,922 1 21,949 4,539 35,871 40,410 16,654 03/2005 (1), (2), (3) Hilton Houston, TX 19,949 2,200 13,247 — 8,140 2,200 21,387 23,587 10,300 03/2005 (1), (2), (3) Hilton St. Petersburg, FL 48,730 2,991 13,907 (1,130) 16,651 1,861 30,558 32,419 16,445 03/2005 (1), (2), (3) Hilton Santa Fe, NM 26,400 7,004 10,689 — 5,773 7,004 16,462 23,466 8,342 12/2006 (1), (2), (3) Hilton Bloomington, MN 46,800 5,685 59,139 — 7,789 5,685 66,928 72,613 26,435 04/2007 (1), (2), (3) Hilton Costa Mesa, CA 65,671 12,917 91,791 — 12,019 12,917 103,810 116,727 39,809 04/2007 (1), (2), (3) Hilton Boston, MA 98,259 62,555 134,407 — 14,094 62,555 148,501 211,056 30,744 03/2015 (1), (2), (3) Hilton Parsippany, NJ 38,377 7,293 58,098 — 3,663 7,293 61,761 69,054 14,445 03/2015 (1), (2), (3) Hilton Tampa, FL 27,662 5,206 21,186 — 12,174 5,206 33,360 38,566 12,167 03/2015 (1), (2), (3) Hilton Alexandria, VA 73,450 14,459 96,602 — 1,137 14,459 97,739 112,198 6,839 06/2018 (1), (2), (3) Hilton Santa Cruz, CA 24,415 9,399 38,129 — (2,710) 9,399 35,419 44,818 2,040 02/2019 (1), (2), (3) Hampton Inn Lawrenceville, GA 5,415 697 3,808 — 2,618 697 6,426 7,123 3,326 11/2003 (1), (2), (3) Hampton Inn Evansville, IN 11,118 1,301 5,034 — 1,167 1,301 6,201 7,502 2,718 09/2004 (1), (2), (3) Hampton Inn Parsippany, NJ 18,790 3,268 24,306 — 1,861 3,268 26,167 29,435 5,492 03/2015 (1), (2), (3) Hampton Inn Buford, GA 8,623 1,168 5,338 — 4,356 1,168 9,694 10,862 3,942 07/2004 (1), (2), (3) Marriott Beverly Hills, CA 123,120 6,510 22,061 — 19,063 6,510 41,124 47,634 23,582 03/2005 (1), (2), (3) Marriott Durham, NC 26,800 1,794 25,056 — 17,931 1,794 42,987 44,781 19,030 02/2006 (1), (2), (3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Marriott Arlington, VA 84,544 20,637 101,376 — 53,066 20,637 154,442 175,079 73,558 07/2006 (1), (2), (3) Marriott Bridgewater, NJ 71,200 5,059 89,268 — 21,095 5,059 110,363 115,422 37,655 04/2007 (1), (2), (3) Marriott Dallas, TX 30,400 2,701 30,893 — 11,512 2,701 42,405 45,106 19,085 04/2007 (1), (2), (3) Marriott Fremont, CA 58,402 5,800 44,200 — 5,477 5,800 49,677 55,477 8,746 08/2014 (1), (2), (3) Marriott Memphis, TN 27,041 6,210 37,284 — (2,890) 6,210 34,394 40,604 5,975 02/2015 (1), (2), (3) Marriott Irving, TX 67,185 8,330 82,272 — 33,552 8,330 115,824 124,154 26,749 03/2015 (1), (2), (3) Marriott Omaha, NE 15,974 6,641 49,887 — 12,177 6,641 62,064 68,705 16,963 03/2015 (1), (2), (3) Marriott Sugarland, TX 62,799 9,047 84,043 — (519) 9,047 83,524 92,571 13,629 03/2015 (1), (2), (3) SpringHill Suites by Marriott Baltimore, MD 13,600 2,502 13,206 — 2,773 2,502 15,979 18,481 7,436 05/2004 (1), (2), (3) SpringHill Suites by Marriott Kennesaw, GA 6,598 1,106 5,021 — 3,536 1,106 8,557 9,663 4,190 07/2004 (1), (2), (3) SpringHill Suites by Marriott Buford, GA 9,504 1,132 6,089 — 820 1,132 6,909 8,041 2,953 07/2004 (1), (2), (3) SpringHill Suites by Marriott Charlotte, NC 12,729 1,235 6,818 — 760 1,235 7,578 8,813 3,027 06/2005 (1), (2), (3) SpringHill Suites by Marriott Durham, NC 6,640 1,090 3,991 — 1,114 1,090 5,105 6,195 2,122 06/2005 (1), (2), (3) SpringHill Suites by Marriott Manhattan Beach, CA 28,560 5,726 21,187 — 1,142 5,726 22,329 28,055 8,039 04/2007 (1), (2), (3) SpringHill Suites by Marriott Plymouth Meeting, PA 20,800 3,210 24,578 — 1,509 3,210 26,087 29,297 9,352 04/2007 (1), (2), (3) Fairfield Inn by Marriott Kennesaw, GA 5,176 840 4,359 — 2,537 840 6,896 7,736 2,743 07/2004 (1), (2), (3) Courtyard by Marriott Bloomington, IN 14,248 900 10,741 — 2,891 900 13,632 14,532 6,572 09/2004 (1), (2), (3) Courtyard by Marriott - Tremont Boston, MA 103,270 24,494 85,246 — 7,442 24,494 92,688 117,182 19,950 03/2015 (1), (2), (3) Courtyard by Marriott Columbus, IN 8,160 673 4,804 — 3,214 673 8,018 8,691 4,388 09/2004 (1), (2), (3) Courtyard by Marriott Denver, CO 33,643 9,342 29,656 — 3,582 9,342 33,238 42,580 7,690 03/2015 (1), (2), (3) Courtyard by Marriott Gaithersburg, MD 28,808 5,128 30,522 — 4,503 5,128 35,025 40,153 7,607 03/2015 (1), (2), (3) Courtyard by Marriott Crystal City, VA 42,538 5,411 38,610 — 13,935 5,411 52,545 57,956 23,313 06/2005 (1), (2), (3) Courtyard by Marriott Overland Park, KS 8,762 1,868 14,030 — 2,865 1,868 16,895 18,763 7,479 06/2005 (1), (2), (3) Courtyard by Marriott Foothill Ranch, CA 21,735 2,447 16,005 — 2,539 2,447 18,544 20,991 8,028 06/2005 (1), (2), (3) Courtyard by Marriott Alpharetta, GA 19,665 2,244 12,345 — 1,811 2,244 14,156 16,400 6,077 06/2005 (1), (2), (3) Courtyard by Marriott Oakland, CA 28,240 5,112 19,429 — 2,621 5,112 22,050 27,162 8,458 04/2007 (1), (2), (3) Courtyard by Marriott Scottsdale, AZ 23,600 3,700 22,134 — 2,625 3,700 24,759 28,459 9,160 04/2007 (1), (2), (3) Courtyard by Marriott Plano, TX 18,160 2,115 22,360 — 1,116 2,115 23,476 25,591 8,454 04/2007 (1), (2), (3) Courtyard by Marriott Newark, CA 34,960 2,863 10,723 — 1,545 2,863 12,268 15,131 4,680 04/2007 (1), (2), (3) Courtyard by Marriott Manchester, CT 6,260 1,301 7,430 — 1,271 1,301 8,701 10,002 3,508 04/2007 (1), (2), (3) Courtyard by Marriott Basking Ridge, NJ 41,600 5,419 45,304 — 6,304 5,419 51,608 57,027 20,594 04/2007 (1), (2), (3) Marriott Residence Inn Evansville, IN 7,830 961 5,972 (1) 1,346 960 7,318 8,278 3,385 09/2004 (1), (2), (3) Marriott Residence Inn Orlando, FL 25,595 6,554 40,539 — 19,850 6,554 60,389 66,943 26,501 06/2005 (1), (2), (3) Marriott Residence Inn Falls Church, VA 26,151 2,752 34,979 — 5,275 2,752 40,254 43,006 16,974 06/2005 (1), (2), (3) Marriott Residence Inn San Diego, CA 29,281 3,156 29,514 — 3,390 3,156 32,904 36,060 14,044 06/2005 (1), (2), (3) Marriott Residence Inn Salt Lake City, UT 15,741 1,897 16,357 — 3,229 1,897 19,586 21,483 8,393 06/2005 (1), (2), (3) Marriott Residence Inn Las Vegas, NV 38,160 18,177 39,568 (6,184) (15,886) 11,993 23,682 35,675 5,788 04/2007 (1), (2), (3), (4) Marriott Residence Inn Phoenix, AZ 23,680 4,100 23,187 — 2,563 4,100 25,750 29,850 9,824 04/2007 (1), (2), (3) Marriott Residence Inn Plano, TX 14,160 2,045 16,869 — 2,043 2,045 18,912 20,957 7,393 04/2007 (1), (2), (3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Marriott Residence Inn Newark, CA 37,760 3,272 11,706 — 2,303 3,272 14,009 17,281 5,491 04/2007 (1), (2), (3) Marriott Residence Inn Manchester, CT 6,706 1,462 8,306 — 2,403 1,462 10,709 12,171 4,715 04/2007 (1), (2), (3) Marriott Residence Inn Jacksonville, FL 9,786 1,997 16,084 — 10,064 1,997 26,148 28,145 10,973 05/2007 (1), (2), (3) Tribute Portfolio Santa Fe, NM 25,000 8,094 42,058 — 1,003 8,094 43,061 51,155 2,924 10/2018 (1), (2), (3) TownePlace Suites by Marriott Manhattan Beach, CA 23,680 4,805 17,543 — 3,681 4,805 21,224 26,029 8,750 04/2007 (1), (2), (3) Ritz-Carlton Atlanta, GA 98,685 2,477 80,139 — 31,059 2,477 111,198 113,675 28,341 03/2015 (1), (2), (3) One Ocean Atlantic Beach, FL 57,600 5,815 14,817 — 27,277 5,815 42,094 47,909 27,623 04/2004 (1), (2), (3) Renaissance Nashville, TN 207,000 20,671 158,260 — 32,841 20,671 191,101 211,772 40,910 03/2015 (1), (2), (3) Renaissance Palm Springs, CA 51,934 — 74,112 — 15,279 — 89,391 89,391 22,634 03/2015 (1), (2), (3) Sheraton Hotel Ann Arbor, MI 34,200 4,158 35,042 — 6,916 4,158 41,958 46,116 7,567 06/2015 (1), (2), (3) Sheraton Hotel Langhorne, PA 12,880 2,037 12,424 — 6,474 2,037 18,898 20,935 9,155 07/2004 (1), (2), (3) Sheraton Hotel Minneapolis, MN 20,933 2,953 14,280 — 4,838 2,953 19,118 22,071 9,356 03/2005 (1), (2), (3) Sheraton Hotel Indianapolis, IN 59,278 3,100 22,041 — 19,200 3,100 41,241 44,341 21,626 03/2005 (1), (2), (3) Sheraton Hotel Anchorage, AK 26,331 4,023 39,363 — 19,738 4,023 59,101 63,124 26,516 12/2006 (1), (2), (3) Sheraton Hotel San Diego, CA 36,160 7,294 36,382 — 5,912 7,294 42,294 49,588 17,289 12/2006 (1), (2), (3) Hyatt Regency Coral Gables, FL 63,200 4,805 50,820 — 25,649 4,805 76,469 81,274 31,737 04/2007 (1), (2), (3) Hyatt Regency Hauppauge, NY 36,383 6,284 35,669 — (513) 6,284 35,156 41,440 8,478 03/2015 (1), (2), (3) Hyatt Regency Savannah, GA 69,776 14,041 72,721 — 12,709 14,041 85,430 99,471 20,143 03/2015 (1), (2), (3) Crown Plaza Key West, FL 64,982 — 27,514 — 10,439 — 37,953 37,953 18,907 03/2005 (1), (2), (3) Annapolis Historic Inn Annapolis, MD 18,658 3,028 7,833 — 5,251 3,028 13,084 16,112 6,862 03/2005 (1), (2), (3) Lakeway Resort & Spa Austin, TX 19,527 4,541 28,940 — 2,377 4,541 31,317 35,858 8,535 02/2015 (1), (2), (3) Silversmith Chicago, IL 27,961 4,782 22,398 — (1,778) 4,782 20,620 25,402 4,284 03/2015 (1), (2), (3) The Churchill Washington, DC 41,443 25,898 32,304 — 11,833 25,898 44,137 70,035 12,695 03/2015 (1), (2), (3) The Melrose Washington, DC 76,057 29,277 62,507 — (349) 29,277 62,158 91,435 10,498 03/2015 (1), (2), (3) Le Pavillon New Orleans, LA 37,000 10,933 51,549 (2,601) 11,994 8,332 63,543 71,875 15,091 06/2015 (1), (2), (3) The Ashton Ft. Worth, TX 8,881 800 7,187 — 809 800 7,996 8,796 1,816 07/2014 (1), (2), (3) Westin Princeton, NJ 33,000 6,475 52,195 — 7,715 6,475 59,910 66,385 13,225 03/2015 (1), (2), (3) W Atlanta, GA 48,800 2,353 54,383 — 4,495 2,353 58,878 61,231 10,965 07/2015 (1), (2), (3) Le Meridien Minneapolis, MN — 2,752 12,248 (1,325) (4,947) 1,427 7,301 8,728 1,064 07/2015 (1), (2), (3), (4) Atlanta Hotel Indigo Atlanta, GA 16,100 3,230 23,713 — 4,579 3,230 28,292 31,522 5,476 10/2015 (1), (2), (3) WorldQuest Orlando, FL — 1,432 9,870 (40) 1,781 1,392 11,651 13,043 3,313 03/2011 (1), (2), (3) Total $ 3,711,585 $ 642,258 $ 3,359,676 $ (10,175) $ 806,846 $ 632,083 $ 4,166,522 $ 4,798,605 $ 1,371,623 _________________________ (1) Estimated useful life for buildings is 39 years. (2) Estimated useful life for building improvements is 7.5 years. (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. Year Ended December 31, 2020 2019 2018 Investment in Real Estate: Beginning balance $ 5,444,259 $ 5,287,463 $ 5,064,294 Additions 35,712 409,603 374,223 Impairment/write-offs (254,475) (136,658) (125,964) Sales/disposals (426,891) (116,149) (25,090) Ending balance $ 4,798,605 $ 5,444,259 $ 5,287,463 Accumulated Depreciation: Beginning balance 1,335,816 1,182,244 1,028,379 Depreciation expense 252,873 269,664 258,441 Impairment/write-offs (162,754) (103,038) (102,410) Sales/disposals (54,312) (13,054) (2,166) Ending balance $ 1,371,623 $ 1,335,816 $ 1,182,244 Investment in Real Estate, net $ 3,426,982 $ 4,108,443 $ 4,105,219

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Recently Adopted Accounting Standards —In June 2016, the 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 will 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. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be
Use of Estimates	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approxim ately 4% to 6% of property
Marketable Securities	Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities.” Net investment income, including interest income, dividends, and realized gains and losses, is reported as a component of “other income (expense)” in the consolidated statements of operations. Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories	Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net	Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized.
Impairment of Investments in Hotel Properties and Hotel Dispositions	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $91.7 million, $33.6 million and $23.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. See note 5. Hotel Dispositions —D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 .
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entity —As of December 31, 2020, we held a 17.5% ownership interest in OpenKey, which is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investment in our unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in “equity in earnings (loss) of unconsolidated
Notes Receivable, net	Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable	Impairment of Notes Receivable—We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Under the model, the Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions.
Leases	Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. As of January 1, 2019, we recorded operating lease liabilities as well as a corresponding operating lease ROU asset which includes deferred rent and the reclassified intangible assets and intangible liabilities associated with above/below market-rate leases where we are the lessee.
Intangible Assets and Liabilities	Intangible Assets and Liabilities —Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 21.
Deferred Costs, net	Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 20.
Derivative Instruments and Hedging	Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floor, and flooridors. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master-netting settlement arrangements and the credit default swaps are subject to credit support
Due to/from Related Parties	Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc.	Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Unfavorable Management Contract Liabilities	Unfavorable Management Contract Liabilities—Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions.
Noncontrolling Interests	Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2020 and 2019, and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition	Revenue Recognition —Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses	Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2020, 2019 and 2018, we incurred advertising costs of $4.3 million, $10.4 million and $8.5 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted in recording expense, included in “advisory services fee” and “management fees,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and Performance Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization	Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements is based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes	Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 19 . The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In June 2016, the 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 will 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. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 SpringHill Suites Glen Allen Glen Allen, VA Disposition February 20, 2018 SpringHill Suites Centreville Centreville, VA Disposition May 1, 2018 Residence Inn Tampa Tampa, FL Disposition May 10, 2018 Hilton Alexandria Old Town Alexandria, VA Acquisition June 29, 2018 La Posada de Santa Fe Santa Fe, NM Acquisition October 31, 2018 Embassy Suites New York Manhattan Times Square New York, NY Acquisition January 22, 2019 Hilton Santa Cruz/Scotts Valley Santa Cruz, CA Acquisition February 26, 2019 San Antonio Marriott San Antonio, TX Disposition August 2, 2019 Hilton Garden Inn Wisconsin Dells Wisconsin Dells, WI Disposition August 6, 2019 Courtyard Savannah Savannah, GA Disposition August 14, 2019 SpringHill Suites Jacksonville Jacksonville, FL Disposition December 3, 2019 Crowne Plaza Annapolis Annapolis, MD Disposition March 9, 2020 Columbus Hampton Inn Easton Columbus, OH Disposition August 19, 2020 Stillwater Residence Inn Stillwater, OK Disposition August 19, 2020 Washington Hampton Inn Pittsburgh Meadow Lands Pittsburgh, PA Disposition August 19, 2020 Phoenix Hampton Inn Airport North Phoenix, AZ Disposition August 19, 2020 Pittsburgh Hampton Inn Waterfront West Homestead Pittsburgh, PA Disposition August 19, 2020 Wichita Courtyard by Marriott Old Town Wichita, KS Disposition August 19, 2020 Canonsburg Homewood Suites Pittsburgh Southpointe Pittsburgh, PA Disposition August 19, 2020 Billerica Courtyard by Marriott Boston Boston, MA Disposition August 19, 2020 Embassy Suites New York Manhattan Times Square New York, NY Disposition August 19, 2020 W Minneapolis, MN Minneapolis, MN Disposition September 15, 2020 Courtyard Louisville Louisville, KY Disposition September 21, 2020 Courtyard Ft. Lauderdale Ft. Lauderdale, FL Disposition September 21, 2020 Residence Inn Lake Buena Vista Lake Buena Vista, FL Disposition September 21, 2020

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 28,047 $ 5,513 $ 3,096 $ — $ 36,656 Boston, MA Area 2 9,645 896 2,441 — 12,982 Dallas / Ft. Worth Area 7 22,491 4,896 2,025 — 29,412 Houston, TX Area 3 11,418 2,854 394 — 14,666 Los Angeles, CA Metro Area 6 34,182 4,461 2,721 — 41,364 Miami, FL Metro Area 2 8,643 2,509 302 — 11,454 Minneapolis - St. Paul, MN - WI Area 3 4,417 996 277 — 5,690 Nashville, TN Area 1 12,105 5,591 2,239 — 19,935 New York / New Jersey Metro Area 6 20,130 4,254 1,517 — 25,901 Orlando, FL Area 2 8,415 532 952 — 9,899 Philadelphia, PA Area 3 9,888 1,426 352 — 11,666 San Diego, CA Area 2 6,998 322 665 — 7,985 San Francisco - Oakland, CA Metro Area 7 33,888 2,299 1,568 — 37,755 Tampa, FL Area 2 11,325 2,449 906 — 14,680 Washington D.C. - MD - VA Area 9 31,446 4,737 3,242 — 39,425 Other Areas 39 130,311 16,320 12,763 — 159,394 Orlando WorldQuest — 1,571 24 547 — 2,142 Disposed properties 14 22,572 1,078 1,849 — 25,499 Corporate — — — — 1,733 1,733 Total 117 $ 407,492 $ 61,157 $ 37,856 $ 1,733 $ 508,238 Year Ended December 31, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 72,572 $ 18,878 $ 4,650 $ — $ 96,100 Boston, MA Area 2 54,276 7,072 3,605 — 64,953 Dallas / Ft. Worth Area 7 59,926 15,814 3,486 — 79,226 Houston, TX Area 3 26,038 9,208 809 — 36,055 Los Angeles, CA Metro Area 6 78,689 16,117 5,237 — 100,043 Miami, FL Metro Area 2 21,356 8,578 797 — 30,731 Minneapolis - St. Paul, MN - WI Area 3 19,980 5,973 814 — 26,767 Nashville, TN Area 1 51,628 22,356 2,356 — 76,340 New York / New Jersey Metro Area 6 74,075 23,601 2,847 — 100,523 Orlando, FL Area 2 22,891 1,836 1,287 — 26,014 Philadelphia, PA Area 3 24,469 3,903 723 — 29,095 San Diego, CA Area 2 17,838 1,395 1,015 — 20,248 San Francisco - Oakland, CA Metro Area 7 91,081 9,628 2,627 — 103,336 Tampa, FL Area 2 25,187 7,858 1,112 — 34,157 Washington D.C. - MD - VA Area 9 124,056 26,231 8,333 — 158,620 Other Areas 39 306,637 57,170 22,881 — 386,688 Orlando WorldQuest — 4,066 102 1,333 — 5,501 Disposed properties 18 110,222 8,197 5,741 — 124,160 Corporate — — — — 4,202 4,202 Total 121 $ 1,184,987 $ 243,917 $ 69,653 $ 4,202 $ 1,502,759 Year Ended December 31, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 66,688 $ 17,060 $ 5,217 $ — $ 88,965 Boston, MA Area 2 52,508 6,609 3,378 — 62,495 Dallas / Ft. Worth Area 7 61,910 16,746 3,602 — 82,258 Houston, TX Area 3 26,783 9,214 854 — 36,851 Los Angeles, CA Metro Area 6 77,976 15,645 4,702 — 98,323 Miami, FL Metro Area 2 21,652 8,283 849 — 30,784 Minneapolis - St. Paul, MN - WI Area 3 22,071 7,219 949 — 30,239 Nashville, TN Area 1 50,120 13,116 1,782 — 65,018 New York / New Jersey Metro Area 5 74,441 23,029 2,899 — 100,369 Orlando, FL Area 2 20,393 1,518 830 — 22,741 Philadelphia, PA Area 3 24,385 4,534 869 — 29,788 San Diego, CA Area 2 18,392 1,075 971 — 20,438 San Francisco - Oakland, CA Metro Area 7 81,368 7,726 2,562 — 91,656 Tampa, FL Area 2 22,896 6,459 1,542 — 30,897 Washington D.C. - MD - VA Area 9 113,902 23,673 6,695 — 144,270 Other Areas 38 293,283 53,752 22,470 — 369,505 Orlando WorldQuest — 4,429 130 1,188 — 5,747 Disposed properties 21 101,490 8,523 6,423 — 116,436 Corporate — — — — 4,009 4,009 Total 122 $ 1,134,687 $ 224,311 $ 67,782 $ 4,009 $ 1,430,789

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): December 31, 2020 December 31, 2019 Land $ 630,690 $ 769,381 Buildings and improvements 3,751,588 4,129,884 Furniture, fixtures and equipment 388,428 503,156 Construction in progress 16,192 29,745 Condominium properties 11,707 12,093 Total cost 4,798,605 5,444,259 Accumulated depreciation (1,371,623) (1,335,816) Investments in hotel properties, net $ 3,426,982 $ 4,108,443

Hotel Dispositions and Impair_2

Hotel Dispositions and Impairment Charges (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The following table includes condensed financial information from these hotel properties in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Total hotel revenue $ 25,499 $ 124,160 $ 116,436 Total hotel operating expenses (20,916) (77,685) (72,047) Gain (loss) on disposition of assets and hotel properties (36,680) 6,042 475 Property taxes, insurance and other (6,406) (11,272) (8,939) Depreciation and amortization (12,426) (23,577) (23,481) Impairment charges (85,144) (33,628) (23,599) Operating income (loss) (136,073) (15,960) (11,155) Interest income 9 55 57 Interest expense and amortization of premiums and loan costs (21,502) (26,690) (19,609) Write-off of premiums, loan costs and exit fees (21) (524) (98) Gain (loss) on extinguishment of debt 90,349 — — Income (loss) before income taxes (67,238) (43,119) (30,805) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 9,913 5,215 3,534 Net income (loss) before income taxes attributable to the Company $ (57,325) $ (37,904) $ (27,271)
Schedule of Hotel Fair Value as a Result of Impairment Charges	The following table presents our hotel property 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 December 31, 2020, and the related impairment charge recorded (in thousands): Fair Value as of December 31, 2020 Year Ended December 31, 2020 Level 1 Level 2 Level 3 Total Impairment Charges Le Meridien Minneapolis $ — $ — $ 7,663 $ 7,663 $ 6,577

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2020 December 31, 2019 Carrying value of the investment in OpenKey (in thousands) $ 2,811 $ 2,829 Ownership interest in OpenKey 17.5 % 17.0 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Equity in earnings (loss) of unconsolidated entities $ (448) $ (411) $ (592)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): December 31, 2020 December 31, 2019 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (4) 1 hotel June 2020 LIBOR (3) + 5.10% n/a $ — $ — $ 43,750 $ 60,191 Mortgage loan (5) 8 hotels July 2020 LIBOR (3) + 4.33% n/a — — 144,000 168,054 Mortgage loan (6) 2 hotels March 2021 LIBOR (3) + 2.75% n/a 240,000 224,022 240,000 235,705 Mortgage loan (7) 19 hotels April 2021 LIBOR (3) + 3.20% n/a 914,281 1,020,462 907,030 1,077,936 Mortgage loan (8) 7 hotels June 2021 LIBOR (3) + 3.65% n/a 180,720 125,266 180,720 131,102 Mortgage loan (8) 7 hotels June 2021 LIBOR (3) + 3.39% n/a 174,400 124,613 174,400 131,420 Mortgage loan (9) 5 hotels June 2021 LIBOR (3) + 3.73% n/a 221,040 163,550 221,040 175,875 Mortgage loan (10) 5 hotels June 2021 LIBOR (3) + 4.02% n/a 262,640 94,111 262,640 105,702 Mortgage loan (10) 5 hotels June 2021 LIBOR (3) + 3.68% n/a 215,120 190,650 215,120 198,059 Mortgage loan (11) 5 hotels June 2021 LIBOR (3) + 2.73% n/a 160,000 178,377 160,000 185,854 Mortgage loan (12) 1 hotel November 2021 6.26% n/a 84,544 101,521 91,542 112,767 Mortgage loan (13)(14) 17 hotels November 2021 LIBOR (3) + 3.00% 4.00% 419,000 238,886 419,000 263,998 Mortgage loan (15) 1 hotel November 2021 LIBOR (3) + 2.55% n/a 25,000 48,231 25,000 49,748 Mortgage loan (5) 1 hotel February 2022 LIBOR (3) + 3.90% n/a — — 145,000 189,982 Mortgage loan (13)(16) 8 hotels February 2022 LIBOR (3) + 2.92% 5.00% 395,000 311,023 395,000 331,686 Mortgage loan (17) 1 hotel July 2022 LIBOR (3) + 3.95% n/a 34,200 38,549 35,200 38,383 Mortgage loan (18) 1 hotel November 2022 LIBOR (3) + 2.00% n/a 98,259 180,312 97,000 186,400 Mortgage loan (19) 1 hotel December 2022 LIBOR (3) + 2.25% n/a 16,100 26,046 16,100 27,498 Mortgage loan (4) (20) 1 hotel January 2023 LIBOR (3) + 3.40% n/a 37,000 56,784 — — Mortgage loan (5) 1 hotel May 2023 5.46% n/a — — 51,843 83,824 Mortgage loan (21) 1 hotel June 2023 LIBOR (3) + 2.45% n/a 73,450 105,359 73,450 107,212 Mortgage loan (22) 1 hotel January 2024 5.49% n/a 6,706 7,456 6,759 8,112 Mortgage loan (22) 1 hotel January 2024 5.49% n/a 9,786 17,172 9,865 19,166 Mortgage loan (13) 1 hotel May 2024 4.99% 5.00% 6,260 6,494 6,292 6,896 Mortgage loan (23) 1 hotel June 2024 LIBOR (3) + 2.00% n/a 8,881 6,980 8,881 7,416 Mortgage loan (5) 3 hotels August 2024 5.20% n/a — — 64,207 48,560 Mortgage loan (24) 2 hotels August 2024 4.85% n/a 11,774 10,466 11,845 11,727 Mortgage loan (24) 3 hotels August 2024 4.90% n/a 23,542 15,805 23,683 17,348 Mortgage loan (13) 2 hotels February 2025 4.45% 4.00% 19,369 9,859 19,438 10,314 Mortgage loan (13) 3 hotels February 2025 4.45% 4.00% 50,098 64,816 50,279 70,318 Mortgage loan (25) 1 hotel March 2025 4.66% n/a 24,415 42,778 24,919 43,577 3,711,585 $ 3,409,588 4,124,003 $ 4,104,830 Premiums (discounts), net (288) 655 Capitalized default interest and late charges 27,444 — Deferred loan costs, net (9,830) (18,140) Indebtedness, net $ 3,728,911 $ 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 December 31, 2020. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.144% and 1.763% at December 31, 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) During 2020, we disposed of the properties securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5. (6) Effective August 5, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. (7) 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, monthly FF&E escrow deposits were waived through November 2020, and monthly tax deposits were waived until July 2021. In conjunction with the forbearance agreement, deferred interest payments of $6.1 million are capitalized into the principal balance 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. (8) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with three one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (9) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, and an extension option for the mezzanine debt to June 2021. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period with any remaining balance due at maturity. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (10) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with two one-month extension options for the mezzanine debt subject to the satisfaction of certain conditions. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (11) Effective September 30, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months. Deferred interest is to be repaid in monthly installments and fully repaid by June 2021 following the deferral period. Lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in June 2020. (12) Effective November 1, 2020, we executed a loan modification agreement for this mortgage loan. Terms of the amendment required a $5.0 million principal paydown, the loan maturity was extended one year, monthly FF&E escrow deposits were waived from October 2020 through March 2021, and lender-held FF&E reserve funds were made available to fund property-level operating shortfalls through March 2021 and debt service payments from November 2020 through February 2021. This mortgage loan has no extension options. (13) As of December 31, 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. (14) Effective February 9, 2021, we executed an agreement regarding existing default and extension options for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived through December 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in November 2020. (15) 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. The first one-year extension option began in November 2020. This mortgage loan has a LIBOR floor of 1.25%. (16) Effective January 19, 2021, we executed a loan modification and reinstatement agreement for this mortgage loan. In connection with the agreement, monthly FF&E escrow deposits were waived from April 2020 through December 2020, and monthly tax escrow deposits were waived from April 2020 through June 2020. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in February 2021. (17) Effective August 3, 2020, we executed a loan amendment for this mortgage loan. Terms of the amendment required a $1.0 million principal paydown. The amended mortgage loan has a two-year initial term and one one-year extension options, subject to satisfaction of certain conditions, is interest only and bears interest at a rate of LIBOR + 3.95%, and has a LIBOR floor of 0.25% . (18) Effective October 2, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, with deferred interest due in twelve monthly installments beginning January 2021, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. (19) 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. This mortgage has a LIBOR floor of 0.25%. (20) 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 debt service or property-level operating expenses, and monthly FF&E escrow deposits were waived from April 2020 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. (21) 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. (22) Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits for six months, with deferred payments due in nine monthly installments beginning January 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020. (23) 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, which was exercised on September 24, 2020. All deferred interest is due at maturity. (24) Effective December 31, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of principal and interest payments and FF&E escrow deposits from June 2020 through December 2020, with deferred payments due in six monthly installments beginning July 2021, lender-held reserves were made available to fund monthly tax escrow deposits, and monthly insurance and PIP escrow deposits were waived through December 2020.
Interest Income and Interest Expense Disclosure	We recognized net premium amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Interest expense and amortization of premium and loan costs $ 154 $ 232 $ 277
Schedule of maturities and schedule amortizations	Maturities and scheduled amortizations of indebtedness as of December 31, 2020 for each of the five following years and thereafter are as follows (in thousands): 2021 $ 2,902,783 2022 544,681 2023 113,996 2024 65,157 2025 84,968 Thereafter — Total $ 3,711,585

Notes Receivable, net and Oth_2

Notes Receivable, net and Other (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Notes Receivable and Other	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2020 December 31, 2019 Construction Financing Note (1) (5) Face amount 7.0 % $ 4,000 $ 4,000 Discount (2) (143) (402) 3,857 3,598 Certificate of Occupancy Note (3) (5) Face amount 7.0 % $ 5,250 $ 5,250 Discount (4) (844) (1,139) 4,406 4,111 Note receivable, net $ 8,263 $ 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 December 31, 2020 December 31, 2019 Future ownership rights of parking parcel 7.0 % $ 4,100 $ 4,100 Imputed interest 372 72 4,472 (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 % $ 231 $ 462 Total $ 4,703 $ 4,751 ____________________________________ (1) Included in “other assets” in the consolidated balance sheets. (2) Payments commenced in July when the parking parcel development began.

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2020 2019 2018 Interest rate caps: Notional amount (in thousands) $ 457,000 (1) $ 1,051,050 (1) $ 3,614,618 (1) Strike rate low end of range 3.00 % 1.50 % 1.50 % Strike rate high end of range 4.00 % 4.88 % 5.71 % Effective date range January 2020 - September 2020 January 2019 - November 2019 January 2018 - November 2018 Termination date range February 2021 - February 2022 June 2020 - February 2022 January 2019 - November 2020 Total cost (in thousands) $ 83 $ 1,112 $ 3,143 Interest rate floors: Notional amount (in thousands) $ — $ 6,000,000 (1) $ 12,025,000 (1) Strike rate low end of range 1.63 % 1.25 % Strike rate high end of range 1.63 % 2.00 % Effective date range January 2019 July 2018 - November 2018 Termination date range March 2020 September 2019 - November 2021 Total cost (in thousands) $ — $ 225 $ 432 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: December 31, 2020 December 31, 2019 Interest rate caps: Notional amount (in thousands) $ 842,000 (1) $ 3,799,740 (1) Strike rate low end of range 3.00 % 1.50 % Strike rate high end of range 4.00 % 5.22 % Termination date range February 2021 - February 2022 February 2020 - February 2022 Aggregate principle balance on corresponding mortgage loans (in thousands) $ 697,000 $ 3,666,331 Interest rate floors: (2) Notional amount (in thousands) $ 25,000 (1) $ 12,025,000 (1) Strike rate low end of range 1.25 % (0.25) % Strike rate high end of range 1.25 % 1.63 % Termination date range 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)	12 Months Ended
	Dec. 31, 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 December 31, 2020: Assets Derivative assets: Interest rate derivatives - floors $ — $ 263 $ — $ — $ 263 (2) Total $ — $ 263 $ — $ — $ 263 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. 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): Gain (Loss) Recognized in Income Year Ended December 31, 2020 2019 2018 Assets Derivative assets: Interest rate derivatives - floors $ 601 $ (438) $ (488) Interest rate derivatives - caps (130) (1,666) (2,678) Credit default swaps 407 (4) (2,098) (4) 703 (4) 878 (4,202) (2,463) Non-derivative assets: Equity 801 1,980 (924) Total 1,679 (2,222) (3,387) Liabilities Derivative liabilities: Credit default swaps — (4) (1,092) (4) 285 (4) Net $ 1,679 $ (3,314) $ (3,102) Total combined Interest rate derivatives - floors $ 10,106 $ 362 $ (488) Interest rate derivatives - caps (130) (1,666) (2,678) Credit default swaps 9,974 (3,190) 988 Unrealized gain (loss) on derivatives 19,950 (1) (4,494) (1) (2,178) (1) Realized gain (loss) on credit default swaps (9,567) (2) (4) — (2) (4) — (2) (4) Realized gain (loss) on interest rate floors (9,505) (2) (800) (2) — (2) Unrealized gain (loss) on marketable securities (1,467) (3) 1,896 (3) (1,013) (3) Realized gain (loss) on marketable securities 2,268 (2) 84 (2) 89 (2) Net $ 1,679 $ (3,314) $ (3,102) ____________________________________ (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 $811, $1,077 and $1,045 for the years ended December 31, 2020, 2019 and 2018, respectively, included in “other income (expense)” associated with credit default swaps.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	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): Gain (Loss) Recognized in Income Year Ended December 31, 2020 2019 2018 Assets Derivative assets: Interest rate derivatives - floors $ 601 $ (438) $ (488) Interest rate derivatives - caps (130) (1,666) (2,678) Credit default swaps 407 (4) (2,098) (4) 703 (4) 878 (4,202) (2,463) Non-derivative assets: Equity 801 1,980 (924) Total 1,679 (2,222) (3,387) Liabilities Derivative liabilities: Credit default swaps — (4) (1,092) (4) 285 (4) Net $ 1,679 $ (3,314) $ (3,102) Total combined Interest rate derivatives - floors $ 10,106 $ 362 $ (488) Interest rate derivatives - caps (130) (1,666) (2,678) Credit default swaps 9,974 (3,190) 988 Unrealized gain (loss) on derivatives 19,950 (1) (4,494) (1) (2,178) (1) Realized gain (loss) on credit default swaps (9,567) (2) (4) — (2) (4) — (2) (4) Realized gain (loss) on interest rate floors (9,505) (2) (800) (2) — (2) Unrealized gain (loss) on marketable securities (1,467) (3) 1,896 (3) (1,013) (3) Realized gain (loss) on marketable securities 2,268 (2) 84 (2) 89 (2) Net $ 1,679 $ (3,314) $ (3,102) ____________________________________ (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 $811, $1,077 and $1,045 for the years ended December 31, 2020, 2019 and 2018, respectively, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Marketable securities $ — $ — $ 14,591 $ 14,591 Derivative assets, net 263 263 1,691 1,691 Derivative liabilities, net — — 42 42 Financial assets not measured at fair value: Cash and cash equivalents $ 92,905 $ 92,905 $ 262,636 $ 262,636 Restricted cash 74,408 74,408 135,571 135,571 Accounts receivable, net 21,760 21,760 39,638 39,638 Notes receivable, net 8,263 $7,850 to $8,676 7,709 $7,323 to $8,095 Due from related parties, net 5,801 5,801 3,019 3,019 Due from third-party hotel managers 9,383 9,383 17,368 17,368 Financial liabilities not measured at fair value: Indebtedness $ 3,711,297 $3,167,369 to $3,500,777 $ 4,124,658 $3,881,453 to $4,290,027 Accounts payable and accrued expenses 99,954 99,954 124,226 124,226 Accrued interest payable 98,685 98,685 10,115 10,115 Dividends and distributions payable 868 868 20,849 20,849 Due to Ashford Inc., net 13,383 13,383 6,570 6,570 Due to third-party hotel managers 184 184 2,509 2,509

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2020 2019 2018 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (543,876) $ (113,635) $ (126,966) Less: Dividends on preferred stock (32,117) (42,577) (42,577) Less: Extinguishment of preferred stock 55,477 — — Less: Dividends on common stock — (29,840) (47,057) Less: Dividends on unvested performance stock units — (475) (50) Add: Claw back of dividends on unvested performance stock units 606 — — Less: Dividends on unvested restricted shares — (801) (844) Undistributed income (loss) allocated to common stockholders (519,910) (187,328) (217,494) Add back: Dividends on common stock — 29,840 47,057 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (519,910) $ (157,488) $ (170,437) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 15,756 9,984 9,728 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (33.00) $ (15.77) $ (17.52) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (33.00) $ (15.77) $ (17.52)
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2020 2019 2018 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 801 $ 844 Income (loss) allocated to unvested performance stock units — 475 50 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (89,008) (1) (28,932) (29,313) Total $ (89,008) $ (27,656) $ (28,419) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 6 7 11 Effect of unvested performance stock units — 7 25 Effect of assumed conversion of operating partnership units 1,896 1,908 1,760 Effect of contingently issuable shares 4 — — Total 1,906 1,922 1,796 _______________ (1) Inclusive of preferred stock dividends in arrears of $3.1 million for the year ended December 31, 2020 allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2020 2019 2018 Performance LTIP units Advisory services fee $ 1,972 $ 3,594 $ 6,797 LTIP units Advisory services fee 2,042 3,264 3,508 LTIP units - independent directors Corporate, general and administrative 816 446 536 $ 4,830 $ 7,304 $ 10,841 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Advisory services fee $ 3,897 $ 6,268 $ 6,698 Management fees 594 768 1,159 Corporate, general and administrative - Premier 298 350 — Corporate, general and administrative - independent directors 147 90 — $ 4,936 $ 7,476 $ 7,857 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Advisory services fee $ 958 $ 4,937 $ 8,241
Schedules of Redeemable Noncontrolling Interest	The following table presents the common units redeemed and the fair value upon redemption (in thousands): Year Ended December 31, 2020 2019 2018 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: December 31, 2020 December 31, 2019 Redeemable noncontrolling interests (in thousands) $ 22,951 $ 69,870 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 186,763 155,536 Ownership percentage of operating partnership 8.51 % 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): Year Ended December 31, 2020 2019 2018 Allocated net (income) loss to the redeemable noncontrolling interests $ 89,008 $ 28,932 $ 29,313 Distributions declared to holders of common units, LTIP units and Performance LTIP units — 6,572 8,789 Performance LTIP dividend claw back upon cancellation (1,401) — — A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2020 2019 2018 Outstanding at beginning of year 2,194 1,992 1,960 LTIP units issued 232 34 48 Performance LTIP units issued 50 21 58 Performance LTIP units canceled (109) — (74) Common units issued for hotel acquisition — 147 — Common units converted to common stock (196) — — Outstanding at end of year 2,171 2,194 1,992 Common units convertible/redeemable at end of year 1,777 1,857 1,665

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Equity Activity	The table below summarizes the activity (in thousands): Year Ended December 31, 2020 2019 2018 Common stock issued 4,127 — 243 Gross proceed received $ 12,009 $ — $ 15,522 Commissions and other expenses 150 — 194 Net proceeds $ 11,859 $ — $ 15,328
Summary of Activity	The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Shares sold to Lincoln Park 8,362 Additional commitment shares 191 Total shares issued to Lincoln Park 8,553 Gross proceeds received $ 20,556
Schedule of Shares Issued and Tendered	The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Preferred Shares Tendered Common Shares Issued 8.45% Series D Cumulative Preferred Stock 575 3,211 7.375% Series F Cumulative Preferred Stock 1,755 9,791 7.375% Series G Cumulative Preferred Stock 1,663 9,279 7.50% Series H Cumulative Preferred Stock 1,029 5,742 7.50% Series I Cumulative Preferred Stock 1,858 10,366 6,880 38,389 Year Ended December 31, 2020 Preferred Shares Tendered Common Shares Issued 8.45% Series D Cumulative Preferred Stock 23 131 7.375% Series F Cumulative Preferred Stock 154 795 7.375% Series G Cumulative Preferred Stock 114 573 7.50% Series H Cumulative Preferred Stock 102 515 7.50% Series I Cumulative Preferred Stock 151 774 544 2,788
Schedule of Dividends Payable	A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Common stock $ — $ 31,116 $ 47,951 Preferred stocks: Series D Cumulative Preferred Stock 1,262 5,048 5,047 Series F Cumulative Preferred Stock 2,212 8,849 8,849 Series G Cumulative Preferred Stock 2,858 11,430 11,431 Series H Cumulative Preferred Stock 1,781 7,125 7,125 Series I Cumulative Preferred Stock 2,531 10,125 10,125 Total dividends declared $ 10,644 $ 73,693 $ 90,528
Dividends Declared	The table below presents the accumulated but unpaid dividends in arrears as of December 31, 2020 (in thousands): December 31, 2020 8.45% Series D Cumulative Preferred Stock ($1.58/share) $ 2,838 7.375% Series F Cumulative Preferred Stock ($1.38/share) 3,998 7.375% Series G Cumulative Preferred Stock ($1.38/share) 6,115 7.50% Series H Cumulative Preferred Stock ($1.41/share) 3,753 7.50% Series I Cumulative Preferred Stock ($1.41share) 4,769 Total $ 21,473
Schedule of Noncontrolling Interests in Consolidated Entities	The below table summarized the total carrying value (in thousands), which is reported in equity in the consolidated balance sheets: December 31, 2020 2019 Carrying value of noncontrolling interests $ 166 $ 504 The below table summarizes the (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2020 2019 2018 (Income) loss allocated to noncontrolling interests in consolidated entities $ 338 $ 112 $ 30

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2020 2019 2018 Performance LTIP units Advisory services fee $ 1,972 $ 3,594 $ 6,797 LTIP units Advisory services fee 2,042 3,264 3,508 LTIP units - independent directors Corporate, general and administrative 816 446 536 $ 4,830 $ 7,304 $ 10,841 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Advisory services fee $ 3,897 $ 6,268 $ 6,698 Management fees 594 768 1,159 Corporate, general and administrative - Premier 298 350 — Corporate, general and administrative - independent directors 147 90 — $ 4,936 $ 7,476 $ 7,857 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Advisory services fee $ 958 $ 4,937 $ 8,241
Summary of Restricted Stock Unit Activity	A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2020 2019 2018 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 213 $ 58.60 171 $ 65.60 208 $ 70.30 Restricted shares granted 168 11.55 134 53.60 91 66.40 Restricted shares vested (162) 46.25 (86) 65.00 (123) 74.10 Restricted shares forfeited (53) 34.89 (6) 58.20 (5) 64.10 Outstanding at end of year 166 $ 30.61 213 $ 58.60 171 $ 65.60
Summary of PSU Activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2020 2019 2018 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 158 $ 58.20 77 $ 63.10 82 $ 60.70 PSUs granted 70 8.00 81 53.60 53 66.40 PSUs vested — — — — (33) 61.90 PSU’s forfeited (65) 45.83 — — — — PSUs canceled (35) 58.50 — — (25) 63.80 Outstanding at end of year 128 $ 37.79 158 $ 58.20 77 $ 63.10

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2020 2019 2018 Advisory services fee Base advisory fee $ 34,745 $ 36,269 $ 35,526 Reimbursable expenses (1) 6,436 9,300 8,351 Equity-based compensation (2) 8,869 (3) 18,063 25,245 Total advisory services fee $ 50,050 $ 63,632 $ 69,122 ________ (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 year ended December 31, 2020, 65,000 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 year ended December 31, 2020. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Corporate, general and administrative $ 1,998 $ 896 $ — The following table presents the fees related to our hotel and project management agreements with Remington Lodging prior to its transactions with Ashford Inc. (in thousands): Year ended December 31, 2019 2018 Hotel management fees, including incentive hotel management fees $ 27,205 $ 30,890 Market service and project management fees — 11,148 Corporate general and administrative 6,014 5,872 Total $ 33,219 $ 47,910 Year Ended December 31, 2020 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fee AIM Cash management services $ 995 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 118 — — — — — J&S Audio Visual Audio visual commissions 2,187 — — — 2,187 — Lismore Capital Debt placement and related services 16,570 (4) — 128 4,388 — — Lismore Capital Broker services 170 — — 70 — — OpenKey Mobile key app 118 — — — — — Premier Project management services 6,801 5,727 — — — — Pure Wellness Hypoallergenic premium rooms 967 38 — — — — Remington Hotels Hotel management services (3) 27,443 — — — — 15,835 Year Ended December 31, 2020 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Expenses Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 995 $ — $ — $ — $ 995 $ — Ashford LLC Insurance claims services 118 — 118 — — — J&S Audio Visual Audio visual commissions 2,187 — — — — — Lismore Capital Debt placement and related services 16,570 — — — — 12,054 Lismore Capital Broker services 170 — — — — 100 OpenKey Mobile key app 118 118 — — — — Premier Project management services 6,801 — — 1,074 — — Pure Wellness Hypoallergenic premium rooms 967 929 — — — — Remington Hotels Hotel management services (3) 27,443 11,608 — — — — Year Ended December 31, 2019 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Management Fees AIM Cash management services $ 1,206 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 75 — — — — — Ashford Securities Broker/Dealer 896 — — — — — J&S Audio Visual Audio visual commissions 7,365 — — 7,365 — — J&S Audio Visual Equipment 24 24 — — — — Lismore Capital Debt placement and related services 1,294 — (1,215) — — — Lismore Capital Broker services 427 — — — — — OpenKey Mobile key app 112 3 — — 109 — Premier Project management services 20,004 18,281 — — — — Pure Wellness Hypoallergenic premium rooms 1,021 599 — — 422 — Remington Hotels Hotel management services (3) 9,152 — — — 5,356 3,796 Year Ended December 31, 2019 Company Product or Service Total Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Gain (Loss) on Disposition of Assets and Hotel Properties Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 1,206 $ — $ — $ 1,206 $ — $ — Ashford LLC Insurance claims services 75 75 — — — — Ashford Securities Broker/Dealer 896 — — 896 — — J&S Audio Visual Audio visual commissions 7,365 — — — — — J&S Audio Visual Equipment 24 — — — — — Lismore Capital Debt placement and related services 1,294 — — — — 79 Lismore Capital Broker services 427 — — — 427 — OpenKey Mobile key app 112 — — — — — Premier Project management services 20,004 — 1,723 — — — Pure Wellness Hypoallergenic premium rooms 1,021 — — — — — Remington Hotels Hotel management services (3) 9,152 — — — — — Year Ended December 31, 2018 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Corporate, General and Administrative AIM Cash management services $ 1,156 $ — $ — $ — $ — $ 1,156 Ashford LLC Insurance claims services 76 — — — — 76 J&S Audio Visual Audio visual commissions 3,569 — — 3,569 — — J&S Audio Visual Equipment 925 925 — — — — Lismore Capital Debt placement and related services 5,094 — (5,094) — — — OpenKey Mobile key app 105 3 — — 102 — Premier Project management services 7,677 7,677 — — — — Pure Wellness Hypoallergenic premium rooms 2,436 2,412 — — 24 — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs (4) Amount excludes a $506,000 claw back credit due to Ashford Trust. See Lismore Advisory Fee section above. The following table summarizes the amount due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2020 December 31, 2019 Ashford LLC Advisory services $ 9,533 $ 1,133 Ashford LLC Insurance claims services 30 18 AIM Cash management services (111) 82 J&S Audio Visual Audio visual commissions 131 1,009 OpenKey Mobile key app 13 2 Premier Project management services 323 4,028 Pure Wellness Hypoallergenic premium rooms 44 298 Lismore Capital Debt placement and related services 3,420 — $ 13,383 $ 6,570

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2020 2019 2018 Other hotel expenses $ 22,658 $ 76,707 $ 72,095

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease Balances	As of December 31, 2020 and 2019, our leased assets and liabilities consisted of the following (in thousands): December 31, 2020 December 31, 2019 Assets Operating lease right-of-use assets $ 45,008 $ 49,995 Liabilities Operating lease liabilities $ 45,309 $ 53,270
Lease Cost and Other Information	We incurred the following operating lease costs related to our operating leases (in thousands): Classification Year Ended December 31, 2020 Year Ended December 31, 2019 Hotel operating expenses - other (1) $ 4,453 $ 4,323 _______________________________________ (1) For the years ended December 31, 2020 and 2019, operating lease cost includes approximately $495,000 and $501,000, respectively, of variable lease cost associated with the ground leases and $227,000 and $176,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 3,028 $ 3,511 Weighted Average Remaining Lease Term Operating leases (1) 69 years 73 years Weighted Average Discount Rate Operating leases (1) 5.14 % 5.17 % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
Maturities of Operating Lease Liabilities	Future minimum lease payments due under non-cancellable leases as of December 31, 2020 were as follows (in thousands): Operating Leases 2021 $ 2,974 2022 2,852 2023 2,834 2024 2,833 2025 2,833 Thereafter 172,683 Total future minimum lease payments (1) 187,009 Less: interest 141,700 Present value of lease liabilities $ 45,309 ________ (1) Based on payment amounts as of December 31, 2020.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense	The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2020 2019 2018 Income tax (expense) benefit at federal statutory income tax rate of 21% $ 29,811 $ (1,539) $ (4,435) State income tax (expense) benefit, net of U.S. federal income tax benefit 4,014 (475) (698) Permanent differences 415 (310) (128) Provision to return adjustment (228) (325) (230) Gross receipts and margin taxes (347) (923) (950) Interest and penalties (13) 32 (11) Valuation allowance (32,317) 2,322 3,670 Total income tax (expense) benefit $ 1,335 $ (1,218) $ (2,782)
Components of Income Tax Benefit (Expense) From Continuing Operations	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ 826 $ (48) $ (1,195) State (549) (1,329) (1,452) Total current income tax (expense) benefit 277 (1,377) (2,647) Deferred: Federal 927 126 (39) State 131 33 (96) Total deferred income tax (expense) benefit 1,058 159 (135) Total income tax (expense) benefit $ 1,335 $ (1,218) $ (2,782)
Deferred Tax Asset (Liability) And Related Valuation Allowance	At December 31, 2020 and 2019, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2020 2019 Allowance for doubtful accounts $ 89 $ 150 Unearned income 1,364 2,525 Federal and state net operating losses 30,687 2,458 Capital loss carryforward 7,372 5,436 Accrued expenses 1,263 1,723 Prepaid expenses (121) (4,823) Tax property basis less than book basis (2,600) (3,355) Tax derivatives basis greater than book basis 296 2,281 Other 1,307 194 Deferred tax asset (liability) 39,657 6,589 Valuation allowance (40,029) (7,712) Net deferred tax asset (liability) $ (372) $ (1,123)
Summarize the Changes in the Valuation Allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 7,712 $ 10,034 $ 6,232 Additions 32,317 — 4,766 Deductions — (2,322) (964) Balance at end of year $ 40,029 $ 7,712 $ 10,034

Deferred Costs, net (Tables)

Deferred Costs, net (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, net	Deferred costs, net consist of the following (in thousands): December 31, 2020 2019 Deferred franchise fees $ 3,472 $ 4,811 Accumulated amortization (1,621) (1,914) Deferred costs, net $ 1,851 $ 2,897

Intangible Assets, net and In_2

Intangible Assets, net and Intangible Liabilities, net (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, net and Intangible Liabilities, net	Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2020 2019 2020 2019 Cost $ 797 $ 797 $ 2,723 $ 2,723 Accumulated amortization — — (466) (386) $ 797 $ 797 $ 2,257 $ 2,337 Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2021 $ 80 2022 80 2023 80 2024 36 2025 32 Thereafter 1,949 Total $ 2,257

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of the Quarterly Results of Operations	The following is a summary of the quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data): First Second Third Fourth Full 2020 Total revenue $ 281,877 $ 43,065 $ 93,043 $ 90,253 $ 508,238 Total operating expenses 334,936 194,800 217,198 189,991 936,925 Gain (loss) on disposition of assets and hotel properties 3,623 (6) (40,370) 73 (36,680) Operating income (loss) $ (49,436) $ (151,741) $ (164,525) $ (99,665) $ (465,367) Net income (loss) $ (101,920) $ (242,086) $ (151,626) $ (137,590) $ (633,222) Net income (loss) attributable to the Company $ (84,201) $ (204,616) $ (129,281) $ (125,778) $ (543,876) Net income (loss) attributable to common stockholders $ (94,845) $ (215,260) $ (139,925) $ (70,486) $ (520,516) Diluted income (loss) attributable to common stockholders per share $ (9.40) (2) $ (20.85) $ (11.89) $ (2.29) $ (33.00) (1) Weighted average diluted common shares 10,047 (2) 10,312 11,767 30,751 15,756 2019 Total revenue $ 358,718 $ 415,148 $ 374,237 $ 354,656 $ 1,502,759 Total operating expenses 334,966 366,699 347,161 365,330 1,414,156 Gain (loss) on disposition of assets and hotel properties 233 328 2,362 23,203 26,126 Operating income (loss) $ 23,985 $ 48,777 $ 29,438 $ 12,529 $ 114,729 Net income (loss) $ (46,622) $ (21,352) $ (39,086) $ (35,619) $ (142,679) Net income (loss) attributable to the Company $ (38,017) $ (16,282) $ (31,177) $ (28,159) $ (113,635) Net income (loss) attributable to common stockholders $ (48,661) $ (26,926) $ (41,822) $ (38,803) $ (156,212) Diluted income (loss) attributable to common stockholders per share $ (4.94) (2) $ (2.73) (2) $ (4.21) (2) $ (3.90) (2) $ (15.77) (1) (2) Weighted average diluted common shares 9,941 (2) 9,994 (2) 9,997 (2) 9,997 (2) 9,984 (2) _________________ (1) The sum of the diluted income (loss) attributable to common stockholders per share for the four quarters in 2020 and 2019 differs from the annual diluted income (loss) attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods. (2) Amounts have been revised for the effects of the 1-for-10 reverse stock split. See note 1.

Organization and Description _2

Organization and Description of Business (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2020hotel	Dec. 31, 2020USD ($)roomhotelunitshares	Dec. 31, 2019USD ($)hotelshares	Dec. 31, 2018USD ($)hotel	Mar. 11, 2021USD ($)	Jan. 15, 2021USD ($)	Jul. 23, 2020USD ($)	Jul. 15, 2020shares	Jul. 14, 2020shares	Jun. 22, 2020USD ($)	May 12, 2020USD ($)	Jan. 09, 2020USD ($)	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Number of hotels | hotel		117	121	122
Number of rooms | room		22,621
Number of rooms owned, net of partnership interest | room		22,594
Investment in unconsolidated entity		$ 2,811,000	$ 2,829,000
Stock split ratio	0.1
Number of shares of common stock (in shares) | shares		64,362,505	10,210,360					10,500,000	104,800,000
Number of outstanding units (in shares) | shares								2,100,000	20,500,000
Debt balance		$ 3,711,585,000
Cash and cash equivalents		92,905,000	$ 262,636,000	$ 319,210,000									$ 354,805,000
Restricted cash		74,408,000	135,571,000	$ 120,602,000									$ 116,787,000
Mortgages
Real Estate Properties [Line Items]
Outstanding principal balance with waived or deferred payments		2,800,000,000
Debt balance		$ 3,711,585,000	$ 4,124,003,000				$ 56,000,000			$ 45,800,000	$ 108,800,000
Principal amount												$ 37,000,000
Mortgages | Subsequent Event
Real Estate Properties [Line Items]
Outstanding principal balance with waived or deferred payments					$ 3,600,000,000
Line of Credit | Credit Agreement, Initial Term Loan | Oaktree Capital Management, L.P. | Subsequent Event
Real Estate Properties [Line Items]
Principal amount						$ 200,000,000
Line of Credit | Credit Agreement, Initial Delayed Draw Term Loan | Oaktree Capital Management, L.P. | Subsequent Event
Real Estate Properties [Line Items]
Principal amount						150,000,000
Line of Credit | Credit Agreement, Additional Delayed Draw Term Loan | Oaktree Capital Management, L.P. | Subsequent Event
Real Estate Properties [Line Items]
Principal amount						$ 100,000,000
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit		90
OpenKey
Real Estate Properties [Line Items]
Ownership percentage		17.50%	17.00%
Investment in unconsolidated entity		$ 2,811,000	$ 2,829,000
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel		101
Majority Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel		2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels | hotel		103
Number of hotel properties | hotel	116
Number of hotel properties managed by affiliates | hotel		68
Number of hotel properties suspended | hotel	23	2

Significant Accounting Polici_4

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2020USD ($)hoteljointVenture	Dec. 31, 2019USD ($)hoteljointVenture	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of hotel properties stated at historical cost | hotel	4
Impairment of investments in hotel properties	$ 91,721,000	$ 33,628,000	$ 23,391,000
Impairment of investments in unconsolidated entities	0	0	0
Unfavorable management contract liabilities	23,400,000
Advertising expense	$ 4,300,000	$ 10,400,000	8,500,000
Two Interstate Hotels
Real Estate Properties [Line Items]
Number of joint venture | jointVenture	1	1
Two Interstate Hotels | Hotel Properties
Real Estate Properties [Line Items]
Ownership percentage of operating partnership	15.00%	15.00%
Number of hotel properties held by joint ventures | hotel	2	2
Notes Receivable
Real Estate Properties [Line Items]
Impairment of investments in hotel properties	$ 0	$ 0
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	17.50%	17.00%
Impairment of investments in unconsolidated entities	$ 0	$ 0	$ 0
Minimum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	4.00%
Minimum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furniture and Fixtures
Real Estate Properties [Line Items]
Estimated useful life	1 year 6 months
Maximum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue	6.00%
Maximum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life	39 years
Maximum | Furniture and Fixtures
Real Estate Properties [Line Items]
Estimated useful life	5 years

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)hotel	Dec. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									117	121	122
Revenue	$ 90,253	$ 93,043	$ 43,065	$ 281,877	$ 354,656	$ 374,237	$ 415,148	$ 358,718	$ 508,238	$ 1,502,759	$ 1,430,789
Hilton St. Petersburg Bayfront and Key West Crowne Plaza
Disaggregation of Revenue [Line Items]
Business interruption income									$ 0	$ 0	$ 2,600
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									9	9	9
Revenue									$ 36,656	$ 96,100	$ 88,965
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									2	2	2
Revenue									$ 12,982	$ 64,953	$ 62,495
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									7	7	7
Revenue									$ 29,412	$ 79,226	$ 82,258
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									3	3	3
Revenue									$ 14,666	$ 36,055	$ 36,851
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									6	6	6
Revenue									$ 41,364	$ 100,043	$ 98,323
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									2	2	2
Revenue									$ 11,454	$ 30,731	$ 30,784
Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									3	3	3
Revenue									$ 5,690	$ 26,767	$ 30,239
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									1	1	1
Revenue									$ 19,935	$ 76,340	$ 65,018
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									6	6	5
Revenue									$ 25,901	$ 100,523	$ 100,369
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									2	2	2
Revenue									$ 9,899	$ 26,014	$ 22,741
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									3	3	3
Revenue									$ 11,666	$ 29,095	$ 29,788
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									2	2	2
Revenue									$ 7,985	$ 20,248	$ 20,438
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									7	7	7
Revenue									$ 37,755	$ 103,336	$ 91,656
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									2	2	2
Revenue									$ 14,680	$ 34,157	$ 30,897
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									9	9	9
Revenue									$ 39,425	$ 158,620	$ 144,270
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									39	39	38
Revenue									$ 159,394	$ 386,688	$ 369,505
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									0	0	0
Revenue									$ 2,142	$ 5,501	$ 5,747
Disposed properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									14	18	21
Revenue									$ 25,499	$ 124,160	$ 116,436
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel									0	0	0
Revenue									$ 1,733	$ 4,202	$ 4,009
Rooms
Disaggregation of Revenue [Line Items]
Revenue									407,492	1,184,987	1,134,687
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue									28,047	72,572	66,688
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue									9,645	54,276	52,508
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue									22,491	59,926	61,910
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue									11,418	26,038	26,783
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									34,182	78,689	77,976
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue									8,643	21,356	21,652
Rooms | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue									4,417	19,980	22,071
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue									12,105	51,628	50,120
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue									20,130	74,075	74,441
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue									8,415	22,891	20,393
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue									9,888	24,469	24,385
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue									6,998	17,838	18,392
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									33,888	91,081	81,368
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue									11,325	25,187	22,896
Rooms | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue									31,446	124,056	113,902
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue									130,311	306,637	293,283
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue									1,571	4,066	4,429
Rooms | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue									22,572	110,222	101,490
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue									61,157	243,917	224,311
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue									5,513	18,878	17,060
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue									896	7,072	6,609
Food and Beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue									4,896	15,814	16,746
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue									2,854	9,208	9,214
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									4,461	16,117	15,645
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue									2,509	8,578	8,283
Food and Beverage | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue									996	5,973	7,219
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue									5,591	22,356	13,116
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue									4,254	23,601	23,029
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue									532	1,836	1,518
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue									1,426	3,903	4,534
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue									322	1,395	1,075
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									2,299	9,628	7,726
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue									2,449	7,858	6,459
Food and Beverage | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue									4,737	26,231	23,673
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue									16,320	57,170	53,752
Food and Beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue									24	102	130
Food and Beverage | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue									1,078	8,197	8,523
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Miscellaneous business interruption income										172
Revenue									37,856	69,653	67,782
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue									3,096	4,650	5,217
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue									2,441	3,605	3,378
Other Hotel | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue									2,025	3,486	3,602
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue									394	809	854
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									2,721	5,237	4,702
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue									302	797	849
Other Hotel | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue									277	814	949
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue									2,239	2,356	1,782
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue									1,517	2,847	2,899
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue									952	1,287	830
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue									352	723	869
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue									665	1,015	971
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									1,568	2,627	2,562
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue									906	1,112	1,542
Other Hotel | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue									3,242	8,333	6,695
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Revenue									12,763	22,881	22,470
Other Hotel | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue									547	1,333	1,188
Other Hotel | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue									1,849	5,741	6,423
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue									1,733	4,202	4,009
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue									0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue									$ 1,733	$ 4,202	$ 4,009

Investments in Hotel Properti_3

Investments in Hotel Properties, net - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 630,690	$ 769,381
Buildings and improvements	3,751,588	4,129,884
Furniture, fixtures and equipment	388,428	503,156
Construction in progress	16,192	29,745
Condominium properties	11,707	12,093
Total cost	4,798,605	5,444,259
Accumulated depreciation	(1,371,623)	(1,335,816)
Investments in hotel properties, net	$ 3,426,982	$ 4,108,443

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Cost of land and depreciable property for federal income tax purposes	$ 3,000	$ 3,500
Depreciation	$ 252.4	$ 268.4	$ 257.9

Hotel Dispositions and Impair_3

Hotel Dispositions and Impairment Charges - Hotel Disposition Narrative (Details) - USD ($) $ in Thousands

Jan. 09, 2020

Dec. 27, 2019

Aug. 14, 2019

Aug. 06, 2019

Aug. 02, 2019

Jun. 07, 2019

Mar. 05, 2019

May 10, 2018

May 01, 2018

Feb. 20, 2018

Dec. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Sep. 21, 2020

Sep. 15, 2020

Jul. 23, 2020

Jul. 09, 2020

Jun. 22, 2020

May 12, 2020

Mar. 09, 2020

Dec. 03, 2019

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt balance

$ 3,711,585

Gain (loss) on extinguishment of debt

90,349

$ 0

$ 0

Mortgages

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 43,800

$ 16,000

$ 5,200

$ 178,100

Rockbridge Portfolio

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt balance

$ 144,200

Gain (loss) on extinguishment of debt

65,200

Mortgages

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt balance

$ 4,124,003

3,711,585

4,124,003

$ 56,000

$ 45,800

$ 108,800

Subordinated Debt

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt balance

$ 8,000

$ 5,800

36,200

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza, Annapolis, Maryland

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 5,100

Carrying value of property sold

$ 2,100

Gain (loss) on disposal

3,700

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites New York Manhattan Times Square

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

143,900

Gain (loss) on disposal

40,400

Consideration in cash

35,100

Consideration in the form of the assumption of the loan

$ 108,800

Gain (loss) on extinguishment of debt

4,300

Disposal Group, Disposed of by Sale, Not Discontinued Operations | W Hotel Minneapolis, Minnesota

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assignment of equity interests

100.00%

Gain (loss) on extinguishment of debt

1,100

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Assignment of equity interests

100.00%

Gain (loss) on extinguishment of debt

$ 19,700

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 34,000

Gain (loss) on disposal

2,600

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 26,800

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 8,000

Gain (loss) on disposal

(292)

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 7,700

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 29,800

Gain (loss) on disposal

$ (60)

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 28,800

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 11,200

Gain (loss) on disposal

$ 3,800

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 10,900

Gain (loss) on disposal

(13)

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 7,600

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 7,500

Gain (loss) on disposal

98

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 6,600

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration for disposal

$ 24,000

Gain (loss) on disposal

$ 390

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

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Extinguishment of debt

$ 22,500

Hotel Dispositions and Impair_4

Hotel Dispositions and Impairment Charges - Schedule of Hotel Dispositions and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Total hotel revenue	$ 25,499	$ 124,160	$ 116,436
Total hotel operating expenses	(20,916)	(77,685)	(72,047)
Gain (loss) on disposition of assets and hotel properties	(36,680)	6,042	475
Property taxes, insurance and other	(6,406)	(11,272)	(8,939)
Depreciation and amortization	(12,426)	(23,577)	(23,481)
Impairment charges	(85,144)	(33,628)	(23,599)
Operating income (loss)	(136,073)	(15,960)	(11,155)
Interest income	9	55	57
Interest expense and amortization of premiums and loan costs	(21,502)	(26,690)	(19,609)
Write-off of premiums, loan costs and exit fees	(21)	(524)	(98)
Gain (loss) on extinguishment of debt	90,349	0	0
Income (loss) before income taxes	(67,238)	(43,119)	(30,805)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	9,913	5,215	3,534
Net income (loss) before income taxes attributable to the Company	$ (57,325)	$ (37,904)	$ (27,271)

Hotel Dispositions and Impair_5

Hotel Dispositions and Impairment Charges - Impairment Charges and Insurance Recoveries (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			$ 27,600	$ 27,600	$ 91,721	$ 33,600	$ 23,400
Hurricane
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties							275
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
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
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
Pittsburgh Hampton Inn Waterfront West
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			3,000			9,300
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			10,200
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
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			7,600
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
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
W Hotel Minneapolis, Minnesota
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		$ 29,900
Le Meridien Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties	$ 6,600				$ 6,577
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	5,100
Marriott in Savannah, Georgia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties						$ 5,100
Marriott in San Antonio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties							9,900
Crowne Plaza, Annapolis, Maryland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties							6,700
SpringHill Suites Centreville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties							$ 2,000

Hotel Dispositions and Impair_6

Hotel Dispositions and Impairment Charges - Hotel Properties Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	$ 3,426,982			$ 3,426,982	$ 4,108,443
Impairment Charges		$ 27,600	$ 27,600	91,721	$ 33,600	$ 23,400
Le Meridien Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	6,600			6,577
Le Meridien Minneapolis | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	7,663			7,663
Level 1 | Le Meridien Minneapolis | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0			0
Level 2 | Le Meridien Minneapolis | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	0			0
Level 3 | Le Meridien Minneapolis | Fair Value, Nonrecurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	$ 7,663			$ 7,663

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment amount	$ 430,000	$ 647,000	$ 667,000
Impairment of investments in unconsolidated entities	0	0	0
Carrying value of the investment in OpenKey (in thousands)	2,811,000	2,829,000
Equity in earnings (loss) of unconsolidated entities	(448,000)	(2,307,000)	867,000
OpenKey
Schedule of Equity Method Investments [Line Items]
Investment amount	5,000,000
Impairment of investments in unconsolidated entities	0	0	0
Carrying value of the investment in OpenKey (in thousands)	$ 2,811,000	$ 2,829,000
Ownership interest in OpenKey	17.50%	17.00%
Equity in earnings (loss) of unconsolidated entities	$ (448,000)	$ (411,000)	$ (592,000)

Indebtedness, net - Schedule of

Indebtedness, net - Schedule of Indebtedness (Details) $ in Thousands	Feb. 09, 2021extension	Jan. 19, 2021extension	Dec. 31, 2020USD ($)hotelextensioninstallment	Nov. 01, 2020USD ($)extension	Oct. 02, 2020installment	Sep. 30, 2020extension	Aug. 05, 2020extensioninstallment	Aug. 03, 2020USD ($)extension	Jul. 09, 2020USD ($)extension	Jul. 07, 2020	Jun. 29, 2020extension	May 20, 2020	May 01, 2020extension	Apr. 07, 2020	Jan. 09, 2020USD ($)extension	Dec. 27, 2019USD ($)hotel	Jun. 07, 2019USD ($)	Mar. 05, 2019USD ($)hotel	Dec. 31, 2020USD ($)hotelextension	Jul. 23, 2020USD ($)	Jun. 22, 2020USD ($)	May 12, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 22, 2019USD ($)hotel
Debt Instrument [Line Items]
Debt Balance			$ 3,711,585																$ 3,711,585
Book Value of Collateral			3,409,588																3,409,588				$ 4,104,830
Indebtedness, net			$ 3,728,911																$ 3,728,911				$ 4,106,518
LIBOR rate			0.144%																0.144%				1.763%
Interest expense, extension option term						1 month
Mortgages
Debt Instrument [Line Items]
Debt Balance			$ 3,711,585																$ 3,711,585	$ 56,000	$ 45,800	$ 108,800	$ 4,124,003
Premiums (discounts), net			(288)																(288)				655
Capitalized default interest and late charges			27,444																27,444				0
Deferred loan costs, net			(9,830)																(9,830)				(18,140)
Indebtedness, net			$ 3,728,911																$ 3,728,911				4,106,518
Principal amount															$ 37,000
Number of extension options | extension															2
Term of mortgage loan extension option															1 year
Mortgages | Mortgage loan 1
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 0																$ 0				43,750
Book Value of Collateral			$ 0																$ 0				60,191
Initial term of loan															3 years
Term of mortgage loan extension option															1 year
Mortgages | Mortgage loan 2
Debt Instrument [Line Items]
Collateral | hotel			8																8
Debt Balance			$ 0																$ 0				144,000
Book Value of Collateral			$ 0																$ 0				168,054
Number of extension options | extension															2
Mortgages | Mortgage loan 3
Debt Instrument [Line Items]
Collateral | hotel			2																2
Debt Balance			$ 240,000																$ 240,000				240,000
Book Value of Collateral			$ 224,022																$ 224,022				235,705
Principal amount																		$ 240,000
Number of extension options							5											5
Term of mortgage loan extension option							1 year											1 year
Interest expense deferral term							6 months
Interest expense, number of monthly installments | installment							12
Mortgages | Mortgage loan 4
Debt Instrument [Line Items]
Collateral | hotel			19																19
Debt Balance			$ 914,281																$ 914,281				907,030
Book Value of Collateral			$ 1,020,462																$ 1,020,462				1,077,936
Number of extension options | extension									5
Term of mortgage loan extension option									1 year
Interest expense deferral term									6 months
Deferred interest payments									$ 6,100
Interest expense repayment term									12 months
Mortgages | Mortgage loan 5
Debt Instrument [Line Items]
Collateral | hotel			7																7
Debt Balance			$ 180,720																$ 180,720				180,720
Book Value of Collateral			$ 125,266																$ 125,266				131,102
Number of extension options | extension						5
Term of mortgage loan extension option						1 year
Interest expense deferral term						6 months
Interest expense, number of extension options | extension						3
Interest expense, extension option term						1 month
Mortgages | Mortgage loan 6
Debt Instrument [Line Items]
Collateral | hotel			7																7
Debt Balance			$ 174,400																$ 174,400				174,400
Book Value of Collateral			$ 124,613																$ 124,613				131,420
Mortgages | Mortgage loan 7
Debt Instrument [Line Items]
Collateral | hotel			5																5
Debt Balance			$ 221,040																$ 221,040				221,040
Book Value of Collateral			$ 163,550																$ 163,550				175,875
Number of extension options | extension						5
Term of mortgage loan extension option						1 year
Interest expense deferral term						6 months
Mortgages | Mortgage loan 8
Debt Instrument [Line Items]
Collateral | hotel			5																5
Debt Balance			$ 262,640																$ 262,640				262,640
Book Value of Collateral			$ 94,111																$ 94,111				105,702
Mortgages | Mortgage loan 9
Debt Instrument [Line Items]
Collateral | hotel			5																5
Debt Balance			$ 215,120																$ 215,120				215,120
Book Value of Collateral			$ 190,650																$ 190,650				198,059
Number of extension options | extension						5
Term of mortgage loan extension option						1 year
Interest expense deferral term						6 months
Interest expense, number of extension options | extension						2
Mortgages | Mortgage loan 10
Debt Instrument [Line Items]
Collateral | hotel			5																5
Debt Balance			$ 160,000																$ 160,000				160,000
Book Value of Collateral			$ 178,377																$ 178,377				185,854
Number of extension options | extension						5
Term of mortgage loan extension option						1 year
Interest expense deferral term						6 months
Mortgages | Mortgage loan 11
Debt Instrument [Line Items]
Collateral | hotel			1																1
Interest rate			626.00%																626.00%
Debt Balance			$ 84,544																$ 84,544				91,542
Book Value of Collateral			$ 101,521																$ 101,521				112,767
Number of extension options | extension				0
Term of mortgage loan extension option				1 year
Principal reduction				$ 5,000
Mortgages | Mortgage loan 12
Debt Instrument [Line Items]
Collateral | hotel			17																17
Default Rate			4.00%																4.00%
Debt Balance			$ 419,000																$ 419,000				419,000
Book Value of Collateral			$ 238,886																$ 238,886				263,998
Mortgages | Mortgage loan 12 | Subsequent Event
Debt Instrument [Line Items]
Number of extension options | extension	5
Term of mortgage loan extension option	1 year
Mortgages | Mortgage loan 13
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 25,000																$ 25,000				25,000
Book Value of Collateral			$ 48,231																$ 48,231				49,748
Number of extension options | extension											3
Term of mortgage loan extension option											1 year
LIBOR floor											1.25%
Mortgages | Mortgage loan 14
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 0																$ 0				145,000
Book Value of Collateral			$ 0																$ 0				189,982
Principal amount																								$ 145,000
Number of extension options | hotel																								2
Term of mortgage loan extension option																			1 year
Mortgages | Mortgage loan 15
Debt Instrument [Line Items]
Collateral | hotel			8																8
Default Rate			5.00%																5.00%
Debt Balance			$ 395,000																$ 395,000				395,000
Book Value of Collateral			$ 311,023																$ 311,023				331,686
Mortgages | Mortgage loan 15 | Subsequent Event
Debt Instrument [Line Items]
Number of extension options | extension		5
Term of mortgage loan extension option		1 year
Mortgages | Mortgage loan 16
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 34,200					$ 35,200											$ 34,200				35,200
Book Value of Collateral			$ 38,549																$ 38,549				38,383
Initial term of loan								2 years
Number of extension options | extension								1
Term of mortgage loan extension option								1 year
Principal reduction								$ 1,000
LIBOR floor								0.25%
Mortgages | Mortgage loan 17
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 98,259																$ 98,259				97,000
Book Value of Collateral			$ 180,312																$ 180,312				186,400
Interest expense deferral term					6 months
Interest expense, number of monthly installments | installment					12
Mortgages | Mortgage loan 18
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 16,100																$ 16,100				16,100
Book Value of Collateral			$ 26,046																$ 26,046				27,498
Number of extension options | extension													2
Term of mortgage loan extension option													1 year
Interest expense deferral term													3 months
LIBOR floor													0.25%
Mortgages | Mortgage loan 19
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 37,000																$ 37,000				0
Book Value of Collateral			$ 56,784																$ 56,784				0
Number of extension options | extension			2																2
Term of mortgage loan extension option																			1 year
Interest expense deferral term										2 months
Interest expense repayment term										12 months
Mortgages | Mortgage loan 20
Debt Instrument [Line Items]
Collateral | hotel			1																1
Interest rate			5.46%																5.46%
Debt Balance			$ 0																$ 0				51,843
Book Value of Collateral			$ 0																$ 0				83,824
Mortgages | Mortgage loan 21
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 73,450																$ 73,450				73,450
Book Value of Collateral			$ 105,359																$ 105,359				107,212
Interest expense deferral term												6 months
Interest expense repayment term												12 months
Mortgages | Mortgage loan 22
Debt Instrument [Line Items]
Collateral | hotel			1																1
Interest rate			5.49%																5.49%
Debt Balance			$ 6,706																$ 6,706				6,759
Book Value of Collateral			$ 7,456																$ 7,456				8,112
Principal amount																$ 16,100
Initial term of loan																3 years
Number of extension options | hotel																2
Term of mortgage loan extension option																1 year
Interest expense deferral term			6 months
Interest expense, number of monthly installments | installment			9
Mortgages | Mortgage loan 23
Debt Instrument [Line Items]
Collateral | hotel			1																1
Interest rate			5.49%																5.49%
Debt Balance			$ 9,786																$ 9,786				9,865
Book Value of Collateral			$ 17,172																$ 17,172				19,166
Mortgages | Mortgage loan 24
Debt Instrument [Line Items]
Collateral | hotel			1																1
Interest rate			4.99%																4.99%
Default Rate			5.00%																5.00%
Debt Balance			$ 6,260																$ 6,260				6,292
Book Value of Collateral			$ 6,494																$ 6,494				6,896
Mortgages | Mortgage loan 25
Debt Instrument [Line Items]
Collateral | hotel			1																1
Debt Balance			$ 8,881																$ 8,881				8,881
Book Value of Collateral			$ 6,980																$ 6,980				7,416
Interest expense deferral term														3 months
Interest expense deferral extension term														3 months
Mortgages | Mortgage loan 26
Debt Instrument [Line Items]
Collateral | hotel			3																3
Interest rate			5.20%																5.20%
Debt Balance			$ 0																$ 0				64,207
Book Value of Collateral			$ 0																$ 0				48,560
Mortgages | Mortgage loan 27
Debt Instrument [Line Items]
Collateral | hotel			2																2
Interest rate			4.85%																4.85%
Debt Balance			$ 11,774																$ 11,774				11,845
Book Value of Collateral			$ 10,466																$ 10,466				11,727
Mortgages | Mortgage loan 28
Debt Instrument [Line Items]
Collateral | hotel			3																3
Interest rate			4.90%																4.90%
Debt Balance			$ 23,542																$ 23,542				23,683
Book Value of Collateral			$ 15,805																$ 15,805				17,348
Principal amount																	$ 8,900
Initial term of loan																	5 years
Mortgages | Mortgage loan 29
Debt Instrument [Line Items]
Collateral | hotel			2																2
Interest rate			4.45%																4.45%
Default Rate			4.00%																4.00%
Debt Balance			$ 19,369																$ 19,369				19,438
Book Value of Collateral			$ 9,859																$ 9,859				10,314
Mortgages | Mortgage loan 30
Debt Instrument [Line Items]
Collateral | hotel			3																3
Interest rate			4.45%																4.45%
Default Rate			4.00%																4.00%
Debt Balance			$ 50,098																$ 50,098				50,279
Book Value of Collateral			$ 64,816																$ 64,816				70,318
Mortgages | Mortgage loan 31
Debt Instrument [Line Items]
Collateral | hotel			1																1
Interest rate			4.66%																4.66%
Debt Balance			$ 24,415																$ 24,415				24,919
Book Value of Collateral			$ 42,778																$ 42,778				$ 43,577
Interest expense, number of monthly installments | installment			6
Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								3.95%							3.40%
Term of mortgage loan extension option								1 year
LIBOR floor								0.25%
Mortgages | LIBOR | Mortgage loan 1
Debt Instrument [Line Items]
Basis spread on variable rate																			5.10%
Mortgages | LIBOR | Mortgage loan 2
Debt Instrument [Line Items]
Basis spread on variable rate																			4.33%
Mortgages | LIBOR | Mortgage loan 3
Debt Instrument [Line Items]
Basis spread on variable rate																		2.75%	2.75%
Mortgages | LIBOR | Mortgage loan 4
Debt Instrument [Line Items]
Basis spread on variable rate																			3.20%
Mortgages | LIBOR | Mortgage loan 5
Debt Instrument [Line Items]
Basis spread on variable rate																			3.65%
Mortgages | LIBOR | Mortgage loan 6
Debt Instrument [Line Items]
Basis spread on variable rate																			3.39%
Mortgages | LIBOR | Mortgage loan 7
Debt Instrument [Line Items]
Basis spread on variable rate																			3.73%
Mortgages | LIBOR | Mortgage loan 8
Debt Instrument [Line Items]
Basis spread on variable rate																			4.02%
Mortgages | LIBOR | Mortgage loan 9
Debt Instrument [Line Items]
Basis spread on variable rate																			3.68%
Mortgages | LIBOR | Mortgage loan 10
Debt Instrument [Line Items]
Basis spread on variable rate																			2.73%
Mortgages | LIBOR | Mortgage loan 12
Debt Instrument [Line Items]
Basis spread on variable rate																			3.00%
Mortgages | LIBOR | Mortgage loan 13
Debt Instrument [Line Items]
Basis spread on variable rate																			2.55%
Mortgages | LIBOR | Mortgage loan 14
Debt Instrument [Line Items]
Basis spread on variable rate																			3.90%
Mortgages | LIBOR | Mortgage loan 15
Debt Instrument [Line Items]
Basis spread on variable rate																			2.92%
Mortgages | LIBOR | Mortgage loan 16
Debt Instrument [Line Items]
Basis spread on variable rate								3.95%											3.95%
Mortgages | LIBOR | Mortgage loan 17
Debt Instrument [Line Items]
Basis spread on variable rate																			2.00%
Mortgages | LIBOR | Mortgage loan 18
Debt Instrument [Line Items]
Basis spread on variable rate																			2.25%
Mortgages | LIBOR | Mortgage loan 19
Debt Instrument [Line Items]
Basis spread on variable rate																			3.40%
Mortgages | LIBOR | Mortgage loan 21
Debt Instrument [Line Items]
Basis spread on variable rate																			2.45%
Mortgages | LIBOR | Mortgage loan 22
Debt Instrument [Line Items]
Basis spread on variable rate																2.25%
Mortgages | LIBOR | Mortgage loan 25
Debt Instrument [Line Items]
Basis spread on variable rate																			2.00%
Mortgages | LIBOR | Mortgage loan 28
Debt Instrument [Line Items]
Basis spread on variable rate																	2.00%

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details)

Aug. 05, 2020extension

Aug. 03, 2020USD ($)extension

Jan. 09, 2020USD ($)extension

Dec. 27, 2019USD ($)

Oct. 10, 2019USD ($)a

Aug. 14, 2019USD ($)

Aug. 06, 2019USD ($)

Aug. 02, 2019USD ($)

Jun. 07, 2019USD ($)

Mar. 05, 2019USD ($)hotel

Dec. 31, 2020USD ($)a

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Sep. 21, 2020

Sep. 15, 2020

Jul. 23, 2020USD ($)

Jul. 09, 2020USD ($)

Jun. 22, 2020USD ($)

May 12, 2020USD ($)

Feb. 26, 2019USD ($)

Jan. 22, 2019USD ($)hotel

Debt Instrument [Line Items]

Debt balance

$ 3,711,585,000

Gain (loss) on extinguishment of debt

90,349,000

$ 0

$ 0

Gain (loss) recognized on troubled debt restructuring

0

Non-cash loan principal associated with default interest and late charges

47,453,000

0

$ 0

Amount of capitalized principal that was amortized

20,000,000

Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

$ 43,800,000

$ 16,000,000

$ 5,200,000

$ 178,100,000

New Orleans, LA Le Pavillon | Mortgages

Debt Instrument [Line Items]

Extinguishment of debt

6,800,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites New York Manhattan Times Square

Debt Instrument [Line Items]

Consideration for disposal

$ 143,900,000

Consideration in cash

35,100,000

Consideration in the form of the assumption of the loan

108,800,000

Gain (loss) on disposal

40,400,000

Gain (loss) on extinguishment of debt

4,300,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | W Hotel Minneapolis, Minnesota

Debt Instrument [Line Items]

Gain (loss) on extinguishment of debt

1,100,000

Assignment of equity interests

100.00%

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista

Debt Instrument [Line Items]

Gain (loss) on extinguishment of debt

$ 19,700,000

Assignment of equity interests

100.00%

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 28,800,000

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

Debt Instrument [Line Items]

Consideration for disposal

$ 34,000,000

Gain (loss) on disposal

2,600,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 26,800,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 7,700,000

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

Debt Instrument [Line Items]

Extinguishment of debt

$ 8,000,000

Area of property | a

1.65

1.65

Rockbridge Portfolio

Debt Instrument [Line Items]

Debt balance

$ 144,200,000

Gain (loss) on extinguishment of debt

$ 65,200,000

Mortgages

Debt Instrument [Line Items]

Principal amount

$ 37,000,000

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Outstanding principal balance with waived or deferred payments

2,800,000,000

Debt balance

3,711,585,000

4,124,003,000

$ 56,000,000

$ 45,800,000

108,800,000

Mortgages | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.95%

3.40%

Term of mortgage loan extension option

1 year

LIBOR floor

0.25%

Mortgages | Mortgage loan 31

Debt Instrument [Line Items]

Debt balance

$ 24,415,000

24,919,000

Interest rate

4.66%

Mortgages | Mortgage loan 8

Debt Instrument [Line Items]

Debt balance

$ 262,640,000

262,640,000

Mortgages | Mortgage loan 8 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

4.02%

Mortgages | Mortgage loan 16

Debt Instrument [Line Items]

Number of extension options | extension

1

Term of mortgage loan extension option

1 year

Debt balance

$ 35,200,000

$ 34,200,000

35,200,000

Principal repayment

1,000,000

Principal reduction

$ 1,000,000

LIBOR floor

0.25%

Initial term of loan

2 years

Mortgages | Mortgage loan 16 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.95%

3.95%

Mortgages | Mortgage loan 14

Debt Instrument [Line Items]

Principal amount

$ 145,000,000

Number of extension options | hotel

2

Term of mortgage loan extension option

1 year

Debt balance

$ 0

145,000,000

Mortgages | Mortgage loan 14 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

3.90%

Mortgages | Mortgage Loan 33

Debt Instrument [Line Items]

Principal amount

$ 25,300,000

Debt balance

$ 24,900,000

Interest rate

4.66%

Mortgages | Mortgage loan 3

Debt Instrument [Line Items]

Principal amount

$ 240,000,000

Number of extension options

5

5

Term of mortgage loan extension option

1 year

1 year

Debt balance

$ 240,000,000

$ 240,000,000

Mortgages | Mortgage loan 3 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

2.75%

Subordinated Debt

Debt Instrument [Line Items]

Debt balance

$ 8,000,000

$ 5,800,000

$ 36,200,000

Indebtedness, net - Schedule _2

Indebtedness, net - Schedule of Premium Amortization Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Interest expense and amortization of premium and loan costs	$ 154	$ 232	$ 277

Indebtedness, net - Maturities

Indebtedness, net - Maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 2,902,783
2022	544,681
2023	113,996
2024	65,157
2025	84,968
Thereafter	0
Total	$ 3,711,585

Notes Receivable, net and Oth_3

Notes Receivable, net and Other - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 8,263	$ 7,709
Notes Receivable | Construction Financing Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	4,000	4,000
Discount	(143)	(402)
Note receivable, net	$ 3,857	3,598
Due date term	3 years
Notes Receivable | Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 5,250	5,250
Discount	(844)	(1,139)
Note receivable, net	$ 4,406	$ 4,111

Notes Receivable, net and Oth_4

Notes Receivable, net and Other - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)a	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 10, 2019a
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0	$ 0
Discount amortization	554,000	119,000
Allowance related to notes receivable	0	0
Interest income	672,000	3,067,000	$ 3,952,000
Future ownership rights of parking parcel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	300,000	72,000
Free use of parking easement prior to development commencement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortization expense	117,000	118,000
Accumulated amortization	0	0
Reimbursement of parking fees while parking parcel is in development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	9,000	0
Reimbursement of parking fees	$ 240,000	$ 240,000
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Receivables with Imputed Interest [Line Items]
Imputed Interest Rate	7.00%
Total	$ 4,703	$ 4,751
Future ownership rights of parking parcel
Receivables with Imputed Interest [Line Items]
Face amount	4,100	4,100
Imputed interest	372	72
Total	4,472	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	$ 231	$ 462

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Credit Default Swaps
Derivative Instruments, Gain (Loss) [Line Items]
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)	842,000,000	$ 3,799,740,000
Aggregate principle balance on corresponding mortgage loans (in thousands)	$ 697,000,000	$ 3,666,331,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.00%	1.50%
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4.00%	5.22%
Not Designated as Hedging Instrument | Interest rate derivatives - floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 25,000,000	$ 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	(1.25%)	0.25%
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.25%	1.63%
Not Designated as Hedging Instrument | Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 457,000,000	$ 1,051,050,000	$ 3,614,618,000
Total cost (in thousands)	$ 83,000	$ 1,112,000	$ 3,143,000
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.00%	1.50%	1.50%
Not Designated as Hedging Instrument | Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4.00%	4.88%	5.71%
Not Designated as Hedging Instrument | Interest rate derivatives - floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 0	$ 6,000,000,000	$ 12,025,000,000
Total cost (in thousands)	$ 0	$ 225,000	$ 432,000
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate		1.63%	1.25%
Not Designated as Hedging Instrument | Interest rate derivatives - floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate		1.63%	2.00%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in/out of level 3	10.00%
LIBOR rate	0.144%	1.763%
LIBOR interest rate forward curve downtrend	0.131%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative assets:
Derivative assets	$ 263	$ 1,691
Derivative assets, net	263	1,691
Derivative liabilities:
Derivative liabilities, net	0	(42)
Fair Value Measurements Recurring
Derivative assets:
Counterparty and Cash Collateral Netting	0	3,181
Derivative assets, net	263	1,691
Non-derivative assets:
Equity securities		14,591
Total		16,282
Derivative liabilities:
Counterparty and Cash Collateral Netting		4,231
Net		16,240
Fair Value Measurements Recurring | Interest rate derivatives - floors
Derivative assets:
Counterparty and Cash Collateral Netting	0	257
Derivative assets, net	263	299
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Counterparty and Cash Collateral Netting		0
Derivative assets, net		47
Fair Value Measurements Recurring | Credit default swaps
Derivative assets:
Counterparty and Cash Collateral Netting		2,924
Derivative assets, net		1,345
Derivative liabilities:
Counterparty and Cash Collateral Netting		1,050
Derivative liabilities, net		(42)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets	0	0
Non-derivative assets:
Equity securities		14,591
Total		14,591
Derivative liabilities:
Net		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
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Credit default swaps
Derivative assets:
Derivative assets		0
Derivative liabilities:
Credit default swaps		0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets	263	(1,490)
Non-derivative assets:
Equity securities		0
Total		(1,490)
Derivative liabilities:
Net		(2,582)
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors
Derivative assets:
Derivative assets	263	42
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets		47
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Credit default swaps
Derivative assets:
Derivative assets		(1,579)
Derivative liabilities:
Credit default swaps		(1,092)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets	0	0
Non-derivative assets:
Equity securities		0
Total		0
Derivative liabilities:
Net		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
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Credit default swaps
Derivative assets:
Derivative assets		0
Derivative liabilities:
Credit default swaps		$ 0

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives		$ 19,950	$ (4,494)	$ (2,178)
Unrealized gain (loss) on marketable securities		(1,467)	1,896	(1,013)
Derivative expense related to credit default swaps		811	1,077	1,045
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives		19,950	(4,494)	(2,178)
Unrealized gain (loss) on marketable securities		(1,467)	1,896	(1,013)
Realized gain (loss) on marketable securities		2,268	84	89
Net		1,679	(3,314)	(3,102)
Fair Value Measurements Recurring | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives		10,106	362	(488)
Realized gain (loss) on interest rate floors		(9,505)	(800)	0
Fair Value Measurements Recurring | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives		(130)	(1,666)	(2,678)
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total derivatives		9,974	(3,190)	988
Realized gain (loss) on credit default swaps	$ 0	(9,567)	0
Fair Value Measurements Recurring | Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities		1,679	(3,314)	(3,102)
Fair Value Measurements Recurring | Derivative liabilities | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities		0	(1,092)	285
Fair Value Measurements Recurring | Derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		878	(4,202)	(2,463)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		601	(438)	(488)
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		(130)	(1,666)	(2,678)
Fair Value Measurements Recurring | Derivative assets | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		407	(2,098)	703
Fair Value Measurements Recurring | Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		1,679	(2,222)	(3,387)
Fair Value Measurements Recurring | Non-derivative assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		$ 801	$ 1,980	$ (924)

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	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial assets and liabilities measured at fair value:
Marketable securities, Carrying value	$ 0	$ 14,591
Marketable securities, Estimated fair value	0	14,591
Derivative assets, net, Carrying value	263	1,691
Derivative assets, net, Estimated fair value	263	1,691
Derivative liabilities, net	0	42
Financial assets not measured at fair value:
Cash and cash equivalents	92,905	262,636	$ 319,210	$ 354,805
Cash and cash equivalents, Estimated fair value	92,905	262,636
Restricted cash, Carrying Value	74,408	135,571	120,602	$ 116,787
Restricted cash, Estimated fair value	74,408	135,571
Accounts receivable, Carrying value	21,760	39,638
Accounts receivable, Estimated fair value	21,760	39,638
Notes receivable, net, Carrying value	8,263	7,709
Due from related party, net, Carrying value	5,801	3,019
Due from related party, net, Estimated fair value	5,801	3,019
Due from third-party hotel managers, Carrying value	9,383	17,368
Due from third party hotel managers, Estimated fair value	9,383	17,368
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	3,711,297	4,124,658
Accounts payable and accrued expenses	99,954	124,226
Accrued interest payable	98,685	10,115
Dividends payable, Carrying value	868	20,849	$ 26,794
Dividends payable, Estimated fair value	868	20,849
Due to Ashford Inc., net, Carrying value	13,383	6,570
Due to Ashford Inc., net, Estimated fair value	13,383	6,570
Due to third-party hotel managers, Carrying value	184	2,509
Due to third-party hotel managers, Estimated fair value	184	2,509
Minimum
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	7,850	7,323
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,167,369	3,881,453
Maximum
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	8,676	8,095
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 3,500,777	$ 4,290,027

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 8,263	$ 7,709
Indebtedness, net	3,728,911	4,106,518
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net	$ 3,700,000	$ 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)	85.30%	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)	94.30%	104.00%

Income (Loss) Per Share - Summa

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (543,876)	$ (113,635)	$ (126,966)
Less: Dividends on preferred stock	(32,117)	(42,577)	(42,577)
Less: Extinguishment of preferred stock	55,477	0	0
Add: Claw back of dividends on unvested performance stock units	606
Undistributed income (loss) allocated to common stockholders	(519,910)	(187,328)	(217,494)
Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted	$ (519,910)	$ (157,488)	$ (170,437)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic and diluted (in shares)	15,756	9,984	9,728
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (33)	$ (15.77)	$ (17.52)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (33)	$ (15.77)	$ (17.52)
Performance stock units
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	$ 0	$ (475)	$ (50)
Add: Claw back of dividends on unvested performance stock units	606	0	0
Restricted shares
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	0	(801)	(844)
Common Stock
Income (loss) allocated to common stockholders - basic and diluted:
Less: Dividends	$ 0	$ (29,840)	$ (47,057)

Income (Loss) Per Share - Sum_2

Income (Loss) Per Share - Summary of Computation of Diluted Income Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (89,008)	$ (28,932)	$ (29,313)
Total	$ (89,008)	$ (27,656)	$ (28,419)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,906	1,922	1,796
Preferred stock dividends in arrears	$ 21,473
Redeemable Noncontrolling Interests in Operating Partnership
Weighted average diluted shares are not adjusted for:
Preferred stock dividends in arrears	3,100
Restricted shares
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 0	$ 801	$ 844
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6	7	11
Performance stock units
Income (loss) allocated to common stockholders is not adjusted for:
Income allocated to unvested shares	$ 0	$ 475	$ 50
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	7	25
Redeemable Noncontrolling Interests in Operating Partnership
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,896	1,908	1,760
Contingently issuable shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4	0	0

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest in Operating Partnership - Narrative (Details) - USD ($) $ in Thousands	Feb. 26, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	May 31, 2020	Mar. 16, 2020
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)		1
Performance LTIP dividend claw back upon cancellation		$ 606
Hilton Santa Cruz/Scotts Valley
Noncontrolling Interest [Line Items]
Issuance of units for hotel acquisition (in shares)	1,500,000
Director | COVID-19
Noncontrolling Interest [Line Items]
Temporary reduction to cash retainer							25.00%
LTIP units
Noncontrolling Interest [Line Items]
Common partnership unit per converted LTIP unit (in shares)		1
Fair value of unrecognized cost		$ 2,600
Period of recognition for unamortized shares		1 year 4 months 24 days
Period for recognition		2 years 2 months 12 days
LTIP units | Director
Noncontrolling Interest [Line Items]
Other than options (in shares)		34,000			82,000	16,000
Fair value of options		$ 107	$ 160	$ 128
Performance LTIP units
Noncontrolling Interest [Line Items]
Other than options (in shares)		130,000
Shares forfeited (in shares)		109,000
Performance LTIP dividend claw back upon cancellation		$ 1,401	$ 0	$ 0
Units which have not reached full economic parity with common units (in shares)		50,000
Fair value of unrecognized cost		$ 652
Period of recognition for unamortized shares		1 year
Period for recognition		2 years
LTIP and Performance LTIP
Noncontrolling Interest [Line Items]
Units outstanding (in shares)		1,400,000
Units which have not reached full economic parity with common units (in shares)		205,000
Minimum | LTIP units
Noncontrolling Interest [Line Items]
Vesting period		3 years
Minimum | Performance LTIP units
Noncontrolling Interest [Line Items]
Performance adjustment range		0.00%
Maximum | LTIP units
Noncontrolling Interest [Line Items]
Vesting period		5 years
Maximum | Performance LTIP units
Noncontrolling Interest [Line Items]
Performance adjustment range		200.00%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Performance LTIP units | Advisory services fee
Debt Instrument [Line Items]
Compensation expense	$ 1,972	$ 3,594	$ 6,797
LTIP units
Debt Instrument [Line Items]
Compensation expense	4,830	7,304	10,841
LTIP units | Advisory services fee
Debt Instrument [Line Items]
Compensation expense	2,042	3,264	3,508
LTIP units | Corporate, general and administrative
Debt Instrument [Line Items]
Compensation expense	$ 816	$ 446	$ 536

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership - Activity of Units in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Partnership Interest
Temporary Equity [Line Items]
Redemption/conversion of operating partnership units (in shares)	196	0	0
Operating Partnership Units
Temporary Equity [Line Items]
Redemption/conversion of operating partnership units	$ 959	$ 0	$ 0

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests (in thousands)		$ 22,951	$ 69,870
Cumulative adjustments to redeemable noncontrolling interests		(36,817)	$ (9,445)	$ 8,171
Partnership Interest
Noncontrolling Interest [Line Items]
Cumulative adjustments to redeemable noncontrolling interests	$ 155,536	$ 186,763
Partnership Interest | Ashford Trust OP
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership		8.51%	15.92%

Redeemable Noncontrolling Int_7

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 89,008	$ 28,932	$ 29,313
Distributions declared to holders of common units, LTIP units and Performance LTIP units	0	6,572	8,789
Performance LTIP dividend claw back upon cancellation	(606)
Performance LTIP units
Noncontrolling Interest [Line Items]
Performance LTIP dividend claw back upon cancellation	$ (1,401)	$ 0	$ 0

Redeemable Noncontrolling Int_8

Redeemable Noncontrolling Interests in Operating Partnership - Activity of Units in Operating Partnership (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Units
Summary of the activity of the operating partnership units
Units issued (in shares)	0	147	0
Partnership Interest
Summary of the activity of the operating partnership units
Outstanding at beginning of year (in shares)	2,194	1,992	1,960
Units issued (in shares)	232	34	48
Common units converted to common stock (in shares)	(196)	0	0
Outstanding at end of year (in shares)	2,171	2,194	1,992
Common units convertible/redeemable at end of year (in shares)	1,777	1,857	1,665
Performance LTIP units
Summary of the activity of the operating partnership units
Units issued (in shares)	50	21	58
Performance LTIP units canceled (in shares)	(109)	0	(74)

Equity - Narrative (Details)

Equity - Narrative (Details)	Dec. 07, 2020USD ($)$ / sharesshares	Nov. 25, 2020$ / shares	Dec. 31, 2020hotel$ / sharesshares	Dec. 31, 2019hotel$ / sharesshares	Dec. 31, 2018shares	Sep. 30, 2020USD ($)shares	Jul. 15, 2020shares	Jul. 14, 2020shares	Dec. 11, 2017USD ($)	Dec. 05, 2017USD ($)$ / shares	Sep. 18, 2017$ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01						$ 0.01
Authorized amount | $										$ 200,000,000
Stock repurchased (in shares) | shares			0	0	0
Additional acquisition of common stock (in shares) | shares			30,558	21,070	24,856
Number of shares of common stock (in shares) | shares			64,362,505	10,210,360			10,500,000	104,800,000
Preferred stock, shares authorized (in shares) | shares			50,000,000	50,000,000
Preferred stock, par value (in dollars per shares)			$ 0.01	$ 0.01
Common stock, shares issued (in shares) | shares			64,362,505	10,210,360
Hotel Properties | Two Interstate Hotels
Class of Stock [Line Items]
Ownership percentage of operating partnership			15.00%	15.00%
Number of hotel properties held by joint ventures | hotel			2	2
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage		8.45%	8.45%
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) | shares			1,791,461	2,389,393
Redemption price of preferred stock (in dollars per share)											$ 25
Annual dividend rate per share (in dollars per share)			$ 2.1124
Increased dividend rate percentage			9.45%
Preferred stock, shares issued (in shares) | shares			1,791,461	2,389,393
Liquidation preference (in dollars per share)											$ 25
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage		7.375%	7.375%
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) | shares			2,891,440	4,800,000
Redemption price of preferred stock (in dollars per share)			$ 25
Annual dividend rate per share (in dollars per share)			$ 1.8436
Preferred stock, shares issued (in shares) | shares			2,891,440	4,800,000
Liquidation preference (in dollars per share)			$ 25
Conversion ratio to common stock			9.68992
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage		7.375%	7.375%
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) | shares			4,422,623	6,200,000
Redemption price of preferred stock (in dollars per share)			$ 25
Annual dividend rate per share (in dollars per share)			$ 1.8436
Preferred stock, shares issued (in shares) | shares			4,422,623	6,200,000
Liquidation preference (in dollars per share)			$ 25
Conversion ratio to common stock			8.33333
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage		7.50%	7.50%
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) | shares			2,668,637	3,800,000
Redemption price of preferred stock (in dollars per share)			$ 25
Annual dividend rate per share (in dollars per share)			$ 1.8750
Preferred stock, shares issued (in shares) | shares			2,668,637	3,800,000
Liquidation preference (in dollars per share)			$ 25
Conversion ratio to common stock			8.25083
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage		7.50%	7.50%
Preferred stock, par value (in dollars per shares)		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) | shares			3,391,349	5,400,000
Redemption price of preferred stock (in dollars per share)			$ 25
Annual dividend rate per share (in dollars per share)			$ 1.8750
Preferred stock, shares issued (in shares) | shares			3,391,349	5,400,000
Liquidation preference (in dollars per share)			$ 25
Conversion ratio to common stock			8.06452
Convertible Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares) | shares			2,788,035
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) | shares			544,177
Private Placement | Lincoln Park Capital Fund, LLC
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Shares issued (in shares) | shares	190,840
Shares authorized amount | $	$ 40,000,000
Purchase agreement period	24 months
Shares to purchase, option one (in shares) | shares	400,000
Shares to purchase, option two (in shares) | shares	300,000
Percent of total shares outstanding	4.99%
Private Placement | Maximum | Lincoln Park Capital Fund, LLC
Class of Stock [Line Items]
Gross proceeds received | $	$ 3,000,000
Sale price of stock (in dollars per share)	$ 5
Common Stock
Class of Stock [Line Items]
Common stock issued (in shares) | shares			12,679,000		244,000
Common Stock | At-The-Market Equity Distribution
Class of Stock [Line Items]
Aggregate offering price | $									$ 100,000,000
Shares issued (in shares) | shares				0		4,400,000
Gross proceeds received | $						$ 27,500,000

Equity - Issuance Activity (Det

Equity - Issuance Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Gross proceed received	$ 31,873	$ 0	$ 14,752
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)	4,127	0	243
Gross proceed received	$ 12,009	$ 0	$ 15,522
Commissions and other expenses	150	0	194
Net proceeds	$ 11,859	$ 0	$ 15,328

Equity - Summary of Activity (D

Equity - Summary of Activity (Details) - Lincoln Park Capital Fund, LLC - USD ($) $ in Thousands	Dec. 07, 2020	Dec. 31, 2020
Private Placement
Class of Stock [Line Items]
Shares issued (in shares)	190,840
Common Stock | Private Placement, Shares Sold
Class of Stock [Line Items]
Shares issued (in shares)		8,362,000
Common Stock | Private Placement, Additional Commitment Shares
Class of Stock [Line Items]
Shares issued (in shares)		191,000
Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)		8,553,000
Gross proceeds received		$ 20,556

Equity - Preferred Dividends Un

Equity - Preferred Dividends Unpaid (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 25, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 21,473
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 2,838
Preferred stock dividends in arrears (in dollars per share)		$ 1.58
Preferred stock percentage	8.45%	8.45%
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 3,998
Preferred stock dividends in arrears (in dollars per share)		$ 1.38
Preferred stock percentage	7.375%	7.375%
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 6,115
Preferred stock dividends in arrears (in dollars per share)		$ 1.38
Preferred stock percentage	7.375%	7.375%
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 3,753
Preferred stock dividends in arrears (in dollars per share)		$ 1.41
Preferred stock percentage	7.50%	7.50%
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 4,769
Preferred stock dividends in arrears (in dollars per share)		$ 1.41
Preferred stock percentage	7.50%	7.50%

Equity - Preferred Shares Tende

Equity - Preferred Shares Tendered and Common Shares Issued (Details) - shares shares in Thousands	Nov. 25, 2020	Dec. 31, 2020	Dec. 31, 2019
Preferred Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		6,880
Preferred Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			544
Common Stock
Class of Stock [Line Items]
Shares Tendered and Issued		41,177
Common Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		38,389
Common Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			2,788
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage	8.45%	8.45%
Preferred Stock, Series D | Preferred Stock
Class of Stock [Line Items]
Shares Tendered and Issued		(598)
Preferred Stock, Series D | Preferred Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		575
Preferred Stock, Series D | Preferred Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			23
Preferred Stock, Series D | Common Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		3,211
Preferred Stock, Series D | Common Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			131
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage	7.375%	7.375%
Preferred Stock, Series F | Preferred Stock
Class of Stock [Line Items]
Shares Tendered and Issued		(1,909)
Preferred Stock, Series F | Preferred Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		1,755
Preferred Stock, Series F | Preferred Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			154
Preferred Stock, Series F | Common Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		9,791
Preferred Stock, Series F | Common Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			795
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage	7.375%	7.375%
Preferred Stock, Series G | Preferred Stock
Class of Stock [Line Items]
Shares Tendered and Issued		(1,777)
Preferred Stock, Series G | Preferred Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		1,663
Preferred Stock, Series G | Preferred Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			114
Preferred Stock, Series G | Common Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		9,279
Preferred Stock, Series G | Common Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			573
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage	7.50%	7.50%
Preferred Stock, Series H | Preferred Stock
Class of Stock [Line Items]
Shares Tendered and Issued		(1,131)
Preferred Stock, Series H | Preferred Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		1,029
Preferred Stock, Series H | Preferred Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			102
Preferred Stock, Series H | Common Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		5,742
Preferred Stock, Series H | Common Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			515
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage	7.50%	7.50%
Preferred Stock, Series I | Preferred Stock
Class of Stock [Line Items]
Shares Tendered and Issued		(2,009)
Preferred Stock, Series I | Preferred Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		1,858
Preferred Stock, Series I | Preferred Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			151
Preferred Stock, Series I | Common Stock | Prior Exchange Offers
Class of Stock [Line Items]
Shares Tendered and Issued		10,366
Preferred Stock, Series I | Common Stock | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued			774

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock	$ 0	$ 31,116	$ 47,951
Total dividends declared	10,644	73,693	90,528
Preferred Stock, Series D
Class of Stock [Line Items]
Total dividends declared	1,262	5,048	5,047
Preferred Stock, Series F
Class of Stock [Line Items]
Total dividends declared	2,212	8,849	8,849
Preferred Stock, Series G
Class of Stock [Line Items]
Total dividends declared	2,858	11,430	11,431
Preferred Stock, Series H
Class of Stock [Line Items]
Total dividends declared	1,781	7,125	7,125
Preferred Stock, Series I
Class of Stock [Line Items]
Total dividends declared	$ 2,531	$ 10,125	$ 10,125

Equity - Noncontrolling Interes

Equity - Noncontrolling Interests in Consolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Carrying value of noncontrolling interests	$ 166	$ 504
(Income) loss allocated to noncontrolling interests in consolidated entities	$ 338	$ 112	$ 30

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	May 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 2,900			$ 2,900
Period of unamortized cost with be expensed				2 years 2 months 12 days
Weighted average period of recognition for unamortized shares				1 year 7 months 6 days
Other than options (in shares)	166,000			166,000	213,000	171,000	208,000
Compensation expense				$ 4,936	$ 7,476	$ 7,857
Shares forfeited (in shares)				53,000	6,000	5,000
Restricted shares | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense						$ 1,500
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 2,000			$ 2,000
Period of unamortized cost with be expensed				2 years
Weighted average period of recognition for unamortized shares				1 year 2 months 12 days
Other than options (in shares)	128,000			128,000	158,000	77,000	82,000
Compensation expense				$ 958	$ 4,937	$ 8,241
Vesting period				3 years
Shares canceled (in shares)				35,000	0	24,800
Claw back of previously declared dividends				$ 378
Shares forfeited (in shares)				65,000	0	0
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range	0.00%			0.00%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range	200.00%			200.00%
Performance stock units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 1,900		$ 3,000
Claw back of previously declared dividends				$ 228
Shares forfeited (in shares)				65,000
Non-employee restricted shares | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options (in shares)	6,000	13,000	3,000	6,000
Fair value of options	$ 20	$ 25	$ 17
2011 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	1,700,000			1,700,000
Shares available for future issuance (in shares)	126,000			126,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 4,936	$ 7,476	$ 7,857
Restricted shares | Advisory services fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	3,897	6,268	6,698
Restricted shares | Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	594	768	1,159
Restricted shares | Corporate, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	298	350	0
Restricted shares | Corporate, general and administrative | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	147	90	0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 958	$ 4,937	$ 8,241

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted shares
Units
Outstanding at beginning of year (in shares)	213,000	171,000	208,000
Granted (in shares)	168,000	134,000	91,000
Vested (in shares)	(162,000)	(86,000)	(123,000)
Forfeited (in shares)	(53,000)	(6,000)	(5,000)
Outstanding at end of year (in shares)	166,000	213,000	171,000
Weighted Average Price at Grant
Beginning of year (in dollars per share)	$ 58.60	$ 65.60	$ 70.30
Granted (in dollars per share)	11.55	53.60	66.40
Vested (in dollars per share)	46.25	65	74.10
Forfeited (in dollars per share)	34.89	58.20	64.10
End of year (in dollars per share)	$ 30.61	$ 58.60	$ 65.60
Performance Shares
Units
Outstanding at beginning of year (in shares)	158,000	77,000	82,000
Granted (in shares)	70,000	81,000	53,000
Vested (in shares)	0	0	(33,000)
Forfeited (in shares)	(65,000)	0	0
Canceled (in shares)	(35,000)	0	(24,800)
Outstanding at end of year (in shares)	128,000	158,000	77,000
Weighted Average Price at Grant
Beginning of year (in dollars per share)	$ 58.20	$ 63.10	$ 60.70
Granted (in dollars per share)	8	53.60	66.40
Vested (in dollars per share)	0	0	61.90
Forfeited (in dollars per share)	45.83	0	0
Canceled (in dollars per share)	58.50		63.80
End of year (in dollars per share)	$ 37.79	$ 58.20	$ 63.10

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

Nov. 05, 2020

Oct. 16, 2020USD ($)

Jul. 01, 2020USD ($)installment

Mar. 20, 2020USD ($)

Sep. 25, 2019USD ($)

Aug. 07, 2018USD ($)

Jun. 26, 2018USD ($)

Nov. 30, 2020USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2020USD ($)hotel

Dec. 31, 2019USD ($)hotel

Dec. 31, 2018hotel

Jan. 04, 2021USD ($)

Nov. 26, 2020USD ($)

Aug. 25, 2020USD ($)

Mar. 13, 2020USD ($)

Related Party Transaction [Line Items]

Aggregate non-listed preferred equity offerings

$ 400,000,000

$ 400,000,000

Number of hotels | hotel

117

121

122

Percentage not to exceed of project budget

16.50%

Due from related parties, net

$ 5,801,000

$ 3,019,000

Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

75.00%

0.00%

Ashford Inc. | Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

50.00%

Ashford Inc. | Braemar Hotels & Resorts Inc

Related Party Transaction [Line Items]

Allocation percentage

25.00%

50.00%

Subsidiaries

Related Party Transaction [Line Items]

Number of hotel properties managed by affiliates | hotel

68

Number of hotels | hotel

103

Management Fee

Related Party Transaction [Line Items]

Portion of project management fees to project costs

4.00%

4.00%

Success Fees

Related Party Transaction [Line Items]

Deferral of payment term

30 days

30 days

30 days

Amount of fees not paid

$ 3,000,000

Claw back credit

506,000

Remington Hotels

Related Party Transaction [Line Items]

Security deposit

$ 1,200,000

Due from related parties, net

$ 4,600,000

1,800,000

Ashford Inc.

Related Party Transaction [Line Items]

Advisory services, incentive fee term

3 years

Contribution amount committed

$ 15,000,000

Contribution amount funded

$ 3,000,000

Ashford Inc. | Other Assets

Related Party Transaction [Line Items]

Contribution amount funded

$ 85,000

1,600,000

Ashford Inc. | Base Management Fees

Related Party Transaction [Line Items]

Reimbursable expenses

3,000,000

$ 3,000,000

$ 3,000,000

Ashford Inc. | Base Management Fees | Subsequent Event

Related Party Transaction [Line Items]

Reimbursable expenses

$ 2,800,000

Ashford Inc. | Reimbursable Expenses

Related Party Transaction [Line Items]

Reimbursable expenses

$ 1,000,000

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

Consideration for FF&E

$ 8,100,000

Remaining ERFP amount

$ 11,400,000

Lismore Capital

Related Party Transaction [Line Items]

Advisory fees waived

$ 540,000

Lismore Capital | Mortgages

Related Party Transaction [Line Items]

Advisory fees waived

$ 94,000

Lismore Capital | 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

$ 5,100,000

Advisory services, financing amount

$ 4,100,000,000

Advisory services, multiple percentage

0.125%

Periodic installment payments

5,100,000

Payment expensed in accordance with the agreement

3,500,000

Payment amount to be offset against future fees

1,700,000

Expensed recognized in other assets

4,400,000

Expensed recognized in write-off loan costs and exit fees

9,200,000

Lismore Capital | Subsidiaries | Success Fees

Related Party Transaction [Line Items]

Payable fees

6,700,000

Lismore Capital | Subsidiaries | Payable Reduction

Related Party Transaction [Line Items]

Advisory services, rate

0.10%

Lismore Capital | Subsidiaries | Advisory services fee

Related Party Transaction [Line Items]

Advisory services, rate

0.75%

Lismore Capital | Subsidiaries | Percent of Conversion Value

Related Party Transaction [Line Items]

Advisory services, rate

1.50%

Lismore Capital | Subsidiaries | Percent of Face Value

Related Party Transaction [Line Items]

Advisory services, rate

50.00%

Lismore Capital | Subsidiaries | Success Fees Payable

Related Party Transaction [Line Items]

Payable fees

$ 3,400,000

Maximum | Ashford Inc.

Related Party Transaction [Line Items]

Quarterly base fee

0.70%

Total market capitalization

$ 10,000,000,000

Maximum | Ashford Inc. | Affiliated entity

Related Party Transaction [Line Items]

ERFP investment amount (up to)

$ 50,000,000

ERFP commitment amount subject to increase

$ 100,000,000

Minimum | Management Fee | Management Fee

Related Party Transaction [Line Items]

Percent of gross revenue

3.00%

Minimum | Ashford Inc.

Related Party Transaction [Line Items]

Quarterly base fee

0.50%

Total market capitalization

$ 6,000,000,000

Minimum | Remington Hotels | Management Fee | Management Fee

Related Party Transaction [Line Items]

Payment of monthly property management fees

$ 14,000

$ 14,000

Percent of gross revenue

3.00%

Related Party Transactions - Ad

Related Party Transactions - Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Advisory services fee	$ 50,050	$ 63,632	$ 69,122
Performance Shares
Related Party Transaction [Line Items]
Units forfeited (in shares)	65	0	0
Executive Officer | Performance Shares
Related Party Transaction [Line Items]
Units forfeited (in shares)	65
Value of shares forfeited	$ 1,900
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	1,998	$ 896	$ 0
Ashford Inc. | Affiliated entity
Related Party Transaction [Line Items]
Advisory services fee	50,050	63,632	69,122
Ashford Inc. | Affiliated entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	34,745	36,269	35,526
Ashford Inc. | Affiliated entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	6,436	9,300	8,351
Ashford Inc. | Affiliated entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	$ 8,869	$ 18,063	$ 25,245

Related Party Transactions - Sc

Related Party Transactions - Schedule of Hotel and Project Management Agreements (Details) - Remington Hotels - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Hotel management fees, including incentive hotel management fees	$ 27,205	$ 30,890
Market service and project management fees	0	11,148
Corporate general and administrative	6,014	5,872
Total	$ 33,219	$ 47,910

Related Party Transactions - Su

Related Party Transactions - Summary of Entities with Advisor Interest (Details) - USD ($) $ in Thousands	Oct. 16, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Success Fees
Related Party Transaction [Line Items]
Claw back credit	$ 506
AIM | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		$ 995	$ 1,206	$ 1,156
Total		(111)	82
AIM | Other Hotel Revenue | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
AIM | Management Fee | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
AIM | Other Hotel Expenses | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
AIM | Property Taxes, Insurance and Other | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
AIM | Advisory Expenses | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0
AIM | Corporate, General and Administrative | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		995	1,206	1,156
AIM | Write-off of Premiums, Loan Costs and Exit Fees | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
AIM | Advisory Services Fee | Cash management services
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Gain (Loss) on Disposition of Assets and Hotel Properties | Cash management services
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Investments in Hotel Properties, net | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
AIM | Indebtedness, net | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
AIM | Other Assets | Cash management services
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		118	75	76
Total		30	18
Ashford LLC | Advisory Services Fee
Related Party Transaction [Line Items]
Total		9,533	1,133
Ashford LLC | Other Hotel Revenue | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Ashford LLC | Management Fee | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford LLC | Other Hotel Expenses | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Ashford LLC | Property Taxes, Insurance and Other | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		118	75
Ashford LLC | Advisory Expenses | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford LLC | Corporate, General and Administrative | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0	76
Ashford LLC | Write-off of Premiums, Loan Costs and Exit Fees | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford LLC | Advisory Services Fee | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford LLC | Gain (Loss) on Disposition of Assets and Hotel Properties | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford LLC | Investments in Hotel Properties, net | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Ashford LLC | Indebtedness, net | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Ashford LLC | Other Assets | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			896
Ashford Securities | Other Hotel Revenue | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Management Fee | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Other Hotel Expenses | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Property Taxes, Insurance and Other | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Corporate, General and Administrative | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			896
Ashford Securities | Write-off of Premiums, Loan Costs and Exit Fees | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Advisory Services Fee | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Gain (Loss) on Disposition of Assets and Hotel Properties | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Investments in Hotel Properties, net | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford Securities | Indebtedness, net | Broker/Dealer
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		2,187	7,365	3,569
Total		131	1,009
J&S Audio Visual | Equipment
Related Party Transaction [Line Items]
Amount of transaction			24	925
J&S Audio Visual | Other Hotel Revenue | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		2,187	7,365	3,569
J&S Audio Visual | Other Hotel Revenue | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0	0
J&S Audio Visual | Management Fee | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0
J&S Audio Visual | Management Fee | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Other Hotel Expenses | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
J&S Audio Visual | Other Hotel Expenses | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0	0
J&S Audio Visual | Property Taxes, Insurance and Other | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0
J&S Audio Visual | Property Taxes, Insurance and Other | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Advisory Expenses | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0
J&S Audio Visual | Corporate, General and Administrative | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
J&S Audio Visual | Corporate, General and Administrative | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0	0
J&S Audio Visual | Write-off of Premiums, Loan Costs and Exit Fees | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0
J&S Audio Visual | Write-off of Premiums, Loan Costs and Exit Fees | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Advisory Services Fee | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Advisory Services Fee | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Gain (Loss) on Disposition of Assets and Hotel Properties | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Gain (Loss) on Disposition of Assets and Hotel Properties | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0
J&S Audio Visual | Investments in Hotel Properties, net | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
J&S Audio Visual | Investments in Hotel Properties, net | Equipment
Related Party Transaction [Line Items]
Amount of transaction			24	925
J&S Audio Visual | Indebtedness, net | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
J&S Audio Visual | Indebtedness, net | Equipment
Related Party Transaction [Line Items]
Amount of transaction			0	0
J&S Audio Visual | Other Assets | Audio visual commissions
Related Party Transaction [Line Items]
Amount of transaction		0
Lismore Capital | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		16,570	1,294	5,094
Lismore Capital | Broker services
Related Party Transaction [Line Items]
Amount of transaction		170	427
Lismore Capital | Debt placement and related services
Related Party Transaction [Line Items]
Total		3,420	0
Lismore Capital | Other Hotel Revenue | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Other Hotel Revenue | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Management Fee | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Management Fee | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Other Hotel Expenses | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Other Hotel Expenses | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Property Taxes, Insurance and Other | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Property Taxes, Insurance and Other | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Advisory Expenses | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0
Lismore Capital | Advisory Expenses | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0
Lismore Capital | Corporate, General and Administrative | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Corporate, General and Administrative | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		12,054	79
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Broker services
Related Party Transaction [Line Items]
Amount of transaction		100	0
Lismore Capital | Advisory Services Fee | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital | Advisory Services Fee | Broker services
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital | Gain (Loss) on Disposition of Assets and Hotel Properties | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital | Gain (Loss) on Disposition of Assets and Hotel Properties | Broker services
Related Party Transaction [Line Items]
Amount of transaction			427
Lismore Capital | Investments in Hotel Properties, net | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Investments in Hotel Properties, net | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Indebtedness, net | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		128	(1,215)	(5,094)
Lismore Capital | Indebtedness, net | Broker services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Other Assets | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction		4,388
Lismore Capital | Other Assets | Broker services
Related Party Transaction [Line Items]
Amount of transaction		70
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		118	112	105
Total		13	2
OpenKey | Other Hotel Revenue | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
OpenKey | Management Fee | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Other Hotel Expenses | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		118	109	102
OpenKey | Property Taxes, Insurance and Other | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Advisory Expenses | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0
OpenKey | Corporate, General and Administrative | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
OpenKey | Write-off of Premiums, Loan Costs and Exit Fees | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Advisory Services Fee | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction			0
OpenKey | Gain (Loss) on Disposition of Assets and Hotel Properties | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction			0
OpenKey | Investments in Hotel Properties, net | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	3	3
OpenKey | Indebtedness, net | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
OpenKey | Other Assets | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction		0
Lismore Capital | Project management services
Related Party Transaction [Line Items]
Amount of transaction		6,801	20,004	7,677
Total		323	4,028
Lismore Capital | Other Hotel Revenue | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Management Fee | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Other Hotel Expenses | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Property Taxes, Insurance and Other | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Advisory Expenses | Project management services
Related Party Transaction [Line Items]
Amount of transaction		1,074
Lismore Capital | Corporate, General and Administrative | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Write-off of Premiums, Loan Costs and Exit Fees | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Advisory Services Fee | Project management services
Related Party Transaction [Line Items]
Amount of transaction			1,723
Lismore Capital | Gain (Loss) on Disposition of Assets and Hotel Properties | Project management services
Related Party Transaction [Line Items]
Amount of transaction			0
Lismore Capital | Investments in Hotel Properties, net | Project management services
Related Party Transaction [Line Items]
Amount of transaction		5,727	18,281	7,677
Lismore Capital | Indebtedness, net | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
Lismore Capital | Other Assets | Project management services
Related Party Transaction [Line Items]
Amount of transaction		0
OpenKey | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		967	1,021	2,436
Total		44	298
OpenKey | Other Hotel Revenue | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
OpenKey | Management Fee | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Other Hotel Expenses | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		929	422	24
OpenKey | Property Taxes, Insurance and Other | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Advisory Expenses | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0
OpenKey | Corporate, General and Administrative | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0	0	0
OpenKey | Write-off of Premiums, Loan Costs and Exit Fees | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Advisory Services Fee | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction			0
OpenKey | Gain (Loss) on Disposition of Assets and Hotel Properties | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction			0
OpenKey | Investments in Hotel Properties, net | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		38	599	2,412
OpenKey | Indebtedness, net | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0	0	$ 0
OpenKey | Other Assets | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction		0
Remington Hotels | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		27,443	9,152
Remington Hotels | Other Hotel Revenue | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Management Fee | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		15,835	3,796
Remington Hotels | Other Hotel Expenses | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		11,608	5,356
Remington Hotels | Property Taxes, Insurance and Other | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Advisory Expenses | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0
Remington Hotels | Corporate, General and Administrative | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Write-off of Premiums, Loan Costs and Exit Fees | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Advisory Services Fee | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction			0
Remington Hotels | Gain (Loss) on Disposition of Assets and Hotel Properties | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction			0
Remington Hotels | Investments in Hotel Properties, net | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Indebtedness, net | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Other Assets | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Inc.
Related Party Transaction [Line Items]
Total		$ 13,383	$ 6,570

Commitments and Contingencies_2

Commitments and Contingencies (Details)

Aug. 07, 2018USD ($)

Jul. 26, 2018USD ($)

Jun. 29, 2017USD ($)

Jun. 07, 2017USD ($)

Jun. 01, 2017USD ($)

Jun. 30, 2014USD ($)

Nov. 01, 2011USD ($)

Dec. 31, 2020USD ($)hotellease

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2006USD ($)

Commitments and Contingencies [Line Items]

Number of ground leases | lease

3

Number of ground leases subject to base rent | lease

2

Rent expense

$ 4,000,000

Contingent rent

837,000

Capital commitments

$ 29,400,000

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

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

Class Action Lawsuit, California Employment Laws

Commitments and Contingencies [Line Items]

Loss contingency accrual

$ 0

Number of hotels in class action lawsuit | hotel

9

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

$ 22,658,000

$ 76,707,000

$ 72,095,000

Franchise Fees

Commitments and Contingencies [Line Items]

Franchisor royalty fees percent of gross room revenue, minimum

3.00%

Franchisor royalty fees percent of gross room revenue, maximum

6.00%

Food and beverage fees minimum

1.00%

Food and beverage fees maximum

3.00%

Marketing reservation and other fees, minimum

1.00%

Marketing reservation and other fees, maximum

4.00%

Fee multiple

3

Management Fee

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%

Project management fees

4.00%

4.00%

Maximum market service fee as percentage of project management budget

16.50%

Minimum

Commitments and Contingencies [Line Items]

Restricted cash as percentage of property revenue

4.00%

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

Commitments and Contingencies [Line Items]

Damages sought

$ 5,800,000

Minimum | Management Fee | Management Fee

Commitments and Contingencies [Line Items]

Percent of gross revenue

3.00%

Minimum | Management Fee | Remington Hotels | Management Fee

Commitments and Contingencies [Line Items]

Payment of monthly property management fees

$ 14,000

$ 14,000

Percent of gross revenue

3.00%

Maximum

Commitments and Contingencies [Line Items]

Restricted cash as percentage of property revenue

6.00%

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

Commitments and Contingencies [Line Items]

Damages sought

$ 11,900,000

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 45,309	$ 53,270
Operating lease right-of-use assets	45,008	49,995
Intangible assets reclassified	(797)	(797)
Deferred rent	$ (2,257)	$ (2,337)
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease liabilities			$ 43,300
Operating lease right-of-use assets			38,800
Intangible assets reclassified			9,000
Deferred rent			13,000
Deferred rent reclassified			$ 485
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	99 years

Leases - Lease Balances (Detail

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Operating lease right-of-use assets	$ 45,008	$ 49,995
Liabilities
Operating lease liabilities	$ 45,309	$ 53,270

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets
Operating lease right-of-use assets	$ 45,008	$ 49,995
Liabilities
Operating lease liabilities	45,309	53,270
Hotel operating expenses - other	4,453	4,323
Variable lease expense	495	501
Amortization costs related to the intangible assets and liabilities	227	176
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 3,028	$ 3,511
Weighted Average Remaining Lease Term
Operating leases	69 years	73 years
Weighted Average Discount Rate
Operating leases	5.14%	5.17%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 2,974
2022	2,852
2023	2,834
2024	2,833
2025	2,833
Thereafter	172,683
Total future minimum lease payments	187,009
Less: interest	141,700
Present value of lease liabilities	$ 45,309	$ 53,270

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)hotel	Dec. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)
Operating Loss Carryforwards [Line Items]
Minimum percentage of income distributed to shareholders to qualify as a REIT	90.00%
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year	4 years
Number of hotels | hotel	117	121	122
Ashford TRS recognized net book income (loss)	$ (142,000)	$ 7,300	$ 21,100
Income tax interest and penalties expenses	11	56	11
Interest income included in income tax expense		19
Income tax interest and penalties expenses accrued	0	0
Net operating loss carryforwards	617,200
Net operating loss carryforwards subject to expiration	426,100
Valuation allowance	40,029	$ 7,712	$ 10,034	$ 6,232
Income tax benefit, net operating loss, CARES Act	$ 858
Subsidiaries
Operating Loss Carryforwards [Line Items]
Number of hotels | hotel	103
Ashford TRS
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 130,300
Net operating loss carryforwards subject to expiration	$ 10,100

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21%	$ 29,811	$ (1,539)	$ (4,435)
State income tax (expense) benefit, net of U.S. federal income tax benefit	4,014	(475)	(698)
Permanent differences	415	(310)	(128)
Provision to return adjustment	(228)	(325)	(230)
Gross receipts and margin taxes	(347)	(923)	(950)
Interest and penalties	(13)	32	(11)
Valuation allowance	(32,317)	2,322	3,670
Income tax (expense) benefit	$ 1,335	$ (1,218)	$ (2,782)

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 826	$ (48)	$ (1,195)
State	(549)	(1,329)	(1,452)
Total current income tax (expense) benefit	277	(1,377)	(2,647)
Deferred:
Federal	927	126	(39)
State	131	33	(96)
Total deferred income tax (expense) benefit	1,058	159	(135)
Income tax (expense) benefit	$ 1,335	$ (1,218)	$ (2,782)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Liability) and Related Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 89	$ 150
Unearned income	1,364	2,525
Federal and state net operating losses	30,687	2,458
Capital loss carryforward	7,372	5,436
Accrued expenses	1,263	1,723
Prepaid expenses	(121)	(4,823)
Tax property basis less than book basis	(2,600)	(3,355)
Tax derivatives basis greater than book basis	296	2,281
Other	1,307	194
Deferred tax asset (liability)	39,657	6,589
Valuation allowance	(40,029)	(7,712)	$ (10,034)	$ (6,232)
Net deferred tax asset (liability)	$ (372)	$ (1,123)

Income Taxes - Changes in Valua

Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 7,712	$ 10,034	$ 6,232
Additions	32,317	0	4,766
Deductions	0	(2,322)	(964)
Balance at end of year	$ 40,029	$ 7,712	$ 10,034

Deferred Costs, net (Details)

Deferred Costs, net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred franchise fees	$ 3,472	$ 4,811
Accumulated amortization	(1,621)	(1,914)
Deferred costs, net	$ 1,851	$ 2,897

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments	1

Intangible Assets, net and In_3

Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets, net
Cost	$ 797	$ 797
Accumulated amortization	0	0
Total	797	797
Intangible Liabilities, net
Cost	2,723	2,723
Accumulated amortization	(466)	(386)
Total	2,257	2,337
Lease revenue	80	81	$ 82
Net amortization related to intangibles was a reduction in lease expense			$ (155)
Intangible Liabilities
Total	2,257	2,337
Savannah Dock Acquisition
Intangible Liabilities, net
Carrying value	797	$ 797
Amortization expense post-adoption
Intangible Liabilities, net
Total	2,257
Intangible Liabilities
2021	80
2022	80
2023	80
2024	36
2025	32
Thereafter	1,949
Total	$ 2,257

Concentration of Risk (Details)

Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2020
Sales | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	8.00%

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 90,253	$ 93,043	$ 43,065	$ 281,877	$ 354,656	$ 374,237	$ 415,148	$ 358,718	$ 508,238	$ 1,502,759	$ 1,430,789
Total operating expenses	189,991	217,198	194,800	334,936	365,330	347,161	366,699	334,966	936,925	1,414,156	1,340,850
Gain (loss) on disposition of assets and hotel properties	73	(40,370)	(6)	3,623	23,203	2,362	328	233	(36,680)	26,126	475
Operating income (loss)	(99,665)	(164,525)	(151,741)	(49,436)	12,529	29,438	48,777	23,985	(465,367)	114,729	$ 90,414
Net income (loss)	(137,590)	(151,626)	(242,086)	(101,920)	(35,619)	(39,086)	(21,352)	(46,622)	(633,222)	(142,679)
Net income (loss) attributable to the Company	(125,778)	(129,281)	(204,616)	(84,201)	(28,159)	(31,177)	(16,282)	(38,017)	(543,876)	(113,635)
Net income (loss) attributable to common stockholders	$ (70,486)	$ (139,925)	$ (215,260)	$ (94,845)	$ (38,803)	$ (41,822)	$ (26,926)	$ (48,661)	$ (520,516)	$ (156,212)
Diluted income (loss) attributable to common stockholders per share (in dollars per share)	$ (2.29)	$ (11.89)	$ (20.85)	$ (9.40)	$ (3.90)	$ (4.21)	$ (2.73)	$ (4.94)	$ (33)	$ (15.77)
Weighted average diluted common shares (in shares)	30,751	11,767	10,312	10,047	9,997	9,997	9,994	9,941	15,756	9,984	9,728

Subsequent Events (Details)

Subsequent Events (Details)

Mar. 12, 2021shares

Jan. 15, 2021USD ($)extension

Dec. 07, 2020USD ($)$ / sharesshares

Nov. 25, 2020$ / shares

Jan. 09, 2020USD ($)extension

Mar. 11, 2021USD ($)shares

Mar. 09, 2021USD ($)$ / sharesshares

Mar. 09, 2021$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Jan. 16, 2023

Jan. 22, 2021shares

Jan. 20, 2021USD ($)

Jul. 23, 2020USD ($)

Jun. 22, 2020USD ($)

May 12, 2020USD ($)

Dec. 31, 2019USD ($)$ / sharesshares

Dec. 05, 2017$ / shares

Subsequent Event [Line Items]

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Common stock, shares issued (in shares) | shares

64,362,505

10,210,360

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Debt balance | $

$ 3,711,585,000

Preferred Stock, Series D

Subsequent Event [Line Items]

Preferred stock percentage

8.45%

8.45%

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Preferred stock, shares issued (in shares) | shares

1,791,461

2,389,393

Preferred Stock, Series F

Subsequent Event [Line Items]

Preferred stock percentage

7.375%

7.375%

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Preferred stock, shares issued (in shares) | shares

2,891,440

4,800,000

Preferred Stock, Series G

Subsequent Event [Line Items]

Preferred stock percentage

7.375%

7.375%

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Preferred stock, shares issued (in shares) | shares

4,422,623

6,200,000

Preferred Stock, Series H

Subsequent Event [Line Items]

Preferred stock percentage

7.50%

7.50%

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Preferred stock, shares issued (in shares) | shares

2,668,637

3,800,000

Preferred Stock, Series I

Subsequent Event [Line Items]

Preferred stock percentage

7.50%

7.50%

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Preferred stock, shares issued (in shares) | shares

3,391,349

5,400,000

Convertible Common Stock

Subsequent Event [Line Items]

Common stock, shares issued (in shares) | shares

2,788,035

Convertible Preferred Stock

Subsequent Event [Line Items]

Preferred stock, shares issued (in shares) | shares

544,177

Private Placement | Lincoln Park Capital Fund, LLC

Subsequent Event [Line Items]

Shares issued (in shares) | shares

190,840

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

Maximum | Private Placement | Lincoln Park Capital Fund, LLC

Subsequent Event [Line Items]

Gross proceeds received | $

$ 3,000,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Le Meridien Minneapolis

Subsequent Event [Line Items]

Carrying value of hotel property | $

$ 7,700,000

Subsequent Event

Subsequent Event [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Subsequent Event | Preferred Stock, Series D

Subsequent Event [Line Items]

Preferred stock percentage

8.45%

Preferred stock, par value (in dollars per shares) | $ / shares

0.01

$ 0.01

Subsequent Event | Preferred Stock, Series F

Subsequent Event [Line Items]

Preferred stock percentage

7.375%

Preferred stock, par value (in dollars per shares) | $ / shares

0.01

$ 0.01

Subsequent Event | Preferred Stock, Series G

Subsequent Event [Line Items]

Preferred stock percentage

7.375%

Preferred stock, par value (in dollars per shares) | $ / shares

0.01

$ 0.01

Subsequent Event | Preferred Stock, Series H

Subsequent Event [Line Items]

Preferred stock percentage

7.50%

Preferred stock, par value (in dollars per shares) | $ / shares

0.01

$ 0.01

Subsequent Event | Preferred Stock, Series I

Subsequent Event [Line Items]

Preferred stock percentage

7.50%

Preferred stock, par value (in dollars per shares) | $ / shares

$ 0.01

$ 0.01

Subsequent Event | Convertible Common Stock

Subsequent Event [Line Items]

Common stock, shares issued (in shares) | shares

23,200,000

23,200,000

Subsequent Event | Convertible Preferred Stock

Subsequent Event [Line Items]

Preferred stock, shares issued (in shares) | shares

3,500,000

3,500,000

Subsequent Event | Private Placement | YA II PN, Ltd.

Subsequent Event [Line Items]

Shares authorized (in shares) | shares

13,718,319

Shares issued (in shares) | shares

13,700,000

Gross proceeds received | $

$ 40,600,000

Subsequent Event | Private Placement | Lincoln Park Capital Fund, LLC

Subsequent Event [Line Items]

Shares authorized (in shares) | shares

20,660,880

Shares issued (in shares) | shares

162,655

2,000,000

Gross proceeds received | $

$ 4,600,000

Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Le Meridien Minneapolis

Subsequent Event [Line Items]

Consideration for disposal | $

$ 7,900,000

Subsequent Event | Credit Agreement, Initial Term Loan

Subsequent Event [Line Items]

Initial term of loan

3 years

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Mortgages

Subsequent Event [Line Items]

Principal amount | $

$ 37,000,000

Number of extension options | extension

2

Term of mortgage loan extension option

1 year

Debt balance | $

3,711,585,000

$ 56,000,000

$ 45,800,000

$ 108,800,000

$ 4,124,003,000

Outstanding principal balance with waived or deferred payments | $

$ 2,800,000,000

Mortgages | Mortgage loan 29

Subsequent Event [Line Items]

Interest rate

4.45%

Debt balance | $

$ 19,369,000

$ 19,438,000

Mortgages | Subsequent Event

Subsequent Event [Line Items]

Outstanding principal balance with waived or deferred payments | $

$ 3,600,000,000

Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Initial Term Loan and Initial Delayed Draw Term Loan

Subsequent Event [Line Items]

Interest rate

16.00%

Interest rate term

2 years

Term to have the option to pay accrued interest in kind

2 years

Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Initial Term Loan and Initial Delayed Draw Term Loan | Forecast

Subsequent Event [Line Items]

Interest rate

14.00%

Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Additional Delayed Draw Term Loan

Subsequent Event [Line Items]

Interest rate

18.50%

Interest rate term

2 years

Oaktree Capital Management, L.P. | Subsequent Event | Credit Agreement, Additional Delayed Draw Term Loan | Forecast

Subsequent Event [Line Items]

Interest rate

16.50%

Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Initial Term Loan

Subsequent Event [Line Items]

Principal amount | $

$ 200,000,000

Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Initial Term Loan | Minimum

Subsequent Event [Line Items]

Principal amount | $

400,000,000

Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Initial Delayed Draw Term Loan

Subsequent Event [Line Items]

Principal amount | $

150,000,000

Oaktree Capital Management, L.P. | Line of Credit | Subsequent Event | Credit Agreement, Additional Delayed Draw Term Loan

Subsequent Event [Line Items]

Principal amount | $

$ 100,000,000

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,711,585
Initial Cost of Land	642,258
Initial Cost of FF&E, Buildings and improvements	3,359,676
Costs Capitalized Since Acquisition, Land	(10,175)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	806,846
Gross Carrying Amount At Close of Period, Land	632,083
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	4,166,522
Gross Carrying Amount At Close of Period, Total	4,798,605	$ 5,444,259	$ 5,287,463	$ 5,064,294
Accumulated Depreciation	1,371,623	$ 1,335,816	$ 1,182,244	$ 1,028,379
Austin, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,363
Initial Cost of Land	1,204
Initial Cost of FF&E, Buildings and improvements	9,388
Costs Capitalized Since Acquisition, Land	193
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,597
Gross Carrying Amount At Close of Period, Land	1,397
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,985
Gross Carrying Amount At Close of Period, Total	16,382
Accumulated Depreciation	8,915
Dallas, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,464
Initial Cost of Land	1,878
Initial Cost of FF&E, Buildings and improvements	8,907
Costs Capitalized Since Acquisition, Land	238
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,114
Gross Carrying Amount At Close of Period, Land	2,116
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,021
Gross Carrying Amount At Close of Period, Total	17,137
Accumulated Depreciation	9,014
Herndon, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,120
Initial Cost of Land	1,303
Initial Cost of FF&E, Buildings and improvements	9,836
Costs Capitalized Since Acquisition, Land	277
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,260
Gross Carrying Amount At Close of Period, Land	1,580
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,096
Gross Carrying Amount At Close of Period, Total	18,676
Accumulated Depreciation	10,048
Las Vegas, NV Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,282
Initial Cost of Land	3,307
Initial Cost of FF&E, Buildings and improvements	16,952
Costs Capitalized Since Acquisition, Land	397
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,648
Gross Carrying Amount At Close of Period, Land	3,704
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	29,600
Gross Carrying Amount At Close of Period, Total	33,304
Accumulated Depreciation	18,235
Flagstaff, AZ Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,400
Initial Cost of Land	1,267
Initial Cost of FF&E, Buildings and improvements	4,278
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,501
Gross Carrying Amount At Close of Period, Land	1,267
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,779
Gross Carrying Amount At Close of Period, Total	8,046
Accumulated Depreciation	3,598
Houston, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,810
Initial Cost of Land	1,799
Initial Cost of FF&E, Buildings and improvements	10,404
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,701
Gross Carrying Amount At Close of Period, Land	1,799
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,105
Gross Carrying Amount At Close of Period, Total	17,904
Accumulated Depreciation	7,885
West Palm Beach, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,802
Initial Cost of Land	3,277
Initial Cost of FF&E, Buildings and improvements	13,949
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,094
Gross Carrying Amount At Close of Period, Land	3,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,043
Gross Carrying Amount At Close of Period, Total	24,320
Accumulated Depreciation	10,671
Philadelphia, PA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,699
Initial Cost of Land	5,791
Initial Cost of FF&E, Buildings and improvements	34,819
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,374
Gross Carrying Amount At Close of Period, Land	5,791
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	51,193
Gross Carrying Amount At Close of Period, Total	56,984
Accumulated Depreciation	23,898
Walnut Creek, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,920
Initial Cost of Land	7,452
Initial Cost of FF&E, Buildings and improvements	25,334
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	22,509
Gross Carrying Amount At Close of Period, Land	7,452
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	47,843
Gross Carrying Amount At Close of Period, Total	55,295
Accumulated Depreciation	22,877
Arlington, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,355
Initial Cost of Land	36,065
Initial Cost of FF&E, Buildings and improvements	41,588
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,395
Gross Carrying Amount At Close of Period, Land	36,065
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,983
Gross Carrying Amount At Close of Period, Total	95,048
Accumulated Depreciation	23,237
Portland, OR Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,435
Initial Cost of Land	11,110
Initial Cost of FF&E, Buildings and improvements	60,048
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,288
Gross Carrying Amount At Close of Period, Land	11,110
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	66,336
Gross Carrying Amount At Close of Period, Total	77,446
Accumulated Depreciation	24,857
Santa Clara, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	67,440
Initial Cost of Land	8,948
Initial Cost of FF&E, Buildings and improvements	46,239
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,704
Gross Carrying Amount At Close of Period, Land	8,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	61,943
Gross Carrying Amount At Close of Period, Total	70,891
Accumulated Depreciation	25,452
Orlando, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,526
Initial Cost of Land	5,674
Initial Cost of FF&E, Buildings and improvements	21,593
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,159
Gross Carrying Amount At Close of Period, Land	5,674
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,752
Gross Carrying Amount At Close of Period, Total	37,426
Accumulated Depreciation	14,171
Jacksonville Fl Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,756
Initial Cost of Land	1,751
Initial Cost of FF&E, Buildings and improvements	9,164
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,397
Gross Carrying Amount At Close of Period, Land	1,751
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,561
Gross Carrying Amount At Close of Period, Total	16,312
Accumulated Depreciation	7,343
Austin, TX Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,788
Initial Cost of Land	7,605
Initial Cost of FF&E, Buildings and improvements	48,725
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,276
Gross Carrying Amount At Close of Period, Land	7,605
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,001
Gross Carrying Amount At Close of Period, Total	59,606
Accumulated Depreciation	11,341
Baltimore, MD Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,349
Initial Cost of Land	4,027
Initial Cost of FF&E, Buildings and improvements	20,199
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,103
Gross Carrying Amount At Close of Period, Land	4,027
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,302
Gross Carrying Amount At Close of Period, Total	30,329
Accumulated Depreciation	5,784
Virginia Beach, VA Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,397
Initial Cost of Land	4,101
Initial Cost of FF&E, Buildings and improvements	26,329
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	284
Gross Carrying Amount At Close of Period, Land	4,101
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,613
Gross Carrying Amount At Close of Period, Total	30,714
Accumulated Depreciation	4,546
Ft. Worth, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,000
Initial Cost of Land	4,538
Initial Cost of FF&E, Buildings and improvements	13,922
Costs Capitalized Since Acquisition, Land	1
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	21,949
Gross Carrying Amount At Close of Period, Land	4,539
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,871
Gross Carrying Amount At Close of Period, Total	40,410
Accumulated Depreciation	16,654
Houston, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,949
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	13,247
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,140
Gross Carrying Amount At Close of Period, Land	2,200
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,387
Gross Carrying Amount At Close of Period, Total	23,587
Accumulated Depreciation	10,300
St. Petersburg, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,730
Initial Cost of Land	2,991
Initial Cost of FF&E, Buildings and improvements	13,907
Costs Capitalized Since Acquisition, Land	(1,130)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,651
Gross Carrying Amount At Close of Period, Land	1,861
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,558
Gross Carrying Amount At Close of Period, Total	32,419
Accumulated Depreciation	16,445
Santa Fe, NM Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,400
Initial Cost of Land	7,004
Initial Cost of FF&E, Buildings and improvements	10,689
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,773
Gross Carrying Amount At Close of Period, Land	7,004
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,462
Gross Carrying Amount At Close of Period, Total	23,466
Accumulated Depreciation	8,342
Bloomington, MN Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,800
Initial Cost of Land	5,685
Initial Cost of FF&E, Buildings and improvements	59,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,789
Gross Carrying Amount At Close of Period, Land	5,685
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	66,928
Gross Carrying Amount At Close of Period, Total	72,613
Accumulated Depreciation	26,435
Costa Mesa, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,671
Initial Cost of Land	12,917
Initial Cost of FF&E, Buildings and improvements	91,791
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,019
Gross Carrying Amount At Close of Period, Land	12,917
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	103,810
Gross Carrying Amount At Close of Period, Total	116,727
Accumulated Depreciation	39,809
Boston, MA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,259
Initial Cost of Land	62,555
Initial Cost of FF&E, Buildings and improvements	134,407
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,094
Gross Carrying Amount At Close of Period, Land	62,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	148,501
Gross Carrying Amount At Close of Period, Total	211,056
Accumulated Depreciation	30,744
Parsippany, NJ Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,377
Initial Cost of Land	7,293
Initial Cost of FF&E, Buildings and improvements	58,098
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,663
Gross Carrying Amount At Close of Period, Land	7,293
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	61,761
Gross Carrying Amount At Close of Period, Total	69,054
Accumulated Depreciation	14,445
Tampa, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,662
Initial Cost of Land	5,206
Initial Cost of FF&E, Buildings and improvements	21,186
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,174
Gross Carrying Amount At Close of Period, Land	5,206
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,360
Gross Carrying Amount At Close of Period, Total	38,566
Accumulated Depreciation	12,167
Alexandria, VA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	73,450
Initial Cost of Land	14,459
Initial Cost of FF&E, Buildings and improvements	96,602
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,137
Gross Carrying Amount At Close of Period, Land	14,459
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	97,739
Gross Carrying Amount At Close of Period, Total	112,198
Accumulated Depreciation	6,839
Santa Cruz, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,415
Initial Cost of Land	9,399
Initial Cost of FF&E, Buildings and improvements	38,129
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(2,710)
Gross Carrying Amount At Close of Period, Land	9,399
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,419
Gross Carrying Amount At Close of Period, Total	44,818
Accumulated Depreciation	2,040
Lawrenceville, GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,415
Initial Cost of Land	697
Initial Cost of FF&E, Buildings and improvements	3,808
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,618
Gross Carrying Amount At Close of Period, Land	697
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,426
Gross Carrying Amount At Close of Period, Total	7,123
Accumulated Depreciation	3,326
Evansville In Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,118
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	5,034
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,167
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,201
Gross Carrying Amount At Close of Period, Total	7,502
Accumulated Depreciation	2,718
Parsippany, NJ Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,790
Initial Cost of Land	3,268
Initial Cost of FF&E, Buildings and improvements	24,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,861
Gross Carrying Amount At Close of Period, Land	3,268
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,167
Gross Carrying Amount At Close of Period, Total	29,435
Accumulated Depreciation	5,492
Buford GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,623
Initial Cost of Land	1,168
Initial Cost of FF&E, Buildings and improvements	5,338
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,356
Gross Carrying Amount At Close of Period, Land	1,168
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,694
Gross Carrying Amount At Close of Period, Total	10,862
Accumulated Depreciation	3,942
Beverly Hills, CA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	123,120
Initial Cost of Land	6,510
Initial Cost of FF&E, Buildings and improvements	22,061
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,063
Gross Carrying Amount At Close of Period, Land	6,510
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	41,124
Gross Carrying Amount At Close of Period, Total	47,634
Accumulated Depreciation	23,582
Durham, NC Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,800
Initial Cost of Land	1,794
Initial Cost of FF&E, Buildings and improvements	25,056
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,931
Gross Carrying Amount At Close of Period, Land	1,794
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,987
Gross Carrying Amount At Close of Period, Total	44,781
Accumulated Depreciation	19,030
Arlington VA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	84,544
Initial Cost of Land	20,637
Initial Cost of FF&E, Buildings and improvements	101,376
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	53,066
Gross Carrying Amount At Close of Period, Land	20,637
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	154,442
Gross Carrying Amount At Close of Period, Total	175,079
Accumulated Depreciation	73,558
Bridgewater NJ Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	71,200
Initial Cost of Land	5,059
Initial Cost of FF&E, Buildings and improvements	89,268
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	21,095
Gross Carrying Amount At Close of Period, Land	5,059
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	110,363
Gross Carrying Amount At Close of Period, Total	115,422
Accumulated Depreciation	37,655
Dallas TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,400
Initial Cost of Land	2,701
Initial Cost of FF&E, Buildings and improvements	30,893
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,512
Gross Carrying Amount At Close of Period, Land	2,701
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,405
Gross Carrying Amount At Close of Period, Total	45,106
Accumulated Depreciation	19,085
Fremont CA, Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,402
Initial Cost of Land	5,800
Initial Cost of FF&E, Buildings and improvements	44,200
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,477
Gross Carrying Amount At Close of Period, Land	5,800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	49,677
Gross Carrying Amount At Close of Period, Total	55,477
Accumulated Depreciation	8,746
Memphis, TN Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,041
Initial Cost of Land	6,210
Initial Cost of FF&E, Buildings and improvements	37,284
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(2,890)
Gross Carrying Amount At Close of Period, Land	6,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,394
Gross Carrying Amount At Close of Period, Total	40,604
Accumulated Depreciation	5,975
Irving, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	67,185
Initial Cost of Land	8,330
Initial Cost of FF&E, Buildings and improvements	82,272
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	33,552
Gross Carrying Amount At Close of Period, Land	8,330
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	115,824
Gross Carrying Amount At Close of Period, Total	124,154
Accumulated Depreciation	26,749
Omaha, NE Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,974
Initial Cost of Land	6,641
Initial Cost of FF&E, Buildings and improvements	49,887
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,177
Gross Carrying Amount At Close of Period, Land	6,641
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,064
Gross Carrying Amount At Close of Period, Total	68,705
Accumulated Depreciation	16,963
Sugarland, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,799
Initial Cost of Land	9,047
Initial Cost of FF&E, Buildings and improvements	84,043
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(519)
Gross Carrying Amount At Close of Period, Land	9,047
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	83,524
Gross Carrying Amount At Close of Period, Total	92,571
Accumulated Depreciation	13,629
Baltimore MD Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,600
Initial Cost of Land	2,502
Initial Cost of FF&E, Buildings and improvements	13,206
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,773
Gross Carrying Amount At Close of Period, Land	2,502
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,979
Gross Carrying Amount At Close of Period, Total	18,481
Accumulated Depreciation	7,436
Kennesaw GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,598
Initial Cost of Land	1,106
Initial Cost of FF&E, Buildings and improvements	5,021
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,536
Gross Carrying Amount At Close of Period, Land	1,106
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,557
Gross Carrying Amount At Close of Period, Total	9,663
Accumulated Depreciation	4,190
Buford GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,504
Initial Cost of Land	1,132
Initial Cost of FF&E, Buildings and improvements	6,089
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	820
Gross Carrying Amount At Close of Period, Land	1,132
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,909
Gross Carrying Amount At Close of Period, Total	8,041
Accumulated Depreciation	2,953
Charlotte NC Spring Hill Suites by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,729
Initial Cost of Land	1,235
Initial Cost of FF&E, Buildings and improvements	6,818
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	760
Gross Carrying Amount At Close of Period, Land	1,235
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,578
Gross Carrying Amount At Close of Period, Total	8,813
Accumulated Depreciation	3,027
Durham NC Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,640
Initial Cost of Land	1,090
Initial Cost of FF&E, Buildings and improvements	3,991
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,114
Gross Carrying Amount At Close of Period, Land	1,090
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,105
Gross Carrying Amount At Close of Period, Total	6,195
Accumulated Depreciation	2,122
Manhattan Beach CA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,560
Initial Cost of Land	5,726
Initial Cost of FF&E, Buildings and improvements	21,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,142
Gross Carrying Amount At Close of Period, Land	5,726
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,329
Gross Carrying Amount At Close of Period, Total	28,055
Accumulated Depreciation	8,039
Plymouth Meeting Pa Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,800
Initial Cost of Land	3,210
Initial Cost of FF&E, Buildings and improvements	24,578
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,509
Gross Carrying Amount At Close of Period, Land	3,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,087
Gross Carrying Amount At Close of Period, Total	29,297
Accumulated Depreciation	9,352
Kennesaw GA Fairfield Inn By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,176
Initial Cost of Land	840
Initial Cost of FF&E, Buildings and improvements	4,359
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,537
Gross Carrying Amount At Close of Period, Land	840
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,896
Gross Carrying Amount At Close of Period, Total	7,736
Accumulated Depreciation	2,743
Bloomington In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,248
Initial Cost of Land	900
Initial Cost of FF&E, Buildings and improvements	10,741
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,891
Gross Carrying Amount At Close of Period, Land	900
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,632
Gross Carrying Amount At Close of Period, Total	14,532
Accumulated Depreciation	6,572
Boston, MA Courtyard by Marriott - Tremont
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	103,270
Initial Cost of Land	24,494
Initial Cost of FF&E, Buildings and improvements	85,246
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,442
Gross Carrying Amount At Close of Period, Land	24,494
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	92,688
Gross Carrying Amount At Close of Period, Total	117,182
Accumulated Depreciation	19,950
Columbus In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,160
Initial Cost of Land	673
Initial Cost of FF&E, Buildings and improvements	4,804
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,214
Gross Carrying Amount At Close of Period, Land	673
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,018
Gross Carrying Amount At Close of Period, Total	8,691
Accumulated Depreciation	4,388
Denver, CO Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,643
Initial Cost of Land	9,342
Initial Cost of FF&E, Buildings and improvements	29,656
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,582
Gross Carrying Amount At Close of Period, Land	9,342
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,238
Gross Carrying Amount At Close of Period, Total	42,580
Accumulated Depreciation	7,690
Gaithersburg, MD Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,808
Initial Cost of Land	5,128
Initial Cost of FF&E, Buildings and improvements	30,522
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,503
Gross Carrying Amount At Close of Period, Land	5,128
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,025
Gross Carrying Amount At Close of Period, Total	40,153
Accumulated Depreciation	7,607
Crystal City VA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,538
Initial Cost of Land	5,411
Initial Cost of FF&E, Buildings and improvements	38,610
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,935
Gross Carrying Amount At Close of Period, Land	5,411
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	52,545
Gross Carrying Amount At Close of Period, Total	57,956
Accumulated Depreciation	23,313
Overland Park Ks Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,762
Initial Cost of Land	1,868
Initial Cost of FF&E, Buildings and improvements	14,030
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,865
Gross Carrying Amount At Close of Period, Land	1,868
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,895
Gross Carrying Amount At Close of Period, Total	18,763
Accumulated Depreciation	7,479
Foothill Ranch Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,735
Initial Cost of Land	2,447
Initial Cost of FF&E, Buildings and improvements	16,005
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,539
Gross Carrying Amount At Close of Period, Land	2,447
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,544
Gross Carrying Amount At Close of Period, Total	20,991
Accumulated Depreciation	8,028
Alpharetta GA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,665
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	12,345
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,811
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,156
Gross Carrying Amount At Close of Period, Total	16,400
Accumulated Depreciation	6,077
Oakland Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,240
Initial Cost of Land	5,112
Initial Cost of FF&E, Buildings and improvements	19,429
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,621
Gross Carrying Amount At Close of Period, Land	5,112
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,050
Gross Carrying Amount At Close of Period, Total	27,162
Accumulated Depreciation	8,458
Scottsdale AZ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,600
Initial Cost of Land	3,700
Initial Cost of FF&E, Buildings and improvements	22,134
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,625
Gross Carrying Amount At Close of Period, Land	3,700
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,759
Gross Carrying Amount At Close of Period, Total	28,459
Accumulated Depreciation	9,160
Plano TX Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,160
Initial Cost of Land	2,115
Initial Cost of FF&E, Buildings and improvements	22,360
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,116
Gross Carrying Amount At Close of Period, Land	2,115
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,476
Gross Carrying Amount At Close of Period, Total	25,591
Accumulated Depreciation	8,454
Newark Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,960
Initial Cost of Land	2,863
Initial Cost of FF&E, Buildings and improvements	10,723
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,545
Gross Carrying Amount At Close of Period, Land	2,863
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,268
Gross Carrying Amount At Close of Period, Total	15,131
Accumulated Depreciation	4,680
Manchester Ct Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,260
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	7,430
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,271
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,701
Gross Carrying Amount At Close of Period, Total	10,002
Accumulated Depreciation	3,508
Basking Ridge NJ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,600
Initial Cost of Land	5,419
Initial Cost of FF&E, Buildings and improvements	45,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,304
Gross Carrying Amount At Close of Period, Land	5,419
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	51,608
Gross Carrying Amount At Close of Period, Total	57,027
Accumulated Depreciation	20,594
Evansville In Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,830
Initial Cost of Land	961
Initial Cost of FF&E, Buildings and improvements	5,972
Costs Capitalized Since Acquisition, Land	(1)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,346
Gross Carrying Amount At Close of Period, Land	960
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,318
Gross Carrying Amount At Close of Period, Total	8,278
Accumulated Depreciation	3,385
Orlando FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,595
Initial Cost of Land	6,554
Initial Cost of FF&E, Buildings and improvements	40,539
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,850
Gross Carrying Amount At Close of Period, Land	6,554
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	60,389
Gross Carrying Amount At Close of Period, Total	66,943
Accumulated Depreciation	26,501
Falls Church VA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,151
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	34,979
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,275
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	40,254
Gross Carrying Amount At Close of Period, Total	43,006
Accumulated Depreciation	16,974
San Diego CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,281
Initial Cost of Land	3,156
Initial Cost of FF&E, Buildings and improvements	29,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,390
Gross Carrying Amount At Close of Period, Land	3,156
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,904
Gross Carrying Amount At Close of Period, Total	36,060
Accumulated Depreciation	14,044
Salt Lake City UT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,741
Initial Cost of Land	1,897
Initial Cost of FF&E, Buildings and improvements	16,357
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,229
Gross Carrying Amount At Close of Period, Land	1,897
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,586
Gross Carrying Amount At Close of Period, Total	21,483
Accumulated Depreciation	8,393
Las Vegas NV Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,160
Initial Cost of Land	18,177
Initial Cost of FF&E, Buildings and improvements	39,568
Costs Capitalized Since Acquisition, Land	(6,184)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(15,886)
Gross Carrying Amount At Close of Period, Land	11,993
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,682
Gross Carrying Amount At Close of Period, Total	35,675
Accumulated Depreciation	5,788
Phoenix AZ Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,100
Initial Cost of FF&E, Buildings and improvements	23,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,563
Gross Carrying Amount At Close of Period, Land	4,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	25,750
Gross Carrying Amount At Close of Period, Total	29,850
Accumulated Depreciation	9,824
Plano TX Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,160
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	16,869
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,043
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,912
Gross Carrying Amount At Close of Period, Total	20,957
Accumulated Depreciation	7,393
Newark CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,760
Initial Cost of Land	3,272
Initial Cost of FF&E, Buildings and improvements	11,706
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,303
Gross Carrying Amount At Close of Period, Land	3,272
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,009
Gross Carrying Amount At Close of Period, Total	17,281
Accumulated Depreciation	5,491
Manchester CT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,706
Initial Cost of Land	1,462
Initial Cost of FF&E, Buildings and improvements	8,306
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,403
Gross Carrying Amount At Close of Period, Land	1,462
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,709
Gross Carrying Amount At Close of Period, Total	12,171
Accumulated Depreciation	4,715
Jacksonville FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,786
Initial Cost of Land	1,997
Initial Cost of FF&E, Buildings and improvements	16,084
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,064
Gross Carrying Amount At Close of Period, Land	1,997
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,148
Gross Carrying Amount At Close of Period, Total	28,145
Accumulated Depreciation	10,973
Santa Fe, NM Tribute Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,000
Initial Cost of Land	8,094
Initial Cost of FF&E, Buildings and improvements	42,058
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,003
Gross Carrying Amount At Close of Period, Land	8,094
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	43,061
Gross Carrying Amount At Close of Period, Total	51,155
Accumulated Depreciation	2,924
Manhattan Beach CA Towne Place Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	17,543
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,681
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,224
Gross Carrying Amount At Close of Period, Total	26,029
Accumulated Depreciation	8,750
Atlanta, GA Ritz-Carlton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,685
Initial Cost of Land	2,477
Initial Cost of FF&E, Buildings and improvements	80,139
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	31,059
Gross Carrying Amount At Close of Period, Land	2,477
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	111,198
Gross Carrying Amount At Close of Period, Total	113,675
Accumulated Depreciation	28,341
Atlantic Beach FL One Ocean
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,600
Initial Cost of Land	5,815
Initial Cost of FF&E, Buildings and improvements	14,817
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	27,277
Gross Carrying Amount At Close of Period, Land	5,815
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,094
Gross Carrying Amount At Close of Period, Total	47,909
Accumulated Depreciation	27,623
Nashville, TN Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	207,000
Initial Cost of Land	20,671
Initial Cost of FF&E, Buildings and improvements	158,260
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	32,841
Gross Carrying Amount At Close of Period, Land	20,671
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	191,101
Gross Carrying Amount At Close of Period, Total	211,772
Accumulated Depreciation	40,910
Palm Springs, CA Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,934
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	74,112
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	15,279
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	89,391
Gross Carrying Amount At Close of Period, Total	89,391
Accumulated Depreciation	22,634
Ann Arbor, MI Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,200
Initial Cost of Land	4,158
Initial Cost of FF&E, Buildings and improvements	35,042
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,916
Gross Carrying Amount At Close of Period, Land	4,158
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	41,958
Gross Carrying Amount At Close of Period, Total	46,116
Accumulated Depreciation	7,567
Langhorne PA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,880
Initial Cost of Land	2,037
Initial Cost of FF&E, Buildings and improvements	12,424
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,474
Gross Carrying Amount At Close of Period, Land	2,037
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,898
Gross Carrying Amount At Close of Period, Total	20,935
Accumulated Depreciation	9,155
Minneapolis MN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,933
Initial Cost of Land	2,953
Initial Cost of FF&E, Buildings and improvements	14,280
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,838
Gross Carrying Amount At Close of Period, Land	2,953
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,118
Gross Carrying Amount At Close of Period, Total	22,071
Accumulated Depreciation	9,356
Indianapolis IN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	59,278
Initial Cost of Land	3,100
Initial Cost of FF&E, Buildings and improvements	22,041
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,200
Gross Carrying Amount At Close of Period, Land	3,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	41,241
Gross Carrying Amount At Close of Period, Total	44,341
Accumulated Depreciation	21,626
Anchorage AK Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,331
Initial Cost of Land	4,023
Initial Cost of FF&E, Buildings and improvements	39,363
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,738
Gross Carrying Amount At Close of Period, Land	4,023
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	59,101
Gross Carrying Amount At Close of Period, Total	63,124
Accumulated Depreciation	26,516
San Diego CA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,160
Initial Cost of Land	7,294
Initial Cost of FF&E, Buildings and improvements	36,382
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,912
Gross Carrying Amount At Close of Period, Land	7,294
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	42,294
Gross Carrying Amount At Close of Period, Total	49,588
Accumulated Depreciation	17,289
Coral Gables FL Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,200
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	50,820
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	25,649
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	76,469
Gross Carrying Amount At Close of Period, Total	81,274
Accumulated Depreciation	31,737
Hauppauge, NY Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,383
Initial Cost of Land	6,284
Initial Cost of FF&E, Buildings and improvements	35,669
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(513)
Gross Carrying Amount At Close of Period, Land	6,284
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,156
Gross Carrying Amount At Close of Period, Total	41,440
Accumulated Depreciation	8,478
Savannah, GA Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	69,776
Initial Cost of Land	14,041
Initial Cost of FF&E, Buildings and improvements	72,721
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,709
Gross Carrying Amount At Close of Period, Land	14,041
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	85,430
Gross Carrying Amount At Close of Period, Total	99,471
Accumulated Depreciation	20,143
Key West FL Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,982
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	27,514
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,439
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,953
Gross Carrying Amount At Close of Period, Total	37,953
Accumulated Depreciation	18,907
Annapolis, MD Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,658
Initial Cost of Land	3,028
Initial Cost of FF&E, Buildings and improvements	7,833
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,251
Gross Carrying Amount At Close of Period, Land	3,028
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,084
Gross Carrying Amount At Close of Period, Total	16,112
Accumulated Depreciation	6,862
Austin, TX Lakeway Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,527
Initial Cost of Land	4,541
Initial Cost of FF&E, Buildings and improvements	28,940
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,377
Gross Carrying Amount At Close of Period, Land	4,541
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,317
Gross Carrying Amount At Close of Period, Total	35,858
Accumulated Depreciation	8,535
Chicago, IL Silversmith
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,961
Initial Cost of Land	4,782
Initial Cost of FF&E, Buildings and improvements	22,398
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,778)
Gross Carrying Amount At Close of Period, Land	4,782
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,620
Gross Carrying Amount At Close of Period, Total	25,402
Accumulated Depreciation	4,284
Washington, DC The Churchill
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,443
Initial Cost of Land	25,898
Initial Cost of FF&E, Buildings and improvements	32,304
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,833
Gross Carrying Amount At Close of Period, Land	25,898
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	44,137
Gross Carrying Amount At Close of Period, Total	70,035
Accumulated Depreciation	12,695
Washington, DC The Melrose
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	76,057
Initial Cost of Land	29,277
Initial Cost of FF&E, Buildings and improvements	62,507
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(349)
Gross Carrying Amount At Close of Period, Land	29,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	62,158
Gross Carrying Amount At Close of Period, Total	91,435
Accumulated Depreciation	10,498
New Orleans, LA Le Pavillon
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,000
Initial Cost of Land	10,933
Initial Cost of FF&E, Buildings and improvements	51,549
Costs Capitalized Since Acquisition, Land	(2,601)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,994
Gross Carrying Amount At Close of Period, Land	8,332
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	63,543
Gross Carrying Amount At Close of Period, Total	71,875
Accumulated Depreciation	15,091
Fort Worth TX Ashton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,881
Initial Cost of Land	800
Initial Cost of FF&E, Buildings and improvements	7,187
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	809
Gross Carrying Amount At Close of Period, Land	800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,996
Gross Carrying Amount At Close of Period, Total	8,796
Accumulated Depreciation	1,816
Princeton, NJ Westin
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,000
Initial Cost of Land	6,475
Initial Cost of FF&E, Buildings and improvements	52,195
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,715
Gross Carrying Amount At Close of Period, Land	6,475
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	59,910
Gross Carrying Amount At Close of Period, Total	66,385
Accumulated Depreciation	13,225
Atlanta, GA W
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,800
Initial Cost of Land	2,353
Initial Cost of FF&E, Buildings and improvements	54,383
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,495
Gross Carrying Amount At Close of Period, Land	2,353
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,878
Gross Carrying Amount At Close of Period, Total	61,231
Accumulated Depreciation	10,965
Minneapolis, MN Le Meridien
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	12,248
Costs Capitalized Since Acquisition, Land	(1,325)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(4,947)
Gross Carrying Amount At Close of Period, Land	1,427
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,301
Gross Carrying Amount At Close of Period, Total	8,728
Accumulated Depreciation	1,064
Atlanta, GA Hotel Indigo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,100
Initial Cost of Land	3,230
Initial Cost of FF&E, Buildings and improvements	23,713
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,579
Gross Carrying Amount At Close of Period, Land	3,230
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,292
Gross Carrying Amount At Close of Period, Total	31,522
Accumulated Depreciation	5,476
Orlando FL World Quest Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,432
Initial Cost of FF&E, Buildings and improvements	9,870
Costs Capitalized Since Acquisition, Land	(40)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,781
Gross Carrying Amount At Close of Period, Land	1,392
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,651
Gross Carrying Amount At Close of Period, Total	13,043
Accumulated Depreciation	$ 3,313

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2020
Minimum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year 6 months
Maximum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Maximum | Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

REAL ESTATE AND ACCUMULATED D_4

REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019
Investment in Real Estate:
Beginning balance	$ 5,064,294	$ 5,444,259	$ 5,287,463
Additions	374,223	35,712	409,603
Impairment/write-offs	(125,964)	(254,475)	(136,658)
Sales/disposals	(25,090)	(426,891)	(116,149)
Ending balance		4,798,605	5,444,259
Accumulated Depreciation:
Beginning balance	1,028,379	1,335,816	1,182,244
Depreciation expense	258,441	252,873	269,664
Impairment/write-offs	(102,410)	(162,754)	(103,038)
Sales/disposals	(2,166)	(54,312)	(13,054)
Ending balance		1,371,623	1,335,816
Investment in Real Estate, net	$ 4,105,219	$ 3,426,982	$ 4,108,443

Uncategorized Items - aht-20201

Label	Element	Value
Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	aht_RestrictedCashandRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations	$ 402,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	472,072,000
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents	$ 78,000