Braemar Hotels & Resorts (BHR) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Ashford Hospitality Prime, Inc.
Entity Central Index Key	1,574,085
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		28,455,666

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Investments in hotel properties, net	$ 1,082,812	$ 1,091,479
Cash and cash equivalents	101,891	105,039
Restricted cash	36,374	33,135
Accounts receivable, net of allowance of $70 and $68, respectively	14,562	13,370
Inventories	1,467	1,451
Note receivable	8,098	8,098
Deferred costs, net	550	755
Prepaid expenses	5,056	3,132
Investment in unconsolidated entity	45,715	48,365
Investment in Ashford Inc., at fair value	8,884	10,377
Derivative assets	4,404	753
Other assets	3,445	2,543
Intangible assets, net	23,080	23,160
Due from related party, net	682	371
Due from third-party hotel managers	12,692	10,722
Total assets	1,349,712	1,352,750
Liabilities:
Indebtedness, net	834,110	835,592
Accounts payable and accrued expenses	47,762	43,568
Dividends and distributions payable	4,325	3,439
Unfavorable management contract liabilities	119	158
Due to Ashford Trust OP, net	13	528
Due to Ashford Inc.	5,286	6,369
Due to third-party hotel managers	1,254	1,158
Intangible liability, net	3,668	3,682
Other liabilities	1,239	1,181
Total liabilities	$ 897,776	$ 895,675
Commitments and contingencies (Note 14)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 2,600,000 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 62,236	$ 62,248
Redeemable noncontrolling interests in operating partnership	50,858	61,781
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 28,461,767 and 28,471,775 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	285	285
Additional paid-in capital	436,881	438,347
Accumulated deficit	(92,656)	(99,773)
Total stockholders’ equity of the Company	344,510	338,859
Noncontrolling interest in consolidated entities	(5,668)	(5,813)
Total equity	338,842	333,046
Total liabilities and equity	$ 1,349,712	$ 1,352,750

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful notes receivable	$ 70	$ 68
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	28,461,767	28,471,775
Common stock, shares outstanding (in shares)	28,461,767	28,471,775
Series B Preferred Stock [Member]
Series B preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series B preferred stock, shares issued (in shares)	2,600,000	2,600,000
Series B preferred stock, shares outstanding (in shares)	2,600,000	2,600,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Rooms	$ 69,251,000	$ 54,497,000
Food and beverage	24,865,000	20,230,000
Other	5,648,000	3,022,000
Total hotel revenue	99,764,000	77,749,000
Other	33,000	40,000
Total revenue	99,797,000	77,789,000
Hotel operating expenses:
Rooms	15,819,000	12,978,000
Food and beverage	17,445,000	13,069,000
Other expenses	28,339,000	20,924,000
Management fees	3,807,000	3,104,000
Total hotel expenses	65,410,000	50,075,000
Property taxes, insurance and other	5,043,000	4,595,000
Depreciation and amortization	11,904,000	10,517,000
Advisory services fee	2,064,000	3,220,000
Corporate general and administrative	3,923,000	1,123,000
Total expenses	88,344,000	69,530,000
Operating income	11,453,000	8,259,000
Equity in loss of unconsolidated entity	(2,650,000)	0
Interest income	32,000	4,000
Other income (expense)	(10,000)	139,000
Interest expense and amortization of loan costs	(10,634,000)	(9,583,000)
Write-off of loan costs and exit fees	0	(54,000)
Unrealized gain on marketable securities	0	1,323,000
Unrealized loss on investment in Ashford Inc.	(1,493,000)	0
Unrealized gain (loss) on derivatives	3,533,000	(32,000)
Income before income taxes	231,000	56,000
Income tax expense	(370,000)	(481,000)
Net loss	(139,000)	(425,000)
(Income) loss from consolidated entities attributable to noncontrolling interest	(145,000)	147,000
Net loss attributable to redeemable noncontrolling interests in operating partnership	150,000	72,000
Net loss attributable to the Company	(134,000)	(206,000)
Preferred dividends	(894,000)	0
Net loss attributable to common stockholders	$ (1,028,000)	$ (206,000)
Loss per share – basic:
Net loss attributable to common stockholders (in dollars per share)	$ (0.04)	$ (0.01)
Weighted average common shares outstanding – basic (in shares)	28,343	24,070
Loss per share – diluted:
Net loss attributable to common stockholders (in dollars per share)	$ (0.04)	$ (0.01)
Weighted average common shares outstanding – diluted (in shares)	28,343	24,070
Dividends declared per common share (in dollars per share)	$ 0.10	$ 0.05

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (139)	$ (425)
Other comprehensive income, net of tax:
Total other comprehensive income	0	0
Total comprehensive loss	(139)	(425)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(145)	147
Comprehensive loss attributable to redeemable noncontrolling interests in operating partnership	150	72
Comprehensive loss attributable to the Company	$ (134)	$ (206)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2015		28,472,000
Beginning balance at Dec. 31, 2015	$ 333,046	$ 285	$ 438,347	$ (99,773)	$ (5,813)
Beginning balance at Dec. 31, 2015	61,781					$ 61,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock	$ (103)		(103)
Repurchase of common stock (in shares)	0	(10,000)
Equity-based compensation	$ (1,363)		(1,363)
Equity-based compensation						750
Issuance of restricted shares/units	0					19
Dividends declared - common stock	(2,803)			(2,803)
Dividends declared - preferred stock	(894)			(894)
Distributions to noncontrolling interests	0				0
Distributions to redeemable noncontrolling interest						(594)
Net loss attributable to the Company	(134)
(Income) loss from consolidated entities attributable to noncontrolling interest	145				145
Net income (loss)	11
Net loss attributable to redeemable noncontrolling interests in operating partnership						150
Redemption value adjustment	10,948			10,948
Redemption value adjustment						(10,948)
Ending balance (in shares) at Mar. 31, 2016		28,462,000
Ending balance at Mar. 31, 2016	338,842	$ 285	$ 436,881	$ (92,656)	$ (5,668)
Ending balance at Mar. 31, 2016	$ 50,858					$ 50,858

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net loss	$ (139)	$ (425)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	11,904	10,517
Equity-based compensation	(613)	469
Bad debt expense	61	0
Amortization of loan costs	881	692
Write-off of loan costs and exit fees	0	54
Amortization of intangibles	5	(53)
Realized and unrealized gain on marketable securities	0	(1,317)
Unrealized loss on investment in Ashford Inc.	1,493	0
Purchases of trading securities	0	(77,264)
Sales of trading securities	0	27,119
Unrealized (gain) loss on derivatives	(3,533)	32
Equity in loss of unconsolidated entity	2,650	0
Deferred tax expense	53	0
Payments for derivatives	(114)	0
Changes in operating assets and liabilities:
Restricted cash	(1,546)	1,097
Accounts receivable and inventories	(1,849)	(1,147)
Prepaid expenses and other assets	(2,952)	(2,132)
Accounts payable and accrued expenses	8,103	4,156
Due to/from related party, net	(290)	(201)
Due to/from third-party hotel managers	(1,874)	(660)
Due to/from Ashford Trust OP, net	(515)	(561)
Due to Ashford Inc.	(1,186)	273
Other liabilities	58	(22)
Net cash provided by (used in) operating activities	10,597	(39,373)
Cash Flows from Investing Activities
Proceeds from property insurance	673	4
Change in restricted cash related to improvements and additions to hotel properties	(1,693)	1,092
Improvements and additions to hotel properties	(3,357)	(4,596)
Net cash used in investing activities	(4,377)	(3,500)
Cash Flows from Financing Activities
Borrowings on indebtedness	0	70,000
Repayments of indebtedness	(2,143)	(70,889)
Payments of loan costs and exit fees	(15)	(1,067)
Payments for derivatives	(4)	(8)
Repurchase of common stock	0	(8,770)
Payments for dividends and distributions	(3,405)	(1,674)
Preferred stock offering expenses	(54)	0
Redemption of operating partnership units	0	(4,017)
Distributions to a noncontrolling interest in a consolidated entity	(3,766)	(2,938)
Other	19	0
Net cash used in financing activities	(9,368)	(19,363)
Net change in cash and cash equivalents	(3,148)	(62,236)
Cash and cash equivalents at beginning of period	105,039	171,439
Cash and cash equivalents at end of period	101,891	109,203
Supplemental Cash Flow Information
Interest paid	9,682	8,466
Income taxes paid	144	226
Supplemental Disclosure of Non Cash Investing and Financing Activities
Dividends and distributions declared but not paid	4,325	1,638
Capital expenditures accrued but not paid	479	538
Common stock repurchase accrued but not paid	$ 103	$ 0

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Ashford Hospitality Prime, Inc., together with its subsidiaries (“Ashford Prime”), is a Maryland corporation that invests primarily in high revenue per available room (“RevPAR”), luxury, upper-upscale and upscale hotels in gateway and resort locations. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the U.S. national average RevPAR for all hotels as determined by Smith Travel Research. Ashford Prime has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code. Ashford Prime conducts its business and owns substantially all of its assets through its operating partnership, Ashford Hospitality Prime Limited Partnership (“Ashford Prime OP”). In this report, the terms “the Company,” “we,” “us” or “our” refers to Ashford Hospitality Prime, Inc. and, as the context may require, all entities included in its financial statements. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), our affiliate, through an advisory agreement. Ashford LLC is a subsidiary of Ashford Inc., which was spun-off from, and remains an affiliate of, Ashford Trust. All of the hotels in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. As of March 31, 2016 , Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly-owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer, and Mr. Archie Bennett, Jr., chairman emeritus of Ashford Trust, managed two of our twelve hotel properties. Third-party management companies managed the remaining hotel properties. On September 17, 2015, Remington Lodging and Ashford Inc. entered into an agreement pursuant to which Ashford Inc. will acquire all of the general partner interest and 80% of the limited partner interests in Remington Lodging. On April 12, 2016, Ashford Inc.’s stockholders approved the acquisition. The acquisition is subject to the satisfaction of various conditions, and if completed, will not impact our management agreements with Remington Lodging. The accompanying consolidated financial statements include the accounts of such wholly-owned and majority owned subsidiaries of Ashford Prime OP that as of March 31, 2016 , own and operate twelve hotels in six states, the District of Columbia and the U.S. Virgin Islands. The portfolio includes ten wholly-owned hotel properties and two hotel properties that are owned through a partnership in which Ashford Prime OP has a controlling interest. These hotels represent 3,952 total rooms, or 3,717 net rooms, excluding those attributable to our partner. As a REIT, Ashford Prime needs to comply with limitations imposed by the Internal Revenue Code related to operating hotels. As of March 31, 2016 , eleven of our twelve hotel properties were leased by wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes (collectively the TRS entities are referred to as “Prime TRS”). One hotel property is owned by a TRS entity. Prime TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to the hotel properties are included in the consolidated statements of operations. As of March 31, 2016 , nine hotel properties were leased by Ashford Prime’s wholly-owned TRS and two hotel properties majority-owned through a consolidated partnership were leased to a TRS wholly-owned by such consolidated partnership. Each leased hotel is leased under a percentage lease that provides for each lessee to pay in each calendar month the base rent plus, in each calendar quarter, percentage rent, if any, based on hotel revenues. Lease revenue from Prime TRS is eliminated in consolidation. The hotels are operated under management contracts with Marriott International, Inc. (“Marriott”), Hilton Worldwide (“Hilton”), Accor Business and Leisure Management, LLC (“Accor”) and Remington Lodging, which are eligible independent contractors under the Internal Revenue Code.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —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 Prime, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany 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 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 15, 2016. Ashford Prime 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, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Prime 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 Prime OP General Partner LLC, its general partner. As such, we consolidate Ashford Prime OP. The following items affect reporting comparability of our historical consolidated financial statements: • Historical seasonality patterns at some of our properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. • On July 9, 2015, we acquired the Bardessono Hotel and Spa (“Bardessono Hotel”) and on December 15, 2015, we acquired the Ritz-Carlton St. Thomas, USVI (“Ritz-Carlton St. Thomas”). The operating results of these properties are included in our results of operations as of their acquisition dates. Use of Estimates —The preparation of these condensed 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. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating the impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. During the three months ended March 31, 2016 and 2015 , we have not recorded any impairment charges. Investment in Unconsolidated Entity —We hold an investment in an unconsolidated entity, in which we have an ownership interest of 45.3% that is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entity’s net income/loss. We review the investment in unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in loss in unconsolidated entity. No such impairment was recorded in the three months ended March 31, 2016 . We also hold approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.7% ownership interest in Ashford Inc. and had a fair value of $8.9 million at March 31, 2016 . This investment would typically be accounted for under the equity method of accounting, under ASC 323-10 - Investments - Equity Method and Joint Ventures since we exercise significant influence. However, we have elected to record our investment in Ashford Inc. using the fair value option under ASC 825-10 - Fair Value Option - Financial Assets and Financial Liabilities . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIEs activities that most significantly impact the VIEs economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis, and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. Marketable Securities —Prior to our investment in the Ashford Quantitative Alternative Master Fund, LP (the “AQUA U.S. Fund”, formerly known as the REHE Fund), we held marketable securities. Marketable securities included U.S. treasury bills, publicly traded equity securities and put and call options on certain publicly traded equity securities. All of our investments in marketable securities were recorded at fair value. Put and call options were considered derivatives. The fair value of these investments was determined based on the closing price as of the balance sheet date. The cost of securities sold was determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains and losses, and costs of investment, is reported as a component of “other income.” Revenue Recognition —Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Equity-Based Compensation —Stock/unit-based compensation for non-employees is accounted for at fair value based on the market price of the shares at period end in accordance with applicable authoritative accounting guidance that results in recording expense, included in “advisory services fee,” and “management fees” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and performance-based Long-Term Incentive Plan (“LTIP”) units granted to certain executive officers are accounted for at fair value at period end based on a Monte Carlo simulation valuation model that results in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Recently Adopted Accounting Standards —In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The ASU amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We have adopted this standard effective January 1, 2016, and the adoption of this standard did not have an impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) , which clarifies the principal versus agent implementation guidance. Early adoption is permitted for fiscal periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern. ASU 2014-15 also requires certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We are evaluating the impact that ASU 2016-01 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are evaluating the impact that ASU 2016-02 will have on our consolidated financial statements and related disclosures.

Investment in Hotel Properties,

Investment in Hotel Properties, net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): March 31, 2016 December 31, 2015 Land $ 227,890 $ 227,620 Buildings and improvements 1,015,068 1,017,086 Furniture, fixtures and equipment 66,265 68,529 Construction in progress 1,678 2,386 Total cost 1,310,901 1,315,621 Accumulated depreciation (228,089 ) (224,142 ) Investments in hotel properties, net $ 1,082,812 $ 1,091,479 Ritz-Carlton, St. Thomas On December 15, 2015, we acquired a 100% interest in the Ritz-Carlton St. Thomas in St. Thomas, U.S. Virgin Islands for total consideration of $64.0 million . Subsequent to the close of the transaction, we completed the financing of a $42.0 million mortgage loan. See note 6. We prepared the preliminary purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed subsequent to December 31, 2015, with the assistance of a third-party appraisal firm. The final purchase price allocation resulted in adjustments to land, buildings and improvements and furniture, fixtures and equipment, which resulted in a $25,000 increase in depreciation expense for the three months ended March 31, 2016. We are in the process of evaluating the amounts of property level working capital balances. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Preliminary Allocations as of December 31, 2015 Adjustments Final Allocations as of March 31, 2016 Land $ 25,264 $ 269 $ 25,533 Buildings and improvements 34,853 (3,100 ) 31,753 Furniture, fixtures, and equipment 3,883 2,831 6,714 $ 64,000 $ — $ 64,000

Note Receivable

Note Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Note Receivable	Note Receivable As of March 31, 2016 and December 31, 2015 , we owned a note receivable of $8.1 million from the city of Philadelphia, Pennsylvania. The note bears interest at a rate of 12.85% and matures in 2018. The interest income recorded on the note receivable is offset against the interest expense recorded on the TIF loan of the same amount. See note 6.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity AQUA U.S. Fund In June 2015, for consideration of certain marketable securities, we obtained a 45.3% ownership interest in the AQUA U.S. Fund, previously named the REHE Fund. The AQUA U.S. Fund is managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. As of and for the three months ended March 31, 2016, the AQUA U.S. Fund was consolidated by Ashford Inc. The AQUA U.S. Fund invests substantially all of its assets in the Ashford Quantitative Alternatives Master Fund, LP (the “Master Fund”), previously named the AIM Real Estate Hedged Equity Master Fund, LP, and as a consequence of our investment in the AQUA U.S. Fund, we obtained an indirect interest in the Master Fund. Our maximum exposure of loss is limited to our investment in the AQUA U.S. Fund. The following tables summarize the condensed balance sheets as of March 31, 2016 and December 31, 2015 , and the condensed statement of operations for the three months ended March 31, 2016 of the AQUA U.S. Fund (in thousands): Ashford Quantitative Alternative (U.S.) Fund, LP Condensed Balance Sheets (unaudited) March 31, 2016 December 31, 2015 Total assets $ 100,938 $ 106,792 Partners’ capital 100,938 106,792 Total liabilities and partners’ capital $ 100,938 $ 106,792 Our ownership interest in the AQUA U.S. Fund $ 45,715 $ 48,365 Ashford Quantitative Alternative (U.S.) Fund, LP Condensed Statement of Operations (unaudited) Three Months Ended March 31, 2016 Total investment income $ 18 Net expenses (189 ) Net investment income (171 ) Net unrealized gain on investments 1,118 Net realized loss on investments (6,801 ) Net loss attributable to the AQUA U.S. Fund $ (5,854 ) Our equity in loss of the AQUA U.S. Fund $ (2,650 ) The Master Fund generally invests in publicly traded equity securities and put and call options on publicly traded equity securities. The AQUA U.S. Fund records its investment in the Master Fund at its proportionate share of net assets. Income (loss) and distributions are allocated to the AQUA U.S. Fund’s partners based on their ownership percentage of the AQUA U.S. Fund. Our equity in loss in the AQUA U.S. Fund represents our share of the AQUA U.S. Fund’s loss for the three months ended March 31, 2016. We generally may redeem our investment in the AQUA U.S. Fund on the last business day of the month after providing written notice. As of March 31, 2016, we have no unfunded commitments. We are not obligated to pay any portion of the management fee or the performance allocation in favor of the AQUA U.S. Fund’s investment manager and general partner, respectively, but do share pro-rata in all other applicable expenses of the AQUA U.S. Fund. As of March 31, 2016 and December 31, 2015, we owned an approximate 45.3% ownership interest in the AQUA U.S. Fund. Ashford Inc. As of March 31, 2016 , we held approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.7% ownership interest in Ashford Inc. and had a fair value of $8.9 million . See notes 9 and 10. As we exercise significant influence over Ashford Inc., this investment would typically be accounted for under the equity method of accounting, under ASC 323-10 - Investments - Equity Method and Joint Ventures . However, we have elected to record our investment in Ashford Inc. using the fair value option under ASC 825-10 - Fair Value Option - Financial Assets and Financial Liabilities . We have elected to use the fair value option to account for our investment in Ashford Inc. as the fair value is readily available since Ashford Inc. common stock is traded on a national exchange. The fair value of our investment in Ashford Inc. is included in “investment in Ashford Inc., at fair value” on our condensed consolidated balance sheets, and changes in market value are included in “unrealized loss on investment in Ashford Inc.” on our condensed consolidated statement of operations. The following tables summarize the condensed balance sheets as of March 31, 2016 , and the condensed statement of operations for the three months ended March 31, 2016 , of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2016 December 31, 2015 Total assets $ 164,799 $ 166,991 Total liabilities 31,997 30,115 Redeemable noncontrolling interests 1,119 240 Total stockholders’ equity of Ashford Inc. 30,565 32,165 Noncontrolling interests in consolidated entities 101,118 104,471 Total equity 131,683 136,636 Total liabilities and equity $ 164,799 $ 166,991 Our investment in Ashford Inc., at fair value $ 8,884 $ 10,377 Ashford Inc. Condensed Consolidated Statement of Operations (unaudited) Three Months Ended March 31, 2016 Total revenue $ 13,409 Total operating expenses (13,921 ) Operating loss (512 ) Realized and unrealized loss on investment in unconsolidated entity (1,460 ) Realized and unrealized loss on investments (5,684 ) Other (102 ) Income tax expense (640 ) Net loss (8,398 ) Loss from consolidated entities attributable to noncontrolling interests 6,548 Net loss attributable to redeemable noncontrolling interests 118 Net loss attributable to Ashford Inc. $ (1,732 ) Our unrealized loss on investment in Ashford Inc. $ (1,493 )

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2016 December 31, 2015 Secured revolving credit facility (3) None November 2016 Base Rate (2) + 1.25% to 2.75% or LIBOR (1) + 2.25% to 3.75% $ — $ — Mortgage loan (4) 1 hotel March 2017 LIBOR (1) + 2.30% 80,000 80,000 Mortgage loan (5) 1 hotel March 2017 LIBOR (1) + 2.25% 70,000 70,000 Mortgage loan (6) 1 hotel April 2017 5.91% 33,256 33,381 Mortgage loan 2 hotels April 2017 5.95% 121,918 122,374 Mortgage loan 3 hotels April 2017 5.95% 248,092 249,020 Mortgage loan (5) 1 hotel December 2017 LIBOR (1) + 4.95% 40,000 40,000 Mortgage loan (5) 1 hotel December 2017 LIBOR (1) + 4.95% 42,000 42,000 TIF loan (6) (7) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (8) 2 hotels November 2019 LIBOR (1) + 2.65% 194,725 195,359 838,089 840,232 Deferred loan costs, net (3,979 ) (4,640 ) Total $ 834,110 $ 835,592 __________________ (1) LIBOR rates were 0.437% and 0.430% at March 31, 2016 and December 31, 2015 , respectively. (2) Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% . (3) Our borrowing capacity under our secured revolving credit facility is $150.0 million . We have an option, subject to lender approval, to further increase the borrowing capacity to an aggregate of $300.0 million . We may use up to $15.0 million for standby letters of credit. The secured revolving credit facility has two one -year extension options subject to advance notice, satisfaction of certain conditions and a 0.25% extension fee. (4) This loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2016. (5) This loan has three one -year extension options, subject to satisfaction of certain conditions. (6) These loans are collateralized by the same property. (7) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 4. (8) This loan has two one -year extension options, subject to satisfaction of certain conditions. We are required to maintain certain financial ratios under our secured revolving credit facility. If we violate covenants in any debt agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in our inability to borrow unused amounts under our line of credit, even if repayment of some or all of our borrowings is not required. 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 the consolidated group. Presently, our existing financial covenants are non-recourse and primarily relate to maintaining minimum debt coverage ratios. As of March 31, 2016 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following table reconciles the amounts used in calculating basic and diluted loss per share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net income (loss) attributable to common stockholders – Basic and diluted: Net loss attributable to the Company $ (134 ) $ (206 ) Less: Dividends on preferred stock (894 ) — Less: Dividends on common stock (2,837 ) (1,198 ) Less: Dividends on unvested performance stock units (35 ) — Less: Dividends on unvested restricted shares (9 ) (5 ) Undistributed net loss allocated to common stockholders (3,909 ) (1,409 ) Add back: Dividends on common stock 2,837 1,198 Distributed and undistributed net loss – basic $ (1,072 ) $ (211 ) Net income attributable to redeemable noncontrolling interests in operating partnership — — Distributed and undistributed net loss – diluted $ (1,072 ) $ (211 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 28,343 24,070 Effect of assumed conversion of operating partnership units — — Weighted average common shares outstanding – diluted 28,343 24,070 Loss per share – basic: Net loss allocated to common stockholders per share $ (0.04 ) $ (0.01 ) Loss per share – diluted: Net loss allocated to common stockholders per share $ (0.04 ) $ (0.01 ) Due to their anti-dilutive effect, the computation of diluted loss per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2016 2015 Net loss allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 9 $ 5 Income allocated to unvested performance stock units 35 — Loss attributable to redeemable noncontrolling interests in operating partnership (150 ) (72 ) Dividends on preferred stock 894 — Total $ 788 $ (67 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 46 36 Effect of assumed conversion of operating partnership units 4,764 8,516 Effect of assumed conversion of preferred stock 3,439 — Effect of incentive fee shares 116 — Total 8,365 8,552

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging	Derivative Instruments Interest Rate Derivatives —We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives include interest rate caps and interest rate floors, which are subject to master netting settlement arrangements. As of March 31, 2016 , the maturities on these instruments ranged from December 2016 to July 2020 . All derivatives are recorded at fair value. In March 2016, concurrent with the extension of our $80.0 million mortgage loan, we extended our existing interest rate cap with a notional amount of $80.0 million , maturity date of March 2017 and a strike rate of 5.78% for a total cost of $4,500 . This instrument was not designated as a cash flow hedge. In 2015, we entered into interest rate caps with notional amounts totaling $139.5 million and strike rates ranging from 2.0% to 4.50% . These interest rate caps had effective dates from March 2015 to December 2015 , and maturity dates from March 2017 to January 2018 , for a total cost of $117,000 . These instruments were not designated as cash flow hedges. These instruments cap the interest rates on our mortgage loans with principal balances of $152.0 million and maturity dates from March 2017 to December 2017. We also entered into interest rate floors with a total notional amount of $3.0 billion and strike rates of -0.25% . These interest rate floors had effective dates of July 2015 and maturity dates of July 2020, for a total cost of $3.5 million . Options on Futures Contracts —In March 2016, we purchased an option on Eurodollar futures for upfront costs of $124,000 , including commissions of $10,000 , and maturity date of June 2017. In 2015, we purchased options on Eurodollar futures for upfront costs of $372,000 , including commissions of $60,000 , and maturity dates ranging from September 2016 to March 2017 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Hierarchy —Our financial instruments measured at fair value either on a recurring or a non-recurring basis are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rates of the caps. The variable interest rates used in the calculation of projected receipts on the caps are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (the Level 2 inputs). We also incorporate credit valuation adjustments (the Level 3 inputs) to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk. The fair value of interest rate floors is determined by obtaining the last market bid prices from several counterparties for a similar investment as of the measurement date. The bids (the Level 2 inputs) used in the calculation of fair value are reviewed across each counterparty and are accessed individually to determine the relevant fair value of each interest rate floor. The fair value of options on futures contracts is determined based on the last reported settlement price as of the measurement date (Level 1 inputs). These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are satisfied. 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 the 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 counter-parties, 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present 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) Total March 31, 2016 Assets Derivative assets: Interest rate derivatives - floors $ — $ 4,137 $ 4,137 (1) Interest rate derivatives - caps — 16 16 (1) Options on futures contracts 251 — 251 (1) 251 4,153 4,404 Non-derivative assets: Investment in Ashford Inc. 8,884 — 8,884 Total $ 9,135 $ 4,153 $ 13,288 Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total December 31, 2015 Assets Derivative assets: Interest rate derivatives - floors $ — $ 578 $ 578 (1) Interest rate derivatives - caps — 58 58 (1) Options on futures contracts 117 — 117 (1) 117 636 753 Non-derivative assets: Investment in Ashford Inc. 10,377 — 10,377 Total $ 10,494 $ 636 $ 11,130 __________________ (1) Reported as “derivative assets” in the condensed 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 the condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended March 31, 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ 3,560 $ — Interest rate derivatives - caps (47 ) (32 ) Equity put options — (629 ) Equity call options — 54 Options on futures contracts 20 — Non-derivative assets: Investment in Ashford Inc. (1,493 ) — Equity securities — 1,388 U.S. treasury securities — 150 Total 2,040 931 Liabilities Derivative liabilities: Short equity put options — 307 Short equity call options — 47 Net $ 2,040 $ 1,285 Total combined Interest rate derivatives - floors $ 3,560 (1) $ — (1) Interest rate derivatives - caps (47 ) (32 ) Options on futures contracts 20 — Total derivatives 3,533 (32 ) Unrealized loss on investment in Ashford Inc. (1,493 ) — Unrealized gain on marketable securities — 1,323 Realized loss on marketable securities — (2) (6 ) (2) Net $ 2,040 $ 1,285 __________________ (1) Reported as “unrealized gain (loss) on derivatives” in the condensed consolidated statements of operations. (2) Reported as “other income (expense)” in the condensed consolidated statements of operations.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining the estimated fair values of certain financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Investment in Ashford Inc. $ 8,884 $ 8,884 $ 10,377 $ 10,377 Derivative assets 4,404 4,404 753 753 Financial assets not measured at fair value: Cash and cash equivalents $ 101,891 $ 101,891 $ 105,039 $ 105,039 Restricted cash 36,374 36,374 33,135 33,135 Accounts receivable, net 14,562 14,562 13,370 13,370 Note receivable 8,098 9,012 to 9,961 8,098 9,157 to 10,120 Due from related party, net 682 682 371 371 Due from third-party hotel managers 12,692 12,692 10,722 10,722 Financial liabilities not measured at fair value: Indebtedness $ 838,089 $790,728 to $873,962 $ 840,232 $801,058 to $885,379 Accounts payable and accrued expenses 47,762 47,762 43,568 43,568 Dividends payable 4,325 4,325 3,439 3,439 Due to Ashford Trust OP, net 13 13 528 528 Due to Ashford Inc. 5,286 5,286 6,369 6,369 Due to third-party hotel managers 1,254 1,254 1,158 1,158 Cash, cash equivalents and restricted cash . These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Accounts receivable, net, due from related party, net, accounts payable and accrued expenses, dividends payable, due to Ashford Trust OP, net, due to Ashford Inc. and due to/from third-party hotel managers . The carrying values of these financial instruments approximate their fair values due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Note receivable . Fair value of the note receivable was determined by using similar loans with similar collateral. Since there is very little to no trading activity, we had to rely on our internal analysis of what we believe a willing buyer would pay for this note at March 31, 2016 and December 31, 2015 . We estimated the fair value of the note receivable to be approximately 11.3% to 23.0% higher than the carrying value of $8.1 million at March 31, 2016 and approximately 13.1% to 25.0% higher than the carrying value of $8.1 million at December 31, 2015 . This is considered a Level 2 valuation technique. Investment in Ashford Inc. Fair value of the investment in Ashford Inc. is based on the quoted closing price on the balance sheet date. This is considered a Level 1 valuation technique. Derivative assets . Fair value of the interest rate derivatives is determined using the net present value of the expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and the counterparties. Fair value of interest rate floors is determined by obtaining the last market bid prices from several counterparties for a similar investment as of the measurement date. The fair value of options on futures contracts is the last reported settlement price as of the measurement date. See notes 2, 8 and 9 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. The 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 the credit spreads. Credit spreads take into consideration general market conditions, maturity and collateral. We estimated the fair value of the total indebtedness to be approximately 94.3% to 104.3% of the carrying value of $838.1 million at March 31, 2016 and approximately 95.3% to 105.4% of the carrying value of $840.2 million at December 31, 2015 . This is considered a Level 2 valuation technique.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	3 Months Ended
	Mar. 31, 2016
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity and their allocable share of equity in earnings/losses of Ashford Prime OP, which is an allocation of net income/loss attributable to the common unitholders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (“common units”) and units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested. Beginning one year after issuance, each common unit may be redeemed, by the holder, for either cash or, at our sole discretion, one share of our common stock. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, 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 our 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 our operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for our operating partnership. On June 8, 2015, the compensation committee of the board of directors of the Company approved performance-based LTIP units to certain executive officers. The award agreements provide for the grant of a target number of approximately 195,000 performance-based LTIP units that will be settled in common units of the Ashford Prime OP, if and when the applicable vesting criteria have been achieved following the end of the performance and service period, which began on January 1, 2015 and ends on December 31, 2017. The target number of performance-based LTIP units may be adjusted from 0% to 200% based on achievement of a specified relative total stockholder return based on the formula determined by the Company’s Compensation Committee on the grant date. A total of 389,000 performance-based LTIP units representing 200% of the target were issued. The performance criteria for the performance-based LTIP units are based on market conditions under the relevant literature, and the performance-based LTIP units were granted to non-employees. The unamortized fair value of performance-based LTIP units of $1.4 million at March 31, 2016 will be expensed over a period of 1.75 years . A credit to compensation expense of $324,000 was recorded for the three months ended March 31, 2016 due to a lower fair value at March 31, 2016, as compared to December 31, 2015, and is included in “advisory service fee” on our condensed consolidated statements of operations. No compensation expense was recorded for the three months ended March 31, 2015. As of March 31, 2016 , we have issued a total of 754,000 LTIP units (including performance-based LTIP units), all of which, other than approximately 3,000 units issued in March 2015 and 6,000 units issued May 2015, respectively, had reached full economic parity with, and are convertible into, common units. During the three months ended March 31, 2016, 800 LTIP units vested. There were no forfeitures in 2016. For the three months ended March 31, 2016, expense of $86,000 was recorded related to LTIP units. For the three months ended March 31, 2015, a compensation expense of $402,000 was recorded related to the LTIP units. All of these are associated with LTIP units issued to Ashford LLC’s employees, which amounts are included in “advisory service fee” on our consolidated statements of operations. The fair value of the unrecognized cost of LTIP units (including performance-based LTIP units) was $2.7 million at March 31, 2016 , will be amortized over a period of 2.0 years. During the three months ended March 31, 2016 , no common units were redeemed by the holders. During the three months ended March 31, 2015, approximately 232,000 common units with an aggregate fair value of $4.0 million at redemption were redeemed by the holders and, at our election, we issued cash at an average price of $17.33 per unit to satisfy the redemption price. Additionally, 30,000 common units with an aggregate fair value of $515,000 at redemption were converted to shares of our common stock. Redeemable noncontrolling interests in Ashford Prime OP as of March 31, 2016 and December 31, 2015 , were $50.9 million and $61.8 million , respectively, which represented ownership of our operating partnership of 12.75% and 12.75% , respectively. The carrying value of redeemable noncontrolling interests as of March 31, 2016 and December 31, 2015 , included adjustments of $1.6 million and $12.5 million , respectively, to reflect the excess of redemption value over the accumulated historical costs. For the three months ended March 31, 2016 , we allocated net loss of $150,000 to the redeemable noncontrolling interests. For the three months ended March 31, 2015 , we allocated net loss of $72,000 to the redeemable noncontrolling interests. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $516,000 and $435,000 for the three months ended March 31, 2016 and 2015, respectively. These distributions are recorded as a reduction of redeemable noncontrolling interests in operating partnership. On February 1, 2016, Prime GP, as general partner of Ashford Prime OP, entered into the Second Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Prime Limited Partnership (the “Amended Partnership Agreement”). The Amended Partnership Agreement broadens in various ways the rights of the general partner. As consideration for the limited partners of Ashford Prime OP to approve the Amended Partnership Agreement, we agreed to create and provide qualified limited partners the opportunity to purchase shares of Series C Preferred Stock of the Company (the “Series C Preferred Stock”). See note 12. On April 7, 2016, in response to feedback from the investor community, the Company determined to refrain from issuing the Series C Preferred Stock unless and until the issuance of the Series C Preferred Stock, in a form and manner that complies with all applicable state and federal laws and stock exchange rules, shall have been approved by the Company’s stockholders (the “Series C Approval”). Accordingly, Ashford Prime OP General Partner LLC, Ashford Prime OP’s general partner, has agreed to reverse the amendments made in the Amended Partnership Agreement unless and until the Series C Approval has been sought and obtained.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Dividends —Common stock dividends declared for the three months ended March 31, 2016 and 2015, were $2.8 million and $1.2 million , respectively. Performance Stock Units —On June 8, 2015, the compensation committee of the board of directors of the Company approved grants of PSUs to certain executive officers. The award agreements provide for the grant of a target number of approximately 155,000 PSUs that will be settled in shares of common stock of the Company, if and when the applicable vesting criteria have been achieved following the end of the performance and service period, which began on January 1, 2015 and ends on December 31, 2017. The target number of PSUs may be adjusted from 0% to 200% based on achievement of a specified relative total stockholder return based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. At March 31, 2016, the outstanding PSUs had an unamortized fair value of $1.1 million which is expected to be recognized over a period of 1.75 years. For the three months ended March 31, 2016, a credit to compensation expense of $398,000 was recorded due to changes in the fair value of the PSUs and is included in “advisory service fee” on our consolidated statements of operations. No compensation expense/credit was recorded for the three months ended March 31, 2015. Restricted Stock Units —For the three months ended March 31, 2016 and 2015, expense of $23,000 and $67,000 , respectively, was associated with restricted shares of our common stock issued to Ashford LLC’s employees and included in “advisory services fee” on our condensed consolidated statements of operations. At March 31, 2016 , the unrecognized cost of the unvested shares of restricted stock issued to Ashford LLC’s employees was $469,000 which will be expensed over a period of 2.0 years . Stock Repurchases —On October 27, 2014, our board of directors approved a share repurchase program under which the Company may purchase up to $100 million of the Company’s common stock from time to time. The repurchase program does not have an expiration date. The specific timing, manner, price, amount and other terms of the repurchases are at management’s discretion and depend on market conditions, corporate and regulatory requirements and other factors. The Company is not required to repurchase shares under the repurchase program, and may modify, suspend or terminate the repurchase program at any time for any reason. Under the repurchase program, we repurchased 471,064 shares of our common stock, for approximately $8.1 million , during the three months ended March 31, 2015. No shares were repurchased during the three months ended March 31, 2016 . As of March 31, 2016 , we have purchased a cumulative 1.4 million shares of our common stock, for approximately $24.2 million , since the program’s inception on November 4, 2014. Series C Preferred Stock —On February 1, 2016, Prime GP, as general partner of Ashford Prime OP, entered into the Second Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Prime Limited Partnership (the “Amended Partnership Agreement”). The Amended Partnership Agreement broadens in various ways the rights of the general partner. As consideration for the limited partners of Ashford Prime OP to approve the Amended Partnership Agreement, we agreed to create and provide qualified limited partners the opportunity to purchase shares of Series C Preferred Stock of the Company (the “Series C Preferred Stock”). On April 7, 2016, in response to feedback from the investor community, the Company determined to refrain from issuing the Series C Preferred Stock unless and until the issuance of the Series C Preferred Stock, in a form and manner that complies with all applicable state and federal laws and stock exchange rules, shall have been approved by the Company’s stockholders. Accordingly, Ashford Prime OP General Partner LLC, Ashford Prime OP’s general partner, has agreed to reverse the amendments in the Amended Partnership Agreement unless and until the Series C Approval has been sought and obtained. Noncontrolling Interest in Consolidated Entities —A partner had a noncontrolling ownership interest of 25% in two hotel properties with a total carrying value of $(5.7) million and $(5.8) million at March 31, 2016 and December 31, 2015 , respectively. Income of $145,000 and net loss of $147,000 was allocated to noncontrolling interest in consolidated entities for the three months ended March 31, 2016 and 2015, respectively.

5.5% Series B Cumulative Conver

5.5% Series B Cumulative Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2016
5.5% Series A Cumulative Convertible Preferred Stock [Abstract]
5.5% Series B Cumulative Convertible Preferred Stock	5.5% Series B Cumulative Convertible Preferred Stock On June 9, 2015, we entered into a purchase agreement for the sale of 2.6 million shares of our 5.5% Series A Cumulative Convertible Preferred Stock (“Series A Preferred Stock”) to a financial institution, which resold the Series A Preferred Stock to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) at an initial offering price of $25.00 per share, with an aggregate underwriting discount of $1.5 million (net purchase price of $24.4125 per share). The net proceeds from the offering of the Series A Preferred Stock after the underwriting discount and other expenses were $62.2 million . On December 4, 2015, we entered into an agreement to exchange the 5.50% Series A Preferred Stock, par value $0.01 per share for an equal number of shares of its 5.50% Series B Cumulative Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”). The terms and conditions of the Series B Preferred Stock are substantially similar to the Series A Preferred Stock for which it is being exchanged, except that, in contemplation of a public offering of the Series B Preferred Stock either pursuant to the terms of the Series B Registration Rights Agreement or the Preemptive Rights Agreement, the Series B Preferred Stock contains certain customary anti-dilution provisions. Also in connection with the Exchange, the Company, together with Ashford Prime OP and Ashford LLC, entered into a registration rights agreement for the benefit of certain holders of the Series B Preferred Stock. Each share of Series B Preferred Stock is convertible at any time, at the option of the holder, into a number of whole shares of common stock at an initial conversion price of $18.90 (which represents an initial conversion rate of 1.3228 shares of our common stock, subject to certain adjustments). The Series B Preferred Stock is also subject to conversion upon certain events constituting a change of control. Holders of the Series B Preferred Stock have no voting rights, subject to certain exceptions. Commencing June 11, 2016, the Company may, at its option, cause the Series B Preferred Stock to be converted in whole or in part, on a pro-rata basis, into fully paid and nonassessable shares of the Company’s common stock at the conversion price, provided that the “Closing Bid Price” (as defined in the Articles Supplementary) of the Company’s common stock shall have equaled or exceeded 110% of the conversion price for the immediately preceding 45 consecutive trading days ending three days prior to the date of notice of conversion. In the event of such mandatory conversion, the Company shall pay holders of the Series B Preferred Stock any additional dividend payment to make the holder whole on dividends expected to be received through June 11, 2019, in an amount equal to the net present value, where the discount rate is the dividend rate on the Series B Preferred Stock, of the difference between (i) the annual dividend payments the holders of Series B Preferred Stock would have received in cash from the date of the mandatory conversion to June 11, 2019, and (ii) the common stock quarterly dividend payments the holders of Series B Preferred Stock would have received over the same time period had such holders held common stock. At March 31, 2016 , we had 2.6 million outstanding shares of Series B Preferred Stock. Due to certain redemption features that are not under our control, the Series B Preferred Stock is classified outside of permanent equity. The Series B Preferred Stock dividend for all issued and outstanding shares is set at $1.375 per annum per share. For the three months ended March 31, 2016 , we declared dividends of $894,000 with respect to shares of Series B Preferred Stock. No dividends were declared for the three months ended March 31, 2015.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at March 31, 2016 , escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 5% of gross revenues for capital improvements. Management Fees —Under management agreements for our hotel properties existing at March 31, 2016 , we pay a) monthly property management fees equal to the greater of $10,000 (CPI adjusted since 2003) or 3% of gross revenues, or in some cases 3% to 7% of gross revenues, as well as annual incentive management fees, if applicable, b) market service fees on approved capital improvements, including project management fees of up to 4% of project costs, for certain hotels, and c) other general fees at current market rates as approved by our independent directors, if required. These management agreements expire from December 31, 2023, through December 31, 2065, with renewal options. If we terminate a management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term, liquidated damages or, in certain circumstances, we may substitute a new management agreement. Litigation —On February 3, 2016, Sessa Capital (Master), L.P. (“Sessa”) filed an action (the “Maryland Action”) in the Circuit Court for Baltimore City, Maryland, captioned Sessa Capital (Master) L.P. v. Bennett, et al. , Case No. 24-C-16-000557 (Baltimore City Cir. Ct. 2016), against Ashford Prime, the members of the Ashford Prime board of directors, Ashford LLC and Ashford Inc. The Maryland Action generally alleged that the directors of Ashford Prime breached their fiduciary duties in connection with the June 2015 amendments to the Company’s advisory agreement with Ashford LLC. The Maryland Action also alleged that Ashford Inc. aided and abetted those breaches of fiduciary duties. On February 29, 2016, the Company filed a motion to dismiss the Maryland Action. On March 14, 2016, Sessa voluntarily dismissed the Maryland Action. On February 25, 2016, Ashford Prime filed a lawsuit (the “Texas Federal Action”) in the United States District Court for the Northern District of Texas, captioned Ashford Hospitality Prime, Inc. v. Sessa Capital (Master), L.P., et al. , No. 16-cv-00527 (N.D. Texas 2016) (DCG), against Sessa, related entities, and Sessa’s proposed director nominees John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler. The Texas Federal Action generally alleges that the defendants violated federal securities laws because Sessa’s proxy materials contain numerous false claims, material misrepresentations and omissions relating to, among other things, the proposed nominees, the financial risks associated with Sessa’s efforts to gain control of the board and Sessa’s plans and strategy for the Company and its assets. Among other remedies, the Texas Federal Action seeks to enjoin Sessa from proceeding with its proxy contest. The outcome of this action is pending. On March 8, 2016, Ashford Prime filed a lawsuit (the “Texas State Action”) in the District Court of Dallas County, Texas, captioned Ashford Hospital Prime, Inc. v. Sessa Capital (Master) L.P., et al. , Cause No. DC-16-02738, against Sessa, related entities, and Sessa’s proposed director nominees John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler. The Texas State Action generally alleges that Sessa’s purported notice of proposed nominees for election to the Ashford Prime board of directors is invalid due to numerous failures by the defendants to comply with material provisions in the Company’s bylaws. Among other things, the Texas State Action seeks a declaratory judgment confirming the inability of Sessa’s proposed director nominees to stand for election at the 2016 annual meeting of stockholders. On March 14, 2016, Sessa removed the Texas State Action from state court to the U.S. District Court for the Northern District of Texas with Cause No. 16-cv-00713. The outcome of this action is pending. On March 14, 2016, Sessa filed counterclaims and a motion for a preliminary injunction in the Texas Federal Action. These counterclaims include substantially the same claims as previously asserted by Sessa in the Maryland Action, and also allege that the directors of Ashford Prime breached their fiduciary duties in connection with the approval of the Series C Preferred Stock for issuance and the February 2016 amendments to the Amended Partnership Agreement (as defined below). Among other things, Sessa seeks an injunction prohibiting the issuance of shares of Series C Preferred Stock and requiring the board to approve the Sessa candidates, or in the alternative, prohibiting the solicitation of proxies until the board approves the Sessa candidates. On April 2, 2016, Sessa amended its counterclaims alleging that the Company had violated federal proxy solicitation laws by, among other things, stating that Sessa had not complied with the Company’s bylaws and that its purported director nominations are invalid. On April 6, 2016, the Court granted expedited discovery in connection with Sessa’s motion for preliminary injunction and the Company’s anticipated motion for preliminary injunction in the Texas State Action. On April 8, 2016, the Company notified the court that Sessa’s claims relating to the Series C Preferred Stock were moot after the Company unwound the OP Unit enfranchisement preferred equity transaction for the Company’s OP unitholders. The Company filed its motion for preliminary injunction on April 13, 2016. Briefing on the preliminary injunction motions is scheduled to conclude on May 9, 2016. The Company intends to vigorously defend against Sessa’s counterclaims in the Texas Federal Action. We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within the contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the consolidated financial position or results of operations. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to 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 or results of operations could be materially adversely affected in future periods.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotels 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 and exhibit similar long-term financial performance. As of March 31, 2016 and December 31, 2015 , all of our hotel properties were in the U.S. and its territories.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor, and as a result, we pay advisory fees to Ashford LLC. We are required to pay Ashford LLC a quarterly base fee that is a percentage of our total market capitalization on a declining sliding scale, subject to a minimum quarterly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. We are also required to pay Ashford LLC an incentive fee that is based on our total return performance as compared to our peer group as well as to reimburse Ashford LLC for certain reimbursable overhead and internal audit, insurance claims advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2016 2015 Advisory services fee Base advisory fee $ 2,025 $ 2,205 Reimbursable expenses (1) 652 546 Equity-based compensation (2) (613 ) 469 $ 2,064 $ 3,220 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Prime’s common stock and Long-Term Incentive Plan (“LTIP”) units awarded to officers and employees of Ashford LLC. At March 31, 2016 and December 31, 2015 , the balance in due to Ashford Trust OP, net, which is associated with reimbursable expenses, was $13,000 and $528,000 , respectively. At March 31, 2016 and December 31, 2015 , the balance in due to Ashford Inc., which is associated with the advisory services fee, was $5.3 million and $6.4 million , respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 8, 2016, we announced a number of immediate and longer-term initiatives designed to enhance value for our stockholders, which include: • Utilizing up to $50 million to initiate a stock repurchase program; • Amending our 2016 dividend policy commencing with the second quarter by increasing the expected quarterly cash dividend for our common stock by 20% , from $0.10 per diluted share to $0.12 per diluted share. This equates to an annual rate of $0.48 per diluted share, representing a 4.4% yield based on our closing stock price on April 7, 2016; • Liquidating our investment in the AQUA U.S. Fund and utilizing the cash to fund the share repurchase plan; • Immediately unwinding the OP Unit enfranchisement preferred equity transaction for our OP unit holders, previously announced on February 2, 2016; and • Commencing the sale process for up to four of our assets that do not have the RevPAR level and product quality consistent with the long-term vision of Ashford Prime. The assets include the Courtyard Philadelphia Downtown Hotel, Courtyard Seattle Downtown Hotel, Renaissance Tampa Hotel and Marriott Legacy Center Hotel in Plano, Texas. Additionally, we reaffirmed our focused strategy of investing in luxury hotels in resort and gateway markets while targeting a conservative leverage level of Net Debt/EBITDA of 5.0 x or less. On April 26, 2016, we commenced a public offering of 290,850 shares of our Series B Preferred Stock at $17.24 per share for gross proceeds of $5.0 million . The Series B Preferred Stock offering includes accrued and unpaid dividends since April 15, 2016. Dividends on the Series B Preferred Stock will accrue at a rate of 5.50% on the liquidation preference of $25.00 per share. The offering closed on April 29, 2016. The net proceeds, after deducting underwriting discounts, advisory fees, commissions and other estimated offering expenses payable by the company, were approximately $4.5 million . On May 6, 2016, the Company announced that it has signed a non-binding letter of intent to sell the Marriott Courtyard Seattle Downtown. The transaction is subject to the signing of definitive documentation and other customary closing conditions. Additionally, the Company announced that its board of directors is seeking to appoint a new chief executive officer and is also interviewing highly qualified independent director candidates with the intention to add one or more independent directors. The board of directors anticipates that a new chief executive officer and new independent directors would join the Company after the annual meeting of stockholders on June 10, 2016, if the current slate of directors recommended by the board of directors is re-elected.

Significant Accounting Polici25

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —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 Prime, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany 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 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 15, 2016. Ashford Prime 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, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford Prime 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 Prime OP General Partner LLC, its general partner. As such, we consolidate Ashford Prime OP. The following items affect reporting comparability of our historical consolidated financial statements: • Historical seasonality patterns at some of our properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. • On July 9, 2015, we acquired the Bardessono Hotel and Spa (“Bardessono Hotel”) and on December 15, 2015, we acquired the Ritz-Carlton St. Thomas, USVI (“Ritz-Carlton St. Thomas”). The operating results of these properties are included in our results of operations as of their acquisition dates.
Use of Estimates	Use of Estimates —The preparation of these condensed 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.
Impairment of Investment in Hotel Properties	Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating the impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. During the three months ended March 31, 2016 and 2015 , we have not recorded any impairment charges.
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity —We hold an investment in an unconsolidated entity, in which we have an ownership interest of 45.3% that is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entity’s net income/loss. We review the investment in unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in loss in unconsolidated entity. No such impairment was recorded in the three months ended March 31, 2016 . We also hold approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.7% ownership interest in Ashford Inc. and had a fair value of $8.9 million at March 31, 2016 . This investment would typically be accounted for under the equity method of accounting, under ASC 323-10 - Investments - Equity Method and Joint Ventures since we exercise significant influence. However, we have elected to record our investment in Ashford Inc. using the fair value option under ASC 825-10 - Fair Value Option - Financial Assets and Financial Liabilities . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIEs activities that most significantly impact the VIEs economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these entities on an ongoing basis, and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
Marketable Securities	Marketable Securities —Prior to our investment in the Ashford Quantitative Alternative Master Fund, LP (the “AQUA U.S. Fund”, formerly known as the REHE Fund), we held marketable securities. Marketable securities included U.S. treasury bills, publicly traded equity securities and put and call options on certain publicly traded equity securities. All of our investments in marketable securities were recorded at fair value. Put and call options were considered derivatives. The fair value of these investments was determined based on the closing price as of the balance sheet date. The cost of securities sold was determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains and losses, and costs of investment, is reported as a component of “other income.”
Revenue Recognition	Revenue Recognition —Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue.
Equity-Based Compensation	Equity-Based Compensation —Stock/unit-based compensation for non-employees is accounted for at fair value based on the market price of the shares at period end in accordance with applicable authoritative accounting guidance that results in recording expense, included in “advisory services fee,” and “management fees” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and performance-based Long-Term Incentive Plan (“LTIP”) units granted to certain executive officers are accounted for at fair value at period end based on a Monte Carlo simulation valuation model that results in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The ASU amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We have adopted this standard effective January 1, 2016, and the adoption of this standard did not have an impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) , which clarifies the principal versus agent implementation guidance. Early adoption is permitted for fiscal periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern. ASU 2014-15 also requires certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We are evaluating the impact that ASU 2016-01 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are evaluating the impact that ASU 2016-02 will have on our consolidated financial statements and related disclosures.

Investment in Hotel Propertie26

Investment in Hotel Properties, net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): March 31, 2016 December 31, 2015 Land $ 227,890 $ 227,620 Buildings and improvements 1,015,068 1,017,086 Furniture, fixtures and equipment 66,265 68,529 Construction in progress 1,678 2,386 Total cost 1,310,901 1,315,621 Accumulated depreciation (228,089 ) (224,142 ) Investments in hotel properties, net $ 1,082,812 $ 1,091,479
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Preliminary Allocations as of December 31, 2015 Adjustments Final Allocations as of March 31, 2016 Land $ 25,264 $ 269 $ 25,533 Buildings and improvements 34,853 (3,100 ) 31,753 Furniture, fixtures, and equipment 3,883 2,831 6,714 $ 64,000 $ — $ 64,000

Investment in Unconsolidated 27

Investment in Unconsolidated Entity (Tables)	3 Months Ended
	Mar. 31, 2016
AQUA U.S. Fund [Member]
Schedule of Equity Method Investments [Line Items]
Condensed Balance Sheet	The following tables summarize the condensed balance sheets as of March 31, 2016 and December 31, 2015 , and the condensed statement of operations for the three months ended March 31, 2016 of the AQUA U.S. Fund (in thousands): Ashford Quantitative Alternative (U.S.) Fund, LP Condensed Balance Sheets (unaudited) March 31, 2016 December 31, 2015 Total assets $ 100,938 $ 106,792 Partners’ capital 100,938 106,792 Total liabilities and partners’ capital $ 100,938 $ 106,792 Our ownership interest in the AQUA U.S. Fund $ 45,715 $ 48,365
Condensed Income Statement	Ashford Quantitative Alternative (U.S.) Fund, LP Condensed Statement of Operations (unaudited) Three Months Ended March 31, 2016 Total investment income $ 18 Net expenses (189 ) Net investment income (171 ) Net unrealized gain on investments 1,118 Net realized loss on investments (6,801 ) Net loss attributable to the AQUA U.S. Fund $ (5,854 ) Our equity in loss of the AQUA U.S. Fund $ (2,650 )
Ashford Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Condensed Balance Sheet	The following tables summarize the condensed balance sheets as of March 31, 2016 , and the condensed statement of operations for the three months ended March 31, 2016 , of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2016 December 31, 2015 Total assets $ 164,799 $ 166,991 Total liabilities 31,997 30,115 Redeemable noncontrolling interests 1,119 240 Total stockholders’ equity of Ashford Inc. 30,565 32,165 Noncontrolling interests in consolidated entities 101,118 104,471 Total equity 131,683 136,636 Total liabilities and equity $ 164,799 $ 166,991 Our investment in Ashford Inc., at fair value $ 8,884 $ 10,377
Condensed Income Statement	Ashford Inc. Condensed Consolidated Statement of Operations (unaudited) Three Months Ended March 31, 2016 Total revenue $ 13,409 Total operating expenses (13,921 ) Operating loss (512 ) Realized and unrealized loss on investment in unconsolidated entity (1,460 ) Realized and unrealized loss on investments (5,684 ) Other (102 ) Income tax expense (640 ) Net loss (8,398 ) Loss from consolidated entities attributable to noncontrolling interests 6,548 Net loss attributable to redeemable noncontrolling interests 118 Net loss attributable to Ashford Inc. $ (1,732 ) Our unrealized loss on investment in Ashford Inc. $ (1,493 )

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2016 December 31, 2015 Secured revolving credit facility (3) None November 2016 Base Rate (2) + 1.25% to 2.75% or LIBOR (1) + 2.25% to 3.75% $ — $ — Mortgage loan (4) 1 hotel March 2017 LIBOR (1) + 2.30% 80,000 80,000 Mortgage loan (5) 1 hotel March 2017 LIBOR (1) + 2.25% 70,000 70,000 Mortgage loan (6) 1 hotel April 2017 5.91% 33,256 33,381 Mortgage loan 2 hotels April 2017 5.95% 121,918 122,374 Mortgage loan 3 hotels April 2017 5.95% 248,092 249,020 Mortgage loan (5) 1 hotel December 2017 LIBOR (1) + 4.95% 40,000 40,000 Mortgage loan (5) 1 hotel December 2017 LIBOR (1) + 4.95% 42,000 42,000 TIF loan (6) (7) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (8) 2 hotels November 2019 LIBOR (1) + 2.65% 194,725 195,359 838,089 840,232 Deferred loan costs, net (3,979 ) (4,640 ) Total $ 834,110 $ 835,592 __________________ (1) LIBOR rates were 0.437% and 0.430% at March 31, 2016 and December 31, 2015 , respectively. (2) Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% . (3) Our borrowing capacity under our secured revolving credit facility is $150.0 million . We have an option, subject to lender approval, to further increase the borrowing capacity to an aggregate of $300.0 million . We may use up to $15.0 million for standby letters of credit. The secured revolving credit facility has two one -year extension options subject to advance notice, satisfaction of certain conditions and a 0.25% extension fee. (4) This loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2016. (5) This loan has three one -year extension options, subject to satisfaction of certain conditions. (6) These loans are collateralized by the same property. (7) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 4. (8) This loan has two one -year extension options, subject to satisfaction of certain conditions.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 loss per share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net income (loss) attributable to common stockholders – Basic and diluted: Net loss attributable to the Company $ (134 ) $ (206 ) Less: Dividends on preferred stock (894 ) — Less: Dividends on common stock (2,837 ) (1,198 ) Less: Dividends on unvested performance stock units (35 ) — Less: Dividends on unvested restricted shares (9 ) (5 ) Undistributed net loss allocated to common stockholders (3,909 ) (1,409 ) Add back: Dividends on common stock 2,837 1,198 Distributed and undistributed net loss – basic $ (1,072 ) $ (211 ) Net income attributable to redeemable noncontrolling interests in operating partnership — — Distributed and undistributed net loss – diluted $ (1,072 ) $ (211 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 28,343 24,070 Effect of assumed conversion of operating partnership units — — Weighted average common shares outstanding – diluted 28,343 24,070 Loss per share – basic: Net loss allocated to common stockholders per share $ (0.04 ) $ (0.01 ) Loss per share – diluted: Net loss allocated to common stockholders per share $ (0.04 ) $ (0.01 )
Summary of computation of diluted income per share	Due to their anti-dilutive effect, the computation of diluted loss per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2016 2015 Net loss allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 9 $ 5 Income allocated to unvested performance stock units 35 — Loss attributable to redeemable noncontrolling interests in operating partnership (150 ) (72 ) Dividends on preferred stock 894 — Total $ 788 $ (67 ) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 46 36 Effect of assumed conversion of operating partnership units 4,764 8,516 Effect of assumed conversion of preferred stock 3,439 — Effect of incentive fee shares 116 — Total 8,365 8,552

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present 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) Total March 31, 2016 Assets Derivative assets: Interest rate derivatives - floors $ — $ 4,137 $ 4,137 (1) Interest rate derivatives - caps — 16 16 (1) Options on futures contracts 251 — 251 (1) 251 4,153 4,404 Non-derivative assets: Investment in Ashford Inc. 8,884 — 8,884 Total $ 9,135 $ 4,153 $ 13,288 Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total December 31, 2015 Assets Derivative assets: Interest rate derivatives - floors $ — $ 578 $ 578 (1) Interest rate derivatives - caps — 58 58 (1) Options on futures contracts 117 — 117 (1) 117 636 753 Non-derivative assets: Investment in Ashford Inc. 10,377 — 10,377 Total $ 10,494 $ 636 $ 11,130 __________________ (1) Reported as “derivative assets” in the condensed 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 the condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended March 31, 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ 3,560 $ — Interest rate derivatives - caps (47 ) (32 ) Equity put options — (629 ) Equity call options — 54 Options on futures contracts 20 — Non-derivative assets: Investment in Ashford Inc. (1,493 ) — Equity securities — 1,388 U.S. treasury securities — 150 Total 2,040 931 Liabilities Derivative liabilities: Short equity put options — 307 Short equity call options — 47 Net $ 2,040 $ 1,285 Total combined Interest rate derivatives - floors $ 3,560 (1) $ — (1) Interest rate derivatives - caps (47 ) (32 ) Options on futures contracts 20 — Total derivatives 3,533 (32 ) Unrealized loss on investment in Ashford Inc. (1,493 ) — Unrealized gain on marketable securities — 1,323 Realized loss on marketable securities — (2) (6 ) (2) Net $ 2,040 $ 1,285 __________________ (1) Reported as “unrealized gain (loss) on derivatives” in the condensed consolidated statements of operations. (2) Reported as “other income (expense)” in the condensed consolidated statements of operations.

Summary of Fair Value of Fina31

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Investment in Ashford Inc. $ 8,884 $ 8,884 $ 10,377 $ 10,377 Derivative assets 4,404 4,404 753 753 Financial assets not measured at fair value: Cash and cash equivalents $ 101,891 $ 101,891 $ 105,039 $ 105,039 Restricted cash 36,374 36,374 33,135 33,135 Accounts receivable, net 14,562 14,562 13,370 13,370 Note receivable 8,098 9,012 to 9,961 8,098 9,157 to 10,120 Due from related party, net 682 682 371 371 Due from third-party hotel managers 12,692 12,692 10,722 10,722 Financial liabilities not measured at fair value: Indebtedness $ 838,089 $790,728 to $873,962 $ 840,232 $801,058 to $885,379 Accounts payable and accrued expenses 47,762 47,762 43,568 43,568 Dividends payable 4,325 4,325 3,439 3,439 Due to Ashford Trust OP, net 13 13 528 528 Due to Ashford Inc. 5,286 5,286 6,369 6,369 Due to third-party hotel managers 1,254 1,254 1,158 1,158

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2016 2015 Advisory services fee Base advisory fee $ 2,025 $ 2,205 Reimbursable expenses (1) 652 546 Equity-based compensation (2) (613 ) 469 $ 2,064 $ 3,220 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Prime’s common stock and Long-Term Incentive Plan (“LTIP”) units awarded to officers and employees of Ashford LLC.

Organization and Description 33

Organization and Description of Business (Details)	Mar. 31, 2016hotelstate	Jul. 27, 2015
Organization and Description of Business [Line Items]
Number of hotel properties managed by related party	2
Number of hotel properties owned	12
Number of states in which entity operates | state	6
Number of rooms owned	3,952
Number of rooms owned, net of partnership interest	3,717
Wholly Owned Properties [Member]
Organization and Description of Business [Line Items]
Number of hotel properties owned	10
Consolidated Properties [Member]
Organization and Description of Business [Line Items]
Number of hotel properties owned	2
Leased by Wholly-Owned or Majority-Owned Taxable REIT Subsidiaries [Member]
Organization and Description of Business [Line Items]
Number of hotel properties owned	11
US Virgin Islands Taxable REIT Subsidiary [Member]
Organization and Description of Business [Line Items]
Number of hotel properties owned	1
Leased by Ashford Prime Wholly-Owned Taxable REIT Subsidiary [Member]
Organization and Description of Business [Line Items]
Number of hotel properties owned	9
Ashford Hospitality Trust, Inc. [Member]
Organization and Description of Business [Line Items]
Fully diluted beneficial ownership in operating partnership		80.00%

Significant Accounting Polici34

Significant Accounting Policies (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)hotelshares	Dec. 31, 2015USD ($)	Jun. 01, 2015
Significant Accounting Policies [Line Items]
Noncontrolling interest in a consolidated entity	25.00%	25.00%
Number of hotel properties owned | hotel	12
Cost method investments	$ 8,884,000	$ 10,377,000
Wholly Owned Properties [Member]
Significant Accounting Policies [Line Items]
Number of hotel properties owned | hotel	10
AIM REHE Fund [Member]
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage			45.30%
Equity method investment, other than temporary impairment	$ 0
Ashford Inc. [Member]
Significant Accounting Policies [Line Items]
Investment owned (in shares) | shares	195
Ownership percentage of cost method investment	9.70%
Cost method investments		$ 10,377,000

Investment in Hotel Propertie35

Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Land	$ 227,890	$ 227,620
Buildings and improvements	1,015,068	1,017,086
Furniture, fixtures and equipment	66,265	68,529
Construction in progress	1,678	2,386
Total cost	1,310,901	1,315,621
Accumulated depreciation	(228,089)	(224,142)
Investments in hotel properties, net	$ 1,082,812	$ 1,091,479

Investment in Hotel Propertie36

Investment in Hotel Properties, net Acquisitions (Details) - St. Thomas, USVI Ritz-Carlton [Member] - USD ($) $ in Thousands	Dec. 15, 2015	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Ownership interest acquired	100.00%
Face amount of debt	$ 42,000
Consideration transferred	$ 64,000
Depreciation adjustment		$ 25
Preliminary estimated fair value of acquisition
Land		25,533	$ 25,264
Buildings and improvements		31,753	34,853
Furniture, fixtures, and equipment		6,714	3,883
Assets acquired, liabilities assumed, net		64,000	$ 64,000
Land adjustment		269
Buildings and improvements adjustment		(3,100)
Furniture, fixtures, and equipment adjustment		2,831
Consideration adjustment		$ 0

Note Receivable (Details)

Note Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable	$ 8,098	$ 8,098
Philadelphia Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable	$ 8,100	$ 8,100
Interest rate	12.85%	12.85%

Investment in Unconsolidated 38

Investment in Unconsolidated Entity (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Total assets	$ 1,349,712,000		$ 1,352,750,000
Total liabilities	897,776,000		895,675,000
Redeemable noncontrolling interests in operating partnership	50,858,000		61,781,000
Total stockholders' equity of Ashford Inc.	344,510,000		338,859,000
Noncontrolling interest in consolidated entities	(5,668,000)		(5,813,000)
Total equity	338,842,000		333,046,000
Total liabilities and equity	1,349,712,000		1,352,750,000
Total revenue	99,797,000	$ 77,789,000
Total operating expenses	(88,344,000)	(69,530,000)
Operating income	11,453,000	8,259,000
Income tax expense	(370,000)	(481,000)
Net loss	(139,000)	(425,000)
Net loss attributable to redeemable noncontrolling interests in operating partnership	150,000	72,000
Net loss attributable to the Company	(134,000)	(206,000)
Our equity in earnings (loss) of the unconsolidated entity	(2,650,000)	$ 0
Cost method investments	8,884,000		10,377,000
Unfunded commitments	0
Investment in unconsolidated entity	45,715,000		48,365,000
AQUA U.S. Fund [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	100,938,000		106,792,000
Partners’ capital	100,938,000		106,792,000
Total liabilities and equity	100,938,000		106,792,000
Total investment income	18,000
Net expenses	(189,000)
Net investment income	(171,000)
Net unrealized gain on investments	1,118,000
Net realized loss on investments	(6,801,000)
Net loss attributable to the Company	(5,854,000)
Our equity in earnings (loss) of the unconsolidated entity	(2,650,000)
Equity method investment, ownership percentage				45.30%
Investment in unconsolidated entity			48,365,000
Ashford Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	164,799,000		166,991,000
Total liabilities	31,997,000		30,115,000
Redeemable noncontrolling interests in operating partnership	1,119,000		240,000
Total stockholders' equity of Ashford Inc.	30,565,000		32,165,000
Noncontrolling interest in consolidated entities	101,118,000		104,471,000
Total equity	131,683,000		136,636,000
Total liabilities and equity	164,799,000		166,991,000
Total revenue	13,409,000
Total operating expenses	(13,921,000)
Operating income	(512,000)
Equity in loss of unconsolidated entities	(1,460,000)
Net unrealized gain on investments	(5,684,000)
Other	(102,000)
Income tax expense	(640,000)
Net loss	(8,398,000)
Loss from consolidated entities attributable to noncontrolling interests	6,548,000
Net loss attributable to redeemable noncontrolling interests in operating partnership	118,000
Net loss attributable to the Company	(1,732,000)
Our equity in earnings (loss) of the unconsolidated entity	$ (1,493,000)
Ownership percentage of cost method investment	9.70%
Cost method investments			$ 10,377,000
Investment owned (in shares)	195

Indebtedness (Details)

Indebtedness (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)hotelextension	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Indebtedness, gross	$ 838,089	$ 840,232
Deferred loan costs, net	(3,979)	(4,640)
Indebtedness, net	$ 834,110	835,592
Mortgages [Member]
Debt Instrument [Line Items]
Indebtedness, gross		$ 152,000
LIBOR rate	0.437%	0.43%
Mortgages [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Mortgages [Member] | Mortgage Loan 1 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1
Indebtedness, gross	$ 80,000	$ 80,000
Number of extension options | extension	3
Term of extension options	1 year
Mortgages [Member] | Mortgage Loan 1 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%
Mortgages [Member] | Mortgage loan 2 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1
Indebtedness, gross	$ 70,000	70,000
Mortgages [Member] | Mortgage loan 2 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Mortgages [Member] | Mortgage loan 3 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1
Interest rate	5.91%
Indebtedness, gross	$ 33,256	33,381
Mortgages [Member] | Mortgage loan 4 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2
Interest rate	5.95%
Indebtedness, gross	$ 121,918	122,374
Mortgages [Member] | Mortgage Loan 5 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	3
Interest rate	5.95%
Indebtedness, gross	$ 248,092	249,020
Mortgages [Member] | Mortgage Loan 6 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1
Indebtedness, gross	$ 40,000	40,000
Number of extension options | extension	3
Term of extension options	1 year
Mortgages [Member] | Mortgage Loan 6 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	4.95%
Mortgages [Member] | Mortgage Loan 7 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1
Indebtedness, gross	$ 42,000	42,000
Mortgages [Member] | Mortgage Loan 7 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.95%
Mortgages [Member] | TIF Loan [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1
Interest rate	12.85%
Indebtedness, gross	$ 8,098	8,098
Mortgages [Member] | Mortgage Loan 8 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2
Indebtedness, gross	$ 194,725	195,359
Number of extension options | extension	2
Term of extension options	1 year
Mortgages [Member] | Mortgage Loan 8 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%
Line of Credit [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	0
Indebtedness, gross	$ 0	$ 0
Borrowing capacity	150,000
Further possible expansion	$ 300,000
Number of extension options | extension	2
Term of extension options	1 year
Extension fee	0.25%
Line of Credit [Member] | Senior Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Line of Credit [Member] | Senior Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Line of Credit [Member] | Senior Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Line of Credit [Member] | Senior Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Line of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 15,000

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income (loss) attributable to common stockholders – Basic and diluted:
Net loss attributable to the Company	$ (134,000)	$ (206,000)
Dividends on preferred stock	(894,000)	0
Undistributed net loss allocated to common stockholders	3,909,000	1,409,000
Distributed and undistributed net loss – basic	(1,072,000)	(211,000)
Net income attributable to redeemable noncontrolling interests in operating partnership	0	0
Distributed and undistributed net loss – diluted	$ (1,072,000)	$ (211,000)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	28,343	24,070
Effect of assumed conversion of operating partnership units	0	0
Weighted average common shares outstanding – diluted(in shares)	28,343	24,070
Loss per share – basic:
Net loss allocated to common stockholders per share (in dollars per share)	$ (0.04)	$ (0.01)
Loss per share – diluted:
Net loss allocated to common stockholders per share (in dollars per share)	$ (0.04)	$ (0.01)
Common Stock
Net income (loss) attributable to common stockholders – Basic and diluted:
Dividends	$ (2,837,000)	$ (1,198,000)
Performance Shares [Member]
Net income (loss) attributable to common stockholders – Basic and diluted:
Dividends	(35,000)	0
Restricted Stock
Net income (loss) attributable to common stockholders – Basic and diluted:
Dividends	(9,000)	(5,000)
Restricted Stock
Net income (loss) attributable to common stockholders – Basic and diluted:
Distributed and undistributed net loss – basic	35,000	0
Performance Shares [Member]
Net income (loss) attributable to common stockholders – Basic and diluted:
Distributed and undistributed net loss – basic	$ 9,000	$ 5,000

Loss Per Share (Antidilutive) (

Loss Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net loss allocated to common stockholders is not adjusted for:
Net income allocated to anti-dilutive shares	$ (1,072)	$ (211)
Total	$ 788	$ (67)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	8,365	8,552
Performance Shares [Member]
Net loss allocated to common stockholders is not adjusted for:
Net income allocated to anti-dilutive shares	$ 9	$ 5
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	46	36
Restricted Stock
Net loss allocated to common stockholders is not adjusted for:
Net income allocated to anti-dilutive shares	$ 35	$ 0
Operating Partnership Units [Member]
Net loss allocated to common stockholders is not adjusted for:
Loss attributable to redeemable noncontrolling interests in operating partnership	$ (150)	$ (72)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,764	8,516
Preferred Stock [Member]
Net loss allocated to common stockholders is not adjusted for:
Dividends on Preferred Stock	$ 894	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	3,439	0
Incentive Fee Shares [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	116	0

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Indebtedness, gross	$ 838,089,000	$ 840,232,000
Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount	$ 80,000,000
Strike rate	5.78%
Cost of derivative	$ 4,500
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount		139,500,000
Cost of derivative		$ 117,000
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | Minimum [Member]
Derivative [Line Items]
Strike rate		2.00%
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member]
Derivative [Line Items]
Strike rate		4.50%
Interest Rate Floor [Member]
Derivative [Line Items]
Notional amount		$ 3,000,000,000
Floor interest rate		(0.25%)
Cost of derivative		$ 3,500,000
Eurodollar Future [Member]
Derivative [Line Items]
Cost of derivative	124,000	372,000
Derivative commissions	10,000	60,000
Mortgages [Member]
Derivative [Line Items]
Indebtedness, gross		152,000,000
Mortgages [Member] | Mortgage Loan 1 [Member]
Derivative [Line Items]
Indebtedness, gross	$ 80,000,000	$ 80,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significance of current credit spreads to level 3 input considerations	10.00%
Derivative assets	$ 4,404		$ 753
Derivative assets	4,404		753
Total	13,288		11,130
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	2,040	$ 1,285
Unrealized gain (loss) on derivatives	3,533	(32)
Unrealized gain on marketable securities	0	1,323
Realized loss on marketable securities	0	(6)
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	8,884		10,377
Ashford Inc. [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	(1,493)	0
Derivative Financial Instruments, Liabilities [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	2,040	1,285
Non-Derivative Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	2,040	931
Non-Derivative Assets [Member] | Equity Securities [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	1,388
Non-Derivative Assets [Member] | Ashford Inc. [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(1,493)	0
Non-Derivative Assets [Member] | U.S. Treasury Securities [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	150
Derivative [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	3,533	(32)
Interest Rate Floor [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,137		578
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	3,560	0
Interest Rate Floor [Member] | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	3,560	0
Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	16		58
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(47)	(32)
Interest Rate Cap [Member] | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(47)	(32)
Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	251		117
Equity Put Option [Member] | Derivative Financial Instruments, Liabilities [Member] | Short [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	307
Equity Put Option [Member] | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	(629)
Equity Call Option [Member] | Derivative Financial Instruments, Liabilities [Member] | Short [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	47
Equity Call Option [Member] | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	54
Future [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	20	0
Future [Member] | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	20	$ 0
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	251		117
Total	9,135		10,494
Quoted Market Prices (Level 1) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	8,884		10,377
Quoted Market Prices (Level 1) | Interest Rate Floor [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Quoted Market Prices (Level 1) | Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Quoted Market Prices (Level 1) | Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	251		117
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,153		636
Total	4,153		636
Significant Other Observable Inputs (Level 2) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	0		0
Significant Other Observable Inputs (Level 2) | Interest Rate Floor [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	4,137		578
Significant Other Observable Inputs (Level 2) | Interest Rate Cap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	16		58
Significant Other Observable Inputs (Level 2) | Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0		$ 0

Summary of Fair Value of Fina44

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Financial assets and liabilities measured at fair value:
Cost method investments	$ 8,884	$ 10,377
Derivative assets	4,404	753
Derivative assets, Estimated fair value	4,404	753
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	101,891	105,039	$ 109,203	$ 171,439
Cash and cash equivalents, Estimated fair value	101,891	105,039
Restricted cash, Carrying value	36,374	33,135
Restricted cash, Estimated fair value	36,374	33,135
Accounts receivable, Carrying value	14,562	13,370
Accounts receivable, Estimated fair value	14,562	13,370
Note receivable. Carrying value	8,098	8,098
Due from related party, net, Carrying value	682	371
Due from related party, net, Estimated fair value	682	371
Due from third-party hotel managers, Carrying value	12,692	10,722
Due from third-party hotel managers, Estimated fair value	12,692	10,722
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	838,089	840,232
Accounts payable and accrued expenses, Carrying value	47,762	43,568
Accounts payable and accrued expenses, Estimated fair value	47,762	43,568
Dividends payable, Carrying value	4,325	3,439
Dividends payable, Estimated fair value	4,325	3,439
Due to Ashford Trust OP, net, Carrying value	13	528
Due to Ashford Trust OP, net, Estimated fair value	13	528
Due to Ashford Inc., Carrying value	5,286	6,369
Due to Ashford Inc., Estimated fair value	5,286	6,369
Due to third-party hotel managers, Carrying value	1,254	1,158
Due to third-party hotel managers, Estimated fair value	1,254	1,158
Minimum [Member]
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	9,012	9,157
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	790,728	801,058
Maximum [Member]
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	9,961	10,120
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 873,962	$ 885,379

Summary of Fair Value of Fina45

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days
Note receivable	$ 8,098	$ 8,098
Indebtedness, Carrying value	$ 838,089	$ 840,232
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	11.30%	13.10%
Total indebtedness fair value variance from carrying value (as a percent)	94.30%	95.30%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	23.00%	25.00%
Total indebtedness fair value variance from carrying value (as a percent)	104.30%	105.40%

Redeemable Noncontrolling Int46

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 08, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	May. 31, 2015
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership		$ 50,858		$ 61,781
Noncontrolling interest in a consolidated entity		25.00%		25.00%
Redemption value adjustment		$ 10,948
Net loss attributable to redeemable noncontrolling interests in operating partnership		150	$ 72
Cash distributions declared		$ 516	435
Ashford Prime OP [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interest in a consolidated entity		12.75%		12.75%
Redemption value adjustment		$ 1,600		$ 12,500
Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Award vesting period		3 years
Other than options (in shares)		754,000
Other than options vested (in shares)		800
Other than options forfeited (in shares)		0
Equity-based compensation expense		$ 86	$ 402
Unearned compensation		$ 2,700
Amortization period		2 years
Long Term Incentive Plan Units [Member] | Tranche One [Member]
Noncontrolling Interest [Line Items]
Units which have not reached full economic parity with the common units			3,000
Long Term Incentive Plan Units [Member] | Tranche Two [Member]
Noncontrolling Interest [Line Items]
Units which have not reached full economic parity with the common units					6,000
Performance Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Shares authorized (in shares)	195,000
Units issued (in shares)	389,000
Equity-based compensation expense			$ 0
Amortization period		1 year 9 months
Credit to compensation expense		$ 324
Performance Long Term Incentive Plan Units [Member] | Tranche One [Member]
Noncontrolling Interest [Line Items]
Unearned compensation		$ 1,400
Operating Partnership Units [Member]
Noncontrolling Interest [Line Items]
Common units redeemed		0	232,000
Fair value of common units redeemed			$ 4,000
Average price of common units redeemed, per unit			$ 17.33
Common units converted			30,000
Temporary equity conversion fair value			$ 515
Minimum [Member] | Performance Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Award performance target	0.00%
Maximum [Member] | Performance Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Award performance target	200.00%

Equity and Stock-Based Compen47

Equity and Stock-Based Compensation (Details)	Jun. 08, 2015shares	Mar. 31, 2016USD ($)hotelshares	Mar. 31, 2015USD ($)shares	Mar. 31, 2016USD ($)hotelshares	Dec. 31, 2015USD ($)hotel	Oct. 27, 2014USD ($)
Class of Stock [Line Items]
Dividends declared - common stock		$ 2,803,000	$ 1,200,000
Equity-based compensation		$ (1,363,000)
Shares of stock repurchased during period | shares		0
Value of stock repurchased during period		$ 103,000
Noncontrolling interest in a consolidated entity		25.00%		25.00%	25.00%
Number of hotel properties with JV interests | hotel		2		2	2
Noncontrolling interest in consolidated entities		$ (5,668,000)		$ (5,668,000)	$ (5,813,000)
(Income) loss from consolidated entities attributable to noncontrolling interest		(145,000)	147,000
Additional Paid-in Capital
Class of Stock [Line Items]
Equity-based compensation		(1,363,000)
Value of stock repurchased during period		103,000
Restricted Stock
Class of Stock [Line Items]
Unearned compensation		$ 469,000		469,000
Amortization period		2 years
Restricted Stock | Additional Paid-in Capital | Advisory Services Fee [Member]
Class of Stock [Line Items]
Equity-based compensation		$ 23,000	67,000
Performance Shares [Member]
Class of Stock [Line Items]
Units issued (in shares) | shares	155,000
Credit to compensation expense		398,000
Equity-based compensation			$ 0
Unearned compensation		$ 1,100,000		$ 1,100,000
Amortization period		1 year 9 months
Minimum [Member] | Performance Shares [Member]
Class of Stock [Line Items]
Award performance target	0.00%
Maximum [Member] | Performance Shares [Member]
Class of Stock [Line Items]
Award performance target	200.00%
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Share repurchase program authorized amount						$ 100,000,000
Shares of stock repurchased during period | shares			471,064	1,400,000
Value of stock repurchased during period			$ 8,100,000	$ 24,200,000

5.5% Series B Cumulative Conv48

5.5% Series B Cumulative Convertible Preferred Stock (Details)	Dec. 04, 2015$ / shares	Jun. 09, 2015USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)	Dec. 31, 2015shares
Class of Stock [Line Items]
Preferred stock conversion rate	1.3228
Preferred dividends | $			$ 894,000	$ 0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Series B preferred stock, shares issued (in shares) | shares		2,600,000
Preferred stock dividend rate	5.50%	5.50%
Preferred stock, par value (in dollars per share)	$ 0.01
Issuance of preferred stock (in dollars per share)		$ 25
Underwriting discount | $		$ 1,500,000
Issuance of preferred stock, net of discount (in dollars per share)		$ 24.4125
Proceeds from issuance of stock, net of discounts and Expenses | $		$ 62,200,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Series B preferred stock, shares issued (in shares) | shares			2,600,000		2,600,000
Preferred stock dividend rate	5.50%
Preferred stock, par value (in dollars per share)	$ 0.01
Series B preferred stock, shares outstanding (in shares) | shares			2,600,000		2,600,000
Initial conversion price (in dollars per share)	$ 18.90
Consecutive trading days			45 days
Days ending prior to notice of conversion			3 days
Annual preferred stock dividend			$ 1.375
Minimum [Member] | Series B Preferred Stock [Member]
Class of Stock [Line Items]
Percent of conversion price			110.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Restricted Cash [Member] | Minimum [Member]
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	4.00%
Restricted Cash [Member] | Maximum [Member]
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	5.00%
Management Fees [Member]
Commitments and Contingencies [Line Items]
Portion of project management fees to project costs	4.00%
Management Fees [Member] | Minimum [Member]
Commitments and Contingencies [Line Items]
Monthly property management fee	$ 10,000
Property management fee, percent	3.00%
Management Fees [Member] | Maximum [Member]
Commitments and Contingencies [Line Items]
Property management fee, percent	7.00%

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2016segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to Ashford Trust OP, net	$ 13		$ 528
Due to Ashford Inc.	5,286		$ 6,369
Advisory services fee	2,064	$ 3,220
Ashford LLC [Member]
Related Party Transaction [Line Items]
Advisory services fee	2,064	3,220
Ashford LLC [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee	2,025	2,205
Ashford LLC [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services fee	652	546
Ashford LLC [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services fee	$ (613)	$ 469

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 26, 2016USD ($)$ / sharesshares	Jun. 30, 2016$ / shares	Apr. 08, 2016USD ($)hotel$ / shares	Mar. 31, 2016$ / shares
Subsequent Event [Line Items]
Quarterly Cash Dividend Increase				$ 0.10
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Quarterly Cash Dividend Increase		$ 0.12
Subsequent Event [Member]
Subsequent Event [Line Items]
Share repurchase program authorized amount | $			$ 50,000,000
Increase to Quarterly Cash Dividend, Percent			20.00%
Annual Dividend Rate			$ 0.48
Dividend Yield			4.40%
Number of Assets for Sale | hotel			4
Net Debt / EBITDA Minimum for New Investments			5
Subsequent Event [Member] | Series B [Member]
Subsequent Event [Line Items]
Preferred Stock, Public Offering | shares	290,850
Preferred Stock, Public Offering per Share	$ 17.24
Proceeds from issuance of preferred stock | $	$ 5,000,000
Preferred stock dividend rate	5.50%
Liquidation preference per share	$ 25
Proceeds from issuance of preferred stock, net | $	$ 4,500,000