Ashford Hospitality Trust (AHT) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-31775
Entity Registrant Name	ASHFORD HOSPITALITY TRUST, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-1062192
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,477,952
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AHT
Security Exchange Name	NYSE
Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	AHT-PD
Security Exchange Name	NYSE
Preferred Stock, Series F
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series F
Trading Symbol	AHT-PF
Security Exchange Name	NYSE
Preferred Stock, Series G
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series G
Trading Symbol	AHT-PG
Security Exchange Name	NYSE
Preferred Stock, Series H
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series H
Trading Symbol	AHT-PH
Security Exchange Name	NYSE
Preferred Stock, Series I
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series I
Trading Symbol	AHT-PI
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investments in hotel properties, net	$ 3,099,605	$ 3,118,331
Cash and cash equivalents	344,935	417,064
Restricted cash	143,821	141,962
Accounts receivable, net of allowance of $427 and $501, respectively	62,049	49,809
Inventories	3,976	3,856
Notes receivable, net	5,151	5,062
Investments in unconsolidated entities	19,180	19,576
Deferred costs, net	2,234	2,665
Prepaid expenses	20,534	15,981
Derivative assets	37,348	47,182
Operating lease right-of-use assets	44,339	43,921
Other assets	21,492	21,653
Intangible assets	797	797
Due from Ashford Inc., net	0	486
Due from related parties, net	3,353	6,570
Due from third-party hotel managers	20,596	22,462
Total assets	3,829,410	3,917,377
Liabilities:
Indebtedness, net	3,786,065	3,838,543
Finance lease liabilities	18,765	18,847
Accounts payable and accrued expenses	127,892	115,970
Accrued interest payable	14,306	15,287
Dividends and distributions payable	3,193	3,118
Due to Ashford Inc., net	6,480	0
Due to third-party hotel managers	1,701	1,319
Intangible liabilities, net	2,077	2,097
Operating lease liabilities	45,109	44,661
Other liabilities	4,200	4,326
Total liabilities	4,009,788	4,044,168
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership	21,617	21,550
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,478,064 and 34,495,185 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	345	345
Additional paid-in capital	2,384,000	2,383,244
Accumulated deficit	(2,598,791)	(2,534,043)
Total equity (deficit)	(214,381)	(150,389)
Total liabilities and equity/deficit	3,829,410	3,917,377
Preferred Stock, Series J
Liabilities:
Redeemable preferred stock	11,543	2,004
Preferred Stock, Series K
Liabilities:
Redeemable preferred stock	843	44
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

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Allowance for doubtful accounts receivable	$ 427	$ 501
Equity (deficit):
Preferred stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	34,478,064	34,495,185
Common stock, shares outstanding (in shares)	34,478,064	34,495,185
Preferred Stock, Series J
Equity (deficit):
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Preferred Stock, shares issued (in shares)	501,864	87,115
Redeemable Preferred Stock, shares outstanding (in shares)	501,864	87,115
Preferred Stock, Series K
Equity (deficit):
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Preferred Stock, shares issued (in shares)	34,250	1,800
Redeemable Preferred Stock, shares outstanding (in shares)	34,250	1,800
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Total revenue	$ 328,886	$ 247,138
Hotel operating expenses:
Total hotel expenses	225,118	176,778
Property taxes, insurance and other	16,537	16,459
Depreciation and amortization	47,855	52,120
Advisory services fee	12,986	13,386
Corporate, general and administrative	2,612	3,104
Total operating expenses	305,108	261,847
Gain (loss) on disposition of assets and hotel properties	(24)	103
OPERATING INCOME (LOSS)	23,754	(14,606)
Equity in earnings (loss) of unconsolidated entities	(396)	(153)
Interest income	2,557	51
Other income (expense)	134	101
Interest expense and amortization of discounts and loan costs	(81,515)	(43,559)
Write-off of premiums, loan costs and exit fees	(420)	(727)
Realized and unrealized gain (loss) on derivatives	(5,415)	3,211
INCOME (LOSS) BEFORE INCOME TAXES	(61,301)	(55,682)
Income tax (expense) benefit	(221)	(120)
NET INCOME (LOSS)	(61,522)	(55,802)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	600	372
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(60,922)	(55,430)
Preferred stock dividend (reversal)	(3,243)	(3,103)
Deemed dividends on redeemable preferred stock	(407)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (64,572)	$ (58,533)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.88)	$ (1.71)
Weighted average common shares outstanding (in shares)	34,381	34,269
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.88)	$ (1.71)
Weighted average common shares outstanding (in shares)	34,381	34,269
Total hotel revenue
REVENUE
Total revenue	$ 328,228	$ 246,526
Rooms
REVENUE
Total revenue	252,955	195,330
Hotel operating expenses:
Total hotel expenses	59,203	47,406
Food and beverage
REVENUE
Total revenue	58,991	36,760
Hotel operating expenses:
Total hotel expenses	39,790	27,770
Other hotel revenue
REVENUE
Total revenue	16,282	14,436
Hotel operating expenses:
Total hotel expenses	113,879	92,048
Management Fees
Hotel operating expenses:
Total hotel expenses	12,246	9,554
Other
REVENUE
Total revenue	$ 658	$ 612

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (61,522)	$ (55,802)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0
Comprehensive income (loss)	(61,522)	(55,802)
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	600	372
Comprehensive income (loss) attributable to the Company	$ (60,922)	$ (55,430)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock, Series D	Preferred Stock, Series F	Preferred Stock, Series G	Preferred Stock, Series H	Preferred Stock, Series I	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	Preferred Stock Preferred Stock, Series J	Preferred Stock Preferred Stock, Series K	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	Redeemable Noncontrolling Interest in Operating Partnership
Beginning balance, shares (in shares) at Dec. 31, 2021									1,174	1,251	1,532	1,308	1,253			34,490
Beginning balance, value at Dec. 31, 2021	$ (2,654)								$ 12	$ 12	$ 15	$ 13	$ 13			$ 345	$ 2,379,906	$ (2,382,970)								$ 22,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																(14)
Purchases of common stock	(118)																(118)
Equity-based compensation	1,490																1,490									418
Issuance of common stock, net (in shares)																3
Issuance of preferred shares	0
Common stock offering costs	(87)																(87)
Dividends declared - preferred shares		$ (620)	$ (577)	$ (706)	$ (613)	$ (587)													$ (620)	$ (577)	$ (706)	$ (613)	$ (587)
Redemption value adjustment	(461)																	(461)								461
Net income (loss)	(55,430)																	(55,430)								(372)
Ending balance, shares (in shares) at Mar. 31, 2022									1,174	1,251	1,532	1,308	1,253			34,479
Ending balance, value at Mar. 31, 2022	(60,363)								$ 12	$ 12	$ 15	$ 13	$ 13			$ 345	2,381,191	(2,441,964)								23,249
Beginning balance, shares (in shares) at Dec. 31, 2021									1,174	1,251	1,532	1,308	1,253			34,490
Beginning balance, value at Dec. 31, 2021	(2,654)								$ 12	$ 12	$ 15	$ 13	$ 13			$ 345	2,379,906	(2,382,970)								22,742
Ending balance, shares (in shares) at Dec. 31, 2022									1,174	1,251	1,532	1,308	1,253	87	2	34,495
Ending balance, value at Dec. 31, 2022	(150,389)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 2,004	$ 44	$ 345	2,383,244	(2,534,043)								21,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																(17)
Purchases of common stock	(56)																(56)
Equity-based compensation	812																812									491
Issuance of common stock, net (in shares)														415	32
Issuance of preferred shares														$ 9,159	$ 772
Dividends declared - preferred shares		$ (620)	$ (577)	$ (706)	$ (613)	$ (587)	$ (133)	$ (7)											$ (620)	$ (577)	$ (706)	$ (613)	$ (587)	$ (133)	$ (7)
Redemption value adjustment	(176)																	(176)								176
Redemption value adjustment - preferred stock	(407)						$ 380	$ 27										(407)
Net income (loss)	(60,922)																	(60,922)								(600)
Ending balance, shares (in shares) at Mar. 31, 2023									1,174	1,251	1,532	1,308	1,253	502	34	34,478
Ending balance, value at Mar. 31, 2023	$ (214,381)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 11,543	$ 843	$ 345	$ 2,384,000	$ (2,598,791)								$ 21,617

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Preferred Stock, Series D
Dividends declared - preferred stock (in dollars per share)	$ 0.5281	$ 0.5281
Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)	0.4609	0.4609
Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)	0.4609	0.4609
Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)	0.4688	0.4688
Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)	0.4688	0.4688
Preferred Stock | Preferred Stock, Series D
Dividends declared - preferred stock (in dollars per share)	0.53	0.53
Preferred Stock | Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)	0.46	0.46
Preferred Stock | Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)	0.46	0.46
Preferred Stock | Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)	0.47	0.47
Preferred Stock | Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)	0.47	$ 0.47
Preferred Stock | Preferred Stock, Series J
Dividends declared - preferred stock (in dollars per share)	0.50
Preferred Stock | Preferred Stock, Series K
Dividends declared - preferred stock (in dollars per share)	$ 0.51

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (61,522)	$ (55,802)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	47,855	52,120
Amortization of intangibles	9	33
Recognition of deferred income	(125)	(127)
Bad debt expense	626	669
Deferred income tax expense (benefit)	17	(67)
Equity in (earnings) loss of unconsolidated entities	396	153
(Gain) loss on disposition of assets and hotel properties	24	(103)
Realized and unrealized (gain) loss on derivatives	5,415	(3,211)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees	4,264	2,048
Equity-based compensation	1,303	1,908
Non-cash interest income	(121)	(82)
Changes in operating assets and liabilities:
Accounts receivable and inventories	(12,572)	(15,567)
Prepaid expenses and other assets	(4,360)	(5,304)
Accounts payable and accrued expenses and accrued interest payable	12,782	3,126
Due to/from related parties	2,011	(422)
Due to/from third-party hotel managers	2,248	5,419
Due to/from Ashford Inc., net	6,456	690
Operating lease liabilities	366	(121)
Operating lease right-of-use assets	(447)	187
Other liabilities	(1)	(1)
Net cash provided by (used in) operating activities	4,624	(14,454)
Cash Flows from Investing Activities
Improvements and additions to hotel properties	(29,298)	(22,668)
Net proceeds from disposition of assets and hotel properties	0	357
Payments for initial franchise fees	(149)	0
Proceeds from property insurance	75	962
Proceeds from note receivable	0	4,000
Net cash provided by (used in) investing activities	(29,372)	(17,349)
Cash Flows from Financing Activities
Borrowings on indebtedness, net of commitment fee	449	0
Repayments of indebtedness	(50,840)	(4,664)
Payments for loan costs and exit fees	(6,751)	(146)
Payments for dividends and distributions	(3,162)	(3,104)
Purchases of common stock	(7)	0
Payments for derivatives	(4,174)	(856)
Proceeds from derivatives	9,038	0
Common stock offering costs	0	(167)
Proceeds from preferred stock offerings	9,925	0
Net cash provided by (used in) financing activities	(45,522)	(8,937)
Net increase (decrease) in cash, cash equivalents and restricted cash	(70,270)	(40,740)
Cash, cash equivalents and restricted cash at beginning of period	559,026	691,644
Cash, cash equivalents and restricted cash at end of period	488,756	650,904
Supplemental Cash Flow Information
Interest paid	76,923	44,830
Income taxes paid (refunded)	(58)	41
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures	14,822	10,273
Accrued stock offering costs	0	28
Accrued preferred stock offering costs	21	0
Common stock purchases accrued but not paid	0	118
Non-cash preferred stock dividends	6	0
Unsettled proceeds from derivatives	1,963	0
Dividends and distributions declared but not paid	3,193	3,103
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	344,935	548,592
Restricted cash	143,821	102,312
Cash, cash equivalents and restricted cash	$ 488,756	$ 650,904

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 $2.0 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 the Meritage Resort and Spa and the Grand Reserve at the Meritage (the “Meritage Investment”) in Napa, California, with a carrying value of approximately $8.7 million. For U.S. federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of March 31, 2023, 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 Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington 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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 10, 2023. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The following transactions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date 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. Recently Adopted Accounting Standards —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 ASU 2021-01, Reference Rate Reform (Topic 848) , 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) , which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe following tables present our revenue disaggregated by geographical area (dollars in thousands): Three Months Ended March 31, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 19,776 $ 4,941 $ 1,490 $ — $ 26,207 Boston, MA Area 2 8,619 935 1,434 — 10,988 Dallas / Ft. Worth, TX Area 7 16,273 5,423 941 — 22,637 Houston, TX Area 3 6,814 2,558 281 — 9,653 Los Angeles, CA Metro Area 6 21,603 4,893 1,036 — 27,532 Miami, FL Metro Area 2 8,630 2,837 206 — 11,673 Minneapolis - St. Paul, MN Area 2 2,395 594 279 — 3,268 Nashville, TN Area 1 13,217 7,344 692 — 21,253 New York / New Jersey Metro Area 6 12,081 4,875 566 — 17,522 Orlando, FL Area 2 6,926 512 491 — 7,929 Philadelphia, PA Area 3 4,562 528 221 — 5,311 San Diego, CA Area 2 4,714 297 317 — 5,328 San Francisco - Oakland, CA Metro Area 7 16,051 2,117 697 — 18,865 Tampa, FL Area 2 9,847 1,983 454 — 12,284 Washington D.C. - MD - VA Area 9 28,020 5,883 1,846 — 35,749 Other Areas 36 72,408 13,240 5,018 — 90,666 Orlando WorldQuest — 1,019 31 313 — 1,363 Corporate — — — — 658 658 Total 100 $ 252,955 $ 58,991 $ 16,282 $ 658 $ 328,886 Three Months Ended March 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 13,646 $ 3,121 $ 1,166 $ — $ 17,933 Boston, MA Area 2 5,964 1,138 996 — 8,098 Dallas / Ft. Worth, TX Area 7 12,519 2,623 919 — 16,061 Houston, TX Area 3 5,567 1,558 190 — 7,315 Los Angeles, CA Metro Area 6 17,706 2,660 1,018 — 21,384 Miami, FL Metro Area 2 7,474 2,046 251 — 9,771 Minneapolis - St. Paul, MN Area 2 1,813 510 84 — 2,407 Nashville, TN Area 1 10,896 5,323 966 — 17,185 New York / New Jersey Metro Area 6 8,069 2,446 520 — 11,035 Orlando, FL Area 2 5,817 313 355 — 6,485 Philadelphia, PA Area 3 3,834 342 211 — 4,387 San Diego, CA Area 2 3,661 163 300 — 4,124 San Francisco - Oakland, CA Metro Area 7 10,357 973 615 — 11,945 Tampa, FL Area 2 7,623 1,375 295 — 9,293 Washington D.C. - MD - VA Area 9 16,719 2,850 1,312 — 20,881 Other Areas 36 61,547 8,956 4,815 — 75,318 Orlando WorldQuest — 1,152 48 337 — 1,537 Disposed properties 1 966 315 86 — 1,367 Corporate — — — — 612 612 Total 100 $ 195,330 $ 36,760 $ 14,436 $ 612 $ 247,138

Investments in Hotel Properties

Investments in Hotel Properties, net	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Land $ 622,759 $ 622,759 Buildings and improvements 3,623,737 3,650,464 Furniture, fixtures and equipment 216,440 222,665 Construction in progress 26,773 21,609 Condominium properties 9,887 9,889 Hilton Marietta finance lease 17,269 18,998 Total cost 4,516,865 4,546,384 Accumulated depreciation (1,417,260) (1,428,053) Investments in hotel properties, net $ 3,099,605 $ 3,118,331

Hotel Disposition and Impairmen

Hotel Disposition and Impairment Charges	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Hotel Disposition and Impairment Charges	Hotel Disposition and Impairment ChargesHotel Dispositions The results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for the fiscal year 2022 hotel property disposition. The following table includes condensed financial information from the hotel property disposition that occurred in 2022 for the three months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Total hotel revenue $ 1,367 Total hotel operating expenses (1,352) Property taxes, insurance and other (149) Depreciation and amortization (610) Operating income (loss) (744) Interest expense and amortization of discounts and loan costs (354) Income (loss) before income taxes (1,098) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 7 Net income (loss) before income taxes attributable to the Company $ (1,091)

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company has made investments in OpenKey totaling approximately $5.5 million. As of March 31, 2023, 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 2022, the Company made an initial investment of $9.1 million in an entity that owns the Meritage Investment in Napa, CA. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance The following table summarizes our carrying value and ownership interest in unconsolidated entities: March 31, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,953 $ 2,103 Ownership interest in OpenKey 15.1 % 15.1 % 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 Meritage Investment (in thousands) $ 8,745 $ 8,991 The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Three Months Ended March 31, 2023 2022 OpenKey $ (150) $ (153) 815 Commerce MM — — Meritage Investment (246) — $ (396) $ (153)

Indebtedness, net

Indebtedness, net	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): March 31, 2023 December 31, 2022 Indebtedness Collateral Maturity Interest Rate Debt Balance Debt Balance Mortgage loan (3) 19 hotels April 2023 LIBOR (1) + 3.20% $ 907,030 $ 907,030 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 73,450 Mortgage loan (4) 7 hotels June 2023 LIBOR (1) + 3.65% 180,720 180,720 Mortgage loan (4) 7 hotels June 2023 LIBOR (1) + 3.39% 174,400 174,400 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 3.73% 221,040 221,040 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 4.02% 262,640 262,640 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 2.73% 160,000 160,000 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 3.68% 215,120 215,120 Mortgage loan (5) 17 hotels November 2023 LIBOR (1) + 3.13% 415,000 415,000 Mortgage loan (6) 1 hotel November 2023 SOFR (2) + 2.80% 25,000 25,000 Mortgage loan (7) 1 hotel December 2023 SOFR (2) + 2.85% 15,252 15,290 Mortgage loan 1 hotel January 2024 5.49% 6,307 6,345 Mortgage loan 1 hotel January 2024 5.49% 9,204 9,261 Term loan (8) Equity January 2024 14.00% 195,959 195,959 Mortgage loan (9) 8 hotels February 2024 LIBOR (1) + 3.17% 345,000 395,000 Mortgage loan (10) 2 hotels March 2024 LIBOR (1) + 2.75% 240,000 240,000 Mortgage loan 1 hotel May 2024 4.99% 5,755 5,819 Mortgage loan (11) 1 hotel June 2024 SOFR (2) + 2.00% 8,881 8,881 Mortgage loan 2 hotels August 2024 4.85% 11,109 11,172 Mortgage loan 3 hotels August 2024 4.90% 22,224 22,349 Mortgage loan (12) 1 hotel November 2024 LIBOR (1) + 4.65% 86,000 85,552 Mortgage loan (13) 1 hotel December 2024 SOFR (2) + 4.00% 37,000 37,000 Mortgage loan 3 hotels February 2025 4.45% 46,609 46,918 Mortgage loan 1 hotel March 2025 4.66% 23,179 23,326 Mortgage loan (14) 1 hotel August 2025 SOFR (2) + 3.91% 98,000 98,000 $ 3,784,879 $ 3,835,272 Premiums (discounts), net (16,075) (20,249) Capitalized default interest and late charges 5,263 8,363 Deferred loan costs, net (12,623) (8,530) Embedded debt derivative 24,621 23,687 Indebtedness, net $ 3,786,065 $ 3,838,543 _____________________________ (1) LIBOR rates were 4.858% and 4.390% at March 31, 2023 and December 31, 2022, respectively. (2) SOFR rates were 4.800% and 4.358% at March 31, 2023 at December 31, 2022, respectively. (3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023. In accordance with exercising the fourth one-year extension option, we repaid $45.0 million of principal and the variable interest rate increased from LIBOR + 3.20% to LIBOR + 3.47%. (4) 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. (5) 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. (6) 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. (7) This loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022. (8) This term loan has two one-year extension options, subject to satisfaction of certain conditions. Effective January 15, 2023, the interest rate decreased from 16% to 14% in accordance with the terms and conditions of the loan agreement. (9) On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal pay down of $50.0 million, and the variable interest rate increased from LIBOR + 3.07% to LIBOR + 3.17%. 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. (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 a SOFR floor of 2.00%. (12) On January 27, 2023, we drew the remaining $449,000 of the $2.0 million additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (13) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. (14) 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): Three Months Ended March 31, Line Item 2023 2022 Interest expense and amortization of discounts and loan costs $ (4,173) $ (2,698) 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 March 31, 2023, 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.

Notes Receivable, Net and Other

Notes Receivable, Net and Other	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Certificate of Occupancy Note (1) (3) Face amount 7.0 % $ 5,250 $ 5,250 Discount (2) (99) (188) Notes receivable, net $ 5,151 $ 5,062 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025. (2) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023. (3) The note receivable is secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. No cash interest income was recorded for the three months ended March 31, 2023 and 2022. We recognized discount amortization income as presented in the table below (in thousands): Three Months Ended March 31, Line Item 2023 2022 Other income (expense) $ 89 $ 82 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 March 31, 2023 December 31, 2022 Deferred Receivable Face amount 10.0 % $ 1,500 $ 1,500 Discount (1) (208) (240) $ 1,292 $ 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): Three Months Ended March 31, Line Item 2023 Other income (expense) $ 32

Derivative Instruments and Hedg

Derivative Instruments and Hedging	3 Months Ended
	Mar. 31, 2023
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 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: Three Months Ended March 31, 2023 2022 Interest rate caps: Notional amount (in thousands) $ 585,000 (1) $ 1,586,281 (1) Strike rate low end of range 4.00 % 3.00 % Strike rate high end of range 6.90 % 4.00 % Effective date range February 2023 - March 2023 January 2022 - March 2022 Termination date range February 2024 - March 2024 January 2023 - April 2024 Total cost (in thousands) $ 4,174 $ 857 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: March 31, 2023 December 31, 2022 Interest rate caps: Notional amount (in thousands) $ 3,462,941 (1) $ 3,549,941 (1) Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 6.90 % 5.50 % Termination date range April 2023 - January 2025 January 2023 - January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,455,652 $ 3,505,242 _______________ (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	3 Months Ended
	Mar. 31, 2023
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 rose 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/SOFR 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 March 31, 2023, the LIBOR/SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 4.858% to 3.125% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. 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 March 31, 2023 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 March 31, 2023. 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 December 31, 2021 $ 27,906 Re-measurement of fair value (932) Balance at March 31, 2022 26,974 Re-measurement of fair value (2,977) Balance at June 30, 2022 23,997 Re-measurement of fair value (719) Balance at September 30, 2022 23,278 Re-measurement of fair value 409 Balance at December 31, 2022 23,687 Re-measurement of fair value 934 Balance at March 31, 2023 $ 24,621 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 March 31, 2023: Assets Derivative assets: Interest rate derivatives - caps $ — $ 37,348 $ — $ 37,348 (1) Total $ — $ 37,348 $ — $ 37,348 Liabilities Embedded debt derivative $ — $ — $ (24,621) $ (24,621) (2) Net $ — $ 37,348 $ (24,621) $ 12,727 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 ____________________________________ (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 Three Months Ended March 31, 2023 2022 Assets Derivative assets: Interest rate derivatives - caps $ (4,481) $ 2,279 Total $ (4,481) $ 2,279 Liabilities Derivative liabilities: Embedded debt derivative $ (934) $ 932 Net $ (5,415) $ 3,211 Total combined Interest rate derivatives - caps $ (14,008) $ 2,279 Embedded debt derivative (934) 932 Unrealized gain (loss) on derivatives (14,942) (1) 3,211 (1) Realized gain (loss) on interest rate caps 9,527 (1) (2) — Net $ (5,415) $ 3,211 ____________________________________ (1) Reported as “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 37,348 $ 37,348 $ 47,182 $ 47,182 Financial liabilities measured at fair value: Embedded debt derivative $ 24,621 $ 24,621 $ 23,687 $ 23,687 Financial assets not measured at fair value: Cash and cash equivalents $ 344,935 $ 344,935 $ 417,064 $ 417,064 Restricted cash 143,821 143,821 141,962 141,962 Accounts receivable, net 62,049 62,049 49,809 49,809 Notes receivable, net 5,151 4,893 to 5,408 5,062 4,809 to 5,315 Due from Ashford Inc., net — — 486 486 Due from related parties, net 3,353 3,353 6,570 6,570 Due from third-party hotel managers 20,596 20,596 22,462 22,462 Financial liabilities not measured at fair value: Indebtedness $ 3,768,804 $3,465,530 to $3,830,320 $ 3,815,023 $3,500,635 to $3,869,122 Accounts payable and accrued expenses 127,892 127,892 115,970 115,970 Accrued interest payable 14,306 14,306 15,287 15,287 Dividends and distributions payable 3,193 3,193 3,118 3,118 Due to Ashford Inc., net 6,480 6,480 — — Due to third-party hotel managers 1,701 1,701 1,319 1,319 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 $5.2 million at March 31, 2023 and approximately 95.0% to 105.0% of the carrying value of $5.1 million at December 31, 2022. 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 92.0% to 101.6% of the carrying value of $3.8 billion at March 31, 2023 and approximately 91.8% to 101.4% of the carrying value of $3.8 billion at December 31, 2022. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Three Months Ended March 31, 2023 2022 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (60,922) $ (55,430) Less: dividends on preferred stock (3,243) (3,103) Less: deemed dividends on redeemable preferred stock (407) — Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (64,572) $ (58,533) Weighted average common shares outstanding: Weighted average shares outstanding - basic and diluted 34,381 34,269 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.88) $ (1.71) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.88) $ (1.71) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended March 31, 2023 2022 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (600) $ (372) Dividends on preferred stock - Series J (inclusive of deemed dividends) 513 — Dividends on preferred stock - Series K (inclusive of deemed dividends) 34 — Total $ (53) $ (372) Weighted average diluted shares are not adjusted for: Effect of assumed conversion of operating partnership units 335 236 Effect of assumed issuance of shares for term loan exit fee 1,745 1,745 Effect of assumed conversion of preferred stock - Series J 1,459 — Effect of assumed conversion of preferred stock - Series K 62 — Total 3,601 1,981

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating PartnershipRedeemable 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 2021, 2022 and 2023 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 applicable measurement 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 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 March 31, 2023, there were approximately 1.6 million Performance LTIP units outstanding, representing 250% of the target number granted for the 2021, 2022 and 2023 grants. As of March 31, 2023, we have issued a total of approximately 1.9 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units other than approximately 1.5 million Performance LTIP units and 12,000 LTIP units have reached full economic parity with, and are convertible into, common units upon vesting. The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage: March 31, 2023 December 31, 2022 Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 21,617 $ 21,550 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) $ 184,801 $ 184,625 Ownership percentage of operating partnership 0.92 % 0.91 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands): Three Months Ended March 31, 2023 2022 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 600 $ 372

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Common Stock Dividends —The board of directors did not declare a quarterly common stock dividend in 2023 or 2022. 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. 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 2021, 2022 and 2023 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 corresponding measurement 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. Preferred Dividends —The board of directors declared quarterly dividends per share as presented below: Three Months Ended March 31, 2023 2022 8.45% Series D Cumulative Preferred Stock $ 0.5281 $ 0.5281 7.375% Series F Cumulative Preferred Stock 0.4609 0.4609 7.375% Series G Cumulative Preferred Stock 0.4609 0.4609 7.50% Series H Cumulative Preferred Stock 0.4688 0.4688 7.50% Series I Cumulative Preferred Stock 0.4688 0.4688 Stock Repurchases —On April 6, 2022 the board of directors approved a stock repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock and preferred stock having an aggregate value of up to $200 million. The board of directors’ authorization replaced the previous repurchase authorization that the board of directors authorized in December 2017. No shares of our common stock or preferred stock were repurchased subject to the repurchase program during the three months ended March 31, 2023 and 2022, respectively.

Redeemable Preferred Stock

Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2023
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 at a 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 (voting together as a single class with all other classes or series of capital stock ranking on a parity with the 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 Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal number 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 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 upon a change of control. 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 Series J Preferred Stock accrues cash dividends at an annual rate equal to 8.0% per annum of the Stated Value beginning on the date of the first settlement of the Series J Preferred Stock. Dividends are payable on a monthly basis and payable in arrears on the 15th of each month (or, if such payment date is not a business day, the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable 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 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): Three Months Ended March 31, 2023 Series J Preferred Stock shares issued (1) 415 Net proceeds $ 9,326 ________ (1) Exclusive of shares issued under the DRIP. 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): March 31, 2023 December 31, 2022 Series J Preferred Stock $ 11,543 $ 2,004 Cumulative adjustments to Series J Preferred Stock (1) $ 1,306 $ 926 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended March 31, 2023 Series J Preferred Stock $ 133 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 at a 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 the DRIP at 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 (voting together as a single class with all other classes or series of capital stock ranking on a parity with the 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 Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal number 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 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 upon a change of control. 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. 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 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 are payable on a monthly basis in arrears on the 15th of each month (or, if such payment date is not a business day, on the next succeeding business day) to holders of record at the close of business on the last business day of each month immediately preceding the applicable 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 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): Three Months Ended March 31, 2023 Series K Preferred Stock shares issued (1) 32 Net proceeds $ 787 ________ (1) Exclusive of shares issued under the DRIP. 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): March 31, 2023 December 31, 2022 Series K Preferred Stock $ 843 $ 44 Cumulative adjustments to Series K Preferred Stock (1) $ 47 $ 20 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended March 31, 2023 Series K Preferred Stock $ 7

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
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. prior month during which the advisory agreement was in effect; provided, however in no event shall the Base Fee for any month be less than the Minimum Base Fee as provided by the advisory agreement. The Company shall pay the Base Fee or the Minimum Base Fee on the fifth business day of each month. The Minimum Base Fee for Ashford Trust for each quarter beginning January 1, 2021 is equal to the greater of: (i) ninety percent (90%) of the base fee paid for the same month in the prior fiscal year and (ii) 1/12th of the G&A Ratio (as defined in the advisory agreement) for the most recently completed fiscal quarter multiplied by the Company’s Total Market Capitalization. We are also required to pay Ashford LLC an incentive fee that is measured annually (or for a stub period if the advisory agreement is terminated at other than year-end). In each year that the Company’s total shareholder return exceeds the average total shareholder return for the peer group, the Company shall pay to Ashford LLC an incentive fee. The incentive fee, if any, subject to the Fixed Coverage Charge Ratio Condition (as defined in the advisory agreement), shall be payable in arrears in three equal annual installments. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to officers and employees of Ashford LLC in connection with providing advisory services. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2023 2022 Advisory services fee Base advisory fee $ 8,469 $ 8,735 Reimbursable expenses (1) 3,227 2,571 Equity-based compensation (2) 1,290 1,929 Incentive fee — 151 Total advisory services fee $ 12,986 $ 13,386 ________ (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. Pursuant to the Company’s hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Ashford Trust, Braemar Hotels & Resorts Inc. (“Braemar”), their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.’s risk management department manages the casualty insurance program. 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. On September 27, 2022, an agreement was entered into by Ashford Inc., Ashford Trust and Braemar pursuant to which the Advisor is to implement the REITs' cash management strategies. This will include actively managing the REITs excess cash by primarily investing in short-term U.S. Treasury securities. The annual fee is 20 bps of the average daily balance of the funds managed by the advisor and is payable monthly in arrears. 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 2022 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 have limited 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. On March 2, 2023, we entered into a second Limited Waiver Under Advisory Agreement (the “2023 Limited Waiver”) with Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC. Pursuant to the 2023 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 2023 cash incentive compensation to employees and other representatives of our advisor; provided that such awarded cash incentive compensation does not exceed $13.1 million, in the aggregate, during the waiver period. Lismore On March 20, 2020, Lismore Capital II 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. For the three months ended March 31, 2022, the Company recognized expense of $643,000, which is included in “write off of premium, 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 three months ended March 31, 2023 and 2022, we made payments of $395,000 and $0, 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. During the year ended December 31, 2022, the funding estimate was revised based on the latest capital raise estimates of the aggregate capital raised through Ashford Securities. As of December 31, 2022, Ashford Trust had funded approximately $6.2 million of which $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. In March 2023, Ashford Inc. paid $6.1 million to Ashford Trust as a result of the contribution true-up between the entities described above. As of March 31, 2023, Ashford Trust has funded approximately $136,000 and has a $193,000 payable that is included in “due to Ashford Inc., net” on our consolidated balance sheet. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended March 31, Line Item 2023 2022 Corporate, general and administrative $ 119 $ 527 Design and Construction Services Premier Project Management LLC (“Premier”), as a subsidiary of Ashford Inc., 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. Hotel Management Services At March 31, 2023, 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 March 31, 2023, 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 2024 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): Three Months Ended March 31, Line Item 2023 2022 Other hotel expenses $ 15,612 $ 11,612 Management Fees —Under hotel management agreements for our hotel properties existing at March 31, 2023, 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 2025 through 2038, with renewal options. If we terminate a hotel management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities. Litigation —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: (i) 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 (ii) 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. If this litigation goes to trial, we expect that the earliest the trial would occur is the last quarter of 2023, based on various extensions to which the parties have agreed. 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 March 31, 2023, 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.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, all of our hotel properties were domestically located.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned joint ventures in which it has a controlling interest. All inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 10, 2023. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Trust OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Ashford OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Use of Estimates	Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In 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 ASU 2021-01, Reference Rate Reform (Topic 848) , 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) , which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Acquisitions and Dispositions that Affect Comparability	The following transactions affect reporting comparability of our consolidated financial statements: Hotel Property Location Type Date Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical area (dollars in thousands): Three Months Ended March 31, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 19,776 $ 4,941 $ 1,490 $ — $ 26,207 Boston, MA Area 2 8,619 935 1,434 — 10,988 Dallas / Ft. Worth, TX Area 7 16,273 5,423 941 — 22,637 Houston, TX Area 3 6,814 2,558 281 — 9,653 Los Angeles, CA Metro Area 6 21,603 4,893 1,036 — 27,532 Miami, FL Metro Area 2 8,630 2,837 206 — 11,673 Minneapolis - St. Paul, MN Area 2 2,395 594 279 — 3,268 Nashville, TN Area 1 13,217 7,344 692 — 21,253 New York / New Jersey Metro Area 6 12,081 4,875 566 — 17,522 Orlando, FL Area 2 6,926 512 491 — 7,929 Philadelphia, PA Area 3 4,562 528 221 — 5,311 San Diego, CA Area 2 4,714 297 317 — 5,328 San Francisco - Oakland, CA Metro Area 7 16,051 2,117 697 — 18,865 Tampa, FL Area 2 9,847 1,983 454 — 12,284 Washington D.C. - MD - VA Area 9 28,020 5,883 1,846 — 35,749 Other Areas 36 72,408 13,240 5,018 — 90,666 Orlando WorldQuest — 1,019 31 313 — 1,363 Corporate — — — — 658 658 Total 100 $ 252,955 $ 58,991 $ 16,282 $ 658 $ 328,886 Three Months Ended March 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 13,646 $ 3,121 $ 1,166 $ — $ 17,933 Boston, MA Area 2 5,964 1,138 996 — 8,098 Dallas / Ft. Worth, TX Area 7 12,519 2,623 919 — 16,061 Houston, TX Area 3 5,567 1,558 190 — 7,315 Los Angeles, CA Metro Area 6 17,706 2,660 1,018 — 21,384 Miami, FL Metro Area 2 7,474 2,046 251 — 9,771 Minneapolis - St. Paul, MN Area 2 1,813 510 84 — 2,407 Nashville, TN Area 1 10,896 5,323 966 — 17,185 New York / New Jersey Metro Area 6 8,069 2,446 520 — 11,035 Orlando, FL Area 2 5,817 313 355 — 6,485 Philadelphia, PA Area 3 3,834 342 211 — 4,387 San Diego, CA Area 2 3,661 163 300 — 4,124 San Francisco - Oakland, CA Metro Area 7 10,357 973 615 — 11,945 Tampa, FL Area 2 7,623 1,375 295 — 9,293 Washington D.C. - MD - VA Area 9 16,719 2,850 1,312 — 20,881 Other Areas 36 61,547 8,956 4,815 — 75,318 Orlando WorldQuest — 1,152 48 337 — 1,537 Disposed properties 1 966 315 86 — 1,367 Corporate — — — — 612 612 Total 100 $ 195,330 $ 36,760 $ 14,436 $ 612 $ 247,138

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): March 31, 2023 December 31, 2022 Land $ 622,759 $ 622,759 Buildings and improvements 3,623,737 3,650,464 Furniture, fixtures and equipment 216,440 222,665 Construction in progress 26,773 21,609 Condominium properties 9,887 9,889 Hilton Marietta finance lease 17,269 18,998 Total cost 4,516,865 4,546,384 Accumulated depreciation (1,417,260) (1,428,053) Investments in hotel properties, net $ 3,099,605 $ 3,118,331

Hotel Disposition and Impairm_2

Hotel Disposition and Impairment Charges (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The following table includes condensed financial information from the hotel property disposition that occurred in 2022 for the three months ended March 31, 2022 (in thousands): Three Months Ended March 31, 2022 Total hotel revenue $ 1,367 Total hotel operating expenses (1,352) Property taxes, insurance and other (149) Depreciation and amortization (610) Operating income (loss) (744) Interest expense and amortization of discounts and loan costs (354) Income (loss) before income taxes (1,098) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 7 Net income (loss) before income taxes attributable to the Company $ (1,091)

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in unconsolidated entities: March 31, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,953 $ 2,103 Ownership interest in OpenKey 15.1 % 15.1 % 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 Meritage Investment (in thousands) $ 8,745 $ 8,991 The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Three Months Ended March 31, 2023 2022 OpenKey $ (150) $ (153) 815 Commerce MM — — Meritage Investment (246) — $ (396) $ (153)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): March 31, 2023 December 31, 2022 Indebtedness Collateral Maturity Interest Rate Debt Balance Debt Balance Mortgage loan (3) 19 hotels April 2023 LIBOR (1) + 3.20% $ 907,030 $ 907,030 Mortgage loan 1 hotel June 2023 LIBOR (1) + 2.45% 73,450 73,450 Mortgage loan (4) 7 hotels June 2023 LIBOR (1) + 3.65% 180,720 180,720 Mortgage loan (4) 7 hotels June 2023 LIBOR (1) + 3.39% 174,400 174,400 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 3.73% 221,040 221,040 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 4.02% 262,640 262,640 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 2.73% 160,000 160,000 Mortgage loan (4) 5 hotels June 2023 LIBOR (1) + 3.68% 215,120 215,120 Mortgage loan (5) 17 hotels November 2023 LIBOR (1) + 3.13% 415,000 415,000 Mortgage loan (6) 1 hotel November 2023 SOFR (2) + 2.80% 25,000 25,000 Mortgage loan (7) 1 hotel December 2023 SOFR (2) + 2.85% 15,252 15,290 Mortgage loan 1 hotel January 2024 5.49% 6,307 6,345 Mortgage loan 1 hotel January 2024 5.49% 9,204 9,261 Term loan (8) Equity January 2024 14.00% 195,959 195,959 Mortgage loan (9) 8 hotels February 2024 LIBOR (1) + 3.17% 345,000 395,000 Mortgage loan (10) 2 hotels March 2024 LIBOR (1) + 2.75% 240,000 240,000 Mortgage loan 1 hotel May 2024 4.99% 5,755 5,819 Mortgage loan (11) 1 hotel June 2024 SOFR (2) + 2.00% 8,881 8,881 Mortgage loan 2 hotels August 2024 4.85% 11,109 11,172 Mortgage loan 3 hotels August 2024 4.90% 22,224 22,349 Mortgage loan (12) 1 hotel November 2024 LIBOR (1) + 4.65% 86,000 85,552 Mortgage loan (13) 1 hotel December 2024 SOFR (2) + 4.00% 37,000 37,000 Mortgage loan 3 hotels February 2025 4.45% 46,609 46,918 Mortgage loan 1 hotel March 2025 4.66% 23,179 23,326 Mortgage loan (14) 1 hotel August 2025 SOFR (2) + 3.91% 98,000 98,000 $ 3,784,879 $ 3,835,272 Premiums (discounts), net (16,075) (20,249) Capitalized default interest and late charges 5,263 8,363 Deferred loan costs, net (12,623) (8,530) Embedded debt derivative 24,621 23,687 Indebtedness, net $ 3,786,065 $ 3,838,543 _____________________________ (1) LIBOR rates were 4.858% and 4.390% at March 31, 2023 and December 31, 2022, respectively. (2) SOFR rates were 4.800% and 4.358% at March 31, 2023 at December 31, 2022, respectively. (3) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in April 2023. In accordance with exercising the fourth one-year extension option, we repaid $45.0 million of principal and the variable interest rate increased from LIBOR + 3.20% to LIBOR + 3.47%. (4) 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. (5) 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. (6) 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. (7) This loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022. (8) This term loan has two one-year extension options, subject to satisfaction of certain conditions. Effective January 15, 2023, the interest rate decreased from 16% to 14% in accordance with the terms and conditions of the loan agreement. (9) On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal pay down of $50.0 million, and the variable interest rate increased from LIBOR + 3.07% to LIBOR + 3.17%. 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. (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 a SOFR floor of 2.00%. (12) On January 27, 2023, we drew the remaining $449,000 of the $2.0 million additional funding available to replenish restricted cash balances in accordance with the terms of the mortgage loan. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (13) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 0.50%. (14) 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): Three Months Ended March 31, Line Item 2023 2022 Interest expense and amortization of discounts and loan costs $ (4,173) $ (2,698)

Notes Receivable, Net and Oth_2

Notes Receivable, Net and Other (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts and Notes Receivable	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate March 31, 2023 December 31, 2022 Certificate of Occupancy Note (1) (3) Face amount 7.0 % $ 5,250 $ 5,250 Discount (2) (99) (188) Notes receivable, net $ 5,151 $ 5,062 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest is due and payable on or before July 9, 2025. (2) The discount represents the imputed interest during the interest-free period. Interest begins accruing on July 9, 2023. (3) The note receivable is secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. Imputed Interest Rate March 31, 2023 December 31, 2022 Deferred Receivable Face amount 10.0 % $ 1,500 $ 1,500 Discount (1) (208) (240) $ 1,292 $ 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): Three Months Ended March 31, Line Item 2023 2022 Other income (expense) $ 89 $ 82 We recognized discount amortization income as presented in the table below (in thousands): Three Months Ended March 31, Line Item 2023 Other income (expense) $ 32

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	3 Months Ended
	Mar. 31, 2023
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: Three Months Ended March 31, 2023 2022 Interest rate caps: Notional amount (in thousands) $ 585,000 (1) $ 1,586,281 (1) Strike rate low end of range 4.00 % 3.00 % Strike rate high end of range 6.90 % 4.00 % Effective date range February 2023 - March 2023 January 2022 - March 2022 Termination date range February 2024 - March 2024 January 2023 - April 2024 Total cost (in thousands) $ 4,174 $ 857 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: March 31, 2023 December 31, 2022 Interest rate caps: Notional amount (in thousands) $ 3,462,941 (1) $ 3,549,941 (1) Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 6.90 % 5.50 % Termination date range April 2023 - January 2025 January 2023 - January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 3,455,652 $ 3,505,242 _______________ (1) These instruments were not designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 December 31, 2021 $ 27,906 Re-measurement of fair value (932) Balance at March 31, 2022 26,974 Re-measurement of fair value (2,977) Balance at June 30, 2022 23,997 Re-measurement of fair value (719) Balance at September 30, 2022 23,278 Re-measurement of fair value 409 Balance at December 31, 2022 23,687 Re-measurement of fair value 934 Balance at March 31, 2023 $ 24,621
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 March 31, 2023: Assets Derivative assets: Interest rate derivatives - caps $ — $ 37,348 $ — $ 37,348 (1) Total $ — $ 37,348 $ — $ 37,348 Liabilities Embedded debt derivative $ — $ — $ (24,621) $ (24,621) (2) Net $ — $ 37,348 $ (24,621) $ 12,727 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 ____________________________________ (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 Three Months Ended March 31, 2023 2022 Assets Derivative assets: Interest rate derivatives - caps $ (4,481) $ 2,279 Total $ (4,481) $ 2,279 Liabilities Derivative liabilities: Embedded debt derivative $ (934) $ 932 Net $ (5,415) $ 3,211 Total combined Interest rate derivatives - caps $ (14,008) $ 2,279 Embedded debt derivative (934) 932 Unrealized gain (loss) on derivatives (14,942) (1) 3,211 (1) Realized gain (loss) on interest rate caps 9,527 (1) (2) — Net $ (5,415) $ 3,211 ____________________________________ (1) Reported as “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) 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)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 37,348 $ 37,348 $ 47,182 $ 47,182 Financial liabilities measured at fair value: Embedded debt derivative $ 24,621 $ 24,621 $ 23,687 $ 23,687 Financial assets not measured at fair value: Cash and cash equivalents $ 344,935 $ 344,935 $ 417,064 $ 417,064 Restricted cash 143,821 143,821 141,962 141,962 Accounts receivable, net 62,049 62,049 49,809 49,809 Notes receivable, net 5,151 4,893 to 5,408 5,062 4,809 to 5,315 Due from Ashford Inc., net — — 486 486 Due from related parties, net 3,353 3,353 6,570 6,570 Due from third-party hotel managers 20,596 20,596 22,462 22,462 Financial liabilities not measured at fair value: Indebtedness $ 3,768,804 $3,465,530 to $3,830,320 $ 3,815,023 $3,500,635 to $3,869,122 Accounts payable and accrued expenses 127,892 127,892 115,970 115,970 Accrued interest payable 14,306 14,306 15,287 15,287 Dividends and distributions payable 3,193 3,193 3,118 3,118 Due to Ashford Inc., net 6,480 6,480 — — Due to third-party hotel managers 1,701 1,701 1,319 1,319

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts): Three Months Ended March 31, 2023 2022 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (60,922) $ (55,430) Less: dividends on preferred stock (3,243) (3,103) Less: deemed dividends on redeemable preferred stock (407) — Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (64,572) $ (58,533) Weighted average common shares outstanding: Weighted average shares outstanding - basic and diluted 34,381 34,269 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.88) $ (1.71) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.88) $ (1.71)
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended March 31, 2023 2022 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (600) $ (372) Dividends on preferred stock - Series J (inclusive of deemed dividends) 513 — Dividends on preferred stock - Series K (inclusive of deemed dividends) 34 — Total $ (53) $ (372) Weighted average diluted shares are not adjusted for: Effect of assumed conversion of operating partnership units 335 236 Effect of assumed issuance of shares for term loan exit fee 1,745 1,745 Effect of assumed conversion of preferred stock - Series J 1,459 — Effect of assumed conversion of preferred stock - Series K 62 — Total 3,601 1,981

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Schedules of Redeemable Noncontrolling Interest	The following table presents the redeemable noncontrolling interests in Ashford Trust OP and the corresponding approximate ownership percentage: March 31, 2023 December 31, 2022 Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 21,617 $ 21,550 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) $ 184,801 $ 184,625 Ownership percentage of operating partnership 0.92 % 0.91 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical costs. We allocated net (income) loss to the redeemable noncontrolling interests as presented in the table below (in thousands): Three Months Ended March 31, 2023 2022 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 600 $ 372

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Dividends Declared	Preferred Dividends —The board of directors declared quarterly dividends per share as presented below: Three Months Ended March 31, 2023 2022 8.45% Series D Cumulative Preferred Stock $ 0.5281 $ 0.5281 7.375% Series F Cumulative Preferred Stock 0.4609 0.4609 7.375% Series G Cumulative Preferred Stock 0.4609 0.4609 7.50% Series H Cumulative Preferred Stock 0.4688 0.4688 7.50% Series I Cumulative Preferred Stock 0.4688 0.4688

Redeemable Preferred Stock (Tab

Redeemable Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Temporary Equity [Abstract]
Summary of the Activity of Temporary Equity	The issuance activity of the Series J Preferred Stock is summarized below (in thousands): Three Months Ended March 31, 2023 Series J Preferred Stock shares issued (1) 415 Net proceeds $ 9,326 ________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands): March 31, 2023 December 31, 2022 Series J Preferred Stock $ 11,543 $ 2,004 Cumulative adjustments to Series J Preferred Stock (1) $ 1,306 $ 926 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended March 31, 2023 Series J Preferred Stock $ 133 The issuance activity of the Series K Preferred Stock is summarized below (in thousands): Three Months Ended March 31, 2023 Series K Preferred Stock shares issued (1) 32 Net proceeds $ 787 ________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands): March 31, 2023 December 31, 2022 Series K Preferred Stock $ 843 $ 44 Cumulative adjustments to Series K Preferred Stock (1) $ 47 $ 20 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended March 31, 2023 Series K Preferred Stock $ 7

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2023 2022 Advisory services fee Base advisory fee $ 8,469 $ 8,735 Reimbursable expenses (1) 3,227 2,571 Equity-based compensation (2) 1,290 1,929 Incentive fee — 151 Total advisory services fee $ 12,986 $ 13,386 ________ (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. The table below summarizes the amount Ashford Trust has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended March 31, Line Item 2023 2022 Corporate, general and administrative $ 119 $ 527

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Three Months Ended March 31, Line Item 2023 2022 Other hotel expenses $ 15,612 $ 11,612

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) unit hotel room	Mar. 31, 2022 hotel	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Number of hotels | hotel	100	100
Number of rooms | room	22,316
Investments in unconsolidated entities	$ 19,180		$ 19,576
World Quest Resort
Real Estate Properties [Line Items]
Number of rooms | unit	79
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	15.10%		15.10%
Investments in unconsolidated entities	$ 1,953		$ 2,103
815 Commerce MM
Real Estate Properties [Line Items]
Ownership percentage	32.50%		32.50%
Investments in unconsolidated entities	$ 8,482		$ 8,482
Meritage Investment
Real Estate Properties [Line Items]
Investments in unconsolidated entities	$ 8,745		$ 8,991	$ 9,100
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels | hotel	100
Number of hotel properties managed by affiliates | hotel	68

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) hotel	Mar. 31, 2022 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	100	100
Revenue	$ 328,886	$ 247,138
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	10	9
Revenue	$ 26,207	$ 17,933
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 10,988	$ 8,098
Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	7	7
Revenue	$ 22,637	$ 16,061
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	3	3
Revenue	$ 9,653	$ 7,315
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	6	6
Revenue	$ 27,532	$ 21,384
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 11,673	$ 9,771
Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 3,268	$ 2,407
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 21,253	$ 17,185
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	6	6
Revenue	$ 17,522	$ 11,035
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 7,929	$ 6,485
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	3	3
Revenue	$ 5,311	$ 4,387
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 5,328	$ 4,124
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	7	7
Revenue	$ 18,865	$ 11,945
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 12,284	$ 9,293
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	9	9
Revenue	$ 35,749	$ 20,881
Other Areas
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	36	36
Revenue	$ 90,666	$ 75,318
Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	0
Revenue	$ 1,363	$ 1,537
Disposed properties
Disaggregation of Revenue [Line Items]
Number of hotels | hotel		1
Revenue		$ 1,367
Corporate
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	0
Revenue	$ 658	$ 612
Rooms
Disaggregation of Revenue [Line Items]
Revenue	252,955	195,330
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	19,776	13,646
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	8,619	5,964
Rooms | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	16,273	12,519
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	6,814	5,567
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	21,603	17,706
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	8,630	7,474
Rooms | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	2,395	1,813
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	13,217	10,896
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	12,081	8,069
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	6,926	5,817
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	4,562	3,834
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	4,714	3,661
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	16,051	10,357
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	9,847	7,623
Rooms | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	28,020	16,719
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	72,408	61,547
Rooms | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	1,019	1,152
Rooms | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue		966
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	58,991	36,760
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	4,941	3,121
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	935	1,138
Food and Beverage | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	5,423	2,623
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	2,558	1,558
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	4,893	2,660
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,837	2,046
Food and Beverage | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	594	510
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	7,344	5,323
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	4,875	2,446
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	512	313
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	528	342
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	297	163
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	2,117	973
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,983	1,375
Food and Beverage | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	5,883	2,850
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	13,240	8,956
Food and Beverage | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	31	48
Food and Beverage | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue		315
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	16,282	14,436
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	1,490	1,166
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	1,434	996
Other Hotel | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	941	919
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	281	190
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,036	1,018
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	206	251
Other Hotel | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	279	84
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	692	966
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	566	520
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	491	355
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	221	211
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	317	300
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	697	615
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	454	295
Other Hotel | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	1,846	1,312
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	5,018	4,815
Other Hotel | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	313	337
Other Hotel | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue		86
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	658	612
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Orlando WorldQuest
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue		0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	$ 658	$ 612

Investments in Hotel Properti_3

Investments in Hotel Properties, net - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 622,759	$ 622,759
Buildings and improvements	3,623,737	3,650,464
Furniture, fixtures and equipment	216,440	222,665
Construction in progress	26,773	21,609
Condominium properties	9,887	9,889
Hilton Marietta finance lease	17,269	18,998
Total cost	4,516,865	4,546,384
Accumulated depreciation	(1,417,260)	(1,428,053)
Investments in hotel properties, net	$ 3,099,605	$ 3,118,331

Hotel Disposition and Impairm_3

Hotel Disposition and Impairment Charges - Schedule of Hotel Disposition and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Total hotel revenue	$ 1,367
Total hotel operating expenses	(1,352)
Property taxes, insurance and other	(149)
Depreciation and amortization	(610)
Operating income (loss)	(744)
Interest expense and amortization of discounts and loan costs	(354)
Income (loss) before income taxes	(1,098)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	7
Net income (loss) before income taxes attributable to the Company	$ (1,091)

Hotel Disposition and Impairm_4

Hotel Disposition and Impairment Charges - Hotel Properties Measured at Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair Value	$ 3,099,605,000		$ 3,118,331,000
Impairment Charges	$ 0	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 19,180,000		$ 19,576,000
Income (loss) from equity method investments	(396,000)	$ (153,000)
Impairment of investments in unconsolidated entities	0	0
OpenKey
Schedule of Equity Method Investments [Line Items]
Equity method investment, aggregate cost	5,500,000
Carrying value of the investment	$ 1,953,000		$ 2,103,000
Ownership percentage	15.10%		15.10%
Income (loss) from equity method investments	$ (150,000)	(153,000)
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%		32.50%
Income (loss) from equity method investments	$ 0	0
Meritage Investment
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	8,745,000		$ 8,991,000	$ 9,100,000
Income (loss) from equity method investments	$ (246,000)	$ 0

Indebtedness, net - Schedule of

Indebtedness, net - Schedule of Indebtedness (for 10Q) (Details) $ in Thousands					1 Months Ended		3 Months Ended
	Feb. 09, 2023 USD ($) extension	Feb. 08, 2023	Jan. 27, 2023 USD ($) extension	Nov. 09, 2022	Apr. 30, 2023	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($) hotel extension	Mar. 31, 2022 USD ($)	Jan. 15, 2023	Jan. 14, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Embedded debt derivative							$ 43,700
Indebtedness, net							$ 3,786,065				$ 3,838,543
LIBOR rate							4.858%				4.39%
SOFR rate							4.80%				4.358%
Repayments of long-term debt							$ 50,840	$ 4,664
Proceeds from debt							449	$ 0
Mortgages and Line Of Credit
Debt Instrument [Line Items]
Debt Balance							3,784,879				$ 3,835,272
Mortgages
Debt Instrument [Line Items]
Premiums (discounts), net							(16,075)				(20,249)
Capitalized default interest and late charges							5,263				8,363
Deferred loan costs, net							(12,623)				(8,530)
Indebtedness, net							$ 3,786,065				3,838,543
Mortgages | Mortgage loan 1
Debt Instrument [Line Items]
Collateral | hotel							19
Debt Balance							$ 907,030				907,030
Number of extension options | extension							5
Repayments of long-term debt						$ 45,000
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 2
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 73,450				73,450
Mortgages | Mortgage loan 3
Debt Instrument [Line Items]
Collateral | hotel							7
Debt Balance							$ 180,720				180,720
Mortgages | Mortgage loan 4
Debt Instrument [Line Items]
Collateral | hotel							7
Debt Balance							$ 174,400				174,400
Mortgages | Mortgage loan 5
Debt Instrument [Line Items]
Collateral | hotel							5
Debt Balance							$ 221,040				221,040
Mortgages | Mortgage loan 6
Debt Instrument [Line Items]
Collateral | hotel							5
Debt Balance							$ 262,640				262,640
Mortgages | Mortgage loan 7
Debt Instrument [Line Items]
Collateral | hotel							5
Debt Balance							$ 160,000				160,000
Mortgages | Mortgage loan 8
Debt Instrument [Line Items]
Collateral | hotel							5
Debt Balance							$ 215,120				215,120
Mortgages | Mortgage Loans 3 Through 8
Debt Instrument [Line Items]
Number of extension options | extension							5
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 9
Debt Instrument [Line Items]
Collateral | hotel							17
Debt Balance							$ 415,000				415,000
Number of extension options | extension							5
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 10
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 25,000				25,000
Number of extension options | extension							3
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 11
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 15,252				15,290
Number of extension options | extension							2
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 12
Debt Instrument [Line Items]
Collateral | hotel							1
Interest rate							5.49%
Debt Balance							$ 6,307				6,345
Mortgages | Mortgage loan 13
Debt Instrument [Line Items]
Collateral | hotel							1
Interest rate							5.49%
Debt Balance							$ 9,204				9,261
Mortgages | Mortgage loan 14
Debt Instrument [Line Items]
Collateral | hotel							8
Debt Balance							$ 345,000				395,000
Number of extension options | extension	5
Repayments of long-term debt	$ 50,000
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 15
Debt Instrument [Line Items]
Collateral | hotel							2
Debt Balance							$ 240,000				240,000
Number of extension options | extension							5
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 16
Debt Instrument [Line Items]
Collateral | hotel							1
Interest rate							4.99%
Debt Balance							$ 5,755				5,819
Mortgages | Mortgage loan 17
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 8,881				8,881
SOFR Floor (as a percent)							2%
Mortgages | Mortgage loan 18
Debt Instrument [Line Items]
Collateral | hotel							2
Interest rate							485%
Debt Balance							$ 11,109				11,172
Mortgages | Mortgage loan 19
Debt Instrument [Line Items]
Collateral | hotel							3
Interest rate							4.90%
Debt Balance							$ 22,224				22,349
Mortgages | Mortgage loan 20
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 86,000				85,552
Number of extension options | extension			2
Proceeds from debt			$ 449
Future additional funding available			$ 2,000
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 21
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 37,000				37,000
Number of extension options | extension							3
SOFR Floor (as a percent)							0.50%
Term of extension option (in years)							1 year
Mortgages | Mortgage loan 22
Debt Instrument [Line Items]
Collateral | hotel							3
Interest rate							4.45%
Debt Balance							$ 46,609				46,918
Mortgages | Mortgage loan 23
Debt Instrument [Line Items]
Collateral | hotel							1
Interest rate							466%
Debt Balance							$ 23,179				23,326
Mortgages | Mortgage loan 24
Debt Instrument [Line Items]
Collateral | hotel							1
Debt Balance							$ 98,000				98,000
Number of extension options | extension							1
Term of extension option (in years)							1 year
Mortgages | LIBOR | Mortgage loan 1
Debt Instrument [Line Items]
Basis spread on variable rate				3.20%			3.20%
Mortgages | LIBOR | Mortgage loan 1 | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate					3.47%
Mortgages | LIBOR | Mortgage loan 2
Debt Instrument [Line Items]
Basis spread on variable rate							2.45%
Mortgages | LIBOR | Mortgage loan 3
Debt Instrument [Line Items]
Basis spread on variable rate							3.65%
Mortgages | LIBOR | Mortgage loan 4
Debt Instrument [Line Items]
Basis spread on variable rate							3.39%
Mortgages | LIBOR | Mortgage loan 5
Debt Instrument [Line Items]
Basis spread on variable rate							3.73%
Mortgages | LIBOR | Mortgage loan 6
Debt Instrument [Line Items]
Basis spread on variable rate							4.02%
Mortgages | LIBOR | Mortgage loan 7
Debt Instrument [Line Items]
Basis spread on variable rate							2.73%
Mortgages | LIBOR | Mortgage loan 8
Debt Instrument [Line Items]
Basis spread on variable rate							3.68%
Mortgages | LIBOR | Mortgage loan 9
Debt Instrument [Line Items]
Basis spread on variable rate							3.13%
Mortgages | LIBOR | Mortgage loan 14
Debt Instrument [Line Items]
Basis spread on variable rate	3.17%	3.07%					3.17%
Mortgages | LIBOR | Mortgage loan 15
Debt Instrument [Line Items]
Basis spread on variable rate							2.75%
Mortgages | LIBOR | Mortgage loan 20
Debt Instrument [Line Items]
Basis spread on variable rate							4.65%
Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage loan 10
Debt Instrument [Line Items]
Basis spread on variable rate							2.80%
Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage loan 11
Debt Instrument [Line Items]
Basis spread on variable rate							2.85%
Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage loan 17
Debt Instrument [Line Items]
Basis spread on variable rate							2%
Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage loan 21
Debt Instrument [Line Items]
Basis spread on variable rate							4%
Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage loan 24
Debt Instrument [Line Items]
Basis spread on variable rate							3.91%
Line of Credit | Term loan
Debt Instrument [Line Items]
Interest rate							14%		14%	16%
Debt Balance							$ 195,959				195,959
Number of extension options | extension							2
Term of extension option (in years)							1 year
Embedded debt derivative
Debt Instrument [Line Items]
Embedded debt derivative							$ 24,621				$ 23,687

Indebtedness, net - Schedule _2

Indebtedness, net - Schedule of Net Premium (Discount) Amortization Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Interest expense and amortization of discounts and loan costs	$ (4,173)	$ (2,698)

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Amount of capitalized principal that was amortized	$ 3.1	$ 3.8

Notes Receivable, Net and Oth_3

Notes Receivable, Net and Other - Schedule of Notes Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Parking Lot Adjacent to Hilton St. Petersburg Bayfront Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Area of real estate property (in acres) | a	1.65
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7%
Receivable, net	$ 5,151	$ 5,062
Notes Receivable | Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	5,250	5,250
Discount	$ (99)	(188)
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	10%
Face amount	$ 1,500	1,500
Discount	(208)	(240)
Receivable, net	$ 1,292	$ 1,260

Notes Receivable, Net and Oth_4

Notes Receivable, Net and Other - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 01, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0	$ 0
Impairment charges	$ 0	$ 0
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

Notes Receivable, Net and Oth_5

Notes Receivable, Net and Other - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Notes Receivable
Receivables with Imputed Interest [Line Items]
Discount amortization income	$ 89	$ 82
Accounts Receivable
Receivables with Imputed Interest [Line Items]
Discount amortization income	$ 32

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 3,462,941		$ 3,549,941
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 3,455,652		$ 3,505,242
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	6.90%		5.50%
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 585,000	$ 1,586,281
Total cost (in thousands)	$ 4,174	$ 857
Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	4%	3%
Interest rate derivatives - caps | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	6.90%	4%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value consideration threshold for transfer in/out of level 3 (as a percent)	10%
LIBOR rate	4.858%	4.39%
LIBOR interest rate forward curve uptrend	3.125%
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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 23,687	$ 23,278	$ 23,997	$ 26,974	$ 27,906
Re-measurement of fair value	(934)	(409)	(719)	2,977	932
Ending balance	$ 24,621	$ 23,687	$ 23,278	$ 23,997	$ 26,974

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative assets:
Derivative assets	$ 37,348	$ 47,182
Fair Value Measurements Recurring
Derivative assets:
Derivative assets	37,348	47,182
Liabilities
Net	12,727	23,495
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Derivative assets	37,348	47,182
Fair Value Measurements Recurring | Embedded debt derivative
Liabilities
Derivative liabilities	(24,621)	(23,687)
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	37,348	47,182
Liabilities
Net	37,348	47,182
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	37,348	47,182
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	(24,621)	(23,687)
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	$ (24,621)	$ (23,687)

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (14,942)	$ 3,211
Net	(5,415)	3,211
Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(14,008)	2,279
Realized gain (loss) on interest rate caps	9,527	0
Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(934)	932
Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(5,415)	3,211
Derivative liabilities | Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(934)	932
Derivative assets: | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(4,481)	2,279
Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ (4,481)	$ 2,279

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	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial assets measured at fair value:
Derivative assets, Carrying value	$ 37,348	$ 47,182
Financial assets not measured at fair value:
Cash and cash equivalents	344,935	417,064	$ 548,592	$ 592,110
Restricted cash, Carrying value	143,821	141,962	102,312	$ 99,534
Accounts receivable, Carrying value	62,049	49,809
Notes receivable, net, Carrying value	5,151	5,062
Due from Ashford Inc., net, Carrying value	0	486
Due from related parties, net	3,353	6,570
Due from third-party hotel managers, Carrying value	20,596	22,462
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses	127,892	115,970
Accrued interest payable	14,306	15,287
Dividends and distributions declared but not paid	3,193	3,118	$ 3,103
Due to Ashford Inc., net	6,480	0
Due to third-party hotel managers, Carrying value	1,701	1,319
Carrying Value
Financial assets measured at fair value:
Derivative assets, Carrying value	37,348	47,182
Financial liabilities measured at fair value:
Derivative liabilities, Carrying value	24,621	23,687
Financial assets not measured at fair value:
Cash and cash equivalents	344,935	417,064
Restricted cash, Carrying value	143,821	141,962
Accounts receivable, Carrying value	62,049	49,809
Notes receivable, net, Carrying value	5,151	5,062
Due from Ashford Inc., net, Carrying value	0	486
Due from related parties, net	3,353	6,570
Due from third-party hotel managers, Carrying value	20,596	22,462
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	3,768,804	3,815,023
Accounts payable and accrued expenses	127,892	115,970
Accrued interest payable	14,306	15,287
Dividends and distributions declared but not paid	3,193	3,118
Due to Ashford Inc., net	6,480	0
Due to third-party hotel managers, Carrying value	1,701	1,319
Estimated Fair Value
Financial assets measured at fair value:
Derivative assets, Estimated fair value	37,348	47,182
Financial liabilities measured at fair value:
Derivative liabilities, Estimated fair value	24,621	23,687
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	344,935	417,064
Restricted cash, Estimated fair value	143,821	141,962
Accounts receivable, Estimated fair value	62,049	49,809
Due from Ashford, Inc., net, Estimated fair value	0	486
Due from related parties, net, Estimated fair value	3,353	6,570
Due from third party hotel managers, Estimated fair value	20,596	22,462
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Estimated fair value	127,892	115,970
Accrued interest payable, Estimated fair value	14,306	15,287
Dividends payable, Estimated fair value	3,193	3,118
Due to Ashford Inc., net, Estimated fair value	6,480	0
Due to third-party hotel managers, Estimated fair value	1,701	1,319
Minimum | Estimated Fair Value
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	4,893	4,809
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,465,530	3,500,635
Maximum | Estimated Fair Value
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	5,408	5,315
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 3,830,320	$ 3,869,122

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Notes receivable, net	$ 5,151	$ 5,062
Indebtedness, net	3,786,065	3,838,543
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net	$ 3,800,000	$ 3,800,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable (as a percent)	95%	95%
Total indebtedness fair value variance from carrying value (as a percent)	92%	91.80%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value percentage of the carrying value of notes receivable (as a percent)	105%	105%
Total indebtedness fair value variance from carrying value (as a percent)	101.60%	101.40%

Income (Loss) Per Share - Summa

Income (Loss) Per Share - Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (60,922)	$ (55,430)
Preferred dividends	(3,243)	(3,103)
Deemed dividends on redeemable preferred stock	(407)	0
Distributed and undistributed income (loss) allocated to common stockholders - basic	(64,572)	(58,533)
Distributed and undistributed income (loss) allocated to common stockholders - diluted	$ (64,572)	$ (58,533)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	34,381	34,269
Weighted average common shares outstanding - diluted (in shares)	34,381	34,269
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.88)	$ (1.71)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.88)	$ (1.71)

Income (Loss) Per Share - Sum_2

Income (Loss) Per Share - Summary of Computation of Diluted Income Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income (loss) allocated to common stockholders is not adjusted for:
Total	$ (53)	$ (372)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	3,601	1,981
Preferred Stock, Series J
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 513	$ 0
Series K Preferred Stock
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 34	$ 0
Operating partnership units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	335	236
Embedded debt derivative
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,745	1,745
Redeemable Noncontrolling Interests in Preferred Stock | Preferred Stock, Series J
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,459	0
Redeemable Noncontrolling Interests in Preferred Stock | Series K Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	62	0
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (600)	$ (372)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership - Narrative (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2023 $ / shares shares	Mar. 31, 2023 $ / shares shares
Noncontrolling Interest [Line Items]
Common unit limited partnership interest redemption for common stock (in shares)		1
LTIP and Performance LTIP
Noncontrolling Interest [Line Items]
Units outstanding (in shares)	1,900,000	1,900,000
Units which have not reached full economic parity with common units (in shares)		12,000
LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)		3 years
Common partnership unit per converted LTIP unit (in shares)		1
Performance LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	282,000,000,000
Share-based compensation arrangement by share-based payment award, award performance target, percentage	250%
Fair value of awards (in dollars per share) | $ / shares	$ 3.68	$ 3.68
Units outstanding (in shares)	1,600,000	1,600,000
Units which have not reached full economic parity with common units (in shares)		1,500,000
Performance LTIP units | Minimum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	0%	0%
Performance LTIP units | Minimum | 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	0%	0%
Performance adjustment range on initial calculation (as a percent)	75%	75%
Performance LTIP units | Maximum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	200%	200%
Performance LTIP units | Maximum | 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)	250%	250%
Performance adjustment range on initial calculation (as a percent)	125%	125%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)	$ 21,617		$ 21,550
Redemption value adjustment	(176)	$ (461)
Partnership Interest
Noncontrolling Interest [Line Items]
Redemption value adjustment	$ 184,801		$ 184,625
Partnership Interest | Ashford Trust OP
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership	0.92%		0.91%

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests and Declared Aggregate Cash Distributions to Holders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 600	$ 372

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 06, 2022
Class of Stock [Line Items]
Dividends declared - common stock		$ 0	$ 0
Authorized amount				$ 200,000,000
Stock repurchased (in shares)		0	0
Performance stock units
Class of Stock [Line Items]
Vesting period (in years)	3 years	3 years
Granted (in shares)	165,000
Fair value of units granted	$ 603,000
Performance stock units | Minimum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	0%	0%
Performance stock units | Maximum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	200%	200%
2021 and 2022 Grants | Performance stock units | Minimum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	0%	0%
Performance adjustment range on initial calculation (as a percent)	75%	75%
2021 and 2022 Grants | Performance stock units | Maximum
Class of Stock [Line Items]
Performance adjustment range (as a percent)	250%	250%
Performance adjustment range on initial calculation (as a percent)	125%	125%

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Summary of Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Preferred Stock, Series D
Class of Stock [Line Items]
Preferred stock percentage	8.45%
Dividends declared - preferred stock (in dollars per share)	$ 0.5281	$ 0.5281
Preferred Stock, Series F
Class of Stock [Line Items]
Preferred stock percentage	7.375%
Dividends declared - preferred stock (in dollars per share)	$ 0.4609	0.4609
Preferred Stock, Series G
Class of Stock [Line Items]
Preferred stock percentage	7.375%
Dividends declared - preferred stock (in dollars per share)	$ 0.4609	0.4609
Preferred Stock, Series H
Class of Stock [Line Items]
Preferred stock percentage	7.50%
Dividends declared - preferred stock (in dollars per share)	$ 0.4688	0.4688
Preferred Stock, Series I
Class of Stock [Line Items]
Preferred stock percentage	7.50%
Dividends declared - preferred stock (in dollars per share)	$ 0.4688	$ 0.4688

Redeemable Preferred Stock - Na

Redeemable Preferred Stock - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 $ / 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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Preferred Stock, Series J
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	415
Net proceeds	$ 9,326
Redeemable preferred stock	11,543	$ 2,004
Temporary equity, accretion to redemption value, adjustment	1,306	926
Temporary equity, dividends, adjustment	$ 133
Series K Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	32
Net proceeds	$ 787
Redeemable preferred stock	843	44
Temporary equity, accretion to redemption value, adjustment	47	$ 20
Temporary equity, dividends, adjustment	$ 7

Related Party Transactions - Na

Related Party Transactions - Narrative (for 10Q) (Details)					1 Months Ended	3 Months Ended
	Mar. 02, 2023 USD ($)	Mar. 15, 2022 USD ($)	Jan. 27, 2022 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($) hotel	Mar. 31, 2023 USD ($) hotel	Mar. 31, 2022 USD ($) hotel	Dec. 31, 2022 USD ($)	Sep. 27, 2022
Related Party Transaction [Line Items]
Aggregate non-listed preferred equity offerings				$ 400,000,000
Due to Ashford Inc., net					$ 6,480,000	$ 6,480,000		$ 0
Number of hotels | hotel						100	100
Subsidiaries
Related Party Transaction [Line Items]
Number of hotel properties managed by affiliates | hotel					68	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%
REIT Cash Management Strategies Agreement
Related Party Transaction [Line Items]
Annual fee, average daily balance of funds									0.0020
Affiliated entity
Related Party Transaction [Line Items]
Related party transaction, maximum cash incentive compensation	$ 13,100,000	$ 8,500,000
Remington Hotels
Related Party Transaction [Line Items]
Security deposit					$ 1,200,000	$ 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]
Amount committed			$ 18,000,000
Amount funded					136,000	$ 136,000		6,200,000
Due to Ashford Inc., net					193,000	$ 193,000
Payment for contribution					$ 6,100,000
Ashford Inc. | Other Assets
Related Party Transaction [Line Items]
Amount funded								126,000
Ashford Inc. | Due From Affiliates
Related Party Transaction [Line Items]
Amount funded								$ 5,900,000
Ashford Inc. | Affiliated entity
Related Party Transaction [Line Items]
Percentage of base fee paid					0.90	0.90
Monthly base fee, percentage of total market capitalization					0.0583	0.0583
Minimum base fee					0.0833	0.0833
Lismore Capital | Mortgages | Refinancing Fee
Related Party Transaction [Line Items]
Payment expensed in accordance with the agreement						$ 395,000	$ 0
Lismore Capital | Subsidiaries
Related Party Transaction [Line Items]
Expensed recognized in write-off loan costs and exit fees							$ 643,000
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%

Related Party Transactions - Ad

Related Party Transactions - Advisory Service Fee and Reimbursed Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Advisory services fee	$ 12,986	$ 13,386
Ashford Inc. | Affiliated entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	8,469	8,735
Ashford Inc. | Affiliated entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	3,227	2,571
Ashford Inc. | Affiliated entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	1,290	1,929
Ashford Inc. | Affiliated entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 0	$ 151

Related Party Transactions - Fe

Related Party Transactions - Fees Related to Property and Project Management Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 119	$ 527

Commitments and Contingencies-

Commitments and Contingencies- Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 20, 2016 hotel
Class Action Lawsuit, California Employment Laws
Commitment and Contingencies [Line Items]
Number of hotels in class action lawsuit | hotel		9
Loss contingency accrual	$ 0
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Franchise fees
Commitment and Contingencies [Line Items]
Other hotel expenses	$ 15,612	$ 11,612

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1