Braemar Hotels & Resorts (BHR) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
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, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,939,558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Investments in hotel properties, gross	$ 1,411,428	$ 1,258,412
Accumulated depreciation	(254,168)	(243,880)
Investments in hotel properties, net	1,157,260	1,014,532
Cash and cash equivalents	161,314	126,790
Restricted cash	35,779	37,855
Accounts receivable, net of allowance of $81 and $96, respectively	24,912	18,194
Inventories	1,790	1,479
Note receivable	8,098	8,098
Deferred costs, net	924	1,020
Prepaid expenses	6,471	3,669
Derivative assets	414	1,149
Other assets	9,068	2,249
Intangible assets, net	22,760	22,846
Due from related party, net	598	377
Due from third-party hotel managers	9,936	7,555
Total assets	1,450,822	1,256,997
Liabilities:
Indebtedness, net	856,161	764,616
Accounts payable and accrued expenses	52,939	44,791
Dividends and distributions payable	8,025	5,038
Due to affiliate	0	2,500
Due to third-party hotel managers	962	973
Intangible liability, net	3,611	3,625
Other liabilities	1,465	1,432
Total liabilities	926,694	828,060
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,865,850 and 2,890,850 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	104,321	65,960
Redeemable noncontrolling interests in operating partnership	48,585	59,544
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,765,912 and 26,021,552 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	317	260
Additional paid-in capital	467,535	401,790
Accumulated deficit	(91,246)	(93,254)
Total stockholders’ equity of the Company	376,606	308,796
Noncontrolling interest in consolidated entity	(5,384)	(5,363)
Total equity	371,222	303,433
Total liabilities and equity	1,450,822	1,256,997
Ashford Trust OP [Member]
ASSETS
Due from Ashford Trust OP, net	0	488
Liabilities:
Due to affiliate	6	0
AQUA U.S. Fund [Member]
ASSETS
Due from Ashford Trust OP, net	0	2,289
Ashford Inc. [Member]
Liabilities:
Due to affiliate	3,525	5,085
Ashford Inc. [Member]
ASSETS
Investment in Ashford Inc., at fair value	11,498	8,407
Total assets	91,154	129,797
Liabilities:
Total liabilities	51,278	38,168
Redeemable noncontrolling interests in operating partnership	1,671	1,480
Equity:
Total stockholders’ equity of the Company	37,877	37,377
Noncontrolling interest in consolidated entity	328	52,772
Total equity	38,205	90,149
Total liabilities and equity	$ 91,154	$ 129,797

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful notes receivable	$ 81	$ 96
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)	31,765,912	26,021,552
Common stock, shares outstanding (in shares)	31,765,912	26,021,552
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)	4,865,850	2,890,850
Series B preferred stock, shares outstanding (in shares)	4,865,850	2,890,850

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE
Rooms	$ 67,418	$ 69,251
Food and beverage	24,473	24,865
Other	5,365	5,648
Total hotel revenue	97,256	99,764
Other	40	33
Total revenue	97,296	99,797
Hotel operating expenses:
Rooms	15,797	15,819
Food and beverage	16,861	17,445
Other expenses	27,731	28,339
Management fees	3,545	3,807
Total hotel expenses	63,934	65,410
Property taxes, insurance and other	5,074	5,043
Depreciation and amortization	11,971	11,904
Advisory services fee	865	2,064
Transaction costs	4,328	0
Corporate general and administrative	3,874	3,923
Total expenses	90,046	88,344
OPERATING INCOME (LOSS)	7,250	11,453
Equity in earnings (loss) of unconsolidated entity	0	(2,650)
Interest income	112	32
Other income (expense)	(157)	(10)
Interest expense and amortization of loan costs	(8,202)	(10,634)
Write-off of loan costs and exit fees	(1,963)	0
Unrealized gain (loss) on investment in Ashford Inc.	3,091	(1,493)
Unrealized gain (loss) on derivatives	(898)	3,533
INCOME (LOSS) BEFORE INCOME TAXES	(767)	231
Income tax (expense) benefit	478	(370)
NET INCOME (LOSS)	(289)	(139)
(Income) loss from consolidated entities attributable to noncontrolling interests	21	(145)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	255	150
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(13)	(134)
Preferred dividends	(1,673)	(894)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (1,686)	$ (1,028)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.07)	$ (0.04)
Weighted average common shares outstanding – basic (in shares)	27,267	28,343
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.07)	$ (0.04)
Weighted average common shares outstanding – diluted (in shares)	27,267	28,343
Dividends declared per common share (in dollars per share)	$ 0.16	$ 0.10
Ashford Inc. [Member]
REVENUE
Total revenue	$ 13,013	$ 13,409
Hotel operating expenses:
Total expenses	15,149	13,921
OPERATING INCOME (LOSS)	(2,136)	(512)
Unrealized gain (loss) on investment in Ashford Inc.	3,091	(1,493)
Income tax (expense) benefit	(630)	(640)
NET INCOME (LOSS)	(2,723)	(8,398)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	363	118
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (2,385)	$ (1,732)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (289)	$ (139)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	(289)	(139)
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities	21	(145)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	255	150
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (13)	$ (134)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2017 - USD ($) shares in Thousands, $ 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, 2016		26,022
Beginning balance at Dec. 31, 2016	$ 303,433	$ 260	$ 401,790	$ (93,254)	$ (5,363)
Beginning balance at Dec. 31, 2016	59,544					$ 59,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock	(118)		(118)
Repurchase of common stock (in shares)		(10)
Equity-based compensation	(664)		(664)
Equity-based compensation						(1,004)
Issuance of common stock (in shares)		5,750
Issuance of common stock	66,517	$ 57	66,460
Issuance of restricted shares/units	0
Issuance of restricted shares/units (in shares)		1
Forfeiture of restricted common shares	0
Forfeiture of restricted common shares (in shares)		(2)
Dividends declared - common stock	(5,149)			(5,149)
Dividends declared - preferred stock	(1,673)			(1,673)
Distributions to redeemable noncontrolling interest	0					(790)
Redemption/conversion of operating partnership units (in shares)		5
Redemption/conversion of operating partnership units	67		67
Redemption/conversion of operating partnership units						(67)
Net income (loss) attributable to the Company	(13)			(13)
(Income) loss from consolidated entities attributable to noncontrolling interests	(21)				(21)
Net income (loss)	(34)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership						(255)
Redemption value adjustment	8,843			8,843
Redemption value adjustment						(8,843)
Ending balance (in shares) at Mar. 31, 2017		31,766
Ending balance at Mar. 31, 2017	371,222	$ 317	$ 467,535	$ (91,246)	$ (5,384)
Ending balance at Mar. 31, 2017	$ 48,585					$ 48,585

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME (LOSS)	$ (289)	$ (139)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	11,971	11,904
Equity-based compensation	(1,668)	(613)
Bad debt expense	36	61
Amortization of loan costs	1,049	881
Write-off of loan costs and exit fees	1,963	0
Amortization of intangibles	50	5
Unrealized (gain) loss on investment in Ashford Inc.	(3,091)	1,493
Realized and unrealized (gain) loss on derivatives	1,054	(3,533)
Equity in (earnings) loss of unconsolidated entity	0	2,650
Deferred tax expense (benefit)	(693)	53
Payments for derivatives	0	(114)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Accounts receivable and inventories	(2,733)	(1,849)
Prepaid expenses and other assets	(2,833)	(2,952)
Accounts payable and accrued expenses	1,927	8,103
Due to/from related party, net	(221)	(290)
Due to/from affiliate, net	(2,500)	0
Due to/from third-party hotel managers	1,677	(1,874)
Other liabilities	33	58
Net cash provided by (used in) operating activities	4,554	12,143
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	0	673
Acquisition of hotel properties, net of cash and restricted cash acquired	(154,028)	0
Proceeds from liquidation of AQUA U.S. Fund	2,289	0
Improvements and additions to hotel properties	(9,273)	(3,357)
Net cash provided by (used in) investing activities	(161,012)	(2,684)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	432,500	0
Repayments of indebtedness	(334,774)	(2,143)
Payments of loan costs and exit fees	(9,097)	(15)
Payments for derivatives	(319)	(4)
Purchase of common stock	(6)	0
Payments for dividends and distributions	(4,625)	(3,405)
Issuance of preferred stock	38,577	(54)
Issuance of common stock	66,650	0
Distributions to a noncontrolling interest in a consolidated entity	0	(3,766)
Other	0	19
Net cash provided by (used in) financing activities	188,906	(9,368)
Net change in cash, cash equivalents and restricted cash	32,448	91
Cash, cash equivalents and restricted cash at beginning of period	164,645	138,174
Cash, cash equivalents and restricted cash at end of period	197,093	138,265
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	7,981	9,682
Income taxes paid	716	144
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Common stock purchases accrued but not paid	112	103
Dividends and distributions declared but not paid	8,025	4,325
Capital expenditures accrued but not paid	1,697	479
Accrued common stock offering expense	133	0
Accrued preferred stock offering expenses	216	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	126,790	105,039
Restricted cash at beginning of period	37,855	33,135
Cash and cash equivalents at end of period	161,314	101,891
Restricted cash at end of period	35,779	36,374
Cash, cash equivalents and restricted cash at end of period	164,645	138,174
Ashford Trust OP [Member]
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from affiliate, net	494	(515)
Ashford Inc. [Member]
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from affiliate, net	$ (1,672)	$ (1,186)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2017
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 hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current 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 condensed consolidated financial statements. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”) through an advisory agreement. Ashford LLC is a subsidiary of Ashford Inc., which was spun-off from Ashford Hospitality Trust, Inc. (“Ashford Trust”). All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. As of March 31, 2017 , Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly-owned by Mr. Monty J. Bennett, Chairman of our board of directors, 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. On March 24, 2017, the agreement was terminated as Ashford Inc. was unsuccessful in receiving an acceptable private letter ruling from the Internal Revenue Service. The receipt of the private letter ruling was a condition to the closing of the transaction. The accompanying condensed consolidated financial statements include the accounts of such wholly-owned and majority owned subsidiaries of Ashford Prime OP that as of March 31, 2017 , own and operate twelve hotel properties in seven 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 hotel properties represent 3,892 total rooms, or 3,657 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, 2017 , 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 located in the U.S. Virgin Islands is owned by our U.S. Virgin Islands TRS. Prime TRS then engages third-party or affiliated hotel management companies to operate the hotel properties under management contracts. Hotel operating results related to the hotel properties are included in the condensed consolidated statements of operations. As of March 31, 2017 , nine of the twelve 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 hotel properties are operated under management contracts with Marriott International, Inc. (“Marriott”), Hilton Worldwide (“Hilton”), Accor Business and Leisure Management, LLC (“Accor”), Hyatt Corporation (“Hyatt”) and Remington Lodging, which are eligible independent contractors under the Internal Revenue Code.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying unaudited condensed 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 condensed 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 condensed 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 condensed 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 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2017. 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 and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford 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 condensed 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, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. • On July 1, 2016, we sold the Courtyard Seattle Downtown. • On March 31, 2017 , we acquired the Park Hyatt Beaver Creek Resort & Spa. The results of operations of the hotel property have not been included in our results of operations for the period ended March 31, 2017 as a result of the acquisition occurring on March 31, 2017 . 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. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. We early adopted Accounting Standards Updates (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in recently adopted accounting standards below. 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. For the three months ended March 31, 2017 and 2016 , we have not recorded any impairment charges. Investment in Ashford Inc. —We 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 $11.5 million at March 31, 2017 . This investment would typically be accounted for under the equity method of accounting, under Accounting Standards Codification (“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 . 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 and included in “corporate general and administrative” expense in the condensed consolidated statements of operations. Recently Adopted Accounting Standards —In November 2016, the Financial Accounting Standards Board (“ FASB”) issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result net cash provided by operating activities increased $1.5 million and net cash used in investing activities decreased $1.7 million in the three months ended March 31, 2016. Our beginning-of-period cash, cash equivalents and restricted cash increased 37.9 million and $33.1 million in 2017 and 2016, respectively. 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. The FASB has also issued additional updates that further clarify the requirements of Topic 606 and provide 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 in the initial stages of evaluating the effect of the standard on our condensed consolidated financial statements, including as it pertains to accounting for real estate sales, and continue to evaluate the available transition methods. However, we have not yet selected a transition method. Based on our initial and ongoing assessment of ASU 2014-09, we do not currently believe there will be a material impact to the amount or timing of revenue recognition for rooms revenue, food and beverage revenue and other hotel revenue. 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 available-for-sale (“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 do not expect that ASU 2016-01 will have a material impact on our condensed 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. The accounting for leases under which we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact that ASU 2016-02 will have on our condensed consolidated financial statements, we expect the primary impact to our condensed consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under noncancelable leases on our condensed consolidated balance sheets resulting in the recording of ROU assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - Debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2016-15 will have on our condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01” ) , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. While we are currently evaluating the potential impact of the standard, we currently expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect capitalization of acquisitions costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”), which clarifies the scope of ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. An entity may elect to apply ASU 2017-05 under a retrospective or modified retrospective approach. We are evaluating the impact that ASU 2017-05 will have on our condensed consolidated financial statements and related disclosures.

Investment in Hotel Properties,

Investment in Hotel Properties, net	3 Months Ended
	Mar. 31, 2017
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, 2017 December 31, 2016 Land $ 303,165 $ 210,696 Buildings and improvements 1,022,514 972,412 Furniture, fixtures and equipment 79,655 70,922 Construction in progress 6,094 4,382 Total cost 1,411,428 1,258,412 Accumulated depreciation (254,168 ) (243,880 ) Investments in hotel properties, net $ 1,157,260 $ 1,014,532 Park Hyatt Beaver Creek On March 31, 2017, we acquired a 100% interest in the Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado for total consideration of $145.5 million . Concurrent with the closing of the acquisition, we completed the financing of a $67.5 million mortgage loan. See note 7. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to investment in hotel property, property level working capital balances and intangibles. This valuation is considered a Level 3 valuation technique. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. Any change to the amounts recorded within the investments in hotel properties or intangibles will also impact depreciation and amortization expense. The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands): Land $ 92,470 Buildings and improvements 47,724 Furniture, fixtures, and equipment 5,306 $ 145,500 Net other assets (liabilities) $ 4,528 The results of operations of the hotel property have not been included in our results of operations for the period ended March 31, 2017 as a result of the acquisition occurring on March 31, 2017 . Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the acquisition had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $2.8 million of non-recurring transaction costs directly attributable to the acquisitions for the three months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 2016 Total revenue $ 116,106 $ 117,825 Net income (loss) 7,888 5,070 Net income (loss) attributable to common stockholders 5,418 3,517 Pro Forma income per share: Basic $ 0.19 $ 0.12 Diluted $ 0.19 $ 0.12 Weighted average common shares outstanding (in thousands): Basic 27,267 28,343 Diluted 27,450 28,459

Hotel Disposition

Hotel Disposition	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Hotel Disposition	Hotel Disposition On July 1, 2016, the Company sold the Courtyard Seattle Downtown for $84.5 million in cash. The sale resulted in a gain of $26.4 million for the year ended December 31, 2016 . Since the sale of the hotel property did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the condensed consolidated financial statements. We included the results of operations for these assets through the date of disposition in net income (loss) as shown in the condensed consolidated statements of operations for the three months ended March 31, 2016 . The following table includes the condensed financial information from this hotel property (in thousands): Three Months Ended March 31, 2016 Total hotel revenue $ 3,187 Total hotel operating expenses (1,758 ) Operating income (loss) 1,429 Property taxes, insurance and other (163 ) Depreciation and amortization (539 ) Interest expense and amortization of loan costs (847 ) Income (loss) before income taxes (120 ) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 15 Income (loss) before income taxes attributable to the Company $ (105 )

Note Receivable

Note Receivable	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Note Receivable	Note Receivable As of March 31, 2017 and December 31, 2016 , 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 7.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity Ashford Inc. As of March 31, 2017 and December 31, 2016 , we held approximately 195,000 shares of Ashford Inc. common stock. The closing price per share was $59.00 and $43.14 as of March 31, 2017 and December 31, 2016 , respectively. This represented an approximate 9.7% ownership interest in Ashford Inc. for both March 31, 2017 and December 31, 2016 . See notes 10 and 11. 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 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 gain (loss) on investment in Ashford Inc.” on our condensed consolidated statements of operations. The following tables summarize the condensed balance sheets as of March 31, 2017 and December 31, 2016 , and the condensed statements of operations for the three months ended March 31, 2017 and 2016, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2017 December 31, 2016 Total assets $ 91,154 $ 129,797 Total liabilities 51,278 38,168 Redeemable noncontrolling interests 1,671 1,480 Total stockholders’ equity of Ashford Inc. 37,877 37,377 Noncontrolling interests in consolidated entities 328 52,772 Total equity 38,205 90,149 Total liabilities and equity $ 91,154 $ 129,797 Our investment in Ashford Inc., at fair value $ 11,498 $ 8,407 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2017 2016 Total revenue $ 13,013 $ 13,409 Total operating expenses (15,149 ) (13,921 ) Operating income (loss) (2,136 ) (512 ) Realized and unrealized gain (loss) on investment in unconsolidated entity — (1,460 ) Realized and unrealized gain (loss) on investments (75 ) (5,684 ) Other 118 (102 ) Income tax (expense) benefit (630 ) (640 ) Net income (loss) (2,723 ) (8,398 ) (Income) loss from consolidated entities attributable to noncontrolling interests (25 ) 6,548 Net (income) loss attributable to redeemable noncontrolling interests 363 118 Net gain (loss) attributable to Ashford Inc. $ (2,385 ) $ (1,732 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 3,091 $ (1,493 )

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2017 December 31, 2016 Secured revolving credit facility (3) None November 2019 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% $ — $ — Mortgage loan (10) 3 hotels April 2017 5.95% — 245,307 Mortgage loan (10) 1 hotel April 2017 5.95% — 55,915 Mortgage loan (7) (10) 1 hotel April 2017 5.91% — 32,879 Mortgage loan (6) 1 hotel December 2017 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (6) 1 hotel December 2017 LIBOR (1) + 4.95% 40,000 40,000 Mortgage loan (4) 1 hotel March 2018 LIBOR (1) + 2.30% 80,000 80,000 Mortgage loan (5) 1 hotel March 2018 LIBOR (1) + 2.25% 70,000 70,000 TIF loan (7) (8) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (7) (10) 5 hotels February 2019 LIBOR (1) + 2.58% 365,000 — Mortgage loan (6) 1 hotel April 2019 LIBOR (1) + 2.75% 67,500 — Mortgage loan (9) 2 hotels November 2019 LIBOR (1) + 2.65% 192,092 192,765 864,690 766,964 Deferred loan costs, net (8,529 ) (2,348 ) Indebtedness, net $ 856,161 $ 764,616 __________________ (1) LIBOR rates were 0.983% and 0.772% at March 31, 2017 and December 31, 2016 , 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, (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) Our borrowing capacity under our secured revolving credit facility is $100.0 million . We have an option, subject to lender approval, to further increase the borrowing capacity to an aggregate of $250.0 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 second was exercised in March 2017. (5) This loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017. (6) This loan has three one -year extension options, subject to satisfaction of certain conditions. (7) These loans are collateralized by the same property. (8) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5. (9) This loan has two one -year extension options, subject to satisfaction of certain conditions. (10) On January 18, 2017, we refinanced three mortgage loans totaling $333.7 million set to mature in April 2017 with a new $365.0 million loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. The new loan is interest only and bears interest at a rate of LIBOR + 2.58% . On January 18, 2017, the Company refinanced three mortgage loans with existing outstanding balances totaling approximately $333.7 million . The previous mortgage loans that were refinanced had final maturity dates in April 2017. The new mortgage loan totals $365.0 million and has a stated maturity of February 2019 with five one -year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.58% . The mortgage loan is secured by five hotel properties: Plano Marriott Legacy Town Center, Seattle Marriott Waterfront, Tampa Renaissance, San Francisco Courtyard Downtown and Philadelphia Courtyard Downtown. On March 31, 2017, in connection with the acquisition of Park Hyatt Beaver Creek, we completed the financing of a $67.5 million loan. This loan is interest only and provides for a floating interest rate of LIBOR + 2.75% . The stated maturity date of the mortgage loan is April 2019, with three one -year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Park Hyatt Beaver Creek. 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. As of March 31, 2017 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Net income (loss) attributable to common stockholders - Basic and diluted: Net income (loss) attributable to the Company $ (13 ) $ (134 ) Less: Dividends on preferred stock (1,673 ) (894 ) Less: Dividends on common stock (5,033 ) (2,837 ) Less: Dividends on unvested performance stock units (67 ) (35 ) Less: Dividends on unvested restricted shares (50 ) (9 ) Undistributed net income (loss) allocated to common stockholders (6,836 ) (3,909 ) Add back: Dividends on common stock 5,033 2,837 Distributed and undistributed net income (loss) - basic and diluted $ (1,803 ) $ (1,072 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 27,267 28,343 Income (loss) per share - basic and diluted: Net income (loss) allocated to common stockholders per share $ (0.07 ) $ (0.04 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 50 $ 9 Income (loss) allocated to unvested performance stock units 67 35 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (255 ) (150 ) Dividends on preferred stock 1,673 894 Total $ 1,535 $ 788 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 50 46 Effect of assumed conversion of operating partnership units 4,223 4,764 Effect of assumed conversion of preferred stock 4,550 3,439 Effect of incentive fee shares 182 116 Total 9,005 8,365

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	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. All derivatives are recorded at fair value. During the three months ended March 31, 2017 , we entered into interest rate caps with notional amounts totaling $568.5 million and strike rate ranging from 3.00% to 5.35% . These interest rate caps have effective dates from January 2017 to March 2017 , maturity dates from March 2018 to April 2019 , and a total cost of $319,000 . These instruments were not designated as cash flow hedges. 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. As of March 31, 2017 , we had interest rate caps with notional amounts totaling $796.5 million and strike rates ranging from 2.00% to 5.43% . These instruments cap the interest rates on our mortgage loans with principal balances of $856.6 million and maturity dates from December 2017 to November 2019. These instruments had maturity dates ranging from December 2017 to April 2019 . As of March 31, 2017 , we had interest rate floors with notional amounts totaling $3.0 billion and strike rates of -0.25% and a maturity date of July 2020 . Options on Futures Contracts —During the three months ended March 31, 2016 , we purchased options on Eurodollar futures for a total cost of $124,000 and a maturity date of June 2017 . During the three months ended March 31, 2017 , we made no purchases.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. These expected future cash flows are probability-weighted projections based on the contract terms, accounting for both the magnitude and likelihood of potential payments, which are both computed using the appropriate LIBOR forward curve and market implied volatilities as of the valuation date (Level 2 inputs). The 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, 2017 Assets Derivative assets: Interest rate derivatives - floors $ — $ 331 $ 331 Interest rate derivatives - caps — 64 64 Options on futures contracts 19 — 19 19 395 414 (1) Non-derivative assets: Investment in Ashford Inc. 11,498 — 11,498 Total $ 11,517 $ 395 $ 11,912 Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total December 31, 2016 Assets Derivative assets: Interest rate derivatives - floors $ — $ 1,091 $ 1,091 Options on futures contracts 58 — 58 58 1,091 1,149 (1) Non-derivative assets: Investment in Ashford Inc. 8,407 — 8,407 Total $ 8,465 $ 1,091 $ 9,556 __________________ (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, 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (759 ) $ 3,560 Interest rate derivatives - caps (256 ) (47 ) Options on futures contracts (39 ) 20 Non-derivative assets: Investment in Ashford Inc. 3,091 (1,493 ) Total $ 2,037 $ 2,040 Total combined Interest rate derivatives - floors $ (759 ) $ 3,560 Interest rate derivatives - caps (256 ) (47 ) Options on futures contracts 117 20 Unrealized gain (loss) on derivatives (898 ) $ 3,533 Realized gain (loss) on options on futures contracts (156 ) (1) — (1) Unrealized gain (loss) on investment in Ashford Inc. 3,091 (1,493 ) Net $ 2,037 $ 2,040 __________________ (1) Included in “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, 2017
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, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Investment in Ashford Inc. $ 11,498 $ 11,498 $ 8,407 $ 8,407 Derivative assets 414 414 1,149 1,149 Financial assets not measured at fair value: Cash and cash equivalents $ 161,314 $ 161,314 $ 126,790 $ 126,790 Restricted cash 35,779 35,779 37,855 37,855 Accounts receivable, net 24,912 24,912 18,194 18,194 Note receivable 8,098 8,490 to 9,384 8,098 8,511 to $ 9,407 Due from Ashford Trust OP, net — — 488 488 Due from AQUA U.S. Fund — — 2,289 2,289 Due from related party, net 598 598 377 377 Due from third-party hotel managers 9,936 9,936 7,555 7,555 Financial liabilities not measured at fair value: Indebtedness $ 864,690 $ 812,563 to $ 898,094 $ 766,964 $ 726,774 to $ 803,276 Accounts payable and accrued expenses 52,939 52,939 44,791 44,791 Dividends and distributions payable 8,025 8,025 5,038 5,038 Due to Ashford Trust OP, net 6 6 — — Due to Ashford Inc. 3,525 3,525 5,085 5,085 Due to affiliate — — 2,500 2,500 Due to third-party hotel managers 962 962 973 973 Cash, cash equivalents and restricted cash . These financial assets have maturities of less than 90 days and most bear interest at market rates. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, due from AQUA U.S. Fund, due from related party, net, accounts payable and accrued expenses, dividends and distributions payable, due to/from Ashford Trust OP, net, due to Ashford Inc., due to affiliate 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 relied on our internal analysis of what we believe a willing buyer would pay for this note at March 31, 2017 and December 31, 2016 . We estimated the fair value of the note receivable to be approximately 4.8% to 15.9% higher than the carrying value of $8.1 million at March 31, 2017 and approximately 5.1% to 16.2% higher than the carrying value of $8.1 million at December 31, 2016 . 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 calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. The fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 2, 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness . Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. 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 94.0% to 103.9% of the carrying value of $864.7 million at March 31, 2017 and approximately 94.8% to 104.7% of the carrying value of $767.0 million at December 31, 2016 . This is considered a Level 2 valuation technique.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	3 Months Ended
	Mar. 31, 2017
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, up to one share of our REIT common stock, which is either (i) issued pursuant to an effective registration statement; (ii) included in an effective registration statement providing for the resale of such common stock; or (iii) issued subject to a registration rights agreement. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, 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. The compensation committee of the board of directors of the Company approves performance-based LTIP units to certain executive officers from time to time. The award agreements provide for the grant of a target number of 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. The target number of performance-based LTIP units may be adjusted from 0% to 200% of the target number 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. As of March 31, 2017 , a total of 701,000 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 $1.1 million at March 31, 2017 will be expensed over a period of 1.8 years, subject to future mark to market adjustments. We recorded credits to compensation expense in the amount of $1.0 million and $324,000 for the three months ended March 31, 2017 and 2016 , respectively, due to lower fair values as compared to prior periods. The related amounts are included in “advisory services fee” on our condensed consolidated statements of operations. As of March 31, 2017 , we have issued a total of 1.1 million LTIP units (including performance-based LTIP units), all of which, other than approximately 3,000 LTIP units issued in March 2015, 6,000 LTIP units issued in May 2015, 389,000 performance-based LTIP units issued in June 2015, and 312,000 performance-based LTIP units issued in October 2016, had reached full economic parity with, and are convertible into, common units. For the three months ended March 31, 2017 and 2016 , compensation expense of $43,000 and $86,000 was recorded related to LTIP units issued to Ashford LLC’s employees, respectively, and is included in “advisory services fee.” The fair value of the unrecognized cost of LTIP units, which was $24,000 at March 31, 2017 , will be amortized over a period of 1.3 years, subject to future mark to market adjustments. During the three months ended March 31, 2017 , approximately 5,000 common units with an aggregate fair value of $67,000 at redemption were redeemed by the holders and, at our election, we issued shares of our common stock to satisfy the redemption. During the three months ended March 31, 2016 , no common units were redeemed by the holders. Redeemable noncontrolling interests in Ashford Prime OP as of March 31, 2017 and December 31, 2016 , were $48.6 million and $59.5 million , respectively, which represented ownership of our operating partnerships of 13.12% and 13.90% , respectively. The carrying value of redeemable noncontrolling interests as of March 31, 2017 and December 31, 2016 , included adjustments of $0 and $8.9 million , respectively, to reflect the excess of redemption value over the accumulated historical costs. For the three months ended March 31, 2017 and 2016 , we allocated net loss of $255,000 and $150,000 to the redeemable noncontrolling interests, respectively. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $790,000 and $516,000 , respectively, for the three months ended March 31, 2017 and 2016 . These distributions are recorded as a reduction of redeemable noncontrolling interests in operating partnership.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Equity Offering — On March 1, 2017, we commenced an underwritten public offering of approximately 5.8 million shares of common stock at $12.15 per share for gross proceeds of $69.9 million . The offering closed on March 7, 2017. The net proceeds from the sale of the shares after underwriting discounts and offering expense were approximately $66.5 million . Dividends —Common stock dividends declared for the three months ended March 31, 2017 and 2016, were $5.1 million and $2.8 million , respectively. Performance Stock Units —The compensation committee of the board of directors of the Company approves grants of PSUs to certain executive officers from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if and when the applicable vesting criteria have been achieved following the end of the performance and service period of three years from the issuance date. 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, 2017 , the outstanding PSUs had a fair value of $2.6 million . We recorded credits to compensation expense in the amount of $800,000 and $398,000 for the three months ended March 31, 2017 and 2016 , respectively, due to lower fair values of the PSUs. These amounts are included in “advisory services fee” on our condensed consolidated statements of operations. As of March 31, 2017 , we had unamortized compensation expense of $1.7 million related to PSUs which is expected to be recognized over a period of 1.8 years, subject to future mark to market adjustments. Restricted Stock Units —Stock-based compensation expense of $118,000 and $23,000 was recognized for the three months ended March 31, 2017 and 2016 , respectively, in connection with restricted units awarded to employees of Ashford LLC and is included in “advisory services fee” on our condensed consolidated statements of operations. There were also restricted shares granted to certain employees of Remington Lodging, and the associated expenses are recorded as a component of “management fees” on our condensed consolidated statements of operations. For the three months ended March 31, 2017 and 2016, expense related to such grants was immaterial. In addition, $18,000 and $0 of stock-based compensation expense was recognized for the three months ended March 31, 2017 and 2016, respectively, in connection with common stock issued to our independent directors, which vested immediately, and is included in “corporate general and administrative” expense on our condensed consolidated statements of operations. At March 31, 2017 , the outstanding restricted shares had a fair value of $3.3 million . At March 31, 2017 , the unamortized cost of the unvested shares of restricted stock was $2.8 million , which will be expensed over a period of 4.6 years , subject to future mark to market adjustments, and have vesting dates between April 2017 and November 2021 . 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 is at management’s discretion and depends 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. On April 8, 2016, our board of directors authorized utilizing up to $50 million to repurchase common stock. No shares were repurchased during the three months ended March 31, 2017 and 2016, pursuant to this authorization. As of March 31, 2017 , we have purchased a cumulative 4.3 million shares of our common stock, for approximately $63.2 million , since the program’s inception on November 4, 2014. Noncontrolling Interest in Consolidated Entities —A partner had noncontrolling ownership interests of 25% in two hotel properties with a total carrying value of $(5.4) million and $(5.4) million at March 31, 2017 and December 31, 2016 , respectively. Noncontrolling interests in consolidated entities were allocated net loss of $21,000 and net income of $145,000 for the three months ended March 31, 2017 and 2016 , respectively.

5.5% Series B Cumulative Conver

5.5% Series B Cumulative Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2017
Temporary Equity Disclosure [Abstract]
5.5% Series B Cumulative Convertible Preferred Stock	5.5% Series B Cumulative Convertible Preferred Stock Each share of our 5.5% Series B Cumulative Convertible Preferred Stock (the “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. 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. On April 26, 2016, in connection with a previously announced required public offering, we issued 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. 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 $4.2 million . Dividends on the Series B Preferred Stock accrue at a rate of 5.50% on the liquidation preference of $25.00 per share. On March 7, 2017, we closed an offering of approximately 2.0 million shares of our Series B Preferred Stock at $20.19 per share for gross proceeds of $39.9 million . The net proceeds to us, after underwriting discounts and offering expenses were approximately $38.4 million . Dividends on the Series B Preferred Stock accrue at a rate of 5.50% on the liquidation preference of $25.00 per share. On March 31, 2017, the underwriters partially exercised their over-allotment option and purchased an additional 100,000 shares of the Series B Preferred Stock, which closed on April 5, 2017. The net proceeds from the sale of the shares after underwriting discounts and offering expenses were approximately $1.9 million . At March 31, 2017 , we had 4.9 million outstanding shares of Series B Preferred Stock which do not meet the requirements for permanent equity classification prescribed by the authoritative guidance because these contain certain cash redemption features that are outside our control. As such, 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, 2017 and 2016 , we declared dividends of $1.7 million and $894,000 , respectively, with respect to shares of Series B Preferred Stock.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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, 2017 , 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, 2017 , 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) project management fees of up to 4% of project costs, c) market service fees including purchasing, design and construction management not to exceed 16.5% of project management budget cumulatively, including project management fees, and d) other general fees at current market rates as approved by our independent directors, if required. These management agreements expire from December 2019 through December 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. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2013 through 2016 remain subject to potential examination by certain federal and state taxing authorities. 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. 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. 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. On April 13, 2016, the Company filed its motion for preliminary injunction seeking an order declaring that Sessa’s slate of nominees is invalid and enjoining Sessa from submitting the nominees to stockholders for election to the board. On May 20, 2016, the court denied Sessa’s motion for a preliminary injunction and granted the Company’s motion for a preliminary injunction. Sessa appealed the district court’s decision to the United States Court of Appeals for the Fifth Circuit on May 23, 2016. On December 16, 2016, the Fifth Circuit dismissed Sessa’s appeal of the preliminary injunction as moot. On February 17, 2017, the District Court consolidated the Texas State Action into the Texas Federal Action (the “Consolidated Texas Federal Action”). On the same day, the District Court also dismissed all of Sessa’s counterclaims, except for its claim for violation of federal proxy solicitation laws, which the Company did not move to dismiss. The District Court granted Sessa’s motion to dismiss the Company claim for prima facie tort, but denied Sessa’s motion to dismiss the Company’s remaining claims. On February 16, 2017, the Company, Ashford Trust and Ashford Inc., and together with the Company, Ashford Trust and each affiliate of the Company, Ashford Trust and Ashford Inc. (the “Ashford Entities”), entered into a Settlement Agreement (the “Settlement Agreement”) with Sessa, Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC and John Petry (collectively, the “Sessa Entities”) regarding the composition of the Company’s board of directors (the “Board”), dismissal of pending litigation involving the parties and certain other matters. Under the Settlement Agreement, the Company agreed to appoint to the Company’s board of directors two of the five individuals Sessa previously sought to nominate as directors of the Company (“Independent Designees”). The Company is required to make such appointments within two weeks of the date of the Settlement Agreement. Additionally, the Settlement Agreement provides that the Company and the Sessa Entities will work together in good faith to identify one additional director who will be independent of both the Company and Sessa (“Additional Independent Director”). So long as the Sessa Entities satisfy certain ownership thresholds with respect to the Company’s common stock, the Company agreed to nominate: (i) the Independent Designees; (ii) the Additional Independent Director; and (iii) Montgomery J. Bennett, Stefani D. Carter, Kenneth H. Fearn, Douglas A. Kessler, Curtis B. McWilliams and Matthew D. Rinaldi (or their successors) at each of the 2017 and 2018 annual meetings of Company’s stockholders. In the case of any contested election of directors of the Company, the Sessa Entities have agreed to cause one or both of the Independent Designees to resign from the Board if the preliminary results provided by the inspector of elections at any meeting of stockholders of the Company prior to the closing of the polls indicates with reasonable certainty that any of the incumbent directors or their successors (other than the Independent Designees) will not be elected at such meeting but for the resignation of one or more of the Independent Designees. Under the Settlement Agreement, the Sessa Entities are subject to specified standstill restrictions relating to the Ashford Entities and lasting generally until the earlier of (x) the date that is fifteen business days prior to the deadline for the submission of stockholder nominations for the 2019 annual meeting of the Company’s stockholders pursuant to the Company’s bylaws or (y) the date that is one hundred fifty days prior to the first anniversary of the 2018 annual meeting of the Company’s stockholders. During the standstill period, the Sessa Entities have agreed to cause all of its shares of the Company to be present for quorum purposes at any meeting of the Company’s stockholders and voted in accordance with the board’s recommendations, subject to certain exceptions. The Settlement Agreement contains various other obligations and provisions applicable to the Ashford Entities and Sessa Entities. Additionally, the Company agreed to pay the Sessa Entities $2.5 million , of which the Company was reimbursed $2.0 million by its insurance carrier. The net $500,000 expense was included in the Company’s consolidated statement of operations for the year ended December 31, 2016, and the $2.5 million payable and the $2.0 million receivable were included in the Company’s consolidated balance sheet as of December 31, 2016. The amounts were paid as of March 31, 2017. On February 20, 2017, the parties submitted a Joint Stipulation of Dismissal, which dismissed each of the parties’ remaining claims in the Consolidated Texas Federal Action with prejudice. Jesse Small v. Monty J. Bennett, et al., Case No. 24-C-16006020 (Md. Cir. Ct.) On November 16, 2016, Jesse Small, a purported shareholder of Ashford Prime, commenced a derivative action in Maryland Circuit Court for Baltimore City asserting causes of action for breach of fiduciary duty, corporate waste, and declaratory relief against the members of the Ashford Prime board of directors, David Brooks (collectively, the “Individual Defendants”), Ashford Inc. and Ashford LLC. Ashford Prime is named as a nominal defendant. The complaint alleges that the Individual Defendants breached their fiduciary duties to Ashford Prime by negotiating and approving the termination fee provision set forth in Ashford Prime’s advisory agreement with Ashford LLC, that Ashford Inc. and Ashford LLC aided and abetted the Individual Defendants’ fiduciary duty breaches, and that the Ashford Prime board of directors committed corporate waste in connection with Ashford Prime’s purchase of 175,000 shares of Ashford Inc. common stock. The complaint seeks monetary damages and declaratory and injunctive relief, including a declaration that the termination fee provision is unenforceable. The defendants filed motions to dismiss the complaint on March 24, 2017. The plaintiff’s response is due May 23, 2017. The outcome of this matter cannot be predicted with any certainty. We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within 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 on our 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, 2017
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 hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. As of March 31, 2017 and December 31, 2016 , all of our hotel properties were in the U.S. and its territories.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
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 plus the Key Money Asset Management Fee (defined in our advisory agreement as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . At March 31, 2017 , the quarterly base fee was 0.70% based on our current market capitalization. We are also required to pay Ashford LLC an incentive fee that is earned annually by Ashford LLC in each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group, subject to the FCCR Condition, as defined in the advisory agreement. We also 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, 2017 2016 Advisory services fee Base advisory fee $ 2,003 $ 2,025 Reimbursable expenses (1) 547 652 Equity-based compensation (2) (1,685 ) (613 ) $ 865 $ 2,064 ________ (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, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. At March 31, 2017 and December 31, 2016 , we held a due to Ashford Trust OP, net, of $6,000 and a due from Ashford Trust OP, net, of $488,000 , respectively, which are both associated with certain expenses. At March 31, 2017 and December 31, 2016 , the balance in due to Ashford Inc., which is primarily associated with advisory services fee payable, was $3.5 million and $5.1 million , respectively. In addition, at December 31, 2016 , we held a receivable from the AQUA U.S. Fund of $2.3 million , associated with the hold back from the AQUA U.S. Fund, of which the funds were received during the first quarter of 2017. On January 24, 2017, we entered into an amended and restated advisory agreement with Ashford Inc. (the “Amended and Restated Advisory Agreement”) that amends and restates our advisory agreement discussed herein. Although our board of directors, through the action of the independent directors only, may amend the advisory agreement without stockholder approval, the independent directors have elected to seek stockholder approval of the Amended and Restated Advisory Agreement. Accordingly, the Amended and Restated Advisory Agreement will not become effective unless and until it is approved by our stockholders. The material terms of the Amended and Restated Advisory Agreement include: • we will make a cash payment to Ashford LLC of $5.0 million at the time the Amended and Restated Advisory Agreement becomes effective; • the termination fee payable to Ashford LLC has been amended by eliminating the 1.1 x multiplier and tax gross up components of the fee; • Ashford Inc. will disclose publicly the revenues and expenses used to calculate “Net Earnings” on a quarterly basis which is used to calculate the termination fee; Ashford LLC will retain an accounting firm to provide a quarterly report to us on the reasonableness of Ashford LLC’s determination of expenses, which will be binding on the parties; • the right of Ashford LLC to appoint a “Designated CEO” has been eliminated; • the right of Ashford LLC to terminate the advisory agreement due to a change in a majority of the “Company Incumbent Board” (as defined in the current advisory agreement) has been eliminated; • we will be incentivized to grow our assets under a “growth covenant” in the Amended and Restated Advisory Agreement under which we will receive a deemed credit against a base amount of $45.0 million for: 3.75% of the total purchase price of each hotel acquired after the date of the Amended and Restated Advisory Agreement that was recommended by Ashford LLC, netted against 3.75% of the total sale price of each hotel sold after the date of the Amended and Restated Advisory Agreement. The difference between $45.0 million and such net credit, if any, is referred to as the “Uninvested Amount.” If the Amended and Restated Advisory Agreement is terminated, other than due to certain acts by Ashford LLC, we must pay Ashford LLC the Uninvested Amount, in addition to any termination fee payable under the Amended and Restated Advisory Agreement; • the Amended and Restated Advisory Agreement requires us to maintain a net worth of not less than $390 million plus 75% of the equity proceeds from the sale of securities by us after December 31, 2016 and a covenant prohibiting us from paying dividends except as required to maintain our REIT status if paying the dividend would reduce our net worth below the required minimum net worth; • the initial term of the Amended and Restated Advisory Agreement ends on the 10th anniversary of its effective date, subject to renewal by Ashford LLC for up to seven additional successive 10 -year terms; • the base management fee payable to Ashford LLC will be fixed at 70 bps, and the fee will be payable on a monthly basis; • reimbursements of expenses to Ashford LLC will be made monthly in advance, based on an annual expense budget, with a quarterly true-up for actual expenses; • our right to terminate the advisory agreement due to a change of control of Ashford LLC has been eliminated; • our rights to terminate the advisory agreement at the end of each term upon payment of the termination fee based on the parties being unable to agree on new market-based fees or advisor’s performance have been eliminated; however, the Amended and Restated Advisory Agreement provides a mechanism for the parties to renegotiate the fees payable to Ashford LLC at the end of each term based on then prevailing market conditions, subject to floors and caps on the changes; • if a Change of Control (as defined in the Amended and Restated Advisory Agreement) is pending, we have agreed to deposit not less than 50% , and in certain cases 100% , of the applicable termination fee in escrow, with the payment of any remaining amounts owed to Ashford LLC secured by a letter of credit and/or first priority lien on certain assets; • our ability to terminate the Amended and Restated Advisory Agreement due to a material default by Ashford LLC is limited to instances where a court finally determines that the default had a material adverse effect on us and Ashford LLC fails to pay monetary damages in accordance with the Amended and Restated Advisory Agreement; and • if we repudiate the Amended and Restated Advisory Agreement through actions or omissions that constitute a repudiation as determined by a final non-appealable order from a court of competent jurisdiction, we will be liable to Ashford LLC for a liquidated damages amount. Certain employees of Remington Lodging, who perform work on behalf of Ashford Prime, were granted approximately 21,000 and 1,000 shares of restricted stock under the Ashford Prime Stock Plan on April 1, 2016 and July 1, 2016, respectively. These share grants were accounted for under the applicable accounting guidance related to share-based payments granted to non-employees and are recorded as a component of “management fees” in our condensed consolidated statements of operations. For the three months ended March 31, 2017 and 2016, expense related to such grants was immaterial. The unamortized fair value of these grants was $141,000 as of March 31, 2017 , which will be amortized over a period of 2.0 years. During first quarter of 2017, we reached a legal settlement with Sessa. See note 15.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On March 31, 2017, the underwriters of our offering of Series B Preferred Stock that closed on March 7, 2017, partially exercised their over-allotment option and purchased an additional 100,000 shares of our Series B Preferred Stock at $20.19 per share, which closed on April 5, 2017. The net proceeds to us from the sale of the shares after underwriting discounts were approximately $1.9 million . See note 14.

Significant Accounting Polici26

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying unaudited condensed 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 condensed 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 condensed 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 condensed 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 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2017. 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 and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Ashford 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 condensed 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, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. • On July 1, 2016, we sold the Courtyard Seattle Downtown. • On March 31, 2017 , we acquired the Park Hyatt Beaver Creek Resort & Spa. The results of operations of the hotel property have not been included in our results of operations for the period ended March 31, 2017 as a result of the acquisition occurring on March 31, 2017 .
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.
Restricted Cash	Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. We early adopted Accounting Standards Updates (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in recently adopted accounting standards below.
Impairment of Investments 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. For the three months ended March 31, 2017 and 2016 , we have not recorded any impairment charges.
Investment in Unconsolidated Entity and Ashford Inc.	Investment in Ashford Inc. —We 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 $11.5 million at March 31, 2017 . This investment would typically be accounted for under the equity method of accounting, under Accounting Standards Codification (“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 .
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 and included in “corporate general and administrative” expense in the condensed consolidated statements of operations.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In November 2016, the Financial Accounting Standards Board (“ FASB”) issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result net cash provided by operating activities increased $1.5 million and net cash used in investing activities decreased $1.7 million in the three months ended March 31, 2016. Our beginning-of-period cash, cash equivalents and restricted cash increased 37.9 million and $33.1 million in 2017 and 2016, respectively. 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. The FASB has also issued additional updates that further clarify the requirements of Topic 606 and provide 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 in the initial stages of evaluating the effect of the standard on our condensed consolidated financial statements, including as it pertains to accounting for real estate sales, and continue to evaluate the available transition methods. However, we have not yet selected a transition method. Based on our initial and ongoing assessment of ASU 2014-09, we do not currently believe there will be a material impact to the amount or timing of revenue recognition for rooms revenue, food and beverage revenue and other hotel revenue. 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 available-for-sale (“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 do not expect that ASU 2016-01 will have a material impact on our condensed 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. The accounting for leases under which we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact that ASU 2016-02 will have on our condensed consolidated financial statements, we expect the primary impact to our condensed consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under noncancelable leases on our condensed consolidated balance sheets resulting in the recording of ROU assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the condensed consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - Debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2016-15 will have on our condensed consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01” ) , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. While we are currently evaluating the potential impact of the standard, we currently expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect capitalization of acquisitions costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”), which clarifies the scope of ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. An entity may elect to apply ASU 2017-05 under a retrospective or modified retrospective approach. We are evaluating the impact that ASU 2017-05 will have on our condensed consolidated financial statements and related disclosures.

Investment in Hotel Propertie27

Investment in Hotel Properties, net (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): March 31, 2017 December 31, 2016 Land $ 303,165 $ 210,696 Buildings and improvements 1,022,514 972,412 Furniture, fixtures and equipment 79,655 70,922 Construction in progress 6,094 4,382 Total cost 1,411,428 1,258,412 Accumulated depreciation (254,168 ) (243,880 ) Investments in hotel properties, net $ 1,157,260 $ 1,014,532
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands): Land $ 92,470 Buildings and improvements 47,724 Furniture, fixtures, and equipment 5,306 $ 145,500 Net other assets (liabilities) $ 4,528
Pro Forma Financial Results	The following table reflects the unaudited pro forma results of operations as if the acquisition had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $2.8 million of non-recurring transaction costs directly attributable to the acquisitions for the three months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 2016 Total revenue $ 116,106 $ 117,825 Net income (loss) 7,888 5,070 Net income (loss) attributable to common stockholders 5,418 3,517 Pro Forma income per share: Basic $ 0.19 $ 0.12 Diluted $ 0.19 $ 0.12 Weighted average common shares outstanding (in thousands): Basic 27,267 28,343 Diluted 27,450 28,459

Hotel Disposition (Tables)

Hotel Disposition (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Condensed financial information from hotel property	The following table includes the condensed financial information from this hotel property (in thousands): Three Months Ended March 31, 2016 Total hotel revenue $ 3,187 Total hotel operating expenses (1,758 ) Operating income (loss) 1,429 Property taxes, insurance and other (163 ) Depreciation and amortization (539 ) Interest expense and amortization of loan costs (847 ) Income (loss) before income taxes (120 ) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership 15 Income (loss) before income taxes attributable to the Company $ (105 )

Investment in Unconsolidated 29

Investment in Unconsolidated Entity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2017 December 31, 2016 Total assets $ 91,154 $ 129,797 Total liabilities 51,278 38,168 Redeemable noncontrolling interests 1,671 1,480 Total stockholders’ equity of Ashford Inc. 37,877 37,377 Noncontrolling interests in consolidated entities 328 52,772 Total equity 38,205 90,149 Total liabilities and equity $ 91,154 $ 129,797 Our investment in Ashford Inc., at fair value $ 11,498 $ 8,407 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2017 2016 Total revenue $ 13,013 $ 13,409 Total operating expenses (15,149 ) (13,921 ) Operating income (loss) (2,136 ) (512 ) Realized and unrealized gain (loss) on investment in unconsolidated entity — (1,460 ) Realized and unrealized gain (loss) on investments (75 ) (5,684 ) Other 118 (102 ) Income tax (expense) benefit (630 ) (640 ) Net income (loss) (2,723 ) (8,398 ) (Income) loss from consolidated entities attributable to noncontrolling interests (25 ) 6,548 Net (income) loss attributable to redeemable noncontrolling interests 363 118 Net gain (loss) attributable to Ashford Inc. $ (2,385 ) $ (1,732 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 3,091 $ (1,493 )

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2017 December 31, 2016 Secured revolving credit facility (3) None November 2019 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% $ — $ — Mortgage loan (10) 3 hotels April 2017 5.95% — 245,307 Mortgage loan (10) 1 hotel April 2017 5.95% — 55,915 Mortgage loan (7) (10) 1 hotel April 2017 5.91% — 32,879 Mortgage loan (6) 1 hotel December 2017 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (6) 1 hotel December 2017 LIBOR (1) + 4.95% 40,000 40,000 Mortgage loan (4) 1 hotel March 2018 LIBOR (1) + 2.30% 80,000 80,000 Mortgage loan (5) 1 hotel March 2018 LIBOR (1) + 2.25% 70,000 70,000 TIF loan (7) (8) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (7) (10) 5 hotels February 2019 LIBOR (1) + 2.58% 365,000 — Mortgage loan (6) 1 hotel April 2019 LIBOR (1) + 2.75% 67,500 — Mortgage loan (9) 2 hotels November 2019 LIBOR (1) + 2.65% 192,092 192,765 864,690 766,964 Deferred loan costs, net (8,529 ) (2,348 ) Indebtedness, net $ 856,161 $ 764,616 __________________ (1) LIBOR rates were 0.983% and 0.772% at March 31, 2017 and December 31, 2016 , 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, (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) Our borrowing capacity under our secured revolving credit facility is $100.0 million . We have an option, subject to lender approval, to further increase the borrowing capacity to an aggregate of $250.0 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 second was exercised in March 2017. (5) This loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017. (6) This loan has three one -year extension options, subject to satisfaction of certain conditions. (7) These loans are collateralized by the same property. (8) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5. (9) This loan has two one -year extension options, subject to satisfaction of certain conditions. (10) On January 18, 2017, we refinanced three mortgage loans totaling $333.7 million set to mature in April 2017 with a new $365.0 million loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. The new loan is interest only and bears interest at a rate of LIBOR + 2.58% .

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Summary of amounts used in calculating basic and diluted earnings (loss) per share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Net income (loss) attributable to common stockholders - Basic and diluted: Net income (loss) attributable to the Company $ (13 ) $ (134 ) Less: Dividends on preferred stock (1,673 ) (894 ) Less: Dividends on common stock (5,033 ) (2,837 ) Less: Dividends on unvested performance stock units (67 ) (35 ) Less: Dividends on unvested restricted shares (50 ) (9 ) Undistributed net income (loss) allocated to common stockholders (6,836 ) (3,909 ) Add back: Dividends on common stock 5,033 2,837 Distributed and undistributed net income (loss) - basic and diluted $ (1,803 ) $ (1,072 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 27,267 28,343 Income (loss) per share - basic and diluted: Net income (loss) allocated to common stockholders per share $ (0.07 ) $ (0.04 )
Summary of computation of diluted income per share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 50 $ 9 Income (loss) allocated to unvested performance stock units 67 35 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (255 ) (150 ) Dividends on preferred stock 1,673 894 Total $ 1,535 $ 788 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 50 46 Effect of assumed conversion of operating partnership units 4,223 4,764 Effect of assumed conversion of preferred stock 4,550 3,439 Effect of incentive fee shares 182 116 Total 9,005 8,365

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 Assets Derivative assets: Interest rate derivatives - floors $ — $ 331 $ 331 Interest rate derivatives - caps — 64 64 Options on futures contracts 19 — 19 19 395 414 (1) Non-derivative assets: Investment in Ashford Inc. 11,498 — 11,498 Total $ 11,517 $ 395 $ 11,912 Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Total December 31, 2016 Assets Derivative assets: Interest rate derivatives - floors $ — $ 1,091 $ 1,091 Options on futures contracts 58 — 58 58 1,091 1,149 (1) Non-derivative assets: Investment in Ashford Inc. 8,407 — 8,407 Total $ 8,465 $ 1,091 $ 9,556 __________________ (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, 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (759 ) $ 3,560 Interest rate derivatives - caps (256 ) (47 ) Options on futures contracts (39 ) 20 Non-derivative assets: Investment in Ashford Inc. 3,091 (1,493 ) Total $ 2,037 $ 2,040 Total combined Interest rate derivatives - floors $ (759 ) $ 3,560 Interest rate derivatives - caps (256 ) (47 ) Options on futures contracts 117 20 Unrealized gain (loss) on derivatives (898 ) $ 3,533 Realized gain (loss) on options on futures contracts (156 ) (1) — (1) Unrealized gain (loss) on investment in Ashford Inc. 3,091 (1,493 ) Net $ 2,037 $ 2,040 __________________ (1) Included in “other income (expense)” in the condensed consolidated statements of operations.

Summary of Fair Value of Fina33

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Investment in Ashford Inc. $ 11,498 $ 11,498 $ 8,407 $ 8,407 Derivative assets 414 414 1,149 1,149 Financial assets not measured at fair value: Cash and cash equivalents $ 161,314 $ 161,314 $ 126,790 $ 126,790 Restricted cash 35,779 35,779 37,855 37,855 Accounts receivable, net 24,912 24,912 18,194 18,194 Note receivable 8,098 8,490 to 9,384 8,098 8,511 to $ 9,407 Due from Ashford Trust OP, net — — 488 488 Due from AQUA U.S. Fund — — 2,289 2,289 Due from related party, net 598 598 377 377 Due from third-party hotel managers 9,936 9,936 7,555 7,555 Financial liabilities not measured at fair value: Indebtedness $ 864,690 $ 812,563 to $ 898,094 $ 766,964 $ 726,774 to $ 803,276 Accounts payable and accrued expenses 52,939 52,939 44,791 44,791 Dividends and distributions payable 8,025 8,025 5,038 5,038 Due to Ashford Trust OP, net 6 6 — — Due to Ashford Inc. 3,525 3,525 5,085 5,085 Due to affiliate — — 2,500 2,500 Due to third-party hotel managers 962 962 973 973

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 2016 Advisory services fee Base advisory fee $ 2,003 $ 2,025 Reimbursable expenses (1) 547 652 Equity-based compensation (2) (1,685 ) (613 ) $ 865 $ 2,064 ________ (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, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

Organization and Description 35

Organization and Description of Business (Details)	Mar. 31, 2017hotelstate	Sep. 17, 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	7
Number of rooms owned	3,892
Number of rooms owned, net of partnership interest	3,657
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
Remington Lodging [Member]
Organization and Description of Business [Line Items]
Interest in partnership		80.00%

Significant Accounting Polici36

Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Increase in net cash provided by operating activities	$ 4,554	$ 12,143
Decrease in net cash used in investing activities	161,012	2,684
Restricted cash	$ 35,779	36,374	$ 37,855	$ 33,135
Ashford Inc. [Member]
Significant Accounting Policies [Line Items]
Investment owned (in shares)	195		195
Equity method investment, ownership percentage	9.70%		9.70%
Investment in Ashford Inc., at fair value	$ 11,498		$ 8,407
Minimum [Member] | Restricted Cash [Member]
Significant Accounting Policies [Line Items]
Restricted cash reserves as percentage of property revenue	4.00%
Maximum [Member] | Restricted Cash [Member]
Significant Accounting Policies [Line Items]
Restricted cash reserves as percentage of property revenue	6.00%
Accounting Standards Update 2016-18 [Member]
Significant Accounting Policies [Line Items]
Increase in net cash provided by operating activities		1,500
Decrease in net cash used in investing activities		1,700
Restricted cash	$ 37,900	$ 33,100

Investment in Hotel Propertie37

Investment in Hotel Properties, net (Investments in Hotel Properties, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Land	$ 303,165	$ 210,696
Buildings and improvements	1,022,514	972,412
Furniture, fixtures and equipment	79,655	70,922
Construction in progress	6,094	4,382
Total cost	1,411,428	1,258,412
Accumulated depreciation	(254,168)	(243,880)
Investments in hotel properties, net	$ 1,157,260	$ 1,014,532

Investment in Hotel Propertie38

Investment in Hotel Properties, net (Acquisition) (Details) - Park Hyatt Beaver Creek [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition [Line Items]
Ownership interest acquired	100.00%	100.00%
Consideration transferred	$ 145,500
Non-recurring transaction costs	2,800	$ 2,800
Preliminary estimated fair value of acquisition
Land	92,470	92,470
Buildings and improvements	47,724	47,724
Furniture, fixtures, and equipment	5,306	5,306
Assets acquired, liabilities assumed, net	145,500	145,500
Net other assets (liabilities)	$ 4,528	4,528
Pro Forma Financial Results
Total revenue		116,106	$ 117,825
Net income (loss)		7,888	5,070
Net income (loss) attributable to common stockholders		$ 5,418	$ 3,517
Basic (in dollars per share)		$ 0.19	$ 0.12
Diluted (in dollars per share)		$ 0.19	$ 0.12
Basic (in shares)		27,267	28,343
Diluted (in shares)		27,450	28,459

Hotel Disposition (Details)

Hotel Disposition (Details) - Courtyard Seattle Downtown [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Jul. 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal			$ 84,500
Total hotel revenue	$ 3,187
Total hotel operating expenses	(1,758)
Operating income (loss)	1,429
Property taxes, insurance and other	(163)
Depreciation and amortization	(539)
Gain (loss) on sale of hotel property		$ 26,400
Interest expense and amortization of loan costs	(847)
Income (loss) before income taxes	(120)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	15
Income (loss) before income taxes attributable to the Company	$ (105)

Note Receivable (Details)

Note Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
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 41

Investment in Unconsolidated Entity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total assets	$ 1,450,822		$ 1,256,997
Total liabilities	926,694		828,060
Redeemable noncontrolling interests in operating partnership	48,585		59,544
Total stockholders' equity of Ashford Inc.	376,606		308,796
Noncontrolling interest in consolidated entity	(5,384)		(5,363)
Total equity	371,222		303,433
Total liabilities and equity	1,450,822		$ 1,256,997
Total revenue	97,296	$ 99,797
Total operating expenses	(90,046)	(88,344)
OPERATING INCOME (LOSS)	7,250	11,453
Income tax expense	478	(370)
NET INCOME (LOSS)	(289)	(139)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	255	150
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(13)	(134)
Unrealized gain (loss) on investment in Ashford Inc.	$ 3,091	(1,493)
Ashford Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Investment owned (in shares)	195		195
Share price (in dollars per share)	$ 59		$ 43.14
Equity method investment, ownership percentage	9.70%		9.70%
Total assets	$ 91,154		$ 129,797
Total liabilities	51,278		38,168
Redeemable noncontrolling interests in operating partnership	1,671		1,480
Total stockholders' equity of Ashford Inc.	37,877		37,377
Noncontrolling interest in consolidated entity	328		52,772
Total equity	38,205		90,149
Total liabilities and equity	91,154		129,797
Investment in Ashford Inc., at fair value	11,498		$ 8,407
Total revenue	13,013	13,409
Total operating expenses	(15,149)	(13,921)
OPERATING INCOME (LOSS)	(2,136)	(512)
Equity in loss of unconsolidated entities	0	(1,460)
Realized and unrealized gain (loss) on investments	(75)	(5,684)
Other	118	(102)
Income tax expense	(630)	(640)
NET INCOME (LOSS)	(2,723)	(8,398)
(Income) loss from consolidated entities attributable to noncontrolling interests	(25)	6,548
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	363	118
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(2,385)	(1,732)
Unrealized gain (loss) on investment in Ashford Inc.	$ 3,091	$ (1,493)

Indebtedness (Details)

Indebtedness (Details)	Mar. 31, 2017USD ($)hotelextension	Jan. 18, 2017USD ($)loanhotelextension	Mar. 31, 2017USD ($)hotelextension	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Indebtedness, gross	$ 864,690,000		$ 864,690,000	$ 766,964,000
Deferred loan costs, net	(8,529,000)		(8,529,000)	(2,348,000)
Indebtedness, net	$ 856,161,000		$ 856,161,000	764,616,000
Number of extension options | extension	3		3
Term of extension options			1 year
Line of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 15,000,000		$ 15,000,000
Line of Credit [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	0		0
Indebtedness, gross	$ 0		$ 0	$ 0
Borrowing capacity	100,000,000		100,000,000
Further possible expansion	$ 250,000,000		$ 250,000,000
Number of extension options | extension	2		2
Term of extension options			1 year
Extension fee	0.25%		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			3.50%
Line of Credit [Member] | Senior Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
Mortgages [Member]
Debt Instrument [Line Items]
LIBOR rate	0.983%		0.983%	0.772%
Mortgages [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
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	3		3
Interest rate	5.95%		5.95%
Indebtedness, gross	$ 0		$ 0	$ 245,307,000
Mortgages [Member] | Mortgage Loan 2 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Interest rate	5.95%		5.95%
Indebtedness, gross	$ 0		$ 0	55,915,000
Mortgages [Member] | Mortgage Loan 3 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Interest rate	5.91%		5.91%
Indebtedness, gross	$ 0		$ 0	32,879,000
Mortgages [Member] | Mortgage Loan 4 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Basis spread on variable rate			4.95%
Indebtedness, gross	$ 42,000,000		$ 42,000,000	42,000,000
Number of extension options | extension	3		3
Term of extension options			1 year
Mortgages [Member] | Mortgage Loan 5 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Basis spread on variable rate			4.95%
Indebtedness, gross	$ 40,000,000		$ 40,000,000	40,000,000
Mortgages [Member] | Mortgage Loan 6 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Basis spread on variable rate			2.30%
Indebtedness, gross	$ 80,000,000		$ 80,000,000	80,000,000
Mortgages [Member] | Mortgage Loan 7 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Basis spread on variable rate			2.25%
Indebtedness, gross	$ 70,000,000		$ 70,000,000	70,000,000
Number of extension options | extension	3		3
Term of extension options			1 year
Mortgages [Member] | TIF Loan [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Interest rate	12.85%		12.85%
Indebtedness, gross	$ 8,098,000		$ 8,098,000	8,098,000
Mortgages [Member] | Mortgage Loan 8 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	5	5	5
Basis spread on variable rate			2.58%
Indebtedness, gross	$ 365,000,000		$ 365,000,000	0
Face amount of debt		$ 365,000,000
Number of extension options | extension		5
Term of extension options		1 year
Initial term		2 years
Mortgages [Member] | Mortgage Loan 8 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.58%
Mortgages [Member] | Mortgage Loan 9 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	1		1
Basis spread on variable rate			2.75%
Indebtedness, gross	$ 67,500,000		$ 67,500,000	0
Mortgages [Member] | Mortgage Loan 9 [Member] | Park Hyatt Beaver Creek [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Face amount of debt	$ 67,500,000		$ 67,500,000
Number of extension options | extension	3		3
Term of extension options	1 year
Mortgages [Member] | Mortgage Loan 10 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel	2		2
Basis spread on variable rate			2.65%
Indebtedness, gross	$ 192,092,000		$ 192,092,000	$ 192,765,000
Number of extension options | extension	2		2
Term of extension options			1 year
Mortgages [Member] | Three Loans Due April 2017 [Member]
Debt Instrument [Line Items]
Indebtedness, gross		$ 333,700,000
Mortgage Loans on Real Estate, Number of Loans | loan		3

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss) attributable to common stockholders - Basic and diluted:
Net income (loss) attributable to the Company	$ (13)	$ (134)
Less: Dividends on preferred stock	(1,673)	(894)
Undistributed net income (loss) allocated to common stockholders	(6,836)	(3,909)
Distributed and undistributed net income (loss) - basic and diluted	$ (1,803)	$ (1,072)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted (in shares)	27,267	28,343
Income (loss) per share - basic and diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.07)	$ (0.04)
Performance Shares
Net income (loss) attributable to common stockholders - Basic and diluted:
Dividends	$ (67)	$ (35)
Restricted Stock [Member]
Net income (loss) attributable to common stockholders - Basic and diluted:
Dividends	(50)	(9)
Accumulated Deficit
Net income (loss) attributable to common stockholders - Basic and diluted:
Net income (loss) attributable to the Company	(13)
Common Stock
Net income (loss) attributable to common stockholders - Basic and diluted:
Dividends	$ (5,033)	$ (2,837)

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss) allocated to common stockholders is not adjusted for:
Total	$ 1,535	$ 788
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	9,005	8,365
Restricted Stock [Member]
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 50	$ 9
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	50	46
Performance Shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 67	$ 35
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (255)	$ (150)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,223	4,764
Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,673	$ 894
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,550	3,439
Incentive Fee Shares [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	182	116

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivative [Line Items]
Indebtedness, gross		$ 864,690,000		$ 766,964,000
Interest Rate Cap
Derivative [Line Items]
Indebtedness, gross		856,600,000
Notional amount		$ 796,500,000
Interest Rate Cap | Minimum [Member]
Derivative [Line Items]
Strike rate		2.00%
Interest Rate Cap | Maximum [Member]
Derivative [Line Items]
Strike rate		5.43%
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 80,000,000	$ 568,500,000	$ 80,000,000
Strike rate	5.78%		5.78%
Cost of derivative	$ 4,500	$ 319,000
Interest Rate Cap | Not Designated as Hedging Instrument | Minimum [Member]
Derivative [Line Items]
Strike rate		3.00%
Interest Rate Cap | Not Designated as Hedging Instrument | Maximum [Member]
Derivative [Line Items]
Strike rate		5.35%
Interest Rate Floor
Derivative [Line Items]
Notional amount		$ 3,000,000,000
Strike rate		(0.25%)
Eurodollar Future
Derivative [Line Items]
Cost of derivative		$ 0	$ 124,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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	$ 414		$ 1,149
Total	11,912		9,556
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	2,037	$ 2,040
Ashford Inc. [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	3,091	(1,493)
Investment in Affiliate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	11,498		8,407
Non-Derivative Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	2,037	2,040
Non-Derivative Assets [Member] | Ashford Inc. [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	3,091	(1,493)
Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(898)	3,533
Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	331		1,091
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(759)	3,560
Interest Rate Floor | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(759)	3,560
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	64
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(256)	(47)
Interest Rate Cap | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(256)	(47)
Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19		58
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	117	20
Future | Other Income (Expense) [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(156)	0
Future | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(39)	$ 20
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19		58
Total	11,517		8,465
Quoted Market Prices (Level 1) | Investment in Affiliate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	11,498		8,407
Quoted Market Prices (Level 1) | Interest Rate Floor
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Quoted Market Prices (Level 1) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	19		58
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	395		1,091
Total	395		1,091
Significant Other Observable Inputs (Level 2) | Investment in Affiliate [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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	331		1,091
Significant Other Observable Inputs (Level 2) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	64
Significant Other Observable Inputs (Level 2) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0		$ 0

Summary of Fair Value of Fina47

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Financial assets and liabilities measured at fair value:
Derivative assets	$ 414	$ 1,149
Derivative assets, Estimated fair value	414	1,149
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	161,314	126,790	$ 101,891	$ 105,039
Cash and cash equivalents, Estimated fair value	161,314	126,790
Restricted cash, Carrying value	35,779	37,855	$ 36,374	$ 33,135
Restricted cash, Estimated fair value	35,779	37,855
Accounts receivable, Carrying value	24,912	18,194
Accounts receivable, Estimated fair value	24,912	18,194
Note receivable. Carrying value	8,098	8,098
Due from related party, net, Carrying value	598	377
Due from related party, net, Estimated fair value	598	377
Due from third-party hotel managers, Carrying value	9,936	7,555
Due from third-party hotel managers, Estimated fair value	9,936	7,555
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	864,690	766,964
Accounts payable and accrued expenses, Carrying value	52,939	44,791
Accounts payable and accrued expenses, Estimated fair value	52,939	44,791
Dividends and distributions payable, Carrying value	8,025	5,038
Dividends and distributions payable, Estimated fair value	8,025	5,038
Due to affiliate, net, Carrying Value	0	2,500
Due to Affiliate, Fair Value Disclosure	0	2,500
Due to third-party hotel managers, Carrying value	962	973
Due to third-party hotel managers, Estimated fair value	962	973
Minimum [Member]
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	8,490	8,511
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	812,563	726,774
Maximum [Member]
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	9,384	9,407
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	898,094	803,276
Ashford Inc. [Member]
Financial liabilities not measured at fair value:
Due to affiliate, net, Carrying Value	3,525	5,085
Due to Affiliate, Fair Value Disclosure	3,525	5,085
AQUA U.S. Fund [Member]
Financial assets not measured at fair value:
Due from affiliate, Estimated Fair Value	0	2,289
Due from affiliates, Fair Value Disclosure	0	2,289
Ashford Trust OP [Member]
Financial assets not measured at fair value:
Due from affiliate, Estimated Fair Value	0	488
Due from affiliates, Fair Value Disclosure	0	488
Financial liabilities not measured at fair value:
Due to affiliate, net, Carrying Value	6	0
Due to Affiliate, Fair Value Disclosure	6	0
Ashford Inc. [Member]
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc., at fair value	$ 11,498	$ 8,407

Summary of Fair Value of Fina48

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
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	$ 864,690	$ 766,964
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	4.80%	5.10%
Total indebtedness fair value variance from carrying value (as a percent)	94.00%	94.80%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	15.90%	16.20%
Total indebtedness fair value variance from carrying value (as a percent)	103.90%	104.70%

Redeemable Noncontrolling Int49

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Oct. 31, 2016	Jun. 30, 2015	May 31, 2015	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership	$ 48,585		$ 59,544
Noncontrolling interest in a consolidated entity	25.00%		25.00%
Redemption value adjustment	$ 8,843
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	255	$ 150
Cash distributions declared	$ 790	516
Ashford Prime OP [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interest in a consolidated entity	13.12%		13.90%
Redemption value adjustment	$ 0	$ 8,900
Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Award vesting period	3 years
Compensation not yet recognized	$ 24
Period for recognition	1 year 3 months 18 days
Other than options (in shares)	1,100,000
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]
Period for recognition	1 year 9 months 18 days
Performance Long Term Incentive Plan Units [Member] | Tranche One [Member]
Noncontrolling Interest [Line Items]
Compensation not yet recognized	$ 1,100
Performance Long Term Incentive Plan Units [Member] | Tranche Three [Member]
Noncontrolling Interest [Line Items]
Units which have not reached full economic parity with the common units	701,000			312,000	389,000
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units redeemed	5,000	0
Redemption/conversion of operating partnership units	$ 67
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%
Advisory Services Fee [Member] | Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 43	$ 86
Advisory Services Fee [Member] | Performance Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 1,000	$ 324

Equity and Stock-Based Compen50

Equity and Stock-Based Compensation (Details)	Mar. 01, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)hotelshares	Mar. 31, 2016USD ($)shares	Mar. 31, 2017USD ($)hotelshares	Dec. 31, 2016USD ($)hotel	Apr. 08, 2016USD ($)	Oct. 27, 2014USD ($)
Class of Stock [Line Items]
Issuance of common stock		$ 66,650,000	$ 0
Dividends declared - common stock		5,149,000	2,800,000
Equity-based compensation		(664,000)
Value of stock repurchased during period		$ 118,000
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 entity		$ (5,384,000)		$ (5,384,000)	$ (5,363,000)
(Income) loss from consolidated entities attributable to noncontrolling interests		(21,000)	145,000
Restricted Stock [Member]
Class of Stock [Line Items]
Other than options intrinsic value		3,300,000		3,300,000
Compensation not yet recognized		$ 2,800,000		2,800,000
Period for recognition		4 years 7 months 6 days
Restricted Stock [Member] | Advisory Services Fee [Member]
Class of Stock [Line Items]
Equity-based compensation expense		$ 118,000	23,000
Restricted Stock [Member] | Corporate General and Administrative Expense [Member]
Class of Stock [Line Items]
Equity-based compensation expense		$ 18,000	0
Performance Shares
Class of Stock [Line Items]
Award service period		3 years
Other than options intrinsic value		$ 2,600,000		2,600,000
Compensation not yet recognized		$ 1,700,000		$ 1,700,000
Period for recognition		1 year 9 months 18 days
Performance Shares | Advisory Services Fee [Member]
Class of Stock [Line Items]
Equity-based compensation expense		$ 800,000
Additional Paid-in Capital
Class of Stock [Line Items]
Equity-based compensation		(664,000)
Value of stock repurchased during period		$ 118,000
Additional Paid-in Capital | Performance Shares | Advisory Services Fee [Member]
Class of Stock [Line Items]
Equity-based compensation			$ 398,000
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Share repurchase program authorized amount						$ 50,000,000	$ 100,000,000
Shares of stock repurchased during period (in shares) | shares		0	0	4,300,000
Value of stock repurchased during period				$ 63,200,000
Minimum [Member] | Performance Shares
Class of Stock [Line Items]
Award performance target		0.00%
Maximum [Member] | Performance Shares
Class of Stock [Line Items]
Award performance target		200.00%
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	5,800,000
Issuance of preferred stock (in dollars per share) | $ / shares	$ 12.15
Issuance of common stock	$ 69,900,000
Proceeds from issuance of stock, net of discounts and expenses	$ 66,500,000

5.5% Series B Cumulative Conv51

5.5% Series B Cumulative Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2017USD ($)$ / sharesshares	Mar. 07, 2017USD ($)$ / sharesshares	Apr. 26, 2016USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Dec. 31, 2016shares
Class of Stock [Line Items]
Preferred dividends | $				$ 1,673	$ 894
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate		5.50%	5.50%	5.50%
Initial conversion price (in dollars per share)				$ 18.90
Preferred stock conversion rate				1.3228
Consecutive trading days				45 days
Days ending prior to notice of conversion				3 days
Issuance of common stock (in shares) | shares		2,000,000	290,850
Issuance of preferred stock (in dollars per share)		$ 20.19	$ 17.24
Proceeds from issuance of preferred stock | $		$ 39,900	$ 5,000
Proceeds from issuance of stock, net of discounts and expenses | $		$ 38,400	$ 4,200
Liquidation preference per share (in dollars per share)		$ 25	$ 25
Series B preferred stock, shares outstanding (in shares) | shares				4,865,850		2,890,850
Annual preferred stock dividend (in dollars per share)				$ 1.375
Series B Preferred Stock [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Issuance of preferred stock (in dollars per share)	$ 20.19
Series B Preferred Stock [Member] | Subsequent Event [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares	100,000
Proceeds from issuance of stock, net of discounts and expenses | $	$ 1,900
Series B Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Percent of conversion price				110.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Feb. 16, 2017USD ($)director	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 16, 2016shares
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%
Maximum percentage of project budget to be paid as market service fees		16.50%
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%
Litigation with Sessa [Member]
Commitments and Contingencies [Line Items]
Number of independent designees | director	2
Number of directors on board | director	5
Number of independent directors | director	1
Deadline term for stockholder nominations before annual meeting	15 days
Term for stockholder nomination prior to first anniversary of annual meeting	150 days
Settlement amount	$ 2,500,000
Receivable amount			$ 2,000,000
Loss contingency accrual			2,500,000
Jesse Small v. Monty J. Bennett, et al., Case No. 24-C-16006020 (Md. Cir. Ct. [Member]
Commitments and Contingencies [Line Items]
Number of shares purchased from affiliate, alleged corporate waste | shares				175,000
Corporate General and Administrative Expense [Member] | Litigation with Sessa [Member]
Commitments and Contingencies [Line Items]
Settlement expense			$ 500,000

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2017segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details)	Jan. 24, 2017USD ($)term	Jul. 01, 2016shares	Apr. 01, 2016shares	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier	110.00%
Due to affiliate				$ 0		$ 2,500,000
Advisory services fee				865,000	$ 2,064,000
Advisory agreement, amount due upon approval	$ 5,000,000
Advisory agreement, growth covenant, base amount	$ 45,000,000
Advisory agreement, growth covenant, percent of purchase price of each hotel	3.75%
Advisory agreement, growth covenant, minimum net worth	$ 390,000,000
Advisory agreement, growth covenant, equity proceeds from sale of securities	75.00%
Advisory agreement, number of renewal terms | term	7
Advisory agreement, renewal term	10 years
Advisory agreement, monthly base management fee	70.00%
Restricted Stock [Member]
Related Party Transaction [Line Items]
Compensation not yet recognized				$ 2,800,000
Period for recognition				4 years 7 months 6 days
Ashford LLC [Member]
Related Party Transaction [Line Items]
Advisory services fee				$ 865,000	2,064,000
Ashford LLC [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee				2,003,000	2,025,000
Ashford LLC [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services fee				547,000	652,000
Ashford LLC [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services fee				(1,685,000)	$ (613,000)
Affiliated Entity [Member] | Restricted Stock [Member]
Related Party Transaction [Line Items]
Units issued (in shares) | shares		1,000	21,000
Compensation not yet recognized				$ 141,000
Period for recognition				2 years
AQUA U.S. Fund [Member]
Related Party Transaction [Line Items]
Receivable due						2,300,000
Ashford Trust OP [Member]
Related Party Transaction [Line Items]
Due to affiliate				$ 6,000		0
Due from Ashford Trust OP, net				0		488,000
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Due to affiliate				$ 3,525,000		$ 5,085,000
Minimum [Member]
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier				0.50%
Advisory agreement, total market capitalization				$ 10,000,000,000
Advisory agreement, percent of termination fee required in escrow	50.00%
Maximum [Member]
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier				0.70%
Advisory agreement, total market capitalization				$ 6,000,000,000
Advisory agreement, percent of termination fee required in escrow	100.00%

Subsequent Event (Details)

Subsequent Event (Details) - Series B Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 05, 2017	Mar. 07, 2017	Apr. 26, 2016
Subsequent Event [Line Items]
Issuance of common stock (in shares)		2,000,000	290,850
Issuance of preferred stock (in dollars per share)		$ 20.19	$ 17.24
Proceeds from issuance of stock, net of discounts and expenses		$ 38.4	$ 4.2
Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of preferred stock (in dollars per share)	$ 20.19
Subsequent Event [Member] | Over-Allotment Option [Member]
Subsequent Event [Line Items]
Issuance of common stock (in shares)	100,000
Proceeds from issuance of stock, net of discounts and expenses	$ 1.9