Ashford Hospitality Trust (AHT) 10-K 10 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 204,635,000
Entity Common Stock, Shares Outstanding		34,495,124
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2023 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	BDO USA, LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in hotel properties, net	$ 3,118,331	$ 3,230,710
Cash and cash equivalents	417,064	592,110
Restricted cash	141,962	99,534
Accounts receivable, net of allowance of $501 and $455, respectively	49,809	37,720
Inventories	3,856	3,291
Notes receivable, net	5,062	8,723
Investments in unconsolidated entities	19,576	11,253
Deferred costs, net	2,665	5,001
Prepaid expenses	15,981	13,384
Derivative assets	47,182	501
Operating lease right-of-use assets	43,921	44,575
Other assets	21,653	16,150
Intangible assets	797	797
Due from Ashford Inc., net	486	25
Due from related parties, net	6,570	7,473
Due from third-party hotel managers	22,462	26,896
Total assets	3,917,377	4,098,143
Liabilities:
Indebtedness, net	3,838,543	3,887,822
Finance lease liabilities	18,847	0
Accounts payable and accrued expenses	115,970	117,650
Accrued interest payable	15,287	15,432
Dividends and distributions payable	3,118	3,104
Due to related parties, net	0	728
Due to third-party hotel managers	1,319	1,204
Intangible liabilities, net	2,097	2,177
Operating lease liabilities	44,661	45,106
Other liabilities	4,326	4,832
Total liabilities	4,044,168	4,078,055
Commitments and contingencies (note $18)
Redeemable noncontrolling interests in operating partnership	21,550	22,742
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,495,185 and 34,490,381 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	345	345
Additional paid-in capital	2,383,244	2,379,906
Accumulated deficit	(2,534,043)	(2,382,970)
Total equity (deficit)	(150,389)	(2,654)
Total liabilities and equity/deficit	3,917,377	4,098,143
Preferred Stock, Series D
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	12	12
Preferred Stock, Series F
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	12	12
Preferred Stock, Series G
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	15	15
Preferred Stock, Series H
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	13	13
Preferred Stock, Series I
Equity (deficit):
Preferred stock, $0.01 par value, 50,000,000 shares authorized:	13	13
Preferred Stock, Series J
Liabilities:
Redeemable preferred stock	2,004	0
Preferred Stock, Series K
Liabilities:
Redeemable preferred stock	$ 44	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Allowance for doubtful accounts receivable	$ 501	$ 455
Equity (deficit):
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
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)	34,495,185	34,490,381
Common stock, shares outstanding (in shares)	34,495,185	34,490,381
Preferred Stock, Series J
Equity (deficit):
Redeemable Preferred Stock, shares issued (in shares)	87,115	0
Redeemable Preferred Stock, shares outstanding (in shares)	87,115	0
Preferred Stock, Series K
Equity (deficit):
Redeemable Preferred Stock, shares issued (in shares)	1,800	0
Redeemable Preferred Stock, shares outstanding (in shares)	1,800	0
Preferred Stock, Series D
Equity (deficit):
Preferred stock, shares issued (in shares)	1,174,427	1,174,427
Preferred stock, shares outstanding (in shares)	1,174,427	1,174,427
Preferred Stock, Series F
Equity (deficit):
Preferred stock, shares issued (in shares)	1,251,044	1,251,044
Preferred stock, shares outstanding (in shares)	1,251,044	1,251,044
Preferred Stock, Series G
Equity (deficit):
Preferred stock, shares issued (in shares)	1,531,996	1,531,996
Preferred stock, shares outstanding (in shares)	1,531,996	1,531,996
Preferred Stock, Series H
Equity (deficit):
Preferred stock, shares issued (in shares)	1,308,415	1,308,415
Preferred stock, shares outstanding (in shares)	1,308,415	1,308,415
Preferred Stock, Series I
Equity (deficit):
Preferred stock, shares issued (in shares)	1,252,923	1,252,923
Preferred stock, shares outstanding (in shares)	1,252,923	1,252,923

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Total revenue	$ 1,240,859	$ 805,411	$ 508,238
Hotel operating expenses:
Total hotel expenses	835,993	576,806	434,672
Property taxes, insurance and other	67,338	67,904	79,669
Depreciation and amortization	201,797	218,851	252,765
Impairment charges	0	0	91,721
Advisory services fee	49,897	52,313	50,050
Corporate, general and administrative	9,879	16,153	28,048
Total expenses	1,164,904	932,027	936,925
Gain (loss) on disposition of assets and hotel properties	300	1,449	(36,680)
OPERATING INCOME (LOSS)	76,255	(125,167)	(465,367)
Equity in earnings (loss) of unconsolidated entities	(804)	(558)	(448)
Interest income	4,777	207	672
Other income (expense)	415	760	(16,998)
Interest expense and amortization of discounts and loan costs	(226,995)	(156,119)	(247,381)
Write-off of premiums, loan costs and exit fees	(3,536)	(10,612)	(13,867)
Gain (loss) on extinguishment of debt	0	11,896	90,349
Unrealized gain (loss) on marketable securities	0	0	(1,467)
Realized and unrealized gain (loss) on derivatives	15,166	14,493	19,950
INCOME (LOSS) BEFORE INCOME TAXES	(134,722)	(265,100)	(634,557)
Income tax (expense) benefit	(6,336)	(5,948)	1,335
NET INCOME (LOSS)	(141,058)	(271,048)	(633,222)
(Income) loss attributable to noncontrolling interest in consolidated entities	0	73	338
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,233	3,970	89,008
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(139,825)	(267,005)	(543,876)
Preferred dividends	(12,433)	(252)	(32,117)
Deemed dividends on redeemable preferred stock	(946)	0	0
Gain (loss) on extinguishment of preferred stock	0	(607)	55,477
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (153,204)	$ (267,864)	$ (520,516)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (4.46)	$ (12.37)	$ (329.97)
Weighted average common shares outstanding (in shares)	34,339	21,625	1,576
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (4.46)	$ (12.43)	$ (329.97)
Weighted average common shares outstanding (in shares)	34,339	21,844	1,576
Total hotel revenue
REVENUE
Total revenue	$ 1,237,975	$ 803,144	$ 506,505
Rooms
REVENUE
Total revenue	974,002	655,121	407,492
Hotel operating expenses:
Total hotel expenses	229,115	157,982	106,508
Food and beverage
REVENUE
Total revenue	196,663	94,911	61,157
Hotel operating expenses:
Total hotel expenses	140,775	71,172	49,223
Other hotel
REVENUE
Total revenue	67,310	53,112	37,856
Hotel operating expenses:
Total hotel expenses	421,056	316,638	253,997
Management Fees
Hotel operating expenses:
Total hotel expenses	45,047	31,014	24,944
Other
REVENUE
Total revenue	$ 2,884	$ 2,267	$ 1,733

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (141,058)	$ (271,048)	$ (633,222)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0
Comprehensive income (loss)	(141,058)	(271,048)	(633,222)
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	0	73	338
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,233	3,970	89,008
Comprehensive income (loss) attributable to the Company	$ (139,825)	$ (267,005)	$ (543,876)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Preferred Stock, Series D	Preferred Stock, Series F	Preferred Stock, Series G	Preferred Stock, Series H	Preferred Stock, Series I	Preferred Stock, Series J	Preferred Stock, Series K	Preferred Stock Preferred Stock, Series D	Preferred Stock Preferred Stock, Series F	Preferred Stock Preferred Stock, Series G	Preferred Stock Preferred Stock, Series H	Preferred Stock Preferred Stock, Series I	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Preferred Stock, Series D	Accumulated Deficit Preferred Stock, Series F	Accumulated Deficit Preferred Stock, Series G	Accumulated Deficit Preferred Stock, Series H	Accumulated Deficit Preferred Stock, Series I	Accumulated Deficit Preferred Stock, Series J	Accumulated Deficit Preferred Stock, Series K	Noncontrolling Interests in Consolidated Entities	Redeemable Noncontrolling Interest in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2019									2,389,000	4,800,000	6,200,000	3,800,000	5,400,000	1,021,000
Beginning balance, value at Dec. 31, 2019	$ 269,266								$ 24	$ 48	$ 62	$ 38	$ 54	$ 10	$ 1,826,564	$ (1,558,038)								$ 504
Beginning balance, value at Dec. 31, 2019	69,870
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(3,000)
Purchases of common stock	(399)														(399)
Equity-based compensation	5,916														5,916										$ 4,830
Forfeitures of restricted common stock														(5,000)
Issuance of restricted shares/units (in shares)														19,000
Issuance of restricted shares/units	0
Issuance of common stock, net (in shares)														1,267,000
Issuance of common stock, net	31,872													$ 13	31,859
PSU dividend claw back upon cancellation	606															606
Dividends declared - preferred shares		$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)											$ (1,262)	$ (2,212)	$ (2,858)	$ (1,781)	$ (2,531)
Conversion of operating partnership units (in shares)														20,000
Conversion of operating partnership units	959														959										1,401
Redemption/conversion of operating partnership units																									(959)
Redemption value adjustment	(36,817)															(36,817)									36,817
Extinguishment of preferred stock (in shares)									(598,000)	(1,909,000)	(1,777,000)	(1,131,000)	(2,009,000)	(4,117,000)
Extinguishment of preferred stock	0								$ (6)	$ (19)	$ (18)	$ (11)	$ (20)	$ 41	(55,444)	55,477
Net income (loss)	(544,214)															(543,876)								(338)
Net income (loss)	(633,222)																								(89,008)
Ending balance, shares (in shares) at Dec. 31, 2020									1,791,000	2,891,000	4,423,000	2,669,000	3,391,000	6,436,000
Ending balance, value at Dec. 31, 2020	(283,455)								$ 18	$ 29	$ 44	$ 27	$ 34	$ 64	1,809,455	(2,093,292)								166
Ending balance, value at Dec. 31, 2020	22,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(1,000)
Purchases of common stock	(46)														(46)
Equity-based compensation	7,429														7,429										2,596
Forfeitures of restricted common stock														(4,000)
Issuance of restricted shares/units (in shares)														251,000
Issuance of restricted shares/units	0													$ 3	(3)
Issuance of common stock, net (in shares)														20,031,000
Issuance of common stock, net	562,719													$ 200	562,519
PSU dividend claw back upon cancellation	349															349
Dividends declared - preferred shares		(4,342)	(4,036)	(4,943)	(4,293)	(4,111)											(4,342)	(4,036)	(4,943)	(4,293)	(4,111)
Conversion of operating partnership units (in shares)														1,000
Conversion of operating partnership units	43														43										518
Redemption/conversion of operating partnership units																									(43)
Redemption value adjustment	(690)															(690)									690
Extinguishment of preferred stock (in shares)									617,000	(1,640,000)	(2,891,000)	(1,361,000)	(2,138,000)	7,776,000
Extinguishment of preferred stock	0								$ (6)	$ (17)	$ (29)	$ (14)	$ (21)	$ 78	616	(607)
Acquisition of noncontrolling interest in consolidated entity	(200)														(107)									(93)
Net income (loss)	(267,078)															(267,005)								(73)
Net income (loss)	(271,048)																								(3,970)
Ending balance, shares (in shares) at Dec. 31, 2021									1,174,000	1,251,000	1,532,000	1,308,000	1,253,000	34,490,000
Ending balance, value at Dec. 31, 2021	(2,654)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 345	2,379,906	(2,382,970)								0
Ending balance, value at Dec. 31, 2021	22,742
Redeemable Preferred Stock, ending balance at Dec. 31, 2021							$ 0	$ 0
Redeemable Preferred Stock, ending balance (in shares) at Dec. 31, 2021							0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)														(43,000)
Purchases of common stock	(323)														(323)
Equity-based compensation	3,826														3,826										2,172
Forfeitures of restricted common stock														(4,000)
Issuance of restricted shares/units (in shares)														52,000
Costs for issuances of common stock	(165)														(165)
Dividends declared - preferred shares		$ (2,481)	$ (2,307)	$ (2,824)	$ (2,453)	$ (2,349)	$ (18)	$ (1)									$ (2,481)	$ (2,307)	$ (2,824)	$ (2,453)	$ (2,349)	$ (18)	$ (1)
Redemption value adjustment	2,131															2,131									(2,131)
Redemption value adjustment – preferred stock	(946)															(946)
Net income (loss)	(139,825)															(139,825)
Net income (loss)	(141,058)																								$ (1,233)
Ending balance, shares (in shares) at Dec. 31, 2022									1,174,000	1,251,000	1,532,000	1,308,000	1,253,000	34,495,000
Ending balance, value at Dec. 31, 2022	(150,389)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 345	$ 2,383,244	$ (2,534,043)								$ 0
Ending balance, value at Dec. 31, 2022	$ 21,550
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)							87,000	2,000
Issuances of preferred shares							$ 1,078	$ 24
Redemption value adjustment – preferred stock							926	20
Redeemable Preferred Stock, ending balance at Dec. 31, 2022							$ 2,004	$ 44
Redeemable Preferred Stock, ending balance (in shares) at Dec. 31, 2022							87,115	1,800

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - Preferred Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Preferred Stock, Series D
Dividends declared - preferred stock (in dollars per share)	$ 2.11	$ 3.70	$ 0.53
Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)	1.84	3.23	0.46
Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)	1.84	3.23	0.46
Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)	1.88	3.28	0.47
Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)	1.88	$ 3.28	$ 0.47
Preferred Stock, Series J
Dividends declared - preferred stock (in dollars per share)	0.17
Preferred Stock, Series K
Dividends declared - preferred stock (in dollars per share)	$ 0.17

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net income (loss)	$ (141,058)	$ (271,048)	$ (633,222)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	201,797	218,851	252,765
Impairment charges	0	0	91,721
Amortization of intangibles	101	131	(307)
Recognition of deferred income	(499)	(498)	(768)
Bad debt expense	3,338	2,110	1,810
Deferred income tax expense (benefit)	(53)	113	(1,058)
Equity in (earnings) loss of unconsolidated entities	804	558	448
(Gain) loss on disposition of assets and hotel properties	(300)	(1,449)	36,680
(Gain) loss on extinguishment of debt	0	(11,896)	(90,349)
Realized and unrealized (gain) loss on marketable securities	0	0	(801)
Purchases of marketable securities	0	0	(1,997)
Sales of marketable securities	0	0	17,389
Net settlement of trading derivatives	0	0	2,347
Realized and unrealized (gain) loss on derivatives	(15,166)	(14,474)	(878)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees	10,075	(1,336)	10,229
Equity-based compensation	5,998	10,025	10,746
Amortization of parking asset	0	0	117
Non-cash interest income	(380)	(672)	(854)
Changes in operating assets and liabilities, exclusive of the effect of the acquisition and disposition of hotel properties:
Accounts receivable and inventories	(16,207)	(21,366)	15,738
Prepaid expenses and other assets	(7,501)	4,203	1,079
Accounts payable and accrued expenses and accrued interest payable	(4,656)	(28,927)	143,241
Due to/from related parties	165	(944)	(2,782)
Due to/from third-party hotel managers	4,549	(16,743)	3,763
Due to/from Ashford Inc., net	(1,804)	(10,818)	6,091
Operating lease liabilities	(445)	(203)	(595)
Operating lease right-of-use assets	473	201	1,006
Other liabilities	(7)	(6)	(11,090)
Net cash provided by (used in) operating activities	39,224	(144,188)	(149,531)
Cash Flows from Investing Activities
Improvements and additions to hotel properties	(103,751)	(36,742)	(46,206)
Net proceeds from disposition of assets and hotel properties	34,988	9,013	38,763
Payments for initial franchise fees	0	(90)	0
Proceeds from property insurance	1,625	2,779	1,382
Investments in unconsolidated entities	(9,127)	(9,000)	(430)
Proceeds from note receivable	4,000	0	0
Net cash acquired in acquisition of leasehold interest	1,931	0	0
Acquisition of hotel properties and assets, net of cash and restricted cash acquired	0	0	(1,113)
Net cash provided by (used in) investing activities	(70,334)	(34,040)	(7,604)
Cash Flows from Financing Activities
Borrowings on indebtedness, net of commitment fee	1,551	377,500	88,000
Repayments of indebtedness	(50,902)	(189,594)	(137,849)
Payments for loan costs and exit fees	(3,064)	(27,768)	(26,682)
Payments for dividends and distributions	(12,418)	(18,622)	(28,619)
Purchases of common stock	(316)	(46)	(399)
Payments for derivatives	(40,119)	(1,538)	(83)
Proceeds from derivatives	2,911	0	0
Proceeds from common stock offerings	0	562,827	31,873
Proceeds from preferred stock offerings	1,122	0	0
Acquisition of noncontrolling interest in consolidated entities	0	(200)	0
Common stock offering costs	(273)	0	0
Net cash provided by (used in) financing activities	(101,508)	702,559	(73,759)
Net increase (decrease) in cash, cash equivalents and restricted cash	(132,618)	524,331	(230,894)
Cash, cash equivalents and restricted cash at beginning of period	691,644	167,313	398,207
Cash, cash equivalents and restricted cash and at end of period	559,026	691,644	167,313
Supplemental Cash Flow Information
Interest paid	218,019	219,624	91,372
Income taxes paid (refunded)	11,697	3,525	1,021
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures	13,341	11,396	12,640
Non-cash consideration from sale of hotel property	1,219	0	0
Accrued stock offering costs	0	108	0
Accrued preferred stock offering costs	21	0	0
Acquisition of finance lease asset and liability	18,847	0	0
Buyer assumption of debt in hotel disposition	0	0	108,750
Non-cash extinguishment of debt	0	9,604	179,030
Non-cash loan principal associated with default interest and late charges	0	33,245	47,453
Non-cash loan proceeds associated with accrued interest and legal fees	0	0	22,456
Non-cash extinguishment of preferred stock	0	208,606	179,061
Issuance of common stock from preferred stock exchanges	0	209,213	123,584
Debt discount associated with embedded debt derivative	0	43,680	0
Credit facility commitment fee	0	4,500	0
Non-cash preferred stock dividends	1	0	0
Unsettled proceeds from derivatives	1,474	0	0
Dividends and distributions declared but not paid	3,118	3,104	868
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	417,064	592,110	92,905
Restricted cash	141,962	99,534	74,408
Cash, cash equivalents and restricted cash	$ 559,026	$ 691,644	$ 167,313

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2022
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. Terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and, as the context may require, all entities included in its consolidated financial statements. Our hotel properties are primarily branded under the widely recognized upscale and upper upscale brands of Hilton, Hyatt, Marriott and Intercontinental Hotel Group. As of December 31, 2022, we held interests in the following assets: • 100 consolidated hotel properties, which represent 22,316 total rooms; • 79 hotel condominium units at WorldQuest Resort in Orlando, Florida (“WorldQuest”); • 15.1% ownership in OpenKey, Inc. (“OpenKey”) with a carrying value of approximately $2.1 million; • 32.5% ownership in 815 Commerce Managing Member, LLC (“815 Commerce MM”), which is developing the Le Meridien Fort Worth, with a carrying value of approximately $8.5 million; and • an investment in an entity that owns two resorts in Napa, CA, with a carrying value of approximately $9.0 million. For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2022, our 100 hotel properties were leased or owned by our wholly-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 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 Lodging & Hospitality, LLC (“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, design and construction 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. The following acquisitions and dispositions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Crowne Plaza Annapolis Annapolis, MD Disposition March 9, 2020 Columbus Hampton Inn Easton Columbus, OH Disposition August 19, 2020 Stillwater Residence Inn Stillwater, OK Disposition August 19, 2020 Washington Hampton Inn Pittsburgh Meadow Lands Pittsburgh, PA Disposition August 19, 2020 Phoenix Hampton Inn Airport North Phoenix, AZ Disposition August 19, 2020 Pittsburgh Hampton Inn Waterfront West Homestead Pittsburgh, PA Disposition August 19, 2020 Wichita Courtyard by Marriott Old Town Wichita, KS Disposition August 19, 2020 Canonsburg Homewood Suites Pittsburgh Southpointe Pittsburgh, PA Disposition August 19, 2020 Billerica Courtyard by Marriott Boston Boston, MA Disposition August 19, 2020 Embassy Suites New York Manhattan Times Square New York, NY Disposition August 19, 2020 W Minneapolis, MN Minneapolis, MN Disposition September 15, 2020 Courtyard Louisville Louisville, KY Disposition September 21, 2020 Courtyard Ft. Lauderdale Ft. Lauderdale, FL Disposition September 21, 2020 Residence Inn Lake Buena Vista Lake Buena Vista, FL Disposition September 21, 2020 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 Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022 Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approxim ately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. All improvements and additions that extend the useful life of the hotel properties are capitalized. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost in an asset acquisition is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives ranging from less than a 1 year to 32 years for our Marietta finance lease. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful lives. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $0, $0 and $91.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. See note 5. Hotel Dispositions —D iscontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results as most will not fit the definition. See note 5 . Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale and the hotel property is measured at the lower of its carrying value or fair value less costs to sell. Investments in Unconsolidated Entities —As of December 31, 2022, we held a 15.1% ownership interest in OpenKey, a 32.5% ownership interest in 815 Commerce MM and an investment in an entity that owns two resorts in Napa, CA, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments for impairment each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any other-than-temporary-impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2022, 2021 and 2020. Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Each VIE, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis and therefore such entities are not consolidated. Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method. Impairment of Notes Receivable —We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. The Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the years ended December 31, 2022, 2021 and 2020. Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. Finance leases, as lessee, are recorded based on the underlying nature of the leased asset and finance lease liabilities. Operating lease ROU assets and finance lease assets and operating and finance lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset and finance lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset and the investments in hotel properties may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under Accounting Standard Codification (“ASC”) 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. Intangible Assets and Liabilities —Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts. See note 22. Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. We also have debt issuance costs related to delayed draw term loans in the Credit Agreement with Oaktree that meet the definition of an asset and are amortized on a straight-line basis over the contractual term of the arrangement. If the Company, makes any draws the recorded asset will be derecognized and reclassified as a direct reduction of the related debt and amortized using the effective interest method over the remaining initial term. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See note 21. Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate), SOFR (Secured Overnight Financing Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors, and flooridors. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives are reported as “derivative assets” in the consolidated balance sheets. For interest rate derivatives and credit default swaps, changes in fair value and realized gains and losses are recognized in earnings as “realized and unrealized gain (loss) on derivatives” in the consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year. Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year. Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year. Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represented an ownership interest of 15% in two hotel properties held by one joint venture until December 31, 2021, and was reported in equity in the consolidated balance sheet. On December 31, 2021, the Company purchased the remaining ownership interest and since then holds a 100% ownership interest in the two hotel properties. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Revenue Recognition —Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2022 and 2021 was $18.3 million and $16.8 million, respectively, and are generally recognized as revenue within a one-year period. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2022, 2021 and 2020, we incurred advertising costs of $10.1 million, $6.8 million and $4.3 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations. Equity-Based Compensation —Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions. With respect to the 2020 award agreements, the number of PSU and Performance LTIP units to be earned ranged 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 PSU and Performance LTIP units are based on market conditions under the relevant literatures . The corresponding compensation cost was recognized ratably over the service period for the award as the service was rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition. With respect to the 2021 and 2022 award agreements, the criteria for the PSU and 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 PSU and Performance LTIP Units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the PSU and 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. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 20 . The “Income Taxes” topic of the ASC issued by the Financial Accounting Standards Board (“FASB”) which addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. Recently Adopted Accounting Standards —In August 2020, the FASB issued Accounting Standards Update (“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. 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 adopted the standard effective January 1, 2022, and the adoption of this standard did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued 2021-01, Reference Rate Reform (Topic 848), Scope , which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. The Company applied the optional expedient in evaluating debt modifications converting from LIBOR to SOFR. There was no material impact as a result of this adoption. Reclassification —Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 65,616 $ 16,385 $ 5,194 $ — $ 87,195 Boston, MA Area 2 49,772 5,533 5,263 — 60,568 Dallas / Ft. Worth Area 7 53,831 12,881 3,559 — 70,271 Houston, TX Area 3 23,864 7,576 828 — 32,268 Los Angeles, CA Metro Area 6 76,603 13,630 4,785 — 95,018 Miami, FL Metro Area 2 25,387 8,225 862 — 34,474 Minneapolis - St. Paul, MN - WI Area 2 12,140 3,806 445 — 16,391 Nashville, TN Area 1 52,786 24,163 4,445 — 81,394 New York / New Jersey Metro Area 6 54,300 18,269 2,771 — 75,340 Orlando, FL Area 2 22,811 1,512 1,801 — 26,124 Philadelphia, PA Area 3 22,055 2,308 861 — 25,224 San Diego, CA Area 2 19,667 934 1,276 — 21,877 San Francisco - Oakland, CA Metro Area 7 63,060 5,744 3,138 — 71,942 Tampa, FL Area 2 26,182 6,528 1,299 — 34,009 Washington D.C. - MD - VA Area 9 108,119 20,786 8,049 — 136,954 Other Areas 36 288,909 47,399 21,223 — 357,531 Orlando WorldQuest — 4,500 170 1,181 — 5,851 Disposed properties 1 4,400 814 330 — 5,544 Corporate — — — — 2,884 2,884 Total 101 $ 974,002 $ 196,663 $ 67,310 $ 2,884 $ 1,240,859 Year Ended December 31, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 47,120 $ 9,085 $ 4,400 $ — $ 60,605 Boston, MA Area 2 25,426 2,153 3,576 — 31,155 Dallas / Ft. Worth Area 7 36,169 5,646 2,668 — 44,483 Houston, TX Area 3 19,169 3,380 470 — 23,019 Los Angeles, CA Metro Area 6 54,564 7,553 4,803 — 66,920 Miami, FL Metro Area 2 18,559 3,846 723 — 23,128 Minneapolis - St. Paul, MN - WI Area 2 7,188 1,826 855 — 9,869 Nashville, TN Area 1 32,774 11,928 3,714 — 48,416 New York / New Jersey Metro Area 6 32,777 9,004 2,018 — 43,799 Orlando, FL Area 2 15,843 679 1,517 — 18,039 Philadelphia, PA Area 3 16,859 1,252 738 — 18,849 San Diego, CA Area 2 12,392 458 1,258 — 14,108 San Francisco - Oakland, CA Metro Area 7 40,504 2,531 2,505 — 45,540 Tampa, FL Area 2 19,774 2,355 877 — 23,006 Washington D.C. - MD - VA Area 9 51,615 6,330 4,642 — 62,587 Other Areas 36 215,218 26,186 17,176 — 258,580 Orlando WorldQuest — 3,794 153 877 — 4,824 Disposed properties 4 5,376 546 295 — 6,217 Corporate — — — — 2,267 2,267 Total 103 $ 655,121 $ 94,911 $ 53,112 $ 2,267 $ 805,411 Year Ended December 31, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 28,047 $ 5,513 $ 3,096 $ — $ 36,656 Boston, MA Area 2 9,645 896 2,441 — 12,982 Dallas / Ft. Worth Area 7 22,491 4,896 2,025 — 29,412 Houston, TX Area 3 11,418 2,854 394 — 14,666 Los Angeles, CA Metro Area 6 34,182 4,461 2,721 — 41,364 Miami, FL Metro Area 2 8,643 2,509 302 — 11,454 Minneapolis - St. Paul, MN - WI Area 2 3,932 990 216 — 5,138 Nashville, TN Area 1 12,105 5,591 2,239 — 19,935 New York / New Jersey Metro Area 6 20,130 4,254 1,517 — 25,901 Orlando, FL Area 2 8,415 532 952 — 9,899 Philadelphia, PA Area 3 9,888 1,426 353 — 11,667 San Diego, CA Area 2 6,998 322 665 — 7,985 San Francisco - Oakland, CA Metro Area 7 33,888 2,299 1,568 — 37,755 Tampa, FL Area 2 11,325 2,449 906 — 14,680 Washington D.C. - MD - VA Area 9 31,446 4,737 3,242 — 39,425 Other Areas 36 125,862 15,847 12,483 — 154,192 Orlando WorldQuest — 1,571 24 547 — 2,142 Disposed properties 18 27,506 1,557 2,189 — 31,252 Corporate — — — — 1,733 1,733 Total 117 $ 407,492 $ 61,157 $ 37,856 $ 1,733 $ 508,238

Investments in Hotel Properties

Investments in Hotel Properties, net	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land $ 622,759 $ 626,917 Buildings and improvements 3,650,464 3,711,006 Furniture, fixtures and equipment 222,665 298,121 Construction in progress 21,609 16,370 Condominium properties 9,889 10,739 Hilton Marietta finance lease 18,998 — Total cost 4,546,384 4,663,153 Accumulated depreciation (1,428,053) (1,432,443) Investments in hotel properties, net $ 3,118,331 $ 3,230,710 Acquisition On December 16, 2022, in exchange for satisfying the full outstanding ERFP balance, which is discussed in note 17, Ashford Inc. transferred to the Company 100% ownership of Marietta Leasehold LP and Marietta Leasehold GP, which holds a lease for the Hilton Atlanta/Marietta Hotel and Conference Center (the “Hilton Marietta”). The finance lease asset had an estimated value of approximately $18.8 million and is included in “investments in hotel properties, net” and a corresponding finance lease liability was recorded in “finance lease liabilities”. The lease expires on December 31, 2054 and was classified as a finance lease. See note 19. We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs of $151,000 to the finance lease asset, increasing the finance lease asset value to approximately $19.0 million. The following table summarizes the assets and liabilities included in Marietta Leasehold LP (in thousands): Finance lease asset $ 18,998 Cash and cash equivalents 1,282 Restricted cash 800 Inventories 48 Prepaid expenses 221 Other assets 1 Finance lease liability (18,847) Due to related parties, net (10) Accounts payable and accrued expenses (2,321) The results of operations of the hotel property have been included in our results of operations from the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the year ended December 31, 2022: Year ended December 31, 2022 Total revenue $ 338 Net income (loss) $ 30

Hotel Disposition and Impairmen

Hotel Disposition and Impairment Charges	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Hotel Disposition and Impairment Charges	Hotel Disposition and Impairment ChargesHotel Dispositions On September 1, 2022, the Company sold the Sheraton in Ann Arbor, MI (“Sheraton Ann Arbor”) for total consideration of approximately $35.7 million, which included cash of $34.5 million and an interest-free receivable with an estimated fair value of $1.2 million and a face value of $1.5 million. The payment of the $1.5 million is deferred until the last day of the twenty-four 7 . 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 year ended December 31, 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 year ended December 31, 2021, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. On March 9, 2020, the Company sold the Crowne Plaza in Annapolis, Maryland for approximately $5.1 million in cash. The net carrying value was approximately $2.1 million. The sale resulted in a gain of approximately $3.7 million for the year ended December 31, 2020, which was included in “gain (loss) on disposition of assets and hotel properties” in the consolidated statement of operations. On May 12, 2020, the lender who held the mortgage note secured by the Embassy Suites New York Manhattan Times Square ($108.8 million mortgage loan and $36.2 million in mezzanine loans) sent the Company an acceleration notice which accelerated all payments due under the applicable loan documents. To remedy the acceleration notice, on August 19, 2020 the Company sold the Embassy Suites New York Manhattan Times Square for approximately $143.9 million of consideration, which consisted of $35.1 million in cash and $108.8 million in the form of the assumption of the mortgage loan. The sale resulted in a loss of approximately $40.4 million for the year ended December 31, 2020, which was included in “ gain (loss) on disposition of assets and hotel properties On June 22, 2020, the lender for the W Hotel in Minneapolis, Minnesota ($45.8 million mortgage loan and $5.8 million mezzanine loan) sent to the Company a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotel in a public auction. On September 15, 2020, the Company completed a consensual assignment of 100% of the equity interests in the owner of the W Hotel, which resulted in a gain on extinguishment of debt of approximately $1.1 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. On July 9, 2020, the mortgage, senior mezzanine and junior mezzanine loans with a principal amount of $144.2 million, and securing the Courtyard Billerica, Hampton Inn Columbus Easton, Hampton Inn Phoenix Airport, Homewood Suites Pittsburgh Southpointe, Hampton Inn Pittsburgh Waterfront, Hampton Inn Pittsburgh Washington, Residence Inn Stillwater and Courtyard Wichita (the “Rockbridge Portfolio”) matured and the Company failed to repay the loans on such maturity date. On August 19, 2020, the Company completed a consensual assignment of the entities that own the Rockbridge Portfolio in lieu of a UCC sale, which resulted in a gain on extinguishment of debt of approximately $65.2 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statement of operations. On July 23, 2020, the lender for the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Lake Buena Vista (collectively “MS C1” with a $56.0 million mortgage loan and $8.0 million mezzanine loan) sent to us a notice of UCC sale, which provided that the respective lender would sell the subsidiaries of the Company that own the respective hotels in a public auction. On September 21, 2020, the mezzanine lender for MS C1 conducted a UCC-foreclosure of its collateral consisting of 100% of the equity interests of the Courtyard Louisville, Courtyard Ft. Lauderdale and Residence Inn Buena Vista hotels, which resulted in a gain on extinguishment of debt of approximately $19.7 million for the year ended December 31, 2020, which was included in “gain (loss) on extinguishment of debt” in the consolidated statements of operations. The results of operations for these hotel properties are included in net income (loss) through the date of disposition for the years ended December 31, 2022, 2021 and 2020 . The following table includes condensed financial information from these hotel property dispositions that occurred for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Total hotel revenue $ 5,544 $ 6,218 $ 31,253 Total hotel operating expenses (4,261) (5,460) (28,077) Gain (loss) on disposition of assets and hotel properties (1) 237 (36,680) Property taxes, insurance and other (433) (664) (7,715) Depreciation and amortization (1,203) (2,620) (16,321) Impairment charges — — (91,721) Operating income (loss) (354) (2,289) (149,261) Interest expense and amortization of discounts and loan costs (955) (2,050) (24,847) Gain (loss) on extinguishment of debt — 10,566 90,349 Income (loss) before income taxes (1,309) 6,227 (83,769) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 8 (138) 11,045 Net income (loss) before income taxes attributable to the Company $ (1,301) $ 6,089 $ (72,724) We recorded an impairment charge of $27.6 million during the year ended December 31, 2020. The impairment charge was comprised of $13.9 million at the Columbus Hampton Inn Easton, $10.0 million at the Canonsburg Homewood Suites Pittsburgh Southpointe and $3.7 million at the Phoenix Hampton Inn Airport North as a result of reduced estimated cash flows resulting from the COVID-19 pandemic and changes to the expected holding periods of these hotel properties. 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. An impairment charge totaling $27.6 million was recorded that was comprised of $1.7 million at the Columbus Hampton Inn Easton, $3.0 million at the Pittsburgh Hampton Inn Waterfront West Homestead, $3.0 million at the Washington Hampton Inn Pittsburgh Meadow Lands, $1.8 million at the Cannonsburg Homewood Suites Pittsburgh Southpointe, $2.4 million at the Stillwater Residence Inn, $9.5 million at the Billerica Courtyard by Marriott Boston, and $6.1 million at the Wichita Courtyard by Marriott Old Town resulting from the difference between the estimated fair value of the property as compared to the net book value at June 30, 2020. We engaged a third-party valuation expert to assist in determining the fair value of the hotel properties. Each impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques. No further impairment was required for the properties, which were disposed of on August 19, 2020. In conjunction with the disposition of the W Minneapolis, we engaged a third party valuation expert to assist in determining the fair value of the hotel property. We recorded an impairment charge of $29.9 million, the difference between the estimated fair value of the property as compared to the net book value at September 15, 2020. The impairment charge was based on methodologies which include the development of the discounted cash flow method of the income approach with support based on the market approach, which are considered Level 3 valuation techniques. In December 2020, the Company entered into a purchase and sale agreement to sell the Le Meridien in Minneapolis, Minnesota. We engaged a third party valuation expert to assist in determining the fair value of the hotel property. We recorded an impairment charge of $6.6 million resulting from the difference between the estimated fair value of the property and the net book value at December 31, 2020. The impairment charge was based on methodologies which included 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. Le Meridien was sold on January 20, 2021.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investments in Unconsolidated Entities OpenKey, which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheets and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of December 31, 2022, the Company has made investments in OpenKey totaling approximately $5.5 million. As of December 31, 2022, the Company held an investment in 815 Commerce MM of approximately $8.5 million, which is developing the Le Meridien Fort Worth. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet 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. In November of 2022, the Company made an initial investment of $9.1 million in an entity that owns two resorts in Napa, CA. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet 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. The following table summarizes our carrying value and ownership interest in unconsolidated entities: December 31, 2022 December 31, 2021 Carrying value of the investment in OpenKey (in thousands) $ 2,103 $ 2,771 Ownership interest in OpenKey 15.1 % 16.7 % Carrying value of the investment in 815 Commerce MM (in thousands) $ 8,482 $ 8,482 Ownership interest in 815 Commerce MM 32.5 % 32.5 % Carrying value of the Napa resorts investment (in thousands) $ 8,991 $ — The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 OpenKey $ (668) $ (540) $ (448) 815 Commerce MM — (18) — Napa resorts investment (136) — — $ (804) $ (558) $ (448)

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): December 31, 2022 December 31, 2021 Indebtedness Collateral Maturity Interest Rate Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (3) 1 hotel July 2022 LIBOR (1) + 3.95% $ — $ — $ 33,200 $ 36,116 Mortgage loan (4) (5) 1 hotel November 2022 LIBOR (1) + 2.70% — — 25,000 46,833 Mortgage loan (6) (7) 1 hotel December 2022 LIBOR (1) + 2.25% — — 16,100 24,519 Mortgage loan (8) 1 hotel January 2023 LIBOR (1) + 3.40% — — 37,000 54,837 Mortgage loan (9) 8 hotels February 2023 LIBOR (1) + 3.07% 395,000 288,740 395,000 294,382 Mortgage loan (10) 2 hotels March 2023 LIBOR (1) + 2.75% 240,000 207,265 240,000 212,889 Mortgage loan (11) 19 hotels April 2023 LIBOR (1) + 3.20% 907,030 932,715 910,694 968,078 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 100,142 73,450 102,317 Mortgage loan (12) 7 hotels June 2023 LIBOR (1) + 3.65% 180,720 124,761 180,720 122,346 Mortgage loan (12) 7 hotels June 2023 LIBOR (1) + 3.39% 174,400 118,783 174,400 120,065 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 3.73% 221,040 145,085 221,040 152,371 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 4.02% 262,640 80,554 262,640 84,690 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 2.73% 160,000 168,223 160,000 171,440 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 3.68% 215,120 164,792 215,120 174,749 Mortgage loan (13) 17 hotels November 2023 LIBOR (1) + 3.13% 415,000 220,462 419,000 226,178 Mortgage loan (4) 1 hotel November 2023 SOFR (2) + 2.80% 25,000 46,659 — — Mortgage loan (6) 1 hotel December 2023 SOFR (2) + 2.85% 15,290 23,440 — — Mortgage loan 1 hotel January 2024 5.49% 6,345 6,556 6,492 6,943 Mortgage loan 1 hotel January 2024 5.49% 9,261 13,638 9,474 15,196 Term loan (14) Equity January 2024 16.00% 195,959 — 200,000 — Mortgage loan 1 hotel May 2024 4.99% 5,819 5,983 6,150 6,156 Mortgage loan (15) 1 hotel June 2024 LIBOR (1) + 2.00% — — 8,881 6,968 Mortgage loan (15) (16) 1 hotel June 2024 SOFR (2) + 2.00% 8,881 6,651 — — Mortgage loan 2 hotels August 2024 4.85% 11,172 8,404 11,427 9,326 Mortgage loan 3 hotels August 2024 4.90% 22,349 17,041 22,853 14,347 Mortgage loan (17) 1 hotel November 2024 LIBOR (1) + 4.65% 85,552 87,139 84,000 93,848 Mortgage loan (8) (18) 1 hotel December 2024 SOFR (2) + 4.00% 37,000 53,525 — — Mortgage loan 3 hotels February 2025 4.45% 46,918 56,536 50,098 59,578 Mortgage loan 1 hotel March 2025 4.66% 23,326 43,879 23,883 42,915 Mortgage loan (19) 1 hotel August 2025 LIBOR (1) + 3.80% — — 98,000 174,743 Mortgage loan (19) 1 hotel August 2025 SOFR (2) + 3.91% 98,000 170,329 — — $ 3,835,272 $ 3,091,302 $ 3,884,622 $ 3,221,830 Premiums (discounts), net (20,249) (32,777) Capitalized default interest and late charges 8,363 23,511 Deferred loan costs, net (8,530) (15,440) Embedded debt derivative 23,687 27,906 Indebtedness, net $ 3,838,543 $ 3,887,822 _____________________________ (1) LIBOR rates were 4.392% and 0.101% at December 31, 2022 and December 31, 2021, respectively. (2) SOFR rate was 4.358% at December 31, 2022. (3) On September 1, 2022, we sold the property securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5. (4) On November 9, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.70% with SOFR + 2.80%. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022. (5) This mortgage loan has a LIBOR floor of 1.25%. (6) On December 15, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.25% with SOFR + 2.85%. Additionally, we paid down $810,000 of principal. This loan has two one (7) This mortgage loan has a LIBOR floor of 0.25%. (8) On December 22, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 3.40% with SOFR + 4.00%, extended the current maturity date to December 2024, and added three one (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023. Additionally in February 2023, the Company repaid $50.0 million in principal on this mortgage loan and reduced the 2024 debt yield extension test from 9.25% to 8.50%. (10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023. (11) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022. (12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. (13) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022. On March 2, 2022, we repaid $4.0 million of principal on this mortgage loan. (14) This term loan has two one-year extension options, subject to satisfaction of certain conditions. On September 1, 2022, we repaid $4.0 million of principal on this term loan. (15) On December 7, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.00% with SOFR + 2.00%. (16) This mortgage loan has a SOFR floor of 2.00%. (17) This mortgage loan has two one-year extension options, subject to the satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%. Effective September 23, 2022, we drew $1.6 million of the $2.0 million of future additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. (18) This mortgage loan has a SOFR floor of 0.50%. (19) On November 9, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 3.80% with SOFR + 3.91%. This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. We recognized net premium (discount) amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Interest expense and amortization of discounts and loan costs $ (12,015) $ (7,142) $ 154 The amortization of the net premium (discount) is computed using a method that approximates the effective interest method. 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. If we violate covenants in our debt agreements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. As of December 31, 2022, we were in compliance with all covenants related to mortgage loans. We were also in compliance with all covenants under the senior secured term loan facility with Oaktree Capital Management L.P. (“Oaktree”) (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. Maturities and scheduled amortizations of indebtedness as of December 31, 2022 for each of the five following years and thereafter are as follows (in thousands): 2023 $ 3,287,656 2024 382,965 2025 164,651 2026 — 2027 — Thereafter — Total $ 3,835,272

Notes Receivable, Net and Other

Notes Receivable, Net and Other	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Notes Receivable, Net and Other	Notes Receivable, Net and Other Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2022 December 31, 2021 Construction Financing Note (1) (4) Face amount 7.0 % $ — $ 4,000 Certificate of Occupancy Note (2) (4) Face amount 7.0 % $ 5,250 $ 5,250 Discount (3) (188) (527) 5,062 4,723 Notes receivable, net $ 5,062 $ 8,723 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was 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. On March 4, 2022, the Construction Financing Note was paid in full in the amount of $4.0 million. (2) The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025. (3) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023. (4) 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 year ended December 31, 2022. Cash interest income of $110,000 was recorded for the year ended December 31, 2021. No cash interest income was recorded for the year ended December 31, 2020. We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other income (expense) $ 339 $ 460 $ 554 Part of the consideration received in the sale of the 1.65-acre parking lot adjacent to the Hilton St. Petersburg Bayfront was a parking parcel, which and we obtained access to utilize on August 31, 2021. For the years ended December 31, 2021, and 2020 we received reimbursement of $320,000 and $240,000, respectively, for parking fees and recognized income of $89,000 and $9,000, respectively, which is included in “other income (expense)” in the consolidated statements of operations while the parking parcel was in development. We recognized imputed interest income as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other income (expense) $ — $ 211 $ 300 We recognized amortization expense related to the free use of parking easement as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other income (expense) $ — $ — $ (117) On September 1, 2022, the Company sold the Sheraton Ann Arbor. See note 5. Under the purchase and sale agreement, $1.5 million of the sales price is deferred, interest free, until the last day of the 24th month following the closing date (September 30, 2024). The components of the receivable, which is included in “other assets” in the consolidated balance sheet, are summarized below (dollars in thousands): Imputed Interest Rate December 31, 2022 Deferred Receivable Face amount 10.0 % $ 1,500 Discount (1) (240) $ 1,260 _______________ (1) The discount represents the imputed interest during the interest-free period. We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 Other income (expense) $ 41

Derivative Instruments and Hedg

Derivative Instruments and Hedging	12 Months Ended
	Dec. 31, 2022
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, which include interest rate caps. 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. Payments from counterparties on in-the money interest rate caps are recognized as realized gains on our consolidated statements of operations. The following table presents a summary of our interest rate derivatives entered into over each applicable period: Year Ended December 31, 2022 2021 2020 Interest rate caps: Notional amount (in thousands) $ 3,365,941 (1) $ 3,415,301 (1) $ 457,000 (1) Strike rate low end of range 2.90 % 2.00 % 3.00 % Strike rate high end of range 5.50 % 4.00 % 4.00 % Effective date range January 2022 - December 2022 January 2021 - October 2021 January 2020 - September 2020 Termination date range January 2023 - January 2025 February 2022 - November 2024 February 2021 - February 2022 Total cost (in thousands) $ 40,119 $ 1,158 $ 83 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: December 31, 2022 December 31, 2021 Interest rate caps: Notional amount (in thousands) $ 3,549,941 (1) $ 3,597,301 (1) Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 5.50 % 4.00 % Termination date range January 2023 - January 2025 February 2022 - November 2024 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,505,242 $ 3,438,714 _______________ (1) These instruments were not designated as cash flow hedges. Compound Embedded Debt Derivative —Based on certain provisions in the Oaktree Credit Agreement, the Company is required to pay an exit fee. Under the applicable accounting guidance, the exit fee is considered an embedded derivative liability that meets the criteria for bifurcation from the debt host. There were other features that were bifurcated, but did not have a material value. The embedded debt derivative was initially measured at fair value and the fair value of the embedded debt derivative is estimated at each reporting period. See note 10.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
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 marketplace 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. The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the caps 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. When a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at December 31, 2022, the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 4.392% to 4.790% for the remaining term of our derivatives. The LIBOR interest rate forward curve approximates the SOFR interest rate forward curve as of December 31, 2022. 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. The compound embedded 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 December 31, 2022 reporting date. The risk neutral model is designed to utilize market data and the Company’s best estimate 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 December 31, 2022. The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands): Fair Value Balance at January 1, 2021 $ — Additions 43,680 Re-measurement of fair value (15,774) Balance at December 31, 2021 27,906 Re-measurement of fair value (4,219) Balance at December 31, 2022 $ 23,687 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 December 31, 2022: Assets Derivative assets: Interest rate derivatives - caps $ — $ 47,182 $ — $ 47,182 (1) Total $ — $ 47,182 $ — $ 47,182 Liabilities Embedded debt derivative $ — $ — $ (23,687) $ (23,687) (2) Net $ — $ 47,182 $ (23,687) $ 23,495 December 31, 2021: Assets Derivative assets: Interest rate derivatives - caps $ — $ 501 $ — $ 501 (1) Total $ — $ 501 $ — $ 501 Liabilities Embedded debt derivative $ — $ — $ (27,906) $ (27,906) (2) Net $ — $ 501 $ (27,906) $ (27,405) ____________________________________ (1) Reported net as “derivative assets” in our consolidated balance sheets. (2) Reported in “indebtedness, net” in our consolidated balance sheets. 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 Year Ended December 31, 2022 2021 2020 Assets Derivative assets: Interest rate derivatives - floors $ — $ (643) $ 601 Interest rate derivatives - caps 10,947 (657) (130) Credit default swaps — — 407 (4) 10,947 (1,300) 878 Non-derivative assets: Equity — — 801 Total 10,947 (1,300) 1,679 Liabilities Derivative liabilities: Embedded debt derivative 4,219 15,774 — Net $ 15,166 $ 14,474 $ 1,679 Total combined Interest rate derivatives - floors $ — $ (624) $ 10,106 Interest rate derivatives - caps 6,562 (657) (130) Credit default swaps — — 9,974 Embedded debt derivative 4,219 15,774 — Unrealized gain (loss) on derivatives 10,781 (1) 14,493 (1) 19,950 (1) Realized gain (loss) on interest rate caps 4,385 (1) (5) — — Realized gain (loss) on credit default swaps — — (9,567) (2) (4) Realized gain (loss) on interest rate floors — (19) (2) (9,505) (2) Unrealized gain (loss) on marketable securities — — (1,467) (3) Realized gain (loss) on marketable securities — — 2,268 (2) Net $ 15,166 $ 14,474 $ 1,679 ____________________________________ (1) Reported in “realized and 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 $881 for the year ended December 31, 2020, included in “other income (expense)” associated with credit default swaps. (5) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 47,182 $ 47,182 $ 501 $ 501 Financial liabilities measured at fair value: Embedded debt derivative $ 23,687 $ 23,687 $ 27,906 $ 27,906 Financial assets not measured at fair value: Cash and cash equivalents $ 417,064 $ 417,064 $ 592,110 $ 592,110 Restricted cash 141,962 141,962 99,534 99,534 Accounts receivable, net 49,809 49,809 37,720 37,720 Notes receivable, net 5,062 4,809 to 5,315 8,723 8,287 to 9,159 Due from Ashford Inc., net 486 486 25 25 Due from related parties, net 6,570 6,570 7,473 7,473 Due from third-party hotel managers 22,462 22,462 26,896 26,896 Financial liabilities not measured at fair value: Indebtedness $ 3,815,023 $3,500,635 to $3,869,122 $ 3,851,845 $3,407,210 to $3,765,858 Accounts payable and accrued expenses 115,970 115,970 117,650 117,650 Accrued interest payable 15,287 15,287 15,432 15,432 Dividends and distributions payable 3,118 3,118 3,104 3,104 Due to related parties, net — — 728 728 Due to third-party hotel managers 1,319 1,319 1,204 1,204 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 $5.1 million at December 31, 2022 and approximately 95.0% to 105.0% of the carrying value of $8.7 million as of December 31, 2021. This is considered a Level 2 valuation technique. 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 91.8% to 101.4% of the carrying value of $3.8 billion at December 31, 2022 and approximately 88.5% to 97.8% of the carrying value of $3.9 billion at December 31, 2021. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Year Ended December 31, 2022 2021 2020 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (139,825) $ (267,005) $ (543,876) Less: Dividends on preferred stock (12,433) (252) (32,117) Less: Deemed dividends on redeemable preferred stock (946) — — Add: Gain (loss) on extinguishment of preferred stock — (607) 55,477 Add: Claw back of dividends on cancelled performance stock units — 349 606 Distributed and undistributed income (loss) allocated to common stockholders - basic $ (153,204) $ (267,515) $ (519,910) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership — (3,970) — Distributed and undistributed income (loss) allocated to common stockholders - diluted $ (153,204) $ (271,485) $ (519,910) Weighted average common shares outstanding: Weighted average common shares outstanding - basic 34,339 21,625 1,576 Effect of assumed conversion of operating partnership units — 219 — Weighted average shares outstanding - basic and diluted 34,339 21,844 1,576 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.46) $ (12.37) $ (329.97) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.46) $ (12.43) $ (329.97) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2022 2021 2020 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (1,233) $ — (89,008) (1) Dividends on preferred stock - Series J (inclusive of deemed dividends) 944 — — Dividends on preferred stock - Series K (inclusive of deemed dividends) 21 $ — — Total $ (268) $ — $ (89,008) Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock — 20 1 Effect of unvested performance stock units — 9 — Effect of assumed conversion of operating partnership units 288 — 190 Effect of assumed issuance of shares for term loan exit fee 1,745 1,672 — Effect of assumed conversion of preferred stock - Series J 33 — — Effect of assumed conversion of preferred stock - Series K 1 — — Total 2,067 1,701 191 _______________ (1) Inclusive of preferred stock dividends in arrears of $3.1 million for the year ended December 31, 2020 allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 2022
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 of three 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 2020 award agreements, the number of Performance LTIP units to be earned ranged 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 was recognized ratably over the service period for the award as the service was rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition. During the year ended December 31, 2022, approximately 4,000 Performance LTIP units granted in 2020 were canceled due to the market condition criteria not being met. With respect to the 2021 and 2022 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 December 31, 2022, there were approximately 1.3 million Performance LTIP units outstanding, representing 200% of the target number granted for the 2020 grants and 250% for the 2021 and 2022 grants. As of December 31, 2022, we have issued a total of approximately 1.6 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 1.2 million units ( 1.2 million of which are Performance LTIP units) have reached full economic parity with, and are convertible into, common units upon vesting. We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2022 2021 2020 Performance LTIP units Advisory services fee $ 1,158 $ 1,128 $ 1,972 LTIP units Advisory services fee 569 1,119 2,042 LTIP units Corporate, general and administrative 32 22 — LTIP units - independent directors Corporate, general and administrative 413 397 816 $ 2,172 $ 2,666 $ 4,830 The unamortized cost of the unvested Performance LTIP units, which was $2.5 million at December 31, 2022, will be expensed over a peri od of 2.2 years with a weighted average peri od of 2.1 years. The unamortized cost of the unvested LTIP units, which was $538,000 at December 31, 2022, will be ex pensed over a period of 1.2 y ears with a weighted average period o f 1.2 years. The following table presents the common units redeemed and the fair value upon redemption (in thousands): Year Ended December 31, 2022 2021 2020 Common units converted to stock — 1 20 Fair value of common units converted $ — $ 43 $ 959 The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: December 31, 2022 December 31, 2021 Redeemable noncontrolling interests (in thousands) $ 21,550 $ 22,742 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 184,625 186,756 Ownership percentage of operating partnership 0.91 % 0.63 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net (income) loss to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Year Ended December 31, 2022 2021 2020 Allocated net (income) loss to the redeemable noncontrolling interests $ 1,233 $ 3,970 $ 89,008 Performance LTIP dividend claw back upon cancellation — (518) (1,401) A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2022 2021 2020 Outstanding at beginning of year 400 217 219 LTIP units issued 79 70 23 Performance LTIP units issued 1,194 122 5 Performance LTIP units canceled (4) (8) (11) Common units converted to common stock — (1) (19) Outstanding at end of year 1,669 400 217 Common units convertible/redeemable at end of year 309 207 178

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Common Stock and Preferred Stock Repurchases —On April 6, 2022, the board of directors reapproved a stock repurchase program (the “2022 Repurchase Program”) pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced any previous repurchase authorizations. For the years ended December 31, 2022, 2021 and 2020, no shares of our common stock or preferred stock have been repurchased under the Repurchase Program. In addition, we acquired 43,007, 1,420 and 3,056 shares of our common stock in 2022, 2021 and 2020, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. At-the-Market Equity Distribution Agreement —On December 11, 2017, the Company entered into an equity distribution agreement to sell, from time to time shares of the Company’s common stock having an aggregate offering price of up to $100 million. As of December 31, 2022, we have issued approximately 437,000 shares of our common stock for gross proceeds of approximately $27.5 million. The program expired on September 28, 2020. The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Common stock issued 413 Gross proceeds received $ 12,009 Commissions and other expenses (150) Net proceeds $ 11,859 At-the-Market-Equity Distribution Agreement — On April 11, 2022, the Company entered into an equity distribution agreement (the “Virtu Equity Distribution Agreement”) with Virtu Americas LLC (“Virtu”), to sell from time to time shares of the Company’s common stock having an aggregate offering price of up to $100 million. We will pay Virtu a commission of approximately 1% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. As of December 31, 2022, the Company has not issued any common stock pursuant to the Virtu Equity Distribution Agreement. 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. All shares available under the First Lincoln Park Purchase Agreement have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 2020 Shares sold to Lincoln Park 205 836 Additional commitment shares — 19 Total shares issued to Lincoln Park 205 855 Gross proceeds received $ 4,590 $ 20,556 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 approximately 2.1 million shares of the Company’s common stock. 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. All shares available under the Second Lincoln Park Purchase Agreement have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to Lincoln Park 2,050 Additional commitment shares 16 Total shares issued to Lincoln Park 2,066 Gross proceeds received $ 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 approximately 3.1 million shares of the Company’s common stock. 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. All shares available under the Keystone Purchase Agreement have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to Keystone 3,062 Additional commitment shares 4 Total shares issued to Keystone 3,066 Gross proceeds received $ 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 approximately 1.4 million shares of its common stock. All shares available under the SEDA have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 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 approximately 3.8 million shares of its common stock. All shares available under the second YA SEDA have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to YA 3,790 Gross proceeds received $ 165,391 Common Stock Resale Agreement — On June 18, 2021, the Company and Seven Knots, LLC (“Seven Knots) entered into a purchase agreement (the “Seven Knots Purchase Agreement”) pursuant to which the Company may issue or sell to Seven Knots up to approximately 4.0 million shares of the Company’s common stock. All shares available under the Seven Knots Purchase Agreement have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to Seven Knots 4,009 Gross proceeds received $ 81,279 Common Stock Resale Agreement — On July 2, 2021, the Company and B. Riley Principal Capital, LLC (“B. Riley”) entered into a purchase agreement (the “B. Riley Purchase Agreement”) pursuant to which the Company may issue or sell to B. Riley up to approximately 4.6 million shares of the Company’s common stock. All shares available under the B. Riley Purchase Agreement have been sold. The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to B. Riley 4,623 Gross proceeds received $ 67,989 Common Stock Resale Agreement — On September 9, 2021, the Company and M3A LP (“M3A”) entered into a purchase agreement (the “M3A Purchase Agreement”) pursuant to which the Company may issue or sell to M3A up to 6.0 million shares of the Company’s common stock from time to time during the term of the M3A Purchase Agreement. The issuance activity is summarized below (in thousands): Year Ended December 31, 2022 2021 Shares sold to M3A — 900 Gross proceeds received $ — $ 12,941 Preferred Stock —In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock and Series I Cumulative Preferred Stock. On November 25, 2020, Ashford Trust closed its previously commenced offers to exchange any and all shares of the Company’s 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series F Cumulative Preferred Stock, par value $0.01 per share, 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share and 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share for newly issued shares of the Company’s common stock, par value $0.01. The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) 8.45% Series D Cumulative Preferred Stock 575 3,211 321 7.375% Series F Cumulative Preferred Stock 1,755 9,791 979 7.375% Series G Cumulative Preferred Stock 1,663 9,279 928 7.50% Series H Cumulative Preferred Stock 1,029 5,742 574 7.50% Series I Cumulative Preferred Stock 1,858 10,366 1,037 6,880 38,389 3,839 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split. From December 8, 2020 through December 31, 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): Year Ended December 31, 2021 Year Ended December 31, 2020 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 617 4,174 653 23 131 13 7.375% Series F Cumulative Preferred Stock 1,640 11,185 1,482 154 795 80 7.375% Series G Cumulative Preferred Stock 2,891 21,371 2,764 114 573 57 7.50% Series H Cumulative Preferred Stock 1,361 10,033 1,217 102 515 52 7.50% Series I Cumulative Preferred Stock 2,138 14,735 1,660 151 774 77 8,647 61,498 7,776 544 2,788 279 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split. 8.45% Series D Cumulative Preferred Stock. At December 31, 2022 and 2021, there were 1.2 million and 1.2 million shares of Series D Cumulative Preferred Stock outstanding, respectively. The Series D Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series F Cumulative Preferred Stock (noted below), Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock (see note 16) and Series K Preferred Stock (see note 16) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series D Cumulative Preferred Stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D Cumulative Preferred Stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1124 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D Cumulative Preferred Stockholders have no voting rights. 7.375% Series F Cumulative Preferred Stock. At December 31, 2022 and 2021, there were 1.3 million and 1.3 million shares of 7.375% Series F Cumulative Preferred Stock outstanding, respectively. The Series F Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series G Cumulative Preferred Stock (noted below), Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock and Series K Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series F Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series F Cumulative Preferred Stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F Cumulative Preferred Stock is convertible into a maximum 0.09690 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series F Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series F Cumulative Preferred Stock will not impact our earnings per share calculations. Series F Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series F Cumulative Preferred Stockholders have no voting rights. 7.375% Series G Cumulative Preferred Stock. At December 31, 2022 and 2021, there were 1.5 million and 1.5 million shares of 7.375% Series G Cumulative Preferred Stock outstanding, respectively. The Series G Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series H Cumulative Preferred Stock (noted below), Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock and Series K Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series G Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series G Cumulative Preferred Stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G Cumulative Preferred Stock is convertible into a maximum 0.08333 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series G Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series G Cumulative Preferred Stock will not impact our earnings per share calculations. Series G Cumulative Preferred Stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8436 per share). In general, Series G Cumulative Preferred Stockholders have no voting rights. 7.50% Series H Cumulative Preferred Stock. At December 31, 2022 and 2021, there were 1.3 million and 1.3 million shares of 7.50% Series H Cumulative Preferred Stock outstanding, respectively. The Series H Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock, Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series I Cumulative Preferred Stock (noted below), Series J Preferred Stock and Series K Preferred Stock and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series H Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series H Cumulative Preferred Stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H Cumulative Preferred Stock is convertible into a maximum 0.08251 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series H Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series H Cumulative Preferred Stock will not impact our earnings per share. Series H Cumulative Preferred Stock quarterly dividends are set at the rate of 7.50% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8750 per share). In general, Series H Cumulative Preferred Stockholders have no voting rights. 7.50% Series I Cumulative Preferred Stock. At December 31, 2022 and 2021, there were 1.3 million and 1.3 million shares of 7.50% Series I Cumulative Preferred Stock outstanding, respectively. The Series I Cumulative Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series D Cumulative Preferred Stock, Series F Cumulative Preferred Stock, Series G Cumulative Preferred Stock, Series H Cumulative Preferred Stock, Series J Preferred Stock and Series K Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series I Cumulative Preferred Stock has no maturity date, and we are not required to redeem the shares at any time. Series I Cumulative Preferred Stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I Cumulative Preferred Stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I Cumulative Preferred Stock is convertible into a maximum 0.08065 shares of our common stock in those limited circumstances. The actual number is based on a formula as defined in the Series I Cumulative Preferred Stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I Cumulative Preferred Stock to common stock have not been met as of period end. Therefore, Series I Cumulative Preferred Stock will not impact our earnings per share. Series I Cumulative Preferred Stock quarterly dividends are Dividends —A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Common stock $ — $ — $ — Preferred stock: Series D Cumulative Preferred Stock 2,481 4,342 (2) 1,262 Series F Cumulative Preferred Stock 2,307 4,036 (2) 2,212 Series G Cumulative Preferred Stock 2,824 4,943 (2) 2,858 Series H Cumulative Preferred Stock 2,453 4,293 (2) 1,781 Series I Cumulative Preferred Stock 2,349 4,111 (2) 2,531 Total dividends declared (1) $ 12,414 $ 21,725 $ 10,644 ____________________________________ (1) In the years ended December 31, 2021 and 2020, we recorded $252,000 and $32.1 million, respectively, of preferred dividend expense after the impact of preferred stock exchanges. All unpaid dividends in arrears as of December 31, 2020 of $21.5 million were declared and paid in 2021. (2) In the year ended December 31, 2021, the Company declared and paid dividends for each series of preferred stock for unpaid dividends from the second quarter 2020 through the third quarter of 2021. Additionally. the Company declared dividends for the fourth quarter of 2021 that were paid in January 2022. Noncontrolling Interests in Consolidated Entities —Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties until December 31, 2021, when the Company purchased the remaining ownership interest of the two hotel properties. The table below summarizes (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2022 2021 2020 (Income) loss allocated to noncontrolling interests in consolidated entities $ — $ 73 $ 338

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the 2021 Stock Incentive Plan approved by stockholders, we are au thorized to grant approximately 1.2 million shares of restricted stock and performance stock units as incentive stock awards. At December 31, 2022 , approximately 86,000 shares were available for future issuance under the 2021 Stock Incentive Plan. 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 following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,509 $ 3,716 $ 3,897 Management fees 56 199 594 Corporate, general and administrative 163 151 298 Corporate, general and administrative - independent directors 90 186 147 $ 2,818 $ 4,252 $ 4,936 A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 231 $ 30.76 17 $ 306.10 21 $ 586.00 Restricted stock granted 19 5.59 251 25.38 17 115.50 Restricted stock vested (125) 36.70 (33) 126.09 (16) 462.50 Restricted stock forfeited (4) 31.88 (4) 76.73 (5) 348.90 Outstanding at end of year 121 $ 20.63 231 $ 30.76 17 $ 306.10 The fair value of restricted stock vested during the years ended December 31, 2022, 2021 and 2020 was $1.2 million, $926,000 and $2.0 million, respectively. 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 2020 award agreements, the number of PSUs could have ranged 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 was 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 year ended December 31, 2022, approximately 4,000 PSUs granted in 2020 were canceled due to the market condition criteria not being met. With respect to the 2021 and 2022 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 following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 1,008 $ 3,177 $ 958 A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 139 $ 34.81 13 $ 377.90 16 $ 582.00 PSUs granted 34 12.09 134 29.70 7 80.00 PSUs vested (33) 29.70 — — — — PSUs forfeited — — — — (7) 458.30 PSUs canceled (4) 80.00 (8) 627.36 (3) 585.00 Outstanding at end of year 136 $ 29.04 139 $ 34.81 13 $ 377.90

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2022
Temporary Equity [Abstract]
Redeemable Preferred Stock	Redeemable Preferred Stock Series J Redeemable Preferred Stock The Company enters into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series J Redeemable Preferred Stock (the “Series J Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock in a primary offering price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan (the “DRIP”) at $25.00 per share (the “Stated Value”). The Series J Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (Series D Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock and Series K Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Holders of the Series J Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series J Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive the number of directors then constituting the board shall be increased by two and the holders of such shares of Series J Preferred Stock shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms. Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends (with no redemption fee). The Series J Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash. The redemption fee shall be an amount equal to: • 8.0% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series J Preferred Stock to be redeemed; • 5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed; and • 0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series J Preferred Stock to be redeemed. The Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series J Preferred Stock cash dividends are as follows: • 8.0% per annum of the Stated Value beginning on the date of the first settlement of the Series J Preferred Stock (the “Date of Initial Closing”); Dividends will be authorized and declared on a monthly basis and payable in arrears on the 15th of each month to holders of record at the close of business on the last business day of each month immediately preceding the applicable thereafter dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year. The Company has a DRIP that allows for participating holders to have their Series J Preferred Stock dividend distributions automatically reinvested in additional shares of the Series J Preferred Stock at a price of $25.00 per share. The issuance activity of the Series J Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 Series J Preferred Stock shares issued (1) 87 Net proceeds $ 1,959 ________ (1) Exclusive of shares issued under the dividend reinvestment plan. The Series J Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series J Preferred Stock is classified outside of permanent equity. At the date of issuance, the carrying amount of the Series J Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable the carrying value will be adjusted to the redemption amount each reporting period. The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands): December 31, 2022 Series J Preferred Stock $ 2,004 Adjustments to Series J Preferred Stock 926 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 Series J Preferred Stock $ 18 Series K Redeemable Preferred Stock The Company enters into equity distribution agreements with certain sales agents to sell from time-to-time shares of the Series K Redeemable Preferred Stock (the “Series K Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 20.0 million shares of Series K Preferred Stock or Series J Preferred Stock in a primary offering price of $25.00 per share. The Company is also offering a maximum of 8.0 million shares of the Series K Preferred Stock or Series J Preferred Stock pursuant to a dividend reinvestment plan (the “DRIP”) at $25.00 per share (the “Stated Value”). The Series K Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (Series D Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock and Series J Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Holders of the Series K Preferred Stock shall not have any voting rights, except for if and whenever dividends on any shares of the Series K Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive the number of directors then constituting the board shall be increased by two and the holders of such shares of Series K Preferred Stock shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms. Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends (with no redemption fee). The Series K Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon a change of control, the Company, at its option, may redeem, within 120 days, outstanding shares at a redemption price equal to the Stated Value plus an amount equal to any accrued but unpaid dividends. The Company must pay the redemption price in cash. The redemption fee shall be an amount equal to: • 1.5% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series K Preferred Stock to be redeemed; and • 0% of the Stated Value beginning on the first anniversary from the Original Issue Date of the shares of the Series K Preferred Stock to be redeemed. The Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. Holders of Series K Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 8.2% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $2.05 per share). Beginning one year from the date of original issuance of each share of Series K Preferred Stock (the “Series K Original Issue Date”) and on each one-year anniversary thereafter for such share of Series K Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series K Preferred Stock shall not exceed 8.7% per annum of the Stated Value. Dividends will be authorized and declared on a monthly basis and payable in arrears on the 15th of each month to holders of record at the close of business on the last business day of each month immediately preceding the applicable thereafter dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year. The Company has a DRIP that allows for participating holders to have their Series K Preferred Stock dividend distributions automatically reinvested in additional shares of the Series K Preferred Stock at a price of $25.00 per share. The issuance activity of the Series K Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 Series K Preferred Stock shares issued (1) 2 Net proceeds $ 44 ________ (1) Exclusive of shares issued under the dividend reinvestment plan. The Series K Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside of the Company’s control. As such, the Series K Preferred Stock is classified outside of permanent equity. At the date of issuance, the carrying amount of the Series K Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable the carrying value will be adjusted to the redemption amount each reporting period. The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands): December 31, 2022 Series K Preferred Stock $ 44 Adjustments to Series K Preferred Stock $ 20 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 Series K Preferred Stock $ 1

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
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. On March 15, 2022, we entered into a Limited Waiver Under Advisory Agreement (the “Limited Waiver”) with Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC. The Company, Ashford Trust OP, Ashford TRS and the Advisor are parties to the Second Amended and Restated Advisory Agreement, which (i) allocates responsibility for certain employee costs between us and our advisor and (ii) permits our board of directors to issue annual equity awards in the Company or Ashford Trust OP to employees and other representatives of our advisor based on achievement by the Company of certain financial or other objectives or otherwise as our board of directors sees fit. Pursuant to the Limited Waiver, the Company, Ashford Trust OP, Ashford TRS and the Advisor waived the operation of any provision in the advisory agreement that would otherwise limit our ability, in our discretion and at our cost and expense, to award during the first and second fiscal quarters of calendar year 2022 cash incentive compensation to employees and other representatives of our advisor; provided that such awarded cash incentive compensation does not exceed $8.5 million, in the aggregate, during the waiver period. The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2022 2021 2020 Advisory services fee Base advisory fee $ 34,802 $ 36,239 $ 34,745 Reimbursable expenses (1) 9,851 6,934 6,436 Equity-based compensation (2) 5,244 9,140 8,869 (3) Incentive fee — — — Total advisory services fee $ 49,897 $ 52,313 $ 50,050 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. (3) During the year ended December 31, 2020, 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 year ended December 31, 2020. Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar, their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.’s risk management department manages the casualty insurance program. 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 (as amended and restated on July 1, 2020, the “Lismore Agreement”). The Lismore Agreement expired on April 6, 2022. Upon entering into the agreement with Lismore, the Company made a payment of $5.1 million. No amounts under this payment can be clawed back. As of December 31, 2022, 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 have occurred 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. The remaining approximately $149,000 that could be offset against fees under the agreement was offset against the April 2022 base advisory fee payment. Further, the Company has incurred approximately $8.8 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 years ended December 31, 2022, 2021 and 2020, the Company recognized expense of $768,000, $5.6 million, $12.1 million, respectively, which is included in “write-off of premiums, loan costs and exit fees.” We engage Lismore or its subsidiaries to provide debt placement services and assist with loan modifications on our behalf. During the years ended December 31, 2022, 2021 and 2020, we made payments of $863,000, $784,000 and $385,000, respectively to Lismore. 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 (collectively, the “Parties” and each individually a “Party”) with respect to funding certain expenses of Ashford Securities LLC, a subsidiary of Ashford Inc. (“Ashford Securities”). Beginning on the effective date of the Amended and Restated Contribution Agreement, costs will be allocated 50% to Ashford Inc., 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate preferred equity offerings raised, or June 10, 2023, there will be a true up (the “Amended and Restated True-up Date”) among Ashford Inc., Ashford Trust and Braemar whereby the actual amount contributed by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively, through Ashford Securities (the resulting ratio of contributions among the Parties, the “Initial True-up Ratio”). On January 27, 2022, Ashford Trust, Braemar and Ashford Inc. entered into a Second Amended and Restated Contribution Agreement which provided for an additional $18 million in expenses to be reimbursed with all expenses allocated 45% to Ashford Trust, 45% to Braemar and 10% to Ashford Inc. On February 1, 2023, Ashford Trust entered into a Third Amended and Restated Contribution Agreement with Ashford Inc. and Braemar. The Third Amended and Restated Contribution Agreement states that after the Amended and Restated True-Up Date occurs, capital contributions for the remainder of fiscal year 2023 will be divided between each Party based on the Initial True-Up Ratio. Thereafter on a yearly basis at year-end, starting with the year-end of 2023, there will be a true-up between the Parties whereby there will be adjustments so that the capital contributions made by each Party will be based on the cumulative amount of capital raised by each Party through Ashford Securities as a percentage of the total amount raised by the Parties collectively through Ashford Securities since June 10, 2019 (the resulting ratio of capital contributions among the Company, Ashford Inc. and Braemar following this true-up, the “Cumulative Ratio”). Thereafter, the capital contributions will be divided among each Party in accordance with the Cumulative Ratio, as recalculated at the end of each year. As of December 31, 2022, Ashford Trust has funded approximately $6.2 million. As of December 31, 2022, $126,000 of the pre-funded amount was included in “other assets” and $5.9 million was included in “due from Ashford Inc., net” on our consolidated balance sheet. As of December 31, 2021, $632,000 of the pre-funded amount was included in “other assets” on our consolidated balance sheet. During the year ended December 31, 2022, the funding estimate was revised based on the latest capital raise estimates of the aggregate equity offerings raised by Ashford Securities, t his resulted in a credit to expense of approximately $3.9 million. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Corporate, general and administrative $ (2,617) $ 19 $ 1,998 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 60 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 were 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. Although the ERFP Agreement terminated in accordance with its terms on June 26, 2021, Ashford LLC remained committed to provide Ashford TRS with approximately $11.4 million related to the Company’s acquisition of the Embassy Suites Manhattan hotel (the “ES Manhattan ERFP Balance”), which such hotel constituted an Enhanced Return Hotel Asset (as defined in the ERFP Agreement). On December 16, 2022, the Company entered into a Side Letter with our operating partnership, Ashford TRS and our Advisor, pursuant to which the parties agreed that on or before December 16, 2022, our Advisor would transfer to the Company all right, title and interest held by our Advisor and its subsidiaries in the Hilton Marietta and, in exchange therefor, the Company will forgive, cancel and discharge in full the outstanding ES Manhattan ERFP Balance. On December 16, 2022, our operating partnership entered into an Agreement of Purchase and Sale with Ashford LLC, pursuant to which, effective as of December 16, 2022, our operating partnership acquired one hundred percent (100%) of the equity interests in (i) Marietta Leasehold LP (the “Lessee”), the lessee of the Marietta Hotel, and (ii) Marietta Leasehold GP LLC, the sole general partner of the Lessee and, in exchange therefor, the Company forgave, cancelled and discharged in full the outstanding ES Manhattan ERFP Balance. 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, 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 At December 31, 2022, 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 $16,000 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 As of December 31, 2021, the Company had a $728,000 payable to Braemar, included in “due to related parties, net” on our consolidated balance sheet. The payable related to a legal settlement between Ashford Trust and the City of San Francisco regarding a transfer tax matter associated with the transfer of The Clancy from Ashford Trust to Braemar upon Braemar’s 2013 spin-off from Ashford Trust. The transfer taxes were initially paid by Braemar at the time of the spin-off. In January 2022, the City of San Francisco remitted payment, which was then remitted to Braemar by the Company. Summary of Transactions In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotels, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Year Ended December 31, 2022 Company Product or Service Total Investments in Hotel Properties, net (1) Other Hotel Revenue Management Fees Other Hotel Expenses Ashford LLC Insurance claims services $ 17 $ — $ — $ — $ — Ashford Securities Capital raise services (2,566) — — — — Ashford Securities Dealer manager fees 44 — — — — INSPIRE Audio visual commissions 7,973 — 7,973 — — Lismore Capital Debt placement and related services 1,631 — — — — OpenKey Mobile key app 121 — — — 121 Premier Design and construction services 18,776 17,482 — — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — 1,294 Remington Hotels Hotel management services (3) 49,762 — — 23,856 25,906 Year Ended December 31, 2022 Company Product or Service Total Preferred Stock Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 17 $ 17 $ — $ — $ — Ashford Securities Capital raise services (2,566) 51 — — (2,617) — Ashford Securities Dealer manager fees 44 44 — — — — INSPIRE Audio visual commissions 7,973 — — — — — Lismore Capital Debt placement and related services 1,631 — — — — 1,631 OpenKey Mobile key app 121 — — — — — Premier Design and construction services 18,776 — — 1,294 — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — — — Remington Hotels Hotel management services (3) 49,762 — — — — — Year Ended December 31, 2021 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fees Ashford LLC Insurance claims services $ 74 $ — $ — $ — $ — $ — Ashford Securities Capital raise services 19 — — — — — INSPIRE Audio visual commissions 2,993 — — — 2,993 — Lismore Capital Debt placement and related services 7,220 — 784 792 — — Lismore Capital Broker services 955 — 955 — — — OpenKey Mobile key app 121 — — — — — Premier Design and construction services 5,940 5,192 — — — — Pure Wellness Hypoallergenic premium rooms 1,366 — — — — — Remington Hotels Hotel management services (3) 35,526 — — — — 17,754 Year Ended December 31, 2021 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 74 $ — $ 74 $ — $ — $ — Ashford Securities Capital raise services 19 — — — 19 — INSPIRE Audio visual commissions 2,993 — — — — — Lismore Capital Debt placement and related services 7,220 — — — — 5,644 Lismore Capital Broker services 955 — — — — — OpenKey Mobile key app 121 121 — — — — Premier Design and construction services 5,940 — — 748 — — Pure Wellness Hypoallergenic premium rooms 1,366 1,366 — — — — Remington Hotels Hotel management services (3) 35,526 17,772 — — — — Year Ended December 31, 2020 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fees AIM Cash management services $ 995 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 118 — — — — — INSPIRE Audio visual commissions 2,187 — — — 2,187 — Lismore Capital Debt placement and related services 16,570 (4) — 128 4,388 — — Lismore Capital Broker services 170 — — 70 — — OpenKey Mobile key app 118 — — — — — Premier Design and construction services 6,801 5,727 — — — — Pure Wellness Hypoallergenic premium rooms 967 38 — — — — Remington Hotels Hotel management services (3) 27,443 — — — — 15,835 Year Ended December 31, 2020 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 995 $ — $ — $ — $ 995 $ — Ashford LLC Insurance claims services 118 — — — — — INSPIRE Audio visual commissions 2,187 — 118 — — — Lismore Capital Debt placement and related services 16,570 — — — — 12,054 Lismore Capital Broker services 170 — — — — 100 OpenKey Mobile key app 118 118 — — — — Premier Design and construction services 6,801 — — 1,074 — — Pure Wellness Hypoallergenic premium rooms 967 929 — — — — Remington Hotels Hotel management services (3) 27,443 11,608 — — — — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs. (4) Amount excludes a $506 claw back credit due to Ashford Trust. See Lismore Advisory Fee section above. The following table summarizes amounts (due to) due from Ashford Inc. (in thousands): (Due to)/Due from Ashford Inc. Company Product or Service December 31, 2022 December 31, 2021 Ashford LLC Advisory services $ (1,831) $ 2,121 Ashford LLC Insurance claims services (3) (19) Ashford Securities Capital raise services 5,951 — INSPIRE Audio visual (1,650) (850) OpenKey Mobile key app (12) (14) Premier Design and construction services (1,966) (1,185) Pure Wellness Hypoallergenic premium rooms (3) (15) Lismore Capital Debt placement and related services — (13) $ 486 $ 25 As of December 31, 2022 and 2021, due from related parties, net included a net receivable from Remington Hotels in the amount of $5.4 million and $6.3 million, respectively, primarily related to advances made by Ashford Trust and accrued base and incentive management fees. As of December 31, 2022 and December 31, 2021, due from related parties, net included 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 the deposit will be returned upon lease expiration or earlier termination.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at December 31, 2022, 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 generally 4% to 6% of gross revenues for capital improvements. From time to time, the Company may work with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. Franchise Fees —Under franchise agreements for our hotel properties existing at December 31, 2022, 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 2023 and 2047. When a franchise term expires, the franchisor has no obligation to renew the franchise. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property. The table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other hotel expenses $ 59,195 $ 39,633 $ 26,658 Management Fees —Under hotel management agreements for our hotel properties existing at December 31, 2022, we pay monthly hotel management fees equal to the greater of approximately $16,000 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 2023 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. Leases —We lease land and facilities under non-cancelable operating and finance leases, which expire between 2054 and 2084, including two ground leases related to two hotels and one lease that encompasses the Hilton Marietta. These leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Additionally, other leases have certain contingent rentals included. See note 19. Capital Commitments —At December 31, 2022, we had capital commitments of $49.6 million, including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2018 through 2022 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 filed a complaint against Remington Lodging seeking, among other things, a ruling that Remington Lodging’s withdrawal of recognition was unlawful. The pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement. As of December 31, 2022, 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. This litigation was resolved in 2017 with the determination and reimbursement of attorney’s fees being the only remaining dispute. 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, pending the appeal of a contempt order against the Maraist Law Firm for failing to produce their fee records. As of December 31, 2022, 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 judgment in favor of the plaintiffs. Due to the Second Department’s holding, all information produced during discovery, and the continuing cost and risk, to both sides, a settlement was reached, signed by the parties and approved by the Court in June 2022. The settlement required the Company to establish a settlement fund that will be used to pay plaintiffs that opted in by November 10, 2022 and are entitled to receive payment, and to fund administrative expenses. The Company previously recorded an accrual of approximately $4.2 million and paid a $100,000 deposit. On December 1, 2022, the Court issued a final award of approximately $7.0 million. The settlement amount was prepared by the plaintiff’s expert which was confirmed by the Estate Administrator, all in accordance with the settlement agreement and based on a generally accepted methodology. The Company agreed to the settlement amount of approximately $7.0 million, subject to its right to recover $263,000 that is being held in reserve. On December 7, 2022, the Company remitted payment of $6.9 million, net of the $100,000 deposit and recorded additional expense of approximately $2.8 million, which is in addition to the $4.2 million expense previously recorded. 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. The opt out period has been extended until such time that discovery has concluded. 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 December 31, 2022, 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 with certainty. If we do not prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position, results of operations, or cash flows could be materially adversely affected in future periods.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The majority of our leases, as lessee, are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one In December 2022, the Company acquired the lease of a single hotel property in Marietta, Georgia. The lease is considered a finance lease and resulted in an increase to “investments in hotel properties, net” and “finance lease liabilities” of approximately $19.0 million, inclusive of transaction costs, and $18.8 million, respectively. See note 4. The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment. As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): Lease Classification December 31, 2022 December 31, 2021 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 43,921 $ 44,575 Finance lease assets Investments in hotel properties, net 18,972 — Total leased assets $ 62,893 $ 44,575 Liabilities Operating lease liabilities Operating lease liabilities $ 44,661 $ 45,106 Finance lease liabilities Finance lease liabilities 18,847 — Total leased liabilities $ 63,508 $ 45,106 We incurred the following lease costs related to our leases (in thousands): Year Ended December 31, Lease cost Classification 2022 2021 2020 Operating lease cost Rent expense Hotel operating expenses - other (1) $ 4,714 $ 4,665 $ 4,453 Finance lease cost Amortization of lease assets Depreciation and amortization $ 26 $ — $ — _______________________________________ (1) For the years ended December 31, 2022, 2021, and 2020, operating lease cost includes approximately $1.2 million, $1.1 million and $495,000, respectively, of variable lease cost associated with the ground leases and $181,000, $211,000 and $227,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, Supplemental Cash Flows Information 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 2,713 $ 2,824 $ 3,028 Weighted Average Remaining Lease Term Operating leases (1) 67 years 68 years 69 years Finance lease (2) 32 years — — Weighted Average Discount Rate Operating leases (1) 5.14 % 5.14 % 5.14 % Finance lease 10.68 % — % — % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054. Future minimum lease payments due under non-cancellable leases as of December 31, 2022 were as follows (in thousands): Operating Leases Finance Lease 2023 $ 3,017 $ 2,411 2024 2,976 2,411 2025 2,972 2,411 2026 2,957 2,284 2027 2,924 1,904 Thereafter 178,169 53,821 Total future minimum lease payments (1) 193,015 65,242 Less: interest 148,354 46,395 Present value of lease liabilities $ 44,661 $ 18,847 ________ (1) Based on payment amounts as of December 31, 2022. Enhanced Return Funding Program We lease certain assets from Ashford Inc. under the Enhanced Return Funding Program. See note 17.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor U.S. federal income tax purposes, we elected to be treated as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax prior to December 31, 2017) and may not qualify as a REIT for four years that are subsequently taxable. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2022, all of our 100 hotel properties and WorldQuest were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income (loss) of $44.2 million, $31.1 million and $(142.0) million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2022 2021 2020 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (9,291) $ (6,513) $ 29,811 State income tax (expense) benefit, net of U.S. federal income tax benefit (1,219) (413) 4,014 Permanent differences (2,342) (238) 415 Provision to return adjustment 1,971 60 (228) Gross receipts and margin taxes (506) (199) (347) Interest and penalties (199) (18) (13) Valuation allowance 5,250 1,373 (32,317) Total income tax (expense) benefit $ (6,336) $ (5,948) $ 1,335 The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Current: Federal $ (4,616) $ (4,950) $ 826 State (1,773) (885) (549) Total current income tax (expense) benefit (6,389) (5,835) 277 Deferred: Federal 53 (113) 927 State — — 131 Total deferred income tax (expense) benefit 53 (113) 1,058 Total income tax (expense) benefit $ (6,336) $ (5,948) $ 1,335 For the years ended December 31, 2022, 2021 and 2020 income tax expense includes interest and penalties paid to taxing authorities of $199,000, $18,000 and $11,000, respectively. Additionally, in 2020 we received interest income of $19,000 included in income tax expense. At December 31, 2022 and 2021, we determined that there were no material amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2022 and 2021, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2022 2021 Allowance for doubtful accounts $ 104 $ 93 Unearned income 950 1,119 Federal and state net operating losses 22,367 28,553 Capital loss carryforward 7,440 7,442 Accrued expenses 1,781 1,466 Prepaid expenses (22) (44) Tax property basis less than book basis (2,483) (2,302) Tax derivatives basis greater than book basis 315 322 Other 321 1,676 Deferred tax asset (liability) 30,773 38,325 Valuation allowance (31,205) (38,810) Net deferred tax asset (liability) $ (432) $ (485) At December 31, 2022, we had TRS NOLs for U.S. federal income tax purposes of $90.3 million, however our utilization of such NOLs to offset TRS taxable income is limited to approximately $7.3 million per year through 2025, and $1.2 million per year thereafter under Section 382 of the Internal Revenue Code. NOLs become subject to an annual limitation in the event of certain cumulative changes in the ownership of significant shareholders over a three-year period in excess of 50%, as defined under Section 382 of the Internal Revenue Code. Also in total $9.9 million of our TRS NOLs are subject to expiration and will begin to expire in 2023. The remainder was generated after December 31, 2017 and is not subject to expiration under the Tax Cuts and Jobs Act. At December 31, 2022, Ashford Hospitality Trust, Inc., our REIT, had NOLs for U.S. federal income tax purposes of $1.1 billion based on the latest filed tax returns. Utilization of the REIT NOLs subject to Section 382 are limited to approximately $37.2 million per year through 2025, and $9.4 million per year thereafter. $426.1 million of our net operating loss carryforward will begin to expire in 2023 and is available to offset future taxable income, if any, through 2036. The remainder was generated after December 31, 2017 and is not subject to expiration under the Tax Cuts and Jobs Act. At December 31, 2022 and 2021, we maintained a valuation allowance of $31.2 million and $38.8 million, respectively. At December 31, 2022 and 2021, we have reserved certain deferred tax assets of our TRS entities as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable to our current transfer pricing arrangements. The transfer pricing arrangements are renewed upon expiration. All existing leases were extended and terms amended in 2020 to reflect the economic impact of COVID-19. Outside consultants prepared the transfer pricing studies supporting the rents from the leases. Outside consultants will continue to provide transfer pricing studies on any newly acquired properties. The intercompany rents are determined in accordance with the arms’ length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 38,810 $ 40,029 $ 7,712 Additions — — 32,317 Deductions (7,605) (1,219) — Balance at end of year $ 31,205 $ 38,810 $ 40,029

Deferred Costs, net

Deferred Costs, net	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, net	Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2022 2021 Deferred franchise fees $ 3,171 $ 3,256 Deferred loan costs 5,479 5,278 Total costs 8,650 8,534 Accumulated amortization (5,985) (3,533) Deferred costs, net $ 2,665 $ 5,001

Intangible Assets, net and Inta

Intangible Assets, net and Intangible Liabilities, net	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net and Intangible Liabilities, net	Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2022 2021 2022 2021 Cost $ 797 $ 797 $ 2,723 $ 2,723 Accumulated amortization — — (626) (546) $ 797 $ 797 $ 2,097 $ 2,177 The intangible assets represent the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia. This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, intangible liabilities, net represents below market rate leases where the Company is the lessor. For the years ended December 31, 2022, 2021 and 2020 we recorded $80,000, $80,000, and $80,000, respectively, of other revenue related to leases where we are the lessor. Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2023 $ 80 2024 36 2025 32 2026 32 2027 32 Thereafter 1,885 Total $ 2,097

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the United States that have RevPAR generally less than twice the national average. During 2022, approximately 11% of our total hotel revenue was generated from nine hotel properties located in the Washington D.C. area. All hotel properties securing our mortgage loans are located domestically at December 31, 2022. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000 and amounts due or payable under our derivative contracts. At December 31, 2022, we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingWe operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics. As of December 31, 2022 and December 31, 2021, all of our hotel properties were domestically located.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2022 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period (6) Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Embassy Suites Austin, TX $ 23,141 $ 1,204 $ 9,388 $ 193 $ 4,987 $ 1,397 $ 14,375 $ 15,772 $ 8,622 08/1998 (1), (2), (3) Embassy Suites Dallas, TX 15,317 1,878 8,907 238 5,824 2,116 14,731 16,847 8,640 12/1998 (1), (2), (3) Embassy Suites Herndon, VA 25,120 1,303 9,836 277 5,747 1,580 15,583 17,163 9,636 12/1998 (1), (2), (3) Embassy Suites Las Vegas, NV 29,993 3,307 16,952 397 6,606 3,704 23,558 27,262 15,106 05/1999 (1), (2), (3) Embassy Suites Flagstaff, AZ 18,400 1,267 4,278 — 2,750 1,267 7,028 8,295 3,001 10/2003 (1), (2), (3) Embassy Suites Houston, TX 17,640 1,799 10,404 — 3,856 1,799 14,260 16,059 7,238 03/2005 (1), (2), (3) Embassy Suites West Palm Beach, FL 19,613 3,277 13,949 — 4,111 3,277 18,060 21,337 8,283 03/2005 (1), (2), (3) Embassy Suites Philadelphia, PA 28,698 5,791 34,819 — 11,171 5,791 45,990 51,781 23,157 12/2006 (1), (2), (3) Embassy Suites Walnut Creek, CA 49,920 7,452 25,334 — 13,865 7,452 39,199 46,651 19,673 12/2006 (1), (2), (3) Embassy Suites Arlington, VA 46,355 36,065 41,588 — 16,267 36,065 57,855 93,920 27,872 04/2007 (1), (2), (3) Embassy Suites Portland, OR 88,435 11,110 60,048 — 5,564 11,110 65,612 76,722 26,738 04/2007 (1), (2), (3) Embassy Suites Santa Clara, CA 67,440 8,948 46,239 — 10,428 8,948 56,667 65,615 25,436 04/2007 (1), (2), (3) Embassy Suites Orlando, FL 22,526 5,674 21,593 — 6,549 5,674 28,142 33,816 12,782 04/2007 (1), (2), (3) Hilton Garden Inn Jacksonville, FL 11,644 1,751 9,164 — 2,518 1,751 11,682 13,433 6,101 11/2003 (1), (2), (3) Hilton Garden Inn Austin, TX 66,257 7,605 48,725 — 1,379 7,605 50,104 57,709 11,944 03/2015 (1), (2), (3) Hilton Garden Inn Baltimore, MD 16,218 4,027 20,199 — 5,902 4,027 26,101 30,128 8,819 03/2015 (1), (2), (3) Hilton Garden Inn Virginia Beach, VA 32,140 4,101 26,329 — 513 4,101 26,842 30,943 5,622 03/2015 (1), (2), (3) Hilton Ft. Worth, TX 62,000 4,538 13,922 — 19,109 4,539 33,031 37,570 17,504 03/2005 (1), (2), (3) Hilton Houston, TX 19,759 2,200 13,247 — 6,063 2,200 19,309 21,509 9,706 03/2005 (1), (2), (3) Hilton St. Petersburg, FL 48,264 2,991 13,907 (1,130) 14,321 1,861 28,228 30,089 12,850 03/2005 (1), (2), (3) Hilton Santa Fe, NM 26,400 7,004 10,689 — 4,135 7,004 14,824 21,828 7,470 12/2006 (1), (2), (3) Hilton Bloomington, MN 46,800 5,685 59,139 — 6,881 5,685 66,020 71,705 28,607 04/2007 (1), (2), (3) Hilton Costa Mesa, CA 65,672 12,917 91,791 — 9,602 12,917 101,393 114,310 42,990 04/2007 (1), (2), (3) Hilton Boston, MA 98,000 62,555 134,407 — 6,935 62,555 141,342 203,897 33,568 03/2015 (1), (2), (3) Hilton Parsippany, NJ 38,073 7,293 58,098 — 3,593 7,293 61,691 68,984 17,421 03/2015 (1), (2), (3) Hilton Tampa, FL 27,442 5,206 21,186 — 6,186 5,206 27,372 32,578 10,890 03/2015 (1), (2), (3) Hilton Alexandria, VA 73,450 14,459 96,602 — 1,710 14,459 98,312 112,771 12,629 06/2018 (1), (2), (3) Hilton Santa Cruz, CA 23,326 9,399 38,129 — 1,389 9,399 39,518 48,917 5,038 02/2019 (1), (2), (3) Hampton Inn Lawrenceville, GA 5,140 697 3,808 — 1,755 697 5,563 6,260 2,930 11/2003 (1), (2), (3) Hampton Inn Evansville, IN 11,012 1,301 5,034 — 4,448 1,301 9,482 10,783 3,268 09/2004 (1), (2), (3) Hampton Inn Parsippany, NJ 18,641 3,268 24,306 — (135) 3,268 24,171 27,439 5,374 03/2015 (1), (2), (3) Hampton Inn Buford, GA 8,186 1,168 5,338 — 4,275 1,168 9,613 10,781 5,343 07/2004 (1), (2), (3) Marriott Beverly Hills, CA 123,120 6,510 22,061 — 4,655 6,510 26,716 33,226 13,379 03/2005 (1), (2), (3) Marriott Durham, NC 26,800 1,794 25,056 — 12,015 1,794 37,071 38,865 18,238 02/2006 (1), (2), (3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period (6) Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Marriott Arlington, VA 85,552 20,637 101,376 — 31,481 20,637 132,857 153,494 66,355 07/2006 (1), (2), (3) Marriott Bridgewater, NJ 71,200 5,059 89,268 — 17,826 5,059 107,094 112,153 46,064 04/2007 (1), (2), (3) Marriott Dallas, TX 30,400 2,701 30,893 — 6,291 2,701 37,184 39,885 16,654 04/2007 (1), (2), (3) Marriott Fremont, CA 58,402 5,800 44,200 — 16,176 5,800 60,376 66,176 16,094 08/2014 (1), (2), (3) Marriott Memphis, TN 27,041 6,210 37,284 — (2,645) 6,210 34,639 40,849 7,435 02/2015 (1), (2), (3) Marriott Irving, TX 66,653 8,330 82,272 — 30,693 8,330 112,965 121,295 38,696 03/2015 (1), (2), (3) Marriott Omaha, NE 15,847 6,641 49,887 — 8,670 6,641 58,557 65,198 16,873 03/2015 (1), (2), (3) Marriott Sugarland, TX 62,302 9,047 84,043 — 138 9,047 84,181 93,228 18,274 03/2015 (1), (2), (3) SpringHill Suites by Marriott Baltimore, MD 13,600 2,502 13,206 — 2,280 2,502 15,486 17,988 7,719 05/2004 (1), (2), (3) SpringHill Suites by Marriott Kennesaw, GA 6,261 1,106 5,021 — 1,649 1,106 6,670 7,776 3,426 07/2004 (1), (2), (3) SpringHill Suites by Marriott Buford, GA 9,022 1,132 6,089 — 4,492 1,132 10,581 11,713 3,440 07/2004 (1), (2), (3) SpringHill Suites by Marriott Manhattan Beach, CA 28,560 5,726 21,187 — 1,296 5,726 22,483 28,209 9,248 04/2007 (1), (2), (3) SpringHill Suites by Marriott Plymouth Meeting, PA 20,800 3,210 24,578 — 1,592 3,210 26,170 29,380 10,713 04/2007 (1), (2), (3) Fairfield Inn by Marriott Kennesaw, GA 4,911 840 4,359 (21) 2,514 819 6,873 7,692 3,638 07/2004 (1), (2), (3) Courtyard by Marriott Bloomington, IN 14,112 900 10,741 — 1,479 900 12,220 13,120 5,919 09/2004 (1), (2), (3) Courtyard by Marriott - Tremont Boston, MA 102,451 24,494 85,246 — 4,028 24,494 89,274 113,768 22,973 03/2015 (1), (2), (3) Courtyard by Marriott Columbus, IN 8,160 673 4,804 — 1,260 673 6,064 6,737 2,867 09/2004 (1), (2), (3) Courtyard by Marriott Denver, CO 33,376 9,342 29,656 — 1,855 9,342 31,511 40,853 8,686 03/2015 (1), (2), (3) Courtyard by Marriott Gaithersburg, MD 28,580 5,128 30,522 — 1,885 5,128 32,407 37,535 8,216 03/2015 (1), (2), (3) Courtyard by Marriott Crystal City, VA 42,132 5,411 38,610 — 8,301 5,411 46,911 52,322 22,524 06/2005 (1), (2), (3) Courtyard by Marriott Overland Park, KS 8,206 1,868 14,030 — 2,156 1,868 16,186 18,054 7,774 06/2005 (1), (2), (3) Courtyard by Marriott Foothill Ranch, CA 21,528 2,447 16,005 — 1,730 2,447 17,735 20,182 8,253 06/2005 (1), (2), (3) Courtyard by Marriott Alpharetta, GA 19,477 2,244 12,345 — 2,016 2,244 14,361 16,605 6,462 06/2005 (1), (2), (3) Courtyard by Marriott Oakland, CA 28,240 5,112 19,429 — 1,841 5,112 21,270 26,382 8,965 04/2007 (1), (2), (3) Courtyard by Marriott Scottsdale, AZ 23,600 3,700 22,134 — 2,724 3,700 24,858 28,558 10,299 04/2007 (1), (2), (3) Courtyard by Marriott Plano, TX 18,160 2,115 22,360 — 2,123 2,115 24,483 26,598 9,784 04/2007 (1), (2), (3) Courtyard by Marriott Newark, CA 34,960 2,863 10,723 — 2,129 2,863 12,852 15,715 4,868 04/2007 (1), (2), (3) Courtyard by Marriott Manchester, CT 5,819 1,301 7,430 — 1,034 1,301 8,464 9,765 3,782 04/2007 (1), (2), (3) Courtyard by Marriott Basking Ridge, NJ 41,600 5,419 45,304 — 3,673 5,419 48,977 54,396 20,099 04/2007 (1), (2), (3) Marriott Residence Inn Evansville, IN 7,756 961 5,972 — 896 960 6,869 7,829 3,438 09/2004 (1), (2), (3) Marriott Residence Inn Orlando, FL 23,970 6,554 40,539 — 13,045 6,554 53,584 60,138 26,643 06/2005 (1), (2), (3) Marriott Residence Inn Falls Church, VA 25,901 2,752 34,979 — 4,736 2,752 39,715 42,467 17,993 06/2005 (1), (2), (3) Marriott Residence Inn San Diego, CA 29,001 3,156 29,514 — 2,036 3,156 31,550 34,706 14,473 06/2005 (1), (2), (3) Marriott Residence Inn Salt Lake City, UT 14,741 1,897 16,357 — 3,144 1,897 19,501 21,398 8,637 06/2005 (1), (2), (3) Marriott Residence Inn Las Vegas, NV 38,160 18,177 39,568 (6,184) (15,959) 11,993 23,609 35,602 6,244 04/2007 (1), (2), (3), (4) Marriott Residence Inn Phoenix, AZ 23,680 4,100 23,187 — 7,428 4,100 30,615 34,715 10,601 04/2007 (1), (2), (3) Marriott Residence Inn Plano, TX 14,160 2,045 16,869 — 1,321 2,045 18,190 20,235 7,425 04/2007 (1), (2), (3) Marriott Residence Inn Newark, CA 37,760 3,272 11,706 — 2,224 3,272 13,930 17,202 5,670 04/2007 (1), (2), (3) Marriott Residence Inn Manchester, CT 6,345 1,462 8,306 — 1,023 1,462 9,329 10,791 4,235 04/2007 (1), (2), (3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount At Close of Period (6) Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Marriott Residence Inn Jacksonville, FL 9,261 1,997 16,084 — 6,798 1,997 22,882 24,879 11,241 05/2007 (1), (2), (3) Tribute Portfolio Santa Fe, NM 25,000 8,094 42,058 — 2,590 8,094 44,648 52,742 6,083 10/2018 (1), (2), (3) TownePlace Suites by Marriott Manhattan Beach, CA 23,680 4,805 17,543 — 2,634 4,805 20,177 24,982 8,653 04/2007 (1), (2), (3) Ritz-Carlton Atlanta, GA 97,902 2,477 80,139 — 23,224 2,477 103,363 105,840 32,728 03/2015 (1), (2), (3) One Ocean Atlantic Beach, FL 57,600 5,815 14,817 — 19,860 5,815 34,677 40,492 24,901 04/2004 (1), (2), (3) Renaissance Nashville, TN 207,000 20,671 158,260 — 33,436 20,671 191,696 212,367 53,669 03/2015 (1), (2), (3) Renaissance Palm Springs, CA 51,522 — 74,112 — 5,906 — 80,018 80,018 20,733 03/2015 (1), (2), (3) Sheraton Hotel Langhorne, PA 12,880 2,037 12,424 — 3,231 2,037 15,655 17,692 7,920 07/2004 (1), (2), (3) Sheraton Hotel Minneapolis, MN 20,933 2,953 14,280 — 2,179 2,953 16,459 19,412 7,968 03/2005 (1), (2), (3) Sheraton Hotel Indianapolis, IN 58,712 3,100 22,041 — 10,816 3,100 32,857 35,957 16,942 03/2005 (1), (2), (3) Sheraton Hotel Anchorage, AK 26,331 4,023 39,363 — 14,096 4,023 53,459 57,482 26,974 12/2006 (1), (2), (3) Sheraton Hotel San Diego, CA 36,160 7,294 36,382 — 3,225 7,294 39,607 46,901 17,084 12/2006 (1), (2), (3) Hyatt Regency Coral Gables, FL 63,200 4,805 50,820 — 22,368 4,805 73,188 77,993 35,660 04/2007 (1), (2), (3) Hyatt Regency Hauppauge, NY 36,095 6,284 35,669 — 486 6,284 36,155 42,439 11,630 03/2015 (1), (2), (3) Hyatt Regency Savannah, GA 69,224 14,041 72,721 — 7,546 14,041 80,267 94,308 20,738 03/2015 (1), (2), (3) Crown Plaza Key West, FL 64,982 — 27,514 — 7,747 — 35,261 35,261 14,876 03/2005 (1), (2), (3) Annapolis Historic Inn Annapolis, MD 18,658 3,028 7,833 — 3,746 3,028 11,579 14,607 6,261 03/2005 (1), (2), (3) Lakeway Resort & Spa Austin, TX 19,527 4,541 28,940 — 2,587 4,541 31,527 36,068 10,473 02/2015 (1), (2), (3) Silversmith Chicago, IL 27,739 4,782 22,398 — (1,743) 4,782 20,655 25,437 5,601 03/2015 (1), (2), (3) The Churchill Washington, DC 41,114 25,898 32,304 — 8,115 25,897 40,420 66,317 13,521 03/2015 (1), (2), (3) The Melrose Washington, DC 75,454 29,277 62,507 — (846) 29,277 61,661 90,938 13,501 03/2015 (1), (2), (3) Le Pavillon New Orleans, LA 37,000 10,933 51,549 (2,601) 11,494 8,332 63,043 71,375 17,850 06/2015 (1), (2), (3) The Ashton Ft. Worth, TX 8,881 800 7,187 — 798 800 7,985 8,785 2,134 07/2014 (1), (2), (3) Westin Princeton, NJ 33,000 6,475 52,195 — 7,027 6,475 59,222 65,697 17,130 03/2015 (1), (2), (3) W Atlanta, GA 48,800 2,353 54,383 — 4,042 2,353 58,425 60,778 14,974 07/2015 (1), (2), (3) Atlanta Hotel Indigo Atlanta, GA 15,290 3,230 23,713 — 4,569 3,230 28,282 31,512 8,072 10/2015 (1), (2), (3) WorldQuest Orlando, FL — 1,432 9,870 (121) 252 1,311 10,122 11,433 3,376 03/2011 (1), (2), (3) Total (5) $ 3,639,313 $ 633,023 $ 3,301,577 $ (8,952) $ 601,738 $ 624,070 $ 3,903,316 $ 4,527,386 $ 1,428,027 _________________________ (1) Estimated useful life for buildings is 39 years. (2) Estimated useful life for building improvements is 7.5 years. (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. (5) Hilton Marietta is not included in this schedule as it is operated through a lease. (6) The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $2.9 billion as of December 31, 2022. Year Ended December 31, 2022 2021 2020 Investment in Real Estate: Beginning balance $ 4,663,153 $ 4,798,605 $ 5,444,259 Additions 106,246 40,789 35,712 Impairment/write-offs (195,736) (151,753) (254,475) Sales/disposals (46,277) (24,488) (426,891) Ending balance $ 4,527,386 $ 4,663,153 $ 4,798,605 Accumulated Depreciation: Beginning balance 1,432,443 1,371,623 1,335,816 Depreciation expense 201,900 219,112 252,873 Impairment/write-offs (195,736) (151,753) (162,754) Sales/disposals (10,580) (6,539) (54,312) Ending balance $ 1,428,027 $ 1,432,443 $ 1,371,623 Investment in Real Estate, net $ 3,099,359 $ 3,230,710 $ 3,426,982

Significant Accounting Polici_2

Significant Accounting Policies (for 10K) (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers,
Use of Estimates	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for FF&E replacements of approxim ately 4% to 6% of property
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed to be adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories	Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net	Investments in Hotel Properties, net —Hotel properties are generally stated at cost. All improvements and additions that extend the useful life of the hotel properties are capitalized. For property and equipment acquired in a business combination, we record the assets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expensed as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost in an asset acquisition is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. Our property and equipment, including assets acquired under finance leases, are depreciated on a straight-line basis over the estimated useful lives of the assets with useful lives ranging from less than a 1 year to 32 years for our Marietta finance lease.
Impairment of Investments in Hotel Properties and Hotel Dispositions	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding periods, and expected useful lives. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. We recorded impairment charges of $0, $0 and $91.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. See note 5. Hotel Dispositions —D
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale and the hotel property is measured at the lower of its carrying value or fair value less costs to sell.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities —As of December 31, 2022, we held a 15.1% ownership interest in OpenKey, a 32.5% ownership interest in 815 Commerce MM and an investment in an entity that owns two resorts in Napa, CA, which are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review the investments for impairment each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any other-than-temporary-impairment is recorded in “equity in earnings (loss) of unconsolidated entities” in the consolidated statements of operations. No such impairment was recorded for the years ended December 31, 2022, 2021 and 2020.
Notes Receivable, net	Notes Receivable, net —We record notes receivable at present value upon the transaction date. Any discount or premium is amortized using the effective interest method.
Impairment of Notes Receivable	Impairment of Notes Receivable—We review notes receivable for impairment each reporting period. The impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. The Company will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions.
Leases	Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. Finance leases, as lessee, are recorded based on the underlying nature of the leased asset and finance lease liabilities. Operating lease ROU assets and finance lease assets and operating and finance lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset and finance lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset and the investments in hotel properties may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally amortized utilizing a straight-line method adjusted for the lease liability accretion during the period.
Intangible Assets and Liabilities	Intangible Assets and Liabilities—Intangible assets represent the acquisition of a permanent docking easement and intangible liabilities represent the liabilities recorded on certain hotel properties’ lessor lease contracts that were below market rates at the date of acquisition. The asset is not subject to amortization and liabilities are amortized using the straight-line method over the remaining terms of the respective lease contracts.
Deferred Costs, net	Deferred Costs, net —Debt issuance costs associated with debt obligations are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Debt issuance costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. We also have debt issuance costs related to delayed draw term loans in the Credit Agreement with Oaktree that meet the definition of an asset and are amortized on a straight-line basis over the contractual term of the arrangement. If the Company, makes any draws the recorded asset will be derecognized and reclassified as a direct reduction of the related debt and amortized using the effective interest method over the remaining initial term.
Derivative Instruments and Hedging	Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate), SOFR (Secured Overnight Financing Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors, and flooridors.
Due to/from Related Parties	Due to/from Related Parties —Due to/from related parties represents current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc.	Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting from the advisory services fee, including reimbursable expenses as well as other hotel products and services. Due to/from Ashford Inc. is generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Due to/from third-party hotel managers is generally settled within a period not exceeding one year.
Noncontrolling Interests	Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represented an ownership interest of 15% in two hotel properties held by one joint venture until December 31, 2021, and was reported in equity in the consolidated balance sheet. On December 31, 2021, the Company purchased the remaining ownership interest and since then holds a 100% ownership interest in the two hotel properties. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition	Revenue Recognition —Rooms revenue represents revenue from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2022 and 2021 was $18.3 million and $16.8 million, respectively, and are generally recognized as revenue within a one-year period. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenue. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net). Other hotel revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned.
Other Hotel Expenses	Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2022, 2021 and 2020, we incurred advertising costs of $10.1 million, $6.8 million and $4.3 million, respectively. Advertising costs are included in “other” hotel expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation —Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate, general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on market conditions. With respect to the 2020 award agreements, the number of PSU and Performance LTIP units to be earned ranged 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 PSU and Performance LTIP units are based on market conditions under the relevant literatures . The corresponding compensation cost was recognized ratably over the service period for the award as the service was rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition. With respect to the 2021 and 2022 award agreements, the criteria for the PSU and 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 PSU and Performance LTIP Units to be earned based on the applicable performance conditions is determined upon the final vesting date. The initial calculation of the PSU and 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. Stock/unit grants to certain independent directors are measured at the grant date based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Depreciation and Amortization	Depreciation and Amortization —Depreciation expense is based on the estimated useful life of the assets, while amortization expense for leasehold improvements and finance leases are based on the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes	Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 20 . The “Income Taxes” topic of the ASC issued by the Financial Accounting Standards Board (“FASB”) which addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In August 2020, the FASB issued Accounting Standards Update (“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. 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 adopted the standard effective January 1, 2022, and the adoption of this standard did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued 2021-01, Reference Rate Reform (Topic 848), Scope , which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. The Company applied the optional expedient in evaluating debt modifications converting from LIBOR to SOFR. There was no material impact as a result of this adoption.
Reclassification	Reclassification —Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
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, MN Minneapolis, MN Disposition September 15, 2020 Courtyard Louisville Louisville, KY Disposition September 21, 2020 Courtyard Ft. Lauderdale Ft. Lauderdale, FL Disposition September 21, 2020 Residence Inn Lake Buena Vista Lake Buena Vista, FL Disposition September 21, 2020 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 Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 65,616 $ 16,385 $ 5,194 $ — $ 87,195 Boston, MA Area 2 49,772 5,533 5,263 — 60,568 Dallas / Ft. Worth Area 7 53,831 12,881 3,559 — 70,271 Houston, TX Area 3 23,864 7,576 828 — 32,268 Los Angeles, CA Metro Area 6 76,603 13,630 4,785 — 95,018 Miami, FL Metro Area 2 25,387 8,225 862 — 34,474 Minneapolis - St. Paul, MN - WI Area 2 12,140 3,806 445 — 16,391 Nashville, TN Area 1 52,786 24,163 4,445 — 81,394 New York / New Jersey Metro Area 6 54,300 18,269 2,771 — 75,340 Orlando, FL Area 2 22,811 1,512 1,801 — 26,124 Philadelphia, PA Area 3 22,055 2,308 861 — 25,224 San Diego, CA Area 2 19,667 934 1,276 — 21,877 San Francisco - Oakland, CA Metro Area 7 63,060 5,744 3,138 — 71,942 Tampa, FL Area 2 26,182 6,528 1,299 — 34,009 Washington D.C. - MD - VA Area 9 108,119 20,786 8,049 — 136,954 Other Areas 36 288,909 47,399 21,223 — 357,531 Orlando WorldQuest — 4,500 170 1,181 — 5,851 Disposed properties 1 4,400 814 330 — 5,544 Corporate — — — — 2,884 2,884 Total 101 $ 974,002 $ 196,663 $ 67,310 $ 2,884 $ 1,240,859 Year Ended December 31, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 47,120 $ 9,085 $ 4,400 $ — $ 60,605 Boston, MA Area 2 25,426 2,153 3,576 — 31,155 Dallas / Ft. Worth Area 7 36,169 5,646 2,668 — 44,483 Houston, TX Area 3 19,169 3,380 470 — 23,019 Los Angeles, CA Metro Area 6 54,564 7,553 4,803 — 66,920 Miami, FL Metro Area 2 18,559 3,846 723 — 23,128 Minneapolis - St. Paul, MN - WI Area 2 7,188 1,826 855 — 9,869 Nashville, TN Area 1 32,774 11,928 3,714 — 48,416 New York / New Jersey Metro Area 6 32,777 9,004 2,018 — 43,799 Orlando, FL Area 2 15,843 679 1,517 — 18,039 Philadelphia, PA Area 3 16,859 1,252 738 — 18,849 San Diego, CA Area 2 12,392 458 1,258 — 14,108 San Francisco - Oakland, CA Metro Area 7 40,504 2,531 2,505 — 45,540 Tampa, FL Area 2 19,774 2,355 877 — 23,006 Washington D.C. - MD - VA Area 9 51,615 6,330 4,642 — 62,587 Other Areas 36 215,218 26,186 17,176 — 258,580 Orlando WorldQuest — 3,794 153 877 — 4,824 Disposed properties 4 5,376 546 295 — 6,217 Corporate — — — — 2,267 2,267 Total 103 $ 655,121 $ 94,911 $ 53,112 $ 2,267 $ 805,411 Year Ended December 31, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 28,047 $ 5,513 $ 3,096 $ — $ 36,656 Boston, MA Area 2 9,645 896 2,441 — 12,982 Dallas / Ft. Worth Area 7 22,491 4,896 2,025 — 29,412 Houston, TX Area 3 11,418 2,854 394 — 14,666 Los Angeles, CA Metro Area 6 34,182 4,461 2,721 — 41,364 Miami, FL Metro Area 2 8,643 2,509 302 — 11,454 Minneapolis - St. Paul, MN - WI Area 2 3,932 990 216 — 5,138 Nashville, TN Area 1 12,105 5,591 2,239 — 19,935 New York / New Jersey Metro Area 6 20,130 4,254 1,517 — 25,901 Orlando, FL Area 2 8,415 532 952 — 9,899 Philadelphia, PA Area 3 9,888 1,426 353 — 11,667 San Diego, CA Area 2 6,998 322 665 — 7,985 San Francisco - Oakland, CA Metro Area 7 33,888 2,299 1,568 — 37,755 Tampa, FL Area 2 11,325 2,449 906 — 14,680 Washington D.C. - MD - VA Area 9 31,446 4,737 3,242 — 39,425 Other Areas 36 125,862 15,847 12,483 — 154,192 Orlando WorldQuest — 1,571 24 547 — 2,142 Disposed properties 18 27,506 1,557 2,189 — 31,252 Corporate — — — — 1,733 1,733 Total 117 $ 407,492 $ 61,157 $ 37,856 $ 1,733 $ 508,238

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land $ 622,759 $ 626,917 Buildings and improvements 3,650,464 3,711,006 Furniture, fixtures and equipment 222,665 298,121 Construction in progress 21,609 16,370 Condominium properties 9,889 10,739 Hilton Marietta finance lease 18,998 — Total cost 4,546,384 4,663,153 Accumulated depreciation (1,428,053) (1,432,443) Investments in hotel properties, net $ 3,118,331 $ 3,230,710
Asset Acquisition	The following table summarizes the assets and liabilities included in Marietta Leasehold LP (in thousands): Finance lease asset $ 18,998 Cash and cash equivalents 1,282 Restricted cash 800 Inventories 48 Prepaid expenses 221 Other assets 1 Finance lease liability (18,847) Due to related parties, net (10) Accounts payable and accrued expenses (2,321)
Asset Acquisition, Pro Forma Information	The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the year ended December 31, 2022: Year ended December 31, 2022 Total revenue $ 338 Net income (loss) $ 30

Hotel Disposition and Impairm_2

Hotel Disposition and Impairment Charges (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The following table includes condensed financial information from these hotel property dispositions that occurred for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Total hotel revenue $ 5,544 $ 6,218 $ 31,253 Total hotel operating expenses (4,261) (5,460) (28,077) Gain (loss) on disposition of assets and hotel properties (1) 237 (36,680) Property taxes, insurance and other (433) (664) (7,715) Depreciation and amortization (1,203) (2,620) (16,321) Impairment charges — — (91,721) Operating income (loss) (354) (2,289) (149,261) Interest expense and amortization of discounts and loan costs (955) (2,050) (24,847) Gain (loss) on extinguishment of debt — 10,566 90,349 Income (loss) before income taxes (1,309) 6,227 (83,769) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 8 (138) 11,045 Net income (loss) before income taxes attributable to the Company $ (1,301) $ 6,089 $ (72,724)

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in unconsolidated entities: December 31, 2022 December 31, 2021 Carrying value of the investment in OpenKey (in thousands) $ 2,103 $ 2,771 Ownership interest in OpenKey 15.1 % 16.7 % Carrying value of the investment in 815 Commerce MM (in thousands) $ 8,482 $ 8,482 Ownership interest in 815 Commerce MM 32.5 % 32.5 % Carrying value of the Napa resorts investment (in thousands) $ 8,991 $ — The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 OpenKey $ (668) $ (540) $ (448) 815 Commerce MM — (18) — Napa resorts investment (136) — — $ (804) $ (558) $ (448)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): December 31, 2022 December 31, 2021 Indebtedness Collateral Maturity Interest Rate Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (3) 1 hotel July 2022 LIBOR (1) + 3.95% $ — $ — $ 33,200 $ 36,116 Mortgage loan (4) (5) 1 hotel November 2022 LIBOR (1) + 2.70% — — 25,000 46,833 Mortgage loan (6) (7) 1 hotel December 2022 LIBOR (1) + 2.25% — — 16,100 24,519 Mortgage loan (8) 1 hotel January 2023 LIBOR (1) + 3.40% — — 37,000 54,837 Mortgage loan (9) 8 hotels February 2023 LIBOR (1) + 3.07% 395,000 288,740 395,000 294,382 Mortgage loan (10) 2 hotels March 2023 LIBOR (1) + 2.75% 240,000 207,265 240,000 212,889 Mortgage loan (11) 19 hotels April 2023 LIBOR (1) + 3.20% 907,030 932,715 910,694 968,078 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 100,142 73,450 102,317 Mortgage loan (12) 7 hotels June 2023 LIBOR (1) + 3.65% 180,720 124,761 180,720 122,346 Mortgage loan (12) 7 hotels June 2023 LIBOR (1) + 3.39% 174,400 118,783 174,400 120,065 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 3.73% 221,040 145,085 221,040 152,371 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 4.02% 262,640 80,554 262,640 84,690 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 2.73% 160,000 168,223 160,000 171,440 Mortgage loan (12) 5 hotels June 2023 LIBOR (1) + 3.68% 215,120 164,792 215,120 174,749 Mortgage loan (13) 17 hotels November 2023 LIBOR (1) + 3.13% 415,000 220,462 419,000 226,178 Mortgage loan (4) 1 hotel November 2023 SOFR (2) + 2.80% 25,000 46,659 — — Mortgage loan (6) 1 hotel December 2023 SOFR (2) + 2.85% 15,290 23,440 — — Mortgage loan 1 hotel January 2024 5.49% 6,345 6,556 6,492 6,943 Mortgage loan 1 hotel January 2024 5.49% 9,261 13,638 9,474 15,196 Term loan (14) Equity January 2024 16.00% 195,959 — 200,000 — Mortgage loan 1 hotel May 2024 4.99% 5,819 5,983 6,150 6,156 Mortgage loan (15) 1 hotel June 2024 LIBOR (1) + 2.00% — — 8,881 6,968 Mortgage loan (15) (16) 1 hotel June 2024 SOFR (2) + 2.00% 8,881 6,651 — — Mortgage loan 2 hotels August 2024 4.85% 11,172 8,404 11,427 9,326 Mortgage loan 3 hotels August 2024 4.90% 22,349 17,041 22,853 14,347 Mortgage loan (17) 1 hotel November 2024 LIBOR (1) + 4.65% 85,552 87,139 84,000 93,848 Mortgage loan (8) (18) 1 hotel December 2024 SOFR (2) + 4.00% 37,000 53,525 — — Mortgage loan 3 hotels February 2025 4.45% 46,918 56,536 50,098 59,578 Mortgage loan 1 hotel March 2025 4.66% 23,326 43,879 23,883 42,915 Mortgage loan (19) 1 hotel August 2025 LIBOR (1) + 3.80% — — 98,000 174,743 Mortgage loan (19) 1 hotel August 2025 SOFR (2) + 3.91% 98,000 170,329 — — $ 3,835,272 $ 3,091,302 $ 3,884,622 $ 3,221,830 Premiums (discounts), net (20,249) (32,777) Capitalized default interest and late charges 8,363 23,511 Deferred loan costs, net (8,530) (15,440) Embedded debt derivative 23,687 27,906 Indebtedness, net $ 3,838,543 $ 3,887,822 _____________________________ (1) LIBOR rates were 4.392% and 0.101% at December 31, 2022 and December 31, 2021, respectively. (2) SOFR rate was 4.358% at December 31, 2022. (3) On September 1, 2022, we sold the property securing this mortgage loan. The assets and liabilities associated with this mortgage loan have been removed from the Company's consolidated balance sheet. See note 5. (4) On November 9, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.70% with SOFR + 2.80%. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in November 2022. (5) This mortgage loan has a LIBOR floor of 1.25%. (6) On December 15, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.25% with SOFR + 2.85%. Additionally, we paid down $810,000 of principal. This loan has two one (7) This mortgage loan has a LIBOR floor of 0.25%. (8) On December 22, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 3.40% with SOFR + 4.00%, extended the current maturity date to December 2024, and added three one (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in February 2023. Additionally in February 2023, the Company repaid $50.0 million in principal on this mortgage loan and reduced the 2024 debt yield extension test from 9.25% to 8.50%. (10) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in March 2023. (11) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in April 2022. (12) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. (13) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in November 2022. On March 2, 2022, we repaid $4.0 million of principal on this mortgage loan. (14) This term loan has two one-year extension options, subject to satisfaction of certain conditions. On September 1, 2022, we repaid $4.0 million of principal on this term loan. (15) On December 7, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 2.00% with SOFR + 2.00%. (16) This mortgage loan has a SOFR floor of 2.00%. (17) This mortgage loan has two one-year extension options, subject to the satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.10%. Effective September 23, 2022, we drew $1.6 million of the $2.0 million of future additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. (18) This mortgage loan has a SOFR floor of 0.50%. (19) On November 9, 2022, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR + 3.80% with SOFR + 3.91%. This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
Schedule of Net Premium (Discount) Amortization Recognized	We recognized net premium (discount) amortization as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Interest expense and amortization of discounts and loan costs $ (12,015) $ (7,142) $ 154
Schedule of Maturities and Schedule Amortizations	Maturities and scheduled amortizations of indebtedness as of December 31, 2022 for each of the five following years and thereafter are as follows (in thousands): 2023 $ 3,287,656 2024 382,965 2025 164,651 2026 — 2027 — Thereafter — Total $ 3,835,272

Notes Receivable, Net and Oth_2

Notes Receivable, Net and Other (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Accounts and Notes Receivable	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate December 31, 2022 December 31, 2021 Construction Financing Note (1) (4) Face amount 7.0 % $ — $ 4,000 Certificate of Occupancy Note (2) (4) Face amount 7.0 % $ 5,250 $ 5,250 Discount (3) (188) (527) 5,062 4,723 Notes receivable, net $ 5,062 $ 8,723 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was 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. On March 4, 2022, the Construction Financing Note was paid in full in the amount of $4.0 million. (2) The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025. (3) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023. (4) The notes receivable are secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. Imputed Interest Rate December 31, 2022 Deferred Receivable Face amount 10.0 % $ 1,500 Discount (1) (240) $ 1,260 _______________ (1) The discount represents the imputed interest during the interest-free period.
Schedule of Other Income (Expense)	We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other income (expense) $ 339 $ 460 $ 554 We recognized imputed interest income as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other income (expense) $ — $ 211 $ 300 We recognized amortization expense related to the free use of parking easement as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other income (expense) $ — $ — $ (117) We recognized discount amortization income as presented in the table below (in thousands): Year Ended December 31, Line Item 2022 Other income (expense) $ 41

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents a summary of our interest rate derivatives entered into over each applicable period: Year Ended December 31, 2022 2021 2020 Interest rate caps: Notional amount (in thousands) $ 3,365,941 (1) $ 3,415,301 (1) $ 457,000 (1) Strike rate low end of range 2.90 % 2.00 % 3.00 % Strike rate high end of range 5.50 % 4.00 % 4.00 % Effective date range January 2022 - December 2022 January 2021 - October 2021 January 2020 - September 2020 Termination date range January 2023 - January 2025 February 2022 - November 2024 February 2021 - February 2022 Total cost (in thousands) $ 40,119 $ 1,158 $ 83 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: December 31, 2022 December 31, 2021 Interest rate caps: Notional amount (in thousands) $ 3,549,941 (1) $ 3,597,301 (1) Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 5.50 % 4.00 % Termination date range January 2023 - January 2025 February 2022 - November 2024 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,505,242 $ 3,438,714 _______________ (1) These instruments were not designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Derivative Liabilities Measured at Fair Value	The following table includes a summary of the compound embedded derivative liabilities measured at fair value using significant unobservable (Level 3) inputs (in thousands): Fair Value Balance at January 1, 2021 $ — Additions 43,680 Re-measurement of fair value (15,774) Balance at December 31, 2021 27,906 Re-measurement of fair value (4,219) Balance at December 31, 2022 $ 23,687
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 December 31, 2022: Assets Derivative assets: Interest rate derivatives - caps $ — $ 47,182 $ — $ 47,182 (1) Total $ — $ 47,182 $ — $ 47,182 Liabilities Embedded debt derivative $ — $ — $ (23,687) $ (23,687) (2) Net $ — $ 47,182 $ (23,687) $ 23,495 December 31, 2021: Assets Derivative assets: Interest rate derivatives - caps $ — $ 501 $ — $ 501 (1) Total $ — $ 501 $ — $ 501 Liabilities Embedded debt derivative $ — $ — $ (27,906) $ (27,906) (2) Net $ — $ 501 $ (27,906) $ (27,405) ____________________________________ (1) Reported net as “derivative assets” in our consolidated balance sheets. (2) Reported in “indebtedness, net” in our consolidated balance sheets.
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 Year Ended December 31, 2022 2021 2020 Assets Derivative assets: Interest rate derivatives - floors $ — $ (643) $ 601 Interest rate derivatives - caps 10,947 (657) (130) Credit default swaps — — 407 (4) 10,947 (1,300) 878 Non-derivative assets: Equity — — 801 Total 10,947 (1,300) 1,679 Liabilities Derivative liabilities: Embedded debt derivative 4,219 15,774 — Net $ 15,166 $ 14,474 $ 1,679 Total combined Interest rate derivatives - floors $ — $ (624) $ 10,106 Interest rate derivatives - caps 6,562 (657) (130) Credit default swaps — — 9,974 Embedded debt derivative 4,219 15,774 — Unrealized gain (loss) on derivatives 10,781 (1) 14,493 (1) 19,950 (1) Realized gain (loss) on interest rate caps 4,385 (1) (5) — — Realized gain (loss) on credit default swaps — — (9,567) (2) (4) Realized gain (loss) on interest rate floors — (19) (2) (9,505) (2) Unrealized gain (loss) on marketable securities — — (1,467) (3) Realized gain (loss) on marketable securities — — 2,268 (2) Net $ 15,166 $ 14,474 $ 1,679 ____________________________________ (1) Reported in “realized and 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 $881 for the year ended December 31, 2020, included in “other income (expense)” associated with credit default swaps. (5) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 47,182 $ 47,182 $ 501 $ 501 Financial liabilities measured at fair value: Embedded debt derivative $ 23,687 $ 23,687 $ 27,906 $ 27,906 Financial assets not measured at fair value: Cash and cash equivalents $ 417,064 $ 417,064 $ 592,110 $ 592,110 Restricted cash 141,962 141,962 99,534 99,534 Accounts receivable, net 49,809 49,809 37,720 37,720 Notes receivable, net 5,062 4,809 to 5,315 8,723 8,287 to 9,159 Due from Ashford Inc., net 486 486 25 25 Due from related parties, net 6,570 6,570 7,473 7,473 Due from third-party hotel managers 22,462 22,462 26,896 26,896 Financial liabilities not measured at fair value: Indebtedness $ 3,815,023 $3,500,635 to $3,869,122 $ 3,851,845 $3,407,210 to $3,765,858 Accounts payable and accrued expenses 115,970 115,970 117,650 117,650 Accrued interest payable 15,287 15,287 15,432 15,432 Dividends and distributions payable 3,118 3,118 3,104 3,104 Due to related parties, net — — 728 728 Due to third-party hotel managers 1,319 1,319 1,204 1,204

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Year Ended December 31, 2022 2021 2020 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (139,825) $ (267,005) $ (543,876) Less: Dividends on preferred stock (12,433) (252) (32,117) Less: Deemed dividends on redeemable preferred stock (946) — — Add: Gain (loss) on extinguishment of preferred stock — (607) 55,477 Add: Claw back of dividends on cancelled performance stock units — 349 606 Distributed and undistributed income (loss) allocated to common stockholders - basic $ (153,204) $ (267,515) $ (519,910) Net income (loss) attributable to redeemable noncontrolling interests in operating partnership — (3,970) — Distributed and undistributed income (loss) allocated to common stockholders - diluted $ (153,204) $ (271,485) $ (519,910) Weighted average common shares outstanding: Weighted average common shares outstanding - basic 34,339 21,625 1,576 Effect of assumed conversion of operating partnership units — 219 — Weighted average shares outstanding - basic and diluted 34,339 21,844 1,576 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.46) $ (12.37) $ (329.97) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (4.46) $ (12.43) $ (329.97)
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Year Ended December 31, 2022 2021 2020 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (1,233) $ — (89,008) (1) Dividends on preferred stock - Series J (inclusive of deemed dividends) 944 — — Dividends on preferred stock - Series K (inclusive of deemed dividends) 21 $ — — Total $ (268) $ — $ (89,008) Weighted average diluted shares are not adjusted for: Effect of unvested restricted stock — 20 1 Effect of unvested performance stock units — 9 — Effect of assumed conversion of operating partnership units 288 — 190 Effect of assumed issuance of shares for term loan exit fee 1,745 1,672 — Effect of assumed conversion of preferred stock - Series J 33 — — Effect of assumed conversion of preferred stock - Series K 1 — — Total 2,067 1,701 191 _______________ (1) Inclusive of preferred stock dividends in arrears of $3.1 million for the year ended December 31, 2020 allocated to redeemable noncontrolling interests in operating partnership.

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2022 2021 2020 Performance LTIP units Advisory services fee $ 1,158 $ 1,128 $ 1,972 LTIP units Advisory services fee 569 1,119 2,042 LTIP units Corporate, general and administrative 32 22 — LTIP units - independent directors Corporate, general and administrative 413 397 816 $ 2,172 $ 2,666 $ 4,830 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,509 $ 3,716 $ 3,897 Management fees 56 199 594 Corporate, general and administrative 163 151 298 Corporate, general and administrative - independent directors 90 186 147 $ 2,818 $ 4,252 $ 4,936 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 1,008 $ 3,177 $ 958
Schedules of Redeemable Noncontrolling Interest	The following table presents the common units redeemed and the fair value upon redemption (in thousands): Year Ended December 31, 2022 2021 2020 Common units converted to stock — 1 20 Fair value of common units converted $ — $ 43 $ 959 The following table presents the redeemable noncontrolling interest in Ashford Trust and the corresponding approximate ownership percentage: December 31, 2022 December 31, 2021 Redeemable noncontrolling interests (in thousands) $ 21,550 $ 22,742 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) 184,625 186,756 Ownership percentage of operating partnership 0.91 % 0.63 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net (income) loss to the redeemable noncontrolling interests and declared aggregate cash distributions to holders of common units and holders of LTIP units, as presented in the table below (in thousands): Year Ended December 31, 2022 2021 2020 Allocated net (income) loss to the redeemable noncontrolling interests $ 1,233 $ 3,970 $ 89,008 Performance LTIP dividend claw back upon cancellation — (518) (1,401) A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2022 2021 2020 Outstanding at beginning of year 400 217 219 LTIP units issued 79 70 23 Performance LTIP units issued 1,194 122 5 Performance LTIP units canceled (4) (8) (11) Common units converted to common stock — (1) (19) Outstanding at end of year 1,669 400 217 Common units convertible/redeemable at end of year 309 207 178

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Equity Activity	The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Common stock issued 413 Gross proceeds received $ 12,009 Commissions and other expenses (150) Net proceeds $ 11,859
Summary of Issuance Activity	The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 2020 Shares sold to Lincoln Park 205 836 Additional commitment shares — 19 Total shares issued to Lincoln Park 205 855 Gross proceeds received $ 4,590 $ 20,556 The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to Lincoln Park 2,050 Additional commitment shares 16 Total shares issued to Lincoln Park 2,066 Gross proceeds received $ 43,586 The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to Keystone 3,062 Additional commitment shares 4 Total shares issued to Keystone 3,066 Gross proceeds received $ 147,961 The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to YA 1,372 Gross proceeds received $ 40,556 The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to YA 3,790 Gross proceeds received $ 165,391 The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to Seven Knots 4,009 Gross proceeds received $ 81,279 The issuance activity is summarized below (in thousands): Year Ended December 31, 2021 Shares sold to B. Riley 4,623 Gross proceeds received $ 67,989 The issuance activity is summarized below (in thousands): Year Ended December 31, 2022 2021 Shares sold to M3A — 900 Gross proceeds received $ — $ 12,941
Schedule of Shares Issued and Tendered	The table below summarizes the activity (in thousands): Year Ended December 31, 2020 Preferred Shares Tendered Common Shares Initially Issued Common Shares Issued (1) 8.45% Series D Cumulative Preferred Stock 575 3,211 321 7.375% Series F Cumulative Preferred Stock 1,755 9,791 979 7.375% Series G Cumulative Preferred Stock 1,663 9,279 928 7.50% Series H Cumulative Preferred Stock 1,029 5,742 574 7.50% Series I Cumulative Preferred Stock 1,858 10,366 1,037 6,880 38,389 3,839 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split. The table below summarizes the activity (in thousands): Year Ended December 31, 2021 Year Ended December 31, 2020 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 617 4,174 653 23 131 13 7.375% Series F Cumulative Preferred Stock 1,640 11,185 1,482 154 795 80 7.375% Series G Cumulative Preferred Stock 2,891 21,371 2,764 114 573 57 7.50% Series H Cumulative Preferred Stock 1,361 10,033 1,217 102 515 52 7.50% Series I Cumulative Preferred Stock 2,138 14,735 1,660 151 774 77 8,647 61,498 7,776 544 2,788 279 ____________________________________ (1) Reflects the number of shares issued after the adjustment for the reverse stock split.
Dividends Declared	A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Common stock $ — $ — $ — Preferred stock: Series D Cumulative Preferred Stock 2,481 4,342 (2) 1,262 Series F Cumulative Preferred Stock 2,307 4,036 (2) 2,212 Series G Cumulative Preferred Stock 2,824 4,943 (2) 2,858 Series H Cumulative Preferred Stock 2,453 4,293 (2) 1,781 Series I Cumulative Preferred Stock 2,349 4,111 (2) 2,531 Total dividends declared (1) $ 12,414 $ 21,725 $ 10,644 ____________________________________ (1) In the years ended December 31, 2021 and 2020, we recorded $252,000 and $32.1 million, respectively, of preferred dividend expense after the impact of preferred stock exchanges. All unpaid dividends in arrears as of December 31, 2020 of $21.5 million were declared and paid in 2021. (2) In the year ended December 31, 2021, the Company declared and paid dividends for each series of preferred stock for unpaid dividends from the second quarter 2020 through the third quarter of 2021. Additionally. the Company declared dividends for the fourth quarter of 2021 that were paid in January 2022.
Schedule of Noncontrolling Interests in Consolidated Entities	The table below summarizes (income) loss allocated to noncontrolling interests in consolidating entities (in thousands): Year Ended December 31, Line Item 2022 2021 2020 (Income) loss allocated to noncontrolling interests in consolidated entities $ — $ 73 $ 338

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Expense	We recorded compensation expense for Performance LTIP units and LTIP units as presented in the table below (in thousands): Year Ended December 31, Type Line Item 2022 2021 2020 Performance LTIP units Advisory services fee $ 1,158 $ 1,128 $ 1,972 LTIP units Advisory services fee 569 1,119 2,042 LTIP units Corporate, general and administrative 32 22 — LTIP units - independent directors Corporate, general and administrative 413 397 816 $ 2,172 $ 2,666 $ 4,830 The following table summarizes the stock-based compensation expense (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,509 $ 3,716 $ 3,897 Management fees 56 199 594 Corporate, general and administrative 163 151 298 Corporate, general and administrative - independent directors 90 186 147 $ 2,818 $ 4,252 $ 4,936 The following table summarizes the compensation expense (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 1,008 $ 3,177 $ 958
Summary of Restricted Stock Unit Activity	A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 231 $ 30.76 17 $ 306.10 21 $ 586.00 Restricted stock granted 19 5.59 251 25.38 17 115.50 Restricted stock vested (125) 36.70 (33) 126.09 (16) 462.50 Restricted stock forfeited (4) 31.88 (4) 76.73 (5) 348.90 Outstanding at end of year 121 $ 20.63 231 $ 30.76 17 $ 306.10
Summary of PSU Activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Units Weighted Average Price at Grant Units Weighted Average Price at Grant Units Weighted Average Price at Grant Outstanding at beginning of year 139 $ 34.81 13 $ 377.90 16 $ 582.00 PSUs granted 34 12.09 134 29.70 7 80.00 PSUs vested (33) 29.70 — — — — PSUs forfeited — — — — (7) 458.30 PSUs canceled (4) 80.00 (8) 627.36 (3) 585.00 Outstanding at end of year 136 $ 29.04 139 $ 34.81 13 $ 377.90

Redeemable Preferred Stock (Tab

Redeemable Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Temporary Equity [Abstract]
Summary of the Activity of Temporary Equity	The issuance activity of the Series J Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 Series J Preferred Stock shares issued (1) 87 Net proceeds $ 1,959 ________ (1) Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands): December 31, 2022 Series J Preferred Stock $ 2,004 Adjustments to Series J Preferred Stock 926 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 Series J Preferred Stock $ 18 The issuance activity of the Series K Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 Series K Preferred Stock shares issued (1) 2 Net proceeds $ 44 ________ (1) Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands): December 31, 2022 Series K Preferred Stock $ 44 Adjustments to Series K Preferred Stock $ 20 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 Series K Preferred Stock $ 1

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2022 2021 2020 Advisory services fee Base advisory fee $ 34,802 $ 36,239 $ 34,745 Reimbursable expenses (1) 9,851 6,934 6,436 Equity-based compensation (2) 5,244 9,140 8,869 (3) Incentive fee — — — Total advisory services fee $ 49,897 $ 52,313 $ 50,050 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. (3) During the year ended December 31, 2020, 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 year ended December 31, 2020. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Corporate, general and administrative $ (2,617) $ 19 $ 1,998 Year Ended December 31, 2022 Company Product or Service Total Investments in Hotel Properties, net (1) Other Hotel Revenue Management Fees Other Hotel Expenses Ashford LLC Insurance claims services $ 17 $ — $ — $ — $ — Ashford Securities Capital raise services (2,566) — — — — Ashford Securities Dealer manager fees 44 — — — — INSPIRE Audio visual commissions 7,973 — 7,973 — — Lismore Capital Debt placement and related services 1,631 — — — — OpenKey Mobile key app 121 — — — 121 Premier Design and construction services 18,776 17,482 — — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — 1,294 Remington Hotels Hotel management services (3) 49,762 — — 23,856 25,906 Year Ended December 31, 2022 Company Product or Service Total Preferred Stock Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 17 $ 17 $ — $ — $ — Ashford Securities Capital raise services (2,566) 51 — — (2,617) — Ashford Securities Dealer manager fees 44 44 — — — — INSPIRE Audio visual commissions 7,973 — — — — — Lismore Capital Debt placement and related services 1,631 — — — — 1,631 OpenKey Mobile key app 121 — — — — — Premier Design and construction services 18,776 — — 1,294 — — Pure Wellness Hypoallergenic premium rooms 1,294 — — — — — Remington Hotels Hotel management services (3) 49,762 — — — — — Year Ended December 31, 2021 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fees Ashford LLC Insurance claims services $ 74 $ — $ — $ — $ — $ — Ashford Securities Capital raise services 19 — — — — — INSPIRE Audio visual commissions 2,993 — — — 2,993 — Lismore Capital Debt placement and related services 7,220 — 784 792 — — Lismore Capital Broker services 955 — 955 — — — OpenKey Mobile key app 121 — — — — — Premier Design and construction services 5,940 5,192 — — — — Pure Wellness Hypoallergenic premium rooms 1,366 — — — — — Remington Hotels Hotel management services (3) 35,526 — — — — 17,754 Year Ended December 31, 2021 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 74 $ — $ 74 $ — $ — $ — Ashford Securities Capital raise services 19 — — — 19 — INSPIRE Audio visual commissions 2,993 — — — — — Lismore Capital Debt placement and related services 7,220 — — — — 5,644 Lismore Capital Broker services 955 — — — — — OpenKey Mobile key app 121 121 — — — — Premier Design and construction services 5,940 — — 748 — — Pure Wellness Hypoallergenic premium rooms 1,366 1,366 — — — — Remington Hotels Hotel management services (3) 35,526 17,772 — — — — Year Ended December 31, 2020 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Management Fees AIM Cash management services $ 995 $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 118 — — — — — INSPIRE Audio visual commissions 2,187 — — — 2,187 — Lismore Capital Debt placement and related services 16,570 (4) — 128 4,388 — — Lismore Capital Broker services 170 — — 70 — — OpenKey Mobile key app 118 — — — — — Premier Design and construction services 6,801 5,727 — — — — Pure Wellness Hypoallergenic premium rooms 967 38 — — — — Remington Hotels Hotel management services (3) 27,443 — — — — 15,835 Year Ended December 31, 2020 Company Product or Service Total Other Hotel Expenses Property Taxes, Insurance and Other Advisory Services Fee Corporate, General and Administrative Write-off of Premiums, Loan Costs and Exit Fees AIM Cash management services $ 995 $ — $ — $ — $ 995 $ — Ashford LLC Insurance claims services 118 — — — — — INSPIRE Audio visual commissions 2,187 — 118 — — — Lismore Capital Debt placement and related services 16,570 — — — — 12,054 Lismore Capital Broker services 170 — — — — 100 OpenKey Mobile key app 118 118 — — — — Premier Design and construction services 6,801 — — 1,074 — — Pure Wellness Hypoallergenic premium rooms 967 929 — — — — Remington Hotels Hotel management services (3) 27,443 11,608 — — — — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Other hotel expenses include incentive hotel management fees and other hotel management costs. (4) Amount excludes a $506 claw back credit due to Ashford Trust. See Lismore Advisory Fee section above. The following table summarizes amounts (due to) due from Ashford Inc. (in thousands): (Due to)/Due from Ashford Inc. Company Product or Service December 31, 2022 December 31, 2021 Ashford LLC Advisory services $ (1,831) $ 2,121 Ashford LLC Insurance claims services (3) (19) Ashford Securities Capital raise services 5,951 — INSPIRE Audio visual (1,650) (850) OpenKey Mobile key app (12) (14) Premier Design and construction services (1,966) (1,185) Pure Wellness Hypoallergenic premium rooms (3) (15) Lismore Capital Debt placement and related services — (13) $ 486 $ 25

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Other hotel expenses $ 59,195 $ 39,633 $ 26,658

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease Balances	As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): Lease Classification December 31, 2022 December 31, 2021 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 43,921 $ 44,575 Finance lease assets Investments in hotel properties, net 18,972 — Total leased assets $ 62,893 $ 44,575 Liabilities Operating lease liabilities Operating lease liabilities $ 44,661 $ 45,106 Finance lease liabilities Finance lease liabilities 18,847 — Total leased liabilities $ 63,508 $ 45,106
Lease Cost and Other Information	We incurred the following lease costs related to our leases (in thousands): Year Ended December 31, Lease cost Classification 2022 2021 2020 Operating lease cost Rent expense Hotel operating expenses - other (1) $ 4,714 $ 4,665 $ 4,453 Finance lease cost Amortization of lease assets Depreciation and amortization $ 26 $ — $ — _______________________________________ (1) For the years ended December 31, 2022, 2021, and 2020, operating lease cost includes approximately $1.2 million, $1.1 million and $495,000, respectively, of variable lease cost associated with the ground leases and $181,000, $211,000 and $227,000, respectively of net amortization costs related to the intangible assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, Supplemental Cash Flows Information 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 2,713 $ 2,824 $ 3,028 Weighted Average Remaining Lease Term Operating leases (1) 67 years 68 years 69 years Finance lease (2) 32 years — — Weighted Average Discount Rate Operating leases (1) 5.14 % 5.14 % 5.14 % Finance lease 10.68 % — % — % _______________________________________ (1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases. (2) The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Maturities of Operating Lease Liabilities	Future minimum lease payments due under non-cancellable leases as of December 31, 2022 were as follows (in thousands): Operating Leases Finance Lease 2023 $ 3,017 $ 2,411 2024 2,976 2,411 2025 2,972 2,411 2026 2,957 2,284 2027 2,924 1,904 Thereafter 178,169 53,821 Total future minimum lease payments (1) 193,015 65,242 Less: interest 148,354 46,395 Present value of lease liabilities $ 44,661 $ 18,847 ________ (1) Based on payment amounts as of December 31, 2022.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense	The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2022 2021 2020 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (9,291) $ (6,513) $ 29,811 State income tax (expense) benefit, net of U.S. federal income tax benefit (1,219) (413) 4,014 Permanent differences (2,342) (238) 415 Provision to return adjustment 1,971 60 (228) Gross receipts and margin taxes (506) (199) (347) Interest and penalties (199) (18) (13) Valuation allowance 5,250 1,373 (32,317) Total income tax (expense) benefit $ (6,336) $ (5,948) $ 1,335
Components of Income Tax Benefit (Expense) From Continuing Operations	The components of income tax (expense) benefit are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Current: Federal $ (4,616) $ (4,950) $ 826 State (1,773) (885) (549) Total current income tax (expense) benefit (6,389) (5,835) 277 Deferred: Federal 53 (113) 927 State — — 131 Total deferred income tax (expense) benefit 53 (113) 1,058 Total income tax (expense) benefit $ (6,336) $ (5,948) $ 1,335
Deferred Tax Asset (Liability) and Related Valuation Allowance	At December 31, 2022 and 2021, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2022 2021 Allowance for doubtful accounts $ 104 $ 93 Unearned income 950 1,119 Federal and state net operating losses 22,367 28,553 Capital loss carryforward 7,440 7,442 Accrued expenses 1,781 1,466 Prepaid expenses (22) (44) Tax property basis less than book basis (2,483) (2,302) Tax derivatives basis greater than book basis 315 322 Other 321 1,676 Deferred tax asset (liability) 30,773 38,325 Valuation allowance (31,205) (38,810) Net deferred tax asset (liability) $ (432) $ (485)
Summarize the Changes in the Valuation Allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 38,810 $ 40,029 $ 7,712 Additions — — 32,317 Deductions (7,605) (1,219) — Balance at end of year $ 31,205 $ 38,810 $ 40,029

Deferred Costs, net (Tables)

Deferred Costs, net (Tables)	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Costs, net	Deferred costs, net consist of the following (in thousands): December 31, 2022 2021 Deferred franchise fees $ 3,171 $ 3,256 Deferred loan costs 5,479 5,278 Total costs 8,650 8,534 Accumulated amortization (5,985) (3,533) Deferred costs, net $ 2,665 $ 5,001

Intangible Assets, net and In_2

Intangible Assets, net and Intangible Liabilities, net (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, net and Intangible Liabilities, net	Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liabilities, net December 31, December 31, 2022 2021 2022 2021 Cost $ 797 $ 797 $ 2,723 $ 2,723 Accumulated amortization — — (626) (546) $ 797 $ 797 $ 2,097 $ 2,177
Below Market Lease, Future Amortization Income	Estimated future amortization for intangible liabilities for each of the next five years and thereafter is as follows (in thousands): 2023 $ 80 2024 36 2025 32 2026 32 2027 32 Thereafter 1,885 Total $ 2,097

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) room hotel unit resort	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 hotel	Nov. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Number of hotels | hotel	101	103	117
Number of rooms | room	22,316
Investments in unconsolidated entities	$ 19,576	$ 11,253
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit	79
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	15.10%	16.70%
Investments in unconsolidated entities	$ 2,103	$ 2,771
815 Commerce MM
Real Estate Properties [Line Items]
Ownership percentage	32.50%
Investments in unconsolidated entities	$ 8,482	8,482
Napa Resorts
Real Estate Properties [Line Items]
Investments in unconsolidated entities	$ 8,991	$ 0		$ 9,100
Number of resorts | resort	2
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels | hotel	100
Number of hotel properties managed by affiliates | hotel	68

Significant Accounting Polici_4

Significant Accounting Policies (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel jointVenture	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Impairment charge for investments in hotel properties	$ 27,600,000	$ 27,600,000	$ 0	$ 0	$ 91,700,000
Impairment of investments in unconsolidated entities			0	0	0
Impairment of investments in hotel properties			0	0	91,721,000
Advance deposit balance			18,300,000	16,800,000
Advertising expense			$ 10,100,000	$ 6,800,000	4,300,000
2019 and 2020 Grants | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			200%
Two Interstate Hotels
Real Estate Properties [Line Items]
Number of joint venture | jointVenture				1
Two Interstate Hotels | Hotel Properties
Real Estate Properties [Line Items]
Ownership percentage of operating partnership			100%	15%
Number of hotel properties held by joint ventures | hotel			2	2
Notes Receivable
Real Estate Properties [Line Items]
Impairment of investments in hotel properties			$ 0	$ 0	$ 0
OpenKey
Real Estate Properties [Line Items]
Ownership percentage			15.10%	16.70%
815 Commerce MM
Real Estate Properties [Line Items]
Ownership percentage			32.50%
Minimum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue			4%
Finite lived tangible assets, finance lease, useful life			1 year
Minimum | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			0%
Minimum | 2019 and 2020 Grants | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			0%
Minimum | 2021 and 2022 Grants | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			0%
Performance adjustment range on initial calculation (as a percent)			75%
Minimum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life			7 years 6 months
Minimum | Furniture and Fixtures
Real Estate Properties [Line Items]
Estimated useful life			1 year 6 months
Maximum
Real Estate Properties [Line Items]
Restricted cash as percentage of property revenue			6%
Finite lived tangible assets, finance lease, useful life			32 years
Maximum | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			200%
Maximum | 2019 and 2020 Grants | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			200%
Maximum | 2021 and 2022 Grants | Performance LTIP units
Real Estate Properties [Line Items]
Performance adjustment range (as a percent)			250%
Performance adjustment range on initial calculation (as a percent)			125%
Maximum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life			39 years
Maximum | Furniture and Fixtures
Real Estate Properties [Line Items]
Estimated useful life			5 years

Revenue (Details)

Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	101	103	117
Revenue	$ 1,240,859	$ 805,411	$ 508,238
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	10	9	9
Revenue	$ 87,195	$ 60,605	$ 36,656
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2
Revenue	$ 60,568	$ 31,155	$ 12,982
Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	7	7	7
Revenue	$ 70,271	$ 44,483	$ 29,412
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	3	3	3
Revenue	$ 32,268	$ 23,019	$ 14,666
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	6	6	6
Revenue	$ 95,018	$ 66,920	$ 41,364
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2
Revenue	$ 34,474	$ 23,128	$ 11,454
Minneapolis - St. Paul, MN
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2
Revenue	$ 16,391	$ 9,869	$ 5,138
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1
Revenue	$ 81,394	$ 48,416	$ 19,935
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	6	6	6
Revenue	$ 75,340	$ 43,799	$ 25,901
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2
Revenue	$ 26,124	$ 18,039	$ 9,899
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	3	3	3
Revenue	$ 25,224	$ 18,849	$ 11,667
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2
Revenue	$ 21,877	$ 14,108	$ 7,985
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	7	7	7
Revenue	$ 71,942	$ 45,540	$ 37,755
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2
Revenue	$ 34,009	$ 23,006	$ 14,680
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	9	9	9
Revenue	$ 136,954	$ 62,587	$ 39,425
Other Areas
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	36	36	36
Revenue	$ 357,531	$ 258,580	$ 154,192
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	0	0
Revenue	$ 5,851	$ 4,824	$ 2,142
Disposed properties
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	4	18
Revenue	$ 5,544	$ 6,217	$ 31,252
Corporate
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	0	0
Revenue	$ 2,884	$ 2,267	$ 1,733
Rooms
Disaggregation of Revenue [Line Items]
Revenue	974,002	655,121	407,492
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	65,616	47,120	28,047
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	49,772	25,426	9,645
Rooms | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	53,831	36,169	22,491
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	23,864	19,169	11,418
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	76,603	54,564	34,182
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	25,387	18,559	8,643
Rooms | Minneapolis - St. Paul, MN
Disaggregation of Revenue [Line Items]
Revenue	12,140	7,188	3,932
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	52,786	32,774	12,105
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	54,300	32,777	20,130
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	22,811	15,843	8,415
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	22,055	16,859	9,888
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	19,667	12,392	6,998
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	63,060	40,504	33,888
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	26,182	19,774	11,325
Rooms | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	108,119	51,615	31,446
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	288,909	215,218	125,862
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	4,500	3,794	1,571
Rooms | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	4,400	5,376	27,506
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	196,663	94,911	61,157
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	16,385	9,085	5,513
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	5,533	2,153	896
Food and Beverage | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	12,881	5,646	4,896
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	7,576	3,380	2,854
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	13,630	7,553	4,461
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	8,225	3,846	2,509
Food and Beverage | Minneapolis - St. Paul, MN
Disaggregation of Revenue [Line Items]
Revenue	3,806	1,826	990
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	24,163	11,928	5,591
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	18,269	9,004	4,254
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,512	679	532
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	2,308	1,252	1,426
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	934	458	322
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,744	2,531	2,299
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	6,528	2,355	2,449
Food and Beverage | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	20,786	6,330	4,737
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	47,399	26,186	15,847
Food and Beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	170	153	24
Food and Beverage | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	814	546	1,557
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	67,310	53,112	37,856
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	5,194	4,400	3,096
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	5,263	3,576	2,441
Other Hotel | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	3,559	2,668	2,025
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	828	470	394
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	4,785	4,803	2,721
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	862	723	302
Other Hotel | Minneapolis - St. Paul, MN
Disaggregation of Revenue [Line Items]
Revenue	445	855	216
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	4,445	3,714	2,239
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,771	2,018	1,517
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,801	1,517	952
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	861	738	353
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	1,276	1,258	665
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	3,138	2,505	1,568
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,299	877	906
Other Hotel | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	8,049	4,642	3,242
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	21,223	17,176	12,483
Other Hotel | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	1,181	877	547
Other Hotel | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	330	295	2,189
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	2,884	2,267	1,733
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Minneapolis - St. Paul, MN
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	$ 2,884	$ 2,267	$ 1,733

Investments in Hotel Properti_3

Investments in Hotel Properties, net - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Land	$ 622,759	$ 626,917
Buildings and improvements	3,650,464	3,711,006
Furniture, fixtures and equipment	222,665	298,121
Construction in progress	21,609	16,370
Condominium properties	9,889	10,739
Hilton Marietta finance lease	18,998	0
Total cost	4,546,384	4,663,153
Accumulated depreciation	(1,428,053)	(1,432,443)
Investments in hotel properties, net	$ 3,118,331	$ 3,230,710

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 16, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Depreciation		$ 201,400	$ 218,500	$ 252,400
Finance lease assets	$ 18,800	18,972	$ 0
Cost of land and depreciable property for federal income tax purposes		2,900,000
Marietta Leasehold LP Asset Acquisition
Asset Acquisition [Line Items]
Interest acquired	100%
Finance lease assets	$ 19,000	$ 19,000
Finance lease asset, acquisition costs	$ 151

Investments in Hotel Properti_5

Investments in Hotel Properties, net - Summary of Finance Asset and Liabilities (Details) - Marietta Leasehold LP Asset Acquisition $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Finance lease asset	$ 18,998
Cash and cash equivalents	1,282
Restricted cash	800
Inventories	48
Prepaid expenses	221
Other assets	1
Finance lease liabilities	(18,847)
Due to related parties, net	(10)
Accounts payable and accrued expenses	$ (2,321)

Investments in Hotel Properti_6

Investments in Hotel Properties, net- Net Income Summary (Details) - Marietta Leasehold LP Asset Acquisition $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Total revenue	$ 338
Net income (loss)	$ 30

Hotel Disposition and Impairm_3

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

12 Months Ended

Sep. 01, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Feb. 28, 2021

Jan. 20, 2021

Sep. 21, 2020

Sep. 15, 2020

Jul. 23, 2020

Jul. 09, 2020

Jun. 22, 2020

May 12, 2020

Mar. 09, 2020

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

Proceeds from sale of hotel property

$ 34,988

$ 9,013

$ 38,763

Non-cash consideration from sale of hotel property

1,219

0

0

Debt balance

3,835,272

Gain (loss) on extinguishment of debt

$ 0

11,896

90,349

Disposal group, not discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration]

Gain (Loss) on Sale of Properties

Rockbridge Portfolio

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

Debt balance

$ 144,200

Gain (loss) on extinguishment of debt

65,200

Mortgages

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

Debt balance

$ 56,000

$ 45,800

$ 108,800

Mortgages | Mortgage loan 26

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

Debt balance

$ 37,000

0

$ 19,400

Gain (loss) on extinguishment of debt

10,600

Subordinated Debt

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

Debt balance

$ 8,000

$ 5,800

36,200

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sheraton In Ann Arbor

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

Consideration for disposal

$ 35,700

Proceeds from sale of hotel property

34,500

Non-cash consideration from sale of hotel property

1,200

Face amount

$ 1,500

Deferral period

24 months

Gain (loss) on disposal

$ (1)

Extinguishment of debt

$ 30,000

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

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

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

Consideration for disposal

$ 5,100

Gain (loss) on disposal

3,700

Carrying value of property sold

$ 2,100

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

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

Consideration for disposal

143,900

Gain (loss) on disposal

(40,400)

Consideration in cash

35,100

Consideration in the form of the assumption of the loan

$ 108,800

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

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

Gain (loss) on extinguishment of debt

1,100

Assignment of equity interests (as a percent)

100%

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

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

Gain (loss) on extinguishment of debt

$ 19,700

Assignment of equity interests (as a percent)

100%

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total hotel revenue	$ 5,544	$ 6,218	$ 31,253
Total hotel operating expenses	(4,261)	(5,460)	(28,077)
Gain (loss) on disposition of assets and hotel properties	(1)	237	(36,680)
Property taxes, insurance and other	(433)	(664)	(7,715)
Depreciation and amortization	(1,203)	(2,620)	(16,321)
Operating income (loss)	(354)	(2,289)	(149,261)
Interest expense and amortization of discounts and loan costs	(955)	(2,050)	(24,847)
Gain (loss) on extinguishment of debt	0	10,566	90,349
Income (loss) before income taxes	(1,309)	6,227	(83,769)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	8	(138)	11,045
Net income (loss) before income taxes attributable to the Company	(1,301)	6,089	(72,724)
Impairment charges	$ 0	$ 0	$ (91,721)

Hotel Disposition and Impairm_5

Hotel Disposition and Impairment Charges - Impairment Charges and Insurance Recoveries (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			$ 27.6	$ 27.6	$ 0	$ 0	$ 91.7
Columbus Hampton Inn Easton
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			1.7	13.9
Canonsburg Homewood Suites Pittsburgh Southpointe
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			1.8	10
Phoenix Hampton Inn Airport North
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties				$ 3.7
Pittsburgh Hampton Inn Waterfront West
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			3
Washington Hampton Inn Pittsburgh Meadow Lands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			3
Stillwater Residence Inn
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			2.4
Billerica Courtyard By Marriott Boston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			9.5
Wichita Courtyard By Marriott Old Town
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties			$ 6.1
W Hotel Minneapolis, Minnesota
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties		$ 29.9
Le Meridien In Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge for investments in hotel properties	$ 6.6

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 19,576,000	$ 11,253,000
Income (loss) from equity method investments	(804,000)	(558,000)	$ (448,000)
Impairment of investments in unconsolidated entities	0	0	0
OpenKey
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	2,103,000	$ 2,771,000
Equity method investment, aggregate cost	$ 5,500,000
Ownership percentage	15.10%	16.70%
Income (loss) from equity method investments	$ (668,000)	$ (540,000)	(448,000)
815 Commerce MM
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 8,482,000	8,482,000
Ownership percentage	32.50%
Income (loss) from equity method investments	$ 0	(18,000)	0
Napa Resorts
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	8,991,000	0		$ 9,100,000
Income (loss) from equity method investments	$ (136,000)	$ 0	$ 0

Indebtedness, net - Schedule of

Indebtedness, net - Schedule of Indebtedness (Details)							1 Months Ended	12 Months Ended
	Dec. 22, 2022 hotel	Dec. 15, 2022 USD ($) hotel	Nov. 09, 2022 extension	Sep. 23, 2022 USD ($)	Sep. 01, 2022 USD ($)	Mar. 02, 2022 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($) hotel extension	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 28, 2021 USD ($)	Jan. 15, 2021 USD ($)	Jul. 23, 2020 USD ($)	Jun. 22, 2020 USD ($)	May 12, 2020 USD ($)
Debt Instrument [Line Items]
Debt Balance								$ 3,835,272,000
Book Value of Collateral								3,091,302,000	$ 3,221,830,000
Fair value of derivative liability												$ 43,700,000
Indebtedness, net								$ 3,838,543,000	$ 3,887,822,000
LIBOR rate								4.392%	0.101%
SOFR rate								4.358%
Repayments of long-term debt								$ 50,902,000	$ 189,594,000	$ 137,849,000
Borrowings on indebtedness, net of commitment fee								1,551,000	377,500,000	$ 88,000,000
Mortgages
Debt Instrument [Line Items]
Debt Balance													$ 56,000,000	$ 45,800,000	$ 108,800,000
Premiums (discounts), net								(20,249,000)	(32,777,000)
Capitalized default interest and late charges								8,363,000	23,511,000
Deferred loan costs, net								(8,530,000)	(15,440,000)
Indebtedness, net								3,838,543,000	3,887,822,000
Mortgages and Line Of Credit
Debt Instrument [Line Items]
Debt Balance								3,835,272,000	3,884,622,000
Embedded debt derivative
Debt Instrument [Line Items]
Fair value of derivative liability								$ 23,687,000	27,906,000
Mortgage loan 1 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Interest rate								3.95%
Debt Balance								$ 0	33,200,000
Book Value of Collateral								$ 0	36,116,000
Mortgage loan 2 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 0	25,000,000
Book Value of Collateral								$ 0	46,833,000
Number of extension options | extension			3
Term of extension option (in years)			1 year
Mortgage loan 2 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate			2.70%					2.70%
LIBOR floor (as a percent)								1.25%
Mortgage loan 3 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 0	16,100,000
Book Value of Collateral								$ 0	24,519,000
Number of extension options | hotel		2
Term of extension option (in years)		1 year
Repayments of long-term debt		$ 810,000
Mortgage loan 3 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate		2.25%						2.25%
LIBOR floor (as a percent)								0.25%
Mortgage loan 4 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 0	37,000,000
Book Value of Collateral								$ 0	54,837,000
Number of extension options | hotel	3
Term of extension option (in years)	1 year
Mortgage loan 4 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate	3.40%							3.40%
Mortgage loan 5 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								8
Debt Balance								$ 395,000,000	395,000,000
Book Value of Collateral								$ 288,740,000	294,382,000
Number of extension options | extension								5
Term of extension option (in years)								1 year
Mortgage loan 5 | Mortgages | Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt							$ 50,000,000
Mortgage loan 5 | Mortgages | Maximum
Debt Instrument [Line Items]
Debt yield extension test		9.25%
Mortgage loan 5 | Mortgages | Minimum
Debt Instrument [Line Items]
Debt yield extension test		8.50%
Mortgage loan 5 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.07%
Mortgage loan 6 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								2
Debt Balance								$ 240,000,000	240,000,000
Book Value of Collateral								$ 207,265,000	212,889,000
Number of extension options | hotel								5
Term of extension option (in years)								1 year
Mortgage loan 6 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								2.75%
Mortgage loan 7 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								19
Debt Balance								$ 907,030,000	910,694,000
Book Value of Collateral								$ 932,715,000	968,078,000
Number of extension options | hotel								5
Term of extension option (in years)								1 year
Mortgage loan 7 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.20%
Mortgage loan 8 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 73,450,000	73,450,000
Book Value of Collateral								$ 100,142,000	102,317,000
Mortgage loan 8 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								2.45%
Mortgage loan 9 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								7
Debt Balance								$ 180,720,000	180,720,000
Book Value of Collateral								$ 124,761,000	122,346,000
Mortgage loan 9 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.65%
Mortgage loan 10 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								7
Debt Balance								$ 174,400,000	174,400,000
Book Value of Collateral								$ 118,783,000	120,065,000
Mortgage loan 10 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.39%
Mortgage loan 11 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								5
Debt Balance								$ 221,040,000	221,040,000
Book Value of Collateral								$ 145,085,000	152,371,000
Mortgage loan 11 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.73%
Mortgage loan 12 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								5
Debt Balance								$ 262,640,000	262,640,000
Book Value of Collateral								$ 80,554,000	84,690,000
Mortgage loan 12 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								4.02%
Mortgage loan 13 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								5
Debt Balance								$ 160,000,000	160,000,000
Book Value of Collateral								$ 168,223,000	171,440,000
Mortgage loan 13 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								2.73%
Mortgage loan 14 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								5
Debt Balance								$ 215,120,000	215,120,000
Book Value of Collateral								$ 164,792,000	174,749,000
Mortgage loan 14 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.68%
Mortgage loan 15 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								17
Debt Balance								$ 415,000,000	419,000,000
Book Value of Collateral								$ 220,462,000	226,178,000
Number of extension options | hotel								5
Term of extension option (in years)								1 year
Mortgage loan 15 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								3.13%
Mortgage loan 15 | Line of Credit
Debt Instrument [Line Items]
Repayments of long-term debt						$ 4,000,000
Mortgage Loan 16 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 25,000,000	0
Book Value of Collateral								$ 46,659,000	0
Term of extension option (in years)			1 year
Mortgage Loan 16 | Mortgages | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate			2.80%					2.80%
Mortgage loan 17 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 15,290,000	0
Book Value of Collateral								$ 23,440,000	0
Term of extension option (in years)		1 year
Mortgage loan 17 | Mortgages | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate		2.85%						2.85%
Mortgage loan 18 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Interest rate								5.49%
Debt Balance								$ 6,345,000	6,492,000
Book Value of Collateral								$ 6,556,000	6,943,000
Mortgage loan 19 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Interest rate								549%
Debt Balance								$ 9,261,000	9,474,000
Book Value of Collateral								$ 13,638,000	15,196,000
Term loan | Line of Credit
Debt Instrument [Line Items]
Interest rate								16%
Debt Balance								$ 195,959,000	200,000,000
Book Value of Collateral								$ 0	0
Number of extension options | hotel								2
Term of extension option (in years)								1 year
Repayments of long-term debt					$ 4,000,000
Mortgage loan 20 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Interest rate								499%
Debt Balance								$ 5,819,000	6,150,000
Book Value of Collateral								$ 5,983,000	6,156,000
Mortgage loan 21 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 0	8,881,000
Book Value of Collateral								$ 0	6,968,000
Mortgage loan 21 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate			2%					2%
Mortgage loan 22 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 8,881,000	0
Book Value of Collateral								$ 6,651,000	0
SOFR Floor (as a percent)								2%
Mortgage loan 22 | Mortgages | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate		2%						2%
Mortgage loan 23 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								2
Interest rate								485%
Debt Balance								$ 11,172,000	11,427,000
Book Value of Collateral								$ 8,404,000	9,326,000
Mortgage loan 24 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								3
Interest rate								4.90%
Debt Balance								$ 22,349,000	22,853,000
Book Value of Collateral								$ 17,041,000	14,347,000
Mortgage loan 25 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 85,552,000	84,000,000
Book Value of Collateral								$ 87,139,000	93,848,000
Number of extension options | hotel								2
Term of extension option (in years)								1 year
LIBOR floor (as a percent)								0.10%
Borrowings on indebtedness, net of commitment fee				$ 1,600,000
Future additional funding available				$ 2,000,000
Mortgage loan 25 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate								4.65%
Mortgage loan 26 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 37,000,000	0		$ 19,400,000
Book Value of Collateral								$ 53,525,000	0
SOFR Floor (as a percent)								0.50%
Mortgage loan 26 | Mortgages | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	4%							4%
Mortgage loan 27 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								3
Interest rate								4.45%
Debt Balance								$ 46,918,000	50,098,000
Book Value of Collateral								$ 56,536,000	59,578,000
Mortgage Loan 28 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Interest rate								4.66%
Debt Balance								$ 23,326,000	23,883,000
Book Value of Collateral								$ 43,879,000	42,915,000
Mortgage Loan 29 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 0	98,000,000
Book Value of Collateral								$ 0	174,743,000
Number of extension options | hotel								1
Term of extension option (in years)								1 year
Mortgage Loan 29 | Mortgages | LIBOR
Debt Instrument [Line Items]
Interest rate			3.80%					3.80%
Mortgage Loan 30 | Mortgages
Debt Instrument [Line Items]
Collateral | hotel								1
Debt Balance								$ 98,000,000	0
Book Value of Collateral								$ 170,329,000	$ 0
Mortgage Loan 30 | Mortgages | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate		3.91%						3.91%
Mortgage Loans Ten Through Fourteen | Mortgages
Debt Instrument [Line Items]
Number of extension options | hotel								5
Term of extension option (in years)								1 year

Indebtedness, net - Schedule _2

Indebtedness, net - Schedule of Net Premium (Discount) Amortization Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest expense and amortization of discounts and loan costs	$ (12,015)	$ (7,142)	$ 154

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Non-cash loan principal associated with default interest and late charges	$ 0	$ 33,245,000	$ 47,453,000
Gain (loss) recognized on troubled debt restructuring		0
Amount of capitalized principal that was amortized	$ 15,100,000	$ 35,700,000	$ 20,000,000

Indebtedness, net - Maturities

Indebtedness, net - Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 3,287,656
2024	382,965
2025	164,651
2026	0
2027	0
Thereafter	0
Total	$ 3,835,272

Notes Receivable, Net and Oth_3

Notes Receivable, Net and Other - Schedule of Notes Receivable (Details) $ in Thousands		12 Months Ended
	Mar. 04, 2022 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from note receivable		$ 4,000	$ 0	$ 0
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate		7%
Receivable, net		$ 5,062	8,723
Notes Receivable | Construction Financing Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount		$ 0	4,000
Due date term (in years)		3 years
Proceeds from note receivable	$ 4,000
Notes Receivable | Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount		$ 5,250	5,250
Discount		(188)	(527)
Receivable, net		$ 5,062	$ 4,723
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate		10%
Face amount		$ 1,500
Discount		(240)
Receivable, net		$ 1,260
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	1.65

Notes Receivable, Net and Oth_4

Notes Receivable, Net and Other - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($)	Sep. 01, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0	$ 110,000	$ 0
Interest income	$ 4,777,000	$ 207,000	672,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sheraton In Ann Arbor
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount				$ 1,500,000
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 property (in acres) | a	1.65	1.65
Reimbursement of parking fees while parking parcel is in development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reimbursement of parking fees		$ 320,000	240,000
Interest income		$ 89,000	$ 9,000

Notes Receivable, Net and Oth_5

Notes Receivable, Net and Other - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables with Imputed Interest [Line Items]
Interest income	$ 4,777	$ 207	$ 672
Future Ownership Rights Of Parking Parcel
Receivables with Imputed Interest [Line Items]
Interest income	0	211	300
Free Use Of Parking Easement Prior To Development Commencement
Receivables with Imputed Interest [Line Items]
Amortization expense	0	0	(117)
Notes Receivable
Receivables with Imputed Interest [Line Items]
Discount amortization income	339	$ 460	$ 554
Accounts Receivable
Receivables with Imputed Interest [Line Items]
Discount amortization income	$ 41

Notes Receivable, Net and Oth_6

Notes Receivable, Net and Other - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Interest Income, Other	$ 4,777	$ 207	$ 672

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 3,549,941	$ 3,597,301
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 3,505,242	$ 3,438,714
Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2%	2%
Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	5.50%	4%
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 3,365,941	$ 3,415,301	$ 457,000
Total cost (in thousands)	$ 40,119	$ 1,158	$ 83
Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.90%	2%	3%
Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	5.50%	4%	4%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Jan. 15, 2021
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in/out of level 3 (as a percent)	10%
LIBOR rate	4.392%	0.101%
LIBOR interest rate forward curve uptrend	4.79%
Fair value of derivative liability			$ 43.7

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Derivative Liabilities Measured at Fair Value (Details) - Derivative liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 27,906	$ 0
Additions		43,680
Re-measurement of fair value	(4,219)	(15,774)
Ending balance	$ 23,687	$ 27,906

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative assets:
Derivative assets	$ 47,182	$ 501
Fair Value Measurements Recurring
Derivative assets:
Derivative assets	47,182	501
Liabilities
Net	23,495	(27,405)
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Derivative assets	47,182	501
Fair Value Measurements Recurring | Embedded debt derivative
Liabilities
Derivative liabilities	(23,687)	(27,906)
Fair Value Measurements Recurring | Quoted Market Prices (Level 1)
Derivative assets:
Derivative assets	0	0
Liabilities
Net	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring | Quoted Market Prices (Level 1) | Embedded debt derivative
Liabilities
Derivative liabilities	0	0
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2)
Derivative assets:
Derivative assets	47,182	501
Liabilities
Net	47,182	501
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	47,182	501
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Embedded debt derivative
Liabilities
Derivative liabilities	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
Derivative assets:
Derivative assets	0	0
Liabilities
Net	(23,687)	(27,906)
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	0	0
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Embedded debt derivative
Liabilities
Derivative liabilities	$ (23,687)	$ (27,906)

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on marketable securities	$ 0	$ 0	$ (1,467)
Derivative expense related to credit default swaps			881
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	10,781	14,493	19,950
Unrealized gain (loss) on marketable securities	0	0	(1,467)
Realized gain (loss) on marketable securities	0	0	2,268
Net	15,166	14,474	1,679
Fair Value Measurements Recurring | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	0	(624)	10,106
Realized gain (loss) on derivatives	0	(19)	(9,505)
Fair Value Measurements Recurring | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	6,562	(657)	(130)
Realized gain (loss) on derivatives	4,385	0	0
Fair Value Measurements Recurring | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	0	0	9,974
Realized gain (loss) on derivatives	0	0	(9,567)
Fair Value Measurements Recurring | Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	4,219	15,774	0
Fair Value Measurements Recurring | Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	15,166	14,474	1,679
Fair Value Measurements Recurring | Derivative liabilities | Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	4,219	15,774	0
Fair Value Measurements Recurring | Derivative assets:
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	10,947	(1,300)	878
Fair Value Measurements Recurring | Derivative assets: | Interest rate derivatives - floors
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	(643)	601
Fair Value Measurements Recurring | Derivative assets: | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	10,947	(657)	(130)
Fair Value Measurements Recurring | Derivative assets: | Credit default swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0	407
Fair Value Measurements Recurring | Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	10,947	(1,300)	1,679
Fair Value Measurements Recurring | Non-derivative assets | Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0	$ 801

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets measured at fair value:
Derivative assets, Carrying value	$ 47,182	$ 501
Financial assets not measured at fair value:
Cash and cash equivalents	417,064	592,110	$ 92,905	$ 262,636
Restricted cash, Carrying value	141,962	99,534	74,408	$ 135,571
Accounts receivable, Carrying value	49,809	37,720
Notes receivable, net, Carrying value	5,062	8,723
Due from Ashford Inc., net, Carrying value	486	25
Due from related parties, net	6,570	7,473
Due from third-party hotel managers, carrying value	22,462	26,896
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses	115,970	117,650
Accrued interest payable	15,287	15,432
Dividends and distributions declared but not paid	3,118	3,104	$ 868
Due to related parties, net, Carrying value	0	728
Due to third-party hotel managers, Carrying value	1,319	1,204
Carrying Value
Financial assets measured at fair value:
Derivative assets, Carrying value	47,182	501
Financial liabilities measured at fair value:
Derivative liabilities, Carrying value	23,687	27,906
Financial assets not measured at fair value:
Cash and cash equivalents	417,064	592,110
Restricted cash, Carrying value	141,962	99,534
Accounts receivable, Carrying value	49,809	37,720
Notes receivable, net, Carrying value	5,062	8,723
Due from Ashford Inc., net, Carrying value	486	25
Due from related parties, net	6,570	7,473
Due from third-party hotel managers, carrying value	22,462	26,896
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	3,815,023	3,851,845
Accounts payable and accrued expenses	115,970	117,650
Accrued interest payable	15,287	15,432
Dividends and distributions declared but not paid	3,118	3,104
Due to related parties, net, Carrying value	0	728
Due to third-party hotel managers, Carrying value	1,319	1,204
Estimated Fair Value
Financial assets measured at fair value:
Derivative assets, Estimated fair value	47,182	501
Financial liabilities measured at fair value:
Derivative liabilities, Estimated fair value	23,687	27,906
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	417,064	592,110
Restricted cash, Estimated fair value	141,962	99,534
Accounts receivable, Estimated fair value	49,809	37,720
Due from Ashford, Inc., net, Estimated fair value	486	25
Due from related parties, net, Estimated fair value	6,570	7,473
Due from third party hotel managers, Estimated fair value	22,462	26,896
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Estimated fair value	115,970	117,650
Accrued interest payable, Estimated fair value	15,287	15,432
Dividends payable, Estimated fair value	3,118	3,104
Due to related parties, net, Estimated fair value	0	728
Due to third-party hotel managers, Estimated fair value	1,319	1,204
Minimum | Estimated Fair Value
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	4,809	8,287
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,500,635	3,407,210
Maximum | Estimated Fair Value
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	5,315	9,159
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 3,869,122	$ 3,765,858

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Notes receivable, net	$ 5,062	$ 8,723
Indebtedness, net	3,838,543	3,887,822
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net	$ 3,800,000	$ 3,900,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable	95%	95%
Total indebtedness fair value variance from carrying value (as a percent)	91.80%	88.50%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable	105%	105%
Total indebtedness fair value variance from carrying value (as a percent)	101.40%	97.80%

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, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (139,825)	$ (267,005)	$ (543,876)
Preferred dividends	(12,433)	(252)	(32,117)
Deemed dividends on redeemable preferred stock	(946)	0	0
Add: Gain (loss) on extinguishment of preferred stock	0	(607)	55,477
Add: Claw back of dividends on cancelled performance stock units		349	606
Distributed and undistributed income (loss) allocated to common stockholders - basic	(153,204)	(267,515)	(519,910)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	0	(3,970)	0
Distributed and undistributed income (loss) allocated to common stockholders - diluted	$ (153,204)	$ (271,485)	$ (519,910)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	34,339,000	21,625,000	1,576,000
Effect of assumed conversion of operating partnership units (in shares)	0	219,000	0
Weighted average common shares outstanding - diluted (in shares)	34,339,000	21,844,000	1,576,000
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (4.46)	$ (12.37)	$ (329.97)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (4.46)	$ (12.43)	$ (329.97)
Performance stock units
Income (loss) allocated to common stockholders - basic and diluted:
Add: Claw back of dividends on cancelled performance stock units	$ 0	$ 349	$ 606

Income (Loss) Per Share - Sum_2

Income (Loss) Per Share - Summary of Computation of Diluted Income Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) allocated to common stockholders is not adjusted for:
Total	$ (268)	$ 0	$ (89,008)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	2,067	1,701	191
Preferred Stock, Series J
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 944	$ 0	$ 0
Series K Preferred Stock
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 21	$ 0	$ 0
Restricted shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	20	1
Performance stock units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	9	0
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership			$ (89,008)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	288	0	190
Embedded debt derivative
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,745	1,672	0
Redeemable Noncontrolling Interests in Preferred Stock | Preferred Stock, Series J
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	33	0	0
Redeemable Noncontrolling Interests in Preferred Stock | Series K Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1	0	0
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (1,233)	$ 0

Income (Loss) Per Share- Summar

Income (Loss) Per Share- Summary of Computation of Diluted Income Per Share Footnote (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Earnings Per Share [Line Items]
Preferred stock, amount of preferred dividends in arrears	$ 21.5
Redeemable Noncontrolling Interest in Operating Partnership
Earnings Per Share [Line Items]
Preferred stock, amount of preferred dividends in arrears	$ 3.1

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest in Operating Partnership - Narrative (for 10K) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)		1
LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)		3 years
Common partnership unit per converted long term incentive plan unit		1
Fair value of unrecognized cost		$ 538
Period for recognition		1 year 2 months 12 days
Period of recognition for unamortized shares		1 year 2 months 12 days
LTIP units | Director
Noncontrolling Interest [Line Items]
Granted (in shares)	81,000
Fair value of units granted	$ 450
Performance LTIP units
Noncontrolling Interest [Line Items]
Units outstanding (in shares)		1,300,000
Units which have not reached full economic parity with common units (in shares)		1,200,000
Fair value of unrecognized cost		$ 2,500
Period for recognition		2 years 2 months 12 days
Period of recognition for unamortized shares		2 years 1 month 6 days
Performance LTIP units | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		200%
Performance LTIP units | Maximum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		200%
Performance LTIP units | Maximum | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		200%
Performance LTIP units | Maximum | 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		250%
Performance adjustment range on initial calculation (as a percent)		125%
Performance LTIP units | Minimum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		0%
Performance LTIP units | Minimum | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		0%
Performance LTIP units | Minimum | 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)		0%
Performance adjustment range on initial calculation (as a percent)		75%
LTIP and Performance LTIP
Noncontrolling Interest [Line Items]
Units outstanding (in shares)		1,600,000
Units which have not reached full economic parity with common units (in shares)		1,200,000

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Performance LTIP units | Advisory Services Fee
Debt Instrument [Line Items]
Compensation expense	$ 1,158	$ 1,128	$ 1,972
LTIP units
Debt Instrument [Line Items]
Compensation expense	2,172	2,666	4,830
LTIP units | Advisory Services Fee
Debt Instrument [Line Items]
Compensation expense	569	1,119	2,042
LTIP units | Corporate, general and administrative
Debt Instrument [Line Items]
Compensation expense	32	22	0
LTIP units | Corporate, general and administrative | Director
Debt Instrument [Line Items]
Compensation expense	$ 413	$ 397	$ 816

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership - Units Redeemed (Details) - Operating Partnership Units - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Common units converted to stock (in shares)	0	1	20
Fair value of common units converted	$ 0	$ 43	$ 959

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests (in thousands)	$ 21,550	$ 22,742	$ 22,951	$ 69,870
Redemption value adjustment	2,131	(690)	$ (36,817)
Partnership Interest
Noncontrolling Interest [Line Items]
Redemption value adjustment	$ 184,625	$ 186,756
Partnership Interest | Ashford Trust OP
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership	0.91%	0.63%

Redeemable Noncontrolling Int_7

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 1,233	$ 3,970	$ 89,008
Performance LTIP dividend claw back upon cancellation		(349)	(606)
Performance LTIP units
Noncontrolling Interest [Line Items]
Performance LTIP dividend claw back upon cancellation	$ 0	$ (518)	$ (1,401)

Redeemable Noncontrolling Int_8

Redeemable Noncontrolling Interests in Operating Partnership - Activity of Units in Operating Partnership (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Partnership Interest
Summary of the activity of the operating partnership units
Outstanding at beginning of year (in shares)	400	217	219
LTIP units issued (in shares)	79	70	23
Common units converted to common stock (in shares)	0	(1)	(19)
Outstanding at end of year (in shares)	1,669	400	217
Common units convertible/redeemable at end of year (in shares)	309	207	178
Performance LTIP units
Summary of the activity of the operating partnership units
LTIP units issued (in shares)	1,194	122	5
Performance LTIP units canceled (in shares)	(4)	(8)	(11)

Equity - Narrative (Details)

Equity - Narrative (Details)										12 Months Ended			61 Months Ended
	Sep. 09, 2021 shares	Jul. 02, 2021 shares	Jun. 18, 2021 shares	Jun. 07, 2021 shares	May 17, 2021 shares	Mar. 12, 2021 shares	Jan. 22, 2021 shares	Dec. 07, 2020 shares	Nov. 25, 2020 $ / shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares	Dec. 31, 2022 USD ($) $ / shares shares	Apr. 11, 2022 USD ($)	Apr. 06, 2022 USD ($) $ / shares	Dec. 11, 2017 USD ($)
Class of Stock [Line Items]
Shares issued, price per share (in dollars per share)															$ 0.01
Authorized amount | $															$ 200,000,000
Stock repurchased (in shares) | shares										0	0	0
Additional acquisition of common stock (in shares) | shares										43,007	1,420	3,056
Preferred stock, shares authorized (in shares) | shares										50,000,000	50,000,000		50,000,000
Preferred stock, par value (in dollars per shares)										$ 0.01	$ 0.01		$ 0.01
Common stock, par value (in dollars per share)									$ 0.01	$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage										8.45%
Preferred stock, par value (in dollars per shares)									0.01
Preferred stock, shares outstanding (in shares) | shares										1,174,427	1,174,427		1,174,427
Redemption price of preferred stock (in dollars per share)										$ 25			$ 25
Liquidation preference (in dollars per share)										25			$ 25
Annual dividend rate per share (in dollars per share)										$ 2.1124
Increased dividend rate percentage										9.45%
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage										7.375%
Preferred stock, par value (in dollars per shares)									0.01
Preferred stock, shares outstanding (in shares) | shares										1,251,044	1,251,044		1,251,044
Redemption price of preferred stock (in dollars per share)										$ 25			$ 25
Liquidation preference (in dollars per share)										25			$ 25
Annual dividend rate per share (in dollars per share)										$ 1.8436
Conversion ratio to common stock										0.09690			0.09690
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage										7.375%
Preferred stock, par value (in dollars per shares)									$ 0.01
Preferred stock, shares outstanding (in shares) | shares										1,531,996	1,531,996		1,531,996
Redemption price of preferred stock (in dollars per share)										$ 25			$ 25
Liquidation preference (in dollars per share)										25			$ 25
Annual dividend rate per share (in dollars per share)										$ 1.8436
Conversion ratio to common stock										0.08333			0.08333
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage									7.50%	7.50%
Preferred stock, par value (in dollars per shares)									$ 0.01
Preferred stock, shares outstanding (in shares) | shares										1,308,415	1,308,415		1,308,415
Redemption price of preferred stock (in dollars per share)										$ 25			$ 25
Liquidation preference (in dollars per share)										25			$ 25
Annual dividend rate per share (in dollars per share)										$ 1.8750
Conversion ratio to common stock										0.08251			0.08251
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage									7.50%	7.50%
Preferred stock, par value (in dollars per shares)									$ 0.01
Preferred stock, shares outstanding (in shares) | shares										1,252,923	1,252,923		1,252,923
Redemption price of preferred stock (in dollars per share)										$ 25			$ 25
Liquidation preference (in dollars per share)										25			$ 25
Annual dividend rate per share (in dollars per share)										$ 1.8750
Conversion ratio to common stock										0.08065			0.08065
At-The-Market Equity Distribution | Virtu Americas LLC
Class of Stock [Line Items]
Aggregate offering price | $														$ 100,000,000
Private Placement | M3A LP
Class of Stock [Line Items]
Shares authorized (in shares) | shares	6,000,000
Private Placement | Keystone Capital Partners, LLC
Class of Stock [Line Items]
Shares issued (in shares) | shares					4,000
Shares authorized (in shares) | shares					3,100,000
Private Placement | YA II PN, Ltd.
Class of Stock [Line Items]
Shares authorized (in shares) | shares				3,800,000			1,400,000
Private Placement | Seven Knots, LLC
Class of Stock [Line Items]
Shares authorized (in shares) | shares			4,000,000
Private Placement | B. Riley Principal Capital, LLC
Class of Stock [Line Items]
Shares authorized (in shares) | shares		4,600,000
Private Placement | First Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares authorized (in shares) | shares								1,100,000
Private Placement | Second Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares) | shares						16,000
Shares authorized (in shares) | shares						2,100,000
Common Stock | At-The-Market Equity Distribution
Class of Stock [Line Items]
Aggregate offering price | $																$ 100,000,000
Shares issued (in shares) | shares													437,000
Sale of stock, consideration received on transaction | $													$ 27,500,000
Commission percentage														1%

Equity - Summary of Issuance Ac

Equity - Summary of Issuance Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Gross proceeds received	$ 0	$ 562,827	$ 31,873
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)			413
Gross proceeds received			$ 12,009
Commissions and other expenses			(150)
Net proceeds			$ 11,859

Equity - Summarized Issuance Ac

Equity - Summarized Issuance Activity (Details) - USD ($) $ in Thousands			12 Months Ended
	May 17, 2021	Mar. 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Private Placement | Second Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)		16,000
Private Placement | Keystone Capital Partners, LLC
Class of Stock [Line Items]
Shares issued (in shares)	4,000
Common Stock | Private Placement | Keystone Capital Partners, LLC | Keystone Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				3,066,000
Sale of stock, consideration received on transaction				$ 147,961
Common Stock | Private Placement | YA II PN, Ltd. | Second YA SEDA Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				3,790,000
Sale of stock, consideration received on transaction				$ 165,391
Common Stock | Private Placement | YA II PN, Ltd. | First YA SEDA
Class of Stock [Line Items]
Shares issued (in shares)				1,372,000
Sale of stock, consideration received on transaction				$ 40,556
Common Stock | Private Placement | Seven Knots, LLC | Seven Knots Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				4,009,000
Sale of stock, consideration received on transaction				$ 81,279
Common Stock | Private Placement | B. Riley Principal Capital, LLC | B. Riley Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				4,623,000
Sale of stock, consideration received on transaction				$ 67,989
Common Stock | Private Placement | M3A LP | M3A Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)			0	900,000
Sale of stock, consideration received on transaction			$ 0	$ 12,941
Common Stock | Private Placement | Lincoln Park Capital Fund, LLC | First Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				205,000	855,000
Sale of stock, consideration received on transaction				$ 4,590	$ 20,556
Common Stock | Private Placement | Lincoln Park Capital Fund, LLC | Second Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				2,066,000
Sale of stock, consideration received on transaction				$ 43,586
Common Stock | Private Placement, Shares Sold | Keystone Capital Partners, LLC | Keystone Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				3,062,000
Common Stock | Private Placement, Shares Sold | Lincoln Park Capital Fund, LLC | First Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				205,000	836,000
Common Stock | Private Placement, Shares Sold | Lincoln Park Capital Fund, LLC | Second Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				2,050,000
Common Stock | Private Placement, Additional Commitment Shares | Keystone Capital Partners, LLC | Keystone Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				4,000
Common Stock | Private Placement, Additional Commitment Shares | Lincoln Park Capital Fund, LLC | First Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				0	19,000
Common Stock | Private Placement, Additional Commitment Shares | Lincoln Park Capital Fund, LLC | Second Lincoln Park Purchase Agreement
Class of Stock [Line Items]
Shares issued (in shares)				16,000

Equity - Preferred Shares Tende

Equity - Preferred Shares Tendered and Common Shares Issued (Details) - shares shares in Thousands		12 Months Ended
	Nov. 25, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			8,647	544
Preferred Shares Tendered | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				6,880
Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			61,498	2,788
Common Shares Initially Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				38,389
Common Shares Issued
Class of Stock [Line Items]
Shares tendered and issued (in shares)			(7,776)	4,117
Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			7,776	279
Common Shares Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				3,839
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage		8.45%
Preferred Stock, Series D | Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)			(617)	598
Preferred Stock, Series D | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			617	23
Preferred Stock, Series D | Preferred Shares Tendered | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				575
Preferred Stock, Series D | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			4,174	131
Preferred Stock, Series D | Common Shares Initially Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				3,211
Preferred Stock, Series D | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			653	13
Preferred Stock, Series D | Common Shares Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				321
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage		7.375%
Preferred Stock, Series F | Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,640	1,909
Preferred Stock, Series F | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,640	154
Preferred Stock, Series F | Preferred Shares Tendered | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				1,755
Preferred Stock, Series F | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			11,185	795
Preferred Stock, Series F | Common Shares Initially Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				9,791
Preferred Stock, Series F | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,482	80
Preferred Stock, Series F | Common Shares Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				979
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage		7.375%
Preferred Stock, Series G | Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)			2,891	1,777
Preferred Stock, Series G | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			2,891	114
Preferred Stock, Series G | Preferred Shares Tendered | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				1,663
Preferred Stock, Series G | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			21,371	573
Preferred Stock, Series G | Common Shares Initially Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				9,279
Preferred Stock, Series G | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			2,764	57
Preferred Stock, Series G | Common Shares Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				928
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage	7.50%	7.50%
Preferred Stock, Series H | Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,361	1,131
Preferred Stock, Series H | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,361	102
Preferred Stock, Series H | Preferred Shares Tendered | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				1,029
Preferred Stock, Series H | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			10,033	515
Preferred Stock, Series H | Common Shares Initially Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				5,742
Preferred Stock, Series H | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,217	52
Preferred Stock, Series H | Common Shares Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				574
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage	7.50%	7.50%
Preferred Stock, Series I | Preferred Shares Tendered
Class of Stock [Line Items]
Shares tendered and issued (in shares)			2,138	2,009
Preferred Stock, Series I | Preferred Shares Tendered | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			2,138	151
Preferred Stock, Series I | Preferred Shares Tendered | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				1,858
Preferred Stock, Series I | Common Shares Initially Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			14,735	774
Preferred Stock, Series I | Common Shares Initially Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				10,366
Preferred Stock, Series I | Common Shares Issued | Privately Negotiated Exchange Agreements
Class of Stock [Line Items]
Shares tendered and issued (in shares)			1,660	77
Preferred Stock, Series I | Common Shares Issued | Prior Exchange Offers
Class of Stock [Line Items]
Shares tendered and issued (in shares)				1,037

Equity - Summary of Dividends (

Equity - Summary of Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock	$ 0	$ 0	$ 0
Total dividends declared	12,414	21,725	10,644
Dividends expense		252	32,100
Preferred stock, amount of preferred dividends in arrears			21,500
Preferred Stock, Series D
Class of Stock [Line Items]
Total dividends declared	2,481	4,342	1,262
Preferred Stock, Series F
Class of Stock [Line Items]
Total dividends declared	2,307	4,036	2,212
Preferred Stock, Series G
Class of Stock [Line Items]
Total dividends declared	2,824	4,943	2,858
Preferred Stock, Series H
Class of Stock [Line Items]
Total dividends declared	2,453	4,293	1,781
Preferred Stock, Series I
Class of Stock [Line Items]
Total dividends declared	$ 2,349	$ 4,111	$ 2,531

Equity - Summary of (Income) Lo

Equity - Summary of (Income) Loss Allocated to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
(Income) loss allocated to noncontrolling interests in consolidated entities	$ 0	$ 73	$ 338

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock vested during the period	$ 1,200	$ 926
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 1,800
Period of unamortized cost with be expensed	1 year 2 months 12 days
Weighted average period of recognition for unamortized shares	1 year 1 month 6 days
Fair value of restricted stock vested during the period			$ 2,000
Shares forfeited (in shares)	4,000	4,000	5,000
Compensation expense	$ 2,818	$ 4,252	$ 4,936
Fair value of unrecognized cost	$ 1,800
Period for recognition	1 year 2 months 12 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost of unvested shares	$ 1,300
Period of unamortized cost with be expensed	2 years
Weighted average period of recognition for unamortized shares	1 year 2 months 12 days
Vesting period (in years)	3 years
Shares canceled (in shares)	4,000	8,000	3,000
Claw back of previously declared dividends		$ 349	$ 378
Shares forfeited (in shares)	0	0	7,000
Compensation expense	$ 1,008	$ 3,177	$ 958
Fair value of unrecognized cost	$ 1,300
Period for recognition	2 years
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	0%
Performance stock units | Minimum | 2019 and 2020 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	0%
Performance stock units | Minimum | 2021 and 2022 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	0%
Performance adjustment range on initial calculation (as a percent)	75%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	200%
Performance stock units | Maximum | 2019 and 2020 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	200%
Performance stock units | Maximum | 2021 and 2022 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance adjustment range (as a percent)	250%
Performance adjustment range on initial calculation (as a percent)	125%
Performance stock units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Claw back of previously declared dividends			$ 228
Shares forfeited (in shares)			7,000
Compensation expense			$ 1,900
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	1,200,000
Shares available for future issuance (in shares)	86,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2,818	$ 4,252	$ 4,936
Restricted shares | Advisory Services Fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	2,509	3,716	3,897
Restricted shares | Management Fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	56	199	594
Restricted shares | Corporate, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	163	151	298
Restricted shares | Corporate, general and administrative | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	90	186	147
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,008	$ 3,177	$ 958

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted shares
Units
Outstanding at beginning of year (in shares)	231,000	17,000	21,000
Granted (in shares)	19,000	251,000	17,000
Vested (in shares)	(125,000)	(33,000)	(16,000)
Forfeited (in shares)	(4,000)	(4,000)	(5,000)
Outstanding at end of year (in shares)	121,000	231,000	17,000
Weighted Average Price at Grant
Beginning of year (in dollars per share)	$ 30.76	$ 306.10	$ 586
Granted (in dollars per share)	5.59	25.38	115.50
Vested (in dollars per share)	36.70	126.09	462.50
Forfeited (in dollars per share)	31.88	76.73	348.90
End of year (in dollars per share)	$ 20.63	$ 30.76	$ 306.10
Performance shares
Units
Outstanding at beginning of year (in shares)	139,000	13,000	16,000
Granted (in shares)	34,000	134,000	7,000
Vested (in shares)	(33,000)	0	0
Forfeited (in shares)	0	0	(7,000)
Canceled (in shares)	(4,000)	(8,000)	(3,000)
Outstanding at end of year (in shares)	136,000	139,000	13,000
Weighted Average Price at Grant
Beginning of year (in dollars per share)	$ 34.81	$ 377.90	$ 582
Granted (in dollars per share)	12.09	29.70	80
Vested (in dollars per share)	29.70	0	0
Forfeited (in dollars per share)	0	0	458.30
Canceled (in dollars per share)	80	627.36	585
End of year (in dollars per share)	$ 29.04	$ 34.81	$ 377.90

Redeemable Preferred Stock - Na

Redeemable Preferred Stock - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Series J And Series K Preferred Stock | Equity Distribution Agreements
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares	20,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series J And Series K Preferred Stock | Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares	8,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Preferred Stock, Series J
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25
Period of preferred dividends in arrears (in months)	18 months
Initial conversion/redemption price (in dollars per share)	$ 25
Redemption fee, percent of stated value on the original issue date	8%
Redemption fee, percent of stated value beginning on the second anniversary	5%
Redemption fee, percent of stated value beginning on the third anniversary	0%
Preferred Stock, Series J | Dividends Declared On Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)	8%
Preferred Stock, Series J | Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series K Preferred Stock
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25
Redemption fee, percent of stated value on the original issue date	1.50%
Redemption fee, percent of stated value beginning on the first anniversary	0%
Dividend rate (in dollars per share)	$ 2.05
Dividend rate increase each year from original issuance (as a percent)	0.10%
Dividend rate, maximum percentage of stated value	8.70%
Series K Preferred Stock | Dividends Declared On Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)	8.20%
Series K Preferred Stock | Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, offering price (in dollars per share)	$ 25

Redeemable Preferred Stock - Su

Redeemable Preferred Stock - Summary of the Activity of Temporary Equity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock, Series J
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	87
Net proceeds	$ 1,959
Redeemable preferred stock	2,004	$ 0
Temporary equity, accretion to redemption value, adjustment	926
Temporary equity, dividends, adjustment	$ 18
Series K Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	2
Net proceeds	$ 44
Redeemable preferred stock	44
Temporary equity, accretion to redemption value, adjustment	20
Temporary equity, dividends, adjustment	$ 1

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)

3 Months Ended

12 Months Ended

Mar. 15, 2022 USD ($)

Jan. 27, 2022 USD ($)

Dec. 31, 2020 USD ($)

Mar. 20, 2020 USD ($)

Mar. 13, 2020 USD ($)

Jun. 26, 2018 USD ($)

Jun. 30, 2019 USD ($)

Dec. 31, 2022 USD ($) hotel

Dec. 31, 2021 USD ($) hotel

Dec. 31, 2020 USD ($) hotel

Dec. 16, 2022

Jan. 14, 2021

Dec. 31, 2019 USD ($)

Related Party Transaction [Line Items]

Aggregate non-listed preferred equity offerings

$ 400,000,000

Number of hotels | hotel

101

103

117

Marietta Leasehold LP Asset Acquisition

Related Party Transaction [Line Items]

Interest acquired

100%

Subsidiaries

Related Party Transaction [Line Items]

Number Of Hotel Properties Managed By Affiliates | hotel

68

Number of hotels | hotel

100

Design and Construction Fees

Related Party Transaction [Line Items]

Project management fees (as a percent)

4%

Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

45%

0%

Ashford Inc. | Braemar Hotels & Resorts Inc

Related Party Transaction [Line Items]

Allocation percentage

45%

50%

Ashford Inc. | Ashford Inc.

Related Party Transaction [Line Items]

Allocation percentage

10%

50%

Success Fees

Related Party Transaction [Line Items]

Claw back credit

$ 506,000

Affiliated entity

Related Party Transaction [Line Items]

Related party transaction, maximum cash incentive compensation

$ 8,500,000

Remington Hotels

Related Party Transaction [Line Items]

Due from related parties, net

$ 5,400,000

$ 6,300,000

Security deposit

$ 1,200,000

1,200,000

Minimum | Management Fees | Management Fees

Related Party Transaction [Line Items]

Percent of gross revenue

3%

Ashford Inc.

Related Party Transaction [Line Items]

Advisory services 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%

Amount committed

$ 18,000,000

Contribution Agreement, Amount Funded

$ 6,200,000

Contribution true-up amount

3,900,000

Ashford Inc. | Other Assets

Related Party Transaction [Line Items]

Contribution Agreement, Amount Funded

126,000

632,000

Ashford Inc. | Due From Affiliates

Related Party Transaction [Line Items]

Contribution Agreement, Amount Funded

$ 5,900,000

Ashford Inc. | Affiliated entity

Related Party Transaction [Line Items]

ERFP, percent of commitment for each hotel

10%

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]

ERFP, commitment amount

$ 11,400,000

ERFP, entitles to receive

$ 19,500,000

ERFP, consideration

$ 11,400,000

$ 8,100,000

Ashford Inc. | Minimum

Related Party Transaction [Line Items]

Advisory services quarterly base fee (as a percent)

0.50%

Total market capitalization

$ 6,000,000,000

Ashford Inc. | Maximum

Related Party Transaction [Line Items]

Advisory services quarterly base fee (as a percent)

0.70%

Total market capitalization

$ 10,000,000,000

Ashford Inc. | Maximum | Affiliated entity

Related Party Transaction [Line Items]

ERFP, commitment amount

$ 50,000,000

ERFP, potential commitment amount

$ 100,000,000

Lismore Capital | Refinancing Fee | Mortgages

Related Party Transaction [Line Items]

Payment expensed in accordance with the agreement

863,000

784,000

385,000

Lismore Capital | Subsidiaries

Related Party Transaction [Line Items]

Amount of transaction

$ 5,100,000

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

149,000

Expensed recognized in write-off loan costs and exit fees

768,000

5,600,000

$ 12,100,000

Lismore Capital | Subsidiaries | Success Fees

Related Party Transaction [Line Items]

Payable fees

8,800,000

Remington Hotels | Minimum | Management Fees | Management Fees

Related Party Transaction [Line Items]

Payment of monthly property management fees

$ 16,000

Percent of gross revenue

3%

Braemar Hotels & Resorts Inc | Affiliated entity | Legal Settlement

Related Party Transaction [Line Items]

Payable fees

$ 728,000

Related Party Transactions - Ad

Related Party Transactions - Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Advisory services fee	$ 49,897	$ 52,313	$ 50,050
Performance stock units
Related Party Transaction [Line Items]
Shares forfeited (in shares)	0	0	7,000
Executive Officer | Performance stock units
Related Party Transaction [Line Items]
Shares forfeited (in shares)			7,000
Value of shares forfeited			$ 1,900
Ashford Inc. | Affiliated entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	$ 34,802	$ 36,239	34,745
Ashford Inc. | Affiliated entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	9,851	6,934	6,436
Ashford Inc. | Affiliated entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	5,244	9,140	8,869
Ashford Inc. | Affiliated entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 0	$ 0	$ 0

Related Party Transactions - Fe

Related Party Transactions - Fees Related to Property and Project Management Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ (2,617)	$ 19	$ 1,998

Related Party Transactions - Su

Related Party Transactions - Summary of Entities with Advisor Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Success Fees
Related Party Transaction [Line Items]
Claw back credit			$ 506
AIM | Cash management services
Related Party Transaction [Line Items]
Amount of transaction			995
AIM | Cash management services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction			0
AIM | Cash management services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction			995
AIM | Cash management services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction			0
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction	$ 17	$ 74	118
Ashford LLC | Insurance claims services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford LLC | Insurance claims services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	0
Ashford LLC | Insurance claims services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	17	74	0
Ashford LLC | Insurance claims services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Ashford LLC | Insurance claims services | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction
Ashford Securities | Capital raise services
Related Party Transaction [Line Items]
Amount of transaction	(2,566)	19
Ashford Securities | Capital raise services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities | Capital raise services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0
Ashford Securities | Capital raise services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	(2,617)	19
Ashford Securities | Capital raise services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0
Ashford Securities | Capital raise services | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	51
Ashford Securities | Dealer Manager Fees
Related Party Transaction [Line Items]
Amount of transaction	44
Ashford Securities | Dealer Manager Fees | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities | Dealer Manager Fees | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities | Dealer Manager Fees | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0
Ashford Securities | Dealer Manager Fees | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0
INSPIRE | Audio visual
Related Party Transaction [Line Items]
Amount of transaction	7,973	2,993	2,187
INSPIRE | Audio visual | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE | Audio visual | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
INSPIRE | Audio visual | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	0
INSPIRE | Audio visual | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	7,973	2,993	2,187
INSPIRE | Audio visual | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE | Audio visual | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE | Audio visual | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	118
INSPIRE | Audio visual | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE | Audio visual | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE | Audio visual | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
INSPIRE | Audio visual | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0
INSPIRE | Dealer Manager Fees | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0
INSPIRE | Dealer Manager Fees | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0
INSPIRE | Dealer Manager Fees | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0
INSPIRE | Dealer Manager Fees | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0
INSPIRE | Dealer Manager Fees | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	44
Lismore Capital | Debt placement and related services
Related Party Transaction [Line Items]
Amount of transaction	1,631	7,220	16,570
Lismore Capital | Debt placement and related services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		784	128
Lismore Capital | Debt placement and related services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		792	4,388
Lismore Capital | Debt placement and related services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Lismore Capital | Debt placement and related services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	1,631	5,644	12,054
Lismore Capital | Debt placement and related services | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0
Lismore Capital | Broker services
Related Party Transaction [Line Items]
Amount of transaction		955	170
Lismore Capital | Broker services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		955	0
Lismore Capital | Broker services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	70
Lismore Capital | Broker services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction		0	0
Lismore Capital | Broker services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction		0	100
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction	121	121	118
OpenKey | Mobile key app | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Mobile key app | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	0
OpenKey | Mobile key app | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	121	121	118
OpenKey | Mobile key app | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
OpenKey | Mobile key app | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0
Premier | Design and construction services
Related Party Transaction [Line Items]
Amount of transaction	18,776	5,940	6,801
Premier | Design and construction services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	17,482	5,192	5,727
Premier | Design and construction services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
Premier | Design and construction services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	0
Premier | Design and construction services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier | Design and construction services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier | Design and construction services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier | Design and construction services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier | Design and construction services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	1,294	748	1,074
Premier | Design and construction services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier | Design and construction services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Premier | Design and construction services | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0
Pure Wellness | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction	1,294	1,366	967
Pure Wellness | Hypoallergenic premium rooms | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	38
Pure Wellness | Hypoallergenic premium rooms | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
Pure Wellness | Hypoallergenic premium rooms | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	0
Pure Wellness | Hypoallergenic premium rooms | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	1,294	1,366	929
Pure Wellness | Hypoallergenic premium rooms | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	0
Remington Hotels | Hotel management services
Related Party Transaction [Line Items]
Amount of transaction	49,762	35,526	27,443
Remington Hotels | Hotel management services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hotels | Hotel management services | Indebtedness, net
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Hotel management services | Other Assets
Related Party Transaction [Line Items]
Amount of transaction		0	0
Remington Hotels | Hotel management services | Other Hotel Revenue
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hotels | Hotel management services | Management Fees
Related Party Transaction [Line Items]
Amount of transaction	23,856	17,754	15,835
Remington Hotels | Hotel management services | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	25,906	17,772	11,608
Remington Hotels | Hotel management services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hotels | Hotel management services | Advisory Services Fee
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hotels | Hotel management services | Corporate, General and Administrative
Related Party Transaction [Line Items]
Amount of transaction	0	0	0
Remington Hotels | Hotel management services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Amount of transaction	0	$ 0	$ 0
Remington Hotels | Hotel management services | Preferred Stock
Related Party Transaction [Line Items]
Amount of transaction	$ 0

Related Party Transactions - _2

Related Party Transactions - Summary of Due To/Due From Ashford (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Ashford LLC | Advisory Services Fee
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	$ (1,831)	$ 2,121
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	(3)	(19)
Ashford Securities | Capital raise services
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	5,951	0
INSPIRE | Audio visual
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	(1,650)	(850)
OpenKey | Mobile key app
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	(12)	(14)
Premier | Design and construction services
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	(1,966)	(1,185)
Pure Wellness | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	(3)	(15)
Lismore Capital | Debt placement and related services
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	0	(13)
Ashford Inc.
Related Party Transaction [Line Items]
(Due to)/Due from Ashford Inc.	$ 486	$ 25

Commitments and Contingencies-

Commitments and Contingencies- Narrative (Details)				12 Months Ended
	Dec. 07, 2022 USD ($)	Jul. 26, 2018 USD ($)	Nov. 01, 2011 USD ($)	Dec. 31, 2022 USD ($) lease hotel	Dec. 31, 2021 hotel	Dec. 31, 2020 hotel	Jun. 30, 2022 USD ($)	Dec. 20, 2016 hotel	Dec. 31, 2006 USD ($)
Commitment and Contingencies [Line Items]
Number of hotels | hotel				101	103	117
Capital commitments				$ 49,600,000
Hilton Marietta
Commitment and Contingencies [Line Items]
Number of ground leases | lease				2
Number of hotels | hotel				2
Number of leases | hotel				1
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc.
Commitment and Contingencies [Line Items]
Payments for legal settlements		$ 544,000
Loss contingency accrual				$ 504,000
Pedro Membrives And Michele Spero V. HHC TRS FP Portfolio LLC, Remington Lodging & Hospitality, LLC, Remington Holdings LLC, Remington Long Island Employers, LLC
Commitment and Contingencies [Line Items]
Payments for legal settlements	$ 6,900,000
Loss contingency accrual							$ 4,200,000
Settlement Liabilities, Current	7,000,000
Settlement held in reserve	263,000
Payments for legal settlement, deposit	100,000						$ 100,000
Additional expense	$ 2,800,000
Class Action Lawsuit, California Employment Laws
Commitment and Contingencies [Line Items]
Loss contingency accrual				$ 0
Number of hotels in class action lawsuit | hotel								9
Potential Pension Liabilities
Commitment and Contingencies [Line Items]
Unfunded pension liabilities at acquisition									$ 0
Unfunded pension liabilities amount received by hotel manager on 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
Franchise Fees
Commitment and Contingencies [Line Items]
Franchisor royalty fees percent of gross room revenue, minimum				3%
Franchisor royalty fees percent of gross room revenue, maximum				6%
Food and beverage fees minimum (as a percent)				1%
Food and beverage fees maximum (as a percent)				3%
Marketing reservation and other fees, minimum				1%
Marketing reservation and other fees, maximum				4%
Fee multiple				3
Management Fees
Commitment and Contingencies [Line Items]
Property management fee as percentage of gross revenue, minimum				2%
Property management fee as percentage of gross revenue, maximum				7%
Minimum
Commitment and Contingencies [Line Items]
Restricted cash as percentage of property revenue				4%
Minimum | Management Fees | Management Fees
Commitment and Contingencies [Line Items]
Percent of gross revenue				3%
Minimum | Management Fees | Remington Hotels | Management Fees
Commitment and Contingencies [Line Items]
Payment of monthly property management fees				$ 16,000
Percent of gross revenue				3%
Maximum
Commitment and Contingencies [Line Items]
Restricted cash as percentage of property revenue				6%

Commitments and Contingencies_2

Commitments and Contingencies- Summary of Franchise Fee (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Franchise fees
Commitment and Contingencies [Line Items]
Other hotel expenses	$ 59,195	$ 39,633	$ 26,658

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 16, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Finance lease assets	$ 18,972	$ 18,800	$ 0
Finance lease liabilities	18,847		$ 0
Marietta Leasehold LP Asset Acquisition
Lessee, Lease, Description [Line Items]
Finance lease assets	19,000	$ 19,000
Finance lease liabilities	$ 18,800
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	99 years

Leases - Lease Balance Sheet Lo

Leases - Lease Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 16, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 43,921		$ 44,575
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Real Estate Investment Property, Net	Real Estate Investment Property, Net
Finance lease assets	$ 18,972	$ 18,800	0
Lease, Right-of-Use-Asset	62,893		44,575
Liabilities
Operating lease liabilities	44,661		45,106
Finance lease liabilities	18,847		0
Total leased liabilities	$ 63,508		$ 45,106

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Hotel operating expenses - other	$ 4,714	$ 4,665	$ 4,453
Depreciation and amortization	26	0	0
Variable lease expense	1,200	1,100	495
Amortization costs related to the intangible assets and liabilities	181	211	227
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 2,713	$ 2,824	$ 3,028
Weighted Average Remaining Lease Term
Operating leases	67 years	68 years	69 years
Finance lease	32 years
Weighted Average Discount Rate
Operating leases	5.14%	5.14%	5.14%
Finance lease	10.68%	0%	0%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 3,017
2024	2,976
2025	2,972
2026	2,957
2027	2,924
Thereafter	178,169
Total future minimum lease payments	193,015
Less: interest	148,354
Operating lease liabilities	44,661	$ 45,106
Finance Lease
2023	2,411
2024	2,411
2025	2,411
2026	2,284
2027	1,904
Thereafter	53,821
Total future minimum lease payments	65,242
Less: interest	46,395
Finance lease liabilities	$ 18,847	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($) hotel	Dec. 31, 2019 USD ($)
Operating Loss Carryforwards [Line Items]
Minimum percentage of income distributed to shareholders to qualify as a REIT	90%
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year	4 years
Number of hotels | hotel	101	103	117
Ashford TRS recognized net book income (loss)	$ 44,200,000	$ 31,100,000	$ (142,000,000)
Income tax interest and penalties expenses	199,000	18,000	11,000
Interest income included in income tax expense			19,000
Income tax interest and penalties expenses accrued	0	0
Net operating loss carryforwards	1,100,000,000
Net operating loss carryforwards subject to expiration	426,100,000
Net operating loss carryforward, section 382 limitation, next three years	37,200,000
Net operating loss carryforward, section 382 limitation, thereafter	9,400,000
Valuation allowance	31,205,000	$ 38,810,000	40,029,000	$ 7,712,000
Income tax benefit, net operating loss, CARES Act			$ 858,000
Ashford TRS
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	90,300,000
Net operating loss carryforwards subject to expiration	9,900,000
Net operating loss carryforward, section 382 limitation, next three years	7,300,000
Net operating loss carryforward, section 382 limitation, thereafter	$ 1,200,000
Subsidiaries
Operating Loss Carryforwards [Line Items]
Number of hotels | hotel	100

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21%	$ (9,291)	$ (6,513)	$ 29,811
State income tax (expense) benefit, net of U.S. federal income tax benefit	(1,219)	(413)	4,014
Permanent differences	(2,342)	(238)	415
Provision to return adjustment	1,971	60	(228)
Gross receipts and margin taxes	(506)	(199)	(347)
Interest and penalties	(199)	(18)	(13)
Valuation allowance	5,250	1,373	(32,317)
Income tax (expense) benefit	$ (6,336)	$ (5,948)	$ 1,335

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (4,616)	$ (4,950)	$ 826
State	(1,773)	(885)	(549)
Total current income tax (expense) benefit	(6,389)	(5,835)	277
Deferred:
Federal	53	(113)	927
State	0	0	131
Total deferred income tax (expense) benefit	53	(113)	1,058
Income tax (expense) benefit	$ (6,336)	$ (5,948)	$ 1,335

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Asset (Liability) and Related Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Allowance for doubtful accounts	$ 104	$ 93
Unearned income	950	1,119
Federal and state net operating losses	22,367	28,553
Capital loss carryforward	7,440	7,442
Accrued expenses	1,781	1,466
Prepaid expenses	(22)	(44)
Tax property basis less than book basis	(2,483)	(2,302)
Tax derivatives basis greater than book basis	315	322
Other	321	1,676
Deferred tax asset (liability)	30,773	38,325
Valuation allowance	(31,205)	(38,810)	$ (40,029)	$ (7,712)
Net deferred tax asset (liability)	$ (432)	$ (485)

Income Taxes - Changes in Valua

Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 38,810	$ 40,029	$ 7,712
Additions	0	0	32,317
Deductions	(7,605)	(1,219)	0
Balance at end of year	$ 31,205	$ 38,810	$ 40,029

Deferred Costs, net (Details)

Deferred Costs, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred franchise fees	$ 3,171	$ 3,256
Deferred loan costs	5,479	5,278
Total costs	8,650	8,534
Accumulated amortization	(5,985)	(3,533)
Deferred costs, net	$ 2,665	$ 5,001

Intangible Assets, net and In_3

Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, net
Cost	$ 797	$ 797
Accumulated amortization	0	0
Intangible assets, net	797	797
Intangible Liabilities, net
Cost	2,723	2,723
Accumulated amortization	(626)	(546)
Total	2,097	2,177
Amortization of Below Market Lease	80	80	$ 80
Intangible Liabilities
2023	80
2024	36
2025	32
2026	32
2027	32
Thereafter	1,885
Savannah Dock Acquisition
Intangible Liabilities, net
Carrying value	$ 797	$ 797

Concentration of Risk - Narrati

Concentration of Risk - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Revenue, Product and Service Benchmark | Hotel Properties Concentration Risk | Nine Hotel Properties | Total hotel revenue
Concentration Risk [Line Items]
Concentration risk	11%

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,639,313
Initial Cost of Land	633,023
Initial Cost of FF&E, Buildings and improvements	3,301,577
Cost Capitalized Since Acquisition, Land	(8,952)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	601,738
Gross Carrying Amount At Close of Period, Land	624,070
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	3,903,316
Gross Carrying Amount At Close of Period, Total	4,527,386	$ 4,663,153	$ 4,798,605	$ 5,444,259
Accumulated Depreciation	1,428,027	$ 1,432,443	$ 1,371,623	$ 1,335,816
Austin, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,141
Initial Cost of Land	1,204
Initial Cost of FF&E, Buildings and improvements	9,388
Cost Capitalized Since Acquisition, Land	193
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,987
Gross Carrying Amount At Close of Period, Land	1,397
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,375
Gross Carrying Amount At Close of Period, Total	15,772
Accumulated Depreciation	8,622
Dallas, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,317
Initial Cost of Land	1,878
Initial Cost of FF&E, Buildings and improvements	8,907
Cost Capitalized Since Acquisition, Land	238
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,824
Gross Carrying Amount At Close of Period, Land	2,116
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,731
Gross Carrying Amount At Close of Period, Total	16,847
Accumulated Depreciation	8,640
Herndon, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,120
Initial Cost of Land	1,303
Initial Cost of FF&E, Buildings and improvements	9,836
Cost Capitalized Since Acquisition, Land	277
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,747
Gross Carrying Amount At Close of Period, Land	1,580
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,583
Gross Carrying Amount At Close of Period, Total	17,163
Accumulated Depreciation	9,636
Las Vegas, NV Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,993
Initial Cost of Land	3,307
Initial Cost of FF&E, Buildings and improvements	16,952
Cost Capitalized Since Acquisition, Land	397
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,606
Gross Carrying Amount At Close of Period, Land	3,704
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,558
Gross Carrying Amount At Close of Period, Total	27,262
Accumulated Depreciation	15,106
Flagstaff, AZ Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,400
Initial Cost of Land	1,267
Initial Cost of FF&E, Buildings and improvements	4,278
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,750
Gross Carrying Amount At Close of Period, Land	1,267
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,028
Gross Carrying Amount At Close of Period, Total	8,295
Accumulated Depreciation	3,001
Houston, TX Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,640
Initial Cost of Land	1,799
Initial Cost of FF&E, Buildings and improvements	10,404
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,856
Gross Carrying Amount At Close of Period, Land	1,799
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,260
Gross Carrying Amount At Close of Period, Total	16,059
Accumulated Depreciation	7,238
West Palm Beach, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,613
Initial Cost of Land	3,277
Initial Cost of FF&E, Buildings and improvements	13,949
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,111
Gross Carrying Amount At Close of Period, Land	3,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,060
Gross Carrying Amount At Close of Period, Total	21,337
Accumulated Depreciation	8,283
Philadelphia, PA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,698
Initial Cost of Land	5,791
Initial Cost of FF&E, Buildings and improvements	34,819
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,171
Gross Carrying Amount At Close of Period, Land	5,791
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	45,990
Gross Carrying Amount At Close of Period, Total	51,781
Accumulated Depreciation	23,157
Walnut Creek, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49,920
Initial Cost of Land	7,452
Initial Cost of FF&E, Buildings and improvements	25,334
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,865
Gross Carrying Amount At Close of Period, Land	7,452
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,199
Gross Carrying Amount At Close of Period, Total	46,651
Accumulated Depreciation	19,673
Arlington, VA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,355
Initial Cost of Land	36,065
Initial Cost of FF&E, Buildings and improvements	41,588
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,267
Gross Carrying Amount At Close of Period, Land	36,065
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	57,855
Gross Carrying Amount At Close of Period, Total	93,920
Accumulated Depreciation	27,872
Portland, OR Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,435
Initial Cost of Land	11,110
Initial Cost of FF&E, Buildings and improvements	60,048
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,564
Gross Carrying Amount At Close of Period, Land	11,110
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	65,612
Gross Carrying Amount At Close of Period, Total	76,722
Accumulated Depreciation	26,738
Santa Clara, CA Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	67,440
Initial Cost of Land	8,948
Initial Cost of FF&E, Buildings and improvements	46,239
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,428
Gross Carrying Amount At Close of Period, Land	8,948
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	56,667
Gross Carrying Amount At Close of Period, Total	65,615
Accumulated Depreciation	25,436
Orlando, FL Embassy Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,526
Initial Cost of Land	5,674
Initial Cost of FF&E, Buildings and improvements	21,593
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,549
Gross Carrying Amount At Close of Period, Land	5,674
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,142
Gross Carrying Amount At Close of Period, Total	33,816
Accumulated Depreciation	12,782
Jacksonville Fl Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,644
Initial Cost of Land	1,751
Initial Cost of FF&E, Buildings and improvements	9,164
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,518
Gross Carrying Amount At Close of Period, Land	1,751
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,682
Gross Carrying Amount At Close of Period, Total	13,433
Accumulated Depreciation	6,101
Austin, TX Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,257
Initial Cost of Land	7,605
Initial Cost of FF&E, Buildings and improvements	48,725
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,379
Gross Carrying Amount At Close of Period, Land	7,605
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	50,104
Gross Carrying Amount At Close of Period, Total	57,709
Accumulated Depreciation	11,944
Baltimore, MD Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,218
Initial Cost of Land	4,027
Initial Cost of FF&E, Buildings and improvements	20,199
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,902
Gross Carrying Amount At Close of Period, Land	4,027
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,101
Gross Carrying Amount At Close of Period, Total	30,128
Accumulated Depreciation	8,819
Virginia Beach, VA Hilton Garden Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	32,140
Initial Cost of Land	4,101
Initial Cost of FF&E, Buildings and improvements	26,329
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	513
Gross Carrying Amount At Close of Period, Land	4,101
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,842
Gross Carrying Amount At Close of Period, Total	30,943
Accumulated Depreciation	5,622
Ft. Worth, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,000
Initial Cost of Land	4,538
Initial Cost of FF&E, Buildings and improvements	13,922
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,109
Gross Carrying Amount At Close of Period, Land	4,539
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	33,031
Gross Carrying Amount At Close of Period, Total	37,570
Accumulated Depreciation	17,504
Houston, TX Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,759
Initial Cost of Land	2,200
Initial Cost of FF&E, Buildings and improvements	13,247
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,063
Gross Carrying Amount At Close of Period, Land	2,200
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,309
Gross Carrying Amount At Close of Period, Total	21,509
Accumulated Depreciation	9,706
St. Petersburg, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,264
Initial Cost of Land	2,991
Initial Cost of FF&E, Buildings and improvements	13,907
Cost Capitalized Since Acquisition, Land	(1,130)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,321
Gross Carrying Amount At Close of Period, Land	1,861
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,228
Gross Carrying Amount At Close of Period, Total	30,089
Accumulated Depreciation	12,850
Santa Fe, NM Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,400
Initial Cost of Land	7,004
Initial Cost of FF&E, Buildings and improvements	10,689
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,135
Gross Carrying Amount At Close of Period, Land	7,004
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,824
Gross Carrying Amount At Close of Period, Total	21,828
Accumulated Depreciation	7,470
Bloomington, MN Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,800
Initial Cost of Land	5,685
Initial Cost of FF&E, Buildings and improvements	59,139
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,881
Gross Carrying Amount At Close of Period, Land	5,685
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	66,020
Gross Carrying Amount At Close of Period, Total	71,705
Accumulated Depreciation	28,607
Costa Mesa, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,672
Initial Cost of Land	12,917
Initial Cost of FF&E, Buildings and improvements	91,791
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	9,602
Gross Carrying Amount At Close of Period, Land	12,917
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	101,393
Gross Carrying Amount At Close of Period, Total	114,310
Accumulated Depreciation	42,990
Boston, MA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,000
Initial Cost of Land	62,555
Initial Cost of FF&E, Buildings and improvements	134,407
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,935
Gross Carrying Amount At Close of Period, Land	62,555
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	141,342
Gross Carrying Amount At Close of Period, Total	203,897
Accumulated Depreciation	33,568
Parsippany, NJ Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,073
Initial Cost of Land	7,293
Initial Cost of FF&E, Buildings and improvements	58,098
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,593
Gross Carrying Amount At Close of Period, Land	7,293
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	61,691
Gross Carrying Amount At Close of Period, Total	68,984
Accumulated Depreciation	17,421
Tampa, FL Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,442
Initial Cost of Land	5,206
Initial Cost of FF&E, Buildings and improvements	21,186
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,186
Gross Carrying Amount At Close of Period, Land	5,206
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	27,372
Gross Carrying Amount At Close of Period, Total	32,578
Accumulated Depreciation	10,890
Alexandria, VA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	73,450
Initial Cost of Land	14,459
Initial Cost of FF&E, Buildings and improvements	96,602
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,710
Gross Carrying Amount At Close of Period, Land	14,459
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	98,312
Gross Carrying Amount At Close of Period, Total	112,771
Accumulated Depreciation	12,629
Santa Cruz, CA Hilton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,326
Initial Cost of Land	9,399
Initial Cost of FF&E, Buildings and improvements	38,129
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,389
Gross Carrying Amount At Close of Period, Land	9,399
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,518
Gross Carrying Amount At Close of Period, Total	48,917
Accumulated Depreciation	5,038
Lawrenceville, GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,140
Initial Cost of Land	697
Initial Cost of FF&E, Buildings and improvements	3,808
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,755
Gross Carrying Amount At Close of Period, Land	697
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	5,563
Gross Carrying Amount At Close of Period, Total	6,260
Accumulated Depreciation	2,930
Evansville In Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,012
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	5,034
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,448
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,482
Gross Carrying Amount At Close of Period, Total	10,783
Accumulated Depreciation	3,268
Parsippany, NJ Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,641
Initial Cost of Land	3,268
Initial Cost of FF&E, Buildings and improvements	24,306
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(135)
Gross Carrying Amount At Close of Period, Land	3,268
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,171
Gross Carrying Amount At Close of Period, Total	27,439
Accumulated Depreciation	5,374
Buford GA Hampton Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,186
Initial Cost of Land	1,168
Initial Cost of FF&E, Buildings and improvements	5,338
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,275
Gross Carrying Amount At Close of Period, Land	1,168
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,613
Gross Carrying Amount At Close of Period, Total	10,781
Accumulated Depreciation	5,343
Beverly Hills, CA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	123,120
Initial Cost of Land	6,510
Initial Cost of FF&E, Buildings and improvements	22,061
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,655
Gross Carrying Amount At Close of Period, Land	6,510
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,716
Gross Carrying Amount At Close of Period, Total	33,226
Accumulated Depreciation	13,379
Durham, NC Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,800
Initial Cost of Land	1,794
Initial Cost of FF&E, Buildings and improvements	25,056
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	12,015
Gross Carrying Amount At Close of Period, Land	1,794
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,071
Gross Carrying Amount At Close of Period, Total	38,865
Accumulated Depreciation	18,238
Arlington VA Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	85,552
Initial Cost of Land	20,637
Initial Cost of FF&E, Buildings and improvements	101,376
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	31,481
Gross Carrying Amount At Close of Period, Land	20,637
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	132,857
Gross Carrying Amount At Close of Period, Total	153,494
Accumulated Depreciation	66,355
Bridgewater NJ Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	71,200
Initial Cost of Land	5,059
Initial Cost of FF&E, Buildings and improvements	89,268
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	17,826
Gross Carrying Amount At Close of Period, Land	5,059
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	107,094
Gross Carrying Amount At Close of Period, Total	112,153
Accumulated Depreciation	46,064
Dallas TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,400
Initial Cost of Land	2,701
Initial Cost of FF&E, Buildings and improvements	30,893
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,291
Gross Carrying Amount At Close of Period, Land	2,701
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	37,184
Gross Carrying Amount At Close of Period, Total	39,885
Accumulated Depreciation	16,654
Fremont CA, Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,402
Initial Cost of Land	5,800
Initial Cost of FF&E, Buildings and improvements	44,200
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	16,176
Gross Carrying Amount At Close of Period, Land	5,800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	60,376
Gross Carrying Amount At Close of Period, Total	66,176
Accumulated Depreciation	16,094
Memphis, TN Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,041
Initial Cost of Land	6,210
Initial Cost of FF&E, Buildings and improvements	37,284
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(2,645)
Gross Carrying Amount At Close of Period, Land	6,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,639
Gross Carrying Amount At Close of Period, Total	40,849
Accumulated Depreciation	7,435
Irving, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,653
Initial Cost of Land	8,330
Initial Cost of FF&E, Buildings and improvements	82,272
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	30,693
Gross Carrying Amount At Close of Period, Land	8,330
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	112,965
Gross Carrying Amount At Close of Period, Total	121,295
Accumulated Depreciation	38,696
Omaha, NE Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,847
Initial Cost of Land	6,641
Initial Cost of FF&E, Buildings and improvements	49,887
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,670
Gross Carrying Amount At Close of Period, Land	6,641
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,557
Gross Carrying Amount At Close of Period, Total	65,198
Accumulated Depreciation	16,873
Sugarland, TX Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	62,302
Initial Cost of Land	9,047
Initial Cost of FF&E, Buildings and improvements	84,043
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	138
Gross Carrying Amount At Close of Period, Land	9,047
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	84,181
Gross Carrying Amount At Close of Period, Total	93,228
Accumulated Depreciation	18,274
Baltimore MD Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,600
Initial Cost of Land	2,502
Initial Cost of FF&E, Buildings and improvements	13,206
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,280
Gross Carrying Amount At Close of Period, Land	2,502
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,486
Gross Carrying Amount At Close of Period, Total	17,988
Accumulated Depreciation	7,719
Kennesaw GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,261
Initial Cost of Land	1,106
Initial Cost of FF&E, Buildings and improvements	5,021
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,649
Gross Carrying Amount At Close of Period, Land	1,106
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,670
Gross Carrying Amount At Close of Period, Total	7,776
Accumulated Depreciation	3,426
Buford GA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,022
Initial Cost of Land	1,132
Initial Cost of FF&E, Buildings and improvements	6,089
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,492
Gross Carrying Amount At Close of Period, Land	1,132
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,581
Gross Carrying Amount At Close of Period, Total	11,713
Accumulated Depreciation	3,440
Manhattan Beach CA Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,560
Initial Cost of Land	5,726
Initial Cost of FF&E, Buildings and improvements	21,187
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,296
Gross Carrying Amount At Close of Period, Land	5,726
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,483
Gross Carrying Amount At Close of Period, Total	28,209
Accumulated Depreciation	9,248
Plymouth Meeting Pa Spring Hill Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,800
Initial Cost of Land	3,210
Initial Cost of FF&E, Buildings and improvements	24,578
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,592
Gross Carrying Amount At Close of Period, Land	3,210
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	26,170
Gross Carrying Amount At Close of Period, Total	29,380
Accumulated Depreciation	10,713
Kennesaw GA Fairfield Inn By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,911
Initial Cost of Land	840
Initial Cost of FF&E, Buildings and improvements	4,359
Cost Capitalized Since Acquisition, Land	(21)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,514
Gross Carrying Amount At Close of Period, Land	819
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,873
Gross Carrying Amount At Close of Period, Total	7,692
Accumulated Depreciation	3,638
Bloomington In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,112
Initial Cost of Land	900
Initial Cost of FF&E, Buildings and improvements	10,741
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,479
Gross Carrying Amount At Close of Period, Land	900
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,220
Gross Carrying Amount At Close of Period, Total	13,120
Accumulated Depreciation	5,919
Boston, MA Courtyard by Marriott - Tremont
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	102,451
Initial Cost of Land	24,494
Initial Cost of FF&E, Buildings and improvements	85,246
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,028
Gross Carrying Amount At Close of Period, Land	24,494
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	89,274
Gross Carrying Amount At Close of Period, Total	113,768
Accumulated Depreciation	22,973
Columbus In Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,160
Initial Cost of Land	673
Initial Cost of FF&E, Buildings and improvements	4,804
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,260
Gross Carrying Amount At Close of Period, Land	673
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,064
Gross Carrying Amount At Close of Period, Total	6,737
Accumulated Depreciation	2,867
Denver, CO Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,376
Initial Cost of Land	9,342
Initial Cost of FF&E, Buildings and improvements	29,656
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,855
Gross Carrying Amount At Close of Period, Land	9,342
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,511
Gross Carrying Amount At Close of Period, Total	40,853
Accumulated Depreciation	8,686
Gaithersburg, MD Courtyard by Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,580
Initial Cost of Land	5,128
Initial Cost of FF&E, Buildings and improvements	30,522
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,885
Gross Carrying Amount At Close of Period, Land	5,128
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,407
Gross Carrying Amount At Close of Period, Total	37,535
Accumulated Depreciation	8,216
Crystal City VA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,132
Initial Cost of Land	5,411
Initial Cost of FF&E, Buildings and improvements	38,610
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,301
Gross Carrying Amount At Close of Period, Land	5,411
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	46,911
Gross Carrying Amount At Close of Period, Total	52,322
Accumulated Depreciation	22,524
Overland Park Ks Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,206
Initial Cost of Land	1,868
Initial Cost of FF&E, Buildings and improvements	14,030
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,156
Gross Carrying Amount At Close of Period, Land	1,868
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,186
Gross Carrying Amount At Close of Period, Total	18,054
Accumulated Depreciation	7,774
Foothill Ranch Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,528
Initial Cost of Land	2,447
Initial Cost of FF&E, Buildings and improvements	16,005
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,730
Gross Carrying Amount At Close of Period, Land	2,447
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	17,735
Gross Carrying Amount At Close of Period, Total	20,182
Accumulated Depreciation	8,253
Alpharetta GA Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,477
Initial Cost of Land	2,244
Initial Cost of FF&E, Buildings and improvements	12,345
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,016
Gross Carrying Amount At Close of Period, Land	2,244
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	14,361
Gross Carrying Amount At Close of Period, Total	16,605
Accumulated Depreciation	6,462
Oakland Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,240
Initial Cost of Land	5,112
Initial Cost of FF&E, Buildings and improvements	19,429
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,841
Gross Carrying Amount At Close of Period, Land	5,112
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	21,270
Gross Carrying Amount At Close of Period, Total	26,382
Accumulated Depreciation	8,965
Scottsdale AZ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,600
Initial Cost of Land	3,700
Initial Cost of FF&E, Buildings and improvements	22,134
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,724
Gross Carrying Amount At Close of Period, Land	3,700
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,858
Gross Carrying Amount At Close of Period, Total	28,558
Accumulated Depreciation	10,299
Plano TX Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,160
Initial Cost of Land	2,115
Initial Cost of FF&E, Buildings and improvements	22,360
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,123
Gross Carrying Amount At Close of Period, Land	2,115
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	24,483
Gross Carrying Amount At Close of Period, Total	26,598
Accumulated Depreciation	9,784
Newark Ca Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	34,960
Initial Cost of Land	2,863
Initial Cost of FF&E, Buildings and improvements	10,723
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,129
Gross Carrying Amount At Close of Period, Land	2,863
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	12,852
Gross Carrying Amount At Close of Period, Total	15,715
Accumulated Depreciation	4,868
Manchester Ct Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,819
Initial Cost of Land	1,301
Initial Cost of FF&E, Buildings and improvements	7,430
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,034
Gross Carrying Amount At Close of Period, Land	1,301
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	8,464
Gross Carrying Amount At Close of Period, Total	9,765
Accumulated Depreciation	3,782
Basking Ridge NJ Courtyard By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,600
Initial Cost of Land	5,419
Initial Cost of FF&E, Buildings and improvements	45,304
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,673
Gross Carrying Amount At Close of Period, Land	5,419
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	48,977
Gross Carrying Amount At Close of Period, Total	54,396
Accumulated Depreciation	20,099
Evansville In Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,756
Initial Cost of Land	961
Initial Cost of FF&E, Buildings and improvements	5,972
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	896
Gross Carrying Amount At Close of Period, Land	960
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	6,869
Gross Carrying Amount At Close of Period, Total	7,829
Accumulated Depreciation	3,438
Orlando FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,970
Initial Cost of Land	6,554
Initial Cost of FF&E, Buildings and improvements	40,539
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	13,045
Gross Carrying Amount At Close of Period, Land	6,554
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	53,584
Gross Carrying Amount At Close of Period, Total	60,138
Accumulated Depreciation	26,643
Falls Church VA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,901
Initial Cost of Land	2,752
Initial Cost of FF&E, Buildings and improvements	34,979
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,736
Gross Carrying Amount At Close of Period, Land	2,752
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,715
Gross Carrying Amount At Close of Period, Total	42,467
Accumulated Depreciation	17,993
San Diego CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,001
Initial Cost of Land	3,156
Initial Cost of FF&E, Buildings and improvements	29,514
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,036
Gross Carrying Amount At Close of Period, Land	3,156
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,550
Gross Carrying Amount At Close of Period, Total	34,706
Accumulated Depreciation	14,473
Salt Lake City UT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,741
Initial Cost of Land	1,897
Initial Cost of FF&E, Buildings and improvements	16,357
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,144
Gross Carrying Amount At Close of Period, Land	1,897
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	19,501
Gross Carrying Amount At Close of Period, Total	21,398
Accumulated Depreciation	8,637
Las Vegas NV Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	38,160
Initial Cost of Land	18,177
Initial Cost of FF&E, Buildings and improvements	39,568
Cost Capitalized Since Acquisition, Land	(6,184)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(15,959)
Gross Carrying Amount At Close of Period, Land	11,993
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	23,609
Gross Carrying Amount At Close of Period, Total	35,602
Accumulated Depreciation	6,244
Phoenix AZ Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,100
Initial Cost of FF&E, Buildings and improvements	23,187
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,428
Gross Carrying Amount At Close of Period, Land	4,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	30,615
Gross Carrying Amount At Close of Period, Total	34,715
Accumulated Depreciation	10,601
Plano TX Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,160
Initial Cost of Land	2,045
Initial Cost of FF&E, Buildings and improvements	16,869
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,321
Gross Carrying Amount At Close of Period, Land	2,045
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	18,190
Gross Carrying Amount At Close of Period, Total	20,235
Accumulated Depreciation	7,425
Newark CA Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,760
Initial Cost of Land	3,272
Initial Cost of FF&E, Buildings and improvements	11,706
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,224
Gross Carrying Amount At Close of Period, Land	3,272
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	13,930
Gross Carrying Amount At Close of Period, Total	17,202
Accumulated Depreciation	5,670
Manchester CT Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,345
Initial Cost of Land	1,462
Initial Cost of FF&E, Buildings and improvements	8,306
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,023
Gross Carrying Amount At Close of Period, Land	1,462
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	9,329
Gross Carrying Amount At Close of Period, Total	10,791
Accumulated Depreciation	4,235
Jacksonville FL Marriott Residence Inn
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,261
Initial Cost of Land	1,997
Initial Cost of FF&E, Buildings and improvements	16,084
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	6,798
Gross Carrying Amount At Close of Period, Land	1,997
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	22,882
Gross Carrying Amount At Close of Period, Total	24,879
Accumulated Depreciation	11,241
Santa Fe, NM Tribute Portfolio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,000
Initial Cost of Land	8,094
Initial Cost of FF&E, Buildings and improvements	42,058
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,590
Gross Carrying Amount At Close of Period, Land	8,094
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	44,648
Gross Carrying Amount At Close of Period, Total	52,742
Accumulated Depreciation	6,083
Manhattan Beach CA Towne Place Suites By Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,680
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	17,543
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,634
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,177
Gross Carrying Amount At Close of Period, Total	24,982
Accumulated Depreciation	8,653
Atlanta, GA Ritz-Carlton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	97,902
Initial Cost of Land	2,477
Initial Cost of FF&E, Buildings and improvements	80,139
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	23,224
Gross Carrying Amount At Close of Period, Land	2,477
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	103,363
Gross Carrying Amount At Close of Period, Total	105,840
Accumulated Depreciation	32,728
Atlantic Beach FL One Ocean
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,600
Initial Cost of Land	5,815
Initial Cost of FF&E, Buildings and improvements	14,817
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	19,860
Gross Carrying Amount At Close of Period, Land	5,815
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	34,677
Gross Carrying Amount At Close of Period, Total	40,492
Accumulated Depreciation	24,901
Nashville, TN Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	207,000
Initial Cost of Land	20,671
Initial Cost of FF&E, Buildings and improvements	158,260
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	33,436
Gross Carrying Amount At Close of Period, Land	20,671
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	191,696
Gross Carrying Amount At Close of Period, Total	212,367
Accumulated Depreciation	53,669
Palm Springs, CA Renaissance
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,522
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	74,112
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,906
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	80,018
Gross Carrying Amount At Close of Period, Total	80,018
Accumulated Depreciation	20,733
Langhorne PA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,880
Initial Cost of Land	2,037
Initial Cost of FF&E, Buildings and improvements	12,424
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,231
Gross Carrying Amount At Close of Period, Land	2,037
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	15,655
Gross Carrying Amount At Close of Period, Total	17,692
Accumulated Depreciation	7,920
Minneapolis MN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	20,933
Initial Cost of Land	2,953
Initial Cost of FF&E, Buildings and improvements	14,280
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,179
Gross Carrying Amount At Close of Period, Land	2,953
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	16,459
Gross Carrying Amount At Close of Period, Total	19,412
Accumulated Depreciation	7,968
Indianapolis IN Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	58,712
Initial Cost of Land	3,100
Initial Cost of FF&E, Buildings and improvements	22,041
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	10,816
Gross Carrying Amount At Close of Period, Land	3,100
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	32,857
Gross Carrying Amount At Close of Period, Total	35,957
Accumulated Depreciation	16,942
Anchorage AK Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,331
Initial Cost of Land	4,023
Initial Cost of FF&E, Buildings and improvements	39,363
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,096
Gross Carrying Amount At Close of Period, Land	4,023
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	53,459
Gross Carrying Amount At Close of Period, Total	57,482
Accumulated Depreciation	26,974
San Diego CA Sheraton Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,160
Initial Cost of Land	7,294
Initial Cost of FF&E, Buildings and improvements	36,382
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,225
Gross Carrying Amount At Close of Period, Land	7,294
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	39,607
Gross Carrying Amount At Close of Period, Total	46,901
Accumulated Depreciation	17,084
Coral Gables FL Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,200
Initial Cost of Land	4,805
Initial Cost of FF&E, Buildings and improvements	50,820
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	22,368
Gross Carrying Amount At Close of Period, Land	4,805
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	73,188
Gross Carrying Amount At Close of Period, Total	77,993
Accumulated Depreciation	35,660
Hauppauge, NY Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,095
Initial Cost of Land	6,284
Initial Cost of FF&E, Buildings and improvements	35,669
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	486
Gross Carrying Amount At Close of Period, Land	6,284
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	36,155
Gross Carrying Amount At Close of Period, Total	42,439
Accumulated Depreciation	11,630
Savannah, GA Hyatt Regency
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	69,224
Initial Cost of Land	14,041
Initial Cost of FF&E, Buildings and improvements	72,721
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,546
Gross Carrying Amount At Close of Period, Land	14,041
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	80,267
Gross Carrying Amount At Close of Period, Total	94,308
Accumulated Depreciation	20,738
Key West FL Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,982
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	27,514
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,747
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	35,261
Gross Carrying Amount At Close of Period, Total	35,261
Accumulated Depreciation	14,876
Annapolis, MD Crowne Plaza
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,658
Initial Cost of Land	3,028
Initial Cost of FF&E, Buildings and improvements	7,833
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,746
Gross Carrying Amount At Close of Period, Land	3,028
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	11,579
Gross Carrying Amount At Close of Period, Total	14,607
Accumulated Depreciation	6,261
Austin, TX Lakeway Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,527
Initial Cost of Land	4,541
Initial Cost of FF&E, Buildings and improvements	28,940
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	2,587
Gross Carrying Amount At Close of Period, Land	4,541
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	31,527
Gross Carrying Amount At Close of Period, Total	36,068
Accumulated Depreciation	10,473
Chicago, IL Silversmith
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,739
Initial Cost of Land	4,782
Initial Cost of FF&E, Buildings and improvements	22,398
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(1,743)
Gross Carrying Amount At Close of Period, Land	4,782
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	20,655
Gross Carrying Amount At Close of Period, Total	25,437
Accumulated Depreciation	5,601
Washington, DC The Churchill
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,114
Initial Cost of Land	25,898
Initial Cost of FF&E, Buildings and improvements	32,304
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	8,115
Gross Carrying Amount At Close of Period, Land	25,897
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	40,420
Gross Carrying Amount At Close of Period, Total	66,317
Accumulated Depreciation	13,521
Washington, DC The Melrose
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	75,454
Initial Cost of Land	29,277
Initial Cost of FF&E, Buildings and improvements	62,507
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(846)
Gross Carrying Amount At Close of Period, Land	29,277
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	61,661
Gross Carrying Amount At Close of Period, Total	90,938
Accumulated Depreciation	13,501
New Orleans, LA Le Pavillon
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,000
Initial Cost of Land	10,933
Initial Cost of FF&E, Buildings and improvements	51,549
Cost Capitalized Since Acquisition, Land	(2,601)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,494
Gross Carrying Amount At Close of Period, Land	8,332
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	63,043
Gross Carrying Amount At Close of Period, Total	71,375
Accumulated Depreciation	17,850
Fort Worth TX Ashton
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,881
Initial Cost of Land	800
Initial Cost of FF&E, Buildings and improvements	7,187
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	798
Gross Carrying Amount At Close of Period, Land	800
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	7,985
Gross Carrying Amount At Close of Period, Total	8,785
Accumulated Depreciation	2,134
Princeton, NJ Westin
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,000
Initial Cost of Land	6,475
Initial Cost of FF&E, Buildings and improvements	52,195
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,027
Gross Carrying Amount At Close of Period, Land	6,475
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	59,222
Gross Carrying Amount At Close of Period, Total	65,697
Accumulated Depreciation	17,130
Atlanta, GA W
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,800
Initial Cost of Land	2,353
Initial Cost of FF&E, Buildings and improvements	54,383
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,042
Gross Carrying Amount At Close of Period, Land	2,353
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	58,425
Gross Carrying Amount At Close of Period, Total	60,778
Accumulated Depreciation	14,974
Atlanta, GA Hotel Indigo
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,290
Initial Cost of Land	3,230
Initial Cost of FF&E, Buildings and improvements	23,713
Cost Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,569
Gross Carrying Amount At Close of Period, Land	3,230
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	28,282
Gross Carrying Amount At Close of Period, Total	31,512
Accumulated Depreciation	8,072
Orlando FL World Quest Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost of Land	1,432
Initial Cost of FF&E, Buildings and improvements	9,870
Cost Capitalized Since Acquisition, Land	(121)
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	252
Gross Carrying Amount At Close of Period, Land	1,311
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements	10,122
Gross Carrying Amount At Close of Period, Total	11,433
Accumulated Depreciation	$ 3,376

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Minimum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year 6 months
Maximum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years
Maximum | Furnitures and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

REAL ESTATE AND ACCUMULATED D_4

REAL ESTATE AND ACCUMULATED DEPRECIATION - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Real Estate:
Beginning balance	$ 4,663,153	$ 4,798,605	$ 5,444,259
Additions	106,246	40,789	35,712
Impairment/write-offs	(195,736)	(151,753)	(254,475)
Sales/disposals	(46,277)	(24,488)	(426,891)
Ending balance	4,527,386	4,663,153	4,798,605
Accumulated Depreciation:
Beginning balance	1,432,443	1,371,623	1,335,816
Depreciation expense	201,900	219,112	252,873
Impairment/write-offs	(195,736)	(151,753)	(162,754)
Sales/disposals	(10,580)	(6,539)	(54,312)
Ending balance	1,428,027	1,432,443	1,371,623
Investment in Real Estate, net	$ 3,099,359	$ 3,230,710	$ 3,426,982