Ashford Hospitality Trust (AHT) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,513,386
Entity Central Index Key	0001232582
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Investments in hotel properties, net ($76,017 and $0 attributable to VIEs).	$ 3,122,833	$ 3,118,331
Cash and cash equivalents	184,181	417,064
Restricted cash ($14,279 and $0 attributable to VIEs)	171,896	141,962
Accounts receivable, net of allowance of $1,471 and $501, respectively	73,712	49,809
Inventories	3,945	3,856
Notes receivable, net	5,934	5,062
Investments in unconsolidated entities	10,379	19,576
Deferred costs, net ($93 and $0 attributable to VIEs)	1,858	2,665
Prepaid expenses ($669 and $0 attributable to VIEs)	15,800	15,981
Derivative assets	25,493	47,182
Operating lease right-of-use assets	44,136	43,921
Other assets	18,171	21,653
Intangible assets	797	797
Assets held for sale	10,882	0
Total assets	3,718,509	3,917,377
Liabilities:
Indebtedness, net ($38,730 and $0 attributable to VIEs)	3,631,719	3,838,543
Finance lease liabilities	18,465	18,847
Other finance liability ($26,804 and $0 attributable to VIEs)	26,804	0
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)	153,209	115,970
Accrued interest payable ($99 and $0 attributable to VIEs)	25,243	15,287
Dividends and distributions payable	3,568	3,118
Intangible liabilities, net	2,037	2,097
Operating lease liabilities	44,887	44,661
Other liabilities	3,948	4,326
Liabilities related to assets held for sale	9,795	0
Total liabilities	3,929,837	4,044,168
Commitments and contingencies (note 17)
Redeemable noncontrolling interests in operating partnership	22,394	21,550
Equity (deficit):
Common stock, $0.01 par value, 400,000,000 shares authorized, 34,513,386 and 34,495,185 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	345	345
Additional paid-in capital	2,385,679	2,383,244
Accumulated deficit	(2,697,244)	(2,534,043)
Total stockholders’ equity (deficit) of the Company	(311,155)	(150,389)
Noncontrolling interest in consolidated entities	13,153	0
Total equity (deficit)	(298,002)	(150,389)
Total liabilities and equity/deficit	3,718,509	3,917,377
Variable Interest Entity, Primary Beneficiary
ASSETS
Investments in hotel properties, net ($76,017 and $0 attributable to VIEs).	76,017	0
Restricted cash ($14,279 and $0 attributable to VIEs)	14,279	0
Deferred costs, net ($93 and $0 attributable to VIEs)	93	0
Prepaid expenses ($669 and $0 attributable to VIEs)	669	0
Liabilities:
Indebtedness, net ($38,730 and $0 attributable to VIEs)	38,730	0
Other finance liability ($26,804 and $0 attributable to VIEs)	26,804	0
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)	11,194	0
Accrued interest payable ($99 and $0 attributable to VIEs)	99	0
Ashford, Inc.
ASSETS
Other receivables	0	486
Liabilities:
Other accounts payable	9,028	0
Related Party
ASSETS
Other receivables	4,347	6,570
Nonrelated Party
ASSETS
Other receivables	24,145	22,462
Liabilities:
Other accounts payable	1,134	1,319
Preferred Stock, Series J
Liabilities:
Redeemable preferred stock	60,482	2,004
Series K Preferred Stock
Liabilities:
Redeemable preferred stock	3,798	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	Sep. 30, 2023	Dec. 31, 2022
Investments in hotel properties, net ($76,017 and $0 attributable to VIEs).	$ 3,122,833	$ 3,118,331
Restricted cash ($14,279 and $0 attributable to VIEs)	171,896	141,962
Allowance for doubtful accounts receivable	1,471	501
Deferred costs, net ($93 and $0 attributable to VIEs)	1,858	2,665
Prepaid expenses ($669 and $0 attributable to VIEs)	15,800	15,981
Indebtedness, net ($38,730 and $0 attributable to VIEs)	3,631,719	3,838,543
Other finance liability ($26,804 and $0 attributable to VIEs)	26,804	0
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)	153,209	115,970
Accrued interest payable ($99 and $0 attributable to VIEs)	$ 25,243	$ 15,287
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)	34,513,386	34,495,185
Common stock, shares outstanding (in shares)	34,513,386	34,495,185
Preferred Stock, Series J
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Preferred Stock, shares issued (in shares)	2,628,792	87,115
Redeemable Preferred Stock, shares outstanding (in shares)	2,628,792	87,115
Series K Preferred Stock
Redeemable Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable Preferred Stock, shares issued (in shares)	154,233	1,800
Redeemable Preferred Stock, shares outstanding (in shares)	154,233	1,800
Preferred Stock, Series D
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
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
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
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
Preferred stock, shares issued (in shares)	1,252,923	1,252,923
Preferred stock, shares outstanding (in shares)	1,252,923	1,252,923
Variable Interest Entity, Primary Beneficiary
Investments in hotel properties, net ($76,017 and $0 attributable to VIEs).	$ 76,017	$ 0
Restricted cash ($14,279 and $0 attributable to VIEs)	14,279	0
Deferred costs, net ($93 and $0 attributable to VIEs)	93	0
Prepaid expenses ($669 and $0 attributable to VIEs)	669	0
Indebtedness, net ($38,730 and $0 attributable to VIEs)	38,730	0
Other finance liability ($26,804 and $0 attributable to VIEs)	26,804	0
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)	11,194	0
Accrued interest payable ($99 and $0 attributable to VIEs)	$ 99	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUE
Total revenue	$ 343,014	$ 328,156	$ 1,047,649	$ 923,389
Hotel operating expenses:
Total hotel expenses	232,626	216,256	698,421	614,190
Property taxes, insurance and other	17,345	17,541	52,880	51,289
Depreciation and amortization	45,954	49,428	140,963	152,444
Advisory services fee	12,395	12,513	37,650	38,176
Corporate, general and administrative	3,871	(884)	11,387	6,730
Total operating expenses	312,191	294,854	941,301	862,829
Gain (loss) on consolidation of VIE and disposition of assets	6,390	(11)	7,443	273
OPERATING INCOME (LOSS)	37,213	33,291	113,791	60,833
Equity in earnings (loss) of unconsolidated entities	(138)	(147)	(715)	(451)
Interest income	1,888	1,576	6,755	2,153
Other income (expense)	34	241	277	426
Interest expense and amortization of discounts and loan costs	(99,380)	(61,023)	(270,485)	(152,975)
Write-off of premiums, loan costs and exit fees	(1,263)	(1,378)	(2,633)	(3,076)
Realized and unrealized gain (loss) on derivatives	(2,678)	9,774	4,490	19,059
INCOME (LOSS) BEFORE INCOME TAXES	(64,324)	(17,666)	(148,520)	(74,031)
Income tax (expense) benefit	(127)	(4,657)	(2,410)	(10,340)
NET INCOME (LOSS)	(64,451)	(22,323)	(150,930)	(84,371)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	889	231	1,838	679
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(63,562)	(22,092)	(149,092)	(83,692)
Preferred stock dividend (reversal)	(4,295)	(3,104)	(11,290)	(9,311)
Deemed dividends on redeemable preferred stock	(760)	0	(1,993)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (68,617)	$ (25,196)	$ (162,375)	$ (93,003)
Basic:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.99)	$ (0.73)	$ (4.72)	$ (2.71)
Weighted average common shares outstanding (in shares)	34,459	34,371	34,395	34,324
Diluted:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.99)	$ (0.73)	$ (4.72)	$ (2.71)
Weighted average common shares outstanding (in shares)	34,459	34,371	34,395	34,324
Total hotel revenue
REVENUE
Total revenue	$ 342,349	$ 327,432	$ 1,045,555	$ 921,225
Rooms
REVENUE
Total revenue	270,607	260,616	817,477	731,474
Hotel operating expenses:
Total hotel expenses	64,803	61,464	190,041	169,250
Food and beverage
REVENUE
Total revenue	52,205	48,633	172,943	139,709
Hotel operating expenses:
Total hotel expenses	39,511	36,199	121,211	100,981
Other hotel revenue
REVENUE
Total revenue	19,537	18,183	55,135	50,042
Hotel operating expenses:
Total hotel expenses	115,625	106,907	348,463	310,407
Management Fees
Hotel operating expenses:
Total hotel expenses	12,687	11,686	38,706	33,552
Other
REVENUE
Total revenue	$ 665	$ 724	$ 2,094	$ 2,164

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (64,451)	$ (22,323)	$ (150,930)	$ (84,371)
Other comprehensive income (loss), net of tax:
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss)	(64,451)	(22,323)	(150,930)	(84,371)
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	889	231	1,838	679
Comprehensive income (loss) attributable to the Company	$ (63,562)	$ (22,092)	$ (149,092)	$ (83,692)

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	Series K Preferred Stock	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 Series K Preferred Stock	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 Series K Preferred Stock	Redeemable Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Consolidated Entities
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)																(42)
Purchases of common stock	(316)																(316)
Equity-based compensation	3,438																3,438									1,886
Forfeitures of restricted stock (in shares)																(1)
Issuance of restricted shares/units (in shares)																52
Issuance of preferred stock	(165)																(165)
Dividends declared - preferred shares		$ (1,861)	$ (1,730)	$ (2,118)	$ (1,840)	$ (1,762)													$ (1,861)	$ (1,730)	$ (2,118)	$ (1,840)	$ (1,762)
Redemption value adjustment	1,961																	1,961								(1,961)
Net income (loss)	(83,692)																	(83,692)								(679)
Ending balance, shares (in shares) at Sep. 30, 2022									1,174	1,251	1,532	1,308	1,253			34,499
Ending balance, value at Sep. 30, 2022	(90,739)								$ 12	$ 12	$ 15	$ 13	$ 13			$ 345	2,382,863	(2,474,012)								21,988
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
Beginning balance, shares (in shares) at Jun. 30, 2022									1,174	1,251	1,532	1,308	1,253			34,487
Beginning balance, value at Jun. 30, 2022	(65,743)								$ 12	$ 12	$ 15	$ 13	$ 13			$ 345	2,382,197	(2,448,350)								21,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock (in shares)																(21)
Purchases of common stock	(164)																(164)
Equity-based compensation	830																830									445
Issuance of common stock, net (in shares)																33
Common stock offering costs	0																0
Dividends declared - preferred shares		(621)	(577)	(706)	(613)	(587)													(621)	(577)	(706)	(613)	(587)
Redemption value adjustment	(466)																	(466)								466
Net income (loss)	(22,092)																	(22,092)								(231)
Ending balance, shares (in shares) at Sep. 30, 2022									1,174	1,251	1,532	1,308	1,253			34,499
Ending balance, value at Sep. 30, 2022	(90,739)								$ 12	$ 12	$ 15	$ 13	$ 13			$ 345	2,382,863	(2,474,012)								21,988
Beginning balance, shares (in shares) at Dec. 31, 2022									1,174	1,251	1,532	1,308	1,253	87	2	34,495
Beginning 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)																(24)
Purchases of common stock	(83)																(83)
Equity-based compensation	2,518																2,518									1,856
Issuance of restricted shares/units (in shares)																42
Issuance of common stock, net (in shares)														2,545	152
Issuance of preferred stock														$ (56,658)	$ (3,656)
Dividends declared - preferred shares		(1,861)	(1,730)	(2,118)	(1,840)	(1,762)	$ (1,881)	$ (98)											(1,861)	(1,730)	(2,118)	(1,840)	(1,762)	$ (1,881)	$ (98)
Redemption value adjustment	(826)																	(826)								826
Redemption value adjustment – preferred stock	(1,993)						$ 1,895	98										(1,993)
Contributions from noncontrolling interest in consolidated entities	7,961																										$ 7,961
Contributions from noncontrolling interest in consolidated entities	5,192																										5,192
Redemption of preferred shares (in shares)							(3)
Redemption of preferred shares							$ (75)
Net income (loss)	(149,092)																	(149,092)								(1,838)
Ending balance, shares (in shares) at Sep. 30, 2023									1,174	1,251	1,532	1,308	1,253	2,629	154	34,513
Ending balance, value at Sep. 30, 2023	(298,002)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 60,482	$ 3,798	$ 345	2,385,679	(2,697,244)								22,394	13,153
Beginning balance, shares (in shares) at Jun. 30, 2023									1,174	1,251	1,532	1,308	1,253	1,575	72	34,493
Beginning balance, value at Jun. 30, 2023	(235,194)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 36,224	$ 1,766	$ 345	2,384,805	(2,628,370)								22,409	7,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	874																874									617
Issuance of restricted shares/units (in shares)																20
Issuance of common stock, net (in shares)														1,055	82
Issuance of preferred stock														$ (23,567)	$ (1,985)
Dividends declared - preferred shares		$ (621)	$ (577)	$ (706)	$ (613)	$ (587)	(1,130)	(61)											$ (621)	$ (577)	$ (706)	$ (613)	$ (587)	$ (1,130)	$ (61)
Redemption value adjustment	(257)																	(257)								257
Redemption value adjustment – preferred stock	(760)						$ 713	$ 47										(760)
Contributions from noncontrolling interest in consolidated entities	5,192																										5,192
Redemption of preferred shares (in shares)							(1)
Redemption of preferred shares							$ (22)
Net income (loss)	(63,562)																	(63,562)								(889)
Ending balance, shares (in shares) at Sep. 30, 2023									1,174	1,251	1,532	1,308	1,253	2,629	154	34,513
Ending balance, value at Sep. 30, 2023	$ (298,002)								$ 12	$ 12	$ 15	$ 13	$ 13	$ 60,482	$ 3,798	$ 345	$ 2,385,679	$ (2,697,244)								$ 22,394	$ 13,153

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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	$ 1.59	$ 1.58
Preferred Stock | Preferred Stock, Series F
Dividends declared - preferred stock (in dollars per share)	0.46	0.46	1.38	1.38
Preferred Stock | Preferred Stock, Series G
Dividends declared - preferred stock (in dollars per share)	0.46	0.46	1.38	1.38
Preferred Stock | Preferred Stock, Series H
Dividends declared - preferred stock (in dollars per share)	0.47	0.47	1.41	1.41
Preferred Stock | Preferred Stock, Series I
Dividends declared - preferred stock (in dollars per share)	0.47	$ 0.47	1.41	$ 1.41
Preferred Stock | Preferred Stock, Series J
Dividends declared - preferred stock (in dollars per share)	0.50		1.50
Preferred Stock | Series K Preferred Stock
Dividends declared - preferred stock (in dollars per share)	$ 0.51		$ 1.54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (150,930)	$ (84,371)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	140,963	152,444
Amortization of intangibles	(44)	78
Recognition of deferred income	(374)	(374)
Bad debt expense	2,887	2,456
Deferred income tax expense (benefit)	4	141
Equity in (earnings) loss of unconsolidated entities	715	451
(Gain) loss on consolidation of VIE and disposition of assets	(7,443)	(273)
Realized and unrealized (gain) loss on derivatives	(4,490)	(19,059)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees	20,415	7,760
Equity-based compensation	4,374	5,324
Non-cash interest income	(497)	(262)
Changes in operating assets and liabilities, exclusive of the effect of the disposition of hotel properties and the impact of consolidation of VIE:
Accounts receivable and inventories	(28,630)	(24,893)
Prepaid expenses and other assets	3,995	(7,257)
Accounts payable and accrued expenses and accrued interest payable	45,518	10,401
Due to/from related parties	960	148
Due to/from third-party hotel managers	(1,868)	(942)
Due to/from Ashford Inc., net	10,503	(2,286)
Operating lease liabilities	226	(325)
Operating lease right-of-use assets	(231)	355
Other liabilities	(4)	(6)
Net cash provided by (used in) operating activities	36,049	39,510
Cash Flows from Investing Activities
Improvements and additions to hotel properties	(99,482)	(68,054)
Net proceeds from disposition of assets and hotel properties	14,452	34,707
Payments for initial franchise fees	(402)	0
Proceeds from notes receivable	5,250	4,000
Issuance of note receivable	(5,722)	0
Proceeds from property insurance	1,788	1,009
Restricted cash received from initial consolidation of VIE	18,201	0
Net cash provided by (used in) investing activities	(65,915)	(28,338)
Cash Flows from Financing Activities
Borrowings on indebtedness	101,732	1,552
Repayments of indebtedness	(342,935)	(49,326)
Payments for loan costs and exit fees	(10,491)	(2,298)
Payments for dividends and distributions	(10,649)	(9,312)
Purchases of common stock	(90)	(316)
Redemption of preferred stock	(75)	0
Payments for derivatives	(22,285)	(5,255)
Proceeds from derivatives	47,565	0
Common stock offering costs	0	(273)
Proceeds from preferred stock offerings	60,102	0
Payments on finance lease liabilities	(307)	0
Contributions from noncontrolling interest in consolidated entities	5,192	0
Net cash provided by (used in) financing activities	(172,241)	(65,228)
Net increase (decrease) in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale)	(202,107)	(54,056)
Cash, cash equivalents and restricted cash at beginning of period	559,026	691,644
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	356,919	637,588
Supplemental Cash Flow Information
Interest paid	242,339	153,155
Income taxes paid (refunded)	(2,947)	7,419
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrued but unpaid capital expenditures	16,917	14,996
Accrued stock offering costs	0	1,219
Non-cash preferred stock dividends	191	0
Unsettled proceeds from derivatives	1,782	0
Dividends and distributions declared but not paid	3,568	3,103
Assumption of debt from consolidation of VIE	35,052	0
Assumption of other finance liability from consolidation of VIE	26,729	0
Acquisition of hotel property from consolidation of VIE	61,100	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	184,181	505,533
Restricted cash, Carrying value	171,896	132,055
Cash, cash equivalents and restricted cash	356,077	637,588
Cash and cash equivalents at end of period included in assets held for sale	556	0
Restricted cash at end of period included in assets held for sale	286	0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	$ 356,919	$ 637,588

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 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 September 30, 2023, we held interests in the following assets: • 100 consolidated operating hotel properties, which represent 22,316 total rooms; • one consolidated hotel property under development through a 32.5% owned investment in a consolidated entity; • 15.1% ownership in OpenKey, Inc. (“OpenKey”) with a carrying value of approximately $1.7 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 September 30, 2023, our 100 operating 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. Our 100 operating hotel properties in our consolidated 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 Hospitality”), a subsidiary of Ashford Inc., manages 68 of our 100 operating hotel properties. 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	9 Months Ended
	Sep. 30, 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. 815 Commerce Managing Member, LLC (“815 Commerce MM”) is considered to be a 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. During the third quarter of 2023, the Company funded a $2.7 million default loan to the manager of 815 Commerce MM to satisfy a balancing deposit that was required by the property construction lender. The total amount of balancing deposits required by the property construction lender are up to $9.5 million. At September 30, 2023 the Company has funded $5.7 million. In connection with the default loan funding, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce MM. As a result, Ashford Trust became the primary beneficiary and consolidated 815 Commerce MM as of May 31, 2023. The Company includes the assets and liabilities related to the VIE in the consolidated financial statements. The assets of the VIE can be used only to settle liabilities of that VIE. Creditors (or beneficial interest holders) of the VIE do not have recourse to the Company’s general credit. See note 4. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 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: Property Location Type Date Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022 WorldQuest Resort Orlando, FL Disposition August 1, 2023 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“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 effective December 31, 2022. There was no material impact as a result of this adoption.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe following tables present our revenue disaggregated by geographical area (dollars in thousands): Three Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 20,076 $ 4,516 $ 1,639 $ — $ 26,231 Boston, MA Area 2 18,613 1,496 1,611 — 21,720 Dallas / Ft. Worth, TX Area 7 13,729 3,056 1,008 — 17,793 Houston, TX Area 3 6,588 2,248 166 — 9,002 Los Angeles, CA Metro Area 6 20,679 4,237 1,401 — 26,317 Miami, FL Metro Area 2 4,324 1,412 260 — 5,996 Minneapolis - St. Paul, MN Area 2 4,629 1,479 154 — 6,262 Nashville, TN Area 1 14,775 6,731 944 — 22,450 New York / New Jersey Metro Area 6 18,577 5,212 919 — 24,708 Orlando, FL Area 2 4,780 355 499 — 5,634 Philadelphia, PA Area 3 6,057 610 371 — 7,038 San Diego, CA Area 2 6,401 295 360 — 7,056 San Francisco - Oakland, CA Metro Area 7 17,975 1,780 718 — 20,473 Tampa, FL Area 2 5,941 1,492 522 — 7,955 Washington D.C. - MD - VA Area 9 31,069 5,442 2,379 — 38,890 Other Areas 36 76,112 11,835 6,526 — 94,473 Disposed properties (1) — 282 9 60 — 351 Corporate — — — — 665 665 Total 100 $ 270,607 $ 52,205 $ 19,537 $ 665 $ 343,014 Three Months Ended September 30, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 17,841 $ 4,154 $ 1,438 $ — $ 23,433 Boston, MA Area 2 15,562 1,363 1,453 — 18,378 Dallas / Ft. Worth, TX Area 7 12,867 3,047 889 — 16,803 Houston, TX Area 3 5,958 1,543 243 — 7,744 Los Angeles, CA Metro Area 6 19,515 3,132 1,252 — 23,899 Miami, FL Metro Area 2 4,816 1,617 155 — 6,588 Minneapolis - St. Paul, MN Area 2 4,361 1,335 163 — 5,859 Nashville, TN Area 1 13,705 5,997 1,047 — 20,749 New York / New Jersey Metro Area 6 16,316 4,594 876 — 21,786 Orlando, FL Area 2 4,981 407 430 — 5,818 Philadelphia, PA Area 3 6,120 632 196 — 6,948 San Diego, CA Area 2 6,127 154 334 — 6,615 San Francisco - Oakland, CA Metro Area 7 19,580 1,588 931 — 22,099 Tampa, FL Area 2 5,389 1,472 267 — 7,128 Washington D.C. - MD - VA Area 9 28,429 5,102 2,501 — 36,032 Other Areas 36 76,267 12,266 5,565 — 94,098 Disposed properties (1) 1 2,782 230 443 — 3,455 Corporate — — — — 724 724 Total 100 $ 260,616 $ 48,633 $ 18,183 $ 724 $ 328,156 Nine Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 60,885 $ 14,684 $ 4,912 $ — $ 80,481 Boston, MA Area 2 46,523 4,250 4,666 — 55,439 Dallas / Ft. Worth, TX Area 7 45,889 12,350 3,002 — 61,241 Houston, TX Area 3 20,575 7,500 647 — 28,722 Los Angeles, CA Metro Area 6 64,027 13,630 3,807 — 81,464 Miami, FL Metro Area 2 19,053 6,490 698 — 26,241 Minneapolis - St. Paul, MN 2 10,984 3,536 588 — 15,108 Nashville, TN Area 1 43,361 21,673 2,668 — 67,702 New York / New Jersey Metro Area 6 47,937 15,784 2,410 — 66,131 Orlando, FL Area 2 18,015 1,274 1,515 — 20,804 Philadelphia, PA Area 3 17,030 1,789 868 — 19,687 San Diego, CA Area 2 16,741 941 1,044 — 18,726 San Francisco - Oakland, CA Metro Area 7 51,891 5,584 2,120 — 59,595 Tampa, FL Area 2 23,283 5,489 1,444 — 30,216 Washington D.C. - MD - VA Area 9 98,536 18,599 6,620 — 123,755 Other Areas 36 230,488 39,290 17,523 — 287,301 Disposed properties (1) — 2,259 80 603 — 2,942 Corporate — — — — 2,094 2,094 Total 100 $ 817,477 $ 172,943 $ 55,135 $ 2,094 $ 1,047,649 Nine Months Ended September 30, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 49,046 $ 11,639 $ 3,787 $ — $ 64,472 Boston, MA Area 2 37,500 3,993 3,872 — 45,365 Dallas / Ft. Worth, TX Area 7 40,145 9,410 2,742 — 52,297 Houston, TX Area 3 17,741 5,232 635 — 23,608 Los Angeles, CA Metro Area 6 58,016 9,734 3,624 — 71,374 Miami, FL Metro Area 2 18,821 5,803 674 — 25,298 Minneapolis - St. Paul, MN 2 9,303 2,705 337 — 12,345 Nashville, TN Area 1 40,041 18,006 3,077 — 61,124 New York / New Jersey Metro Area 6 39,634 12,041 2,066 — 53,741 Orlando, FL Area 2 16,557 1,102 1,181 — 18,840 Philadelphia, PA Area 3 16,394 1,638 669 — 18,701 San Diego, CA Area 2 15,384 573 1,001 — 16,958 San Francisco - Oakland, CA Metro Area 7 46,923 3,992 2,302 — 53,217 Tampa, FL Area 2 19,600 4,500 891 — 24,991 Washington D.C. - MD - VA Area 9 80,263 14,533 5,972 — 100,768 Other Areas 36 218,243 33,848 15,971 — 268,062 Disposed properties (1) 1 7,863 960 1,241 — 10,064 Corporate — — — — 2,164 2,164 Total 100 $ 731,474 $ 139,709 $ 50,042 $ 2,164 $ 923,389 _____________________________ (1) Includes WorldQuest Resort that was sold on August 1, 2023. See note 5.

Investments in Hotel Properties

Investments in Hotel Properties, net	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Land $ 625,331 $ 622,759 Buildings and improvements 3,580,947 3,650,464 Furniture, fixtures and equipment 195,338 222,665 Construction in progress 110,076 21,609 Condominium properties — 9,889 Hilton Marietta finance lease 17,269 18,998 Total cost 4,528,961 4,546,384 Accumulated depreciation (1,406,128) (1,428,053) Investments in hotel properties, net $ 3,122,833 $ 3,118,331 Consolidation of VIE On May 31, 2023, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce MM, which is developing the Le Meridien hotel in Fort Worth, Texas. As a result, Ashford Trust became the primary beneficiary and began consolidating 815 Commerce MM. The hotel property under development is subject to a 99-year lease of the land and building that has been accounted for as a failed sale and leaseback as described below. The Company determined that 815 Commerce MM is a VIE that is not a business. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of 815 Commerce MM, at fair value. The Company recognized a gain of $1.1 million that represented the difference between the fair value of the assets and liabilities recognized, the fair value of the non-controlling interest and the previous carrying value of the Company’s investment in 815 Commerce MM. The gain is included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations. The following table summarizes the assets and liabilities of 815 Commerce MM that were initially consolidated on May 31, 2023, upon Ashford Trust becoming the primary beneficiary (in thousands): Land $ 4,609 Construction in progress 56,591 Restricted cash 18,201 Deferred costs 92 Indebtedness (35,052) Other finance liability (26,729) Accounts payable and accrued expenses (88) Accrued interest payable (104) Noncontrolling interest in consolidated entities (7,961) Investment in 815 Commerce MM $ 9,559 Other Finance Liability On November 10, 2021, the 815 Commerce LLC entered into a purchase and sale agreement. Pursuant to the purchase and sale agreement, 815 Commerce LLC sold its land and building in Fort Worth, Texas (the “Property”) for $30.4 million. Concurrent with the sale of the Property, 815 Commerce LLC entered into a 99-year lease agreement (the “Lease Agreement”), whereby 815 Commerce LLC will lease back the Property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the Lease Agreement, 815 Commerce LLC has a purchase option between 90-180 days prior to the commencement of the 36 th lease year. In accordance with ASC 842, Leases , this transaction was recorded as a failed sale and leaseback as there are not alternative assets, substantially the same as the transferred asset, readily available in the marketplace for the repurchase option to qualify as a sale leaseback. Upon consolidation of 815 Commerce LLC in May 2023, the Company utilized a discount rate of 8.2% to determine the fair value of the finance liability. As of September 30, 2023, no depreciation has been recorded as the building is under development. The finance liability is recognized in “other finance liability” on the Company's consolidated balance sheet as of September 30, 2023.

Dispositions, Impairment Charge

Dispositions, Impairment Charges and Assets Held For Sale	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions, Impairment Charges and Assets Held For Sale	Dispositions, Impairment Charges and Assets Held For SaleDispositions On August 1, 2023, the Company sold the WorldQuest Resort in Orlando, Florida (“WorldQuest”) for $14.8 million in cash. The sale resulted in a gain of approximately $6.4 million for the three and nine months ended September 30, 2023, which was included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations. 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 and 2023 dispositions. The following table includes condensed financial information for the three and nine months ended September 30, 2023 and 2022 f rom the Company’s dispositions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total hotel revenue $ 351 $ 3,455 $ 2,942 $ 10,064 Total hotel operating expenses (1,570) (2,498) (3,872) (7,800) Gain (loss) on disposition of assets and hotel properties 6,389 (29) 6,389 244 Property taxes, insurance and other (39) (197) (164) (617) Depreciation and amortization — (122) (163) (1,580) Operating income (loss) 5,131 609 5,132 311 Interest income — — — 1 Interest expense and amortization of discounts and loan costs — (207) — (955) Income (loss) before income taxes 5,131 402 5,132 (643) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (66) (4) (57) 5 Net income (loss) before income taxes attributable to the Company $ 5,065 $ 398 $ 5,075 $ (638) Assets Held For Sale On August 4, 2023, the Company entered into a purchase and sale agreement for the Sheraton Bucks County hotel in Langhorne, Pennsylvania. As of September 30, 2023, the Sheraton Bucks County was classified as held for sale. We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. Depreciation and amortization ceased as of the date the assets were deemed held for sale. Since the sale of the Sheraton Bucks County does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the consolidated financial statements. See note 19. September 30, 2023 Assets Investments in hotel properties, net $ 9,458 Cash and cash equivalents 556 Restricted cash 286 Accounts receivable, net 228 Inventories 43 Deferred costs, net 3 Prepaid expenses 193 Other assets 49 Due from related party, net 57 Due from Ashford Inc., net 9 Assets held for sale $ 10,882 Liabilities Indebtedness, net $ 9,247 Accounts payable and accrued expenses 510 Accrued interest 38 Liabilities related to assets held for sale $ 9,795

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 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 September 30, 2023, the Company has made investments in OpenKey totaling approximately $5.5 million. At December 31, 2022, the Company held an investment in 815 Commerce MM of approximately $8.5 million, which is developing the Le Meridien Fort Worth. Our investment was recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet and was accounted for under the equity method of accounting as we were deemed to have significant influence over the entity under the applicable accounting guidance. During the second quarter of 2023, Ashford Trust obtained the ability to exercise their kick-out rights of the manager of 815 Commerce MM. As a result, Ashford Trust became the primary beneficiary and consolidated 815 Commerce MM. See note 2. As a result of consolidating 815 Commerce MM, the Company’s investment is no longer reflected in “investments in unconsolidated entities” on the consolidated balance sheet. In November 2022, the Company made an initial investment of $9.1 million in an entity that owns the Meritage Investment in Napa, California. 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. The following table summarizes our carrying value and ownership interest in unconsolidated entities: September 30, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,676 $ 2,103 Ownership interest in OpenKey 15.1 % 15.1 % Carrying value of the Meritage Investment (in thousands) $ 8,703 $ 8,991 The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 OpenKey $ (125) $ (147) $ (427) $ (451) Meritage Investment (13) — (288) — $ (138) $ (147) $ (715) $ (451)

Indebtedness, net

Indebtedness, net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness consisted of the following (in thousands): September 30, 2023 December 31, 2022 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Debt Balance Mortgage loan (5) 1 hotel June 2023 LIBOR (3) + 2.45 % n/a $ — $ 73,450 Mortgage loan (6) 7 hotels June 2023 SOFR (4) + 3.70 % 4.00% 180,720 180,720 Mortgage loan (7) 7 hotels June 2023 SOFR (4) + 3.44 % 4.00% 174,400 174,400 Mortgage loan (8) 5 hotels June 2023 SOFR (4) + 3.73 % 4.00% 215,120 215,120 Mortgage loan (5) 1 hotel November 2023 SOFR (4) + 2.80 % n/a — 25,000 Mortgage loan (9) (10) 17 hotels November 2023 SOFR (4) + 3.26 % n/a 409,750 415,000 Mortgage loan (11) 1 hotel December 2023 SOFR (4) + 2.85 % n/a 15,175 15,290 Mortgage loan 1 hotel January 2024 5.49 % n/a 6,231 6,345 Mortgage loan 1 hotel January 2024 5.49 % n/a 9,093 9,261 Term loan (12) Equity January 2024 14.00 % n/a 183,082 195,959 Mortgage loan (13) 8 hotels February 2024 SOFR (4) + 3.28 % n/a 345,000 395,000 Mortgage loan (14) 2 hotels March 2024 SOFR (4) + 2.80 % n/a 240,000 240,000 Mortgage loan (15) 19 hotels April 2024 SOFR (4) + 3.51 % n/a 862,027 907,030 Mortgage loan 1 hotel May 2024 4.99 % n/a 5,652 5,819 Mortgage loan (16) 1 hotel June 2024 SOFR (4) + 2.00 % n/a 8,881 8,881 Mortgage loan (17) 5 hotels June 2024 SOFR (4) + 3.90 % n/a 158,689 221,040 Mortgage loan (18) 5 hotels June 2024 SOFR (4) + 4.17 % n/a 237,061 262,640 Mortgage loan (19) 5 hotels June 2024 SOFR (4) + 2.90 % n/a 119,003 160,000 Mortgage loan 2 hotels August 2024 4.85 % n/a 10,986 11,172 Mortgage loan 3 hotels August 2024 4.90 % n/a 22,024 22,349 Mortgage loan (20) 1 hotel November 2024 LIBOR (3) + 4.65 % n/a — 85,552 Mortgage loan (20) 1 hotel November 2024 SOFR (4) + 4.76 % n/a 86,000 — Mortgage loan (21) 1 hotel December 2024 SOFR (4) + 4.00 % n/a 37,000 37,000 Mortgage loan 3 hotels February 2025 4.45 % n/a 45,999 46,918 Mortgage loan 1 hotel March 2025 4.66 % n/a 22,892 23,326 Mortgage loan (22) 1 hotel August 2025 SOFR (4) + 3.91 % n/a 98,000 98,000 Mortgage loan (5) 2 hotels May 2026 SOFR (4) + 4.00 % n/a 98,450 — 3,591,235 3,835,272 Bridge loan (23) (26) 1 hotel November 2023 5.00% n/a 19,889 — Environmental loan (26) 1 hotel April 2024 10.00% n/a 571 — TIF loan (24) (26) 1 hotel August 2025 8.25% n/a 5,609 — Construction loan (25) (26) 1 hotel May 2033 SOFR (4) + 8.50% n/a 12,622 — 38,691 — Total indebtedness 3,629,926 3,835,272 Premiums (discounts), net (5,667) (20,249) Capitalized default interest and late charges 1,757 8,363 Deferred loan costs, net (8,146) (8,530) Embedded debt derivative 23,096 23,687 Indebtedness, net $ 3,640,966 $ 3,838,543 Indebtedness related to assets held for sale, net (10) 1 hotel June 2024 SOFR (4) + 3.90% n/a 9,247 — $ 3,631,719 $ 3,838,543 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of September 30, 2023. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rate was 4.392% December 31, 2022. (4) SOFR rates were 5.320% and 4.358% at September 30, 2023 and December 31, 2022, respectively. (5) On May 19, 2023, we refinanced this mortgage loan with a new $98.5 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.00% and has a SOFR floor of 0.50%. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period ended in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.65% to SOFR + 3.70%. (7) This loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.39% to SOFR + 3.44%. (8) This loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.68% to SOFR + 3.73%. (9) 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. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.13% to SOFR + 3.26%. On July 14, 2023, we repaid $5.3 million of principal on this mortgage loan. (10) A portion of this mortgage loan at September 30, 2023 relates to the Bucks County Sheraton. See note 5. (11) This loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022. (12) 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. On August 1, 2023, we repaid $12.9 million of principal on this term loan. (13) On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal paydown of $50.0 million, and the variable interest rate changed 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. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.17% to SOFR + 3.28%. (14) 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. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 2.75% to SOFR + 2.80%. (15) 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 changed from LIBOR + 3.20% to LIBOR + 3.47%. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.47% to SOFR + 3.51%. (16) This mortgage loan has a SOFR floor of 2.00%. (17) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began effective June 2023. In accordance with exercising the extension option, we repaid $62.4 million of principal and the variable interest rate changed from LIBOR + 3.73% to LIBOR + 3.86%. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.86% to SOFR + 3.90%. (18) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. In accordance with exercising the extension option, the interest rate changed from LIBOR + 4.02% to LIBOR + 4.15%. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 4.15% to SOFR + 4.17%. (19) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began effective June 2023. In accordance with exercising the extension option, the interest rate changed from LIBOR + 2.73% to LIBOR + 2.85%. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 2.85% to SOFR + 2.90%. (20) 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. Effective June 30, 2023, we replaced the variable interest rate of LIBOR + 4.65% with SOFR + 4.76% in accordance with the terms and conditions of the loan agreement. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (21) 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%. (22) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (23) This loan has one six-month extension option, subject to satisfaction of certain conditions. (24) On July 26, 2023, we amended this loan. Terms of the amendment included increasing the fixed rate of 4.75% to a fixed rate of 8.25%, and extending the maturity date from July 2024 to August 2025. (25) Effective August 1, 2023, we amended this construction loan. Terms of the amendment included replacing the variable interest rate of LIBOR + 8.39% with SOFR + 8.50% and extending the term loan effective date from August 2023 to January 2024. Additionally, the term loan rate of a fixed rate of 6.81% plus the higher of the a) five-year swap rate and b) 0.94% was replaced with a fixed rate of 7.75% plus SOFR, less 1.85%. The final maturity date is May 2033. (26) This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2, 4 and 8. We recognized net premium (discount) amortization as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Interest expense and amortization of discounts and loan costs $ (5,031) $ (3,108) $ (13,862) $ (8,719) The amortization of the net premium (discount) is computed using a method that approximates the effective interest method. On June 21, 2023, the Company and Ashford Hospitality Limited Partnership (the “Borrower”), an indirect subsidiary of the Company, entered into Amendment No. 2 to the Credit Agreement (“Amendment No. 2”) with certain funds and accounts managed by Oaktree Capital Management, L.P. (the “Lenders”) and Oaktree Fund Administration, LLC. Amendment No. 2, subject to the conditions set forth therein, provides that, among other things: (i) the Delayed Draw Term Loan (“DDTL”) commitment expiration date will be July 7, 2023, or such earlier date that the Borrower makes an Initial DDTL draw to be used by the Borrower to prepay certain mortgage indebtedness; (ii) notwithstanding the occurrence of the DDTL commitment expiration date, up to $100,000,000 of Initial DDTLs will be made available by the Lenders for a period of twelve (12) months ending July 7, 2024, subject to the Borrower paying an unused fee of 9% per annum on the undrawn amount; (iii) Ashford Trust and the Borrower will be permitted to make certain restricted payments, including without limitation dividends on Ashford Trust’s preferred stock, without having to maintain unrestricted cash in an amount not less than the sum of (x) $100,000,000 plus (y) the aggregate principal amount of DDTLs advanced prior to the date thereof or contemporaneously therewith; (iv) a default on certain pool mortgage loans will not be counted against the $400,000,000 mortgage debt threshold amount; (v) for purposes of the mortgage debt threshold amount, a certain mortgage loan, with a current aggregate principal amount of $415,000,000, will be deemed to have a principal amount of $400,000,000; and (vi) when payable by the Borrower under the Credit Agreement, at least 50% of the exit fee shall be paid as a cash exit fee. The KEYS mortgage loans were entered into on June 13, 2018, each of which had a two-year initial term and five one-year extension options. In order to qualify for a one-year extension in June of 2023, each KEYS loan pool was required to achieve a certain debt yield test. The Company extended its KEYS Pool C loan with a paydown of approximately $62.4 million, its KEYS Pool D loan with a paydown of approximately $25.6 million, and its KEYS Pool E loan with a paydown of approximately $41.0 million. On June 9, 2023 the Company received a 30-day extension to satisfy the extension conditions in order to negotiate modifications to the respective extension tests. On July 7, 2023, the Company elected not to make the required paydowns to extend its KEYS Pool A loan ($180.7 million debt balance with a book value of collateral of $122.8 million), KEYS Pool B loan ($174.4 million debt balance with a book value of collateral of $115.1 million) and KEYS Pool F loan ($215.1 million debt balance with a book value of collateral of $157.6 million) as of September 30, 2023, thereby defaulting on such loans. Below is a summary of the hotel properties securing the KEYS mortgage loans: KEYS A Loan Pool Courtyard Columbus Tipton Lakes – Columbus, IN Courtyard Old Town – Scottsdale, AZ Residence Inn Hughes Center – Las Vegas, NV Residence Inn Phoenix Airport – Phoenix, AZ Residence Inn San Jose Newark – Newark, CA SpringHill Suites Manhattan Beach – Hawthorne, CA SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA KEYS B Loan Pool Courtyard Basking Ridge – Basking Ridge, NJ Courtyard Newark Silicon Valley – Newark, CA Courtyard Oakland Airport – Oakland, CA Courtyard Plano Legacy Park – Plano, TX Residence Inn Plano – Plano, TX SpringHill Suites BWI Airport – Baltimore, MD TownePlace Suites Manhattan Beach – Hawthorne, CA KEYS C Loan Pool Hyatt Coral Gables – Coral Gables, FL Hilton Ft. Worth – Fort Worth, TX Hilton Minneapolis Airport – Bloomington, MN Sheraton San Diego – San Diego, CA Sheraton Bucks County, PA – Langhorne, PA KEYS D Loan Pool Marriott Beverly Hills – Los Angeles, CA One Ocean Resort – Atlantic Beach, FL Marriott Suites Dallas – Dallas, TX Hilton Santa Fe – Santa Fe, NM Embassy Suites Dulles – Herndon, VA KEYS E Loan Pool Marriott Fremont – Fremont, CA Embassy Suites Philadelphia – Philadelphia, PA Marriott Memphis – Memphis, TN Sheraton Anchorage – Anchorage, AK Lakeway Resort Austin – Lakeway, TX KEYS F Loan Pool Embassy Suites Flagstaff – Flagstaff, AZ Embassy Suites Walnut Creek – Walnut Creek, CA Marriott Bridgewater – Bridgewater, NJ Marriott Research Triangle Park – Durham, NC W Atlanta Downtown – Atlanta, GA 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. Effective June 30, 2023, LIBOR is no longer published. Accordingly all variable interest rate mortgage loans held by the Company that used the LIBOR index transitioned to SOFR beginning on July 1, 2023. Not all lenders will execute loan amendment documents and instead will defer to original loan documents that dictate changes in index rates. 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 September 30, 2023, we were in compliance with all covenants related to mortgage loans, with the exception of the KEYS Pools A, KEYS Pool B and KEYS Pool F mortgage loans discussed above. We were also in compliance with all covenants under the senior secured term loan facility with Oaktree Capital Management L.P. (“Oaktree”). 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 December 31, 2022 Certificate of Occupancy Note (1) (3) Face amount 7.0 % $ — $ 5,250 Discount (2) — (188) Notes receivable, net $ — $ 5,062 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was due and payable on or before July 9, 2025. The note was paid in full on July 14, 2023. (2) The discount represented the imputed interest during the interest-free period. (3) The note receivable was secured by the 1.65-acre land parcel adjacent to the Hilton St. Petersburg Bayfront. No cash interest income was recorded for the three and nine months ended September 30, 2023 and 2022. We recognized discount amortization income as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Other income (expense) $ 9 $ 86 $ 188 $ 252 The following table summarizes the note receivable (dollars in thousands): Interest Rate September 30, 2023 December 31, 2022 Note receivable 18.0 % $ 5,721 $ — The following table summarizes the interest income associated with the note receivable (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2023 Other income (expense) $ 192 $ 212 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 September 30, 2023 December 31, 2022 Deferred Consideration Face amount 10.0 % $ 1,500 $ 1,500 Discount (1) (142) (240) $ 1,358 $ 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 September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Other income (expense) $ 34 $ 10 $ 98 $ 10

Derivative Instruments and Hedg

Derivative Instruments and Hedging	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2023 2022 Interest rate caps: Notional amount (in thousands) $ 2,158,231 (1) $ 2,873,651 (1) Strike rate low end of range 2.50 % 3.00 % Strike rate high end of range 6.90 % 4.00 % Effective date range March 2023 - August 2023 January 2022 - June 2022 Termination date range February 2024 - June 2025 January 2023 - July 2023 Total cost (in thousands) $ 22,285 $ 5,255 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: September 30, 2023 December 31, 2022 Interest rate caps: Notional amount (in thousands) $ 4,081,521 (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 November 2023 - June 2025 January 2023 - January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 2,706,155 $ 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	9 Months Ended
	Sep. 30, 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 are 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. 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 September 30, 2023, the SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 5.320% to 4.220% 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 Company initially recorded an embedded debt derivative of $43.7 million, which was attributed to the compound embedded derivative liability associated with the Oaktree term loan. 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 September 30, 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 expected remaining term 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 expected 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 September 30, 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 Re-measurement of fair value (1,961) Balance at June 30, 2023 22,660 Re-measurement of fair value 436 Balance at September 30, 2023 $ 23,096 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 September 30, 2023: Assets Derivative assets: Interest rate derivatives - caps $ — $ 25,493 $ — $ 25,493 (1) Total $ — $ 25,493 $ — $ 25,493 Liabilities Embedded debt derivative $ — $ — $ (23,096) $ (23,096) (2) Net $ — $ 25,493 $ (23,096) $ 2,397 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 September 30, 2023 2022 Assets Derivative assets: Interest rate derivatives - caps $ (2,242) $ 9,055 (3) Total $ (2,242) $ 9,055 Liabilities Derivative liabilities: Embedded debt derivative $ (436) $ 719 Net $ (2,678) $ 9,774 Total combined Interest rate derivatives - caps $ (12,567) $ 9,055 Embedded debt derivative (436) 719 Unrealized gain (loss) on derivatives (13,003) (1) 9,774 (1) Realized gain (loss) on interest rate caps 10,325 (1) (2) — Net $ (2,678) $ 9,774 ____________________________________ (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. (3) Amount excludes income of $133,000 associated with payments received from counterparties on interest rate caps, which is included in other income (expense) in our consolidated statements of operations. Gain (Loss) Recognized in Income Nine Months Ended September 30, 2023 2022 Assets Derivative assets: Interest rate derivatives - caps $ 3,899 $ 14,431 (3) Total $ 3,899 $ 14,431 Liabilities Derivative liabilities: Embedded debt derivative $ 591 $ 4,628 Net $ 4,490 $ 19,059 Total combined Interest rate derivatives - caps $ (26,891) $ 14,431 Embedded debt derivative 591 4,628 Unrealized gain (loss) on derivatives (26,300) (1) 19,059 (1) Realized gain (loss) on interest rate caps 30,790 (1) (2) — Net $ 4,490 $ 19,059 ____________________________________ (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. (3) Amount excludes income of $133,000 associated with payments received from counterparties on interest rate caps, which is included in other income (expense) in our consolidated statements of operations.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 25,493 $ 25,493 $ 47,182 $ 47,182 Financial liabilities measured at fair value: Embedded debt derivative $ 23,096 $ 23,096 $ 23,687 $ 23,687 Financial assets not measured at fair value: Cash and cash equivalents (1) $ 184,737 $ 184,737 $ 417,064 $ 417,064 Restricted cash (1) 172,182 172,182 141,962 141,962 Accounts receivable, net (1) 73,940 73,940 49,809 49,809 Notes receivable, net 5,934 5,637 to 6,230 5,062 4,809 to 5,315 Due from Ashford Inc., net — — 486 486 Due from related parties, net (1) 4,404 4,404 6,570 6,570 Due from third-party hotel managers 24,145 24,145 22,462 22,462 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,624,259 $3,329,331 to $3,679,785 $ 3,815,023 $3,500,635 to $3,869,122 Accounts payable and accrued expenses (1) 153,719 153,719 115,970 115,970 Accrued interest payable (1) 25,281 25,281 15,287 15,287 Dividends and distributions payable 3,568 3,568 3,118 3,118 Due to Ashford Inc., net (1) 9,019 9,019 — — Due to third-party hotel managers 1,134 1,134 1,319 1,319 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of September 30, 2023. 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 $5.9 million at September 30, 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 91.9% to 101.5% of the carrying value of $3.6 billion at September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (63,562) $ (22,092) $ (149,092) $ (83,692) Less: dividends on preferred stock (4,295) (3,104) (11,290) (9,311) Less: deemed dividends on redeemable preferred stock (760) — (1,993) — Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (68,617) $ (25,196) $ (162,375) $ (93,003) Weighted average common shares outstanding: Weighted average shares outstanding - basic and diluted 34,459 34,371 34,395 34,324 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.99) $ (0.73) $ (4.72) $ (2.71) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.99) $ (0.73) $ (4.72) $ (2.71) 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (889) $ (231) $ (1,838) $ (679) Dividends on preferred stock - Series J (inclusive of deemed dividends) 1,843 — 3,776 — Dividends on preferred stock - Series K (inclusive of deemed dividends) 108 — 196 — Total $ 1,062 $ (231) $ 2,134 $ (679) Weighted average diluted shares are not adjusted for: Effect of assumed conversion of operating partnership units 447 317 394 278 Effect of assumed issuance of shares for term loan exit fee 1,745 1,745 1,745 1,745 Effect of assumed conversion of preferred stock - Series J 21,712 — 9,978 — Effect of assumed conversion of preferred stock - Series K 1,135 — 514 — Total 25,039 2,062 12,631 2,023

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	9 Months Ended
	Sep. 30, 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 determined upon the final vesting date. The initial calculation of the Performance LTIP units earned can range from 0% to 200% of target, which is further subjected to a specified absolute total stockholder return modifier (market condition) based on the formulas determined by the Company’s compensation committee on the grant date. This will result in an adjustment (75% to 125%) of the initial calculation of the number of performance awards earned based on the applicable performance targets resulting in a final award calculation ranging from 0% to 250% of the target amount. As of September 30, 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. In May 2023, approximately 112,000 LTIP units were issued to independent directors with a fair value of approximately $475,000, which vested immediately upon grant and have been expensed during the nine months ended September 30, 2023. As of September 30, 2023, we have issued a total of approximately 2.1 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 124,000 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: September 30, 2023 December 31, 2022 Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 22,394 $ 21,550 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) $ 185,451 $ 184,625 Ownership percentage of operating partnership 1.28 % 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 889 $ 231 $ 1,838 $ 679

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	9 Months Ended
	Sep. 30, 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. In May 2023, approximately 22,000 shares of common stock were issued to independent directors with a fair value of approximately $95,000, which vested immediately upon grant and have been expensed during the nine months ended September 30, 2023. In July 2023, approximately 20,000 shares of common stock were issued to an independent director, upon his appointment, with a fair value of approximately $75,000, which vested immediately upon grant and have been expensed during the three and nine months ended September 30, 2023. 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 September 30, 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 and nine months ended September 30, 2023 and 2022, respectively.

Redeemable Preferred Stock

Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 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 and 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 September 30, Nine Months Ended September 30, 2023 2023 Series J Preferred Stock shares issued (1) 1,048 2,535 Net proceeds $ 23,583 $ 57,041 ________ (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): September 30, 2023 December 31, 2022 Series J Preferred Stock $ 60,482 $ 2,004 Cumulative adjustments to Series J Preferred Stock (1) $ 2,821 $ 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 September 30, Nine Months Ended September 30, 2023 2023 Series J Preferred Stock $ 1,130 $ 1,881 The redemption activities of Series J Preferred stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Series J Preferred Stock shares redeemed 1 3 Redemption amount, net of redemption fees $ 22 $ 75 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, and 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 September 30, Nine Months Ended September 30, 2023 2023 Series K Preferred Stock shares issued (1) 82 152 Net proceeds $ 1,999 $ 3,695 ________ (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): September 30, 2023 December 31, 2022 Series K Preferred Stock $ 3,798 $ 44 Cumulative adjustments to Series K Preferred Stock (1) $ 118 $ 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 September 30, Nine Months Ended September 30, 2023 2023 Series K Preferred Stock $ 61 $ 98

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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. Under our advisory agreement, we pay advisory fees to Ashford LLC. Advisory fees consist of base fees and incentive fees. We pay a monthly base fee in an amount equal to 1/12 of (i) 0.70% of the Total Market Capitalization (as defined in our advisory agreement) of the Company for the prior month, plus (ii) the Net Asset Fee Adjustment (as defined in our advisory agreement), if any, on the last day of the prior month during which the advisory agreement was in effect; provided, however, that in no event shall the Base Fee (as defined in our advisory agreement) 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 (as defined in our advisory agreement) 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advisory services fee Base advisory fee $ 8,121 $ 8,854 $ 24,839 $ 26,202 Reimbursable expenses (1) 2,884 2,430 9,176 7,365 Equity-based compensation (2) 1,390 1,229 3,635 4,609 Total advisory services fee $ 12,395 $ 12,513 $ 37,650 $ 38,176 ________ (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. On March 15, 2022, we entered into a Limited Waiver Under Advisory Agreement (the “2022 Limited Waiver”) with Ashford Trust OP, Ashford TRS, Ashford Inc. and Ashford LLC. The Company, Ashford Trust OP, Ashford TRS and the Advisor are parties to the Second Amended and Restated Advisory Agreement, which (i) allocates responsibility for certain employee costs between us and our advisor and (ii) permits our board of directors to issue annual equity awards in the Company or Ashford Trust OP to employees and other representatives of our advisor based on achievement by the Company of certain financial or other objectives or otherwise as our board of directors sees fit. Pursuant to the 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, Lismore We engage Lismore or its subsidiaries to provide debt placement services and assist with loan modifications on our behalf. During June 2023, we entered into various 12-month agreements with Lismore to seek modifications or refinancings of certain mortgage loans of the Company. For the three and nine months ended September 30, 2023, we incurred fees of approximately $0 and $525,000, respectively, to Lismore in nonrefundable work fees. The unamortized fees are included in “other assets” on the consolidated balance sheet, and are amortized on a straight line basis over the term of the agreements. In addition to the above agreements, we incurred fees from Lismore of $246,000 and $1.2 million for the three and nine months ended September 30, 2023, respectively, and $0 and $690,000 for the three and nine months ended September 30, 2022, respectively. 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 were 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 September 30, 2023, Ashford Trust has funded approximately $166,000 and has a $2.4 million 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 September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Corporate, general and administrative $ 1,212 $ (3,522) $ 2,312 $ (2,331) 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 September 30, 2023, Remington Hospitality managed 68 of our 100 hotel properties. We pay monthly hotel management fees equal to the greater of approximately $17,000 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Other hotel expenses $ 16,549 $ 15,616 $ 49,612 $ 43,789 Management Fees —Under hotel management agreements for our hotel properties existing at September 30, 2023, we pay monthly hotel management fees equal to the greater of approximately $17,000 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. In May 2023 the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed, or the class de-certified. The trial court set a due date of August 7, 2023 for the briefs. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. 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. 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 September 30, 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. During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain employee personal information. We have completed an investigation and have identified certain employee information may have been exposed, but we have not identified that any customer information was exposed. Systems have been substantially restored with minimal effect on certain hotel operations. We believe that we maintain a sufficient level of insurance coverage related to such events, and the related incremental costs incurred to date are immaterial. It is reasonably possible that the Company may incur additional costs related to the matter, but we are unable to predict with certainty the ultimate amount or range of potential loss. At this time, no litigation has been filed nor has any been threatened. Our assessment may change depending upon the development of any current or future legal proceedings, and the final results of such legal proceedings cannot be predicted with certainty. If we ultimately 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022, all of our hotel properties were domestically located.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (63,562)	$ (22,092)	$ (149,092)	$ (83,692)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. 815 Commerce Managing Member, LLC (“815 Commerce MM”) is considered to be a 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. During the third quarter of 2023, the Company funded a $2.7 million default loan to the manager of 815 Commerce MM to satisfy a balancing deposit that was required by the property construction lender. The total amount of balancing deposits required by the property construction lender are up to $9.5 million. At September 30, 2023 the Company has funded $5.7 million. In connection with the default loan funding, Ashford Trust obtained the ability to exercise its kick-out rights of the manager of 815 Commerce MM. As a result, Ashford Trust became the primary beneficiary and consolidated 815 Commerce MM as of May 31, 2023. The Company includes the assets and liabilities related to the VIE in the consolidated financial statements. The assets of the VIE can be used only to settle liabilities of that VIE. Creditors (or beneficial interest holders) of the VIE do not have recourse to the Company’s general credit. See note 4. Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“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 effective December 31, 2022. There was no material impact as a result of this adoption.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Acquisitions and Dispositions that Affect Comparability	The following transactions affect reporting comparability of our consolidated financial statements: Property Location Type Date Sheraton Ann Arbor Ann Arbor, MI Disposition September 1, 2022 Hilton Marietta Marietta, GA Acquisition December 16, 2022 WorldQuest Resort Orlando, FL Disposition August 1, 2023

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 20,076 $ 4,516 $ 1,639 $ — $ 26,231 Boston, MA Area 2 18,613 1,496 1,611 — 21,720 Dallas / Ft. Worth, TX Area 7 13,729 3,056 1,008 — 17,793 Houston, TX Area 3 6,588 2,248 166 — 9,002 Los Angeles, CA Metro Area 6 20,679 4,237 1,401 — 26,317 Miami, FL Metro Area 2 4,324 1,412 260 — 5,996 Minneapolis - St. Paul, MN Area 2 4,629 1,479 154 — 6,262 Nashville, TN Area 1 14,775 6,731 944 — 22,450 New York / New Jersey Metro Area 6 18,577 5,212 919 — 24,708 Orlando, FL Area 2 4,780 355 499 — 5,634 Philadelphia, PA Area 3 6,057 610 371 — 7,038 San Diego, CA Area 2 6,401 295 360 — 7,056 San Francisco - Oakland, CA Metro Area 7 17,975 1,780 718 — 20,473 Tampa, FL Area 2 5,941 1,492 522 — 7,955 Washington D.C. - MD - VA Area 9 31,069 5,442 2,379 — 38,890 Other Areas 36 76,112 11,835 6,526 — 94,473 Disposed properties (1) — 282 9 60 — 351 Corporate — — — — 665 665 Total 100 $ 270,607 $ 52,205 $ 19,537 $ 665 $ 343,014 Three Months Ended September 30, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 17,841 $ 4,154 $ 1,438 $ — $ 23,433 Boston, MA Area 2 15,562 1,363 1,453 — 18,378 Dallas / Ft. Worth, TX Area 7 12,867 3,047 889 — 16,803 Houston, TX Area 3 5,958 1,543 243 — 7,744 Los Angeles, CA Metro Area 6 19,515 3,132 1,252 — 23,899 Miami, FL Metro Area 2 4,816 1,617 155 — 6,588 Minneapolis - St. Paul, MN Area 2 4,361 1,335 163 — 5,859 Nashville, TN Area 1 13,705 5,997 1,047 — 20,749 New York / New Jersey Metro Area 6 16,316 4,594 876 — 21,786 Orlando, FL Area 2 4,981 407 430 — 5,818 Philadelphia, PA Area 3 6,120 632 196 — 6,948 San Diego, CA Area 2 6,127 154 334 — 6,615 San Francisco - Oakland, CA Metro Area 7 19,580 1,588 931 — 22,099 Tampa, FL Area 2 5,389 1,472 267 — 7,128 Washington D.C. - MD - VA Area 9 28,429 5,102 2,501 — 36,032 Other Areas 36 76,267 12,266 5,565 — 94,098 Disposed properties (1) 1 2,782 230 443 — 3,455 Corporate — — — — 724 724 Total 100 $ 260,616 $ 48,633 $ 18,183 $ 724 $ 328,156 Nine Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 10 $ 60,885 $ 14,684 $ 4,912 $ — $ 80,481 Boston, MA Area 2 46,523 4,250 4,666 — 55,439 Dallas / Ft. Worth, TX Area 7 45,889 12,350 3,002 — 61,241 Houston, TX Area 3 20,575 7,500 647 — 28,722 Los Angeles, CA Metro Area 6 64,027 13,630 3,807 — 81,464 Miami, FL Metro Area 2 19,053 6,490 698 — 26,241 Minneapolis - St. Paul, MN 2 10,984 3,536 588 — 15,108 Nashville, TN Area 1 43,361 21,673 2,668 — 67,702 New York / New Jersey Metro Area 6 47,937 15,784 2,410 — 66,131 Orlando, FL Area 2 18,015 1,274 1,515 — 20,804 Philadelphia, PA Area 3 17,030 1,789 868 — 19,687 San Diego, CA Area 2 16,741 941 1,044 — 18,726 San Francisco - Oakland, CA Metro Area 7 51,891 5,584 2,120 — 59,595 Tampa, FL Area 2 23,283 5,489 1,444 — 30,216 Washington D.C. - MD - VA Area 9 98,536 18,599 6,620 — 123,755 Other Areas 36 230,488 39,290 17,523 — 287,301 Disposed properties (1) — 2,259 80 603 — 2,942 Corporate — — — — 2,094 2,094 Total 100 $ 817,477 $ 172,943 $ 55,135 $ 2,094 $ 1,047,649 Nine Months Ended September 30, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total Atlanta, GA Area 9 $ 49,046 $ 11,639 $ 3,787 $ — $ 64,472 Boston, MA Area 2 37,500 3,993 3,872 — 45,365 Dallas / Ft. Worth, TX Area 7 40,145 9,410 2,742 — 52,297 Houston, TX Area 3 17,741 5,232 635 — 23,608 Los Angeles, CA Metro Area 6 58,016 9,734 3,624 — 71,374 Miami, FL Metro Area 2 18,821 5,803 674 — 25,298 Minneapolis - St. Paul, MN 2 9,303 2,705 337 — 12,345 Nashville, TN Area 1 40,041 18,006 3,077 — 61,124 New York / New Jersey Metro Area 6 39,634 12,041 2,066 — 53,741 Orlando, FL Area 2 16,557 1,102 1,181 — 18,840 Philadelphia, PA Area 3 16,394 1,638 669 — 18,701 San Diego, CA Area 2 15,384 573 1,001 — 16,958 San Francisco - Oakland, CA Metro Area 7 46,923 3,992 2,302 — 53,217 Tampa, FL Area 2 19,600 4,500 891 — 24,991 Washington D.C. - MD - VA Area 9 80,263 14,533 5,972 — 100,768 Other Areas 36 218,243 33,848 15,971 — 268,062 Disposed properties (1) 1 7,863 960 1,241 — 10,064 Corporate — — — — 2,164 2,164 Total 100 $ 731,474 $ 139,709 $ 50,042 $ 2,164 $ 923,389 _____________________________ (1) Includes WorldQuest Resort that was sold on August 1, 2023. See note 5.

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Investments in Hotel Properties, net	Investments in hotel properties, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Land $ 625,331 $ 622,759 Buildings and improvements 3,580,947 3,650,464 Furniture, fixtures and equipment 195,338 222,665 Construction in progress 110,076 21,609 Condominium properties — 9,889 Hilton Marietta finance lease 17,269 18,998 Total cost 4,528,961 4,546,384 Accumulated depreciation (1,406,128) (1,428,053) Investments in hotel properties, net $ 3,122,833 $ 3,118,331
Asset Acquisition	The following table summarizes the assets and liabilities of 815 Commerce MM that were initially consolidated on May 31, 2023, upon Ashford Trust becoming the primary beneficiary (in thousands): Land $ 4,609 Construction in progress 56,591 Restricted cash 18,201 Deferred costs 92 Indebtedness (35,052) Other finance liability (26,729) Accounts payable and accrued expenses (88) Accrued interest payable (104) Noncontrolling interest in consolidated entities (7,961) Investment in 815 Commerce MM $ 9,559

Dispositions, Impairment Char_2

Dispositions, Impairment Charges and Assets Held For Sale (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotel Dispositions and Assets Held for Sale	The following table includes condensed financial information for the three and nine months ended September 30, 2023 and 2022 f rom the Company’s dispositions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total hotel revenue $ 351 $ 3,455 $ 2,942 $ 10,064 Total hotel operating expenses (1,570) (2,498) (3,872) (7,800) Gain (loss) on disposition of assets and hotel properties 6,389 (29) 6,389 244 Property taxes, insurance and other (39) (197) (164) (617) Depreciation and amortization — (122) (163) (1,580) Operating income (loss) 5,131 609 5,132 311 Interest income — — — 1 Interest expense and amortization of discounts and loan costs — (207) — (955) Income (loss) before income taxes 5,131 402 5,132 (643) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (66) (4) (57) 5 Net income (loss) before income taxes attributable to the Company $ 5,065 $ 398 $ 5,075 $ (638) September 30, 2023 Assets Investments in hotel properties, net $ 9,458 Cash and cash equivalents 556 Restricted cash 286 Accounts receivable, net 228 Inventories 43 Deferred costs, net 3 Prepaid expenses 193 Other assets 49 Due from related party, net 57 Due from Ashford Inc., net 9 Assets held for sale $ 10,882 Liabilities Indebtedness, net $ 9,247 Accounts payable and accrued expenses 510 Accrued interest 38 Liabilities related to assets held for sale $ 9,795

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in unconsolidated entities: September 30, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,676 $ 2,103 Ownership interest in OpenKey 15.1 % 15.1 % Carrying value of the Meritage Investment (in thousands) $ 8,703 $ 8,991 The following table summarizes our equity in earnings (loss) of unconsolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 OpenKey $ (125) $ (147) $ (427) $ (451) Meritage Investment (13) — (288) — $ (138) $ (147) $ (715) $ (451)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Indebtedness	Indebtedness consisted of the following (in thousands): September 30, 2023 December 31, 2022 Indebtedness Collateral Maturity Interest Rate (1) Default Rate (2) Debt Balance Debt Balance Mortgage loan (5) 1 hotel June 2023 LIBOR (3) + 2.45 % n/a $ — $ 73,450 Mortgage loan (6) 7 hotels June 2023 SOFR (4) + 3.70 % 4.00% 180,720 180,720 Mortgage loan (7) 7 hotels June 2023 SOFR (4) + 3.44 % 4.00% 174,400 174,400 Mortgage loan (8) 5 hotels June 2023 SOFR (4) + 3.73 % 4.00% 215,120 215,120 Mortgage loan (5) 1 hotel November 2023 SOFR (4) + 2.80 % n/a — 25,000 Mortgage loan (9) (10) 17 hotels November 2023 SOFR (4) + 3.26 % n/a 409,750 415,000 Mortgage loan (11) 1 hotel December 2023 SOFR (4) + 2.85 % n/a 15,175 15,290 Mortgage loan 1 hotel January 2024 5.49 % n/a 6,231 6,345 Mortgage loan 1 hotel January 2024 5.49 % n/a 9,093 9,261 Term loan (12) Equity January 2024 14.00 % n/a 183,082 195,959 Mortgage loan (13) 8 hotels February 2024 SOFR (4) + 3.28 % n/a 345,000 395,000 Mortgage loan (14) 2 hotels March 2024 SOFR (4) + 2.80 % n/a 240,000 240,000 Mortgage loan (15) 19 hotels April 2024 SOFR (4) + 3.51 % n/a 862,027 907,030 Mortgage loan 1 hotel May 2024 4.99 % n/a 5,652 5,819 Mortgage loan (16) 1 hotel June 2024 SOFR (4) + 2.00 % n/a 8,881 8,881 Mortgage loan (17) 5 hotels June 2024 SOFR (4) + 3.90 % n/a 158,689 221,040 Mortgage loan (18) 5 hotels June 2024 SOFR (4) + 4.17 % n/a 237,061 262,640 Mortgage loan (19) 5 hotels June 2024 SOFR (4) + 2.90 % n/a 119,003 160,000 Mortgage loan 2 hotels August 2024 4.85 % n/a 10,986 11,172 Mortgage loan 3 hotels August 2024 4.90 % n/a 22,024 22,349 Mortgage loan (20) 1 hotel November 2024 LIBOR (3) + 4.65 % n/a — 85,552 Mortgage loan (20) 1 hotel November 2024 SOFR (4) + 4.76 % n/a 86,000 — Mortgage loan (21) 1 hotel December 2024 SOFR (4) + 4.00 % n/a 37,000 37,000 Mortgage loan 3 hotels February 2025 4.45 % n/a 45,999 46,918 Mortgage loan 1 hotel March 2025 4.66 % n/a 22,892 23,326 Mortgage loan (22) 1 hotel August 2025 SOFR (4) + 3.91 % n/a 98,000 98,000 Mortgage loan (5) 2 hotels May 2026 SOFR (4) + 4.00 % n/a 98,450 — 3,591,235 3,835,272 Bridge loan (23) (26) 1 hotel November 2023 5.00% n/a 19,889 — Environmental loan (26) 1 hotel April 2024 10.00% n/a 571 — TIF loan (24) (26) 1 hotel August 2025 8.25% n/a 5,609 — Construction loan (25) (26) 1 hotel May 2033 SOFR (4) + 8.50% n/a 12,622 — 38,691 — Total indebtedness 3,629,926 3,835,272 Premiums (discounts), net (5,667) (20,249) Capitalized default interest and late charges 1,757 8,363 Deferred loan costs, net (8,146) (8,530) Embedded debt derivative 23,096 23,687 Indebtedness, net $ 3,640,966 $ 3,838,543 Indebtedness related to assets held for sale, net (10) 1 hotel June 2024 SOFR (4) + 3.90% n/a 9,247 — $ 3,631,719 $ 3,838,543 _____________________________ (1) Interest rates do not include default or late payment rates in effect on some mortgage loans. (2) Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of September 30, 2023. The default rate is accrued in addition to the stated interest rate. (3) LIBOR rate was 4.392% December 31, 2022. (4) SOFR rates were 5.320% and 4.358% at September 30, 2023 and December 31, 2022, respectively. (5) On May 19, 2023, we refinanced this mortgage loan with a new $98.5 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.00% and has a SOFR floor of 0.50%. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period ended in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.65% to SOFR + 3.70%. (7) This loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.39% to SOFR + 3.44%. (8) This loan has five one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2022. The paydown that was required in order to exercise the fourth one-year extension option was not made. As a result, effective June 9, 2023, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s consolidated balance sheet and statement of operations. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.68% to SOFR + 3.73%. (9) 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. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.13% to SOFR + 3.26%. On July 14, 2023, we repaid $5.3 million of principal on this mortgage loan. (10) A portion of this mortgage loan at September 30, 2023 relates to the Bucks County Sheraton. See note 5. (11) This loan has two one-year extension options, subject to satisfaction of certain conditions. The first one-year extension period began in December 2022. (12) 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. On August 1, 2023, we repaid $12.9 million of principal on this term loan. (13) On February 9, 2023, we amended this mortgage loan. Terms of the amendment included a principal paydown of $50.0 million, and the variable interest rate changed 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. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.17% to SOFR + 3.28%. (14) 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. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 2.75% to SOFR + 2.80%. (15) 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 changed from LIBOR + 3.20% to LIBOR + 3.47%. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.47% to SOFR + 3.51%. (16) This mortgage loan has a SOFR floor of 2.00%. (17) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began effective June 2023. In accordance with exercising the extension option, we repaid $62.4 million of principal and the variable interest rate changed from LIBOR + 3.73% to LIBOR + 3.86%. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 3.86% to SOFR + 3.90%. (18) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began in June 2023. In accordance with exercising the extension option, the interest rate changed from LIBOR + 4.02% to LIBOR + 4.15%. On July 5, 2023, we repaid $25.6 million of principal, reducing the outstanding principal balance to $237.1 million, in accordance with exercising the fourth extension option. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 4.15% to SOFR + 4.17%. (19) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions. The fourth one-year extension period began effective June 2023. In accordance with exercising the extension option, the interest rate changed from LIBOR + 2.73% to LIBOR + 2.85%. On July 7, 2023, we repaid $41.0 million of principal, reducing the outstanding principal balance to $119.0 million, in accordance with exercising the fourth extension option. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate changed from LIBOR + 2.85% to SOFR + 2.90%. (20) 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. Effective June 30, 2023, we replaced the variable interest rate of LIBOR + 4.65% with SOFR + 4.76% in accordance with the terms and conditions of the loan agreement. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. (21) 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%. (22) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (23) This loan has one six-month extension option, subject to satisfaction of certain conditions. (24) On July 26, 2023, we amended this loan. Terms of the amendment included increasing the fixed rate of 4.75% to a fixed rate of 8.25%, and extending the maturity date from July 2024 to August 2025. (25) Effective August 1, 2023, we amended this construction loan. Terms of the amendment included replacing the variable interest rate of LIBOR + 8.39% with SOFR + 8.50% and extending the term loan effective date from August 2023 to January 2024. Additionally, the term loan rate of a fixed rate of 6.81% plus the higher of the a) five-year swap rate and b) 0.94% was replaced with a fixed rate of 7.75% plus SOFR, less 1.85%. The final maturity date is May 2033. (26) This loan is associated with 815 Commerce Managing Member, LLC. See discussion in notes 2, 4 and 8.
Schedule of Net Premium (Discount) Amortization Recognized	We recognized net premium (discount) amortization as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Interest expense and amortization of discounts and loan costs $ (5,031) $ (3,108) $ (13,862) $ (8,719)

Notes Receivable, Net and Oth_2

Notes Receivable, Net and Other (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Accounts and Notes Receivable	Notes receivable, net are summarized in the table below (dollars in thousands): Interest Rate September 30, 2023 December 31, 2022 Certificate of Occupancy Note (1) (3) Face amount 7.0 % $ — $ 5,250 Discount (2) — (188) Notes receivable, net $ — $ 5,062 ____________________________________ (1) The outstanding principal balance and all accrued and unpaid interest was due and payable on or before July 9, 2025. The note was paid in full on July 14, 2023. (2) The discount represented the imputed interest during the interest-free period. The following table summarizes the note receivable (dollars in thousands): Interest Rate September 30, 2023 December 31, 2022 Note receivable 18.0 % $ 5,721 $ — Imputed Interest Rate September 30, 2023 December 31, 2022 Deferred Consideration Face amount 10.0 % $ 1,500 $ 1,500 Discount (1) (142) (240) $ 1,358 $ 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 September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Other income (expense) $ 9 $ 86 $ 188 $ 252 The following table summarizes the interest income associated with the note receivable (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2023 Other income (expense) $ 192 $ 212 We recognized discount amortization income as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Other income (expense) $ 34 $ 10 $ 98 $ 10

Derivative Instruments and He_2

Derivative Instruments and Hedging (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2023 2022 Interest rate caps: Notional amount (in thousands) $ 2,158,231 (1) $ 2,873,651 (1) Strike rate low end of range 2.50 % 3.00 % Strike rate high end of range 6.90 % 4.00 % Effective date range March 2023 - August 2023 January 2022 - June 2022 Termination date range February 2024 - June 2025 January 2023 - July 2023 Total cost (in thousands) $ 22,285 $ 5,255 _______________ (1) These instruments were not designated as cash flow hedges. We held interest rate instruments as summarized in the table below: September 30, 2023 December 31, 2022 Interest rate caps: Notional amount (in thousands) $ 4,081,521 (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 November 2023 - June 2025 January 2023 - January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 2,706,155 $ 3,505,242 _______________ (1) These instruments were not designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 Re-measurement of fair value (1,961) Balance at June 30, 2023 22,660 Re-measurement of fair value 436 Balance at September 30, 2023 $ 23,096
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 September 30, 2023: Assets Derivative assets: Interest rate derivatives - caps $ — $ 25,493 $ — $ 25,493 (1) Total $ — $ 25,493 $ — $ 25,493 Liabilities Embedded debt derivative $ — $ — $ (23,096) $ (23,096) (2) Net $ — $ 25,493 $ (23,096) $ 2,397 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 September 30, 2023 2022 Assets Derivative assets: Interest rate derivatives - caps $ (2,242) $ 9,055 (3) Total $ (2,242) $ 9,055 Liabilities Derivative liabilities: Embedded debt derivative $ (436) $ 719 Net $ (2,678) $ 9,774 Total combined Interest rate derivatives - caps $ (12,567) $ 9,055 Embedded debt derivative (436) 719 Unrealized gain (loss) on derivatives (13,003) (1) 9,774 (1) Realized gain (loss) on interest rate caps 10,325 (1) (2) — Net $ (2,678) $ 9,774 ____________________________________ (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. (3) Amount excludes income of $133,000 associated with payments received from counterparties on interest rate caps, which is included in other income (expense) in our consolidated statements of operations. Gain (Loss) Recognized in Income Nine Months Ended September 30, 2023 2022 Assets Derivative assets: Interest rate derivatives - caps $ 3,899 $ 14,431 (3) Total $ 3,899 $ 14,431 Liabilities Derivative liabilities: Embedded debt derivative $ 591 $ 4,628 Net $ 4,490 $ 19,059 Total combined Interest rate derivatives - caps $ (26,891) $ 14,431 Embedded debt derivative 591 4,628 Unrealized gain (loss) on derivatives (26,300) (1) 19,059 (1) Realized gain (loss) on interest rate caps 30,790 (1) (2) — Net $ 4,490 $ 19,059 ____________________________________ (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. (3) Amount excludes income of $133,000 associated with payments received from counterparties on interest rate caps, which is included in other income (expense) in our consolidated statements of operations.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets measured at fair value: Derivative assets $ 25,493 $ 25,493 $ 47,182 $ 47,182 Financial liabilities measured at fair value: Embedded debt derivative $ 23,096 $ 23,096 $ 23,687 $ 23,687 Financial assets not measured at fair value: Cash and cash equivalents (1) $ 184,737 $ 184,737 $ 417,064 $ 417,064 Restricted cash (1) 172,182 172,182 141,962 141,962 Accounts receivable, net (1) 73,940 73,940 49,809 49,809 Notes receivable, net 5,934 5,637 to 6,230 5,062 4,809 to 5,315 Due from Ashford Inc., net — — 486 486 Due from related parties, net (1) 4,404 4,404 6,570 6,570 Due from third-party hotel managers 24,145 24,145 22,462 22,462 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,624,259 $3,329,331 to $3,679,785 $ 3,815,023 $3,500,635 to $3,869,122 Accounts payable and accrued expenses (1) 153,719 153,719 115,970 115,970 Accrued interest payable (1) 25,281 25,281 15,287 15,287 Dividends and distributions payable 3,568 3,568 3,118 3,118 Due to Ashford Inc., net (1) 9,019 9,019 — — Due to third-party hotel managers 1,134 1,134 1,319 1,319 ____________________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of September 30, 2023.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income (loss) allocated to common stockholders - basic and diluted: Income (loss) attributable to the Company $ (63,562) $ (22,092) $ (149,092) $ (83,692) Less: dividends on preferred stock (4,295) (3,104) (11,290) (9,311) Less: deemed dividends on redeemable preferred stock (760) — (1,993) — Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted $ (68,617) $ (25,196) $ (162,375) $ (93,003) Weighted average common shares outstanding: Weighted average shares outstanding - basic and diluted 34,459 34,371 34,395 34,324 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.99) $ (0.73) $ (4.72) $ (2.71) Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.99) $ (0.73) $ (4.72) $ (2.71)
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (889) $ (231) $ (1,838) $ (679) Dividends on preferred stock - Series J (inclusive of deemed dividends) 1,843 — 3,776 — Dividends on preferred stock - Series K (inclusive of deemed dividends) 108 — 196 — Total $ 1,062 $ (231) $ 2,134 $ (679) Weighted average diluted shares are not adjusted for: Effect of assumed conversion of operating partnership units 447 317 394 278 Effect of assumed issuance of shares for term loan exit fee 1,745 1,745 1,745 1,745 Effect of assumed conversion of preferred stock - Series J 21,712 — 9,978 — Effect of assumed conversion of preferred stock - Series K 1,135 — 514 — Total 25,039 2,062 12,631 2,023

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2023 December 31, 2022 Redeemable noncontrolling interests in Ashford Trust OP (in thousands) $ 22,394 $ 21,550 Cumulative adjustments to redeemable noncontrolling interests (1) (in thousands) $ 185,451 $ 184,625 Ownership percentage of operating partnership 1.28 % 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 889 $ 231 $ 1,838 $ 679

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Dividends Declared	Preferred Dividends —The board of directors declared quarterly dividends per share as presented below: Three Months Ended September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2023 Series J Preferred Stock shares issued (1) 1,048 2,535 Net proceeds $ 23,583 $ 57,041 ________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series J Preferred Stock is summarized below (in thousands): September 30, 2023 December 31, 2022 Series J Preferred Stock $ 60,482 $ 2,004 Cumulative adjustments to Series J Preferred Stock (1) $ 2,821 $ 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 September 30, Nine Months Ended September 30, 2023 2023 Series J Preferred Stock $ 1,130 $ 1,881 The redemption activities of Series J Preferred stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Series J Preferred Stock shares redeemed 1 3 Redemption amount, net of redemption fees $ 22 $ 75 The issuance activity of the Series K Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Series K Preferred Stock shares issued (1) 82 152 Net proceeds $ 1,999 $ 3,695 ________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series K Preferred Stock is summarized below (in thousands): September 30, 2023 December 31, 2022 Series K Preferred Stock $ 3,798 $ 44 Cumulative adjustments to Series K Preferred Stock (1) $ 118 $ 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 September 30, Nine Months Ended September 30, 2023 2023 Series K Preferred Stock $ 61 $ 98

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advisory services fee Base advisory fee $ 8,121 $ 8,854 $ 24,839 $ 26,202 Reimbursable expenses (1) 2,884 2,430 9,176 7,365 Equity-based compensation (2) 1,390 1,229 3,635 4,609 Total advisory services fee $ 12,395 $ 12,513 $ 37,650 $ 38,176 ________ (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 September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Corporate, general and administrative $ 1,212 $ (3,522) $ 2,312 $ (2,331)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Franchise Fees	The table below summarizes the franchise fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2023 2022 2023 2022 Other hotel expenses $ 16,549 $ 15,616 $ 49,612 $ 43,789

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) hotel room	Sep. 30, 2022 hotel	Sep. 30, 2023 USD ($) room hotel	Sep. 30, 2022 hotel	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Number of hotels	100	100	100	100
Number of rooms | room	22,316		22,316
Number of hotel properties, owned investment in consolidated entity	1		1
Investments in unconsolidated entities | $	$ 10,379		$ 10,379		$ 19,576
Consolidated Entity
Real Estate Properties [Line Items]
Ownership percentage	32.50%		32.50%
OpenKey
Real Estate Properties [Line Items]
Ownership percentage	15.10%		15.10%		15.10%
Investments in unconsolidated entities | $	$ 1,676		$ 1,676		$ 2,103
Meritage Investment
Real Estate Properties [Line Items]
Investments in unconsolidated entities | $	$ 8,703		$ 8,703		$ 8,991	$ 9,100
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels			100
Number of hotel properties managed by affiliates	68		68

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - Variable Interest Entity, Primary Beneficiary $ in Millions	Sep. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Default loan value	$ 2.7
Amount funded	5.7
Required balancing deposits	$ 9.5

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	100	100	100	100
Revenue	$ 343,014	$ 328,156	$ 1,047,649	$ 923,389
Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	10	9	10	9
Revenue	$ 26,231	$ 23,433	$ 80,481	$ 64,472
Boston, MA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2	2
Revenue	$ 21,720	$ 18,378	$ 55,439	$ 45,365
Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	7	7	7	7
Revenue	$ 17,793	$ 16,803	$ 61,241	$ 52,297
Houston, TX Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	3	3	3	3
Revenue	$ 9,002	$ 7,744	$ 28,722	$ 23,608
Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	6	6	6	6
Revenue	$ 26,317	$ 23,899	$ 81,464	$ 71,374
Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2	2
Revenue	$ 5,996	$ 6,588	$ 26,241	$ 25,298
Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2	2
Revenue	$ 6,262	$ 5,859	$ 15,108	$ 12,345
Nashville, TN Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 22,450	$ 20,749	$ 67,702	$ 61,124
New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	6	6	6	6
Revenue	$ 24,708	$ 21,786	$ 66,131	$ 53,741
Orlando, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2	2
Revenue	$ 5,634	$ 5,818	$ 20,804	$ 18,840
Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	3	3	3	3
Revenue	$ 7,038	$ 6,948	$ 19,687	$ 18,701
San Diego, CA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2	2
Revenue	$ 7,056	$ 6,615	$ 18,726	$ 16,958
San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	7	7	7	7
Revenue	$ 20,473	$ 22,099	$ 59,595	$ 53,217
Tampa, FL Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2	2	2
Revenue	$ 7,955	$ 7,128	$ 30,216	$ 24,991
Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	9	9	9	9
Revenue	$ 38,890	$ 36,032	$ 123,755	$ 100,768
Other Areas
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	36	36	36	36
Revenue	$ 94,473	$ 94,098	$ 287,301	$ 268,062
Disposed properties
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	1	0	1
Revenue	$ 351	$ 3,455	$ 2,942	$ 10,064
Corporate
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	0	0	0
Revenue	$ 665	$ 724	$ 2,094	$ 2,164
Rooms
Disaggregation of Revenue [Line Items]
Revenue	270,607	260,616	817,477	731,474
Rooms | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	20,076	17,841	60,885	49,046
Rooms | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	18,613	15,562	46,523	37,500
Rooms | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	13,729	12,867	45,889	40,145
Rooms | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	6,588	5,958	20,575	17,741
Rooms | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	20,679	19,515	64,027	58,016
Rooms | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	4,324	4,816	19,053	18,821
Rooms | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	4,629	4,361	10,984	9,303
Rooms | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	14,775	13,705	43,361	40,041
Rooms | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	18,577	16,316	47,937	39,634
Rooms | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	4,780	4,981	18,015	16,557
Rooms | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	6,057	6,120	17,030	16,394
Rooms | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	6,401	6,127	16,741	15,384
Rooms | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	17,975	19,580	51,891	46,923
Rooms | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	5,941	5,389	23,283	19,600
Rooms | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	31,069	28,429	98,536	80,263
Rooms | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	76,112	76,267	230,488	218,243
Rooms | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	282	2,782	2,259	7,863
Rooms | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	52,205	48,633	172,943	139,709
Food and Beverage | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	4,516	4,154	14,684	11,639
Food and Beverage | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	1,496	1,363	4,250	3,993
Food and Beverage | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	3,056	3,047	12,350	9,410
Food and Beverage | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	2,248	1,543	7,500	5,232
Food and Beverage | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	4,237	3,132	13,630	9,734
Food and Beverage | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,412	1,617	6,490	5,803
Food and Beverage | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	1,479	1,335	3,536	2,705
Food and Beverage | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	6,731	5,997	21,673	18,006
Food and Beverage | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	5,212	4,594	15,784	12,041
Food and Beverage | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	355	407	1,274	1,102
Food and Beverage | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	610	632	1,789	1,638
Food and Beverage | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	295	154	941	573
Food and Beverage | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,780	1,588	5,584	3,992
Food and Beverage | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	1,492	1,472	5,489	4,500
Food and Beverage | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	5,442	5,102	18,599	14,533
Food and Beverage | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	11,835	12,266	39,290	33,848
Food and Beverage | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	9	230	80	960
Food and Beverage | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	19,537	18,183	55,135	50,042
Other Hotel | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	1,639	1,438	4,912	3,787
Other Hotel | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	1,611	1,453	4,666	3,872
Other Hotel | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	1,008	889	3,002	2,742
Other Hotel | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	166	243	647	635
Other Hotel | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	1,401	1,252	3,807	3,624
Other Hotel | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	260	155	698	674
Other Hotel | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	154	163	588	337
Other Hotel | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	944	1,047	2,668	3,077
Other Hotel | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	919	876	2,410	2,066
Other Hotel | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	499	430	1,515	1,181
Other Hotel | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	371	196	868	669
Other Hotel | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	360	334	1,044	1,001
Other Hotel | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	718	931	2,120	2,302
Other Hotel | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	522	267	1,444	891
Other Hotel | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	2,379	2,501	6,620	5,972
Other Hotel | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	6,526	5,565	17,523	15,971
Other Hotel | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	60	443	603	1,241
Other Hotel | Corporate
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	665	724	2,094	2,164
Other | Atlanta, GA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Boston, MA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Dallas / Ft. Worth, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Houston, TX Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Los Angeles, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Miami, FL Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Minneapolis - St. Paul, MN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Nashville, TN Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | New York / New Jersey Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Orlando, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Philadelphia, PA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | San Diego, CA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | San Francisco - Oakland, CA Metro Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Tampa, FL Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Washington D.C. - MD - VA Area
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Other Areas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Disposed properties
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Corporate
Disaggregation of Revenue [Line Items]
Revenue	$ 665	$ 724	$ 2,094	$ 2,164

Investments in Hotel Properti_3

Investments in Hotel Properties, net - Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 625,331	$ 622,759
Buildings and improvements	3,580,947	3,650,464
Furniture, fixtures and equipment	195,338	222,665
Construction in progress	110,076	21,609
Condominium properties	0	9,889
Hilton Marietta finance lease	17,269	18,998
Total cost	4,528,961	4,546,384
Accumulated depreciation	(1,406,128)	(1,428,053)
Investments in hotel properties, net	$ 3,122,833	$ 3,118,331

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Consolidation of VIE (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands	May 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Lease term	99 years
815 Commerce MM
Variable Interest Entity [Line Items]
Percentage of asset, liabilities, and noncontrolling interests measured and recognized	100%
Gain (loss) on VIE consolidation	$ 1,100
Land	4,609
Construction in progress	56,591
Restricted cash	18,201
Deferred costs	92
Indebtedness	(35,052)
Other finance liability	(26,729)
Accounts payable and accrued expenses	(88)
Accrued interest payable	(104)
Noncontrolling interest in consolidated entities	(7,961)
Investment in 815 Commerce MM	$ 9,559

Investments in Hotel Properti_5

Investments in Hotel Properties, net - Land and Building (Details) - USD ($) $ in Millions	Nov. 10, 2021	Sep. 30, 2023	May 31, 2023
Variable Interest Entity, Primary Beneficiary
Sale Leaseback Transaction [Line Items]
Lease term			99 years
Discount rate		8.20%
815 Commerce MM
Sale Leaseback Transaction [Line Items]
Proceeds from sale of land and buildings	$ 30.4
Lease term	99 years
Annual rental payments	$ 1.5
Annual rent increase (as a percent)	2%
815 Commerce MM | Minimum
Sale Leaseback Transaction [Line Items]
Purchase option period	90 days
815 Commerce MM | Maximum
Sale Leaseback Transaction [Line Items]
Purchase option period	180 days

Dispositions, Impairment Char_3

Dispositions, Impairment Charges and Assets Held For Sale - Hotel Properties Measured at Fair Value (Details) - USD ($)		3 Months Ended		9 Months Ended
	Aug. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel property				$ 14,452,000	$ 34,707,000
Impairment Charges		$ 0	$ 0	0	$ 0
WorldQuest Resort | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel property	$ 14,800,000
Gain (loss) on disposal		$ 6,400,000		$ 6,400,000

Dispositions, Impairment Char_4

Dispositions, Impairment Charges and Assets Held For Sale - Schedule of Hotel Disposition and Assets Held for Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate Properties [Line Items]
Total hotel revenue	$ 351	$ 3,455	$ 2,942	$ 10,064
Total hotel operating expenses	(1,570)	(2,498)	(3,872)	(7,800)
Gain (loss) on disposition of assets and hotel properties	6,389	(29)	6,389	244
Property taxes, insurance and other	(39)	(197)	(164)	(617)
Depreciation and amortization	0	(122)	(163)	(1,580)
Operating income (loss)	5,131	609	5,132	311
Interest income	0	0	0	1
Interest expense and amortization of discounts and loan costs	0	(207)	0	(955)
Income (loss) before income taxes	5,131	402	5,132	(643)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(66)	(4)	(57)	5
Net income (loss) before income taxes attributable to the Company	$ 5,065	$ 398	$ 5,075	$ (638)

Dispositions, Impairment Char_5

Dispositions, Impairment Charges and Assets Held For Sale- Schedule of Major Classes of Assets and Liabilities Related to Assets Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets
Cash and cash equivalents	$ 556		$ 0
Assets held for sale	10,882	$ 0
Liabilities
Liabilities related to assets held for sale	9,795	0
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets
Investments in hotel properties, net	9,458
Cash and cash equivalents	556
Restricted cash	286
Accounts receivable, net	228
Inventories	43
Deferred costs, net	3
Prepaid expenses	193
Other assets	49
Due from related party, net	57
Due from Ashford Inc., net	9
Assets held for sale	10,882
Liabilities
Indebtedness related to assets held for sale, net	9,247	$ 0
Accounts payable and accrued expenses	510
Accrued interest	38
Liabilities related to assets held for sale	$ 9,795

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 10,379,000		$ 10,379,000		$ 19,576,000
Income (loss) from equity method investments	(138,000)	$ (147,000)	(715,000)	$ (451,000)
Impairment of investments in unconsolidated entities	0	0	0	0
OpenKey
Schedule of Equity Method Investments [Line Items]
Equity method investment, aggregate cost	5,500,000		5,500,000
Carrying value of the investment	$ 1,676,000		$ 1,676,000		$ 2,103,000
Ownership percentage	15.10%		15.10%		15.10%
Income (loss) from equity method investments	$ (125,000)	(147,000)	$ (427,000)	(451,000)
815 Commerce MM
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment					$ 8,500,000
Meritage Investment
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	8,703,000		8,703,000		$ 8,991,000	$ 9,100,000
Income (loss) from equity method investments	$ (13,000)	$ 0	$ (288,000)	$ 0

Indebtedness, net - Schedule of

Indebtedness, net - Schedule of Indebtedness (for 10Q) (Details) $ in Thousands

1 Months Ended

9 Months Ended

Aug. 01, 2023

Jul. 31, 2023

Jul. 26, 2023

Jul. 25, 2023

Jul. 14, 2023 USD ($)

Jul. 07, 2023 USD ($)

Jul. 05, 2023 USD ($)

Jun. 30, 2023

May 31, 2023

May 19, 2023 USD ($) extension

Mar. 31, 2023

Feb. 09, 2023 USD ($)

Feb. 08, 2023

Jan. 27, 2023 USD ($)

Jul. 31, 2023

Jun. 30, 2023 USD ($)

Apr. 30, 2023 USD ($)

Sep. 30, 2023 USD ($) hotel extension

Sep. 30, 2022 USD ($)

Jan. 15, 2023

Jan. 14, 2023

Dec. 31, 2022 USD ($)

Debt Instrument [Line Items]

Debt Balance

$ 3,629,926

$ 3,835,272

Premiums (discounts), net

(5,667)

(20,249)

Capitalized default interest and late charges

1,757

8,363

Deferred loan costs, net

(8,146)

(8,530)

Embedded debt derivative

43,700

Indebtedness, net

3,640,966

3,838,543

Indebtedness, net ($38,730 and $0 attributable to VIEs)

$ 3,631,719

$ 3,838,543

LIBOR rate

4.392%

SOFR rate

5.32%

4.358%

Repayments of long-term debt

$ 342,935

$ 49,326

Proceeds from debt

$ 101,732

$ 1,552

Disposal Group, Held-for-sale, Not Discontinued Operations

Debt Instrument [Line Items]

Collateral | hotel

1

Indebtedness related to assets held for sale, net

$ 9,247

$ 0

Term loan due January 2024

Debt Instrument [Line Items]

Interest rate

14%

Secured Overnight Financing Rate (SOFR) | Disposal Group, Held-for-sale, Not Discontinued Operations

Debt Instrument [Line Items]

Basis spread on variable rate

390%

Mortgages and Term Loan

Debt Instrument [Line Items]

Debt Balance

$ 3,591,235

3,835,272

Mortgages | Mortgage Loan due June 2023 2.45%

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 0

73,450

Mortgages | Mortgage Loan due June 2023 3.70%

Debt Instrument [Line Items]

Collateral | hotel

7

Debt default rate

400%

Debt Balance

$ 180,720

180,720

Number of extension options | extension

5

Term of extension option (in years)

1 year

Mortgages | Mortgage Loan due June 2023 3.44%

Debt Instrument [Line Items]

Collateral | hotel

7

Debt default rate

400%

Debt Balance

$ 174,400

174,400

Number of extension options | extension

5

Term of extension option (in years)

1 year

Mortgages | Mortgage Loan due June 2023 3.73%

Debt Instrument [Line Items]

Collateral | hotel

5

Debt default rate

400%

Debt Balance

$ 215,120

215,120

Number of extension options | extension

5

Term of extension option (in years)

1 year

Mortgages | Mortgage Loan due November 2023 2.805

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 0

25,000

Mortgages | Mortgage Loan due November 2023 3.26%

Debt Instrument [Line Items]

Collateral | hotel

17

Debt Balance

$ 409,750

415,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 5,300

Mortgages | Mortgage Loan due December 2023 2.85%

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 15,175

15,290

Number of extension options | extension

2

Term of extension option (in years)

1 year

Mortgages | Mortgage Loan due January 2024 5.49%

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

5.49%

Debt Balance

$ 6,231

6,345

Mortgages | Mortgage Loan due January 2024 5.49% 2

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

5.49%

Debt Balance

$ 9,093

9,261

Mortgages | Mortgage Loan due February 2024 3.28%

Debt Instrument [Line Items]

Collateral | hotel

8

Debt Balance

$ 345,000

395,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 50,000

Mortgages | Mortgage Loan due March 2024 2.80%

Debt Instrument [Line Items]

Collateral | hotel

2

Basis spread on variable rate

2.75%

2.80%

Debt Balance

$ 240,000

240,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

Mortgages | Mortgage Loan due April 2024 3.51%

Debt Instrument [Line Items]

Collateral | hotel

19

Debt Balance

$ 862,027

907,030

Number of extension options | extension

5

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 45,000

Mortgages | Mortgage Loan due May 2024 4.99%

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

4.99%

Debt Balance

$ 5,652

5,819

Mortgages | Mortgage Loan due June 2024 2.00%

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 8,881

8,881

SOFR Floor (as a percent)

2%

Mortgages | Mortgage Loan due June 2024 3.90%

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 158,689

221,040

Number of extension options | extension

5

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 62,400

Mortgages | Mortgage Loan due June 2024 4.17%

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 237,100

$ 237,061

262,640

Number of extension options | extension

5

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 25,600

Mortgages | Mortgage Loan due June 2024 2.90%

Debt Instrument [Line Items]

Collateral | hotel

5

Debt Balance

$ 119,000

$ 119,003

160,000

Number of extension options | extension

5

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 41,000

Mortgages | Mortgage Loan due August 2024 4.85%

Debt Instrument [Line Items]

Collateral | hotel

2

Interest rate

4.85%

Debt Balance

$ 10,986

11,172

Mortgages | Mortgage Loan due August 2024 4.90%

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

4.90%

Debt Balance

$ 22,024

22,349

Mortgages | Mortgage Loan due November 2024 4.65%

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 0

85,552

Proceeds from debt

$ 449

Future additional funding available

$ 2,000

Mortgages | Mortgage Loan due November 2024 4.76%

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 86,000

0

Number of extension options | extension

2

Term of extension option (in years)

1 year

Mortgages | Mortgage Loan due December 2024 4.00%

Debt Instrument [Line Items]

Collateral | hotel

1

Debt Balance

$ 37,000

37,000

Number of extension options | extension

3

Term of extension option (in years)

1 year

SOFR Floor (as a percent)

0.50%

Mortgages | Mortgage Loan due February 2025 4.45%

Debt Instrument [Line Items]

Collateral | hotel

3

Interest rate

4.45%

Debt Balance

$ 45,999

46,918

Mortgages | Mortgage Loan March 2025 4.66%

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

4.66%

Debt Balance

$ 22,892

23,326

Mortgages | Mortgage Loan due August 2025 3.91%

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 | Mortgage Loan due May 2026 4.00%

Debt Instrument [Line Items]

Collateral | hotel

2

Debt Balance

$ 98,500

$ 98,450

0

Number of extension options | extension

2

Term of extension option (in years)

1 year

SOFR Floor (as a percent)

0.50%

Initial term of loan (in years)

3 years

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2023 2.45%

Debt Instrument [Line Items]

Basis spread on variable rate

2.45%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2023 3.70%

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2023 3.44%

Debt Instrument [Line Items]

Basis spread on variable rate

3.39%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2023 3.73%

Debt Instrument [Line Items]

Basis spread on variable rate

3.68%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due November 2023 3.26%

Debt Instrument [Line Items]

Basis spread on variable rate

3.13%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due February 2024 3.28%

Debt Instrument [Line Items]

Basis spread on variable rate

3.17%

3.17%

3.07%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due April 2024 3.51%

Debt Instrument [Line Items]

Basis spread on variable rate

3.47%

3.20%

3.47%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2024 3.90%

Debt Instrument [Line Items]

Basis spread on variable rate

3.86%

3.73%

3.86%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2024 4.17%

Debt Instrument [Line Items]

Basis spread on variable rate

4.02%

4.15%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due June 2024 2.90%

Debt Instrument [Line Items]

Basis spread on variable rate

2.85%

2.73%

2.85%

Mortgages | London Interbank Offered Rate (LIBOR) | Mortgage Loan due November 2024 4.65%

Debt Instrument [Line Items]

Basis spread on variable rate

4.65%

4.65%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2023 3.70%

Debt Instrument [Line Items]

Basis spread on variable rate

3.70%

3.70%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2023 3.44%

Debt Instrument [Line Items]

Basis spread on variable rate

3.44%

3.44%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2023 3.73%

Debt Instrument [Line Items]

Basis spread on variable rate

3.73%

3.73%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due November 2023 2.805

Debt Instrument [Line Items]

Basis spread on variable rate

2.80%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due November 2023 3.26%

Debt Instrument [Line Items]

Basis spread on variable rate

3.26%

3.26%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due December 2023 2.85%

Debt Instrument [Line Items]

Basis spread on variable rate

2.85%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due February 2024 3.28%

Debt Instrument [Line Items]

Basis spread on variable rate

3.28%

3.28%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due March 2024 2.80%

Debt Instrument [Line Items]

Basis spread on variable rate

2.80%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due April 2024 3.51%

Debt Instrument [Line Items]

Basis spread on variable rate

3.51%

3.51%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2024 2.00%

Debt Instrument [Line Items]

Basis spread on variable rate

2%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2024 3.90%

Debt Instrument [Line Items]

Basis spread on variable rate

3.90%

3.90%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2024 4.17%

Debt Instrument [Line Items]

Basis spread on variable rate

4.17%

4.17%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due June 2024 2.90%

Debt Instrument [Line Items]

Basis spread on variable rate

2.90%

2.90%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due November 2024 4.76%

Debt Instrument [Line Items]

Basis spread on variable rate

4.76%

4.76%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due December 2024 4.00%

Debt Instrument [Line Items]

Basis spread on variable rate

4%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due August 2025 3.91%

Debt Instrument [Line Items]

Basis spread on variable rate

3.91%

Mortgages | Secured Overnight Financing Rate (SOFR) | Mortgage Loan due May 2026 4.00%

Debt Instrument [Line Items]

Basis spread on variable rate

4%

4%

Term Loan | Term loan due January 2024

Debt Instrument [Line Items]

Interest rate

14%

16%

Debt Balance

$ 183,082

195,959

Number of extension options | extension

2

Term of extension option (in years)

1 year

Repayments of long-term debt

$ 12,900

Bridge Loan, Environmental Loan, TIF Loan, And Construction Loan

Debt Instrument [Line Items]

Debt Balance

$ 38,691

0

Bridge Loan

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

5%

Debt Balance

$ 19,889

0

Number of extension options | extension

1

Term of extension option (in years)

6 months

Environmental Loan

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

10%

Debt Balance

$ 571

0

TIF Loan

Debt Instrument [Line Items]

Collateral | hotel

1

Basis spread on variable rate

8.25%

4.75%

Interest rate

8.25%

Debt Balance

$ 5,609

0

Construction loan

Debt Instrument [Line Items]

Collateral | hotel

1

Interest rate

7.75%

6.81%

6.81%

Debt Balance

$ 12,622

0

Swap rate, duration (in years)

5 years

Spread on stated rate (as a percent)

(1.85%)

0.94%

0.94%

Construction loan | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate

8.39%

Construction loan | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate

8.50%

8.50%

Embedded debt derivative

Debt Instrument [Line Items]

Embedded debt derivative

$ 23,096

$ 23,687

Indebtedness, net - Schedule _2

Indebtedness, net - Schedule of Net Premium (Discount) Amortization Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Interest expense and amortization of discounts and loan costs	$ (5,031)	$ (3,108)	$ (13,862)	$ (8,719)

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details)				1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 21, 2023 USD ($)	Jun. 09, 2023	Jun. 13, 2018 extension	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount of capitalized principal that was amortized					$ 1,700,000	$ 6,600,000	$ 3,800,000	$ 11,400,000
Repayments of long-term debt							342,935,000	$ 49,326,000
Debt Balance					3,629,926,000		3,629,926,000		$ 3,835,272,000
Indebtedness, net ($38,730 and $0 attributable to VIEs)					3,631,719,000		3,631,719,000		$ 3,838,543,000
Interest costs capitalized					1,000,000		1,600,000
Accumulated capitalized interest costs					7,000,000		7,000,000
Credit Agreement
Debt Instrument [Line Items]
Cash exit fee (as a percent)	50%
Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Unused capacity, commitment fee (as a percent)	9%
Initial term period (in years)	12 months
Credit Agreement | Mortgages
Debt Instrument [Line Items]
Mortgage debt threshold amount	$ 400,000,000
KEYS Mortgage Loans | Mortgages
Debt Instrument [Line Items]
Initial term period (in years)			2 years
Number of extension options | extension			5
Term of extension option (in years)		30 days	1 year
KEYS Pool C Loan | Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt				$ 62,400,000
KEYS Pool D Loan | Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt				25,600,000
KEYS Pool E Loan | Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt				$ 41,000,000
KEYS Pool A Loan | Mortgages
Debt Instrument [Line Items]
Debt Balance					180,700,000		180,700,000
Indebtedness, net ($38,730 and $0 attributable to VIEs)					122,800,000		122,800,000
KEYS Pool B Loan | Mortgages
Debt Instrument [Line Items]
Debt Balance					174,400,000		174,400,000
Indebtedness, net ($38,730 and $0 attributable to VIEs)					115,100,000		115,100,000
KEYS Pool F Loan | Mortgages
Debt Instrument [Line Items]
Debt Balance					215,100,000		215,100,000
Indebtedness, net ($38,730 and $0 attributable to VIEs)					$ 157,600,000		$ 157,600,000
Mortgage Loan, Aggregate Principal Amount Above Mortgage Debt Threshold Amount | Mortgages
Debt Instrument [Line Items]
Debt Balance	$ 415,000,000

Notes Receivable, Net and Oth_3

Notes Receivable, Net and Other - Schedule of Notes Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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 | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	18%
Face amount	$ 5,721	$ 0
Notes Receivable | Certificate of Occupancy Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	7%
Face amount	$ 0	5,250
Discount	0	(188)
Receivable, net	$ 0	5,062
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate	10%
Face amount	$ 1,500	1,500
Discount	(142)	(240)
Receivable, net	$ 1,358	$ 1,260

Notes Receivable, Net and Oth_4

Notes Receivable, Net and Other - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 01, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash interest income	$ 0	$ 0	$ 0	$ 0
Impairment charges	0	$ 0	0	$ 0
Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Required balancing deposits	9,500,000		9,500,000
Default loan value	2,700,000		2,700,000
Amount funded	5,700,000		5,700,000
Variable Interest Entity, Primary Beneficiary | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Face amount	$ 5,721,000		$ 5,721,000		$ 0
Interest Rate			18%
Notes receivable, term (in days)	30 days		30 days
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Notes Receivable | Certificate of Occupancy Note
Receivables with Imputed Interest [Line Items]
Discount amortization income	$ 9	$ 86	$ 188	$ 252
Notes Receivable | Variable Interest Entity, Primary Beneficiary
Receivables with Imputed Interest [Line Items]
Discount amortization income	192		212
Accounts Receivable
Receivables with Imputed Interest [Line Items]
Discount amortization income	$ 34	$ 10	$ 98	$ 10

Derivative Instruments and He_3

Derivative Instruments and Hedging (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Interest rate derivatives - caps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount (in thousands)	$ 4,081,521		$ 3,549,941
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 2,706,155		$ 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)	$ 2,158,231	$ 2,873,651
Total cost (in thousands)	$ 22,285	$ 5,255
Interest rate derivatives - caps | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.50%	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	Sep. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value consideration threshold for transfer in/out of level 3 (as a percent)	10%
LIBOR rate		4.392%
Fair value of derivative liability	$ 43.7
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LIBOR rate	5.32%
LIBOR interest rate forward curve uptrend (as a percent)	4.22%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Derivative Liabilities Measured at Fair Value (Details) - Derivative liabilities - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	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	$ 22,660	$ 24,621	$ 23,687	$ 23,278	$ 23,997	$ 26,974	$ 27,906
Re-measurement of fair value	436	(1,961)	934	409	(719)	(2,977)	(932)
Ending balance	$ 23,096	$ 22,660	$ 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	Sep. 30, 2023	Dec. 31, 2022
Derivative assets:
Derivative assets	$ 25,493	$ 47,182
Fair Value Measurements Recurring
Derivative assets:
Derivative assets	25,493	47,182
Liabilities
Net	2,397	23,495
Fair Value Measurements Recurring | Interest rate derivatives - caps
Derivative assets:
Derivative assets	25,493	47,182
Fair Value Measurements Recurring | Embedded debt derivative
Liabilities
Derivative liabilities	(23,096)	(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	25,493	47,182
Liabilities
Net	25,493	47,182
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Interest rate derivatives - caps
Derivative assets:
Derivative assets	25,493	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	(23,096)	(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	$ (23,096)	$ (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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	$ (13,003)	$ 9,774	$ (26,300)	$ 19,059
Net	(2,678)	9,774	4,490	19,059
Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(12,567)	9,055	(26,891)	14,431
Realized gain (loss) on interest rate caps	10,325	0	30,790	0
Interest rate derivatives - caps | Other Income [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives		133		133
Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gain (loss) on derivatives	(436)	719	591	4,628
Derivative liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities			4,490	19,059
Derivative liabilities | Embedded debt derivative
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	(436)	719	591	4,628
Derivative assets: | Interest rate derivatives - caps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	(2,242)	9,055	3,899	14,431
Non-derivative assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ (2,242)	$ 9,055	$ 3,899	$ 14,431

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Financial assets measured at fair value:
Derivative assets, Carrying value	$ 25,493	$ 47,182
Financial assets not measured at fair value:
Cash and cash equivalents	184,181	417,064	$ 505,533	$ 592,110
Restricted cash, Carrying value	171,896	141,962	132,055	$ 99,534
Accounts receivable, Carrying value	73,712	49,809
Notes receivable, net, Carrying value	5,934	5,062
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)	153,209	115,970
Accrued interest payable ($99 and $0 attributable to VIEs)	25,243	15,287
Dividends and distributions declared but not paid	3,568	3,118	$ 3,103
Ashford, Inc.
Financial assets not measured at fair value:
Other receivables	0	486
Financial liabilities not measured at fair value:
Other accounts payable	9,028	0
Related Party
Financial assets not measured at fair value:
Other receivables	4,347	6,570
Nonrelated Party
Financial assets not measured at fair value:
Other receivables	24,145	22,462
Financial liabilities not measured at fair value:
Other accounts payable	1,134	1,319
Carrying Value
Financial assets measured at fair value:
Derivative assets, Carrying value	25,493	47,182
Financial liabilities measured at fair value:
Derivative liabilities, Carrying value	23,096	23,687
Financial assets not measured at fair value:
Cash and cash equivalents	184,737	417,064
Restricted cash, Carrying value	172,182	141,962
Accounts receivable, Carrying value	73,940	49,809
Notes receivable, net, Carrying value	5,934	5,062
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	3,624,259	3,815,023
Accounts payable and accrued expenses ($11,194 and $0 attributable to VIEs)	153,719	115,970
Accrued interest payable ($99 and $0 attributable to VIEs)	25,281	15,287
Dividends and distributions declared but not paid	3,568	3,118
Carrying Value | Ashford, Inc.
Financial assets not measured at fair value:
Other receivables	0	486
Carrying Value | Related Party
Financial assets not measured at fair value:
Other receivables	4,404	6,570
Financial liabilities not measured at fair value:
Other accounts payable	9,019	0
Carrying Value | Nonrelated Party
Financial assets not measured at fair value:
Other receivables	24,145	22,462
Financial liabilities not measured at fair value:
Other accounts payable	1,134	1,319
Estimated Fair Value
Financial assets measured at fair value:
Derivative assets, Estimated fair value	25,493	47,182
Financial liabilities measured at fair value:
Derivative liabilities, Estimated fair value	23,096	23,687
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	184,737	417,064
Restricted cash, Estimated fair value	172,182	141,962
Accounts receivable, Estimated fair value	73,940	49,809
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Estimated fair value	153,719	115,970
Accrued interest payable, Estimated fair value	25,281	15,287
Dividends payable, Estimated fair value	3,568	3,118
Estimated Fair Value | Ashford, Inc.
Financial assets not measured at fair value:
Other receivables, Estimated fair value	0	486
Estimated Fair Value | Related Party
Financial assets not measured at fair value:
Other receivables, Estimated fair value	4,404	6,570
Financial liabilities not measured at fair value:
Other accounts payable, Estimated fair value	9,019	0
Estimated Fair Value | Nonrelated Party
Financial assets not measured at fair value:
Other receivables, Estimated fair value	24,145	22,462
Financial liabilities not measured at fair value:
Other accounts payable, Estimated fair value	1,134	1,319
Estimated Fair Value | Minimum
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	5,637	4,809
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	3,329,331	3,500,635
Estimated Fair Value | Maximum
Financial assets not measured at fair value:
Notes receivable, net, Estimated fair value	6,230	5,315
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 3,679,785	$ 3,869,122

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 5,934	$ 5,062
Indebtedness, net ($38,730 and $0 attributable to VIEs)	3,631,719	3,838,543
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, net ($38,730 and $0 attributable to VIEs)	$ 3,600,000	$ 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)	91.90%	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)	101.50%	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$ (63,562)	$ (22,092)	$ (149,092)	$ (83,692)
Preferred dividends	(4,295)	(3,104)	(11,290)	(9,311)
Deemed dividends on redeemable preferred stock	(760)	0	(1,993)	0
Distributed and undistributed income (loss) allocated to common stockholders - basic	(68,617)	(25,196)	(162,375)	(93,003)
Distributed and undistributed income (loss) allocated to common stockholders - diluted	$ (68,617)	$ (25,196)	$ (162,375)	$ (93,003)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	34,459	34,371	34,395	34,324
Weighted average common shares outstanding - diluted (in shares)	34,459	34,371	34,395	34,324
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.99)	$ (0.73)	$ (4.72)	$ (2.71)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.99)	$ (0.73)	$ (4.72)	$ (2.71)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income (loss) allocated to common stockholders is not adjusted for:
Total	$ 1,062	$ (231)	$ 2,134	$ (679)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	25,039	2,062	12,631	2,023
Preferred Stock, Series J
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,843	$ 0	$ 3,776	$ 0
Series K Preferred Stock
Income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 108	$ 0	$ 196	$ 0
Operating partnership units
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	447	317	394	278
Embedded debt derivative
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,745	1,745	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)	21,712	0	9,978	0
Redeemable Noncontrolling Interests in Preferred Stock | Series K Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1,135	0	514	0
Operating partnership units
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (889)	$ (231)	$ (1,838)	$ (679)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	May 31, 2023	Mar. 31, 2023	Sep. 30, 2023
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)			2,100,000
Units which have not reached full economic parity with common units (in shares)			124,000
LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)			3 years
Common partnership unit per converted LTIP unit (in shares)			1
LTIP units | Director
Noncontrolling Interest [Line Items]
Granted (in shares)	112,000
Fair value of units granted	$ 475
Performance LTIP units
Noncontrolling Interest [Line Items]
Vesting period (in years)		3 years
Granted (in shares)		282,000
Share-based compensation arrangement by share-based payment award, award performance target, percentage		250%
Fair value of awards (in dollars per share)			$ 4.93
Units outstanding (in shares)			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%
Performance LTIP units | Minimum | 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)			0%
Performance adjustment range on initial calculation (as a percent)			75%
Performance LTIP units | Maximum
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)			200%
Performance LTIP units | Maximum | 2021 and 2022 Grants
Noncontrolling Interest [Line Items]
Performance adjustment range (as a percent)			250%
Performance adjustment range on initial calculation (as a percent)			125%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Ashford Trust OP (in thousands)	$ 22,394		$ 22,394		$ 21,550
Redemption value adjustment	$ (257)	$ (466)	(826)	$ 1,961
Partnership Interest
Noncontrolling Interest [Line Items]
Redemption value adjustment			$ 185,451		$ 184,625
Partnership Interest | Ashford Trust OP
Noncontrolling Interest [Line Items]
Ownership percentage of operating partnership	1.28%		1.28%		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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 889	$ 231	$ 1,838	$ 679

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 31, 2023	May 31, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 06, 2022
Class of Stock [Line Items]
Dividends declared - common stock						$ 0	$ 0
Issuance of preferred stock							$ 165,000
Authorized amount								$ 200,000,000
Stock repurchased (in shares)				0	0	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				$ 811,000		$ 811,000
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%
Performance stock units | 2021 and 2022 Grants | 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%
Performance stock units | 2021 and 2022 Grants | 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%
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)					33,000
Director | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)	20,000	22,000
Issuance of preferred stock	$ 75,000	$ 95,000

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Summary of Dividends (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
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)	9 Months Ended
	Sep. 30, 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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Preferred Stock, Series J
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	1,048	2,535
Net proceeds	$ 23,583	$ 57,041
Redeemable preferred stock	60,482	60,482	$ 2,004
Temporary equity, accretion to redemption value, adjustment		2,821	926
Temporary equity, dividends, adjustment	$ 1,130	$ 1,881
Redemption of preferred shares (in shares)	1	3
Redemption amount, net of redemption fees	$ 22	$ 75
Series K Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock (in shares)	82	152
Net proceeds	$ 1,999	$ 3,695
Redeemable preferred stock	3,798	3,798	44
Temporary equity, accretion to redemption value, adjustment		118	$ 20
Temporary equity, dividends, adjustment	$ 61	$ 98

Related Party Transactions - Na

Related Party Transactions - Narrative (for 10Q) (Details)					1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 02, 2023 USD ($)	Mar. 15, 2022 USD ($)	Jan. 27, 2022 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($) hotel	Dec. 31, 2022 USD ($)	Sep. 27, 2022
Related Party Transaction [Line Items]
Aggregate non-listed preferred equity offerings				$ 400,000,000
Number of hotels | hotel						100	100	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
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						$ 166,000		$ 166,000		$ 6,200,000
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. | Accounts Payable
Related Party Transaction [Line Items]
Amount funded						$ 2,400,000		$ 2,400,000
Ashford Inc. | Affiliated entity
Related Party Transaction [Line Items]
Percentage of base fee paid						0.90		0.90
Number of equal annual installments | hotel								3
Monthly base fee, percentage of total market capitalization						0.0583		0.0583
Minimum base fee						0.0833		0.0833
Lismore Capital | Nonrefundable Work Fees
Related Party Transaction [Line Items]
Amount of transaction						$ 0		$ 525,000
Lismore Capital | Refinancing Fee | Mortgages
Related Party Transaction [Line Items]
Amount of transaction						246,000	$ 0	1,200,000	$ 690,000
Remington Hospitality | Related Party
Related Party Transaction [Line Items]
Security deposit						$ 1,200,000		1,200,000		$ 1,200,000
Remington Hospitality | Minimum | Management Fees | Management Fees
Related Party Transaction [Line Items]
Payment of monthly property management fees								$ 17,000
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Advisory services fee	$ 12,395	$ 12,513	$ 37,650	$ 38,176
Ashford Inc. | Affiliated entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	8,121	8,854	24,839	26,202
Ashford Inc. | Affiliated entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	2,884	2,430	9,176	7,365
Ashford Inc. | Affiliated entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	$ 1,390	$ 1,229	$ 3,635	$ 4,609

Related Party Transactions - Fe

Related Party Transactions - Fees Related to Property and Project Management Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 1,212	$ (3,522)	$ 2,312	$ (2,331)

Commitments and Contingencies-

Commitments and Contingencies- Narrative (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 20, 2016 hotel
Variable Interest Entity, Primary Beneficiary
Commitment and Contingencies [Line Items]
Default loan value	$ 2,700,000
Amount funded	5,700,000
Required balancing deposits	9,500,000
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 Hospitality | Management Fees
Commitment and Contingencies [Line Items]
Payment of monthly property management fees	$ 17,000
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Franchise fees
Commitment and Contingencies [Line Items]
Other hotel expenses	$ 16,549	$ 15,616	$ 49,612	$ 43,789

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Uncategorized Items - aht-20230

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 559,026,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 691,644,000