Braemar Hotels & Resorts (BHR) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Braemar Hotels & Resorts Inc.
Entity Central Index Key	1,574,085
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,505,238

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Investments in hotel properties, gross	$ 1,406,476	$ 1,403,110
Accumulated depreciation	(258,173)	(257,268)
Investments in hotel properties, net	1,148,303	1,145,842
Cash and cash equivalents	95,223	137,522
Restricted cash	63,385	47,820
Accounts receivable, net of allowance of $77 and $94, respectively	19,692	14,334
Insurance receivable	14,203	8,825
Inventories	1,429	1,425
Note receivable	8,098	8,098
Deferred costs, net	566	656
Prepaid expenses	5,943	3,670
Investment in unconsolidated entity	1,997	0
Derivative assets	1,004	594
Other assets	15,400	9,426
Intangible assets, net	22,476	22,545
Due from related party, net	873	349
Due from third-party hotel managers	5,748	4,589
Total assets	1,422,992	1,423,819
Liabilities:
Indebtedness, net	821,053	820,959
Accounts payable and accrued expenses	57,468	56,803
Dividends and distributions payable	8,374	8,146
Due to Ashford Inc.	267	1,703
Due to third-party hotel managers	2,231	1,709
Intangible liability, net	3,555	3,569
Other liabilities	1,681	1,628
Total liabilities	894,629	894,517
Commitments and contingencies (note 16)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 shares issued and outstanding at March 31, 2018 and December 31, 2017	106,123	106,123
Redeemable noncontrolling interests in operating partnership	46,259	46,627
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,517,295 and 32,120,210 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	325	321
Additional paid-in capital	472,220	469,791
Accumulated deficit	(91,769)	(88,807)
Total stockholders’ equity of the Company	380,776	381,305
Noncontrolling interest in consolidated entities	(4,795)	(4,753)
Total equity	375,981	376,552
Total liabilities and equity	1,422,992	1,423,819
Ashford Inc.
ASSETS
Investment in unconsolidated entity	18,652	18,124
Total assets	119,597	114,810
Liabilities:
Total liabilities	82,830	78,742
Redeemable noncontrolling interests in operating partnership	4,662	5,111
Equity:
Total stockholders’ equity of the Company	30,545	30,185
Noncontrolling interest in consolidated entities	1,560	772
Total equity	32,105	30,957
Total liabilities and equity	$ 119,597	$ 114,810

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Allowance for doubtful notes receivable	$ 77	$ 94
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)	32,517,295	32,120,210
Common stock, shares outstanding (in shares)	32,517,295	32,120,210
Series B Preferred Stock
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	4,965,850
Series B preferred stock, shares outstanding (in shares)	4,965,850	4,965,850

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUE
Rooms	$ 65,507	$ 67,418
Food and beverage	23,500	24,473
Other	13,482	5,365
Total hotel revenue	102,489	97,256
Other	0	40
Total revenue	102,489	97,296
Hotel operating expenses:
Rooms	14,918	15,797
Food and beverage	15,620	16,861
Other expenses	29,664	27,731
Management fees	3,617	3,545
Total hotel expenses	63,819	63,934
Property taxes, insurance and other	5,604	5,074
Depreciation and amortization	13,006	11,971
Impairment charges	12	0
Advisory services fee	5,244	865
Transaction costs	488	4,328
Corporate general and administrative	28	3,874
Total expenses	88,201	90,046
OPERATING INCOME (LOSS)	14,288	7,250
Equity in earnings (loss) of unconsolidated entity	(3)	0
Interest income	200	112
Other income (expense)	(63)	(157)
Interest expense and amortization of loan costs	(10,179)	(8,202)
Write-off of loan costs and exit fees	(2)	(1,963)
Unrealized gain (loss) on investment in Ashford Inc.	528	3,091
Unrealized gain (loss) on derivatives	73	(898)
INCOME (LOSS) BEFORE INCOME TAXES	4,842	(767)
Income tax (expense) benefit	(572)	478
NET INCOME (LOSS)	4,270	(289)
(Income) loss attributable to noncontrolling interest in consolidated entities	42	21
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(292)	255
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	4,020	(13)
Preferred dividends	(1,707)	(1,673)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,313	$ (1,686)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.07	$ (0.07)
Weighted average common shares outstanding – basic (in shares)	31,680	27,267
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.07	$ (0.07)
Weighted average common shares outstanding – diluted (in shares)	31,683	27,267
Dividends declared per common share (in dollars per share)	$ 0.16	$ 0.16

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 4,270	$ (289)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	4,270	(289)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	42	21
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	(292)	255
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 4,020	$ (13)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2018 - 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, 2017		32,120
Beginning balance at Dec. 31, 2017	$ 376,552	$ 321	$ 469,791	$ (88,807)	$ (4,753)	$ 46,627
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)		(7)
Purchase of common stock	(74)		(74)
Equity-based compensation	2,449		2,449			144
Issuance of restricted shares/units (in shares)		406
Issuance of restricted shares/units	58	$ 4	54			18
Forfeiture of restricted common shares (in shares)		(2)
Forfeiture of restricted common shares	0
Dividends declared – common stock	(5,275)			(5,275)
Dividends declared – common stock	(1,707)			(1,707)
Distributions to noncontrolling interests	0				0	(822)
Net income (loss)	4,020			4,020	(42)	292
Net income (loss)	3,978
Ending balance (in shares) at Mar. 31, 2018		32,517
Ending balance at Mar. 31, 2018	$ 375,981	$ 325	$ 472,220	$ (91,769)	$ (4,795)	$ 46,259

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME (LOSS)	$ 4,270	$ (289)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	13,006	11,971
Equity-based compensation	2,593	(1,668)
Bad debt expense	57	36
Amortization of loan costs	988	1,049
Write-off of loan costs and exit fees	2	1,963
Amortization of intangibles	43	50
Impairment charges	12	0	$ 1,100
Unrealized (gain) loss on investment in Ashford Inc.	(528)	(3,091)
Realized and unrealized (gain) loss on derivatives	(73)	1,054
Net settlement of trading derivatives	(270)	0
Equity in (earnings) loss of unconsolidated entity	3	0
Deferred tax expense (benefit)	136	(693)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Accounts receivable and inventories	(5,419)	(2,733)
Insurance receivable	(5,387)	0
Prepaid expenses and other assets	(3,747)	(2,833)
Accounts payable and accrued expenses	781	1,927
Due to/from related party, net	(498)	(221)
Due to/from affiliate, net	0	(2,500)
Due to/from third-party hotel managers	(637)	1,677
Other liabilities	53	33
Net cash provided by (used in) operating activities	3,949	4,554
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of hotel properties, net of cash and restricted cash acquired	(4,500)	(154,028)
Investment in unconsolidated entity	(2,000)	0
Proceeds from liquidation of AQUA U.S. Fund	0	2,289
Improvements and additions to hotel properties	(15,736)	(9,273)
Net cash provided by (used in) investing activities	(22,236)	(161,012)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	0	432,500
Repayments of indebtedness	(714)	(334,774)
Payments of loan costs and exit fees	(92)	(9,097)
Payments for derivatives	(67)	(319)
Purchase of common stock	(74)	(6)
Payments for dividends and distributions	(7,518)	(4,625)
Issuance of preferred stock	0	38,577
Issuance of common stock	0	66,650
Other	18	0
Net cash provided by (used in) financing activities	(8,447)	188,906
Net change in cash, cash equivalents and restricted cash	(26,734)	32,448
Cash, cash equivalents and restricted cash at beginning of period	185,342	164,645	164,645
Cash, cash equivalents and restricted cash at end of period	158,608	197,093	185,342
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	9,031	7,981
Income taxes paid (refund)	(743)	716
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Common stock purchases accrued but not paid	0	112
Dividends and distributions declared but not paid	8,374	8,025
Capital expenditures accrued but not paid	4,138	1,697
Non-cash dividends paid	58	0
Accrued common stock offering expense	0	133
Accrued preferred stock offering expenses	0	216
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	137,522	126,790	126,790
Restricted cash at beginning of period	47,820	37,855	37,855
Cash, cash equivalents and restricted cash at beginning of period	185,342	164,645	164,645	$ 158,608	$ 197,093
Cash and cash equivalents at end of period	95,223	161,314	137,522
Restricted cash at end of period	63,385	35,779	$ 47,820
Cash, cash equivalents and restricted cash at end of period				$ 158,608	$ 197,093
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from affiliate, net	0	494
Ashford Inc.
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from affiliate, net	$ (1,436)	$ (1,672)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Braemar Hotels & Resorts Inc. (formerly Ashford Hospitality Prime, Inc.), together with its subsidiaries (“Braemar”), 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. Braemar has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code. Braemar conducts its business and owns substantially all of its assets through its operating partnership, Braemar Hospitality Limited Partnership (formerly Ashford Hospitality Prime Limited Partnership) (“Braemar OP”). In this report, the terms “the Company,” “we,” “us” or “our” refers to Braemar Hotels & Resorts 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. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. As of March 31, 2018 , 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 Hospitality Trust, Inc. (“Ashford Trust”), managed three of our twelve 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 Braemar OP that as of March 31, 2018 , own and operate twelve hotel properties in six states, the District of Columbia and the U.S. Virgin Islands. The portfolio includes ten wholly-owned hotel properties and two hotel properties that are owned through a partnership in which Braemar OP has a controlling interest. These hotel properties represent 3,576 total rooms, or 3,341 net rooms, excluding those attributable to our partner. As a REIT, Braemar needs to comply with limitations imposed by the Internal Revenue Code related to operating hotels. As of March 31, 2018 , eleven of our twelve hotel properties were leased by wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes (collectively the TRS entities are referred to as “Braemar TRS”). One hotel property located in the U.S. Virgin Islands is owned by our U.S. Virgin Islands TRS. Braemar TRS then engages third-party or affiliated hotel management companies to operate the hotel properties under management contracts. Hotel operating results related to the hotel properties are included in the condensed consolidated statements of operations. As of March 31, 2018 , nine of the twelve hotel properties were leased by Braemar’s wholly-owned TRS and the 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 Braemar 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 Hotels Corporation (“Hyatt”), Ritz-Carlton, Inc., a subsidiary of Marriott (“Ritz-Carlton”) and Remington Lodging, which are eligible independent contractors under the Internal Revenue Code.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 Braemar Hotels & Resorts 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 2017 Annual Report on Form 10-K, as originally filed with the Securities and Exchange Commission (“SEC”) on March 14, 2018. Braemar 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 Braemar 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, Braemar OP General Partner LLC (formerly Ashford Prime OP General Partner LLC), its general partner. As such, we consolidate Braemar OP. The following items affect reporting comparability of our historical condensed consolidated financial statements: • Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. • On March 31, 2017, we acquired the Park Hyatt Beaver Creek 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. • On November 1, 2017, we sold the Plano Marriott Legacy Town Center. 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. 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. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 4. Investment in Ashford Inc. —We hold approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.3% ownership interest in Ashford Inc. and had a fair value of $18.7 million at March 31, 2018 . This investment would typically be accounted for under the equity method of accounting, under Accounting Standard 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 . Investment in Unconsolidated Entity —Investment in unconsolidated entity, in which we have ownership interest of 8.2% at March 31, 2018, is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review our investment in unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) in unconsolidated entity. No such impairment was recorded for the three months ended March 31, 2018. Our investment in unconsolidated entity is considered to be a variable interest in the underlying entity. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entity’s activities and operations, we are not considered to be the primary beneficiary of this entity on an ongoing basis and therefore such entity should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 replaces most existing revenue recognition guidance in U.S. GAAP. 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. This standard, referred to as “Topic 606,” does not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations. Therefore, Topic 606 does not impact the recognition of hotel sales. We adopted this standard effective January 1, 2018, under the modified retrospective method, and the adoption of this standard did not have a material impact on our condensed consolidated financial statements. See related disclosures in note 3. 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 adopted this standard effective January 1, 2018. The adoption of this standard did not have a material impact on our 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 adopted this standard effective January 1, 2018 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated statement of cash flows. 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. We adopted this standard effective January 1, 2018. Under the new standard, 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 method. We adopted this standard effective January 1, 2018, under the modified retrospective method. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. Recently Issued Accounting Standards —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 our consolidated financial statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On January 1, 2018, we adopted Topic 606 using the modified retrospective method. As the adoption of this standard did not have a material impact on our consolidated financial statements, no adjustments to opening retained earnings were made as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC Topic 605- Revenue Recognition . Rooms revenue represents revenues from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenues. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. The following table presents our revenue disaggregated by geographical areas (in thousands): Three Months Ended March 31, 2018 Primary Geographical Markets Number of hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 19,104 $ 7,306 $ 3,474 $ — $ 29,884 Colorado 1 9,797 4,819 3,543 — 18,159 Florida 2 10,755 2,749 863 — 14,367 Illinois 1 3,419 1,251 210 — 4,880 Pennsylvania 1 6,153 1,173 297 — 7,623 Washington 1 5,502 1,664 265 — 7,431 Washington, D.C. 1 8,961 4,339 284 — 13,584 USVI 1 1,816 199 4,546 — 6,561 Total 12 $ 65,507 $ 23,500 $ 13,482 $ — $ 102,489 Three Months Ended March 31, 2017 Primary Geographical Markets Number of hotels Rooms Food and Beverage Other Hotel Other Total California 3 $ 16,924 $ 6,017 $ 1,400 $ — $ 24,341 Colorado 1 — — — — — Florida 2 10,925 3,052 463 — 14,440 Illinois 1 3,473 1,214 99 — 4,786 Pennsylvania 1 4,960 979 183 — 6,122 Washington 1 5,413 1,830 255 — 7,498 Washington, D.C. 1 10,874 4,650 311 — 15,835 USVI 1 9,743 3,518 2,414 — 15,675 Sold hotel properties 1 5,106 3,213 240 40 8,599 Total 12 $ 67,418 $ 24,473 $ 5,365 $ 40 $ 97,296

Investment in Hotel Properties,

Investment in Hotel Properties, net	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): March 31, 2018 December 31, 2017 Land $ 344,937 $ 344,937 Buildings and improvements 966,045 962,478 Furniture, fixtures and equipment 84,313 87,796 Construction in progress 11,181 7,899 Total cost 1,406,476 1,403,110 Accumulated depreciation (258,173 ) (257,268 ) Investments in hotel properties, net $ 1,148,303 $ 1,145,842 Impairment Charges and Insurance Recoveries In September 2017, the Ritz-Carlton, St. Thomas located in St. Thomas, USVI, the Key West Pier House located in Key West, FL and the 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 year ended December 31, 2017, the Company recognized impairment charges, net of anticipated insurance recoveries of $1.1 million . Additionally, the Company recognized remediation and other costs, net of anticipated insurance recoveries of $3.8 million , included primarily in other hotel operating expenses. As of December 31, 2017, the Company recorded an insurance receivable of $8.8 million , net of deductibles of $4.9 million , related to the anticipated insurance recoveries. During the year ended December 31, 2017, the Company received proceeds of $11.1 million for business interruption losses associated with lost profits, of which $4.1 million was recorded as “other” hotel revenue in our consolidated statement of operations, $3.3 million represented reimbursement of incurred expenses in excess of the deductible of $1.1 million and $3.7 million was recorded as a reduction to insurance receivable. For the three months ended March 31, 2018, the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $4.9 million , which is included in “other” hotel revenue in our consolidated statement of operations and recorded an additional insurance receivable of $188,000 associated with property damage from the hurricanes and $313,000 related to reimbursement of business interruption incurred expenses from the hurricanes. No additional proceeds were received from our insurance carriers for the hurricanes during the three months ended March 31, 2018. Additionally, during the three months ended March 31, 2018, the Company recorded revenue of $1.8 million , net of deductibles of $500,000 , for business interruption losses associated with lost profits at the Bardessono Hotel and Hotel Yountville as a result of the Napa wildfires, which is included in “other” hotel revenue in our condensed consolidated statements of operations. During the three months ended March 31, 2018, we recorded an impairment charge of $12,000 at the Tampa Renaissance as a result of a change in estimate of property damage as a result of the hurricanes. As of March 31, 2018, the Company’s insurance receivable was $14.2 million . 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 Dispositions

Hotel Dispositions	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions	Hotel Dispositions On November 1, 2017, the Company sold the Plano Marriott Legacy Town Center for $104.0 million in cash. The sale resulted in a gain of $23.8 million for the year ended December 31, 2017. 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 our consolidated financial statements. We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three months ended March 31, 2017 . The following table includes the condensed financial information from this hotel property (in thousands): Three Months Ended March 31, 2017 Total hotel revenue $ 8,559 Total hotel operating expenses (5,150 ) Operating income (loss) 3,409 Property taxes, insurance and other (355 ) Depreciation and amortization (1,188 ) Interest expense and amortization of loan costs (635 ) Income (loss) before income taxes 1,231 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (162 ) Income (loss) before income taxes attributable to the Company $ 1,069

Note Receivable

Note Receivable	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Note Receivable	Note Receivable As of March 31, 2018 and December 31, 2017 , we held 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 June 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 8.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity Ashford Inc. As of March 31, 2018 and December 31, 2017 , we held approximately 195,000 shares of Ashford Inc. common stock. The closing price per share of Ashford Inc. common stock on the NYSE American LLC was $95.71 and $93.00 as of March 31, 2018 and December 31, 2017 , respectively. This represented an approximate 9.3% ownership interest in Ashford Inc. for both March 31, 2018 and December 31, 2017 . See notes 11 and 12. We have elected to use the fair value option, under the applicable accounting guidance, to account for our investment in Ashford Inc. as the fair value is readily available since Ashford Inc. common stock is traded on a national exchange. The fair value of our investment in Ashford Inc. is included in “investment in Ashford Inc., at fair value” on our condensed consolidated balance sheets, and changes in market value are included in “unrealized 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 March 31, 2018 and December 31, 2017 , and the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 , of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2018 December 31, 2017 Total assets $ 119,597 $ 114,810 Total liabilities 82,830 78,742 Redeemable noncontrolling interests 4,662 5,111 Total stockholders’ equity of Ashford Inc. 30,545 30,185 Noncontrolling interests in consolidated entities 1,560 772 Total equity 32,105 30,957 Total liabilities and equity $ 119,597 $ 114,810 Our investment in Ashford Inc., at fair value $ 18,652 $ 18,124 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2018 2017 Total revenue $ 48,168 $ 13,013 Total operating expenses (53,204 ) (15,149 ) Operating income (loss) (5,036 ) (2,136 ) Realized and unrealized gain (loss) on investments — (75 ) Other (93 ) 118 Income tax (expense) benefit (706 ) (630 ) Net income (loss) (5,835 ) (2,723 ) (Income) loss from consolidated entities attributable to noncontrolling interests 173 (25 ) Net (income) loss attributable to redeemable noncontrolling interests (61 ) 363 Net income (loss) attributable to Ashford Inc. $ (5,723 ) $ (2,385 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 528 $ 3,091 OpenKey On March 28, 2018, the Company made a $2.0 million investment in OpenKey, which is controlled and consolidated by Ashford Inc., for a 8.2% ownership interest, which investment was approved by our Related Party Transactions Committee and the independent members of our board of directors. OpenKey is a hospitality focused mobile key platform that provides a universal smart phone app for keyless entry into hotel guest rooms. Our investment is recorded as a component of “investment in unconsolidated entities” in our condensed consolidated balance sheet and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of March 31, 2018 , our ownership interest had a carrying value of $2.0 million . For the three months ended March 31, 2018 , our equity in loss of the unconsolidated entity was $3,000 .

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2018 December 31, 2017 Secured revolving credit facility (3) None November 2019 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% $ — $ — TIF loan (4) (5) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (6) 1 hotel December 2018 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (4) (7) 4 hotels February 2019 LIBOR (1) + 2.58% 277,628 277,628 Mortgage loan (8) 1 hotel March 2019 LIBOR (1) + 2.55% 80,000 80,000 Mortgage loan (9) 1 hotel March 2019 LIBOR (1) + 2.25% 70,000 70,000 Mortgage loan (10) 1 hotel April 2019 LIBOR (1) + 2.75% 67,500 67,500 Mortgage loan (11) 2 hotels November 2019 LIBOR (1) + 2.65% 189,296 190,010 Mortgage loan 1 hotel May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan 1 hotel August 2022 LIBOR (1) + 2.55% 40,000 40,000 825,522 826,236 Deferred loan costs, net (4,469 ) (5,277 ) Indebtedness, net $ 821,053 $ 820,959 __________________ (1) LIBOR rates were 1.883% and 1.564% at March 31, 2018 and December 31, 2017 , 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) These loans are collateralized by the same hotel property. This hotel property is included in the $277.6 million mortgage loan. (5) The interest expense from the TIF loan is offset against interest income on the note receivable of the same amount. See note 6. (6) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017. (7) This mortgage loan has five 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 third was exercised in March 2018. (9) This mortgage loan has three one-year options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018. (10) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (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 and final maturity dates in April 2017. The new mortgage loan totaled $365.0 million , is interest only with a floating rate of LIBOR + 2.58% and has a stated maturity of February 2019 with five one -year extension options, subject to the satisfaction of certain conditions. On November 1, 2017, we completed the sale of the Plano Marriott Legacy Town Center for $104.0 million in cash. We repaid approximately $87.4 million on the mortgage loan that was previously secured in part by the hotel property. The mortgage loan is secured by four hotel properties: 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 March 31, 2018 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 4,020 $ (13 ) Less: Dividends on preferred stock (1,707 ) (1,673 ) Less: Dividends on common stock (5,116 ) (5,033 ) Less: Dividends on unvested performance stock units (72 ) (67 ) Less: Dividends on unvested restricted shares (87 ) (50 ) Undistributed net income (loss) allocated to common stockholders (2,962 ) (6,836 ) Add back: Dividends on common stock 5,116 5,033 Distributed and undistributed net income (loss) - basic and diluted $ 2,154 $ (1,803 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 31,680 27,267 Incentive fee shares 3 — Weighted average common shares outstanding – diluted 31,683 27,267 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ 0.07 $ (0.07 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ 0.07 $ (0.07 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 87 $ 50 Income (loss) allocated to unvested performance stock units 72 67 Income (loss) attributable to redeemable noncontrolling interests in operating partnership 292 (255 ) Dividends on preferred stock 1,707 1,673 Total $ 2,158 $ 1,535 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 49 50 Effect of unvested performance stock units 16 — Effect of assumed conversion of operating partnership units 4,124 4,223 Effect of assumed conversion of preferred stock 6,569 4,550 Effect of incentive fee shares — 182 Total 10,758 9,005

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Derivatives —We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage these risks, we primarily use interest rate derivatives to hedge our debt and our cash flows. The interest rate derivatives include interest rate caps and interest rate floors, which are subject to master netting settlement arrangements. All derivatives are recorded at fair value. During the three months ended March 31, 2018 , we entered into interest rate caps with notional amount totaling $150.0 million and strike rates ranging from 2.43% to 7.80% . These interest rate caps had effective dates of February 2018 , maturity dates of March 2019 , and a total cost of $67,000 . This instrument was not designated as a cash flow hedge. During the three months ended March 31, 2017 , we entered into interest rate caps with notional amounts totaling $568.5 million and strike rate ranging from 3.00% to 5.35% . These interest rate caps have effective dates from January 2017 to March 2017 , maturity dates from March 2018 to April 2019 , and a total cost of $319,000 . These instruments were not designated as cash flow hedges. As of March 31, 2018 , we held interest rate caps with notional amounts totaling $858.2 million and strike rates ranging from 2.43% to 11.61% . These instruments cap the interest rates on our mortgage loans with an aggregate principal balance of $817.4 million and maturity dates from December 2018 to August 2022 . These instruments have maturity dates ranging from November 2018 to September 2019 . As of March 31, 2018 , we held interest rate floors with notional amounts totaling $6.9 billion and strike rates ranging from -0.25% to 1.50% . These instruments have maturity dates ranging from March 2019 to July 2020 . 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. Credit Default Swap Derivatives —We use credit default swaps, tied to the CMBX index, 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 March 31, 2018 , 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 estimated total exposure for these trades was approximately $2.3 million as of March 31, 2018 . 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 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 1.883% to 2.597% 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 March 31, 2018 Assets Derivative assets: Interest rate derivatives - floors $ — $ 91 $ — $ 9 $ 100 Interest rate derivatives - caps — 66 — — 66 Credit default swaps — 207 — 631 838 — 364 — 640 1,004 (2) Non-derivative assets: Investment in Ashford Inc. 18,652 — — — 18,652 Total $ 18,652 $ 364 $ — $ 640 $ 19,656 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, 2017 Assets Derivative assets: Interest rate derivatives - floors $ — $ 118 $ — $ 12 $ 130 Interest rate derivatives - caps — 4 — — 4 Credit default swaps — 102 — 358 460 — 224 — 370 594 (2) Non-derivative assets: Investment in Ashford Inc. 18,124 — — — 18,124 Total $ 18,124 $ 224 $ — $ 370 $ 18,718 __________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported as “derivative assets” in our condensed consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended March 31, 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (27 ) $ (759 ) Interest rate derivatives - caps (5 ) (256 ) Credit default swaps 105 (1) — Options on futures contracts — (39 ) Non-derivative assets: Investment in Ashford Inc. 528 3,091 Total $ 601 $ 2,037 Total combined Interest rate derivatives - floors $ (27 ) $ (759 ) Interest rate derivatives - caps (5 ) (256 ) Credit default swaps 105 — Options on futures contracts — 117 Unrealized gain (loss) on derivatives 73 (898 ) Realized gain (loss) on options on futures contracts — (156 ) (2) Unrealized gain (loss) on investment in Ashford Inc. 528 3,091 Net $ 601 $ 2,037 _______________ (1) Excludes costs of $63 associated with credit default swaps for the three months ended March 31, 2018 included in “other income (expense)” in our condensed consolidated statements of operations. (2) Included in “other income (expense)” in our condensed consolidated statements of operations.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining the estimated fair values of certain financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Investment in Ashford Inc. $ 18,652 $ 18,652 $ 18,124 $ 18,124 Derivative assets 1,004 1,004 594 594 Financial assets not measured at fair value: Cash and cash equivalents $ 95,223 $ 95,223 $ 137,522 $ 137,522 Restricted cash 63,385 63,385 47,820 47,820 Accounts receivable, net 19,692 19,692 14,334 14,334 Insurance receivable 14,203 14,203 8,825 8,825 Note receivable 8,098 7,850 to 8,677 8,098 8,020 to 8,864 Due from related party, net 873 873 349 349 Due from third-party hotel managers 5,748 5,748 4,589 4,589 Financial liabilities not measured at fair value: Indebtedness $ 825,522 $782,508 to $864,877 $ 826,236 $ 780,243 to $ 862,372 Accounts payable and accrued expenses 57,468 57,468 56,803 56,803 Dividends and distributions payable 8,374 8,374 8,146 8,146 Due to Ashford Inc. 267 267 1,703 1,703 Due to third-party hotel managers 2,231 2,231 1,709 1,709 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 related party, net, accounts payable and accrued expenses, dividends and distributions payable, due to Ashford Inc. and due to/from third-party hotel managers . The carrying values of these financial instruments approximate their fair values due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Note receivable . Fair value of the note receivable was determined by using similar loans with similar collateral. Since there is very little to no trading activity, we relied on our internal analysis of what we believe a willing buyer would pay for this note at March 31, 2018 and December 31, 2017 . We estimated the fair value of the note receivable to be approximately 3.1% lower to 7.1% higher than the carrying value of $8.1 million at March 31, 2018 and approximately 1.0% lower to 9.5% higher than the carrying value of $8.1 million at December 31, 2017 . 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. See notes 10 and 11 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 94.8% to 104.8% of the carrying value of $825.5 million at March 31, 2018 , and approximately 94.4% to 104.4% of the carrying value of $826.2 million at December 31, 2017 . This is considered a Level 2 valuation technique.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	3 Months Ended
	Mar. 31, 2018
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 Braemar 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. 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, generally have vesting periods of three years . Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of 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 Braemar 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% based on achievement of a specified relative total stockholder return based on the formula determined by the Company’s Compensation Committee on the grant date. As of March 31, 2018 , there are approximately 804,000 performance-based LTIP units, representing 200% of the target, outstanding. The performance criteria for the performance-based LTIP units are based on market conditions under the relevant literature, and the performance-based LTIP units were granted to non-employees. The unamortized fair value of performance-based LTIP units of $1.9 million at March 31, 2018 will be expensed over a period of 2.8 years, subject to future mark to market adjustments. We recorded compensation expense of $8,000 and a credit of $1.0 million due to lower fair values as compared to prior periods for the three months ended March 31, 2018 and 2017 , respectively. The related amounts are included in “advisory services fee” on our condensed consolidated statements of operations. As of March 31, 2018 , we have issued a total of 1.9 million LTIP units (including performance-based LTIP units), net of forfeitures, all of which, other than approximately 367,000 LTIP units and 1.1 million performance based LTIP units issued from March 2015 to March 2018 had reached full economic parity with, and are convertible into, common units. For the three months ended March 31, 2018 and 2017 , compensation expense of $136,000 and $43,000 was recorded related to the LTIP units issued to Ashford LLC’s employees, respectively, and is included in “advisory services fee.” The fair value of the unrecognized cost of LTIP units of $2.3 million at March 31, 2018 , will be amortized over a period of 3.0 years, subject to future mark to market adjustments. During the three months ended March 31, 2017 , approximately 5,000 common units, with an aggregate redemption fair value of $67,000 , were redeemed by the holders and, at our election, we issued shares of our common stock to satisfy the redemption. During the three months ended March 31, 2018, no common units were redeemed by the holders. Redeemable noncontrolling interests in Braemar OP as of March 31, 2018 and December 31, 2017 , were $46.3 million and $46.6 million , respectively, which represented ownership of our operating partnership of approximately 11.20% and 11.43% , respectively. The carrying value of redeemable noncontrolling interests as of March 31, 2018 and December 31, 2017 , included no adjustments to reflect the excess of redemption value over the accumulated historical costs. For the three months ended March 31, 2018 and 2017 , we allocated net income of $292,000 and net loss of $255,000 to the redeemable noncontrolling interests, respectively. For the three months ended March 31, 2018 and 2017 , we declared aggregate cash distributions to holders of common units and holders of LTIP units of $822,000 and $790,000 , 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	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Dividends —Common stock dividends declared for the three months ended March 31, 2018 and 2017 , were $5.2 million and $5.1 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, generally, three years from the issuance date. The target number of PSUs may be adjusted from 0% to 200% based on achievement of a specified relative total stockholder return based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. At March 31, 2018 , the outstanding PSUs had a fair value of $2.6 million . We recorded compensation expense in the amount of $1.6 million and a credit of $800,000 due to lower fair values of the PSUs for the three months ended March 31, 2018 and 2017 , respectively. During the three months ended March 31, 2018, approximately $1.6 million of the compensation expense was related to the accelerated vesting of PSUs granted to one of our executive officers upon his passing, in accordance with the terms of the awards. These amounts are included in “advisory services fee” on our condensed consolidated statements of operations. As of March 31, 2018 , we had unamortized compensation expense of $2.4 million related to PSUs which is expected to be recognized over a period of 2.8 years, subject to future mark to market adjustments. Restricted Stock Units —Stock-based compensation expense of $825,000 and $118,000 was recognized for the three months ended March 31, 2018 and 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. During the three months ended March 31, 2018, approximately $640,000 of the compensation expense was related to the accelerated vesting of equity awards granted to one of our executive officers upon his passing, in accordance with the terms of the awards. 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 months ended March 31, 2018 , expense related to such grants was $46,000 . For the three months ended March 31, 2017 , expense related to such grants was immaterial. In addition, stock-based compensation expense of $0 and $18,000 was recognized for the three months ended March 31, 2018 and 2017 , respectively, in connection with common stock issued to our independent directors, which vested immediately, and is included in “corporate general and administrative” expense on our condensed consolidated statements of operations. At March 31, 2018 , the outstanding restricted shares had a fair value of $5.3 million . At March 31, 2018 , the unamortized cost of the unvested shares of restricted stock was $4.6 million , which will be expensed over a period of 3.6 years , subject to future mark to market adjustments, and have vesting dates between April 2018 and November 2021 . Stock Repurchases —On December 5, 2017, our board of directors reapproved the stock repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share having an aggregate value of up to $50 million . The board of directors’ authorization replaced any previous repurchase authorizations. No shares were repurchased during the three months ended March 31, 2018 and 2017 , pursuant to this authorization. As of March 31, 2018 , 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. At-the-Market Equity Distribution Program —On December 11, 2017, the Company established an “at-the-market” equity distribution program pursuant to which it may, from time to time, sell shares of its Common Stock having an aggregate offering price of up to $50 million . As of March 31, 2018, no shares of our common stock have been sold under this program. Noncontrolling Interest in Consolidated Entities —A partner had noncontrolling ownership interests of 25% in two hotel properties with a total carrying value of $(4.8) million at both March 31, 2018 and December 31, 2017 , respectively. Noncontrolling interests in consolidated entities were allocated a net loss of $42,000 and $21,000 for the three months ended March 31, 2018 and 2017 , respectively.

5.5% Series B Cumulative Conver

5.5% Series B Cumulative Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2018
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 Convertible 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 Convertible Preferred Stock is also subject to conversion upon certain events constituting a change of control. Holders of the Series B Convertible Preferred Stock have no voting rights, subject to certain exceptions. The Company may, at its option, cause the Series B Convertible 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 Convertible 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 Convertible Preferred Stock, of the difference between (i) the annual dividend payments the holders of Series B Convertible 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 Convertible Preferred Stock would have received over the same time period had such holders held common stock. On March 7, 2017, we closed an offering of approximately 2.0 million shares of our Series B Convertible 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 Convertible 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 Convertible 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 March 31, 2018 , we had 5.0 million outstanding shares of Series B Convertible Preferred Stock that do not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside our control. As such, the Series B Convertible Preferred Stock is classified outside of permanent equity. The Series B Convertible Preferred Stock dividend for all issued and outstanding shares is set at $1.375 per annum per share. For both the three months ended March 31, 2018 and 2017 , we declared dividends of approximately $1.7 million with respect to shares of Series B Convertible Preferred Stock.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at March 31, 2018 , escrow payments are required for insurance, real estate taxes and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 5% of gross revenues for capital improvements. Management Fees —Under management agreements for our hotel properties existing at March 31, 2018 , we pay a) monthly property management fees equal to the greater of $13,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable, 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 2017 remain subject to potential examination by certain federal and state taxing authorities. Litigation —We are engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or results of operations. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refer to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. As of March 31, 2018 and December 31, 2017 , all of our hotel properties were in the U.S. and its territories.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
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 1/12th of 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 1/12th of 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 measured annually. Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group, we will pay Ashford LLC an incentive fee over the following three years , subject to the Fixed Charge Coverage Ratio (“FCCR”) Condition, as defined in the advisory agreement, which relates to the ratio of adjusted EBITDA to fixed charges. We also reimburse Ashford LLC for certain reimbursable overhead and internal audit, risk management advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2018 2017 Advisory services fee Base advisory fee $ 2,107 $ 2,003 Reimbursable expenses (1) 420 547 Equity-based compensation (2) 2,547 (1,685 ) Incentive fee 170 — Total $ 5,244 $ 865 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. In connection with the acquisition of the Bardessono Hotel in 2015 and Ashford Inc.’s engagement to provide hotel advisory services to us, Ashford Inc. agreed to provide $2.0 million of key money consideration in the form of furniture, fixtures and equipment to be used by Braemar. This arrangement is accounted for as a lease, in accordance with the applicable accounting guidance. As such, a portion of the base advisory fee is allocated to lease expense equal to the estimated fair value of the lease payments that would have been made. Lease expense of $84,000 and $84,000 was recognized for the three months ended March 31, 2018 and 2017 , respectively, and was included in “other” hotel expense in the consolidated statements of operations. Certain employees of Remington Lodging, who perform work on behalf of Braemar, were granted approximately 22,000 and 21,000 shares of restricted stock under the Braemar Stock Plan in 2017 and 2018, respectively. These share grants were accounted for under the applicable accounting guidance related to share-based payments granted to non-employees and are recorded as a component of “management fees” in our condensed consolidated statements of operations. For the three months ended March 31, 2018 , expense related to such grants was $46,000 . For the three months ended March 31, 2017 , expense related to such grants was immaterial. The unamortized fair value of these grants was $426,000 as of March 31, 2018 , which will be amortized over a period of 3.0 years. In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotel properties, provided such transactions are evaluated and approved by our independent directors. The following table summarizes the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts paid by us for those services, the applicable classification on our condensed consolidated financial statements and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands): Three Months Ended March 31, 2018 As of March 31, 2018 As of December 31, 2017 Company Product or Service Transaction Amount Other Hotel Expenses Corporate General and Administrative Due to OpenKey Mobile key app $ 8 $ 8 $ — $ 5 $ 4 Pure Rooms “Allergy friendly” premium rooms 9 9 — — 45 RED Leisure Watersports activities and travel/transportation services 180 180 — — — Ashford LLC Insurance claims services 38 — 38 38 — At March 31, 2018 and December 31, 2017 , the balance in “due to Ashford Inc.” of $224,000 and $1.7 million , respectively, is primarily associated with advisory services.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 4, 2018, the Company acquired a 100% interest in the 266 -room Ritz-Carlton Sarasota in Sarasota, Florida for $171.0 million and a 22 acre plot of vacant land for $9.7 million . As a result of the recent date of the transaction, it is impractical to provide the pro forma results of operations that include the impact of the Ritz-Carlton Sarasota. Concurrent with the completion of the acquisition, the Company completed the financing of a $100 million mortgage loan. This mortgage loan provides for a floating interest rate of LIBOR + 2.65% . The mortgage loan is interest only until July 1, 2021 and then amortizes 1% annually for the remaining term. The stated maturity is April 2023. On May 8, 2018, the Company announced that it has signed a definitive agreement to sell the 293 -room Renaissance Tampa hotel in Tampa, Florida for $68.0 million . The transaction is expected to close during the second quarter of 2018. As of March 31, 2018, the carrying value of the hotel property was $54.3 million .

Significant Accounting Polici27

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 Braemar Hotels & Resorts 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 2017 Annual Report on Form 10-K, as originally filed with the Securities and Exchange Commission (“SEC”) on March 14, 2018. Braemar 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 Braemar 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, Braemar OP General Partner LLC (formerly Ashford Prime OP General Partner LLC), its general partner. As such, we consolidate Braemar OP. The following items affect reporting comparability of our historical condensed consolidated financial statements: • Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. • On March 31, 2017, we acquired the Park Hyatt Beaver Creek 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. • On November 1, 2017, we sold the Plano Marriott Legacy Town Center.
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.
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. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 4.
Investment in Ashford Inc.	Investment in Ashford Inc. —We hold approximately 195,000 shares of Ashford Inc. common stock, which represented an approximate 9.3% ownership interest in Ashford Inc. and had a fair value of $18.7 million at March 31, 2018 . This investment would typically be accounted for under the equity method of accounting, under Accounting Standard 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 .
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity —Investment in unconsolidated entity, in which we have ownership interest of 8.2% at March 31, 2018, is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review our investment in unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) in unconsolidated entity. No such impairment was recorded for the three months ended March 31, 2018. Our investment in unconsolidated entity is considered to be a variable interest in the underlying entity. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entity’s activities and operations, we are not considered to be the primary beneficiary of this entity on an ongoing basis and therefore such entity should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions.
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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 replaces most existing revenue recognition guidance in U.S. GAAP. 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. This standard, referred to as “Topic 606,” does not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations. Therefore, Topic 606 does not impact the recognition of hotel sales. We adopted this standard effective January 1, 2018, under the modified retrospective method, and the adoption of this standard did not have a material impact on our condensed consolidated financial statements. See related disclosures in note 3. 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 adopted this standard effective January 1, 2018. The adoption of this standard did not have a material impact on our 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 adopted this standard effective January 1, 2018 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated statement of cash flows. 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. We adopted this standard effective January 1, 2018. Under the new standard, 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 method. We adopted this standard effective January 1, 2018, under the modified retrospective method. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. Recently Issued Accounting Standards —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 our consolidated financial statements and related disclosures.
Revenue Recognition	Rooms revenue represents revenues from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenues. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas, parking, entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by geographical areas (in thousands): Three Months Ended March 31, 2018 Primary Geographical Markets Number of hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 19,104 $ 7,306 $ 3,474 $ — $ 29,884 Colorado 1 9,797 4,819 3,543 — 18,159 Florida 2 10,755 2,749 863 — 14,367 Illinois 1 3,419 1,251 210 — 4,880 Pennsylvania 1 6,153 1,173 297 — 7,623 Washington 1 5,502 1,664 265 — 7,431 Washington, D.C. 1 8,961 4,339 284 — 13,584 USVI 1 1,816 199 4,546 — 6,561 Total 12 $ 65,507 $ 23,500 $ 13,482 $ — $ 102,489 Three Months Ended March 31, 2017 Primary Geographical Markets Number of hotels Rooms Food and Beverage Other Hotel Other Total California 3 $ 16,924 $ 6,017 $ 1,400 $ — $ 24,341 Colorado 1 — — — — — Florida 2 10,925 3,052 463 — 14,440 Illinois 1 3,473 1,214 99 — 4,786 Pennsylvania 1 4,960 979 183 — 6,122 Washington 1 5,413 1,830 255 — 7,498 Washington, D.C. 1 10,874 4,650 311 — 15,835 USVI 1 9,743 3,518 2,414 — 15,675 Sold hotel properties 1 5,106 3,213 240 40 8,599 Total 12 $ 67,418 $ 24,473 $ 5,365 $ 40 $ 97,296

Investment in Hotel Propertie29

Investment in Hotel Properties, net (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): March 31, 2018 December 31, 2017 Land $ 344,937 $ 344,937 Buildings and improvements 966,045 962,478 Furniture, fixtures and equipment 84,313 87,796 Construction in progress 11,181 7,899 Total cost 1,406,476 1,403,110 Accumulated depreciation (258,173 ) (257,268 ) Investments in hotel properties, net $ 1,148,303 $ 1,145,842

Hotel Dispositions (Tables)

Hotel Dispositions (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Condensed financial information from hotel property	The following table includes the condensed financial information from this hotel property (in thousands): Three Months Ended March 31, 2017 Total hotel revenue $ 8,559 Total hotel operating expenses (5,150 ) Operating income (loss) 3,409 Property taxes, insurance and other (355 ) Depreciation and amortization (1,188 ) Interest expense and amortization of loan costs (635 ) Income (loss) before income taxes 1,231 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (162 ) Income (loss) before income taxes attributable to the Company $ 1,069

Investment in Unconsolidated 31

Investment in Unconsolidated Entity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2018 December 31, 2017 Total assets $ 119,597 $ 114,810 Total liabilities 82,830 78,742 Redeemable noncontrolling interests 4,662 5,111 Total stockholders’ equity of Ashford Inc. 30,545 30,185 Noncontrolling interests in consolidated entities 1,560 772 Total equity 32,105 30,957 Total liabilities and equity $ 119,597 $ 114,810 Our investment in Ashford Inc., at fair value $ 18,652 $ 18,124 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2018 2017 Total revenue $ 48,168 $ 13,013 Total operating expenses (53,204 ) (15,149 ) Operating income (loss) (5,036 ) (2,136 ) Realized and unrealized gain (loss) on investments — (75 ) Other (93 ) 118 Income tax (expense) benefit (706 ) (630 ) Net income (loss) (5,835 ) (2,723 ) (Income) loss from consolidated entities attributable to noncontrolling interests 173 (25 ) Net (income) loss attributable to redeemable noncontrolling interests (61 ) 363 Net income (loss) attributable to Ashford Inc. $ (5,723 ) $ (2,385 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 528 $ 3,091

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate March 31, 2018 December 31, 2017 Secured revolving credit facility (3) None November 2019 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% $ — $ — TIF loan (4) (5) 1 hotel June 2018 12.85% 8,098 8,098 Mortgage loan (6) 1 hotel December 2018 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (4) (7) 4 hotels February 2019 LIBOR (1) + 2.58% 277,628 277,628 Mortgage loan (8) 1 hotel March 2019 LIBOR (1) + 2.55% 80,000 80,000 Mortgage loan (9) 1 hotel March 2019 LIBOR (1) + 2.25% 70,000 70,000 Mortgage loan (10) 1 hotel April 2019 LIBOR (1) + 2.75% 67,500 67,500 Mortgage loan (11) 2 hotels November 2019 LIBOR (1) + 2.65% 189,296 190,010 Mortgage loan 1 hotel May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan 1 hotel August 2022 LIBOR (1) + 2.55% 40,000 40,000 825,522 826,236 Deferred loan costs, net (4,469 ) (5,277 ) Indebtedness, net $ 821,053 $ 820,959 __________________ (1) LIBOR rates were 1.883% and 1.564% at March 31, 2018 and December 31, 2017 , 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) These loans are collateralized by the same hotel property. This hotel property is included in the $277.6 million mortgage loan. (5) The interest expense from the TIF loan is offset against interest income on the note receivable of the same amount. See note 6. (6) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017. (7) This mortgage loan has five 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 third was exercised in March 2018. (9) This mortgage loan has three one-year options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018. (10) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (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)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Summary of amounts used in calculating basic and diluted earnings (loss) per share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 4,020 $ (13 ) Less: Dividends on preferred stock (1,707 ) (1,673 ) Less: Dividends on common stock (5,116 ) (5,033 ) Less: Dividends on unvested performance stock units (72 ) (67 ) Less: Dividends on unvested restricted shares (87 ) (50 ) Undistributed net income (loss) allocated to common stockholders (2,962 ) (6,836 ) Add back: Dividends on common stock 5,116 5,033 Distributed and undistributed net income (loss) - basic and diluted $ 2,154 $ (1,803 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 31,680 27,267 Incentive fee shares 3 — Weighted average common shares outstanding – diluted 31,683 27,267 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ 0.07 $ (0.07 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ 0.07 $ (0.07 )
Summary of computation of diluted income per share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended March 31, 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 87 $ 50 Income (loss) allocated to unvested performance stock units 72 67 Income (loss) attributable to redeemable noncontrolling interests in operating partnership 292 (255 ) Dividends on preferred stock 1,707 1,673 Total $ 2,158 $ 1,535 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 49 50 Effect of unvested performance stock units 16 — Effect of assumed conversion of operating partnership units 4,124 4,223 Effect of assumed conversion of preferred stock 6,569 4,550 Effect of incentive fee shares — 182 Total 10,758 9,005

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Assets Derivative assets: Interest rate derivatives - floors $ — $ 91 $ — $ 9 $ 100 Interest rate derivatives - caps — 66 — — 66 Credit default swaps — 207 — 631 838 — 364 — 640 1,004 (2) Non-derivative assets: Investment in Ashford Inc. 18,652 — — — 18,652 Total $ 18,652 $ 364 $ — $ 640 $ 19,656 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, 2017 Assets Derivative assets: Interest rate derivatives - floors $ — $ 118 $ — $ 12 $ 130 Interest rate derivatives - caps — 4 — — 4 Credit default swaps — 102 — 358 460 — 224 — 370 594 (2) Non-derivative assets: Investment in Ashford Inc. 18,124 — — — 18,124 Total $ 18,124 $ 224 $ — $ 370 $ 18,718 __________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported as “derivative assets” in our condensed consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following table summarizes the effect of fair value measured assets and liabilities on the condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended March 31, 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (27 ) $ (759 ) Interest rate derivatives - caps (5 ) (256 ) Credit default swaps 105 (1) — Options on futures contracts — (39 ) Non-derivative assets: Investment in Ashford Inc. 528 3,091 Total $ 601 $ 2,037 Total combined Interest rate derivatives - floors $ (27 ) $ (759 ) Interest rate derivatives - caps (5 ) (256 ) Credit default swaps 105 — Options on futures contracts — 117 Unrealized gain (loss) on derivatives 73 (898 ) Realized gain (loss) on options on futures contracts — (156 ) (2) Unrealized gain (loss) on investment in Ashford Inc. 528 3,091 Net $ 601 $ 2,037 _______________ (1) Excludes costs of $63 associated with credit default swaps for the three months ended March 31, 2018 included in “other income (expense)” in our condensed consolidated statements of operations. (2) Included in “other income (expense)” in our condensed consolidated statements of operations.

Summary of Fair Value of Fina35

Summary of Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Investment in Ashford Inc. $ 18,652 $ 18,652 $ 18,124 $ 18,124 Derivative assets 1,004 1,004 594 594 Financial assets not measured at fair value: Cash and cash equivalents $ 95,223 $ 95,223 $ 137,522 $ 137,522 Restricted cash 63,385 63,385 47,820 47,820 Accounts receivable, net 19,692 19,692 14,334 14,334 Insurance receivable 14,203 14,203 8,825 8,825 Note receivable 8,098 7,850 to 8,677 8,098 8,020 to 8,864 Due from related party, net 873 873 349 349 Due from third-party hotel managers 5,748 5,748 4,589 4,589 Financial liabilities not measured at fair value: Indebtedness $ 825,522 $782,508 to $864,877 $ 826,236 $ 780,243 to $ 862,372 Accounts payable and accrued expenses 57,468 57,468 56,803 56,803 Dividends and distributions payable 8,374 8,374 8,146 8,146 Due to Ashford Inc. 267 267 1,703 1,703 Due to third-party hotel managers 2,231 2,231 1,709 1,709

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts paid by us for those services, the applicable classification on our condensed consolidated financial statements and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands): Three Months Ended March 31, 2018 As of March 31, 2018 As of December 31, 2017 Company Product or Service Transaction Amount Other Hotel Expenses Corporate General and Administrative Due to OpenKey Mobile key app $ 8 $ 8 $ — $ 5 $ 4 Pure Rooms “Allergy friendly” premium rooms 9 9 — — 45 RED Leisure Watersports activities and travel/transportation services 180 180 — — — Ashford LLC Insurance claims services 38 — 38 38 — The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended March 31, 2018 2017 Advisory services fee Base advisory fee $ 2,107 $ 2,003 Reimbursable expenses (1) 420 547 Equity-based compensation (2) 2,547 (1,685 ) Incentive fee 170 — Total $ 5,244 $ 865 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

Organization and Description 37

Organization and Description of Business (Details)	Mar. 31, 2018hotelstate	Mar. 31, 2017hotel
Real Estate Properties [Line Items]
Number of hotel properties managed by related party	3
Number of hotels	12	12
Number of states in which entity operates | state	6
Number of rooms	3,576
Number of rooms owned, net of partnership interest	3,341
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotels	10
Consolidated Properties
Real Estate Properties [Line Items]
Number of hotels	2
Leased by Wholly-Owned or Majority-Owned Taxable REIT Subsidiaries
Real Estate Properties [Line Items]
Number of hotels	11
US Virgin Islands Taxable REIT Subsidiary
Real Estate Properties [Line Items]
Number of hotels	1
Leased by Ashford Prime Wholly-Owned Taxable REIT Subsidiary
Real Estate Properties [Line Items]
Number of hotels	9

Significant Accounting Polici38

Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Impairment charges	$ 12	$ 0	$ 1,100
Ownership percentage	8.20%
Investment in unconsolidated entity	$ 1,997		0
Increase in net cash provided by operating activities	3,949	4,554
Decrease in net cash used in investing activities	22,236	161,012
Restricted cash	$ 63,385	$ 35,779	$ 47,820	$ 37,855
Ashford Inc.
Significant Accounting Policies [Line Items]
Investment owned (in shares)	195		195
Ownership percentage	9.30%		9.30%
Investment in unconsolidated entity	$ 18,652		$ 18,124
Minimum | Restricted Cash
Significant Accounting Policies [Line Items]
Replacement reserve escrow as percentage of property revenue	4.00%
Maximum | Restricted Cash
Significant Accounting Policies [Line Items]
Replacement reserve escrow as percentage of property revenue	5.00%

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)hotel	Mar. 31, 2017USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	12	12
Revenue	$ 102,489	$ 97,296
California
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	4	3
Revenue	$ 29,884	$ 24,341
Colorado
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 18,159	$ 0
Florida
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	2
Revenue	$ 14,367	$ 14,440
Illinois
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 4,880	$ 4,786
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 7,623	$ 6,122
Washington
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 7,431	$ 7,498
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 13,584	$ 15,835
USVI
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1
Revenue	$ 6,561	$ 15,675
Total
Disaggregation of Revenue [Line Items]
Number of hotels | hotel		1
Revenue		$ 8,599
Rooms
Disaggregation of Revenue [Line Items]
Revenue	65,507	67,418
Rooms | California
Disaggregation of Revenue [Line Items]
Revenue	19,104	16,924
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Revenue	9,797	0
Rooms | Florida
Disaggregation of Revenue [Line Items]
Revenue	10,755	10,925
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Revenue	3,419	3,473
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	6,153	4,960
Rooms | Washington
Disaggregation of Revenue [Line Items]
Revenue	5,502	5,413
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	8,961	10,874
Rooms | USVI
Disaggregation of Revenue [Line Items]
Revenue	1,816	9,743
Rooms | Total
Disaggregation of Revenue [Line Items]
Revenue		5,106
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	23,500	24,473
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Revenue	7,306	6,017
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Revenue	4,819	0
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Revenue	2,749	3,052
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Revenue	1,251	1,214
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	1,173	979
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Revenue	1,664	1,830
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	4,339	4,650
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Revenue	199	3,518
Food and Beverage | Total
Disaggregation of Revenue [Line Items]
Revenue		3,213
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	13,482	5,365
Other Hotel | California
Disaggregation of Revenue [Line Items]
Revenue	3,474	1,400
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Revenue	3,543	0
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Revenue	863	463
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Revenue	210	99
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	297	183
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Revenue	265	255
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	284	311
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Revenue	4,546	2,414
Other Hotel | Total
Disaggregation of Revenue [Line Items]
Revenue		240
Other
Disaggregation of Revenue [Line Items]
Revenue	0	40
Other | California
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Colorado
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Florida
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Illinois
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Washington
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other | USVI
Disaggregation of Revenue [Line Items]
Revenue	$ 0	0
Other | Total
Disaggregation of Revenue [Line Items]
Revenue		$ 40

Investment in Hotel Propertie40

Investment in Hotel Properties, net (Investments in Hotel Properties, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 344,937	$ 344,937
Buildings and improvements	966,045	962,478
Furniture, fixtures and equipment	84,313	87,796
Construction in progress	11,181	7,899
Total cost	1,406,476	1,403,110
Accumulated depreciation	(258,173)	(257,268)
Investments in hotel properties, net	$ 1,148,303	$ 1,145,842

Investment in Hotel Propertie41

Investment in Hotel Properties, net (Impairment Charges and Insurance Recoveries) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment charges	$ 12,000	$ 0	$ 1,100,000
Remediation and other costs			3,800,000
Insurance receivable	14,203,000		8,825,000
Insurance deductible			4,900,000
Proceeds for business interruption losses			11,100,000
Deductible			1,100,000
Reduction to insurance receivable			3,700,000
Additional insurance receivable recorded	188,000
Reimbursement of incurred expense	313,000		3,300,000
Proceeds from insurance	0
Bardessono Hotel and Hotel Yountville
Property, Plant and Equipment [Line Items]
Insurance deductible	500,000
Revenue from business interruption losses	1,800,000
Other Hotel Revenue
Property, Plant and Equipment [Line Items]
Proceeds for business interruption losses			$ 4,100,000
Revenue from business interruption losses	$ 4,900,000

Hotel Dispositions (Details)

Hotel Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Nov. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of hotel property	$ 23,800
Plano Marriott Legacy Town Center | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal			$ 104,000
Total hotel revenue		$ 8,559
Total hotel operating expenses		(5,150)
Operating income (loss)		3,409
Property taxes, insurance and other		(355)
Depreciation and amortization		(1,188)
Interest expense and amortization of loan costs		(635)
Income (loss) before income taxes		1,231
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership		(162)
Income (loss) before income taxes attributable to the Company		$ 1,069

Note Receivable (Details)

Note Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable	$ 8,098	$ 8,098
Philadelphia Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable	$ 8,100	$ 8,100
Interest rate	12.85%	12.85%

Investment in Unconsolidated 44

Investment in Unconsolidated Entity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Mar. 28, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8.20%
Total assets	$ 1,422,992				$ 1,423,819
Total liabilities	894,629				894,517
Redeemable noncontrolling interests in operating partnership	46,259				46,627
Total stockholders’ equity of Ashford Inc.	380,776				381,305
Noncontrolling interest in consolidated entities	(4,795)				(4,753)
Total equity	375,981				376,552
Total liabilities and equity	1,422,992				1,423,819
Investment in unconsolidated entity	1,997				$ 0
Total revenue	102,489		$ 97,296
Total operating expenses	(88,201)		(90,046)
OPERATING INCOME (LOSS)	14,288		7,250
Income tax (expense) benefit	(572)		478
NET INCOME (LOSS)	4,270		(289)
Net (income) loss attributable to redeemable noncontrolling interests	(292)		255
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	4,020		(13)
Our unrealized gain (loss) on investment in Ashford Inc.	528	$ 528	3,091
Equity in earnings (loss) of unconsolidated entity	$ (3)		0
Ashford Inc.
Schedule of Equity Method Investments [Line Items]
Investment owned (in shares)	195				195
Share price (in dollars per share)	$ 95.71				$ 93
Ownership percentage	9.30%				9.30%
Total assets	$ 119,597				$ 114,810
Total liabilities	82,830				78,742
Redeemable noncontrolling interests in operating partnership	4,662				5,111
Total stockholders’ equity of Ashford Inc.	30,545				30,185
Noncontrolling interest in consolidated entities	1,560				772
Total equity	32,105				30,957
Total liabilities and equity	119,597				114,810
Investment in unconsolidated entity	18,652				$ 18,124
Total revenue	48,168		13,013
Total operating expenses	(53,204)		(15,149)
OPERATING INCOME (LOSS)	(5,036)		(2,136)
Realized and unrealized gain (loss) on investments	0		(75)
Other	(93)		118
Income tax (expense) benefit	(706)		(630)
NET INCOME (LOSS)	(5,835)		(2,723)
(Income) loss from consolidated entities attributable to noncontrolling interests	173		(25)
Net (income) loss attributable to redeemable noncontrolling interests	(61)		363
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (5,723)		$ (2,385)
OpenKey
Schedule of Equity Method Investments [Line Items]
Ownership percentage				8.20%
Investment in unconsolidated entity				$ 2,000

Indebtedness (Details)

Indebtedness (Details)	Nov. 01, 2017USD ($)	Aug. 18, 2017USD ($)	Mar. 31, 2017USD ($)extension	Jan. 18, 2017USD ($)loanhotelextension	Mar. 31, 2018USD ($)hotelextension	Dec. 31, 2017USD ($)	May 11, 2017USD ($)
Debt Instrument [Line Items]
Indebtedness, gross					$ 825,522,000	$ 826,236,000
Deferred loan costs, net					(4,469,000)	(5,277,000)
Indebtedness, net					$ 821,053,000	$ 820,959,000
LIBOR rate					1.883%	1.564%
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity					$ 15,000,000
Line of Credit | Senior Revolving 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 | Senior Revolving Credit Facility [Member] | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Line of Credit | Senior Revolving Credit Facility [Member] | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					3.50%
Line of Credit | Senior Revolving Credit Facility [Member] | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Line of Credit | Senior Revolving Credit Facility [Member] | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
Mortgages | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Mortgages | TIF Loan
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Interest rate					12.85%
Indebtedness, gross					$ 8,098,000	8,098,000
Mortgages | Mortgage Loan 1
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross					$ 42,000,000	42,000,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages | Mortgage Loan 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					4.95%
Mortgages | Mortgage Loan 2
Debt Instrument [Line Items]
Collateral (in hotels) | hotel				4	4
Indebtedness, gross				$ 277,628,000	$ 277,628,000
Number of extension options | extension				5	5
Term of extension options				1 year	1 year
Face amount of debt				$ 365,000,000
Mortgages | Mortgage Loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.58%	2.58%
Mortgages | Mortgage Loan 3
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross					$ 80,000,000	80,000,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages | Mortgage Loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.55%
Mortgages | Mortgage Loan 4
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross					$ 70,000,000	70,000,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages | Mortgage Loan 4 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.55%
Mortgages | Mortgage Loan 5
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross			$ 67,500,000		$ 67,500,000	67,500,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages | Mortgage Loan 5 | Park Hyatt Beaver Creek
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Number of extension options | extension			3
Term of extension options			1 year
Mortgages | Mortgage Loan 5 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
Mortgages | Mortgage Loan 6
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					2
Indebtedness, gross					$ 189,296,000	$ 190,010,000
Number of extension options | extension					2
Term of extension options					1 year
Mortgages | Mortgage Loan 6 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.65%
Mortgages | Mortgage Loan 7
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross					$ 51,000,000		$ 51,000,000
Mortgages | Mortgage Loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.55%
Mortgages | Mortgage Loan 8
Debt Instrument [Line Items]
Collateral (in hotels) | hotel					1
Indebtedness, gross		$ 40,000,000			$ 40,000,000
Mortgages | Mortgage Loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.55%			2.55%
Mortgages | Three Loans Due April 2017
Debt Instrument [Line Items]
Indebtedness, gross				$ 333,700,000
Number of loans | loan				3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Plano Marriott Legacy Town Center
Debt Instrument [Line Items]
Consideration for disposal	$ 104,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Plano Marriott Legacy Town Center | Mortgages
Debt Instrument [Line Items]
Repayment of debt	$ 87,400,000

Income (Loss) Per Share (Reconc

Income (Loss) Per Share (Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$ 4,020	$ (13)
Less: Dividends on preferred stock	(1,707)	(1,673)
Undistributed net income (loss) allocated to common stockholders	(2,962)	(6,836)
Distributed and undistributed net income (loss) - basic and diluted	$ 2,154	$ (1,803)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	31,680	27,267
Incentive fee shares (in shares)	3	0
Weighted average common shares outstanding – diluted (in shares)	31,683	27,267
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ 0.07	$ (0.07)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ 0.07	$ (0.07)
Performance Shares
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (72)	$ (67)
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	(87)	(50)
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (5,116)	$ (5,033)

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss) allocated to common stockholders is not adjusted for:
Total	$ 2,158	$ 1,535
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	10,758	9,005
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 87	$ 50
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	49	50
Performance Shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 72	$ 67
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	16	0
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ 292	$ (255)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,124	4,223
Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,707	$ 1,673
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6,569	4,550
Incentive Fee Shares [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	182

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Indebtedness, gross	$ 825,522		$ 826,236
Interest Rate Cap
Derivative [Line Items]
Notional amount	858,200
Indebtedness, gross	$ 817,400
Interest Rate Cap | Minimum
Derivative [Line Items]
Strike rate	2.43%
Interest Rate Cap | Maximum
Derivative [Line Items]
Strike rate	11.61%
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 150,000	$ 568,500
Cost of derivative	$ 67	$ 319
Interest Rate Cap | Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Strike rate	2.43%	3.00%
Interest Rate Cap | Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Strike rate	7.80%	5.35%
Interest Rate Floor
Derivative [Line Items]
Notional amount	$ 6,900,000
Interest Rate Floor | Minimum
Derivative [Line Items]
Strike rate floor	(0.25%)
Interest Rate Floor | Maximum
Derivative [Line Items]
Strike rate	1.50%
Credit Default Swap
Derivative [Line Items]
Notional amount	$ 50,000
Maximum exposure	2,300
Change in market value threshold for settlement	$ 250

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2017
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%
LIBOR rate	1.883%			1.564%
Derivative assets	$ 1,004			$ 594
Investment in unconsolidated entity	1,997			0
Counterparty and Cash Collateral Netting	640			370
Total	19,656			18,718
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	601		$ 2,037
Ashford Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entity	18,652			18,124
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	528		3,091
Investment in Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	18,652			18,124
Non-Derivative Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	601		2,037
Non-Derivative Assets | Ashford Inc.
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	528	$ 528	3,091
Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	73		(898)
Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	100			130
Counterparty and Cash Collateral Netting	9			12
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(27)		(759)
Interest Rate Floor | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(27)		(759)
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	66			4
Counterparty and Cash Collateral Netting	0			0
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(5)		(256)
Interest Rate Cap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(5)		(256)
Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	838
Counterparty and Cash Collateral Netting	631
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	105		0
Credit Default Swap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	105		0
Derivative cost	63
Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets				460
Counterparty and Cash Collateral Netting				358
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0		117
Future | Other Income (Expense)
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0		(156)
Future | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0		$ (39)
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0			0
Total	18,652			18,124
Quoted Market Prices (Level 1) | Investment in Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	18,652			18,124
Quoted Market Prices (Level 1) | Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0			0
Quoted Market Prices (Level 1) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0			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
Quoted Market Prices (Level 1) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets				0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	364			224
Total	364			224
Significant Other Observable Inputs (Level 2) | Investment in Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	0			0
Significant Other Observable Inputs (Level 2) | Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	91			118
Significant Other Observable Inputs (Level 2) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	66			4
Significant Other Observable Inputs (Level 2) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	207
Significant Other Observable Inputs (Level 2) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets				102
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0			0
Total	0			0
Significant Unobservable Inputs (Level 3) | Investment in Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	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
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
Significant Unobservable Inputs (Level 3) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets				$ 0
LIBOR | Maximum | Significant Other Observable Inputs (Level 2) | Derivative Financial Instruments, Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward interest rate	2.597%

Summary of Fair Value of Fina50

Summary of Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Financial assets and liabilities measured at fair value:
Investment in unconsolidated entity	$ 1,997	$ 0
Derivative assets	1,004	594
Derivative assets, Estimated fair value	1,004	594
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	95,223	137,522	$ 161,314	$ 126,790
Cash and cash equivalents, Estimated fair value	95,223	137,522
Restricted cash, Carrying value	63,385	47,820	$ 35,779	$ 37,855
Restricted cash, Estimated fair value	63,385	47,820
Accounts receivable, Carrying value	19,692	14,334
Accounts receivable, Estimated fair value	19,692	14,334
Insurance receivable, Carrying value	14,203	8,825
Insurance receivable, Estimated fair value	14,203	8,825
Note receivable. Carrying value	8,098	8,098
Due from related party, net, Carrying value	873	349
Due from related party, net, Estimated fair value	873	349
Due from third-party hotel managers, Carrying value	5,748	4,589
Due from third-party hotel managers, Estimated fair value	5,748	4,589
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	825,522	826,236
Accounts payable and accrued expenses, Carrying value	57,468	56,803
Accounts payable and accrued expenses, Estimated fair value	57,468	56,803
Dividends and distributions payable, Carrying value	8,374	8,146
Dividends and distributions payable, Estimated fair value	8,374	8,146
Due to affiliate, net, Carrying Value	267	1,703
Due to third-party hotel managers, Carrying value	2,231	1,709
Due to third-party hotel managers, Estimated fair value	2,231	1,709
Minimum
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	7,850	8,020
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	782,508	780,243
Maximum
Financial assets not measured at fair value:
Notes receivable, Estimated fair value	8,667	8,864
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	864,877	862,372
Ashford Inc.
Financial liabilities not measured at fair value:
Due to affiliate, net, Carrying Value	224	1,700
Due to Affiliate, Fair Value Disclosure	267	1,703
Ashford Inc.
Financial assets and liabilities measured at fair value:
Investment in unconsolidated entity	$ 18,652	$ 18,124

Summary of Fair Value of Fina51

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
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	$ 825,522	$ 826,236
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	3.10%	(1.00%)
Total indebtedness fair value variance from carrying value (as a percent)	94.80%	94.40%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)	7.10%	9.50%
Total indebtedness fair value variance from carrying value (as a percent)	104.80%	104.40%

Redeemable Noncontrolling Int52

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership	$ 46,259		$ 46,627
Noncontrolling interest in a consolidated entity	25.00%		25.00%
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ (292)	$ 255
Cash distributions declared	$ 822	790
Braemar OP
Noncontrolling Interest [Line Items]
Noncontrolling interest in a consolidated entity	11.20%		11.43%
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Other than options (in shares)	804
Compensation not yet recognized	$ 1,900
Period for recognition	2 years 10 months
Units which have not reached full economic parity with the common units (in shares)	1,100
Performance Long Term Incentive Plan Units | Advisory Services Fee
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 8	1,000
Performance Long Term Incentive Plan Units | Minimum
Noncontrolling Interest [Line Items]
Award performance target	0.00%
Performance Long Term Incentive Plan Units | Maximum
Noncontrolling Interest [Line Items]
Award performance target	200.00%
Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Award vesting period	3 years
Other than options (in shares)	1,900
Compensation not yet recognized	$ 2,300
Period for recognition	3 years
Units which have not reached full economic parity with the common units (in shares)	367
Long Term Incentive Plan Units | Advisory Services Fee
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 136	$ 43
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units redeemed (in shares)		5
Redemption/conversion of operating partnership units		$ 67

Equity and Stock-Based Compen53

Equity and Stock-Based Compensation (Details)	3 Months Ended		41 Months Ended
	Mar. 31, 2018USD ($)hotel$ / sharesshares	Mar. 31, 2017USD ($)shares	Mar. 31, 2018USD ($)hotel$ / sharesshares	Dec. 31, 2017USD ($)hotel$ / shares	Dec. 11, 2017USD ($)	Dec. 05, 2017USD ($)$ / shares
Class of Stock [Line Items]
Issuance of common stock	$ 0	$ 66,650,000
Dividends declared - common stock	5,275,000
Equity-based compensation	$ 2,449,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01	$ 0.01
Value of stock repurchased during period	$ 74,000
At-the-market equity distribution program, authorized amount					$ 50,000,000
At-the-market equity distribution program, shares sold (in shares) | shares	0		0
Noncontrolling interest in a consolidated entity	25.00%		25.00%	25.00%
Number of hotel properties with JV interests | hotel	2		2	2
Noncontrolling interest in consolidated entities	$ (4,795,000)		$ (4,795,000)	$ (4,753,000)
(Income) loss attributable to noncontrolling interest in consolidated entities	$ 42,000	$ 21,000
Stock Repurchase Program
Class of Stock [Line Items]
Share repurchase program authorized amount						$ 50,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01
Shares of stock repurchased during period (in shares) | shares	0	0	4,300,000
Value of stock repurchased during period			$ 63,200,000
Additional Paid-in Capital
Class of Stock [Line Items]
Equity-based compensation	$ 2,449,000
Value of stock repurchased during period	$ 74,000
Performance Shares
Class of Stock [Line Items]
Award service period	3 years
Other than options intrinsic value	$ 2,600,000		2,600,000
Compensation not yet recognized	$ 2,400,000		2,400,000
Period for recognition	2 years 9 months
Performance Shares | Advisory Services Fee
Class of Stock [Line Items]
Equity-based compensation expense	$ 1,600,000
Performance Shares | Additional Paid-in Capital | Advisory Services Fee
Class of Stock [Line Items]
Equity-based compensation		$ 800,000
Performance Shares | Executive Officer
Class of Stock [Line Items]
Equity-based compensation expense	1,600,000
Restricted Stock
Class of Stock [Line Items]
Other than options intrinsic value	5,300,000		5,300,000
Compensation not yet recognized	$ 4,600,000		$ 4,600,000
Period for recognition	3 years 7 months 1 day
Restricted Stock | Advisory Services Fee
Class of Stock [Line Items]
Equity-based compensation expense	$ 825,000	118,000
Restricted Stock | Management Fees
Class of Stock [Line Items]
Equity-based compensation expense	46,000
Restricted Stock | Corporate General and Administrative Expense
Class of Stock [Line Items]
Equity-based compensation expense	0	18,000
Restricted Stock | Executive Officer
Class of Stock [Line Items]
Equity-based compensation expense	$ 640,000
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]
Dividends declared - common stock	$ 5,200,000	$ 5,100,000

5.5% Series B Cumulative Conv54

5.5% Series B Cumulative Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2017USD ($)shares	Mar. 07, 2017USD ($)$ / sharesshares	Mar. 31, 2018USD ($)day$ / sharesshares	Mar. 31, 2017USD ($)	Dec. 31, 2017shares
Class of Stock [Line Items]
Preferred dividends | $			$ 1,707	$ 1,673
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate		5.50%	5.50%
Initial conversion price (in dollars per share) | $ / shares			$ 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
Issuance of preferred stock (in dollars per share) | $ / shares		$ 20.19
Proceeds from issuance of preferred stock | $		$ 39,900
Proceeds from issuance of stock, net of discounts and expenses | $		$ 38,200
Liquidation preference per share (in dollars per share) | $ / shares		$ 25
Series B preferred stock, shares outstanding (in shares) | shares			4,965,850		4,965,850
Annual preferred stock dividend (in dollars per share) | $ / shares			$ 1.375
Series B Preferred Stock | Over-Allotment Option
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 | Minimum
Class of Stock [Line Items]
Percent of conversion price			110.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Restricted Cash | Minimum
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	4.00%
Restricted Cash | Maximum
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	5.00%
Management Fees
Commitments and Contingencies [Line Items]
Maximum percentage of project budget to be paid as market service fees	16.50%
Management Fees | Minimum
Commitments and Contingencies [Line Items]
Property management fee, percent	2.00%
Management Fees | Maximum
Commitments and Contingencies [Line Items]
Property management fee, percent	7.00%
Management Fees
Commitments and Contingencies [Line Items]
Portion of project management fees to project costs	4.00%
Management Fees | Minimum
Commitments and Contingencies [Line Items]
Monthly property management fee	$ 13,000
Property management fee, percent	3.00%

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2015
Related Party Transaction [Line Items]
Term of agreement			3 years
Advisory services fee	$ 5,244	$ 865
Lease expense	84	84
Due to Ashford Inc.	267		$ 1,703
Restricted Stock
Related Party Transaction [Line Items]
Compensation not yet recognized	$ 4,600
Period for recognition	3 years 7 months 1 day
Restricted Stock | Management Fees
Related Party Transaction [Line Items]
Equity-based compensation expense	$ 46
Affiliated Entity | Restricted Stock
Related Party Transaction [Line Items]
Units issued (in shares)	21,000		22,000
Ashford Inc.
Related Party Transaction [Line Items]
Key money consideration				$ 2,000
Due to Ashford Inc.	$ 224		$ 1,700
Remington Lodging | Restricted Stock
Related Party Transaction [Line Items]
Compensation not yet recognized	$ 426
Period for recognition	3 years
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction	$ 8
Due to Ashford Inc.	5		4
Pure Rooms | “Allergy friendly” premium rooms
Related Party Transaction [Line Items]
Amount of transaction	9
Due to Ashford Inc.	0		45
RED Leisure | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Amount of transaction	180
Due to Ashford Inc.	0		0
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction	38
Due to Ashford Inc.	38		$ 0
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	5,244	865
Ashford LLC | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	2,107	2,003
Ashford LLC | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	420	547
Ashford LLC | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	2,547	(1,685)
Ashford LLC | Affiliated Entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 170	$ 0
Maximum
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier	0.70%

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 04, 2018USD ($)aroom	Mar. 31, 2018USD ($)hotel	May 08, 2018USD ($)room	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Number of rooms | hotel		3,576
Investments in hotel properties, net		$ 1,148,303,000		$ 1,145,842,000
Mortgages | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate		1.00%
Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations | Renaissance Tampa
Subsequent Event [Line Items]
Number of rooms | room			293
Consideration for disposal			$ 68,000,000
Investments in hotel properties, net			$ 54,300,000
Subsequent Event | Mortgages
Subsequent Event [Line Items]
Face amount of debt	$ 100,000,000
Annual amortization	1.00%
Subsequent Event | Mortgages | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate	2.65%
Subsequent Event | Ritz-Carlton Sarasota, Florida
Subsequent Event [Line Items]
Ownership interest acquired	100.00%
Number of rooms | room	266
Consideration transferred	$ 171,000,000
Subsequent Event | 22 Acre Plot of Vacant Land
Subsequent Event [Line Items]
Consideration transferred	$ 9,700,000
Area of Land | a	22