Braemar Hotels & Resorts (BHR) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 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	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,932,838

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Investments in hotel properties, gross	$ 1,529,111	$ 1,258,412
Accumulated depreciation	(297,976)	(243,880)
Investments in hotel properties, net	1,231,135	1,014,532
Cash and cash equivalents	126,771	126,790
Restricted cash	31,609	37,855
Accounts receivable, net of allowance of $236 and $96, respectively	20,493	18,194
Insurance receivable	19,037	0
Inventories	1,739	1,479
Note receivable	8,098	8,098
Deferred costs, net	745	1,020
Prepaid expenses	4,493	3,669
Derivative assets	758	1,149
Other assets	4,524	2,249
Intangible assets, net	22,615	22,846
Due from related party, net	645	377
Due from third-party hotel managers	7,492	7,555
Total assets	1,491,964	1,256,997
Liabilities:
Indebtedness, net	906,820	764,616
Accounts payable and accrued expenses	59,912	44,791
Dividends and distributions payable	8,599	5,038
Due to affiliate	0	2,500
Due to third-party hotel managers	2,633	973
Intangible liability, net	3,583	3,625
Other liabilities	1,576	1,432
Total liabilities	984,503	828,060
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 and 2,890,850 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	106,123	65,960
Redeemable noncontrolling interests in operating partnership	45,782	59,544
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,950,777 and 26,021,552 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	319	260
Additional paid-in capital	467,460	401,790
Accumulated deficit	(106,941)	(93,254)
Total stockholders’ equity of the Company	360,838	308,796
Noncontrolling interest in consolidated entity	(5,282)	(5,363)
Total equity	355,556	303,433
Total liabilities and equity	1,491,964	1,256,997
Ashford Trust OP [Member]
ASSETS
Due from Ashford Trust OP, net	0	488
AQUA U.S. Fund [Member]
ASSETS
Due from Ashford Trust OP, net	0	2,289
Ashford Inc. [Member]
Liabilities:
Due to affiliate	1,380	5,085
Ashford Inc. [Member]
ASSETS
Investment in Ashford Inc., at fair value	11,810	8,407
Total assets	84,012	129,797
Liabilities:
Total liabilities	49,754	38,168
Redeemable noncontrolling interests in operating partnership	1,936	1,480
Equity:
Total stockholders’ equity of the Company	31,862	37,377
Noncontrolling interest in consolidated entity	460	52,772
Total equity	32,322	90,149
Total liabilities and equity	$ 84,012	$ 129,797

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful notes receivable	$ 236	$ 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)	31,950,777	26,021,552
Common stock, shares outstanding (in shares)	31,950,777	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)	4,965,850	2,890,850
Series B preferred stock, shares outstanding (in shares)	4,965,850	2,890,850

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUE
Rooms	$ 77,336,000	$ 73,944,000	$ 224,203,000	$ 222,778,000
Food and beverage	23,147,000	20,106,000	75,600,000	72,022,000
Other	7,597,000	5,568,000	21,588,000	16,977,000
Total hotel revenue	108,080,000	99,618,000	321,391,000	311,777,000
Other	39,000	33,000	116,000	103,000
Total revenue	108,119,000	99,651,000	321,507,000	311,880,000
Hotel operating expenses:
Rooms	17,698,000	16,926,000	51,108,000	49,841,000
Food and beverage	17,766,000	15,944,000	53,890,000	51,656,000
Other expenses	35,182,000	28,249,000	94,934,000	86,923,000
Management fees	3,889,000	3,820,000	11,643,000	11,958,000
Total hotel expenses	74,535,000	64,939,000	211,575,000	200,378,000
Property taxes, insurance and other	5,197,000	5,120,000	15,641,000	14,677,000
Depreciation and amortization	14,133,000	11,175,000	39,573,000	34,342,000
Impairment charges	1,008,000	0	1,008,000	0
Advisory services fee	1,814,000	4,454,000	5,822,000	12,353,000
Contract modification cost	0	0	5,000,000	0
Transaction costs	244,000	63,000	6,638,000	501,000
Corporate general and administrative	1,602,000	2,653,000	7,007,000	16,414,000
Total expenses	98,533,000	88,404,000	292,264,000	278,665,000
OPERATING INCOME (LOSS)	9,586,000	11,247,000	29,243,000	33,215,000
Equity in earnings (loss) of unconsolidated entity	0	0	0	(2,587,000)
Interest income	198,000	50,000	475,000	132,000
Gain (loss) on sale of hotel property	0	26,359,000	0	26,359,000
Other income (expense)	(22,000)	(78,000)	(292,000)	(88,000)
Interest expense and amortization of loan costs	(10,610,000)	(9,795,000)	(28,743,000)	(31,066,000)
Write-off of loan costs and exit fees	(380,000)	(2,595,000)	(2,343,000)	(2,595,000)
Unrealized gain (loss) on investment in Ashford Inc.	1,875,000	(458,000)	3,403,000	(1,091,000)
Unrealized gain (loss) on derivatives	(531,000)	(3,912,000)	(1,529,000)	2,218,000
INCOME (LOSS) BEFORE INCOME TAXES	116,000	20,818,000	214,000	24,497,000
Income tax (expense) benefit	(333,000)	504,000	(334,000)	(1,022,000)
NET INCOME (LOSS)	(217,000)	21,322,000	(120,000)	23,475,000
(Income) loss from consolidated entities attributable to noncontrolling interests	(1,143,000)	(2,504,000)	(2,736,000)	(2,569,000)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	360,000	(1,960,000)	958,000	(1,994,000)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(1,000,000)	16,858,000	(1,898,000)	18,912,000
Preferred dividends	(1,707,000)	(994,000)	(5,087,000)	(2,866,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,707,000)	$ 15,864,000	$ (6,985,000)	$ 16,046,000
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.09)	$ 0.61	$ (0.25)	$ 0.58
Weighted average common shares outstanding – basic (in shares)	31,483	25,554	30,089	27,261
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.09)	$ 0.55	$ (0.25)	$ 0.56
Weighted average common shares outstanding – diluted (in shares)	31,483	33,874	30,089	31,887
Dividends declared per common share (in dollars per share)	$ 0.16	$ 0.12	$ 0.48	$ 0.34

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (217)	$ 21,322	$ (120)	$ 23,475
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	(217)	21,322	(120)	23,475
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities	(1,143)	(2,504)	(2,736)	(2,569)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	360	(1,960)	958	(1,994)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (1,000)	$ 16,858	$ (1,898)	$ 18,912

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 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	(195)		(195)
Repurchase of common stock (in shares)		(17)
Equity-based compensation	(600)		(600)
Equity-based compensation						(1,392)
Issuance of common stock (in shares)		5,750
Issuance of common stock	66,442	$ 57	66,385
Issuance of restricted shares/units (in shares)		195
Issuance of restricted shares/units	0	$ 2	(2)			21
Forfeiture of restricted common shares	0
Forfeiture of restricted common shares (in shares)		(5)
Dividends declared - common stock	(15,545)			(15,545)
Dividends declared - preferred stock	(5,087)			(5,087)
Distributions to redeemable noncontrolling interest	(2,655)				(2,655)	(2,508)
Redemption/conversion of operating partnership units (in shares)		6
Redemption/conversion of operating partnership units	82		82
Redemption/conversion of operating partnership units						(82)
Net income (loss) attributable to the Company	(1,898)			(1,898)
(Income) loss from consolidated entities attributable to noncontrolling interests	2,736				2,736
Net income (loss)	838
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership						(958)
Redemption value adjustment	8,843			8,843
Redemption value adjustment						(8,843)
Ending balance (in shares) at Sep. 30, 2017		31,951
Ending balance at Sep. 30, 2017	355,556	$ 319	$ 467,460	$ (106,941)	$ (5,282)
Ending balance at Sep. 30, 2017	$ 45,782					$ 45,782

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME (LOSS)	$ (217,000)	$ 21,322,000	$ (120,000)	$ 23,475,000
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	14,133,000	11,175,000	39,573,000	34,342,000
Equity-based compensation			(1,992,000)	3,539,000
Bad debt expense			172,000	156,000
Amortization of loan costs			3,754,000	2,406,000
Write-off of loan costs and exit fees	380,000	2,595,000	2,343,000	2,595,000
Amortization of intangibles			136,000	71,000
(Gain) loss on sale of hotel property			0	(27,150,000)
Impairment charges	1,008,000	0	1,008,000	0
Unrealized (gain) loss on investment in Ashford Inc.	(1,875,000)	458,000	(3,403,000)	1,091,000
Realized and unrealized (gain) loss on derivatives			1,800,000	(2,140,000)
Net settlement of trading derivatives			(1,062,000)	0
Equity in (earnings) loss of unconsolidated entity	0	0	0	2,587,000
Deferred tax expense (benefit)			119,000	357,000
Payments for derivatives			0	(114,000)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Accounts receivable and inventories			260,000	(4,082,000)
Insurance receivable			(276,000)	0
Prepaid expenses and other assets			(758,000)	(1,346,000)
Accounts payable and accrued expenses			5,100,000	7,928,000
Due to/from related party, net			(255,000)	(104,000)
Due to/from affiliate, net			(2,500,000)	0
Due to/from third-party hotel managers			5,798,000	4,027,000
Other liabilities			144,000	173,000
Net cash provided by (used in) operating activities			46,624,000	46,917,000
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of hotel properties, net of cash and restricted cash acquired			(243,693,000)	0
Proceeds from liquidation of AQUA U.S. Fund			2,289,000	43,489,000
Net proceeds from sales of hotel property			0	82,732,000
Improvements and additions to hotel properties			(32,744,000)	(16,615,000)
Net cash provided by (used in) investing activities			(274,148,000)	109,606,000
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness			523,500,000	0
Repayments of indebtedness			(376,385,000)	(71,283,000)
Payments of loan costs and exit fees			(10,733,000)	(2,664,000)
Payments for derivatives			(347,000)	(5,000)
Purchase of common stock			(195,000)	(39,224,000)
Payments for dividends and distributions			(19,579,000)	(12,284,000)
Issuance of preferred stock			40,163,000	4,233,000
Issuance of common stock			66,442,000	0
Distributions to a noncontrolling interest in a consolidated entity			(1,628,000)	(3,766,000)
Other			21,000	19,000
Net cash provided by (used in) financing activities			221,259,000	(124,974,000)
Net change in cash, cash equivalents and restricted cash			(6,265,000)	31,549,000
Cash, cash equivalents and restricted cash at beginning of period			164,645,000	138,174,000	$ 138,174,000
Cash, cash equivalents and restricted cash at end of period	158,380,000	169,723,000	158,380,000	169,723,000	164,645,000
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid			26,385,000	29,039,000
Income taxes paid			1,025,000	379,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid				4,876,000
Capital expenditures accrued but not paid			2,721,000	1,181,000
Receivable related to liquidation of AQUA U.S. Fund			0	2,289,000
Accrued preferred stock offering expenses			0	479,000
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period			126,790,000	105,039,000	105,039,000
Restricted cash at beginning of period			37,855,000	33,135,000	33,135,000
Cash, cash equivalents and restricted cash at beginning of period	158,380,000	169,723,000	164,645,000	138,174,000	138,174,000
Cash and cash equivalents at end of period	126,771,000	128,625,000	126,771,000	128,625,000	126,790,000
Restricted cash at end of period	31,609,000	41,098,000	31,609,000	41,098,000	$ 37,855,000
Cash, cash equivalents and restricted cash at end of period	$ 158,380,000	$ 169,723,000	158,380,000	169,723,000
Ashford Trust OP [Member]
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from affiliate, net			488,000	(535,000)
Ashford Inc. [Member]
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from affiliate, net			$ (3,705,000)	$ (359,000)

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 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” or the “Advisor”) 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 September 30, 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 three of our thirteen hotel properties. Third-party management companies managed the remaining hotel properties. The accompanying condensed consolidated financial statements include the accounts of such wholly-owned and majority owned subsidiaries of Ashford Prime OP that as of September 30, 2017 , own and operate thirteen hotel properties in seven states, the District of Columbia and the U.S. Virgin Islands. The portfolio includes eleven 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 3,978 total rooms, or 3,743 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 September 30, 2017 , twelve of our thirteen 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 September 30, 2017 , ten of the thirteen 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”), Ritz-Carlton, Inc. (“Ritz-Carlton”) and Remington Lodging, which are eligible independent contractors under the Internal Revenue Code.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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, and on May 11, 2017, we acquired the Hotel Yountville. The operating results of these hotel properties have been included in our results of operations as of their acquisition dates. Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 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 5% 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. We recorded impairment charges of $1.0 million to investments in hotel properties for the three and nine months ended September 30, 2017 due to Hurricanes Irma and Maria. No impairment charges were recorded for the three and nine months ended September 30, 2016. See note 3. Investment in Ashford Inc. —We hold approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.6% ownership interest in Ashford Inc. and had a fair value of $11.8 million at September 30, 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 $13.1 million and net cash provided by investing activities decreased $5.2 million for the nine months ended September 30, 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 standard permits the use of either the retrospective or cumulative effect (modified) transition method. We are continuing to evaluate each of our revenue streams under the new standard and because of the short-term, day-to-day nature of hotel revenues, our pattern of revenue recognition is not expected to change significantly. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations. Therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. We presently expect to select the modified retrospective method. We do not expect adoption of this standard will have a material impact on our consolidated financial statements. We continue to evaluate the related disclosure requirements. 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	9 Months Ended
	Sep. 30, 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): September 30, 2017 December 31, 2016 Land $ 347,662 $ 210,696 Buildings and improvements 1,076,366 972,412 Furniture, fixtures and equipment 96,845 70,922 Construction in progress 8,238 4,382 Total cost 1,529,111 1,258,412 Accumulated depreciation (297,976 ) (243,880 ) Investments in hotel properties, net $ 1,231,135 $ 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 prepared the purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm during the three months ended June 30, 2017. The final purchase price allocation resulted in adjustments to land, buildings and improvements and furniture, fixtures and equipment. These adjustments did not result in any changes to depreciation expense as the acquisition closed on March 31, 2017. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired in the acquisition (in thousands): Preliminary Allocations as of March 31, 2017 Adjustments Final Allocations as of June 30, 2017 Land $ 92,470 $ (3,353 ) $ 89,117 Buildings and improvements 47,724 3,545 51,269 Furniture, fixtures and equipment 5,306 (192 ) 5,114 $ 145,500 $ — $ 145,500 Net other assets (liabilities) $ 4,528 $ (721 ) $ 3,807 The results of operations of the hotel property have been included in our results of operations since the acquisition date. For the three and nine months ended September 30, 2017 , we have included total revenue of $8.7 million and $13.7 million , net loss of $23,000 and $2.1 million , respectively, in our condensed consolidated statements of operations. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2016 are included below under “Pro Forma Financial Results.” Hotel Yountville On May 11, 2017, we acquired a 100% interest in the Hotel Yountville in Yountville, California for total consideration of $96.5 million . Concurrent with the closing of the acquisition, we completed the financing of a $51.0 million mortgage loan. See note 7. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was prepared with the assistance of a third-party appraisal firm during the three months ended September 30, 2017.We are in the process of evaluating property level working capital balances, which amounted to a net liability of $2.1 million . This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired in the acquisition (in thousands): Final Allocations as of September 30, 2017 Land $ 47,849 Buildings and improvements 41,216 Furniture, fixtures and equipment 7,351 96,416 Inventories 84 96,500 The results of operations of the hotel property have been included in our results of operations as of the acquisition date. For both the three and nine months ended September 30, 2017 , we have included total revenue of $4.7 million and $7.1 million , net income of $1.2 million and $1.5 million , respectively, in our condensed consolidated statements of operations. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2016 are included below. Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $5.3 million of non-recurring transaction costs directly attributable to the acquisitions for the nine months ended September 30, 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 108,119 $ 113,504 $ 344,593 $ 355,642 Net income (loss) (217 ) 23,087 9,536 29,141 Net income (loss) attributable to common stockholders (2,707 ) 17,434 1,458 21,024 Pro Forma income per share: Basic $ (0.09 ) $ 0.67 $ 0.03 $ 0.76 Diluted $ (0.09 ) $ 0.60 $ 0.03 $ 0.74 Weighted average common shares outstanding (in thousands): Basic 31,483 25,554 30,089 27,261 Diluted 31,483 33,874 30,235 31,887 Impairment Charges and Insurance Recoveries In September 2017, the Ritz-Carlton, St. Thomas located in St. Thomas, USVI , Key West Pier House located in Key West, FL and Tampa Renaissance located in Tampa, FL were impacted by the effects of Hurricanes Irma and Maria. The Company holds insurance policies that provide coverage for property damage and business interruption after meeting certain deductibles at all of its hotel properties. During the three and nine months ended September 30, 2017 , the Company recognized impairment charges, net of anticipated insurance recoveries of $1.0 million . Additionally, the Company recognized remediation and other costs, net of anticipated insurance recoveries of $3.6 million , included primarily in other hotel operating expenses. As of September 30, 2017, the Company has recorded an insurance receivable of $19.0 million , net of deductibles of $4.6 million , related to the anticipated insurance recoveries. The Company will not record an insurance recovery receivable for business interruption losses associated with lost profits until the amount for such recoveries is known and the amount is realizable.

Hotel Disposition

Hotel Disposition	9 Months Ended
	Sep. 30, 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 as shown in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 . The following table includes the condensed financial information from this hotel property (in thousands): Three Months Ended Nine Months Ended September 30, 2016 September 30, 2016 Total hotel revenue $ — $ 7,995 Total hotel operating expenses — (4,463 ) Operating income (loss) — 3,532 Property taxes, insurance and other — (333 ) Depreciation and amortization — (834 ) Gain (loss) on sale of hotel property 26,359 26,359 Interest expense and amortization of loan costs — (1,709 ) Income (loss) before income taxes 26,359 27,015 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (2,899 ) (2,972 ) Income (loss) before income taxes attributable to the Company $ 23,460 $ 24,043

Note Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2017
Receivables [Abstract]
Note Receivable	Note Receivable As of September 30, 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	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity Ashford Inc. As of September 30, 2017 and December 31, 2016 , we held approximately 195,000 shares of Ashford Inc. common stock. The closing price per share was $60.60 and $43.14 as of September 30, 2017 and December 31, 2016 , respectively. This represented an approximate 9.6% ownership interest in Ashford Inc. for both September 30, 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 consolidated balance sheets as of September 30, 2017 and December 31, 2016 , and the condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016, of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2017 December 31, 2016 Total assets $ 84,012 $ 129,797 Total liabilities 49,754 38,168 Redeemable noncontrolling interests 1,936 1,480 Total stockholders’ equity of Ashford Inc. 31,862 37,377 Noncontrolling interests in consolidated entities 460 52,772 Total equity 32,322 90,149 Total liabilities and equity $ 84,012 $ 129,797 Our investment in Ashford Inc., at fair value $ 11,810 $ 8,407 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 19,255 $ 16,538 $ 51,907 $ 48,099 Total operating expenses (21,595 ) (16,673 ) (54,965 ) (50,938 ) Operating income (loss) (2,340 ) (135 ) (3,058 ) (2,839 ) Realized and unrealized gain (loss) on investment in unconsolidated entity — — — (1,460 ) Realized and unrealized gain (loss) on investments — (441 ) (91 ) (5,889 ) Other 57 59 185 (21 ) Income tax (expense) benefit 25 (575 ) (9,248 ) (560 ) Net income (loss) (2,258 ) (1,092 ) (12,212 ) (10,769 ) (Income) loss from consolidated entities attributable to noncontrolling interests 102 486 267 6,852 Net (income) loss attributable to redeemable noncontrolling interests 300 321 995 794 Net income (loss) attributable to Ashford Inc. $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 1,875 $ (458 ) $ 3,403 $ (1,091 )

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 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 (4) (5) 1 hotel April 2017 5.91% — 32,879 Mortgage loan (4) 1 hotel April 2017 5.95% — 55,915 Mortgage loan (4) 3 hotels April 2017 5.95% — 245,307 Mortgage loan (6) 1 hotel December 2017 LIBOR (1) +4.95% — 40,000 Mortgage loan (7) 1 hotel December 2017 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (8) 1 hotel March 2018 LIBOR (1) + 2.30% 80,000 80,000 Mortgage loan (9) 1 hotel March 2018 LIBOR (1) + 2.25% 70,000 70,000 TIF loan (5) (10) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (4) (5) 5 hotels February 2019 LIBOR (1) + 2.58% 365,000 — Mortgage loan (7) 1 hotel April 2019 LIBOR (1) + 2.75% 67,500 — Mortgage loan (11) 2 hotels November 2019 LIBOR (1) + 2.65% 190,481 192,765 Mortgage loan 1 hotel May 2022 LIBOR (1) + 2.55% 51,000 — Mortgage loan (6) 1 hotel August 2022 LIBOR (1) + 2.55% 40,000 — 914,079 766,964 Deferred loan costs, net (7,259 ) (2,348 ) Indebtedness, net $ 906,820 $ 764,616 __________________ (1) LIBOR rates were 1.232% and 0.772% at September 30, 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) 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 mortgage 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% . (5) These loans are collateralized by the same hotel property. This hotel property is now included in the $365 million mortgage loan. (6) On August 18, 2017, we refinanced our $40.0 million mortgage loan with a final maturity date in December 2020 with a new $40.0 million mortgage loan that is interest only at a rate of LIBOR + 2.55% and has a five -year term. (7) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. (8) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2017. (9) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017. (10) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5. (11) This mortgage loan has two one -year extension options, subject to satisfaction of certain conditions. On January 18, 2017, we refinanced three mortgage loans with existing outstanding balances totaling approximately $333.7 million . The previous mortgage loans 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 the Park Hyatt Beaver Creek, we completed the financing of a $67.5 million mortgage loan. This mortgage 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. On May 11, 2017, in connection with the acquisition of the Hotel Yountville, we completed the financing of a $51.0 million mortgage loan. This mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.55% . The stated maturity date of the mortgage loan is May 2022 . The mortgage loan is secured by the Hotel Yountville. On August 18, 2017, we refinanced our existing $40.0 million mortgage loan with a final maturity date in December 2020 with a new $40.0 million mortgage loan that is interest only, provides for a floating interest rate of LIBOR + 2.55% and has a stated maturity date of August 2022. The mortgage loan is secured by the Bardessono Hotel. 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (1,000 ) $ 16,858 $ (1,898 ) $ 18,912 Less: Dividends on preferred stock (1,707 ) (994 ) (5,087 ) (2,866 ) Less: Dividends on common stock (5,038 ) (3,064 ) (15,107 ) (9,041 ) Less: Dividends on unvested performance stock units (85 ) (19 ) (238 ) (73 ) Less: Dividends on unvested restricted shares (75 ) (12 ) (200 ) (34 ) Less: Net (income) loss allocated to unvested performance stock units — (142 ) — (15 ) Less: Net (income) loss allocated to unvested restricted shares — (63 ) — (32 ) Undistributed net income (loss) allocated to common stockholders (7,905 ) 12,564 (22,530 ) 6,851 Add back: Dividends on common stock 5,038 3,064 15,107 9,041 Distributed and undistributed net income (loss) - basic and diluted $ (2,867 ) $ 15,628 $ (7,423 ) $ 15,892 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership — 1,960 — 1,994 Dividends on preferred stock — 994 — — Distributed and undistributed net income (loss) - diluted $ (2,867 ) $ 18,582 $ (7,423 ) $ 17,886 Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 31,483 25,554 30,089 27,261 Effect of assumed conversion of operating partnership units — 4,395 — 4,524 Effect of assumed conversion of preferred stock — 3,824 — — Incentive fee shares — 101 — 102 Weighted average common shares outstanding – diluted 31,483 33,874 30,089 31,887 Income (loss) per share - basic and diluted: Net income (loss) allocated to common stockholders per share $ (0.09 ) $ 0.61 $ (0.25 ) $ 0.58 Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.09 ) $ 0.55 $ (0.25 ) $ 0.56 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 75 $ 75 $ 200 $ 66 Income (loss) allocated to unvested performance stock units 85 161 238 88 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (360 ) — (958 ) — Dividends on preferred stock 1,707 — 5,087 2,866 Total $ 1,507 $ 236 $ 4,567 $ 3,020 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 79 56 81 55 Effect of unvested performance stock units — 65 — 58 Effect of assumed conversion of operating partnership units 4,256 — 4,256 — Effect of assumed conversion of preferred stock 6,569 — 5,893 3,608 Effect of incentive fee shares 132 — 146 — Total 11,036 121 10,376 3,721

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2017 , we entered into interest rate caps with notional amounts totaling $659.5 million and strike rates ranging from 3.00% to 5.35% . These interest rate caps have effective dates from January 2017 to August 2017 , maturity dates from March 2018 to September 2019 , and a total cost of $347,000 . These instruments were not designated as cash flow hedges. We also entered into an interest rate floor with a notional amount and strike rate of $1.6 billion and 1.00% , respectively, which had an effective date of September 2017 and a maturity date of December 2018 , for a total cost of $65,000 . During the nine months ended September 30, 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 $5,000 . This instrument was not designated as a cash flow hedge. As of September 30, 2017 , we held interest rate caps with notional amounts totaling $887.5 million and strike rates ranging from 2.00% to 5.43% . These instruments cap the interest rates on our mortgage loans with an aggregate principal balance of $914.1 million and maturity dates from December 2017 to August 2022. These instruments have maturity dates ranging from December 2017 to September 2019 . As of September 30, 2017 , we held interest rate floors with notional amounts totaling $4.6 billion and strike rates ranging from -0.25% to 1.00% . These instruments have termination dates ranging from March 2019 to July 2020 . Credit Default Swap Derivatives —We use credit default swaps to hedge financial and capital market risk. A credit default swap is a derivative contract that functions like an insurance policy against the credit risk of an entity or obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. Credit default swaps are subject to master-netting settlement arrangements and credit support annexes. As of September 30, 2017, we held a credit default swap with a notional amount of $50.0 million , an effective date of August 2017 and an expected maturity date of October 2026. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades was approximately $2.8 million as of September 30, 2017 . Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when such change in market value is over $250,000 . Options on Futures Contracts —During the nine months ended September 30, 2016 , we purchased options on Eurodollar futures for a total cost of $124,000 and a maturity date of June 2017 . During the nine months ended September 30, 2017 , we made no such purchases.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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. Fair value of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty. 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. In determining the fair values of our derivatives at September 30, 2017 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 1.232% to 1.779% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. 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) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total September 30, 2017 Assets Derivative assets: Interest rate derivatives - floors $ — $ 130 $ — $ 47 $ 177 Interest rate derivatives - caps — 6 — — 6 Credit default swaps — 512 — 63 575 — 648 — 110 758 (2) Non-derivative assets: Investment in Ashford Inc. 11,810 — — — 11,810 Total $ 11,810 $ 648 $ — $ 110 $ 12,568 Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) 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) Represents net cash collateral posted between us and our counterparties. (2) 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (132 ) $ (3,911 ) $ (1,026 ) $ 2,336 Interest rate derivatives - caps (24 ) (2 ) (341 ) (62 ) Credit default swaps (1) (375 ) — (375 ) — Options on futures contracts — (77 ) (58 ) (134 ) Total derivative assets $ (531 ) $ (3,990 ) $ (1,800 ) $ 2,140 Non-derivative assets: Investment in Ashford Inc. 1,875 (458 ) 3,403 (1,091 ) Total $ 1,344 $ (4,448 ) $ 1,603 $ 1,049 Total combined Interest rate derivatives - floors $ (132 ) $ (3,911 ) $ (1,026 ) $ 2,336 Interest rate derivatives - caps (24 ) (2 ) (341 ) (62 ) Credit default swaps (375 ) — (375 ) — Options on futures contracts — 1 213 (56 ) Unrealized gain (loss) on derivatives (531 ) (3,912 ) (1,529 ) 2,218 Realized gain (loss) on options on futures contracts — (78 ) (2) (271 ) (2) (78 ) (2) Unrealized gain (loss) on investment in Ashford Inc. 1,875 (458 ) 3,403 (1,091 ) Net $ 1,344 $ (4,448 ) $ 1,603 $ 1,049 _______________ (1) Excludes costs of $22 associated with credit default swaps for both the three and nine months ended September 30, 2017 included in “other income (expense)” in the condensed consolidated statements of operations. (2) 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	9 Months Ended
	Sep. 30, 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): September 30, 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. $ 11,810 $ 11,810 $ 8,407 $ 8,407 Derivative assets 758 758 1,149 1,149 Financial assets not measured at fair value: Cash and cash equivalents $ 126,771 $ 126,771 $ 126,790 $ 126,790 Restricted cash 31,609 31,609 37,855 37,855 Accounts receivable, net 20,493 20,493 18,194 18,194 Insurance receivable 19,037 19,037 — — Note receivable 8,098 8,189 to 9,051 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 645 645 377 377 Due from third-party hotel managers 7,492 7,492 7,555 7,555 Financial liabilities not measured at fair value: Indebtedness $ 914,079 $863,534 to $954,431 $ 766,964 $ 726,774 to $ 803,276 Accounts payable and accrued expenses 59,912 59,912 44,791 44,791 Dividends and distributions payable 8,599 8,599 5,038 5,038 Due to Ashford Inc. 1,380 1,380 5,085 5,085 Due to affiliate — — 2,500 2,500 Due to third-party hotel managers 2,633 2,633 973 973 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, insurance receivable, 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 September 30, 2017 and December 31, 2016 . We estimated the fair value of the note receivable to be approximately 1.1% to 11.8% higher than the carrying value of $8.1 million at September 30, 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 interest rate derivatives is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair value of credit default swaps are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are 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. Fair value 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 94.5% to 104.4% of the carrying value of $914.1 million at September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2017 , a total of 983,000 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 $930,000 at September 30, 2017 will be expensed over a period of 2.3 years, subject to future mark to market adjustments. We recorded credits to compensation expense in the amount of $633,000 and $1.7 million for the three and nine months ended September 30, 2017 , respectively, due to lower fair values as compared to prior periods. For the three and nine months ended September 30, 2016 , this expense was $363,000 and $1.1 million , respectively. The related amounts are included in “advisory services fee” on our condensed consolidated statements of operations. As of September 30, 2017 , we have issued a total of 1.5 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, 312,000 performance-based LTIP units issued in October 2016, 141,000 LTIP units issued in April 2017, 281,000 performance-based LTIP units issued in April 2017 and 6,000 LTIP units issued in June 2017, had reached full economic parity with, and are convertible into, common units. For the three and nine months ended September 30, 2017 , compensation expense of $108,000 and $281,000 , respectively, was recorded related to the LTIP units issued to Ashford LLC’s employees. For the three and nine months ended September 30, 2016 , this expense was $375,000 and $1.1 million respectively. These amounts are included in “advisory services fee.” Expense of $0 and $64,000 was recorded for the three and nine months ended September 30, 2017 , respectively, and expense of $0 and $44,000 was recorded for the three and nine months ended September 30, 2016 , respectively, which was related to LTIP units issued to our independent directors. These amounts are included in “corporate general and administrative” expense in our condensed consolidated statements of operations. The fair value of the unrecognized cost of LTIP units, which was $1.1 million at September 30, 2017 , will be amortized over a period of 2.6 years, subject to future mark to market adjustments. During the three and nine months ended September 30, 2017 , approximately 0 and 6,000 common units with an aggregate redemption fair value of $0 and $82,000 , respectively, were redeemed by the holders and, at our election, we issued shares of our common stock to satisfy the redemption. During the three and nine months ended September 30, 2016 , no common units were redeemed. Redeemable noncontrolling interests in Ashford Prime OP as of September 30, 2017 and December 31, 2016 , were $45.8 million and $59.5 million , respectively, which represented ownership of our operating partnerships of 11.72% and 13.19% , respectively. The carrying value of redeemable noncontrolling interests as of September 30, 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 and nine months ended September 30, 2017 , we allocated net loss of $360,000 and $958,000 to the redeemable noncontrolling interests, respectively. For the three and nine months ended September 30, 2016 , we allocated net income of $2.0 million and $2.0 million to the redeemable noncontrolling interests, respectively. For the three and nine months ended September 30, 2017 , we declared aggregate cash distributions to holders of common units and holders of LTIP units of $858,000 and $2.5 million , respectively. For the three and nine months ended September 30, 2016 , we declared aggregate cash distributions to holders of common units and holders of LTIP units of $572,000 and $1.7 million , respectively. These distributions are recorded as a reduction of redeemable noncontrolling interests in operating partnership.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 $66.4 million . Dividends —Common stock dividends declared for the three and nine months ended September 30, 2017 , were $5.2 million and $15.5 million , respectively. Common stock dividends declared for the three and nine months ended September 30, 2016 , were $3.1 million and $9.1 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 September 30, 2017 , the outstanding PSUs had a fair value of $1.2 million . We recorded credits to compensation expense in the amount of $669,000 and $1.5 million for the three and nine months ended September 30, 2017 , respectively, due to lower fair values of the PSUs. We recorded expense of $291,000 and $703,000 for the three and nine months ended September 30, 2016 , respectively, These amounts are included in “advisory services fee” on our condensed consolidated statements of operations. As of September 30, 2017 , we had unamortized compensation expense of $883,000 related to PSUs which is expected to be recognized over a period of 2.3 years, subject to future mark to market adjustments. Restricted Stock Units —Stock-based compensation expense of $245,000 and $634,000 was recognized for the three and nine months ended September 30, 2017 , respectively, in connection with restricted stock units awarded to employees of Ashford LLC and is included in “advisory services fee” on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2016 , this expense was $129,000 and $374,000 , respectively. There were also restricted stock units 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 and nine months ended September 30, 2017 , expense related to such grants was $27,000 and $61,000 , respectively. For the three and nine months ended September 30, 2016 , this expense was $26,000 and $50,000 , respectively. In addition, stock-based compensation expense of $0 and $181,000 was recognized for the three and nine months ended September 30, 2017 , respectively, and expense of $50,000 and $227,000 was recognized for the three and nine months ended September 30, 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 September 30, 2017 , the outstanding restricted shares had a fair value of $4.5 million . At September 30, 2017 , the unamortized cost of the unvested shares of restricted stock was $3.5 million , which will be expensed over a period of 4.1 years , subject to future mark to market adjustments, and have vesting dates between February 2018 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 and nine months ended September 30, 2017 , pursuant to this authorization. During the three months ended September 30, 2016 , we repurchased 630,000 shares of our common stock for approximately $9.0 million . During the nine months ended September 30, 2016 , we repurchased 2.9 million shares of our common stock for approximately $39.0 million . As of September 30, 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 $(5.3) million and $(5.4) million at September 30, 2017 and December 31, 2016 , respectively. Our ownership interest is reported in equity in the condensed consolidated balance sheets. Noncontrolling interests in consolidated entities were allocated net income of $1.1 million and $2.7 million for the three and nine months ended September 30, 2017 , respectively, and allocated income of $2.5 million and $2.6 million for the three and nine months ended September 30, 2016 , respectively.

5.5% Series B Cumulative Conver

5.5% Series B Cumulative Convertible Preferred Stock	9 Months Ended
	Sep. 30, 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 $38.2 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 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 partial exercise of the over-allotment option after underwriting discounts were approximately $1.9 million . At September 30, 2017 , we had 5.0 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 and nine months ended September 30, 2017 , we declared dividends of $1.7 million and $5.1 million respectively, with respect to shares of Series B Preferred Stock. For the three and nine months ended September 30, 2016 , we declared dividends of $994,000 and $2.9 million , respectively, with respect to shares of Series B Preferred Stock.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 — 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. On June 6, 2017, the plaintiff notified the court that the plaintiff intends to dismiss the action as moot and seek a mootness fee and costs. On July 25, 2017, the action was dismissed with prejudice as to the plaintiff. A hearing on the plaintiff’s fee petition was held on October 25, 2017. A ruling from the court is currently pending. It is not possible to accurately predict the outcome of this remaining action or the range of any potential loss. 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	9 Months Ended
	Sep. 30, 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 September 30, 2017 and December 31, 2016 , all of our hotel properties were in the U.S. and its territories.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 monthly base fee that is 0.70% of our total market capitalization 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 monthly 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). 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 Fixed Charge Coverage Ratio (“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. On January 24, 2017, we entered into an amended and restated advisory agreement with Ashford Inc. (the “Fourth Amended and Restated Advisory Agreement”) that amends and restates our advisory agreement discussed herein. On June 9, 2017, our stockholders approved the Fourth Amended and Restated Advisory Agreement which became effective on June 21, 2017. The material terms of the Fourth Amended and Restated Advisory Agreement include: • we made a cash payment to Ashford LLC of $5.0 million on June 21, 2017, which is included in “contract modification cost” on our condensed consolidated statements of operations for the nine months ended September 30, 2017 , at which time the Fourth Amended and Restated Advisory Agreement became 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 Fourth 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 Fourth 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 Fourth 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 Fourth 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 Fourth Amended and Restated Advisory Agreement; • the Fourth 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 Fourth 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 0.70% , 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 Fourth 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 Fourth 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 Fourth 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 Fourth Amended and Restated Advisory Agreement; and • if we repudiate the Fourth 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. The following table summarizes the advisory services fee incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services fee Base advisory fee $ 2,300 $ 2,103 $ 6,579 $ 6,334 Reimbursable expenses (1) 462 730 1,541 2,027 Equity-based compensation (2) (948 ) 1,134 (2,298 ) 3,220 Incentive fee — 487 — 772 Total $ 1,814 $ 4,454 $ 5,822 $ 12,353 ________ (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 December 31, 2016 , the balance in “due from Ashford Trust OP, net,” of $488,000 was associated with certain expenses. At September 30, 2017 and December 31, 2016 , the balance in “due to Ashford Inc.,” which is primarily associated with advisory services fee payable, was $1.4 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. During the three and nine months ended September 30, 2017, we incurred debt placement fees of $225,000 for services provided by a subsidiary of Ashford Inc. These costs are capitalized as deferred loan costs and presented as a reduction of indebtedness. See note 7. Certain employees of Remington Lodging, who perform work on behalf of Ashford Prime, were granted approximately 22,000 and 22,000 shares of restricted stock under the Ashford Prime Stock Plan in 2016 and 2017, 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 both the three and nine months ended September 30, 2017 , expense related to such grants was $27,000 and $61,000 . For the three and nine months ended September 30, 2016 , this expense was $26,000 and $50,000 , respectively. The unamortized fair value of these grants was $259,000 as of September 30, 2017 , which will be amortized over a period of 2.5 years.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 10, 2017, we received a firm commitment from a buyer, and on November 1, 2017, we completed the sale of the 404 -room Plano Marriott Legacy Town Center for $104.0 million in cash. The carrying value of the land, building and furniture, fixtures and equipment was approximately $78.7 million at September 30, 2017. We repaid approximately $85.0 million on the mortgage loan that was previously secured in part by the hotel property.

Significant Accounting Polici26

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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, and on May 11, 2017, we acquired the Hotel Yountville. The operating results of these hotel properties have been included in our results of operations as of their acquisition dates.
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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 5% 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.
Investment in Ashford Inc.	Investment in Ashford Inc. —We hold approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.6% ownership interest in Ashford Inc. and had a fair value of $11.8 million at September 30, 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 $13.1 million and net cash provided by investing activities decreased $5.2 million for the nine months ended September 30, 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 standard permits the use of either the retrospective or cumulative effect (modified) transition method. We are continuing to evaluate each of our revenue streams under the new standard and because of the short-term, day-to-day nature of hotel revenues, our pattern of revenue recognition is not expected to change significantly. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations. Therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. We presently expect to select the modified retrospective method. We do not expect adoption of this standard will have a material impact on our consolidated financial statements. We continue to evaluate the related disclosure requirements. 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)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): September 30, 2017 December 31, 2016 Land $ 347,662 $ 210,696 Buildings and improvements 1,076,366 972,412 Furniture, fixtures and equipment 96,845 70,922 Construction in progress 8,238 4,382 Total cost 1,529,111 1,258,412 Accumulated depreciation (297,976 ) (243,880 ) Investments in hotel properties, net $ 1,231,135 $ 1,014,532
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair value of the assets acquired in the acquisition (in thousands): Final Allocations as of September 30, 2017 Land $ 47,849 Buildings and improvements 41,216 Furniture, fixtures and equipment 7,351 96,416 Inventories 84 96,500 The following table summarizes the estimated fair value of the assets acquired in the acquisition (in thousands): Preliminary Allocations as of March 31, 2017 Adjustments Final Allocations as of June 30, 2017 Land $ 92,470 $ (3,353 ) $ 89,117 Buildings and improvements 47,724 3,545 51,269 Furniture, fixtures and equipment 5,306 (192 ) 5,114 $ 145,500 $ — $ 145,500 Net other assets (liabilities) $ 4,528 $ (721 ) $ 3,807
Pro Forma Financial Results	The following table reflects the unaudited pro forma results of operations as if the acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $5.3 million of non-recurring transaction costs directly attributable to the acquisitions for the nine months ended September 30, 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 108,119 $ 113,504 $ 344,593 $ 355,642 Net income (loss) (217 ) 23,087 9,536 29,141 Net income (loss) attributable to common stockholders (2,707 ) 17,434 1,458 21,024 Pro Forma income per share: Basic $ (0.09 ) $ 0.67 $ 0.03 $ 0.76 Diluted $ (0.09 ) $ 0.60 $ 0.03 $ 0.74 Weighted average common shares outstanding (in thousands): Basic 31,483 25,554 30,089 27,261 Diluted 31,483 33,874 30,235 31,887

Hotel Disposition (Tables)

Hotel Disposition (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2016 September 30, 2016 Total hotel revenue $ — $ 7,995 Total hotel operating expenses — (4,463 ) Operating income (loss) — 3,532 Property taxes, insurance and other — (333 ) Depreciation and amortization — (834 ) Gain (loss) on sale of hotel property 26,359 26,359 Interest expense and amortization of loan costs — (1,709 ) Income (loss) before income taxes 26,359 27,015 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (2,899 ) (2,972 ) Income (loss) before income taxes attributable to the Company $ 23,460 $ 24,043

Investment in Unconsolidated 29

Investment in Unconsolidated Entity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2017 December 31, 2016 Total assets $ 84,012 $ 129,797 Total liabilities 49,754 38,168 Redeemable noncontrolling interests 1,936 1,480 Total stockholders’ equity of Ashford Inc. 31,862 37,377 Noncontrolling interests in consolidated entities 460 52,772 Total equity 32,322 90,149 Total liabilities and equity $ 84,012 $ 129,797 Our investment in Ashford Inc., at fair value $ 11,810 $ 8,407 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Total revenue $ 19,255 $ 16,538 $ 51,907 $ 48,099 Total operating expenses (21,595 ) (16,673 ) (54,965 ) (50,938 ) Operating income (loss) (2,340 ) (135 ) (3,058 ) (2,839 ) Realized and unrealized gain (loss) on investment in unconsolidated entity — — — (1,460 ) Realized and unrealized gain (loss) on investments — (441 ) (91 ) (5,889 ) Other 57 59 185 (21 ) Income tax (expense) benefit 25 (575 ) (9,248 ) (560 ) Net income (loss) (2,258 ) (1,092 ) (12,212 ) (10,769 ) (Income) loss from consolidated entities attributable to noncontrolling interests 102 486 267 6,852 Net (income) loss attributable to redeemable noncontrolling interests 300 321 995 794 Net income (loss) attributable to Ashford Inc. $ (1,856 ) $ (285 ) $ (10,950 ) $ (3,123 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 1,875 $ (458 ) $ 3,403 $ (1,091 )

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 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 (4) (5) 1 hotel April 2017 5.91% — 32,879 Mortgage loan (4) 1 hotel April 2017 5.95% — 55,915 Mortgage loan (4) 3 hotels April 2017 5.95% — 245,307 Mortgage loan (6) 1 hotel December 2017 LIBOR (1) +4.95% — 40,000 Mortgage loan (7) 1 hotel December 2017 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (8) 1 hotel March 2018 LIBOR (1) + 2.30% 80,000 80,000 Mortgage loan (9) 1 hotel March 2018 LIBOR (1) + 2.25% 70,000 70,000 TIF loan (5) (10) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (4) (5) 5 hotels February 2019 LIBOR (1) + 2.58% 365,000 — Mortgage loan (7) 1 hotel April 2019 LIBOR (1) + 2.75% 67,500 — Mortgage loan (11) 2 hotels November 2019 LIBOR (1) + 2.65% 190,481 192,765 Mortgage loan 1 hotel May 2022 LIBOR (1) + 2.55% 51,000 — Mortgage loan (6) 1 hotel August 2022 LIBOR (1) + 2.55% 40,000 — 914,079 766,964 Deferred loan costs, net (7,259 ) (2,348 ) Indebtedness, net $ 906,820 $ 764,616 __________________ (1) LIBOR rates were 1.232% and 0.772% at September 30, 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) 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 mortgage 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% . (5) These loans are collateralized by the same hotel property. This hotel property is now included in the $365 million mortgage loan. (6) On August 18, 2017, we refinanced our $40.0 million mortgage loan with a final maturity date in December 2020 with a new $40.0 million mortgage loan that is interest only at a rate of LIBOR + 2.55% and has a five -year term. (7) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. (8) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2017. (9) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017. (10) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5. (11) This mortgage loan has two one -year extension options, subject to satisfaction of certain conditions.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (1,000 ) $ 16,858 $ (1,898 ) $ 18,912 Less: Dividends on preferred stock (1,707 ) (994 ) (5,087 ) (2,866 ) Less: Dividends on common stock (5,038 ) (3,064 ) (15,107 ) (9,041 ) Less: Dividends on unvested performance stock units (85 ) (19 ) (238 ) (73 ) Less: Dividends on unvested restricted shares (75 ) (12 ) (200 ) (34 ) Less: Net (income) loss allocated to unvested performance stock units — (142 ) — (15 ) Less: Net (income) loss allocated to unvested restricted shares — (63 ) — (32 ) Undistributed net income (loss) allocated to common stockholders (7,905 ) 12,564 (22,530 ) 6,851 Add back: Dividends on common stock 5,038 3,064 15,107 9,041 Distributed and undistributed net income (loss) - basic and diluted $ (2,867 ) $ 15,628 $ (7,423 ) $ 15,892 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership — 1,960 — 1,994 Dividends on preferred stock — 994 — — Distributed and undistributed net income (loss) - diluted $ (2,867 ) $ 18,582 $ (7,423 ) $ 17,886 Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 31,483 25,554 30,089 27,261 Effect of assumed conversion of operating partnership units — 4,395 — 4,524 Effect of assumed conversion of preferred stock — 3,824 — — Incentive fee shares — 101 — 102 Weighted average common shares outstanding – diluted 31,483 33,874 30,089 31,887 Income (loss) per share - basic and diluted: Net income (loss) allocated to common stockholders per share $ (0.09 ) $ 0.61 $ (0.25 ) $ 0.58 Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.09 ) $ 0.55 $ (0.25 ) $ 0.56
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 75 $ 75 $ 200 $ 66 Income (loss) allocated to unvested performance stock units 85 161 238 88 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (360 ) — (958 ) — Dividends on preferred stock 1,707 — 5,087 2,866 Total $ 1,507 $ 236 $ 4,567 $ 3,020 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 79 56 81 55 Effect of unvested performance stock units — 65 — 58 Effect of assumed conversion of operating partnership units 4,256 — 4,256 — Effect of assumed conversion of preferred stock 6,569 — 5,893 3,608 Effect of incentive fee shares 132 — 146 — Total 11,036 121 10,376 3,721

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total September 30, 2017 Assets Derivative assets: Interest rate derivatives - floors $ — $ 130 $ — $ 47 $ 177 Interest rate derivatives - caps — 6 — — 6 Credit default swaps — 512 — 63 575 — 648 — 110 758 (2) Non-derivative assets: Investment in Ashford Inc. 11,810 — — — 11,810 Total $ 11,810 $ 648 $ — $ 110 $ 12,568 Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) 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) Represents net cash collateral posted between us and our counterparties. (2) 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Assets Derivative assets: Interest rate derivatives - floors $ (132 ) $ (3,911 ) $ (1,026 ) $ 2,336 Interest rate derivatives - caps (24 ) (2 ) (341 ) (62 ) Credit default swaps (1) (375 ) — (375 ) — Options on futures contracts — (77 ) (58 ) (134 ) Total derivative assets $ (531 ) $ (3,990 ) $ (1,800 ) $ 2,140 Non-derivative assets: Investment in Ashford Inc. 1,875 (458 ) 3,403 (1,091 ) Total $ 1,344 $ (4,448 ) $ 1,603 $ 1,049 Total combined Interest rate derivatives - floors $ (132 ) $ (3,911 ) $ (1,026 ) $ 2,336 Interest rate derivatives - caps (24 ) (2 ) (341 ) (62 ) Credit default swaps (375 ) — (375 ) — Options on futures contracts — 1 213 (56 ) Unrealized gain (loss) on derivatives (531 ) (3,912 ) (1,529 ) 2,218 Realized gain (loss) on options on futures contracts — (78 ) (2) (271 ) (2) (78 ) (2) Unrealized gain (loss) on investment in Ashford Inc. 1,875 (458 ) 3,403 (1,091 ) Net $ 1,344 $ (4,448 ) $ 1,603 $ 1,049 _______________ (1) Excludes costs of $22 associated with credit default swaps for both the three and nine months ended September 30, 2017 included in “other income (expense)” in the condensed consolidated statements of operations. (2) 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)	9 Months Ended
	Sep. 30, 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): September 30, 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. $ 11,810 $ 11,810 $ 8,407 $ 8,407 Derivative assets 758 758 1,149 1,149 Financial assets not measured at fair value: Cash and cash equivalents $ 126,771 $ 126,771 $ 126,790 $ 126,790 Restricted cash 31,609 31,609 37,855 37,855 Accounts receivable, net 20,493 20,493 18,194 18,194 Insurance receivable 19,037 19,037 — — Note receivable 8,098 8,189 to 9,051 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 645 645 377 377 Due from third-party hotel managers 7,492 7,492 7,555 7,555 Financial liabilities not measured at fair value: Indebtedness $ 914,079 $863,534 to $954,431 $ 766,964 $ 726,774 to $ 803,276 Accounts payable and accrued expenses 59,912 59,912 44,791 44,791 Dividends and distributions payable 8,599 8,599 5,038 5,038 Due to Ashford Inc. 1,380 1,380 5,085 5,085 Due to affiliate — — 2,500 2,500 Due to third-party hotel managers 2,633 2,633 973 973

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fee incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Advisory services fee Base advisory fee $ 2,300 $ 2,103 $ 6,579 $ 6,334 Reimbursable expenses (1) 462 730 1,541 2,027 Equity-based compensation (2) (948 ) 1,134 (2,298 ) 3,220 Incentive fee — 487 — 772 Total $ 1,814 $ 4,454 $ 5,822 $ 12,353 ________ (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)	Sep. 30, 2017hotelstate
Real Estate Properties [Line Items]
Number of hotel properties managed by related party	3
Number of hotel properties owned	13
Number of states in which entity operates | state	7
Number of rooms	3,978
Number of rooms owned, net of partnership interest	3,743
Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	11
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	2
Leased by Wholly-Owned or Majority-Owned Taxable REIT Subsidiaries [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	12
US Virgin Islands Taxable REIT Subsidiary [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	1
Leased by Ashford Prime Wholly-Owned Taxable REIT Subsidiary [Member]
Real Estate Properties [Line Items]
Number of hotel properties owned	10

Significant Accounting Polici36

Significant Accounting Policies (Details) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Impairment charges	$ 1,008,000	$ 0	$ 1,008,000	$ 0
Increase in net cash provided by operating activities			46,624,000	46,917,000
Decrease in net cash used in investing activities			274,148,000	(109,606,000)
Restricted cash	$ 31,609,000	$ 41,098,000	$ 31,609,000	41,098,000	$ 37,855,000	$ 33,135,000
Accounting Standards Update 2016-18 [Member]
Significant Accounting Policies [Line Items]
Increase in net cash provided by operating activities				13,100,000
Decrease in net cash used in investing activities				$ 5,200,000
Restricted cash					$ 37,900,000	$ 33,100,000
Ashford Inc. [Member]
Significant Accounting Policies [Line Items]
Investment owned (in shares)	195		195		195
Equity method investment, ownership percentage	9.60%		9.60%		9.60%
Investment in Ashford Inc., at fair value	$ 11,810,000		$ 11,810,000		$ 8,407,000
Minimum | Restricted Cash [Member]
Significant Accounting Policies [Line Items]
Replacement reserve escrow as percentage of property revenue			4.00%
Maximum | Restricted Cash [Member]
Significant Accounting Policies [Line Items]
Replacement reserve escrow as percentage of property revenue			5.00%

Investment in Hotel Propertie37

Investment in Hotel Properties, net (Investments in Hotel Properties, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Land	$ 347,662	$ 210,696
Buildings and improvements	1,076,366	972,412
Furniture, fixtures and equipment	96,845	70,922
Construction in progress	8,238	4,382
Total cost	1,529,111	1,258,412
Accumulated depreciation	(297,976)	(243,880)
Investments in hotel properties, net	$ 1,231,135	$ 1,014,532

Investment in Hotel Propertie38

Investment in Hotel Properties, net (Acquisition) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	May 11, 2017	Mar. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Adjustments
Transaction costs			$ 244		$ 63	$ 6,638	$ 501
Park Hyatt Beaver Creek and Hotel Yountville [Member]
Adjustments
Transaction costs						5,300
Pro Forma Financial Results
Total revenue			108,119		113,504	344,593	355,642
Net income (loss)			(217)		23,087	9,536	29,141
Net income (loss) attributable to common stockholders			$ (2,707)		$ 17,434	$ 1,458	$ 21,024
Basic (in dollars per share)			$ (0.09)		$ 0.67	$ 0.03	$ 0.76
Diluted (in dollars per share)			$ (0.09)		$ 0.60	$ 0.03	$ 0.74
Basic (in shares)			31,483		25,554	30,089	27,261
Diluted (in shares)			31,483		33,874	30,235	31,887
Park Hyatt Beaver Creek [Member]
Business Acquisition [Line Items]
Ownership interest acquired		100.00%
Consideration transferred		$ 145,500
Liabilities assumed		67,500
Preliminary and final allocations
Land		92,470		$ 89,117
Buildings and improvements		47,724		51,269
Furniture, fixtures and equipment		5,306		5,114
Land, Building and improvements, Furniture, fixtures and equipment		145,500		145,500
Net other assets (liabilities)		$ 4,528		3,807
Adjustments
Land				(3,353)
Buildings and improvements				3,545
Furniture, fixtures and equipment				(192)
Land, Building and improvements, Furniture, fixtures and equipment				0
Net other assets (liabilities)				$ (721)
Total revenue			$ 8,700			$ 13,700
Earnings (loss)			(23)			(2,100)
Hotel Yountville [Member]
Business Acquisition [Line Items]
Ownership interest acquired	100.00%
Consideration transferred	$ 96,500
Liabilities assumed	$ 51,000
Preliminary and final allocations
Land			47,849			47,849
Buildings and improvements			41,216			41,216
Furniture, fixtures and equipment			7,351			7,351
Land, Building and improvements, Furniture, fixtures and equipment			96,416			96,416
Inventories			84			84
Assets acquired, liabilities assumed, net			96,500			96,500
Net other assets (liabilities)			2,100			2,100
Adjustments
Total revenue			4,700			7,100
Earnings (loss)			$ 1,200			$ 1,500

Investment in Hotel Propertie39

Investment in Hotel Properties, net Impairment Charges and Insurance Recoveries (Details) - USD ($)	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Impairment charges		$ 1,008,000	$ 0	$ 1,008,000	$ 0
Remediation and other costs		3,600,000		3,600,000
Insurance receivable	$ 19,037,000	$ 19,037,000		$ 19,037,000		$ 0
Insurance deductible	$ 4,600,000

Hotel Disposition (Details)

Hotel Disposition (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jul. 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of hotel property		$ 0	$ 27,150
Courtyard Seattle Downtown [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal					$ 84,500
Gain (loss) on sale of hotel property	$ 26,359		26,359	$ 26,400
Total hotel revenue	0		7,995
Total hotel operating expenses	0		(4,463)
Operating income (loss)	0		3,532
Property taxes, insurance and other	0		(333)
Depreciation and amortization	0		(834)
Interest expense and amortization of loan costs	0		(1,709)
Income (loss) before income taxes	26,359		27,015
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(2,899)		(2,972)
Income (loss) before income taxes attributable to the Company	$ 23,460		$ 24,043

Note Receivable (Details)

Note Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 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 42

Investment in Unconsolidated Entity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total assets	$ 1,491,964		$ 1,491,964		$ 1,256,997
Total liabilities	984,503		984,503		828,060
Redeemable noncontrolling interests in operating partnership	45,782		45,782		59,544
Total stockholders' equity of Ashford Inc.	360,838		360,838		308,796
Noncontrolling interest in consolidated entity	(5,282)		(5,282)		(5,363)
Total equity	355,556		355,556		303,433
Total liabilities and equity	1,491,964		1,491,964		$ 1,256,997
Total revenue	108,119	$ 99,651	321,507	$ 311,880
Total operating expenses	(98,533)	(88,404)	(292,264)	(278,665)
OPERATING INCOME (LOSS)	9,586	11,247	29,243	33,215
Income tax (expense) benefit	(333)	504	(334)	(1,022)
NET INCOME (LOSS)	(217)	21,322	(120)	23,475
Net (income) loss attributable to redeemable noncontrolling interests	360	(1,960)	958	(1,994)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(1,000)	16,858	(1,898)	18,912
Our unrealized gain (loss) on investment in Ashford Inc.	$ 1,875	(458)	$ 3,403	(1,091)
Ashford Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Investment owned (in shares)	195		195		195
Share price (in dollars per share)	$ 60.60		$ 60.60		$ 43.14
Equity method investment, ownership percentage	9.60%		9.60%		9.60%
Total assets	$ 84,012		$ 84,012		$ 129,797
Total liabilities	49,754		49,754		38,168
Redeemable noncontrolling interests in operating partnership	1,936		1,936		1,480
Total stockholders' equity of Ashford Inc.	31,862		31,862		37,377
Noncontrolling interest in consolidated entity	460		460		52,772
Total equity	32,322		32,322		90,149
Total liabilities and equity	84,012		84,012		129,797
Investment in Ashford Inc., at fair value	11,810		11,810		$ 8,407
Total revenue	19,255	16,538	51,907	48,099
Total operating expenses	(21,595)	(16,673)	(54,965)	(50,938)
OPERATING INCOME (LOSS)	(2,340)	(135)	(3,058)	(2,839)
Realized and unrealized gain (loss) on investment in unconsolidated entity	0	0	0	(1,460)
Realized and unrealized gain (loss) on investments	0	(441)	(91)	(5,889)
Other	57	59	185	(21)
Income tax (expense) benefit	25	(575)	(9,248)	(560)
NET INCOME (LOSS)	(2,258)	(1,092)	(12,212)	(10,769)
(Income) loss from consolidated entities attributable to noncontrolling interests	102	486	267	6,852
Net (income) loss attributable to redeemable noncontrolling interests	300	321	995	794
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (1,856)	$ (285)	$ (10,950)	$ (3,123)

Indebtedness (Details)

Indebtedness (Details)	Aug. 18, 2017USD ($)	May 11, 2017USD ($)	Mar. 31, 2017extension	Jan. 18, 2017USD ($)loanhotelextension	Sep. 30, 2017USD ($)hotelextension	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Indebtedness, gross					$ 914,079,000	$ 766,964,000
Deferred loan costs, net					(7,259,000)	(2,348,000)
Indebtedness, net					906,820,000	764,616,000
Line of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity					$ 15,000,000
Line of Credit [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					0
Indebtedness, gross					$ 0	$ 0
Borrowing capacity					100,000,000
Further possible expansion					$ 250,000,000
Extension fee					0.25%
Number of extension options | extension					2
Term of extension options					1 year
Line of Credit [Member] | Senior Credit Facility [Member] | Minimum | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Line of Credit [Member] | Senior Credit Facility [Member] | Minimum | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Line of Credit [Member] | Senior Credit Facility [Member] | Maximum | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					3.50%
Line of Credit [Member] | Senior Credit Facility [Member] | Maximum | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Mortgages [Member]
Debt Instrument [Line Items]
LIBOR rate					1.232%	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					1
Interest rate					5.91%
Indebtedness, gross					$ 0	$ 32,879,000
Mortgages [Member] | Mortgage Loan 2 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Interest rate					5.95%
Indebtedness, gross					$ 0	55,915,000
Mortgages [Member] | Mortgage Loan 3 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					3
Interest rate					5.95%
Indebtedness, gross					$ 0	245,307,000
Mortgages [Member] | Mortgage Loan 4 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Basis spread on variable rate					4.95%
Indebtedness, gross	$ 40,000,000				$ 0	40,000,000
Mortgages [Member] | Mortgage Loan 5 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Basis spread on variable rate					4.95%
Indebtedness, gross					$ 42,000,000	42,000,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages [Member] | Mortgage Loan 6 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Basis spread on variable rate					2.30%
Indebtedness, gross					$ 80,000,000	80,000,000
Mortgages [Member] | Mortgage Loan 7 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Basis spread on variable rate					2.25%
Indebtedness, gross					$ 70,000,000	70,000,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages [Member] | TIF Loan [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Interest rate					12.85%
Indebtedness, gross					$ 8,098,000	8,098,000
Mortgages [Member] | Mortgage Loan 8 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel				5	5
Indebtedness, gross					$ 365,000,000	0
Face amount of debt				$ 365,000,000
Initial term				2 years
Number of extension options | extension				5
Term of extension options				1 year
Mortgages [Member] | Mortgage Loan 8 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.58%	2.58%
Mortgages [Member] | Mortgage Loan 9 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross					$ 67,500,000	0
Number of extension options | extension					3
Term of extension options					1 year
Mortgages [Member] | Mortgage Loan 9 [Member] | Park Hyatt Beaver Creek [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Number of extension options | extension			3
Term of extension options			1 year
Mortgages [Member] | Mortgage Loan 9 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
Mortgages [Member] | Mortgage Loan 10 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					2
Indebtedness, gross					$ 190,481,000	192,765,000
Number of extension options | extension					2
Term of extension options					1 year
Mortgages [Member] | Mortgage Loan 10 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.65%
Mortgages [Member] | Mortgage Loan 11 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross		$ 51,000,000			$ 51,000,000	0
Mortgages [Member] | Mortgage Loan 11 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.55%			2.55%
Mortgages [Member] | Mortgage Loan 12 [Member]
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross	40,000,000				$ 40,000,000	$ 0
Face amount of debt	$ 40,000,000
Initial term	5 years
Mortgages [Member] | Mortgage Loan 12 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.55%				2.55%
Mortgages [Member] | Three Loans Due April 2017 [Member]
Debt Instrument [Line Items]
Indebtedness, gross				$ 333,700,000
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$ (1,000)	$ 16,858	$ (1,898)	$ 18,912
Less: Dividends on preferred stock	(1,707)	(994)	(5,087)	(2,866)
Undistributed net income (loss) allocated to common stockholders	(7,905)	12,564	(22,530)	6,851
Distributed and undistributed net income (loss) - basic and diluted	(2,867)	15,628	(7,423)	15,892
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	0	1,960	0	1,994
Dividends on preferred stock	0	994	0	0
Distributed and undistributed net income (loss) - diluted	$ (2,867)	$ 18,582	$ (7,423)	$ 17,886
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted (in shares)	31,483	25,554	30,089	27,261
Effect of assumed conversion of operating partnership units (in shares)	0	4,395	0	4,524
Effect of assumed conversion of preferred stock (in shares)	0	3,824	0	0
Incentive fee shares (in shares)	0	101	0	102
Weighted average common shares outstanding – diluted (in shares)	31,483	33,874	30,089	31,887
Income (loss) per share - basic and diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.09)	$ 0.61	$ (0.25)	$ 0.58
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.09)	$ 0.55	$ (0.25)	$ 0.56
Performance Shares
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (85)	$ (19)	$ (238)	$ (73)
Less: Net (income) loss allocated to unvested shares	0	(142)	0	(15)
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	(75)	(12)	(200)	(34)
Less: Net (income) loss allocated to unvested shares	0	(63)	0	(32)
Accumulated Deficit
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company			(1,898)
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (5,038)	$ (3,064)	$ (15,107)	$ (9,041)

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 0	$ 994	$ 0	$ 0
Total	$ 1,507	$ 236	$ 4,567	$ 3,020
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	11,036	121	10,376	3,721
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 75	$ 75	$ 200	$ 66
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	79	56	81	55
Performance Shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 85	$ 161	$ 238	$ 88
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	65	0	58
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (360)	$ 0	$ (958)	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,256	0	4,256	0
Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,707	$ 0	$ 5,087	$ 2,866
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6,569	0	5,893	3,608
Incentive Fee Shares [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	132	0	146	0

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Indebtedness, gross	$ 914,079,000		$ 766,964,000
Interest Rate Cap
Derivative [Line Items]
Notional amount	887,500,000
Indebtedness, gross	$ 914,100,000
Interest Rate Cap | Minimum
Derivative [Line Items]
Strike rate	2.00%
Interest Rate Cap | Maximum
Derivative [Line Items]
Strike rate	5.43%
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 659,500,000	$ 80,000,000
Strike rate		5.78%
Cost of derivative	$ 347,000	$ 5,000
Interest Rate Cap | Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Strike rate	3.00%
Interest Rate Cap | Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Strike rate	5.35%
Interest Rate Floor
Derivative [Line Items]
Notional amount	$ 4,600,000,000
Interest Rate Floor | Minimum
Derivative [Line Items]
Strike rate floor	(0.25%)
Interest Rate Floor | Maximum
Derivative [Line Items]
Strike rate	1.00%
Interest Rate Floor | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 1,600,000,000
Strike rate	1.00%
Cost of derivative	$ 65,000
Credit Default Swap
Derivative [Line Items]
Notional amount	50,000,000
Maximum exposure	2,800,000
Change in market value threshold for settlement	250,000
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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%		10.00%
Derivative assets	$ 758		$ 758		$ 1,149
Collateral Already Posted, Aggregate Fair Value	110		110		0
Total	12,568		12,568		9,556
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	1,344	$ (4,448)	1,603	$ 1,049
Ashford Inc. [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	1,875	(458)	3,403	(1,091)
Investment in Affiliate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	11,810		11,810		8,407
Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(531)	(3,990)	(1,800)	2,140
Non-Derivative Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	1,344	(4,448)	1,603	1,049
Non-Derivative Assets [Member] | Ashford Inc. [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	1,875	(458)	3,403	(1,091)
Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(531)	(3,912)	(1,529)	2,218
Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	177		177		1,091
Collateral Already Posted, Aggregate Fair Value	47		47		0
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(132)	(3,911)	(1,026)	2,336
Interest Rate Floor | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(132)	(3,911)	(1,026)	2,336
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6		6
Collateral Already Posted, Aggregate Fair Value	0		0
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(24)	(2)	(341)	(62)
Interest Rate Cap | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(24)	(2)	(341)	(62)
Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	575		575
Collateral Already Posted, Aggregate Fair Value	63		63
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(375)	0	(375)	0
Credit Default Swap | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(375)	0	(375)	0
Derivative cost	22		22
Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets					58
Collateral Already Posted, Aggregate Fair Value					0
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	1	213	(56)
Future | Other Income (Expense) [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	(78)	(271)	(78)
Future | Derivative Financial Instruments, Assets [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	$ (77)	(58)	$ (134)
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0		58
Total	11,810		11,810		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	11,810		11,810		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		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		0
Quoted Market Prices (Level 1) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Quoted Market Prices (Level 1) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets					58
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	648		648		1,091
Total	648		648		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		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	130		130		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	6		6
Significant Other Observable Inputs (Level 2) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	512		512
Significant Other Observable Inputs (Level 2) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets					0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0		0
Total	0		0		0
Significant Unobservable Inputs (Level 3) | Investment in Affiliate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	0		0		0
Significant Unobservable Inputs (Level 3) | Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0		0
Significant Unobservable Inputs (Level 3) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Significant Unobservable Inputs (Level 3) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0		$ 0
Significant Unobservable Inputs (Level 3) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets					$ 0
LIBOR [Member] | Minimum | Significant Other Observable Inputs (Level 2) | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward interest rate	1.232%
LIBOR [Member] | Maximum | Significant Other Observable Inputs (Level 2) | Derivative Financial Instruments, Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward interest rate	1.779%

Summary of Fair Value of Fina48

Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Financial assets and liabilities measured at fair value:
Derivative assets	$ 758	$ 1,149
Derivative assets, Estimated fair value	758	1,149
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	126,771	126,790	$ 128,625	$ 105,039
Cash and cash equivalents, Estimated fair value	126,771	126,790
Restricted cash, Carrying value	31,609	37,855	$ 41,098	$ 33,135
Restricted cash, Estimated fair value	31,609	37,855
Accounts receivable, Carrying value	20,493	18,194
Accounts receivable, Estimated fair value	20,493	18,194
Insurance receivable, Carrying value	19,037	0
Insurance receivable, Estimated fair value	19,037	0
Note receivable. Carrying value	8,098	8,098
Due from related party, net, Carrying value	645	377
Due from related party, net, Estimated fair value	645	377
Due from third-party hotel managers, Carrying value	7,492	7,555
Due from third-party hotel managers, Estimated fair value	7,492	7,555
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	914,079	766,964
Accounts payable and accrued expenses, Carrying value	59,912	44,791
Accounts payable and accrued expenses, Estimated fair value	59,912	44,791
Dividends and distributions payable, Carrying value	8,599	5,038
Dividends and distributions payable, Estimated fair value	8,599	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	2,633	973
Due to third-party hotel managers, Estimated fair value	2,633	973
Minimum
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	8,189	8,511
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	863,534	726,774
Maximum
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	9,051	9,407
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	954,431	803,276
Ashford Inc. [Member]
Financial liabilities not measured at fair value:
Due to affiliate, net, Carrying Value	1,380	5,085
Due to Affiliate, Fair Value Disclosure	1,380	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
Ashford Inc. [Member]
Financial assets and liabilities measured at fair value:
Investment in Ashford Inc., at fair value	$ 11,810	$ 8,407

Summary of Fair Value of Fina49

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 914,079	$ 766,964
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	1.10%	5.10%
Total indebtedness fair value variance from carrying value (as a percent)	94.50%	94.80%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	11.80%	16.20%
Total indebtedness fair value variance from carrying value (as a percent)	104.40%	104.70%

Redeemable Noncontrolling Int50

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Apr. 30, 2017	Oct. 31, 2016	Jun. 30, 2015	May 31, 2015	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership	$ 45,782		$ 45,782		$ 59,544
Noncontrolling interest in a consolidated entity	25.00%		25.00%		25.00%
Redemption value adjustment			$ 8,843
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 360	$ (1,960)	958	$ (1,994)
Cash distributions declared	$ 858	572	$ 2,500	1,700
Ashford Prime OP [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interest in a consolidated entity	11.72%		11.72%		13.19%
Redemption value adjustment			$ 0		$ 8,900
Performance Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Units which have not reached full economic parity with the common units (in shares)	983,000		983,000			281,000	312,000	389,000
Compensation not yet recognized	$ 930		$ 930
Period for recognition			2 years 3 months 18 days
Performance Long Term Incentive Plan Units [Member] | Advisory Services Fee
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 633	363	$ 1,700	1,100
Performance Long Term Incentive Plan Units [Member] | Minimum
Noncontrolling Interest [Line Items]
Award performance target			0.00%
Performance Long Term Incentive Plan Units [Member] | Maximum
Noncontrolling Interest [Line Items]
Award performance target			200.00%
Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Award vesting period			3 years
Units which have not reached full economic parity with the common units (in shares)	6,000		6,000			141,000			6,000	3,000
Compensation not yet recognized	$ 1,100		$ 1,100
Period for recognition			2 years 7 months 6 days
Other than options (in shares)	1,500,000		1,500,000
Long Term Incentive Plan Units [Member] | Advisory Services Fee
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 108	375	$ 281	1,100
Long Term Incentive Plan Units [Member] | Corporate General and Administrative Expense
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 0	$ 0	$ 64	$ 44
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units redeemed (in shares)	0		6,000	0
Redemption/conversion of operating partnership units	$ 0		$ 82

Equity and Stock-Based Compen51

Equity and Stock-Based Compensation (Details)	Mar. 07, 2017USD ($)	Mar. 01, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)hotelshares	Sep. 30, 2016USD ($)shares	Sep. 30, 2017USD ($)hotelshares	Sep. 30, 2016USD ($)shares	Sep. 30, 2017USD ($)hotelshares	Dec. 31, 2016USD ($)hotel	Apr. 08, 2016USD ($)	Oct. 27, 2014USD ($)
Class of Stock [Line Items]
Issuance of common stock					$ 66,442,000	$ 0
Issuance of common stock					66,442,000
Dividends declared - common stock					15,545,000
Equity-based compensation					(600,000)
Value of stock repurchased during period					$ 195,000
Noncontrolling interest in a consolidated entity			25.00%		25.00%		25.00%	25.00%
Number of hotel properties with JV interests | hotel			2		2		2	2
Noncontrolling interest in consolidated entity			$ (5,282,000)		$ (5,282,000)		$ (5,282,000)	$ (5,363,000)
(Income) loss from consolidated entities attributable to noncontrolling interests			$ (1,143,000)	$ (2,504,000)	$ (2,736,000)	$ (2,569,000)
Stock Repurchase Program
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	630,000	0	2,900,000	4,300,000
Value of stock repurchased during period				$ 9,000,000		$ 39,000,000	$ 63,200,000
Additional Paid-in Capital
Class of Stock [Line Items]
Issuance of common stock					$ 66,385,000
Equity-based compensation					(600,000)
Value of stock repurchased during period					$ 195,000
Performance Shares
Class of Stock [Line Items]
Award service period					3 years
Other than options intrinsic value			$ 1,200,000		$ 1,200,000		1,200,000
Compensation not yet recognized			883,000		$ 883,000		883,000
Period for recognition					2 years 3 months 18 days
Performance Shares | Advisory Services Fee
Class of Stock [Line Items]
Equity-based compensation expense			669,000		$ 1,500,000
Performance Shares | Additional Paid-in Capital | Advisory Services Fee
Class of Stock [Line Items]
Equity-based compensation				291,000		703,000
Restricted Stock
Class of Stock [Line Items]
Other than options intrinsic value			4,500,000		4,500,000		4,500,000
Compensation not yet recognized			3,500,000		$ 3,500,000		$ 3,500,000
Period for recognition					4 years 1 month 6 days
Restricted Stock | Advisory Services Fee
Class of Stock [Line Items]
Equity-based compensation expense			245,000	129,000	$ 634,000	374,000
Restricted Stock | Management Fees
Class of Stock [Line Items]
Equity-based compensation expense			27,000	26,000	61,000	50,000
Restricted Stock | Corporate General and Administrative Expense
Class of Stock [Line Items]
Equity-based compensation expense			0	50,000	$ 181,000	227,000
Minimum | Performance Shares
Class of Stock [Line Items]
Award performance target					0.00%
Maximum | 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
Issuance of common stock	$ 66,400,000
Dividends declared - common stock			$ 5,200,000	$ 3,100,000	$ 15,500,000	$ 9,100,000

5.5% Series B Cumulative Conv52

5.5% Series B Cumulative Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2017USD ($)shares	Mar. 07, 2017USD ($)$ / sharesshares	Apr. 26, 2016USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)day$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016shares
Class of Stock [Line Items]
Preferred dividends | $				$ 1,707	$ 994	$ 5,087	$ 2,866
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) | $ / shares				$ 18.90		$ 18.90
Preferred stock conversion rate						1.3228
Consecutive trading days | day						45
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) | $ / shares		$ 20.19	$ 17.24
Proceeds from issuance of preferred stock | $		$ 39,900	$ 5,000
Proceeds from issuance of stock, net of discounts and expenses | $		$ 38,200	$ 4,200
Liquidation preference per share (in dollars per share) | $ / shares		$ 25	$ 25
Series B preferred stock, shares outstanding (in shares) | shares				4,965,850		4,965,850		2,890,850
Annual preferred stock dividend (in dollars per share) | $ / shares						$ 1.375
Series B Preferred Stock [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
Class of Stock [Line Items]
Percent of conversion price				110.00%		110.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Nov. 16, 2016
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		175,000
Restricted Cash [Member] | Minimum
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	4.00%
Restricted Cash [Member] | Maximum
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	5.00%
Management Fees
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 | Minimum
Commitments and Contingencies [Line Items]
Monthly property management fee	$ 10,000
Property management fee, percent	3.00%
Management Fees | Maximum
Commitments and Contingencies [Line Items]
Property management fee, percent	7.00%

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2017segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	Jan. 24, 2017USD ($)term	Jul. 01, 2016shares	Apr. 01, 2016shares	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier	110.00%
Advisory agreement, amount due upon approval	$ 5,000
Advisory agreement, growth covenant, base amount	$ 45,000
Advisory agreement, growth covenant, percent of purchase price of each hotel	3.75%
Advisory agreement, growth covenant, minimum net worth	$ 390,000
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	0.70%
Advisory services fee				$ 1,814	$ 4,454	$ 5,822	$ 12,353
Due to affiliate				0		0		$ 2,500
Debt placement fees						10,733	2,664
Restricted Stock
Related Party Transaction [Line Items]
Compensation not yet recognized				3,500		$ 3,500
Period for recognition						4 years 1 month 6 days
Restricted Stock | Management Fees
Related Party Transaction [Line Items]
Equity-based compensation expense				27	26	$ 61	50
AQUA U.S. Fund [Member]
Related Party Transaction [Line Items]
Receivable due								2,300
Affiliated Entity [Member] | Restricted Stock
Related Party Transaction [Line Items]
Units issued (in shares) | shares		22,000	22,000
Compensation not yet recognized				259		$ 259
Period for recognition						2 years 6 months
Ashford LLC [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Advisory services fee				1,814	4,454	$ 5,822	12,353
Ashford LLC [Member] | Affiliated Entity [Member] | Base Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee				2,300	2,103	6,579	6,334
Ashford LLC [Member] | Affiliated Entity [Member] | Reimbursable Expenses [Member]
Related Party Transaction [Line Items]
Advisory services fee				462	730	1,541	2,027
Ashford LLC [Member] | Affiliated Entity [Member] | Equity-Based Compensation [Member]
Related Party Transaction [Line Items]
Advisory services fee				(948)	1,134	(2,298)	3,220
Ashford LLC [Member] | Affiliated Entity [Member] | Incentive Management Fee [Member]
Related Party Transaction [Line Items]
Advisory services fee				0	$ 487	0	$ 772
Ashford Trust OP [Member]
Related Party Transaction [Line Items]
Due from Ashford Trust OP, net				0		0		488
Ashford Inc. [Member]
Related Party Transaction [Line Items]
Due to affiliate				1,380		1,380		$ 5,085
Ashford Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Debt placement fees				$ 225		$ 225
Minimum
Related Party Transaction [Line Items]
Advisory agreement, percent of termination fee required in escrow	50.00%
Maximum
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier				0.70%		0.70%
Advisory agreement, percent of termination fee required in escrow	100.00%

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Nov. 01, 2017USD ($)room	Sep. 30, 2017USD ($)hotel
Subsequent Event [Line Items]
Number of rooms | hotel		3,978
Plano Marriott Legacy Town Center [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Subsequent Event [Line Items]
Land, building and furniture, fixtures and equipment		$ 78.7
Subsequent Event [Member] | Plano Marriott Legacy Town Center [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Subsequent Event [Line Items]
Number of rooms | room	404
Consideration for disposal	$ 104
Subsequent Event [Member] | Plano Marriott Legacy Town Center [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Repayment of debt	$ 85