Ashford Hospitality Trust (AHT) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,980,201
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Investments in hotel properties, net	$ 3,303,131	$ 3,426,982
Cash and cash equivalents	520,387	92,905
Restricted cash	70,090	74,408
Accounts receivable, net of allowance of $465 and $441, respectively	37,242	21,760
Inventories	2,631	2,447
Notes receivable, net	8,555	8,263
Investment in unconsolidated entity	2,533	2,811
Deferred costs, net	6,223	1,851
Prepaid expenses	15,752	18,401
Derivative assets	128	263
Operating lease right-of-use assets	44,640	45,008
Other assets	22,587	23,303
Intangible assets	797	797
Due from related parties, net	7,407	5,801
Due from third-party hotel managers	15,917	9,383
Total assets	4,058,020	3,734,383
Liabilities:
Indebtedness, net	3,923,006	3,728,911
Accounts payable and accrued expenses	110,761	99,954
Accrued interest payable	19,328	98,685
Dividends and distributions payable	236	868
Due to Ashford Inc., net	4,844	13,383
Due to related parties, net	800	0
Due to third-party hotel managers	889	184
Intangible liabilities, net	2,217	2,257
Operating lease liabilities	45,065	45,309
Other liabilities	5,085	5,336
Total liabilities	4,112,231	3,994,887
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership	28,906	22,951
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 22,320,857 and 6,436,250 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	223	64
Additional paid-in capital	2,181,467	1,809,455
Accumulated deficit	(2,264,954)	(2,093,292)
Total stockholders’ equity (deficit) of the Company	(83,189)	(283,621)
Noncontrolling interest in consolidated entities	72	166
Total equity (deficit)	(83,117)	(283,455)
Total liabilities and equity/deficit	4,058,020	3,734,383
Preferred Stock, Series D
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	13	18
Preferred Stock, Series F
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	15	29
Preferred Stock, Series G
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	19	44
Preferred Stock, Series H
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	14	27
Preferred Stock, Series I
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	$ 14	$ 34

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Allowance for doubtful accounts receivable	$ 465	$ 441
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)	22,320,857	6,436,250
Common stock, shares outstanding (in shares)	22,320,857	6,436,250
Preferred Stock, Series D
Equity (deficit):
Preferred stock, shares issued (in shares)	1,316,231	1,791,461
Preferred stock, shares outstanding (in shares)	1,316,231	1,791,461
Preferred Stock, Series F
Equity (deficit):
Preferred stock, shares issued (in shares)	1,470,944	2,891,440
Preferred stock, shares outstanding (in shares)	1,470,944	2,891,440
Preferred Stock, Series G
Equity (deficit):
Preferred stock, shares issued (in shares)	1,909,670	4,422,623
Preferred stock, shares outstanding (in shares)	1,909,670	4,422,623
Preferred Stock, Series H
Equity (deficit):
Preferred stock, shares issued (in shares)	1,457,815	2,668,637
Preferred stock, shares outstanding (in shares)	1,457,815	2,668,637
Preferred Stock, Series I
Equity (deficit):
Preferred stock, shares issued (in shares)	1,392,123	3,391,349
Preferred stock, shares outstanding (in shares)	1,392,123	3,391,349

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Total revenue	$ 193,412	$ 43,065	$ 309,242	$ 324,942
Hotel operating expenses:
Total hotel expenses	134,432	66,555	225,979	268,265
Property taxes, insurance and other	17,128	20,700	34,599	41,172
Depreciation and amortization	55,595	65,016	113,222	131,366
Impairment charges	0	27,605	0	55,218
Advisory services fee	19,554	10,216	31,715	25,515
Corporate, general and administrative	2,702	4,708	9,699	8,200
Total expenses	229,411	194,800	415,214	529,736
Gain (loss) on disposition of assets and hotel properties	361	(6)	292	3,617
OPERATING INCOME (LOSS)	(35,638)	(151,741)	(105,680)	(201,177)
Equity in earnings (loss) of unconsolidated entities	(141)	(79)	(278)	(158)
Interest income	0	41	13	652
Other income (expense)	245	(3,149)	474	(1,627)
Interest expense and amortization of discounts and loan costs	(35,736)	(88,082)	(69,000)	(145,167)
Write-off of premiums, loan costs and exit fees	(787)	(1,935)	(4,166)	(2,030)
Gain (loss) on extinguishment of debt	10,604	0	10,604	0
Unrealized gain (loss) on marketable securities	0	479	0	(998)
Unrealized gain (loss) on derivatives	(3,236)	192	(2,317)	4,614
INCOME (LOSS) BEFORE INCOME TAXES	(64,689)	(244,274)	(170,350)	(345,891)
Income tax (expense) benefit	(572)	2,188	(301)	1,885
NET INCOME (LOSS)	(65,261)	(242,086)	(170,651)	(344,006)
(Income) loss attributable to noncontrolling interest in consolidated entities	13	120	94	168
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	956	37,350	3,227	55,021
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(64,292)	(204,616)	(167,330)	(288,817)
Preferred dividends	2,709	(10,644)	3,527	(21,288)
Gain (loss) on extinguishment of preferred stock	(7,887)	0	2,748	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (69,470)	$ (215,260)	$ (161,055)	$ (310,105)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (4.35)	$ (208.53)	$ (13.21)	$ (304.58)
Weighted average common shares outstanding – basic (in shares)	15,957	1,031	12,178	1,016
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (4.35)	$ (208.53)	$ (13.21)	$ (304.58)
Weighted average common shares outstanding – diluted (in shares)	15,957	1,031	12,178	1,016
Total hotel revenue
REVENUE
Total revenue	$ 192,857	$ 42,789	$ 308,302	$ 323,894
Rooms
REVENUE
Total revenue	160,031	37,439	257,145	253,246
Hotel operating expenses:
Total hotel expenses	37,336	12,642	61,060	65,108
Food and beverage
REVENUE
Total revenue	19,840	1,197	27,743	49,147
Hotel operating expenses:
Total hotel expenses	13,583	3,463	20,110	38,364
Other hotel
REVENUE
Total revenue	12,986	4,153	23,414	21,501
Hotel operating expenses:
Total hotel expenses	76,072	46,061	131,841	149,855
Other
REVENUE
Total revenue	555	276	940	1,048
Management fees
Hotel operating expenses:
Total hotel expenses	$ 7,441	$ 4,389	$ 12,968	$ 14,938

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (65,261)	$ (242,086)	$ (170,651)	$ (344,006)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(65,261)	(242,086)	(170,651)	(344,006)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	13	120	94	168
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	956	37,350	3,227	55,021
Comprehensive income (loss) attributable to the Company	$ (64,292)	$ (204,616)	$ (167,330)	$ (288,817)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands	Total	Preferred Stock, Series D	Preferred Stock, Series F	Preferred Stock, Series G	Preferred Stock, Series H	Preferred Stock, Series I	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	Noncontrolling Interests In Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2019							2,389	4,800	6,200	3,800	5,400	1,021
Beginning balance, value at Dec. 31, 2019	$ 269,266,000						$ 24,000	$ 48,000	$ 62,000	$ 38,000	$ 54,000	$ 10,000	$ 1,826,564,000	$ (1,558,038,000)						$ 504,000	$ 69,870,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)												(3)
Purchases of common stock	(397,000)												(397,000)
Equity-based compensation	2,887,000												2,887,000								2,860,000
Forfeitures of restricted shares (in shares)												(5)
Issuance of restricted shares/units (in shares)												15
Issuance of restricted shares/units	17,000												17,000								107,000
Dividend claw back upon cancellation/forfeiture	605,000													605,000							1,401,000
Dividends declared - preferred shares		$ (1,262,000)	$ (2,212,000)	$ (2,858,000)	$ (1,781,000)	$ (2,531,000)									$ (1,262,000)	$ (2,212,000)	$ (2,858,000)	$ (1,781,000)	$ (2,531,000)
Conversion of operating partnership units (in shares)												20
Conversion of operating partnership units	959,000												959,000								(959,000)
Redemption value adjustment	(12,074,000)													(12,074,000)							12,074,000
Net income (loss)	(288,985,000)													(288,817,000)						(168,000)	(55,021,000)
Ending balance, shares (in shares) at Jun. 30, 2020							2,389	4,800	6,200	3,800	5,400	1,048
Ending balance, value at Jun. 30, 2020	(38,366,000)						$ 24,000	$ 48,000	$ 62,000	$ 38,000	$ 54,000	$ 10,000	1,830,030,000	(1,868,968,000)						336,000	30,332,000
Beginning balance, shares (in shares) at Dec. 31, 2019							2,389	4,800	6,200	3,800	5,400	1,021
Beginning balance, value at Dec. 31, 2019	269,266,000						$ 24,000	$ 48,000	$ 62,000	$ 38,000	$ 54,000	$ 10,000	1,826,564,000	(1,558,038,000)						504,000	69,870,000
Ending balance, shares (in shares) at Dec. 31, 2020							1,791	2,891	4,423	2,669	3,391	6,436
Ending balance, value at Dec. 31, 2020	(283,455,000)						$ 18,000	$ 29,000	$ 44,000	$ 27,000	$ 34,000	$ 64,000	1,809,455,000	(2,093,292,000)						166,000	22,951,000
Beginning balance, shares (in shares) at Mar. 31, 2020							2,389	4,800	6,200	3,800	5,400	1,051
Beginning balance, value at Mar. 31, 2020	197,670,000						$ 24,000	$ 48,000	$ 62,000	$ 38,000	$ 54,000	$ 10,000	1,830,437,000	(1,633,459,000)						456,000	35,229,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(39,000)												(39,000)
Equity-based compensation	(385,000)												(385,000)								1,227,000
Forfeitures of restricted shares (in shares)												(5)
Forfeitures of restricted shares	0																				106,000
Issuance of restricted shares/units (in shares)												2
Issuance of restricted shares/units	17,000												17,000
Dividend claw back upon cancellation/forfeiture	227,000													227,000
Redemption value adjustment	(31,120,000)													(31,120,000)							31,120,000
Net income (loss)	(204,736,000)													(204,616,000)						(120,000)	(37,350,000)
Ending balance, shares (in shares) at Jun. 30, 2020							2,389	4,800	6,200	3,800	5,400	1,048
Ending balance, value at Jun. 30, 2020	(38,366,000)						$ 24,000	$ 48,000	$ 62,000	$ 38,000	$ 54,000	$ 10,000	1,830,030,000	(1,868,968,000)						336,000	30,332,000
Beginning balance, shares (in shares) at Dec. 31, 2020							1,791	2,891	4,423	2,669	3,391	6,436
Beginning balance, value at Dec. 31, 2020	(283,455,000)						$ 18,000	$ 29,000	$ 44,000	$ 27,000	$ 34,000	$ 64,000	1,809,455,000	(2,093,292,000)						166,000	22,951,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)												(1)
Purchases of common stock	(46,000)												(46,000)
Equity-based compensation	3,538,000												3,538,000								1,511,000
Forfeitures of restricted shares (in shares)												(2)
Issuance of restricted shares/units (in shares)												251
Issuance of restricted shares/units	0											$ 3,000	(3,000)
Issuance of common stock (in shares)												9,712
Issuance of common stock	371,309,000											$ 97,000	371,212,000
Dividend claw back upon cancellation/forfeiture	178,000													178,000							454,000
Dividends declared - preferred shares	0
Conversion of operating partnership units (in shares)												1
Conversion of operating partnership units	41,000												41,000								(41,000)
Redemption value adjustment	(7,258,000)													(7,258,000)							7,258,000
Extinguishment of preferred stock (in shares)							(475)	(1,420)	(2,513)	(1,211)	(1,999)	5,924
Extinguishment of preferred stock							$ (5,000)	$ (14,000)	$ (25,000)	$ (13,000)	$ (20,000)	$ 59,000	(2,730,000)	2,748,000
Net income (loss)	(167,424,000)													(167,330,000)						(94,000)	(3,227,000)
Ending balance, shares (in shares) at Jun. 30, 2021							1,316	1,471	1,910	1,458	1,392	22,321
Ending balance, value at Jun. 30, 2021	(83,117,000)						$ 13,000	$ 15,000	$ 19,000	$ 14,000	$ 14,000	$ 223,000	2,181,467,000	(2,264,954,000)						72,000	28,906,000
Beginning balance, shares (in shares) at Mar. 31, 2021							1,679	2,038	3,172	2,002	2,000	11,014
Beginning balance, value at Mar. 31, 2021	(341,926,000)						$ 17,000	$ 20,000	$ 32,000	$ 20,000	$ 20,000	$ 110,000	1,846,171,000	(2,188,401,000)						85,000	24,683,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	2,259,000												2,259,000								846,000
Forfeitures of restricted shares (in shares)												(2)
Issuance of restricted shares/units (in shares)												238
Issuance of restricted shares/units	0											$ 2,000	(2,000)
Issuance of common stock (in shares)												8,089
Issuance of common stock	325,188,000											$ 81,000	325,107,000
Dividends declared - preferred shares	0
Conversion of operating partnership units (in shares)												1
Conversion of operating partnership units	41,000												41,000								(41,000)
Redemption value adjustment	(4,374,000)													(4,374,000)							4,374,000
Extinguishment of preferred stock (in shares)							(363)	(567)	(1,262)	(544)	(608)	2,981
Extinguishment of preferred stock	0						$ (4,000)	$ (5,000)	$ (13,000)	$ (6,000)	$ (6,000)	$ 30,000	7,891,000	(7,887,000)
Net income (loss)	(64,305,000)													(64,292,000)						(13,000)	(956,000)
Ending balance, shares (in shares) at Jun. 30, 2021							1,316	1,471	1,910	1,458	1,392	22,321
Ending balance, value at Jun. 30, 2021	$ (83,117,000)						$ 13,000	$ 15,000	$ 19,000	$ 14,000	$ 14,000	$ 223,000	$ 2,181,467,000	$ (2,264,954,000)						$ 72,000	$ 28,906,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - Preferred Stock	6 Months Ended
	Jun. 30, 2020$ / shares
Preferred Stock, Series D
Dividends declared - preferred stock (in dollars per share)	$ 0.53
Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)	0.46
Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)	0.46
Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)	0.47
Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)	$ 0.47

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net income (loss)	$ (170,651)	$ (344,006)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	113,222	131,366
Impairment charges	0	55,218
Amortization of intangibles	66	(148)
Recognition of deferred income	(249)	(464)
Bad debt expense	823	2,005
Deferred income tax expense (benefit)	387	(946)
Equity in (earnings) loss of unconsolidated entities	278	158
(Gain) loss on disposition of assets and hotel properties	(292)	(3,617)
(Gain) loss on extinguishment of debt	(10,604)	0
Realized and unrealized (gain) loss on marketable securities	0	(1,110)
Purchases of marketable securities	0	(1,351)
Sales of marketable securities	0	15,233
Net settlement of trading derivatives	0	1,469
Realized and unrealized (gain) loss on derivatives	2,317	(1,389)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees	(12,966)	12,037
Equity-based compensation	5,049	5,747
Amortization of parking asset	0	117
Non-cash interest income	(450)	(419)
Paid-in kind interest expense	14,907	0
Changes in operating assets and liabilities, exclusive of the effect of dispositions of hotel properties:
Accounts receivable and inventories	(17,980)	19,193
Prepaid expenses and other assets	1,332	(4,904)
Operating lease right-of-use assets	241	532
Operating lease liabilities	(244)	(306)
Accounts payable and accrued expenses and accrued interest payable	(27,855)	62,724
Due to/from related parties	(806)	(1,950)
Due to/from third-party hotel managers	(6,079)	2,570
Due to/from Ashford Inc., net	(5,050)	(1,422)
Other liabilities	(2)	(11,088)
Net cash provided by (used in) operating activities	(114,606)	(64,751)
Cash Flows from Investing Activities
Improvements and additions to hotel properties	(13,534)	(29,777)
Net proceeds from disposition of assets and hotel properties	7,291	4,653
Proceeds from property insurance	1,818	200
Investment in unconsolidated entity	0	(51)
Net cash provided by (used in) investing activities	(4,425)	(24,975)
Cash Flows from Financing Activities
Borrowings on indebtedness, net of commitment fee	195,500	88,000
Repayments of indebtedness	(5,782)	(96,336)
Payments for loan costs and exit fees	(18,188)	(10,312)
Payments for dividends and distributions	0	(28,619)
Purchases of common stock	(48)	(357)
Payments for derivatives	(785)	(63)
Proceeds from common stock offerings	371,498	0
Net cash provided by (used in) financing activities	542,195	(47,687)
Net increase (decrease) in cash, cash equivalents and restricted cash	423,164	(137,413)
Cash, cash equivalents and restricted cash at beginning of period	167,313	398,207
Cash, cash equivalents and restricted cash and at end of period	590,477	260,794
Supplemental Cash Flow Information
Interest paid	115,956	54,279
Income taxes paid (refunded)	288	40
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures	5,543	5,458
Accrued stock offering costs	187	0
Notes receivable issued in land sale	0	4,797
Common stock purchases accrued but not paid	0	40
Non-cash extinguishment of debt	9,604	0
Non-cash loan principal associated with default interest and late charges	32,627	0
Non-cash extinguishment of preferred stock	183,826	0
Issuance of common stock from preferred stock exchanges	181,078	0
Debt discount associated with embedded debt derivative	43,681	0
Credit facility commitment fee	4,500	0
Dividends and distributions declared but not paid	236	868
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	520,387	165,476
Restricted cash	70,090	95,318
Cash, cash equivalents and restricted cash	$ 590,477	$ 260,794

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
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 United States that have revenue per available room (“RevPAR”) generally less than twice the U.S. national average, and in all methods including direct real estate, equity, and debt. We currently anticipate future investments will predominantly be in upper upscale hotels. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements. Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of June 30, 2021, we owned interests in the following assets: • 100 consolidated hotel properties, including 98 directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 22,313 total rooms (or 22,286 net rooms excluding those attributable to our partner); • 90 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); and • 16.7% ownership in OpenKey with a carrying value of $2.5 million. For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of June 30, 2021, our 100 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 100 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, broker-dealer and distribution services and mobile key technology. On June 28, 2021, 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 16, 2021. As a result of the reverse stock split, the number of outstanding shares of common stock was reduced from approximately 265.1 million shares to approximately 26.5 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 4.0 million units to approximately 402,000 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 throughout 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 experienced 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 June 30, 2021, all of our hotels were open and operating. 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 case surges 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 beginning in the first quarter of fiscal year 2020, suspended the quarterly cash dividend on its preferred stock beginning in the second quarter of fiscal year 2020, reduced planned capital expenditures, and worked closely with its hotel managers to significantly reduce its hotels’ operating expenses. Beginning on April 1, 2020, the Company did not make principal or interest payments under nearly all of its 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 continues to have discussions with its lenders about potential loan modifications on its property level debt. At this time, forbearance agreements have been executed on most, but not all of our loans. In the aggregate, as of June 30, 2021 the Company has 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. See note 7. On January 15, 2021, the Company entered into a senior secured term loan facility with Oaktree Capital Management L.P. comprised 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 7. 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 June 30, 2021 , the Company held cash and cash equivalents of $520.4 million and restricted cash of $70.1 million. We are currently experiencing significant variability in the operating cash flows of our hotel properties. 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	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 15, 2021. 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 OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 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 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 Le Meridien Minneapolis Minneapolis, MN Disposition January 20, 2021 SpringHill Suites Durham Durham, NC Disposition April 29, 2021 SpringHill Suites Charlotte Charlotte, NC Disposition April 29, 2021 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. Recently Adopted 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. We adopted the standard effective January 1, 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —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 Accounting Standards Codification (“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 settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe following tables present our revenue disaggregated by geographical areas (dollars in thousands): Three Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 10,762 $ 1,800 $ 1,027 $ — $ 13,589 Boston, MA Area 2 4,299 355 894 — 5,548 Dallas / Ft. Worth Area 7 9,504 1,303 583 — 11,390 Houston, TX Area 3 5,248 897 121 — 6,266 Los Angeles, CA Metro Area 6 12,670 1,618 1,263 — 15,551 Miami, FL Metro Area 2 5,296 892 196 — 6,384 Minneapolis - St. Paul, MN - WI Area 2 1,869 544 66 — 2,479 Nashville, TN Area 1 6,873 2,242 672 — 9,787 New York / New Jersey Metro Area 6 7,343 1,734 446 — 9,523 Orlando, FL Area 2 4,462 167 408 — 5,037 Philadelphia, PA Area 3 4,014 220 161 — 4,395 San Diego, CA Area 2 2,916 104 358 — 3,378 San Francisco - Oakland, CA Metro Area 7 10,001 344 447 — 10,792 Tampa, FL Area 2 5,743 665 225 — 6,633 Washington D.C. - MD - VA Area 9 10,405 1,098 1,110 — 12,613 Other Areas 37 57,238 5,784 4,739 — 67,761 Orlando WorldQuest — 1,077 67 242 — 1,386 Disposed properties 2 311 6 28 — 345 Corporate — — — — 555 555 Total 102 $ 160,031 $ 19,840 $ 12,986 $ 555 $ 193,412 Three Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 1,094 $ — $ 459 $ — $ 1,553 Boston, MA Area 2 697 — 284 — 981 Dallas / Ft. Worth Area 7 1,631 57 158 — 1,846 Houston, TX Area 3 1,165 11 43 — 1,219 Los Angeles, CA Metro Area 6 3,377 71 344 — 3,792 Miami, FL Metro Area 2 283 20 11 — 314 Minneapolis - St. Paul, MN - WI Area 2 343 18 30 — 391 Nashville, TN Area 1 172 14 153 — 339 New York / New Jersey Metro Area 6 1,597 12 185 — 1,794 Orlando, FL Area 2 484 1 80 — 565 Philadelphia, PA Area 3 964 113 18 — 1,095 San Diego, CA Area 2 647 1 68 — 716 San Francisco - Oakland, CA Metro Area 7 3,466 — 296 — 3,762 Tampa, FL Area 2 806 25 62 — 893 Washington D.C. - MD - VA Area 9 1,651 30 243 — 1,924 Other Areas 37 15,209 815 1,360 — 17,384 Orlando WorldQuest — 51 — 28 — 79 Disposed properties 16 3,802 9 331 — 4,142 Corporate — — — — 276 276 Total 116 $ 37,439 $ 1,197 $ 4,153 $ 276 $ 43,065 Six Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 18,562 $ 3,013 $ 1,895 $ — $ 23,470 Boston, MA Area 2 5,938 411 1,558 — 7,907 Dallas / Ft. Worth Area 7 15,660 1,906 1,144 — 18,710 Houston, TX Area 3 8,443 1,034 231 — 9,708 Los Angeles, CA Metro Area 6 21,241 2,299 2,060 — 25,600 Miami, FL Metro Area 2 8,761 1,213 336 — 10,310 Minneapolis - St. Paul, MN - WI Area 2 2,647 689 115 — 3,451 Nashville, TN Area 1 8,938 2,937 1,395 — 13,270 New York / New Jersey Metro Area 6 9,900 2,057 854 — 12,811 Orlando, FL Area 2 7,127 286 739 — 8,152 Philadelphia, PA Area 3 6,140 285 271 — 6,696 San Diego, CA Area 2 4,710 155 565 — 5,430 San Francisco - Oakland, CA Metro Area 7 16,551 525 1,237 — 18,313 Tampa, FL Area 2 10,575 1,001 394 — 11,970 Washington D.C. - MD - VA Area 9 19,181 1,241 2,004 — 22,426 Other Areas 37 89,976 8,594 8,140 — 106,710 Orlando WorldQuest — 1,706 89 413 — 2,208 Disposed properties 3 1,089 8 63 — 1,160 Corporate — — — — 940 940 Total 103 $ 257,145 $ 27,743 $ 23,414 $ 940 $ 309,242 Six Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 15,152 $ 4,059 $ 1,612 $ — $ 20,823 Boston, MA Area 2 6,480 830 1,502 — 8,812 Dallas / Ft. Worth Area 7 14,759 3,978 1,117 — 19,854 Houston, TX Area 3 6,271 2,302 231 — 8,804 Los Angeles, CA Metro Area 6 19,589 3,428 1,429 — 24,446 Miami, FL Metro Area 2 6,616 2,315 170 — 9,101 Minneapolis - St. Paul, MN - WI Area 2 2,744 885 124 — 3,753 Nashville, TN Area 1 9,710 5,114 1,041 — 15,865 New York / New Jersey Metro Area 6 13,102 3,347 881 — 17,330 Orlando, FL Area 2 5,616 425 643 — 6,684 Philadelphia, PA Area 3 4,651 801 179 — 5,631 San Diego, CA Area 2 3,991 248 306 — 4,545 San Francisco - Oakland, CA Metro Area 7 19,558 2,068 944 — 22,570 Tampa, FL Area 2 7,415 2,166 413 — 9,994 Washington D.C. - MD - VA Area 9 22,097 4,418 2,220 — 28,735 Other Areas 37 73,141 11,689 6,712 — 91,542 Orlando WorldQuest — 1,082 25 375 — 1,482 Disposed properties 17 21,272 1,049 1,602 — 23,923 Corporate — — — — 1,048 1,048 Total 117 $ 253,246 $ 49,147 $ 21,501 $ 1,048 $ 324,942

Investments in Hotel Properties

Investments in Hotel Properties, net	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): June 30, 2021 December 31, 2020 Land $ 626,938 $ 630,690 Buildings and improvements 3,721,116 3,751,588 Furniture, fixtures and equipment 345,572 388,428 Construction in progress 7,953 16,192 Condominium properties 11,515 11,707 Total cost 4,713,094 4,798,605 Accumulated depreciation (1,409,963) (1,371,623) Investments in hotel properties, net $ 3,303,131 $ 3,426,982

Hotel Disposition and Impairmen

Hotel Disposition and Impairment Charges	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Hotel Disposition and Impairment Charges	Hotel Disposition and Impairment ChargesHotel Dispositions On January 20, 2021, the Company sold the Le Meridien in Minneapolis, Minnesota for approximately $7.9 million in cash. The sale resulted in a loss of approximately $90,000 for the six months ended June 30, 2021, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statement of operations. In February 2021 the Company was informed by its lender that it had initiated foreclosure proceedings for the foreclosure of the SpringHill Suites Durham and SpringHill Suites Charlotte, which secured the Company’s $19.4 million mortgage loan. The foreclosure proceedings were completed on April 29, 2021 and resulted in a gain on extinguishment of debt of approximately $10.6 million for the three and six months ended June 30, 2021, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. See note 7. The results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for a list of fiscal year 2020 and 2021 hotel property dispositions. The following table includes condensed financial information from hotel property dispositions that occurred in 2020 and 2021 for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total hotel revenue $ 345 $ 4,142 $ 1,160 $ 23,923 Total hotel operating expenses (366) (5,813) (1,345) (20,934) Gain (loss) on disposition of assets and hotel properties 361 (6) 237 3,617 Property taxes, insurance and other (23) (2,502) (141) (5,117) Depreciation and amortization (41) (4,856) (206) (10,170) Impairment charges — (27,605) — (55,218) Operating income (loss) 276 (36,640) (295) (63,899) Interest income — 6 — 10 Interest expense and amortization of discounts and loan costs (162) (9,363) (624) (15,486) Write-off of premiums, loan costs and exit fees — (21) — (21) Gain (loss) on extinguishment of debt 10,604 — 10,604 — Income (loss) before income taxes 10,718 (46,018) 9,685 (79,396) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (143) 6,806 (182) 12,108 Net income (loss) before income taxes attributable to the Company $ 10,575 $ (39,212) $ 9,503 $ (67,288) 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. 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. 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.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, 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 three and six months ended June 30, 2021 and 2020. The following table summarizes our carrying value and ownership interest in OpenKey: June 30, 2021 December 31, 2020 Carrying value of the investment in OpenKey (in thousands) $ 2,533 $ 2,811 Ownership interest in OpenKey 16.7 % 17.5 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Equity in earnings (loss) of unconsolidated entities $ (141) $ (79) $ (278) $ (158)

Indebtedness, net

Indebtedness, net	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): June 30, 2021 December 31, 2020 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Debt Balance Mortgage loan 1 hotel November 2021 6.26% n/a $ 81,262 $ 84,544 Mortgage loan (4) 17 hotels November 2021 LIBOR (3) + 3.00% n/a 419,000 419,000 Mortgage loan (5) 1 hotel November 2021 LIBOR (3) + 2.55% n/a 25,000 25,000 Mortgage loan (6) 8 hotels February 2022 LIBOR (3) + 3.07% n/a 395,000 395,000 Mortgage loan (7) 2 hotels March 2022 LIBOR (3) + 2.75% n/a 240,000 240,000 Mortgage loan (8) 19 hotels April 2022 LIBOR (3) + 3.20% n/a 914,281 914,281 Mortgage loan (9) 7 hotels June 2022 LIBOR (3) + 3.65% n/a 180,720 180,720 Mortgage loan (9) 7 hotels June 2022 LIBOR (3) + 3.39% n/a 174,400 174,400 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 3.73% n/a 221,040 221,040 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 4.02% n/a 262,640 262,640 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 3.68% n/a 215,120 215,120 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 2.73% n/a 160,000 160,000 Mortgage loan (10) 1 hotel July 2022 LIBOR (3) + 3.95% n/a 33,200 34,200 Mortgage loan (11) 1 hotel November 2022 LIBOR (3) + 2.00% n/a 97,629 98,259 Mortgage loan (12) 1 hotel December 2022 LIBOR (3) + 2.25% n/a 16,100 16,100 Mortgage loan (13) 1 hotel January 2023 LIBOR (3) + 3.40% n/a 37,000 37,000 Mortgage loan 1 hotel June 2023 LIBOR (3) + 2.45% n/a 73,450 73,450 Mortgage loan 1 hotel January 2024 5.49% n/a 6,587 6,706 Mortgage loan 1 hotel January 2024 5.49% n/a 9,615 9,786 Term loan (14) Equity January 2024 16.00% n/a 214,907 — Mortgage loan (15) 1 hotel May 2024 4.99% 5.00% 6,260 6,260 Mortgage loan 1 hotel June 2024 LIBOR (3) + 2.00% n/a 8,881 8,881 Mortgage loan 2 hotels August 2024 4.85% n/a 11,668 11,774 Mortgage loan 3 hotels August 2024 4.90% n/a 23,332 23,542 Mortgage loan (16) 2 hotels February 2025 4.45% n/a — 19,369 Mortgage loan (15) 3 hotels February 2025 4.45% 4.00% 50,098 50,098 Mortgage loan 1 hotel March 2025 4.66% n/a 24,151 24,415 3,901,341 3,711,585 Premiums (discounts), net (41,275) (288) Capitalized default interest and late charges 32,481 27,444 Deferred loan costs, net (14,619) (9,830) Embedded debt derivative 45,078 — Indebtedness, net $ 3,923,006 $ 3,728,911 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2021. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.101% and 0.144% at June 30, 2021 and December 31, 2020, respectively. (4) 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. (5) 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%. (6) 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. (7) Effective April 1, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived through December 31, 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021. (8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021. (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2021. (10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%. (11) Effective March 5, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived through July 1, 2021. (12) This mortgage loan has two one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%. (13) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (14) Effective January 15, 2021, we entered into a term loan agreement with an initial draw of $200 million and a total commitment of $450 million. During the initial two year term, interest shall be paid-in-kind by capitalizing the accrued amount. The initial draw of this term loan is interest only and bears interest at a fixed rate of 16.0% for the first two years and 14.0% thereafter. This term loan has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. (15) As of June 30, 2021, these mortgage loans were 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. (16) Effective April 29, 2021, 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. On January 15, 2021, the Company entered into a credit agreement (the “Oaktree Credit Agreement”) with certain funds and accounts managed by Oaktree Capital Management, L.P. (the “Lenders” or “Oaktree”) and Oaktree Fund Administration, LLC, as administrative agent (the “Administrative Agent”). The Oaktree 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 comprised 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 Oaktree 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 Oaktree 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 Oaktree 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 Oaktree 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. Based on the provisions in the Oaktree Credit Agreement, the Company is required to pay an exit fee as follows: upon the earliest of the repayment of the Loans in full (including as a result of a change of control, as defined in the Oaktree Credit Agreement), the Maturity Date, or the acceleration of the Loans following an event of default, as defined in the Oaktree Credit Agreement, the borrower shall pay an exit fee at the Lender’s election of either: a) A cash payment equal to 15% times the amount of Loans advanced under the Oaktree Credit Agreement (including PIK Interest). If the Loans were not accelerated, all or any portion of the cash payment may be paid, at the borrower’s discretion, in common stock; or b) The issuance of warrants for the purchase of 19.9% of the Company’s outstanding common stock as of the closing date (calculated on a pro forma basis after giving effect to the warrants) for the Initial Term Loan (as such percentage may be increased by up to 15% dependent on the amount of delayed draw term loans drawn or decreased by up to 4% if the borrower delivers equity pledges from certain subsidiaries, in addition to ordinary course adjustments for recapitalization, stock splits and similar transactions), pursuant to a warrants certificate to be signed upon Lender’s election to take warrants. The exit fee is considered a derivative, under the applicable accounting guidance, which results in bifurcation from the loan resulting in a discount on the loan. The Company recorded a debt discount equal to the fair value of the embedded debt derivative of $43.7 million on the issuance date. The debt discount attributed to the embedded debt derivative is being amortized using the effective interest method over the remaining term of the Term Loans and is included in “interest expense and amortization of discounts and loan costs” in the consolidated statement of operations. See notes 9 and 10 for further discussion. On February 9, 2021, the Company executed an agreement regarding existing defaults and extension options for the MS 17 Pool loan pursuant to which (a) the Company paid to the lender all current and past due debt service and tax reserve contributions, and (b) the lender suspended all FF&E reserve contributions (for the furniture, fixtures and equipment reserve accounts generally reserved to finance capital improvements to the property) through December 2021. Additionally, the modification agreement lowers the debt yield extension test for the fifth extension option from 10.38% to 8.0%. Finally, the forbearance agreement provides that the second extension option is deemed exercised as of November 9, 2020. In February 2021 the Company was informed by its lender that it had initiated foreclosure proceedings for the foreclosure of the SpringHill Suites Durham and SpringHill Suites Charlotte, which secured the Company’s $19.4 million mortgage loan. The foreclosure proceedings were completed on April 29, 2021 and resulted in a gain on extinguishment of debt of approximately $10.6 million for the three and six months ended June 30, 2021, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. 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 $32.6 million. The amount of the capitalized principal that was amortized during the three and six months ended June 30, 2021 was $10.8 million and $27.6 million, which is included in “interest expense and amortization of discounts and loan costs” in the consolidated statement of operations. We recognized net premium (discount) amortization as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Interest expense and amortization of discount and loan costs $ (228) $ 57 $ (2,693) $ 113 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 discounts and loan costs” in the consolidated statements of operations. We have extension options relating to certain property level loans that will permit us to extend the maturity date of our loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent we decide to extend the maturity date of the debt outstanding under the loans, we may be required to prepay a significant amount of the loans in order to meet the required debt yield targets. 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 June 30, 2021, we were in compliance with all covenants related to mortgage loans for which we entered into forbearance and other agreements. We were also in compliance with all covenants under the Oaktree Credit Agreement. 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.

Notes Receivable, net and Other

Notes Receivable, net and Other	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Notes Receivable, net and Other	Notes Receivable, net and Other Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate June 30, 2021 December 31, 2020 Construction Financing Note (1) (5) Face amount 7.0 % $ 4,000 $ 4,000 Discount (2) (7) (143) 3,993 3,857 Certificate of Occupancy Note (3) (5) Face amount 7.0 % $ 5,250 $ 5,250 Discount (4) (688) (844) 4,562 4,406 Notes receivable, net $ 8,555 $ 8,263 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before the earlier of (i) the buyer closing on third-party institutional financing for the construction of improvements on the property, (ii) three years after the development commencement date, or (iii) July 9, 2024. (2) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2021. (3) The outstanding principal balance and all accrued and unpaid interest shall be due and payable on or before July 9, 2025. (4) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023. (5) The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. No cash interest income was recorded for the three and six months ended June 30, 2021 and 2020. We recognized discount amortization income as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other income (expense) $ 147 $ 137 $ 292 $ 272 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 June 30, 2021 and December 31, 2020, the expected credit loss associated with the notes and other receivables continues to be immaterial. Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands): Imputed Interest Rate June 30, 2021 December 31, 2020 Future ownership rights of parking parcel 7.0 % $ 4,100 $ 4,100 Imputed interest 529 372 $ 4,629 (1) $ 4,472 (1) ____________________________________ (1) Included in “other assets” in the consolidated balance sheets. For the three and six months ended June 30, 2021 and 2020, we recognized imputed interest income as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other income (expense) $ 79 $ 74 $ 157 $ 147 We recognized amortization expense related to the free use of parking easement as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other income (expense) $ — $ — $ — $ (117)

Derivative Instruments and Hedg

Derivative Instruments and Hedging	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging	Derivative Instruments and Hedging Interest Rate Derivatives —We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely use a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. The following table presents a summary of our interest rate derivatives entered into over each applicable period: Six Months Ended June 30, 2021 2020 Interest rate caps: Notional amount (in thousands) $ 3,206,301 (1) $ 432,000 (1) Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2021 - May 2021 January 2020 Termination date range November 2021 - December 2022 February 2021 - February 2022 Total cost (in thousands) $ 534 $ 63 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: June 30, 2021 December 31, 2020 Interest rate caps: Notional amount (in thousands) $ 3,413,301 (1) $ 842,000 (1) Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Termination date range November 2021 - December 2022 February 2021 - February 2022 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,260,301 $ 697,000 Interest rate floors: (2) Notional amount (in thousands) $ 25,000 (1) $ 25,000 (1) Strike rate low end of range 1.25 % 1.25 % Strike rate high end of range 1.25 % 1.25 % Termination date range November 2021 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. Embedded Debt Derivative —Based on certain provisions in the Oaktree Credit Agreement, the Company is required to pay an exit fee, as described in note 7. Under the applicable accounting guidance, the exit fee is considered an embedded derivative liability that meets the criteria for bifurcation from the debt host. The embedded debt derivative will be initially measured at fair value and the fair value of the embedded debt derivative will be estimated at each reporting period. See note 10.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 caps and floors 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 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). The Company initially recorded an embedded debt derivative of $43.7 million, which was attributed to compound embedded derivative liabilities associated with the Oaktree term loan. The derivative liability is considered a Level 3 measurement due to the utilization of significant unobservable inputs in the valuation, which were based on ‘with and without’ valuation models. Based on the terms and provisions of the Oaktree Credit Agreement, with the assistance of a valuation specialist, the Company utilized a risk neutral model to estimate the fair value of the embedded derivative features requiring bifurcation as of the respective issuance dates and as of the June 30, 2021 reporting date. The risk neutral model is designed to utilize market data and the valuation specialist’s best estimates of the timing and likelihood of the settlement events that are related to the embedded derivative features in order to estimate the fair value of the respective notes with these embedded derivative features. The fair value of the notes with the derivative features is compared to the fair value of a plain vanilla note (excluding the derivative features), which is calculated based on the present value of the future default adjusted expected cash flows. The difference between the two values represents the fair value of the bifurcated derivative features as of each respective valuation date. The key inputs to the valuation models that were utilized to estimate the fair value of the embedded debt derivative are described as follows: • the default probability-weighted exit fee and prepayment cash flows are based on the contractual terms of the Oaktree Credit Agreement and the expectation of an acceleration event, including default, of the Company; • the remaining term was determined based on the remaining time period to maturity of the related note with embedded features subject to valuation (as of the respective valuation date); • the Company’s equity volatility estimate was based on the historical equity volatility of the Company, based on the remaining term of the respective loans; • the risk free rate was the discount rate utilized in the valuation and was determined based on reference to market yields for U.S. treasury debt instruments with similar terms; • the recovery rate assumed upon occurrence of a default event was estimated based upon recovery rate data published by credit rating agencies specific to the seniority of the notes; and • the probabilities and timing of a default related acceleration event were estimated using an annualized probability of default which was implied from the debt issuance proceeds as of the issuance date, and updated utilizing relevant market data including market observed option adjusted spreads as of June 30, 2021. The following table includes a summary of the derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands): Fair Value Balance at January 1, 2021 $ — Additions 43,681 Re-measurement of fair value (1,279) Balance at March 31, 2021 42,402 Re-measurement of fair value 2,676 Balance at June 30, 2021 $ 45,078 Fair values of hotel properties are based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach (Level 3 inputs). See note 5. When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at June 30, 2021, the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.101% to 0.372% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of 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) Total June 30, 2021: Assets Derivative assets: Interest rate derivatives - floors $ — $ 123 $ — $ 123 (1) Interest rate derivatives - caps — 5 — 5 (1) Total $ — $ 128 $ — $ 128 Liabilities Embedded debt derivative — — (45,078) (45,078) (2) Net $ — $ 128 $ (45,078) $ (44,950) December 31, 2020: Assets Derivative assets: Interest rate derivatives - floors $ — $ 263 $ — $ 263 (1) Total $ — $ 263 $ — $ 263 ____________________________________ (1) Reported net as “derivative assets” in our consolidated balance sheets. (2) Reported in “indebtedness, net” in our consolidated balance sheet. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended June 30, 2021 2020 Assets Derivative assets: Interest rate derivatives - floors $ (319) $ 386 Interest rate derivatives - caps (241) (18) Credit default swaps — (2,005) (4) (560) (1,637) Non-derivative assets: Equity — 483 Total (560) (1,154) Liabilities Derivative liabilities: Credit default swaps — (1,171) (4) Embedded debt derivative $ (2,676) — Net $ (3,236) $ (2,325) Total combined Interest rate derivatives - floors $ (319) $ 3,386 Interest rate derivatives - caps (241) (18) Credit default swaps — (3,176) Embedded debt derivative (2,676) — Unrealized gain (loss) on derivatives (3,236) (1) 192 (1) Realized gain (loss) on interest rate floors — (3,000) (2) Unrealized gain (loss) on marketable securities — 479 (3) Realized gain (loss) on marketable securities — 4 (2) Net $ (3,236) $ (2,325) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $272 for the three months ended June 30, 2020 included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Six Months Ended June 30, 2021 2020 Assets Derivative assets: Interest rate derivatives - floors $ (390) $ 763 Interest rate derivatives - caps (530) (70) Credit default swaps — 425 (4) (920) 1,118 Non-derivative assets: Equity — 1,110 Total (920) 2,228 Liabilities Derivative liabilities: Credit default swaps — 271 (4) Embedded debt derivative (1,397) — Net $ (2,317) $ 2,499 Total combined Interest rate derivatives - floors $ (390) $ 3,988 Interest rate derivatives - caps (530) (70) Credit default swaps — 696 Embedded debt derivative (1,397) — Unrealized gain (loss) on derivatives (2,317) (1) 4,614 (1) Realized gain (loss) on options on interest rate floors — (3,225) (2) Unrealized gain (loss) on marketable securities — (998) (3) Realized gain (loss) on marketable securities — 2,108 (2) Net $ (2,317) $ 2,499 ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $540 for the six months ended June 30, 2020, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets $ 128 $ 128 $ 263 $ 263 Embedded debt derivative 45,078 45,078 — — Financial assets not measured at fair value: Cash and cash equivalents $ 520,387 $ 520,387 $ 92,905 $ 92,905 Restricted cash 70,090 70,090 74,408 74,408 Accounts receivable, net 37,242 37,242 21,760 21,760 Notes receivable, net 8,555 $8,127 to $8,983 8,263 $7,850 to $8,676 Due from related parties, net 7,407 7,407 5,801 5,801 Due from third-party hotel managers 15,917 15,917 9,383 9,383 Financial liabilities not measured at fair value: Indebtedness $ 3,860,066 $3,207,933 to $3,545,607 $ 3,711,297 $3,167,369 to $3,500,777 Accounts payable and accrued expenses 110,761 110,761 99,954 99,954 Accrued interest payable 19,328 19,328 98,685 98,685 Dividends and distributions payable 236 236 868 868 Due to Ashford Inc., net 4,844 4,844 13,383 13,383 Due to related parties, net 800 800 — — Due to third-party hotel managers 889 889 184 184 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/from 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 $8.6 million at June 30, 2021 and approximately 95.0% to 105.0% of the carrying value of $8.3 million as of December 31, 2020 . Derivative assets and embedded debt derivative. 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 83.1% to 91.9% of the carrying value of $3.9 billion at June 30, 2021 and approximately 85.3% to 94.3% of the carrying value of $3.7 billion at December 31, 2020. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (64,292) $ (204,616) $ (167,330) $ (288,817) Less: Dividends on preferred stock — (10,644) — (21,288) Add: Dividend reversal on preferred stock, net (1) 2,709 — 3,527 — Add: Gain (loss) on extinguishment of preferred stock (7,887) — 2,748 — Add: Claw back of dividends on unvested performance stock units — 227 178 605 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (69,470) $ (215,033) $ (160,877) $ (309,500) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 15,957 1,031 12,178 1,016 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.35) $ (208.53) $ (13.21) $ (304.58) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.35) $ (208.53) $ (13.21) $ (304.58) _______________ (1) The dividend reversal on preferred stock, net results from the reversal of unpaid dividends which are relinquished upon each 3(a)(9) preferred exchange. These reversals exceeded the amount of dividend expense recorded for the unpaid dividends for the remaining outstanding preferred stock. Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ 956 (1) $ 37,350 (1) 3,227 (1) 55,021 (1) Total $ 956 $ 37,350 $ 3,227 $ 55,021 Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock 77 — 39 12 Effect of unvested performance stock units 37 — 18 — Effect of assumed conversion of operating partnership units 243 1,823 222 1,881 Effect of assumed issuance of shares for term loan exit fee 1,745 — 1,599 — Total 2,102 1,823 1,878 1,893 _______________ (1) Inclusive of preferred stock dividend reversal of $36 and $56 for the three and six months ended June 30, 2021 and $1.6 million for the three and six months ended June 30, 2020, respectively, allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	6 Months Ended
	Jun. 30, 2021
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, generally have vesting periods ranging from three years to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership. The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Ashford Trust OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. With respect to the 2019 and 2020 award agreements, the number of Performance LTIP units actually earned may range from 0% to 200% of target based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s compensation committee on the grant date. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literatures . The corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition. During the six months ended June 30, 2021, approximately 58,000 performance-based LTIP units were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $454,000. With respect to the 2021 award agreements, the criteria for the Performance LTIP units are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the grant date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of performance grants earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of Performance LTIP Units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. As of June 30, 2021, there were approximately 129,000 Performance LTIP units, representing 200% of the target number granted for the 2019 and 2020 grants and 250% for the 2021 grants outstanding. The Company issued equity awards in the first quarter of 2021, a substantial majority of which were issued subject to stockholder approval of the Company’s 2021 Stock Incentive Plan. Under the applicable accounting literature, these awards are not accounted for until stockholder approval is obtained. Stockholder approval was obtained on May 12, 2021. In May 2021, approximately 122,000 Performance LTIP units with a fair value of approximately $2.7 million and a vesting period of three years were granted. In May 2021, approximately 15,000 LTIP units were issued to independent directors with a fair value of approximately $397,000, which vested immediately upon grant and have been expensed during the three and six months ended June 30, 20 21. In May 2021, approximately 54,000 LTIP units with a fair value of approximately $1.4 million and a vesting period of three years were granted. As of June 30, 2021, we have issued a total of approximately 322,000 LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 17,000 units (5,000 of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting. The following table presents the common units redeemed and the fair value upon redemption (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Common units converted to stock 1 — 1 196 Fair value of common units converted $ 41 $ — $ 41 $ 959 The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: June 30, 2021 December 31, 2020 Redeemable noncontrolling interests (in thousands) $ 28,906 $ 22,951 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 193,324 186,763 Ownership percentage of operating partnership 1.36 % 8.51 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Allocated net (income) loss to the redeemable noncontrolling interests $ 956 $ 37,350 $ 3,227 $ 55,021 Performance LTIP dividend claw back upon cancellation — — (454) (1,401)

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Common Stock Dividends —The board of directors did not declare a quarterly common stock dividend in 2021 or 2020. Restricted Stock —We incur stock-based compensation expense in connection with restricted stock 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 issuanc e. The Company issued equity awards in the first quarter of 2021, a substantial majority of which were issued subject to stockholder approval of an increase in the number of shares available for issuance under the Company’s Amended and Restated 2021 Stock Incentive Plan. Under the applicable accounting literature, these awards are not accounted for until shareholder approval is obtained. In March 2021, approximately 13,000 shares of restricted stock with a fair value of approximately $443,000 and a vesting period of three years were granted. Stockholder approval was obtained on May 12, 2021. In May 2021, 176,000 shares of restricted stock with a fair value of approximately $4.5 million and a vesting period of three years were granted . In May 2021, approximately 7,000 shares of common stock were issued to independent directors with a fair value of approxi mately $186,000, which vested immediately upon grant and have been expensed during the three and six months ended June 30, 20 21. Additionally a one-time grant of approximately 54,000 shares of restricted stock were granted to the Ashford Trust president and chief executive officer. The award vests in three equal installments on each of May 14, 2021, 2022, and 2023, generally subject to continued service through each such date. The restricted stock had a grant date fair value of approximately $1.4 million. Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of performance stock units (“PSUs”), which have a cliff vesting period of three years, to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period. With respect to the 2019 and 2020 award agreements, 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. The corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition. During the six months ended June 30, 2021, 29,000 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 $178,000. With respect to the 2021 award agreements, the criteria for the PSUs are based on performance conditions and market conditions under the relevant literature. The corresponding compensation cost is recognized, based on the grant date fair value of the award, ratably over the service period for the award as the service is rendered, which may vary from period to period, as the number of PSUs earned may vary based on the estimated probable achievement of certain performance targets (performance conditions). The number of PSUs to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of PSUs earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation for the number of PSUs earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. The Company issued equity awards in the first quarter of 2021, a substantial majority of which were issued subject to stockholder approval of the Company’s 2021 Stock Incentive Plan. Under the applicable accounting literature, these awards are not accounted for until shareholder approval is obtained. Stockholder approval was obtained on May 12, 2021. In May 2021, 134,000 PS Us with a fair value of $7.5 million and a vesting period of three years were granted. Common Stock Resale Agreements —On December 7, 2020, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”) entered into a purchase agreement (the “First Lincoln Park Purchase Agreement”) pursuant to which the Company may issue or sell to Lincoln Park up to 1.1 million shares of the Company’s common stock from time to time during the term of the First Lincoln Park 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 First Lincoln Park 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. Upon entering into the First Lincoln Park Purchase Agreement, the Company issued 19,000 shares of the Company’s common stock as consideration for Lincoln Park’s execution and delivery of the First Lincoln Park Purchase Agreement. Under the First Lincoln Park Purchase Agreement the Company issued approximately 1.0 million shares of common stock for gross proceeds of approximately $25.1 million. As of June 30, 2021, all shares available under the First Lincoln Park Purchase Agreement were sold. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to Lincoln Park — 205 Gross proceeds received $ — $ 4,590 On March 12, 2021, the Company and Lincoln Park entered into an additional purchase agreement (the “Second Lincoln Park Purchase Agreement”), which provided that subject to the terms and conditions set forth therein, the Company may issue or sell to Lincoln Park up to 2.1 million shares of the Company’s common stock from time to time during the term of the Second Lincoln Park Purchase Agreement. Upon entering into the Second Lincoln Park Purchase Agreement, the Company issued 16,000 shares of common stock as consideration for Lincoln Park’s execution and delivery of the Second Lincoln Park Purchase Agreement. As of June 30, 2021, all shares available under the Second Lincoln Park Purchase Agreement were sold. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to Lincoln Park 2,020 2,050 Additional commitment shares — 16 Total shares issued to Lincoln Park 2,020 2,066 Gross proceeds received $ 42,776 $ 43,586 Common Stock Resale Agreements —On May 17, 2021, the Company and Keystone Capital Partners, LLC (“Keystone”) entered into a common stock purchase agreement (the “Keystone Purchase Agreement”), which provides that subject to the terms and conditions set forth therein, the Company may sell to Keystone up to 3.1 million shares of the Company’s common stock, from time to time during the term of the Keystone Purchase Agreement. Upon entering into the Keystone Purchase Agreement, the Company issued to Keystone 4,000 shares of common stock as consideration for Keystone’s commitment to purchase shares of common stock upon the Company’s direction under the Keystone Purchase Agreement. As of June 30, 2021, all shares available under the Keystone Purchase Agreement were sold. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to Keystone 3,062 3,062 Additional commitment shares 4 4 Total shares issued to Keystone 3,066 3,066 Gross proceeds received $ 147,961 $ 147,961 Common Stock Standby Equity Distribution Agreement —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 1.4 million shares of its common stock at the Company’s request any time during the commitment period commencing on January 22, 2021. As of June 30, 2021, all shares available under the SEDA were sold. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to YA — 1,372 Gross proceeds received $ — $ 40,556 On June 7, 2021, the Company entered into a second Standby Equity Distribution Agreement (the “Second YA SEDA”) with YA, pursuant to which the Company will be able to sell up to 3.8 million shares of its common stock (the “Commitment Amount”) at the Company’s request any time during the commitment period commencing on June 7, 2021, and terminating on the earliest of (i) the first day of the month next following the 36-month anniversary of the Second YA SEDA or (ii) the date on which YA shall have made payment of Advances (as defined in the Second YA SEDA) pursuant to the Second YA SEDA for shares of the Company’s common stock equal to the Commitment Amount (the “Commitment Period”). Other than with respect to the Initial Advance (as defined below) the shares sold to YA pursuant to the Second YA SEDA would be purchased at 95% of the Market Price (as defined below) and would be subject to certain limitations, including that YA could not purchase any shares that would result in it owning more than 4.99% of the Company’s common stock. “Market Price” shall mean the lowest daily VWAP (as defined below) of the Company’s common stock during the five consecutive trading days commencing on the trading day following the date the Company submits an advance notice to YA. “VWAP” means, for any trading day, the daily volume weighted average price of the Company’s common stock for such date on the principal market as reported by Bloomberg L.P. during regular trading hours. There are no other restrictions on future financing transactions. The Second YA SEDA does not contain any right of first refusal, participation rights, penalties or liquidated damages. We are not required to pay any additional amounts to reimburse or otherwise compensate YA in connection with the transaction except for a $5,000 structuring fee. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to YA II PN, Ltd. 3,003 3,003 Gross proceeds received $ 135,054 $ 135,054 Preferred Dividends — The board of directors did not declare a quarterly preferred stock dividend for the three months ended June 30, 2021 and 2020. The table below presents the accumulated but unpaid dividends in arrears as of June 30, 2021 (in thousands): June 30, 2021 8.45% Series D Cumulative Preferred Stock ($2.64/share) $ 3,475 7.375% Series F Cumulative Preferred Stock ($2.30/share) 3,390 7.375% Series G Cumulative Preferred Stock ($2.30/share) 4,401 7.50% Series H Cumulative Preferred Stock ($2.34/share) 3,417 7.50% Series I Cumulative Preferred Stock ($2.34/share) 3,263 Total $ 17,946 From January 1, 2021 through June 30, 2021, Ashford Trust entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, 7.375% Series F Cumulative Preferred Stock, 7.375% Series G Cumulative Preferred Stock, 7.50% Series H Cumulative Preferred Stock and 7.50% Series I Cumulative Preferred Stock in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). The table below summarizes the activity (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) 8.45% Series D Cumulative Preferred Stock 363 3,123 312 475 3,910 391 7.375% Series F Cumulative Preferred Stock 567 5,078 508 1,420 10,781 1,078 7.375% Series G Cumulative Preferred Stock 1,262 11,694 1,170 2,513 20,674 2,067 7.50% Series H Cumulative Preferred Stock 544 4,692 469 1,211 9,509 951 7.50% Series I Cumulative Preferred Stock 608 5,222 522 1,999 14,370 1,437 3,344 29,809 2,981 7,618 59,244 5,924 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split. 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

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
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. Advisory fees consist of base fees and incentive fees. Prior to January 14, 2021, the base fee was paid monthly and ranged from 0.50% to 0.70% per annum of our total market capitalization, ranging from less than $6.0 billion to greater than $10.0 billion plus the Net Asset Fee Adjustment, as defined in the amended and restated advisory agreement, subject to certain minimums. 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 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. On January 11, 2021, the independent members of the board of directors of Ashford Inc. granted Ashford Trust an additional deferral of the base advisory fees and any Lismore (as defined below) success fees for the months of October 2020, November 2020, December 2020 and January 2021 that were previously deferred such that all such fees would be due and payable on the earlier of (x) January 18, 2021 and (y) immediately prior to the closing of the Oaktree Credit Agreement. 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 and Lismore Agreement (as defined below) 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. On January 14, 2021, we entered into the Second Amended and Restated Advisory Agreement with Ashford LLC. The Second Amended and Restated Advisory Agreement amends and restates the terms of the Amended and Restated Advisory Agreement, dated June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended and Restated Advisory Agreement, dated as of June 26, 2018 to, among other items: (i) revise the term and termination rights; (ii) fix the percentage used to calculate the base fee thereunder at 0.70% per annum; (iii) update the list of peer group members; (iv) suspend the requirement that we maintain a minimum Consolidated Tangible Net Worth until the first fiscal quarter beginning after June 30, 2023; and (v) revise the criteria that would constitute a Company Change of Control in order to provide us additional flexibility to dispose of underperforming assets. In connection with the transactions contemplated by the Oaktree Credit Agreement on January 15, 2021, we entered into a Subordination and Non-Disturbance Agreement with Ashford Inc. and Oaktree pursuant to which we agreed to subordinate to the prior repayment in full of all obligations under the Oaktree Credit Agreement: (1) prior to the later of: (i) the second anniversary of the Oaktree Credit Agreement; and (ii) the date accrued interest “in kind” is paid in full, advisory fees (other than reimbursable expenses) in excess of 80% of such fees paid during the fiscal year ended December 31, 2019; (2) any termination fee or liquidated damages amounts under the advisory agreement, or any amount owed under the enhanced return funding program in connection with the termination of the advisory agreement or sale or foreclosure of assets financed thereunder; and (3) any payments to Lismore in connection with the transactions contemplated by the Oaktree Credit Agreement. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory services fee Base advisory fee $ 9,006 $ 8,557 $ 17,741 $ 17,474 Reimbursable expenses (1) 1,621 1,567 3,212 3,398 Equity-based compensation (2) 2,455 92 (3) 4,290 4,643 (3) Incentive fee 6,472 — 6,472 — Total advisory services fee $ 19,554 $ 10,216 $ 31,715 $ 25,515 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. (3) During the three and six months ended June 30, 2020, 7,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the three and six months ended June 30, 2020. Due from related parties, net as of June 30, 2021 and December 31, 2020 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 Hotels & Resorts Inc. (“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 On March 20, 2020, Lismore Capital II LLC (formerly known as 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 12 months following the commencement date, or upon it being terminated by Ashford Trust on not less than 30 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 Lismore Agreement with an effective date of April 6, 2020. Pursuant to the amended and restated agreement, the term of the agreement was extended to 24 months following the commencement date. In connection with the services provided by Lismore under the amended and restated agreement, Lismore is entitled to receive a fee of approximately $2.6 million in three equal installments of approximately $857,000 per month beginning July 20, 2020, and ending on September 20, 2020. Lismore is also entitled to receive a fee that is calculated and payable as follows: (i) a fee equal to 25 basis points (0.25%) of the amount of a loan, payable upon the acceptance by the applicable lender of any forbearance or extension of such loan, or in the case where a third-party agent or contractor engaged by the Company has secured an extension of the maturity date equal to or greater than 12 months of any such loan, then the amount payable to Lismore shall be reduced to 10 basis points (0.10%); (ii) a fee equal to 75 basis points (0.75%) of the amount of any principal reduction of a loan upon the acceptance by any lender of any principal reduction of such loan; and (iii) a fee equal to 150 basis points (1.50%) of the implied conversion value (but in any case, no less than 50% percent of the face value of such loan or loans) of a loan upon the acceptance by any lender of any debt to equity conversion of such loan. At the time of amendment, the Company had paid Lismore approximately $8.3 million, in the aggregate, pursuant to the original agreement. Under the amended and restated agreement, the Company is still entitled, in the event that the Company does not complete, for any reason, extensions or forbearances during the term of the agreement equal to or greater than approximately $4.1 billion, to offset, against any fees the Company or its affiliates owe pursuant to the advisory agreement, a portion of the fee previously paid by the Company to Lismore equal to the product of (x) approximately $4.1 billion minus the amount of extensions or forbearances completed during the term of the agreement multiplied by (y) 0.125%. Upon entering into the agreement with Lismore, the Company made a payment of $5.1 million. No amounts under this payment can be clawed back. As of June 30, 2021, the Company has paid $5.1 million related to periodic installments of which approximately $5.0 million has been expensed in accordance with the agreement. 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 was due to Ashford Trust in connection with certain properties Ashford Trust no longer owns. This amount was offset against base advisory fees. Approximately $156,000 may be offset against fees under the agreement that are eligible for claw back under the agreement. As of June 30, 2021 approximately $2.1 million of the payments are included in “other assets.” Further, the Company has incurred approximately $8.7 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. For the three and six months ended June 30, 2021, the Company recognized expense of $643,000 and $4.3 million, which is included in “write-off of premiums, loan costs and exit fees.” 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 Rockbr idge 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 The La Posada de Santa Fe Hotel. 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 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 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 Lismore Agreement or any damages that may have arisen in absence of such fee deferral. On January 11, 2021, the independent members of the board of directors of Ashford Inc. granted Ashford Trust an additional deferral of the Lismore success fees for the months of October 2020, November 2020, December 2020 and January 2021 that were previously deferred such that all such fees would be due and payable on the earlier of (x) January 18, 2021 and (y) immediately prior to the closing of the Oaktree Credit Agreement. 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 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 (the “Initial Contribution Agreement”) with Ashford Inc. pursuant to which Ashford Trust has agreed to contribute, with Braemar, up to $15 million to fund the operations of Ashford Securities. 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 on their behalf, respectively, 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 (the “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 on their behalf, respectively, through Ashford Securities. As of June 30, 2021, Ashford Trust has funded approximately $3.0 million. As of June 30, 2021 and December 31, 2020, $66,000 and $85,000, 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): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Corporate, general and administrative $ — $ 316 $ 19 $ 1,013 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 November 25, 2020, the independent members of the board of directors of Ashford Trust 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. On April 20, 2021, the Company delivered written notice to Ashford LLC of its intention not to renew the ERFP Agreement. As a result, the ERFP Agreement terminated in accordance with its terms at the end of the current term on June 26, 2021. We intend to amend the Second Amended and Restated Advisory Agreement, dated January 14, 2021, to reflect certain changes necessary in connection with the expiration of the ERFP Agreement. Design and Construction Services In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s design and construction business, we entered into a design and construction services agreement with Ashford Inc.’s subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides design and construction 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 design and construction services agreement, we pay Premier: (a) design and construction 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 design and construction services 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 Services On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. As a result of the acquisition, hotel management services are provided by Remington Hotels, a subsidiary of Ashford Inc., under the respective hotel management agreement with each customer, including Ashford Trust and Braemar. At June 30, 2021, Remington Hotels managed 68 of our 100 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. Braemar

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at June 30, 2021, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. Franchise Fees —Under franchise agreements for our hotel properties existing at June 30, 2021, we pay franchisor royalty fees between 3% and 6% of gross rooms revenue and, in some cases, 1% to 3% of food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2021 and 2047. When a franchise term expires, the franchisor has no obligation to renew the franchise. A franchise termination could have a material adverse effect on the operations or the underlying value of the affected hotel due to loss of associated name recognition, marketing support, and centralized reservation systems provided by the franchisor. A franchise termination could also have a material adverse effect on cash available for distribution to stockholders. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property. The table below summarizes the franchise fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other hotel expenses $ 10,316 $ 3,202 $ 16,054 $ 17,261 Management Fees —Under hotel management agreements for our hotel properties existing at June 30, 2021, 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 2% 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) design and construction fees of up to 4% of project costs; (b) market service fees including purchasing, design and construction management not to exceed 16.5% of design and construction budget cumulatively, including design and construction fees; and (c) other general fees at current market rates as approved by our independent directors, if required. See note 15. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2017 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 June 30, 2021, 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 20 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 attorneys’ fees are still ongoing. As of June 30, 2021, we have accrued approximately $504,000 in legal fees, which represents the Company’s estimate of the amount of potential remaining legal fees that could be owed. On December 4, 2015, Pedro Membrives filed a class action lawsuit against HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Mark A. Sharkey, Archie Bennett, Jr., Monty J. Bennett, Christopher Peckham, and any other related entities in the Supreme Court of New York, Nassau County, Commercial Division. On August 30, 2016, the complaint was amended to add Michele Spero as a Plaintiff and Remington Long Island Employers, LLC as a defendant. The lawsuit is captioned Pedro Membrives and Michele Spero, individually and on behalf of others similarly situated v. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC, et al., Index No. 607828/2015 (Sup. Ct. Nassau Cty.) . The plaintiffs allege that the owner and management company of the Hyatt Regency Long Island hotel violated New York law by improperly retaining service charges rather than distributing them to employees. In 2017, the class was certified. On July 24, 2018, the trial court granted the plaintiffs’ motion for summary judgment on liability. The defendants appealed the summary judgment to the New York State Appellate Division, Second Department (the “Second Department”). The Second Department heard oral arguments in this matter on April 20, 2021, and on July 14, 2021, affirmed in part, and modified in part, the trial court’s summary judgement in favor of the plaintiffs. Based on the Second Department’s holding, all information produced during discovery, and the continuing cost and risk, to both sides, of further appeals related to this matter, the Company is analyzing whether to continue to appeal and vigorously defend this matter or to pursue an out-of-court settlement. The Company believes it is probable that it will ultimately incur a loss from this litigation. As a result, the Company has recorded an accrual of approximately $1.8 million as of June 30, 2021. The final outcome could result in a loss of up to approximately $10 million in excess of the amount accrued, plus additional interest and attorneys’ fees. 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. On December 20, 2016, a class action lawsuit was filed against one of the Company’s hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa 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 had until April 4, 2021 to opt out of the class, however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because there remains uncertainty under California law with respect to a significant legal issue, discovery relating to class members continues, and the trial judge retains discretion to award lower penalties than set forth in the applicable California employment laws, we do not believe that any potential loss to the Company is reasonably estimable at this time. As of June 30, 2021, 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 and 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

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020, all of our hotel properties were domestically located.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From July 1, 2021 through August 4, 2021, we issued approximately 787,000 shares of our common stock for gross proceeds of approximately $30.3 million to YA under the Second YA SEDA. From July 1, 2021 through August 4, 2021, we issued approximately 4.0 million shares of our common stock for gross proceeds of approximately $81.3 million to Seven Knots, LLC under the Seven Knots Purchase Agreement. On July 2, 2021, the Company and B. Riley Principal Capital, LLC (“B. Riley”) entered into a common stock purchase agreement (the “B. Riley Purchase Agreement”), which provides that, subject to the terms and conditions set forth therein, the Company may sell to B. Riley up to 4,622,774 shares of common stock of the Company, from time to time during the term of the B. Riley Purchase Agreement. From July 2, 2021 through August 4, 2021, we issued approximately 600,000 shares of our common stock for gross proceeds of approximately $9.4 million to B. Riley under the B. Riley Purchase Agreement. From July 1, 2021 through August 4, 2021, we entered into privately negotiated exchange agreements with certain holders of its 8.45% Series D Cumulative Preferred Stock, 7.375% Series F Cumulative Preferred Stock, 7.375% Series G Cumulative Preferred Stock, 7.50% Series H Cumulative Preferred Stock and 7.50% Series I Cumulative Preferred Stock in reliance on Section 3(a)(9) of the Securities Act. During this period, the Company exchanged approximately 263,000 shares of its common stock for an aggregate of approximately 186,000 shares of preferred stock. On July 12, 2021, the Company made an additional investment in OpenKey of approximately $250,000.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 15, 2021. 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 OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
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.
Recently Adopted and Issued Accounting Standards	Recently Adopted 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. We adopted the standard effective January 1, 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —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 Accounting Standards Codification (“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 settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
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 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 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 Le Meridien Minneapolis Minneapolis, MN Disposition January 20, 2021 SpringHill Suites Durham Durham, NC Disposition April 29, 2021 SpringHill Suites Charlotte Charlotte, NC Disposition April 29, 2021

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (dollars in thousands): Three Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 10,762 $ 1,800 $ 1,027 $ — $ 13,589 Boston, MA Area 2 4,299 355 894 — 5,548 Dallas / Ft. Worth Area 7 9,504 1,303 583 — 11,390 Houston, TX Area 3 5,248 897 121 — 6,266 Los Angeles, CA Metro Area 6 12,670 1,618 1,263 — 15,551 Miami, FL Metro Area 2 5,296 892 196 — 6,384 Minneapolis - St. Paul, MN - WI Area 2 1,869 544 66 — 2,479 Nashville, TN Area 1 6,873 2,242 672 — 9,787 New York / New Jersey Metro Area 6 7,343 1,734 446 — 9,523 Orlando, FL Area 2 4,462 167 408 — 5,037 Philadelphia, PA Area 3 4,014 220 161 — 4,395 San Diego, CA Area 2 2,916 104 358 — 3,378 San Francisco - Oakland, CA Metro Area 7 10,001 344 447 — 10,792 Tampa, FL Area 2 5,743 665 225 — 6,633 Washington D.C. - MD - VA Area 9 10,405 1,098 1,110 — 12,613 Other Areas 37 57,238 5,784 4,739 — 67,761 Orlando WorldQuest — 1,077 67 242 — 1,386 Disposed properties 2 311 6 28 — 345 Corporate — — — — 555 555 Total 102 $ 160,031 $ 19,840 $ 12,986 $ 555 $ 193,412 Three Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 1,094 $ — $ 459 $ — $ 1,553 Boston, MA Area 2 697 — 284 — 981 Dallas / Ft. Worth Area 7 1,631 57 158 — 1,846 Houston, TX Area 3 1,165 11 43 — 1,219 Los Angeles, CA Metro Area 6 3,377 71 344 — 3,792 Miami, FL Metro Area 2 283 20 11 — 314 Minneapolis - St. Paul, MN - WI Area 2 343 18 30 — 391 Nashville, TN Area 1 172 14 153 — 339 New York / New Jersey Metro Area 6 1,597 12 185 — 1,794 Orlando, FL Area 2 484 1 80 — 565 Philadelphia, PA Area 3 964 113 18 — 1,095 San Diego, CA Area 2 647 1 68 — 716 San Francisco - Oakland, CA Metro Area 7 3,466 — 296 — 3,762 Tampa, FL Area 2 806 25 62 — 893 Washington D.C. - MD - VA Area 9 1,651 30 243 — 1,924 Other Areas 37 15,209 815 1,360 — 17,384 Orlando WorldQuest — 51 — 28 — 79 Disposed properties 16 3,802 9 331 — 4,142 Corporate — — — — 276 276 Total 116 $ 37,439 $ 1,197 $ 4,153 $ 276 $ 43,065 Six Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 18,562 $ 3,013 $ 1,895 $ — $ 23,470 Boston, MA Area 2 5,938 411 1,558 — 7,907 Dallas / Ft. Worth Area 7 15,660 1,906 1,144 — 18,710 Houston, TX Area 3 8,443 1,034 231 — 9,708 Los Angeles, CA Metro Area 6 21,241 2,299 2,060 — 25,600 Miami, FL Metro Area 2 8,761 1,213 336 — 10,310 Minneapolis - St. Paul, MN - WI Area 2 2,647 689 115 — 3,451 Nashville, TN Area 1 8,938 2,937 1,395 — 13,270 New York / New Jersey Metro Area 6 9,900 2,057 854 — 12,811 Orlando, FL Area 2 7,127 286 739 — 8,152 Philadelphia, PA Area 3 6,140 285 271 — 6,696 San Diego, CA Area 2 4,710 155 565 — 5,430 San Francisco - Oakland, CA Metro Area 7 16,551 525 1,237 — 18,313 Tampa, FL Area 2 10,575 1,001 394 — 11,970 Washington D.C. - MD - VA Area 9 19,181 1,241 2,004 — 22,426 Other Areas 37 89,976 8,594 8,140 — 106,710 Orlando WorldQuest — 1,706 89 413 — 2,208 Disposed properties 3 1,089 8 63 — 1,160 Corporate — — — — 940 940 Total 103 $ 257,145 $ 27,743 $ 23,414 $ 940 $ 309,242 Six Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 15,152 $ 4,059 $ 1,612 $ — $ 20,823 Boston, MA Area 2 6,480 830 1,502 — 8,812 Dallas / Ft. Worth Area 7 14,759 3,978 1,117 — 19,854 Houston, TX Area 3 6,271 2,302 231 — 8,804 Los Angeles, CA Metro Area 6 19,589 3,428 1,429 — 24,446 Miami, FL Metro Area 2 6,616 2,315 170 — 9,101 Minneapolis - St. Paul, MN - WI Area 2 2,744 885 124 — 3,753 Nashville, TN Area 1 9,710 5,114 1,041 — 15,865 New York / New Jersey Metro Area 6 13,102 3,347 881 — 17,330 Orlando, FL Area 2 5,616 425 643 — 6,684 Philadelphia, PA Area 3 4,651 801 179 — 5,631 San Diego, CA Area 2 3,991 248 306 — 4,545 San Francisco - Oakland, CA Metro Area 7 19,558 2,068 944 — 22,570 Tampa, FL Area 2 7,415 2,166 413 — 9,994 Washington D.C. - MD - VA Area 9 22,097 4,418 2,220 — 28,735 Other Areas 37 73,141 11,689 6,712 — 91,542 Orlando WorldQuest — 1,082 25 375 — 1,482 Disposed properties 17 21,272 1,049 1,602 — 23,923 Corporate — — — — 1,048 1,048 Total 117 $ 253,246 $ 49,147 $ 21,501 $ 1,048 $ 324,942

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): June 30, 2021 December 31, 2020 Land $ 626,938 $ 630,690 Buildings and improvements 3,721,116 3,751,588 Furniture, fixtures and equipment 345,572 388,428 Construction in progress 7,953 16,192 Condominium properties 11,515 11,707 Total cost 4,713,094 4,798,605 Accumulated depreciation (1,409,963) (1,371,623) Investments in hotel properties, net $ 3,303,131 $ 3,426,982

Hotel Disposition and Impairm_2

Hotel Disposition and Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The following table includes condensed financial information from hotel property dispositions that occurred in 2020 and 2021 for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total hotel revenue $ 345 $ 4,142 $ 1,160 $ 23,923 Total hotel operating expenses (366) (5,813) (1,345) (20,934) Gain (loss) on disposition of assets and hotel properties 361 (6) 237 3,617 Property taxes, insurance and other (23) (2,502) (141) (5,117) Depreciation and amortization (41) (4,856) (206) (10,170) Impairment charges — (27,605) — (55,218) Operating income (loss) 276 (36,640) (295) (63,899) Interest income — 6 — 10 Interest expense and amortization of discounts and loan costs (162) (9,363) (624) (15,486) Write-off of premiums, loan costs and exit fees — (21) — (21) Gain (loss) on extinguishment of debt 10,604 — 10,604 — Income (loss) before income taxes 10,718 (46,018) 9,685 (79,396) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (143) 6,806 (182) 12,108 Net income (loss) before income taxes attributable to the Company $ 10,575 $ (39,212) $ 9,503 $ (67,288)

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: June 30, 2021 December 31, 2020 Carrying value of the investment in OpenKey (in thousands) $ 2,533 $ 2,811 Ownership interest in OpenKey 16.7 % 17.5 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Equity in earnings (loss) of unconsolidated entities $ (141) $ (79) $ (278) $ (158)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): June 30, 2021 December 31, 2020 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Debt Balance Mortgage loan 1 hotel November 2021 6.26% n/a $ 81,262 $ 84,544 Mortgage loan (4) 17 hotels November 2021 LIBOR (3) + 3.00% n/a 419,000 419,000 Mortgage loan (5) 1 hotel November 2021 LIBOR (3) + 2.55% n/a 25,000 25,000 Mortgage loan (6) 8 hotels February 2022 LIBOR (3) + 3.07% n/a 395,000 395,000 Mortgage loan (7) 2 hotels March 2022 LIBOR (3) + 2.75% n/a 240,000 240,000 Mortgage loan (8) 19 hotels April 2022 LIBOR (3) + 3.20% n/a 914,281 914,281 Mortgage loan (9) 7 hotels June 2022 LIBOR (3) + 3.65% n/a 180,720 180,720 Mortgage loan (9) 7 hotels June 2022 LIBOR (3) + 3.39% n/a 174,400 174,400 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 3.73% n/a 221,040 221,040 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 4.02% n/a 262,640 262,640 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 3.68% n/a 215,120 215,120 Mortgage loan (9) 5 hotels June 2022 LIBOR (3) + 2.73% n/a 160,000 160,000 Mortgage loan (10) 1 hotel July 2022 LIBOR (3) + 3.95% n/a 33,200 34,200 Mortgage loan (11) 1 hotel November 2022 LIBOR (3) + 2.00% n/a 97,629 98,259 Mortgage loan (12) 1 hotel December 2022 LIBOR (3) + 2.25% n/a 16,100 16,100 Mortgage loan (13) 1 hotel January 2023 LIBOR (3) + 3.40% n/a 37,000 37,000 Mortgage loan 1 hotel June 2023 LIBOR (3) + 2.45% n/a 73,450 73,450 Mortgage loan 1 hotel January 2024 5.49% n/a 6,587 6,706 Mortgage loan 1 hotel January 2024 5.49% n/a 9,615 9,786 Term loan (14) Equity January 2024 16.00% n/a 214,907 — Mortgage loan (15) 1 hotel May 2024 4.99% 5.00% 6,260 6,260 Mortgage loan 1 hotel June 2024 LIBOR (3) + 2.00% n/a 8,881 8,881 Mortgage loan 2 hotels August 2024 4.85% n/a 11,668 11,774 Mortgage loan 3 hotels August 2024 4.90% n/a 23,332 23,542 Mortgage loan (16) 2 hotels February 2025 4.45% n/a — 19,369 Mortgage loan (15) 3 hotels February 2025 4.45% 4.00% 50,098 50,098 Mortgage loan 1 hotel March 2025 4.66% n/a 24,151 24,415 3,901,341 3,711,585 Premiums (discounts), net (41,275) (288) Capitalized default interest and late charges 32,481 27,444 Deferred loan costs, net (14,619) (9,830) Embedded debt derivative 45,078 — Indebtedness, net $ 3,923,006 $ 3,728,911 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2021. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rates were 0.101% and 0.144% at June 30, 2021 and December 31, 2020, respectively. (4) 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. (5) 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%. (6) 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. (7) Effective April 1, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived through December 31, 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in March 2021. (8) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in April 2021. (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The second one-year extension period began in June 2021. (10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%. (11) Effective March 5, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived through July 1, 2021. (12) This mortgage loan has two one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.25%. (13) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (14) Effective January 15, 2021, we entered into a term loan agreement with an initial draw of $200 million and a total commitment of $450 million. During the initial two year term, interest shall be paid-in-kind by capitalizing the accrued amount. The initial draw of this term loan is interest only and bears interest at a fixed rate of 16.0% for the first two years and 14.0% thereafter. This term loan has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. (15) As of June 30, 2021, these mortgage loans were 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.
Schedule of Net Premium (Discount) Amortization Recognized	We recognized net premium (discount) amortization as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Interest expense and amortization of discount and loan costs $ (228) $ 57 $ (2,693) $ 113

Notes Receivable, net and Oth_2

Notes Receivable, net and Other (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Notes Receivable and Other	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate June 30, 2021 December 31, 2020 Construction Financing Note (1) (5) Face amount 7.0 % $ 4,000 $ 4,000 Discount (2) (7) (143) 3,993 3,857 Certificate of Occupancy Note (3) (5) Face amount 7.0 % $ 5,250 $ 5,250 Discount (4) (688) (844) 4,562 4,406 Notes receivable, net $ 8,555 $ 8,263 ____________________________________ (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 Income (Expense)	We recognized discount amortization income as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other income (expense) $ 147 $ 137 $ 292 $ 272 For the three and six months ended June 30, 2021 and 2020, we recognized imputed interest income as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other income (expense) $ 79 $ 74 $ 157 $ 147 We recognized amortization expense related to the free use of parking easement as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other income (expense) $ — $ — $ — $ (117)
Schedule of Other Consideration	Other consideration received from the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront is summarized in the table below (dollars in thousands): Imputed Interest Rate June 30, 2021 December 31, 2020 Future ownership rights of parking parcel 7.0 % $ 4,100 $ 4,100 Imputed interest 529 372 $ 4,629 (1) $ 4,472 (1) ____________________________________ (1) Included in “other assets” in the consolidated balance sheets.

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents a summary of our interest rate derivatives entered into over each applicable period: Six Months Ended June 30, 2021 2020 Interest rate caps: Notional amount (in thousands) $ 3,206,301 (1) $ 432,000 (1) Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2021 - May 2021 January 2020 Termination date range November 2021 - December 2022 February 2021 - February 2022 Total cost (in thousands) $ 534 $ 63 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: June 30, 2021 December 31, 2020 Interest rate caps: Notional amount (in thousands) $ 3,413,301 (1) $ 842,000 (1) Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Termination date range November 2021 - December 2022 February 2021 - February 2022 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,260,301 $ 697,000 Interest rate floors: (2) Notional amount (in thousands) $ 25,000 (1) $ 25,000 (1) Strike rate low end of range 1.25 % 1.25 % Strike rate high end of range 1.25 % 1.25 % Termination date range November 2021 November 2021 _______________ (1) These instruments were not designated as cash flow hedges. (2) Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Derivative Liabilities Measured at Fair Value	The following table includes a summary of the derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands): Fair Value Balance at January 1, 2021 $ — Additions 43,681 Re-measurement of fair value (1,279) Balance at March 31, 2021 42,402 Re-measurement of fair value 2,676 Balance at June 30, 2021 $ 45,078
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) Total June 30, 2021: Assets Derivative assets: Interest rate derivatives - floors $ — $ 123 $ — $ 123 (1) Interest rate derivatives - caps — 5 — 5 (1) Total $ — $ 128 $ — $ 128 Liabilities Embedded debt derivative — — (45,078) (45,078) (2) Net $ — $ 128 $ (45,078) $ (44,950) December 31, 2020: Assets Derivative assets: Interest rate derivatives - floors $ — $ 263 $ — $ 263 (1) Total $ — $ 263 $ — $ 263 ____________________________________ (1) Reported net as “derivative assets” in our consolidated balance sheets. (2) Reported in “indebtedness, net” in our consolidated balance sheet.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended June 30, 2021 2020 Assets Derivative assets: Interest rate derivatives - floors $ (319) $ 386 Interest rate derivatives - caps (241) (18) Credit default swaps — (2,005) (4) (560) (1,637) Non-derivative assets: Equity — 483 Total (560) (1,154) Liabilities Derivative liabilities: Credit default swaps — (1,171) (4) Embedded debt derivative $ (2,676) — Net $ (3,236) $ (2,325) Total combined Interest rate derivatives - floors $ (319) $ 3,386 Interest rate derivatives - caps (241) (18) Credit default swaps — (3,176) Embedded debt derivative (2,676) — Unrealized gain (loss) on derivatives (3,236) (1) 192 (1) Realized gain (loss) on interest rate floors — (3,000) (2) Unrealized gain (loss) on marketable securities — 479 (3) Realized gain (loss) on marketable securities — 4 (2) Net $ (3,236) $ (2,325) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $272 for the three months ended June 30, 2020 included in “other income (expense)” associated with credit default swaps. Gain (Loss) Recognized in Income Six Months Ended June 30, 2021 2020 Assets Derivative assets: Interest rate derivatives - floors $ (390) $ 763 Interest rate derivatives - caps (530) (70) Credit default swaps — 425 (4) (920) 1,118 Non-derivative assets: Equity — 1,110 Total (920) 2,228 Liabilities Derivative liabilities: Credit default swaps — 271 (4) Embedded debt derivative (1,397) — Net $ (2,317) $ 2,499 Total combined Interest rate derivatives - floors $ (390) $ 3,988 Interest rate derivatives - caps (530) (70) Credit default swaps — 696 Embedded debt derivative (1,397) — Unrealized gain (loss) on derivatives (2,317) (1) 4,614 (1) Realized gain (loss) on options on interest rate floors — (3,225) (2) Unrealized gain (loss) on marketable securities — (998) (3) Realized gain (loss) on marketable securities — 2,108 (2) Net $ (2,317) $ 2,499 ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Included in “other income (expense)” in our consolidated statements of operations. (3) Reported as “unrealized gain (loss) on marketable securities” in our consolidated statements of operations. (4) Excludes costs of $540 for the six months ended June 30, 2020, included in “other income (expense)” associated with credit default swaps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets $ 128 $ 128 $ 263 $ 263 Embedded debt derivative 45,078 45,078 — — Financial assets not measured at fair value: Cash and cash equivalents $ 520,387 $ 520,387 $ 92,905 $ 92,905 Restricted cash 70,090 70,090 74,408 74,408 Accounts receivable, net 37,242 37,242 21,760 21,760 Notes receivable, net 8,555 $8,127 to $8,983 8,263 $7,850 to $8,676 Due from related parties, net 7,407 7,407 5,801 5,801 Due from third-party hotel managers 15,917 15,917 9,383 9,383 Financial liabilities not measured at fair value: Indebtedness $ 3,860,066 $3,207,933 to $3,545,607 $ 3,711,297 $3,167,369 to $3,500,777 Accounts payable and accrued expenses 110,761 110,761 99,954 99,954 Accrued interest payable 19,328 19,328 98,685 98,685 Dividends and distributions payable 236 236 868 868 Due to Ashford Inc., net 4,844 4,844 13,383 13,383 Due to related parties, net 800 800 — — Due to third-party hotel managers 889 889 184 184

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (64,292) $ (204,616) $ (167,330) $ (288,817) Less: Dividends on preferred stock — (10,644) — (21,288) Add: Dividend reversal on preferred stock, net (1) 2,709 — 3,527 — Add: Gain (loss) on extinguishment of preferred stock (7,887) — 2,748 — Add: Claw back of dividends on unvested performance stock units — 227 178 605 Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (69,470) $ (215,033) $ (160,877) $ (309,500) Weighted average common shares outstanding: Weighted average common shares outstanding - basic and diluted 15,957 1,031 12,178 1,016 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.35) $ (208.53) $ (13.21) $ (304.58) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.35) $ (208.53) $ (13.21) $ (304.58) _______________
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ 956 (1) $ 37,350 (1) 3,227 (1) 55,021 (1) Total $ 956 $ 37,350 $ 3,227 $ 55,021 Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock 77 — 39 12 Effect of unvested performance stock units 37 — 18 — Effect of assumed conversion of operating partnership units 243 1,823 222 1,881 Effect of assumed issuance of shares for term loan exit fee 1,745 — 1,599 — Total 2,102 1,823 1,878 1,893 _______________ (1) Inclusive of preferred stock dividend reversal of $36 and $56 for the three and six months ended June 30, 2021 and $1.6 million for the three and six months ended June 30, 2020, respectively, allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Schedules of Redeemable Noncontrolling Interest	The following table presents the common units redeemed and the fair value upon redemption (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Common units converted to stock 1 — 1 196 Fair value of common units converted $ 41 $ — $ 41 $ 959 The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: June 30, 2021 December 31, 2020 Redeemable noncontrolling interests (in thousands) $ 28,906 $ 22,951 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 193,324 186,763 Ownership percentage of operating partnership 1.36 % 8.51 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Allocated net (income) loss to the redeemable noncontrolling interests $ 956 $ 37,350 $ 3,227 $ 55,021 Performance LTIP dividend claw back upon cancellation — — (454) (1,401)

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Summary of Issuance Activity	The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to Lincoln Park — 205 Gross proceeds received $ — $ 4,590 The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to Lincoln Park 2,020 2,050 Additional commitment shares — 16 Total shares issued to Lincoln Park 2,020 2,066 Gross proceeds received $ 42,776 $ 43,586 The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to Keystone 3,062 3,062 Additional commitment shares 4 4 Total shares issued to Keystone 3,066 3,066 Gross proceeds received $ 147,961 $ 147,961 The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to YA — 1,372 Gross proceeds received $ — $ 40,556 The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2021 Shares sold to YA II PN, Ltd. 3,003 3,003 Gross proceeds received $ 135,054 $ 135,054
Dividends Declared	The table below presents the accumulated but unpaid dividends in arrears as of June 30, 2021 (in thousands): June 30, 2021 8.45% Series D Cumulative Preferred Stock ($2.64/share) $ 3,475 7.375% Series F Cumulative Preferred Stock ($2.30/share) 3,390 7.375% Series G Cumulative Preferred Stock ($2.30/share) 4,401 7.50% Series H Cumulative Preferred Stock ($2.34/share) 3,417 7.50% Series I Cumulative Preferred Stock ($2.34/share) 3,263 Total $ 17,946
Schedule of Shares Issued and Tendered	The table below summarizes the activity (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) 8.45% Series D Cumulative Preferred Stock 363 3,123 312 475 3,910 391 7.375% Series F Cumulative Preferred Stock 567 5,078 508 1,420 10,781 1,078 7.375% Series G Cumulative Preferred Stock 1,262 11,694 1,170 2,513 20,674 2,067 7.50% Series H Cumulative Preferred Stock 544 4,692 469 1,211 9,509 951 7.50% Series I Cumulative Preferred Stock 608 5,222 522 1,999 14,370 1,437 3,344 29,809 2,981 7,618 59,244 5,924 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory services fee Base advisory fee $ 9,006 $ 8,557 $ 17,741 $ 17,474 Reimbursable expenses (1) 1,621 1,567 3,212 3,398 Equity-based compensation (2) 2,455 92 (3) 4,290 4,643 (3) Incentive fee 6,472 — 6,472 — Total advisory services fee $ 19,554 $ 10,216 $ 31,715 $ 25,515 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. (3) During the three and six months ended June 30, 2020, 7,000 PSUs were forfeited as a result of the separation of an executive officer from the Company. The forfeiture resulted in a credit to equity based compensation expense of approximately $1.9 million for the three and six months ended June 30, 2020. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Corporate, general and administrative $ — $ 316 $ 19 $ 1,013

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Other hotel expenses $ 10,316 $ 3,202 $ 16,054 $ 17,261

Organization and Description _2

Organization and Description of Business (Details)	Jun. 28, 2021	Jun. 30, 2021USD ($)roomunithotelshares	Jun. 30, 2020USD ($)hotel	Jun. 30, 2021USD ($)roomunithotelshares	Jun. 30, 2020USD ($)hotel	Jul. 16, 2021shares	Jul. 15, 2021shares	Jan. 15, 2021USD ($)	Dec. 31, 2020USD ($)shares	Mar. 31, 2020hotel	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Number of hotels | hotel		102	116	103	117
Number of rooms | room		22,313		22,313
Number of rooms owned, net of partnership interest | room		22,286		22,286
Investment in unconsolidated entity		$ 2,533,000		$ 2,533,000					$ 2,811,000
Stock split ratio	0.1
Number of shares of common stock (in shares) | shares		22,320,857		22,320,857					6,436,250
Cash and cash equivalents		$ 520,387,000	$ 165,476,000	$ 520,387,000	$ 165,476,000				$ 92,905,000		$ 262,636,000
Restricted cash		70,090,000	$ 95,318,000	70,090,000	$ 95,318,000				$ 74,408,000		$ 135,571,000
Subsequent Event
Real Estate Properties [Line Items]
Number of shares of common stock (in shares) | shares						26,500,000	265,100,000
Number of outstanding units (in shares) | shares						402,000	4,000,000
Mortgages
Real Estate Properties [Line Items]
Outstanding principal balance with waived or deferred payments		3,600,000,000		3,600,000,000
Debt balance		$ 3,700,000,000		$ 3,700,000,000
Line of Credit | Credit Agreement, Initial Term Loan | Oaktree Capital Management, L.P.
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.
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.
Real Estate Properties [Line Items]
Principal amount								$ 100,000,000
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit		90		90
OpenKey
Real Estate Properties [Line Items]
Ownership percentage		16.70%		16.70%					17.50%
Investment in unconsolidated entity		$ 2,533,000		$ 2,533,000					$ 2,811,000
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel		98		98
Majority Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties | hotel		2		2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels | hotel				100
Number of hotel properties | hotel										116
Number of hotel properties managed by affiliates | hotel		68		68
Number of hotel properties suspended | hotel										23

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)hotel	Jun. 30, 2020USD ($)hotel	Jun. 30, 2021USD ($)hotel	Jun. 30, 2020USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	102	116	103	117
Revenue	$ 193,412	$ 43,065	$ 309,242	$ 324,942
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9	9
Revenue	$ 13,589	$ 1,553	$ 23,470	$ 20,823
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 5,548	$ 981	$ 7,907	$ 8,812
Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7	7
Revenue	$ 11,390	$ 1,846	$ 18,710	$ 19,854
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 6,266	$ 1,219	$ 9,708	$ 8,804
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6	6
Revenue	$ 15,551	$ 3,792	$ 25,600	$ 24,446
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 6,384	$ 314	$ 10,310	$ 9,101
Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 2,479	$ 391	$ 3,451	$ 3,753
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Revenue	$ 9,787	$ 339	$ 13,270	$ 15,865
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	6	6	6	6
Revenue	$ 9,523	$ 1,794	$ 12,811	$ 17,330
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 5,037	$ 565	$ 8,152	$ 6,684
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	3	3	3	3
Revenue	$ 4,395	$ 1,095	$ 6,696	$ 5,631
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 3,378	$ 716	$ 5,430	$ 4,545
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	7	7	7	7
Revenue	$ 10,792	$ 3,762	$ 18,313	$ 22,570
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Revenue	$ 6,633	$ 893	$ 11,970	$ 9,994
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	9	9	9	9
Revenue	$ 12,613	$ 1,924	$ 22,426	$ 28,735
Other Areas
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	37	37	37	37
Revenue	$ 67,761	$ 17,384	$ 106,710	$ 91,542
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0	0
Revenue	$ 1,386	$ 79	$ 2,208	$ 1,482
Disposed properties
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	16	3	17
Revenue	$ 345	$ 4,142	$ 1,160	$ 23,923
Corporate
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	0	0	0	0
Revenue	$ 555	$ 276	$ 940	$ 1,048
Rooms
Disaggregation of Revenue [Line Items]
Revenue	160,031	37,439	257,145	253,246
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	10,762	1,094	18,562	15,152
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	4,299	697	5,938	6,480
Rooms | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	9,504	1,631	15,660	14,759
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	5,248	1,165	8,443	6,271
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	12,670	3,377	21,241	19,589
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,296	283	8,761	6,616
Rooms | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	1,869	343	2,647	2,744
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	6,873	172	8,938	9,710
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	7,343	1,597	9,900	13,102
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	4,462	484	7,127	5,616
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	4,014	964	6,140	4,651
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	2,916	647	4,710	3,991
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	10,001	3,466	16,551	19,558
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	5,743	806	10,575	7,415
Rooms | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	10,405	1,651	19,181	22,097
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	57,238	15,209	89,976	73,141
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	1,077	51	1,706	1,082
Rooms | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	311	3,802	1,089	21,272
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	19,840	1,197	27,743	49,147
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	1,800	0	3,013	4,059
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	355	0	411	830
Food and Beverage | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	1,303	57	1,906	3,978
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	897	11	1,034	2,302
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,618	71	2,299	3,428
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	892	20	1,213	2,315
Food and Beverage | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	544	18	689	885
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	2,242	14	2,937	5,114
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,734	12	2,057	3,347
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	167	1	286	425
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	220	113	285	801
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	104	1	155	248
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	344	0	525	2,068
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	665	25	1,001	2,166
Food and Beverage | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	1,098	30	1,241	4,418
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	5,784	815	8,594	11,689
Food and Beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	67	0	89	25
Food and Beverage | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	6	9	8	1,049
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	12,986	4,153	23,414	21,501
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	1,027	459	1,895	1,612
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	894	284	1,558	1,502
Other Hotel | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	583	158	1,144	1,117
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	121	43	231	231
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,263	344	2,060	1,429
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	196	11	336	170
Other Hotel | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	66	30	115	124
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	672	153	1,395	1,041
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	446	185	854	881
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	408	80	739	643
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	161	18	271	179
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	358	68	565	306
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	447	296	1,237	944
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	225	62	394	413
Other Hotel | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	1,110	243	2,004	2,220
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	4,739	1,360	8,140	6,712
Other Hotel | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	242	28	413	375
Other Hotel | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	28	331	63	1,602
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	555	276	940	1,048
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Dallas / Ft. Worth Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Minneapolis - St. Paul, MN - WI Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	$ 555	$ 276	$ 940	$ 1,048

Investments in Hotel Properti_3

Investments in Hotel Properties, net - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Land	$ 626,938	$ 630,690
Buildings and improvements	3,721,116	3,751,588
Furniture, fixtures and equipment	345,572	388,428
Construction in progress	7,953	16,192
Condominium properties	11,515	11,707
Total cost	4,713,094	4,798,605
Accumulated depreciation	(1,409,963)	(1,371,623)
Investments in hotel properties, net	$ 3,303,131	$ 3,426,982

Hotel Disposition and Impairm_3

Hotel Disposition and Impairment Charges - Hotel Disposition Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 20, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt	$ 10,604	$ 0	$ 10,604	$ 0
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt balance	3,700,000		3,700,000
Mortgage loan 24 | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt balance	0		0			$ 19,369
Gain (loss) on extinguishment of debt	$ 10,600		10,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Le Meridien Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal					$ 7,900
Gain (loss) on disposal			$ (90)

Hotel Disposition and Impairm_4

Hotel Disposition and Impairment Charges - Schedule of Hotel Disposition and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate Properties [Line Items]
Total hotel revenue	$ 345	$ 4,142	$ 1,160	$ 23,923
Total hotel operating expenses	(366)	(5,813)	(1,345)	(20,934)
Gain (loss) on disposition of assets and hotel properties	361	(6)	237	3,617
Property taxes, insurance and other	(23)	(2,502)	(141)	(5,117)
Depreciation and amortization	(41)	(4,856)	(206)	(10,170)
Impairment charges	0	(27,605)	0	(55,218)
Operating income (loss)	276	(36,640)	(295)	(63,899)
Interest income	0	6	0	10
Interest expense and amortization of discounts and loan costs	(162)	(9,363)	(624)	(15,486)
Write-off of premiums, loan costs and exit fees	0	(21)	0	(21)
Gain (loss) on extinguishment of debt	10,604	0	10,604	0
Income (loss) before income taxes	10,718	(46,018)	9,685	(79,396)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(143)	6,806	(182)	12,108
Net income (loss) before income taxes attributable to the Company	$ 10,575	$ (39,212)	$ 9,503	$ (67,288)

Hotel Disposition and Impairm_5

Hotel Disposition and Impairment Charges - Impairment Charges Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges	$ 0	$ 27,600,000	$ 27,600,000	$ 0
Columbus Hampton Inn Easton
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		1,700,000	13,900,000
Canonsburg Homewood Suites Pittsburgh Southpointe
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		1,800,000	10,000,000
Phoenix Hampton Inn Airport North
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges			$ 3,700,000
Pittsburgh Hampton Inn Waterfront West
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		3,000,000
Washington Hampton Inn Pittsburgh Meadow Lands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		3,000,000
Stillwater Residence Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		2,400,000
Billerica Courtyard By Marriott Boston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		9,500,000
Wichita Courtyard By Marriott Old Town
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment Charges		$ 6,100,000

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment amount			$ 0	$ 51,000
Carrying value of the investment in OpenKey (in thousands)	$ 2,533,000		2,533,000		$ 2,811,000
Equity in earnings (loss) of unconsolidated entities	(141,000)	$ (79,000)	(278,000)	(158,000)
OpenKey
Schedule of Equity Method Investments [Line Items]
Investment amount			5,000,000
Impairment of investments in unconsolidated entities	0	0	0	0
Carrying value of the investment in OpenKey (in thousands)	$ 2,533,000		$ 2,533,000		$ 2,811,000
Ownership interest in OpenKey	16.70%		16.70%		17.50%
Equity in earnings (loss) of unconsolidated entities	$ (141,000)	$ (79,000)	$ (278,000)	$ (158,000)

Indebtedness, net - Schedule of

Indebtedness, net - Schedule of Indebtedness (Details)

Apr. 01, 2021extension

Feb. 09, 2021extension

Jan. 19, 2021extension

Jan. 15, 2021USD ($)extension

Apr. 30, 2021

Mar. 31, 2021

Feb. 28, 2021

Nov. 30, 2020

Jun. 30, 2020

Jun. 30, 2021USD ($)hotelextension

Jun. 30, 2020USD ($)

Jan. 16, 2023

Dec. 31, 2020USD ($)

Debt Instrument [Line Items]

Embedded debt derivative

$ 43,700,000

Indebtedness, net

$ 3,923,006,000

$ 3,728,911,000

LIBOR rate

0.101%

0.144%

Initial draw

$ 195,500,000

$ 88,000,000

Term loan

Debt Instrument [Line Items]

Number of extension options | extension

2

Term of extension option (in years)

1 year

Initial term of loan (in years)

3 years

Term loan | Oaktree Capital Management, L.P.

Debt Instrument [Line Items]

Interest rate

16.00%

Interest rate term (in years)

2 years

Term loan | Oaktree Capital Management, L.P. | Subsequent Event

Debt Instrument [Line Items]

Interest rate

14.00%

Mortgages and Line Of Credit

Debt Instrument [Line Items]

Debt Balance

3,901,341,000

$ 3,711,585,000

Mortgages

Debt Instrument [Line Items]

Debt Balance

3,700,000,000

Premiums (discounts), net

(41,275,000)

(288,000)

Capitalized default interest and late charges

32,481,000

27,444,000

Deferred loan costs, net

(14,619,000)

(9,830,000)

Indebtedness, net

$ 3,923,006,000

3,728,911,000

Mortgages | Mortgage loan 1

Debt Instrument [Line Items]

Collateral | hotel

1

Basis spread on variable rate

6.26%

Debt Balance

$ 81,262,000

84,544,000

Mortgages | Mortgage loan 2

Debt Instrument [Line Items]

Collateral | hotel

17

Debt Balance

$ 419,000,000

419,000,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

Mortgages | Mortgage loan 3

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 25,000,000

25,000,000

Number of extension options | extension

3

Term of extension option (in years)

1 year

1 year

1 year

LIBOR floor (as a percent)

1.25%

Mortgages | Mortgage loan 4

Debt Instrument [Line Items]

Collateral | hotel

8

Debt Balance

$ 395,000,000

395,000,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 5

Debt Instrument [Line Items]

Collateral | hotel

2

Debt Balance

$ 240,000,000

240,000,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 6

Debt Instrument [Line Items]

Collateral | hotel

19

Debt Balance

$ 914,281,000

914,281,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 7

Debt Instrument [Line Items]

Collateral | hotel

7

Debt Balance

$ 180,720,000

180,720,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 8

Debt Instrument [Line Items]

Collateral | hotel

7

Debt Balance

$ 174,400,000

174,400,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 9

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 221,040,000

221,040,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 10

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 262,640,000

262,640,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 11

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 215,120,000

215,120,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 12

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 160,000,000

160,000,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

1 year

Mortgages | Mortgage loan 13

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 33,200,000

34,200,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

LIBOR floor (as a percent)

0.25%

Mortgages | Mortgage loan 14

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 97,629,000

98,259,000

Mortgages | Mortgage loan 15

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 16,100,000

16,100,000

Number of extension options | extension

2

Term of extension option (in years)

1 year

LIBOR floor (as a percent)

0.25%

Mortgages | Mortgage loan 16

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 37,000,000

37,000,000

Number of extension options | extension

2

Term of extension option (in years)

1 year

Mortgages | Mortgage loan 17

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 73,450,000

73,450,000

Mortgages | Mortgage loan 18

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

549.00%

Debt Balance

$ 6,587,000

6,706,000

Mortgages | Mortgage loan 19

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

549.00%

Debt Balance

$ 9,615,000

9,786,000

Mortgages | Mortgage loan 20

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

499.00%

Default Rate

5.00%

Debt Balance

$ 6,260,000

6,260,000

Mortgages | Mortgage loan 21

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 8,881,000

8,881,000

Mortgages | Mortgage loan 22

Debt Instrument [Line Items]

Collateral | hotel

2

Interest rate

4.85%

Debt Balance

$ 11,668,000

11,774,000

Mortgages | Mortgage loan 23

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

4.90%

Debt Balance

$ 23,332,000

23,542,000

Mortgages | Mortgage loan 24

Debt Instrument [Line Items]

Collateral | hotel

2

Interest rate

4.45%

Debt Balance

$ 0

19,369,000

Mortgages | Mortgage loan 25

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

4.45%

Default Rate

4.00%

Debt Balance

$ 50,098,000

50,098,000

Mortgages | Mortgage loan 26

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

4.66%

Debt Balance

$ 24,151,000

24,415,000

Mortgages | LIBOR | Mortgage loan 2

Debt Instrument [Line Items]

Basis spread on variable rate

3.00%

Mortgages | LIBOR | Mortgage loan 3

Debt Instrument [Line Items]

Basis spread on variable rate

2.55%

Mortgages | LIBOR | Mortgage loan 4

Debt Instrument [Line Items]

Basis spread on variable rate

3.07%

Mortgages | LIBOR | Mortgage loan 5

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Mortgages | LIBOR | Mortgage loan 6

Debt Instrument [Line Items]

Basis spread on variable rate

3.20%

Mortgages | LIBOR | Mortgage loan 7

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

Mortgages | LIBOR | Mortgage loan 8

Debt Instrument [Line Items]

Basis spread on variable rate

3.39%

Mortgages | LIBOR | Mortgage loan 9

Debt Instrument [Line Items]

Basis spread on variable rate

3.73%

Mortgages | LIBOR | Mortgage loan 10

Debt Instrument [Line Items]

Basis spread on variable rate

4.02%

Mortgages | LIBOR | Mortgage loan 11

Debt Instrument [Line Items]

Basis spread on variable rate

3.68%

Mortgages | LIBOR | Mortgage loan 12

Debt Instrument [Line Items]

Basis spread on variable rate

2.73%

Mortgages | LIBOR | Mortgage loan 13

Debt Instrument [Line Items]

Basis spread on variable rate

3.95%

Mortgages | LIBOR | Mortgage loan 14

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Mortgages | LIBOR | Mortgage loan 15

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Mortgages | LIBOR | Mortgage loan 16

Debt Instrument [Line Items]

Basis spread on variable rate

3.40%

Mortgages | LIBOR | Mortgage loan 17

Debt Instrument [Line Items]

Basis spread on variable rate

2.45%

Mortgages | LIBOR | Mortgage loan 21

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Line of Credit | Term loan

Debt Instrument [Line Items]

Interest rate

16.00%

Debt Balance

$ 214,907,000

0

Line of Credit | Term loan | Oaktree Capital Management, L.P.

Debt Instrument [Line Items]

Initial draw

$ 200,000,000

Principal amount

$ 450,000,000

Embedded debt derivative

Debt Instrument [Line Items]

Embedded debt derivative

$ 45,078,000

$ 0

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details)	Jan. 15, 2021USD ($)extension	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jan. 16, 2023	Feb. 09, 2021	Feb. 08, 2021	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Fair value of derivative liability	$ 43,700,000
Debt yield extension (as a percent)							8.00%	10.38%
Gain (loss) on extinguishment of debt		$ 10,604,000	$ 0	$ 10,604,000	$ 0
Non-cash loan principal associated with default interest and late charges				32,627,000	$ 0
Amount of capitalized principal that was amortized		10,800,000		27,600,000
Derivative liability | Embedded debt derivative
Debt Instrument [Line Items]
Cash payment, percentage of loans advanced	15.00%
Future issuance of warrants, percentage of outstanding common stock	19.90%
Maximum | Derivative liability | Embedded debt derivative
Debt Instrument [Line Items]
Future issuance of warrants, percentage of outstanding common stock, increase, dependent on delayed draw term loans drawn	15.00%
Future issuance of warrants, percentage of outstanding common stock, decrease, dependent on borrower delivering equity pledges from certain subsidiaries	4.00%
Credit Agreement, Initial Term Loan and Initial Delayed Draw Term Loan | Oaktree Capital Management, L.P.
Debt Instrument [Line Items]
Interest rate	16.00%
Interest rate term (in years)	2 years
Term to have the option to pay accrued interest in kind (in years)	2 years
Credit Agreement, Initial Term Loan and Initial Delayed Draw Term Loan | Oaktree Capital Management, L.P. | Subsequent Event
Debt Instrument [Line Items]
Interest rate						14.00%
Credit Agreement, Initial Term Loan
Debt Instrument [Line Items]
Initial term of loan (in years)	3 years
Number of extension options | extension	2
Term of extension option (in years)	1 year
Credit Agreement, Additional Delayed Draw Term Loan | Oaktree Capital Management, L.P.
Debt Instrument [Line Items]
Interest rate	18.50%
Interest rate term (in years)	2 years
Credit Agreement, Additional Delayed Draw Term Loan | Oaktree Capital Management, L.P. | Subsequent Event
Debt Instrument [Line Items]
Interest rate						16.50%
Line of Credit | Credit Agreement, Initial Term Loan | Oaktree Capital Management, L.P.
Debt Instrument [Line Items]
Principal amount	$ 200,000,000
Line of Credit | Credit Agreement, Initial Term Loan | Oaktree Capital Management, L.P. | Minimum
Debt Instrument [Line Items]
Principal amount	400,000,000
Line of Credit | Credit Agreement, Initial Delayed Draw Term Loan | Oaktree Capital Management, L.P.
Debt Instrument [Line Items]
Principal amount	150,000,000
Line of Credit | Credit Agreement, Additional Delayed Draw Term Loan | Oaktree Capital Management, L.P.
Debt Instrument [Line Items]
Principal amount	$ 100,000,000
Mortgages
Debt Instrument [Line Items]
Debt balance		$ 3,700,000,000		$ 3,700,000,000
Mortgages | Mortgage loan 24
Debt Instrument [Line Items]
Interest rate		4.45%		4.45%
Debt balance		$ 0		$ 0					$ 19,369,000
Gain (loss) on extinguishment of debt		$ 10,600,000		$ 10,600,000

Indebtedness, net - Schedule _2

Indebtedness, net - Schedule of Net Premium (Discount) Amortization Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Disclosure [Abstract]
Interest expense and amortization of discount and loan costs	$ (228)	$ 57	$ (2,693)	$ 113

Notes Receivable, net and Oth_3

Notes Receivable, net and Other - Schedule of Notes Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)a	Dec. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7.00%
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net	$ 8,555	$ 8,263
Notes Receivable | Construction Financing Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	4,000	4,000
Discount	(7)	(143)
Notes receivable, net	$ 3,993	3,857
Due date term (in years)	3 years
Notes Receivable | Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 5,250	5,250
Discount	(688)	(844)
Notes receivable, net	$ 4,562	$ 4,406
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of real estate property (in acres) | a	1.65

Notes Receivable, net and Oth_4

Notes Receivable, net and Other - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)a	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)a	Jun. 30, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0	$ 0	$ 0	$ 0
Interest income	0	41,000	13,000	652,000
Reimbursement of parking fees while parking parcel is in development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reimbursement of parking fees	120,000	0	240,000	0
Interest income	$ 5,000	$ 0	$ 9,000	$ 0
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 (in acres) | a	1.65		1.65

Notes Receivable, net and Oth_5

Notes Receivable, net and Other - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Receivables with Imputed Interest [Line Items]
Discount amortization income	$ 147	$ 137	$ 292	$ 272
Interest income	0	41	13	652
Future ownership rights of parking parcel
Receivables with Imputed Interest [Line Items]
Interest income	79	74	157	147
Free use of parking easement prior to development commencement
Receivables with Imputed Interest [Line Items]
Amortization expense	0	0	0	(117)
Reimbursement of parking fees while parking parcel is in development
Receivables with Imputed Interest [Line Items]
Interest income	$ 5	$ 0	$ 9	$ 0

Notes Receivable, net and Oth_6

Notes Receivable, net and Other - Schedule of Other Consideration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Receivables with Imputed Interest [Line Items]
Imputed Interest Rate	7.00%
Future ownership rights of parking parcel
Receivables with Imputed Interest [Line Items]
Face amount	$ 4,100	$ 4,100
Imputed interest	529	372
Total	$ 4,629	$ 4,472

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - Not Designated as Hedging Instrument - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 3,413,301,000		$ 842,000,000
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 3,260,301,000		$ 697,000,000
Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.00%		3.00%
Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4.00%		4.00%
Interest rate derivatives - floors
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 25,000,000		$ 25,000,000
Interest rate derivatives - floors | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.25%		1.25%
Interest rate derivatives - floors | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.25%		1.25%
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 3,206,301,000	$ 432,000,000
Total cost (in thousands)	$ 534,000	$ 63,000
Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.00%	3.00%
Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4.00%	4.00%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jan. 15, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value of derivative liability		$ 43.7
Fair value consideration threshold for transfer in/out of level 3 (as a percent)	10.00%
LIBOR rate	0.101%		0.144%
LIBOR interest rate forward curve uptrend	0.372%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Derivative Liabilities Measured at Fair Value (Details) - Derivative liabilities - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 42,402	$ 0
Additions		43,681
Re-measurement of fair value	2,676	(1,279)
Ending balance	$ 45,078	$ 42,402

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative assets:
Derivative assets	$ 128	$ 263
Fair Value Measurements Recurring
Derivative assets:
Derivative assets	128	263
Liabilities
Net	(44,950)
Fair Value Measurements Recurring | Interest rate derivatives - floors
Derivative assets:
Derivative assets	123	263
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Derivative assets	5
Fair Value Measurements Recurring | Embedded debt derivative
Liabilities
Derivative liabilities	(45,078)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets	0	0
Liabilities
Net	0
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) | Embedded debt derivative
Liabilities
Derivative liabilities	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets	128	263
Liabilities
Net	128
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - floors
Derivative assets:
Derivative assets	123	263
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	5
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Embedded debt derivative
Liabilities
Derivative liabilities	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets	0	0
Liabilities
Net	(45,078)
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) | Embedded debt derivative
Liabilities
Derivative liabilities	$ (45,078)

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (3,236)	$ 192	$ (2,317)	$ 4,614
Unrealized gain (loss) on marketable securities	0	479	0	(998)
Derivative expense related to credit default swaps		272		540
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(3,236)	192	(2,317)	4,614
Unrealized gain (loss) on marketable securities	0	479	0	(998)
Realized gain (loss) on marketable securities	0	4	0	2,108
Net	(3,236)	(2,325)	(2,317)	2,499
Fair Value Measurements Recurring | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(319)	3,386	(390)	3,988
Realized gain (loss) on interest rate floors	0	(3,000)	0	(3,225)
Fair Value Measurements Recurring | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(241)	(18)	(530)	(70)
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	0	(3,176)	0	696
Fair Value Measurements Recurring | Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(2,676)	0	(1,397)	0
Fair Value Measurements Recurring | Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(3,236)	(2,325)	(2,317)	2,499
Fair Value Measurements Recurring | Derivative liabilities | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	0	(1,171)	0	271
Fair Value Measurements Recurring | Derivative liabilities | Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(2,676)	0	(1,397)	0
Fair Value Measurements Recurring | Derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(560)	(1,637)	(920)	1,118
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(319)	386	(390)	763
Fair Value Measurements Recurring | Derivative assets | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(241)	(18)	(530)	(70)
Fair Value Measurements Recurring | Derivative assets | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	(2,005)	0	425
Fair Value Measurements Recurring | Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(560)	(1,154)	(920)	2,228
Fair Value Measurements Recurring | Non-derivative assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 0	$ 483	$ 0	$ 1,110

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Financial assets and liabilities measured at fair value:
Derivative assets, Carrying value	$ 128	$ 263
Financial assets not measured at fair value:
Cash and cash equivalents	520,387	92,905	$ 165,476	$ 262,636
Restricted cash, Carrying Value	70,090	74,408	95,318	$ 135,571
Accounts receivable, Carrying value	37,242	21,760
Notes receivable, net, Carrying value	8,555	8,263
Due from related parties, net	7,407	5,801
Due from third-party hotel managers, Carrying value	15,917	9,383
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses	110,761	99,954
Accrued interest payable	19,328	98,685
Dividends payable, Carrying value	236	868	$ 868
Due to Ashford Inc., net, Carrying value	4,844	13,383
Due to related parties, net, Carrying value	800	0
Due to third-party hotel managers, Carrying value	889	184
Carrying Value
Financial assets and liabilities measured at fair value:
Derivative assets, Carrying value	128	263
Derivative liabilities, Carrying value	45,078	0
Financial assets not measured at fair value:
Cash and cash equivalents	520,387	92,905
Restricted cash, Carrying Value	70,090	74,408
Accounts receivable, Carrying value	37,242	21,760
Notes receivable, net, Carrying value	8,555	8,263
Due from related parties, net	7,407	5,801
Due from third-party hotel managers, Carrying value	15,917	9,383
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	3,860,066	3,711,297
Accounts payable and accrued expenses	110,761	99,954
Accrued interest payable	19,328	98,685
Dividends payable, Carrying value	236	868
Due to Ashford Inc., net, Carrying value	4,844	13,383
Due to related parties, net, Carrying value	800	0
Due to third-party hotel managers, Carrying value	889	184
Estimated Fair Value
Financial assets and liabilities measured at fair value:
Derivative assets, Estimated fair value	128	263
Derivative liabilities, Estimated fair value	45,078	0
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	520,387	92,905
Restricted cash, Estimated fair value	70,090	74,408
Accounts receivable, Estimated fair value	37,242	21,760
Due from related parties, net, Estimated fair value	7,407	5,801
Due from third party hotel managers, Estimated fair value	15,917	9,383
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Estimated fair value	110,761	99,954
Accrued interest payable, Estimated fair value	19,328	98,685
Dividends payable, Estimated fair value	236	868
Due to Ashford Inc., net, Estimated fair value	4,844	13,383
Due to related parties, net, Estimated fair value	800	0
Due to third-party hotel managers, Estimated fair value	889	184
Minimum | Estimated Fair Value
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	8,127	7,850
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,207,933	3,167,369
Maximum | Estimated Fair Value
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	8,983	8,676
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 3,545,607	$ 3,500,777

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)		90 days
Notes receivable, net		$ 8,555	$ 8,263
Indebtedness, net		3,923,006	3,728,911
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net		$ 3,900,000	$ 3,700,000
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)		83.10%	85.30%
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)		91.90%	94.30%

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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (64,292)	$ (204,616)	$ (167,330)	$ (288,817)
Less dividends (add dividend reversal) on preferred stock	2,709	(10,644)	3,527	(21,288)
Add: Gain (loss) on extinguishment of preferred stock	(7,887)	0	2,748	0
Add: Claw back of dividends on unvested performance stock units		227	178	605
Distributed and undistributed income (loss) allocated to common stockholders - basic	(69,470)	(215,033)	(160,877)	(309,500)
Distributed and undistributed income (loss) allocated to common stockholders - diluted	$ (69,470)	$ (215,033)	$ (160,877)	$ (309,500)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	15,957	1,031	12,178	1,016
Weighted average common shares outstanding – diluted (in shares)	15,957	1,031	12,178	1,016
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (4.35)	$ (208.53)	$ (13.21)	$ (304.58)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (4.35)	$ (208.53)	$ (13.21)	$ (304.58)
Performance stock units
Income (loss) allocated to common stockholders - basic and diluted:
Add: Claw back of dividends on unvested performance stock units	$ 0	$ 227	$ 178	$ 605

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	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income (loss) allocated to common stockholders is not adjusted for:
Total	$ 956	$ 37,350	$ 3,227	$ 55,021
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	2,102	1,823	1,878	1,893
Preferred dividends	$ 2,709	$ (10,644)	$ 3,527	$ (21,288)
Restricted shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	77	0	39	12
Performance stock units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	37	0	18	0
Operating partnership units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	243	1,823	222	1,881
Embedded debt derivative
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,745	0	1,599	0
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ 956	$ 37,350	$ 3,227	$ 55,021
Weighted average diluted shares are not adjusted for:
Preferred dividends	$ 36	$ 1,600	$ 56	$ 1,600

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest in Operating Partnership - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)				1
Performance LTIP dividend claw back upon cancellation			$ 227	$ 178	$ 605
LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Common partnership unit per converted LTIP unit (in shares)				1
Granted (in shares)	54,000
Fair value of units granted	$ 1,400
LTIP units | Director
Noncontrolling Interest [Line Items]
Granted (in shares)	15,000
Fair value of units granted	$ 397
Performance LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Shares forfeited (in shares)				58,000
Performance LTIP dividend claw back upon cancellation		$ 0	$ 0	$ 454	$ 1,401
Other than options (in shares)		129,000		129,000
Granted (in shares)	122,000
Fair value of units granted	$ 2,700
Units which have not reached full economic parity with common units (in shares)				5,000
Performance LTIP units | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		200.00%		200.00%
LTIP and Performance LTIP
Noncontrolling Interest [Line Items]
Units outstanding (in shares)		322,000		322,000
Units which have not reached full economic parity with common units (in shares)				17,000
Minimum | LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)				3 years
Minimum | Performance LTIP units
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		0.00%		0.00%
Minimum | Performance LTIP units | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		0.00%		0.00%
Minimum | Performance LTIP units | 2021 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		0.00%		0.00%
Performance adjustment range on initial calculation (as a percent)		75.00%		75.00%
Maximum | LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)				5 years
Maximum | Performance LTIP units
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		200.00%		200.00%
Maximum | Performance LTIP units | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		200.00%		200.00%
Maximum | Performance LTIP units | 2021 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		250.00%		250.00%
Performance adjustment range on initial calculation (as a percent)		125.00%		125.00%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership - Units Redeemed (Details) - Operating Partnership Units - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Temporary Equity [Line Items]
Common units converted to stock (in shares)	1	0	1	196
Fair value of common units converted	$ 41	$ 0	$ 41	$ 959

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests (in thousands)	$ 28,906		$ 28,906		$ 22,951
Cumulative adjustments to redeemable noncontrolling interests	$ (4,374)	$ (31,120)	(7,258)	$ (12,074)
Partnership Interest
Noncontrolling Interest [Line Items]
Cumulative adjustments to redeemable noncontrolling interests			$ 193,324		$ 186,763
Partnership Interest | Ashford Trust OP
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership	1.36%		1.36%		8.51%

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 956	$ 37,350	$ 3,227	$ 55,021
Distributions declared to holders of common units, LTIP units and Performance LTIP units		(227)	(178)	(605)
Performance LTIP units
Noncontrolling Interest [Line Items]
Distributions declared to holders of common units, LTIP units and Performance LTIP units	$ 0	$ 0	$ (454)	$ (1,401)

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Narrative (Details)	Jun. 18, 2021shares	Jun. 07, 2021USD ($)tradingDayshares	May 17, 2021shares	Mar. 12, 2021shares	Jan. 22, 2021shares	Dec. 07, 2020shares	May 31, 2021USD ($)hotelshares	Mar. 31, 2021USD ($)shares	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)shares	Dec. 05, 2017USD ($)
Class of Stock [Line Items]
Dividends declared - common stock | $										$ 0	$ 0
Fair value of common stock issued | $									$ 325,188,000	371,309,000
Dividends declared - preferred stock | $									$ 0	$ 0
Authorized amount | $													$ 200,000,000
Stock repurchased (in shares)										0	0
Director
Class of Stock [Line Items]
Common stock issued (in shares)							7,000
Fair value of common stock issued | $							$ 186,000
Lincoln Park Capital Fund, LLC | Private Placement
Class of Stock [Line Items]
Shares authorized (in shares)				2,100,000		1,100,000
Shares issued (in shares)				16,000		19,000						1,000,000
Gross proceeds received | $												$ 25,100,000
Keystone Capital Partners, LLC | Private Placement
Class of Stock [Line Items]
Shares authorized (in shares)			3,100,000
Shares issued (in shares)			4,000
YA II PN, Ltd. | Private Placement
Class of Stock [Line Items]
Shares authorized (in shares)		3,800,000			1,400,000
Anniversary of agreement (in months)		36 months
Percentage of the Market Price		95.00%
Ownership threshold (as a percent)		4.99%
Consecutive trading days prior to advance notice | tradingDay		5
Structuring fee | $		$ 5,000
Seven Knots, LLC | Private Placement
Class of Stock [Line Items]
Shares authorized (in shares)	4,000,000
Restricted shares
Class of Stock [Line Items]
Units granted (in shares)							176,000	13,000
Fair value of units granted | $							$ 4,500,000	$ 443,000
Vesting period (in years)							3 years	3 years
Restricted shares | President And Chief Executive Officer
Class of Stock [Line Items]
Units granted (in shares)							54,000
Fair value of units granted | $							$ 1,400,000
Number of installments | hotel							3
Restricted shares | President And Chief Executive Officer | Tranche One
Class of Stock [Line Items]
Award vesting rights (as a percent)							33.33%
Restricted shares | President And Chief Executive Officer | Tranche Two
Class of Stock [Line Items]
Award vesting rights (as a percent)							33.33%
Restricted shares | President And Chief Executive Officer | Tranche Three
Class of Stock [Line Items]
Award vesting rights (as a percent)							33.33%
Performance shares
Class of Stock [Line Items]
Units granted (in shares)							134,000
Fair value of units granted | $							$ 7,500,000
Vesting period (in years)							3 years			3 years
Shares forfeited (in shares)										29,000
Performance LTIP dividend claw back upon cancellation | $										$ 178,000
Performance shares | Minimum
Class of Stock [Line Items]
Performance adjustment range (as a percent)									0.00%	0.00%		0.00%
Performance shares | Minimum | 2019 and 2020 Grants
Class of Stock [Line Items]
Performance adjustment range (as a percent)									0.00%	0.00%		0.00%
Performance shares | Minimum | 2021 Grants
Class of Stock [Line Items]
Performance adjustment range (as a percent)									0.00%	0.00%		0.00%
Performance adjustment range on initial calculation (as a percent)									75.00%	75.00%		75.00%
Performance shares | Maximum
Class of Stock [Line Items]
Performance adjustment range (as a percent)									200.00%	200.00%		200.00%
Performance shares | Maximum | 2019 and 2020 Grants
Class of Stock [Line Items]
Performance adjustment range (as a percent)									200.00%	200.00%		200.00%
Performance shares | Maximum | 2021 Grants
Class of Stock [Line Items]
Performance adjustment range (as a percent)									250.00%	250.00%		250.00%
Performance adjustment range on initial calculation (as a percent)									125.00%	125.00%		125.00%

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Summary of Issuance Activity (Details) - USD ($)	May 17, 2021	Mar. 12, 2021	Dec. 07, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021
Lincoln Park Capital Fund, LLC | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)		16,000	19,000			1,000,000
Gross proceeds received						$ 25,100,000
Lincoln Park Capital Fund, LLC | Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)				0	205,000
Gross proceeds received				$ 0	$ 4,590,000
Lincoln Park Capital Fund, LLC | Common Stock | Shares sold to Lincoln Park
Class of Stock [Line Items]
Shares issued (in shares)				2,020,000	2,050,000
Lincoln Park Capital Fund, LLC | Common Stock | Additional commitment shares
Class of Stock [Line Items]
Shares issued (in shares)				0	16,000
Lincoln Park Capital Fund, LLC | Common Stock | Private Placement, Second Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				2,020,000	2,066,000
Gross proceeds received				$ 42,776,000	$ 43,586,000
Keystone Capital Partners, LLC | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)	4,000
Keystone Capital Partners, LLC | Common Stock | Shares sold to Lincoln Park
Class of Stock [Line Items]
Shares issued (in shares)				3,062,000	3,062,000
Keystone Capital Partners, LLC | Common Stock | Additional commitment shares
Class of Stock [Line Items]
Shares issued (in shares)				4,000	4,000
Keystone Capital Partners, LLC | Common Stock | Private Placement, Second Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				3,066,000	3,066,000
Gross proceeds received				$ 147,961,000	$ 147,961,000
YA II PN, Ltd. | Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)				0	1,372,000
Gross proceeds received				$ 0	$ 40,556,000
YA II PN, Ltd. | Common Stock | Private Placement, Second SEDA
Class of Stock [Line Items]
Shares issued (in shares)				3,003,000	3,003,000
Gross proceeds received				$ 135,054,000	$ 135,054,000

Equity and Equity-Based Compe_5

Equity and Equity-Based Compensation - Preferred Dividends Unpaid (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 25, 2020	Jun. 30, 2021
Class of Stock [Line Items]
Preferred stock dividends in arrears		$ 17,946
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage	8.45%	8.45%
Preferred stock dividends in arrears (in dollars per share)		$ 2.64
Preferred stock dividends in arrears		$ 3,475
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage	7.375%	7.375%
Preferred stock dividends in arrears (in dollars per share)		$ 2.30
Preferred stock dividends in arrears		$ 3,390
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage	7.375%	7.375%
Preferred stock dividends in arrears (in dollars per share)		$ 2.30
Preferred stock dividends in arrears		$ 4,401
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage		7.50%
Preferred stock dividends in arrears (in dollars per share)		$ 2.34
Preferred stock dividends in arrears		$ 3,417
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage		7.50%
Preferred stock dividends in arrears (in dollars per share)		$ 2.34
Preferred stock dividends in arrears		$ 3,263

Equity and Equity-Based Compe_6

Equity and Equity-Based Compensation - Preferred Shares Tendered and Common Shares Issued (Details) - shares shares in Thousands	Nov. 25, 2020	Jun. 30, 2021	Jun. 30, 2021
Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		3,344	7,618
Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		29,809	59,244
Common Shares Issued
Class of Stock [Line Items]
Shares Tendered and Issued		(2,981)	(5,924)
Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		2,981	5,924
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage	8.45%		8.45%
Preferred Stock, Series D | Preferred Shares Tendered
Class of Stock [Line Items]
Shares Tendered and Issued		363	475
Preferred Stock, Series D | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		363	475
Preferred Stock, Series D | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		3,123	3,910
Preferred Stock, Series D | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		312	391
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage	7.375%		7.375%
Preferred Stock, Series F | Preferred Shares Tendered
Class of Stock [Line Items]
Shares Tendered and Issued		567	1,420
Preferred Stock, Series F | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		567	1,420
Preferred Stock, Series F | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		5,078	10,781
Preferred Stock, Series F | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		508	1,078
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage	7.375%		7.375%
Preferred Stock, Series G | Preferred Shares Tendered
Class of Stock [Line Items]
Shares Tendered and Issued		1,262	2,513
Preferred Stock, Series G | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		1,262	2,513
Preferred Stock, Series G | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		11,694	20,674
Preferred Stock, Series G | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		1,170	2,067
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage			7.50%
Preferred Stock, Series H | Preferred Shares Tendered
Class of Stock [Line Items]
Shares Tendered and Issued		544	1,211
Preferred Stock, Series H | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		544	1,211
Preferred Stock, Series H | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		4,692	9,509
Preferred Stock, Series H | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		469	951
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage			7.50%
Preferred Stock, Series I | Preferred Shares Tendered
Class of Stock [Line Items]
Shares Tendered and Issued		608	1,999
Preferred Stock, Series I | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		608	1,999
Preferred Stock, Series I | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		5,222	14,370
Preferred Stock, Series I | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares Tendered and Issued		522	1,437

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

Jul. 01, 2020USD ($)installment

Mar. 20, 2020USD ($)

Sep. 25, 2019USD ($)

Aug. 07, 2018USD ($)

Jun. 26, 2018USD ($)

Jun. 30, 2021USD ($)hotel

Jun. 30, 2020hotel

Jun. 30, 2019USD ($)

Jun. 30, 2021USD ($)hotel

Jun. 30, 2020hotel

Dec. 31, 2020USD ($)

Jun. 30, 2021USD ($)hotel

Jan. 14, 2021

Jan. 04, 2021USD ($)

Aug. 25, 2020USD ($)

Mar. 13, 2020USD ($)

Dec. 31, 2019USD ($)

Related Party Transaction [Line Items]

Aggregate non-listed preferred equity offerings

$ 400,000,000

$ 400,000,000

Number of hotels | hotel

102

116

103

117

Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

75.00%

0.00%

Ashford Inc. | Braemar Hotels & Resorts Inc

Related Party Transaction [Line Items]

Allocation percentage

25.00%

50.00%

Ashford Inc. | Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

50.00%

Subsidiaries

Related Party Transaction [Line Items]

Number of hotel properties managed by affiliates | hotel

68

68

68

Number of hotels | hotel

100

Design and Construction Fees

Related Party Transaction [Line Items]

Portion of project management fees to project costs (as a percent)

4.00%

4.00%

Remington Hotels

Related Party Transaction [Line Items]

Security deposit

$ 1,200,000

$ 1,200,000

$ 1,200,000

$ 1,200,000

Ashford Inc.

Related Party Transaction [Line Items]

Quarterly base fee (as a percent)

0.70%

Advisory services, incentive fee term (in years)

3 years

Related party transaction, percentage of advisory fees paid

80.00%

Contribution amount committed

$ 15,000,000

Contribution amount funded

3,000,000

Ashford Inc. | Other Assets

Related Party Transaction [Line Items]

Contribution amount funded

$ 66,000

$ 85,000

Ashford Inc. | Base Management Fees

Related Party Transaction [Line Items]

Reimbursable expenses

$ 2,800,000

Ashford Inc. | Affiliated entity

Related Party Transaction [Line Items]

ERFP, percent of commitment for each hotel

10.00%

ERFP, term after acquisition (in years)

3 years

ERFP, initial term (in years)

2 years

ERFP, renewal term (in years)

1 year

ERFP, notice term (in days)

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 (in months)

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 (in months)

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

5,000,000

Claw back credit

506,000

Payment amount to be offset against future fees

156,000

Expensed recognized in other assets

2,100,000

Expensed recognized in write-off loan costs and exit fees

643,000

4,300,000

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

Related Party Transaction [Line Items]

Payable fees

8,700,000

8,700,000

8,700,000

Due to related party, net

8,700,000

8,700,000

8,700,000

Braemar Hotels & Resorts Inc | Affiliated entity | Legal Settlement

Related Party Transaction [Line Items]

Payable fees

800,000

800,000

800,000

Due to related party, net

$ 800,000

$ 800,000

$ 800,000

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 (as a percent)

0.50%

0.50%

0.50%

Total market capitalization

$ 6,000,000,000

$ 6,000,000,000

$ 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%

Maximum | Ashford Inc.

Related Party Transaction [Line Items]

Quarterly base fee (as a percent)

0.70%

0.70%

0.70%

Total market capitalization

$ 10,000,000,000

$ 10,000,000,000

$ 10,000,000,000

Maximum | Ashford Inc. | Affiliated entity

Related Party Transaction [Line Items]

ERFP investment amount (up to)

$ 50,000,000

ERFP commitment amount subject to increase

$ 100,000,000

Related Party Transactions - Ad

Related Party Transactions - Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Advisory services fee	$ 19,554	$ 10,216	$ 31,715	$ 25,515
Performance stock units
Related Party Transaction [Line Items]
Shares forfeited (in shares)			29,000
Executive Officer | Performance stock units
Related Party Transaction [Line Items]
Shares forfeited (in shares)		7,000		7,000
Value of shares forfeited		$ 1,900		$ 1,900
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	0	316	$ 19	1,013
Ashford Inc. | Affiliated entity
Related Party Transaction [Line Items]
Advisory services fee	19,554	10,216	31,715	25,515
Ashford Inc. | Affiliated entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	9,006	8,557	17,741	17,474
Ashford Inc. | Affiliated entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	1,621	1,567	3,212	3,398
Ashford Inc. | Affiliated entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	2,455	92	4,290	4,643
Ashford Inc. | Affiliated entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 6,472	$ 0	$ 6,472	$ 0

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 ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2016USD ($)	Dec. 20, 2016hotel	Dec. 31, 2006USD ($)
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.
Commitments and Contingencies [Line Items]
Damages awarded						$ 10,800,000						$ 8,800,000
Payments for legal settlements		$ 544,000	$ 3,900,000
Loss contingency accrual								$ 504,000		$ 504,000
Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC
Commitments and Contingencies [Line Items]
Loss contingency accrual								1,800,000		1,800,000
Possible loss								10,000,000		10,000,000
Class Action Lawsuit, California Employment Laws
Commitments and Contingencies [Line Items]
Loss contingency accrual								0		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 (in years)							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								$ 10,316,000	$ 3,202,000	$ 16,054,000	$ 17,261,000
Franchise Fees
Commitments and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum								3.00%		3.00%
Franchisor royalty fees percent of gross room revenue, maximum								6.00%		6.00%
Food and beverage fees minimum (as a percent)								1.00%		1.00%
Food and beverage fees maximum (as a percent)								3.00%		3.00%
Marketing reservation and other fees, minimum (as a percent)								1.00%		1.00%
Marketing reservation and other fees, maximum (as a percent)								4.00%		4.00%
Fee multiple								3		3
Management Fee
Commitments and Contingencies [Line Items]
Property management fee as percentage of gross revenue, minimum										2.00%
Property management fee as percentage of gross revenue, maximum										7.00%
Design and Construction Fees
Commitments and Contingencies [Line Items]
Project management fees (as a percent)	4.00%									4.00%
Maximum market service fee as percentage of project management budget								16.50%		16.50%
Minimum
Commitments and Contingencies [Line Items]
Restricted cash as percentage of property revenue								4.00%		4.00%
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%		6.00%

Segment Reporting (Details)

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 12, 2021	Jul. 02, 2021	Jun. 18, 2021	Jun. 07, 2021	Jan. 22, 2021	Nov. 25, 2020	Aug. 04, 2021	Aug. 04, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)									$ 0.01		$ 0.01
Investment cost									$ 0	$ 51
OpenKey
Subsequent Event [Line Items]
Investment cost									$ 5,000
Preferred Stock, Series D
Subsequent Event [Line Items]
Preferred stock percentage						8.45%			8.45%
Preferred Stock, Series F
Subsequent Event [Line Items]
Preferred stock percentage						7.375%			7.375%
Preferred Stock, Series G
Subsequent Event [Line Items]
Preferred stock percentage						7.375%			7.375%
Preferred Stock, Series H
Subsequent Event [Line Items]
Preferred stock percentage									7.50%
Preferred Stock, Series I
Subsequent Event [Line Items]
Preferred stock percentage									7.50%
Private Placement | YA II PN, Ltd.
Subsequent Event [Line Items]
Shares authorized (in shares)				3,800,000	1,400,000
Private Placement | Seven Knots, LLC
Subsequent Event [Line Items]
Shares authorized (in shares)			4,000,000
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Common stock exchanged (in shares)							263,000
Subsequent Event | Preferred Stock
Subsequent Event [Line Items]
Preferred stock extinguished (in shares)							186,000
Subsequent Event | OpenKey
Subsequent Event [Line Items]
Investment cost	$ 250
Subsequent Event | Preferred Stock, Series D
Subsequent Event [Line Items]
Preferred stock percentage							8.45%
Subsequent Event | Preferred Stock, Series F
Subsequent Event [Line Items]
Preferred stock percentage							7.375%
Subsequent Event | Preferred Stock, Series G
Subsequent Event [Line Items]
Preferred stock percentage							7.375%
Subsequent Event | Preferred Stock, Series H
Subsequent Event [Line Items]
Preferred stock percentage							7.50%
Subsequent Event | Preferred Stock, Series I
Subsequent Event [Line Items]
Preferred stock percentage							7.50%
Subsequent Event | Private Placement | YA II PN, Ltd.
Subsequent Event [Line Items]
Shares issued (in shares)							787,000
Gross proceeds received							$ 30,300
Subsequent Event | Private Placement | Seven Knots, LLC
Subsequent Event [Line Items]
Shares issued (in shares)							4,000,000
Gross proceeds received							$ 81,300
Subsequent Event | Private Placement | B. Riley Principal Capital, LLC
Subsequent Event [Line Items]
Shares issued (in shares)								600,000
Gross proceeds received								$ 9,400
Shares authorized (in shares)		4,622,774