Braemar Hotels & Resorts (BHR) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 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	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,501,880

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Investments in hotel properties, gross	$ 1,520,011	$ 1,403,110
Accumulated depreciation	(241,928)	(257,268)
Investments in hotel properties, net	1,278,083	1,145,842
Cash and cash equivalents	169,235	137,522
Restricted cash	83,096	47,820
Accounts receivable, net of allowance of $91 and $94, respectively	22,338	14,334
Insurance receivable	0	8,825
Inventories	1,898	1,425
Note receivable	0	8,098
Deferred costs, net	477	656
Prepaid expenses	4,325	3,670
Investment in unconsolidated entity		0
Derivative assets	1,007	594
Other assets	7,800	9,426
Intangible assets, net	27,994	22,545
Due from related party, net	588	349
Due from third-party hotel managers	5,522	4,589
Total assets	1,616,926	1,423,819
Liabilities:
Indebtedness, net	985,205	820,959
Accounts payable and accrued expenses	63,976	56,803
Dividends and distributions payable	8,572	8,146
Due to Ashford Inc.	1,100	1,703
Due to third-party hotel managers	2,299	1,709
Intangible liability, net	0	3,569
Other liabilities	21,585	1,628
Total liabilities	1,082,737	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 both June 30, 2018 and December 31, 2017	106,123	106,123
Redeemable noncontrolling interests in operating partnership	47,818	46,627
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,501,880 and 32,120,210 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	325	321
Additional paid-in capital	472,945	469,791
Accumulated deficit	(87,777)	(88,807)
Total stockholders’ equity of the Company	385,493	381,305
Noncontrolling interest in consolidated entities	(5,245)	(4,753)
Total equity	380,248	376,552
Total liabilities and equity	1,616,926	1,423,819
Ashford Inc.
ASSETS
Investment in unconsolidated entity	12,628	18,124
Total assets	138,145	114,810
Liabilities:
Total liabilities	90,331	78,742
Redeemable noncontrolling interests in operating partnership	4,852	5,111
Equity:
Total stockholders’ equity of the Company	41,541	30,185
Noncontrolling interest in consolidated entities	1,421	772
Total equity	42,962	30,957
Total liabilities and equity	$ 138,145	$ 114,810

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 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)	32,501,880	32,120,210
Common stock, shares outstanding (in shares)	32,501,880	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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUE
Rooms	$ 78,439	$ 79,449	$ 143,946	$ 146,867
Food and beverage	25,393	27,980	48,893	52,453
Other	17,286	8,626	30,768	13,991
Total hotel revenue	121,118	116,055	223,607	213,311
Other	0	37	0	77
Total revenue	121,118	116,092	223,607	213,388
Hotel operating expenses:
Rooms	16,652	17,613	31,570	33,410
Food and beverage	17,287	19,263	32,907	36,124
Other expenses	33,768	32,021	63,432	59,752
Management fees	4,501	4,209	8,118	7,754
Total hotel expenses	72,208	73,106	136,027	137,040
Property taxes, insurance and other	6,077	5,370	11,681	10,444
Depreciation and amortization	14,811	13,469	27,817	25,440
Impairment charges	59	0	71	0
Advisory services fee	4,880	3,143	10,124	4,008
Contract modification cost	0	5,000	0	5,000
Transaction costs	461	2,066	949	6,394
Corporate general and administrative	1,206	1,531	1,234	5,405
Total expenses	99,702	103,685	187,903	193,731
OPERATING INCOME (LOSS)	21,416	12,407	35,704	19,657
Equity in earnings (loss) of unconsolidated entity	(62)	0	(65)	0
Interest income	230	165	430	277
Gain (loss) on sale of hotel property	15,711	0	15,711	0
Other income (expense)	(63)	(113)	(126)	(270)
Interest expense and amortization of loan costs	(12,678)	(9,931)	(22,857)	(18,133)
Write-off of loan costs and exit fees	(4,176)	0	(4,178)	(1,963)
Unrealized gain (loss) on investment in Ashford Inc.	(6,024)	(1,563)	(5,496)	1,528
Unrealized gain (loss) on derivatives	(298)	(100)	(225)	(998)
INCOME (LOSS) BEFORE INCOME TAXES	14,056	865	18,898	98
Income tax (expense) benefit	(1,202)	(479)	(1,774)	(1)
NET INCOME (LOSS)	12,854	386	17,124	97
(Income) loss attributable to noncontrolling interest in consolidated entities	(89)	(1,614)	(47)	(1,593)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(1,235)	343	(1,527)	598
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	11,530	(885)	15,550	(898)
Preferred dividends	(1,708)	(1,707)	(3,415)	(3,380)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 9,822	$ (2,592)	$ 12,135	$ (4,278)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.30	$ (0.09)	$ 0.37	$ (0.16)
Weighted average common shares outstanding – basic (in shares)	32,006	31,469	31,845	29,380
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.29	$ (0.09)	$ 0.37	$ (0.16)
Weighted average common shares outstanding – diluted (in shares)	38,588	31,469	31,853	29,380
Dividends declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.32	$ 0.32

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 12,854	$ 386	$ 17,124	$ 97
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	12,854	386	17,124	97
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(89)	(1,614)	(47)	(1,593)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	(1,235)	343	(1,527)	598
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 11,530	$ (885)	$ 15,550	$ (898)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest in Consolidated Entities	5.50% Series B Cumulative Convertible Preferred Stock	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2017		32,120				4,966
Beginning balance at Dec. 31, 2017	$ 376,552	$ 321	$ 469,791	$ (88,807)	$ (4,753)
Beginning balance at Dec. 31, 2017	46,627					$ 106	$ 46,627
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)		(19)
Purchase of common stock	(203)		(203)
Equity-based compensation	3,303		3,303				732
Issuance of restricted shares/units (in shares)		406
Issuance of restricted shares/units	58	$ 4	54				18
Forfeiture of restricted common shares (in shares)		(5)
Forfeiture of restricted common shares	0
Dividends declared – common stock	(10,547)			(10,547)
Dividends declared – common stock	(3,415)			(3,415)
Distributions to noncontrolling interests	(539)				(539)		(1,644)
Net income (loss)	15,550			15,550	47		1,527
Net income (loss)	15,597
Redemption value adjustment	(558)			(558)			558
Ending balance (in shares) at Jun. 30, 2018		32,502				4,966
Ending balance at Jun. 30, 2018	380,248	$ 325	$ 472,945	$ (87,777)	$ (5,245)
Ending balance at Jun. 30, 2018	$ 47,818					$ 106	$ 47,818

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME (LOSS)	$ 12,854	$ 386	$ 17,124	$ 97
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	14,811	13,469	27,817	25,440
Equity-based compensation			4,035	(1,071)
Bad debt expense			109	128
Amortization of loan costs			2,063	2,398
Write-off of loan costs and exit fees	4,176	0	4,178	1,963
Amortization of intangibles			92	93
Amortization of non-refundable membership initiation fees			(5)	0
Interest expense accretion on refundable membership club deposits			150	0
(Gain) loss on sale of hotel property			(15,711)	0
Impairment charges	59	0	71	0	$ 1,100
Unrealized (gain) loss on investment in Ashford Inc.	6,024	1,563	5,496	(1,528)
Realized and unrealized (gain) loss on derivatives			225	1,269
Net settlement of trading derivatives			(290)	0
Equity in (earnings) loss of unconsolidated entity	62	0	65	0
Deferred tax expense (benefit)			122	(216)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Accounts receivable and inventories			(4,525)	2,422
Prepaid expenses and other assets			3,249	(2,358)
Accounts payable and accrued expenses			(3,239)	92
Due to/from related party, net			(252)	56
Due to/from affiliate, net			0	(2,500)
Due to/from third-party hotel managers			2,085	5,013
Other liabilities			(3,595)	88
Net cash provided by (used in) operating activities			38,661	30,604
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance			24,663	0
Acquisition of hotel properties, net of cash and restricted cash acquired			(177,875)	(243,666)
Investment in unconsolidated entity			(2,000)	0
Proceeds from liquidation of AQUA U.S. Fund			0	2,289
Net proceeds from sale of hotel property			65,336	0
Improvements and additions to hotel properties			(32,423)	(21,740)
Net cash provided by (used in) investing activities			(122,299)	(263,117)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness			575,000	483,500
Repayments of indebtedness			(399,312)	(335,458)
Payments of loan costs and exit fees			(9,406)	(9,832)
Payments for derivatives			(348)	(338)
Purchase of common stock			(203)	(119)
Payments for dividends and distributions			(15,122)	(12,058)
Issuance of preferred stock			0	40,169
Issuance of common stock			0	66,451
Other			18	21
Net cash provided by (used in) financing activities			150,627	232,336
Net change in cash, cash equivalents and restricted cash			66,989	(177)
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	252,331	164,468	252,331	164,468	185,342
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid			21,976	16,134
Income taxes paid (refund)			704	929
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid			8,572	8,356
Capital expenditures accrued but not paid			3,658	1,498
Distributions declared but not paid to a noncontrolling interest in a consolidated entity			0	1,628
Non-cash dividends paid			58	0
Non-cash settlement of note receivable			8,098	0
Non-cash settlement of TIF loan			8,098	0
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	252,331	164,468	185,342	164,645	164,645	$ 252,331	$ 164,468
Cash and cash equivalents at end of period	169,235	129,675	169,235	129,675	137,522
Restricted cash at end of period	$ 83,096	$ 34,793	83,096	34,793	$ 47,820
Cash, cash equivalents and restricted cash at end of period						$ 252,331	$ 164,468
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Due to/from affiliate, net			0	489
Ashford Inc.
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Due to/from affiliate, net			$ (603)	$ (1,271)

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 3,549 total rooms, or 3,314 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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; • on April 4, 2018, we acquired the Ritz-Carlton, Sarasota. The operating results of the hotel has been included in the results of operations as of its acquisition date; and • on June 1, 2018, we sold the Tampa Renaissance. 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 9.2% ownership interest in Ashford Inc. and had a fair value of $12.6 million at June 30, 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 June 30, 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 and six months ended June 30, 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 and (ii) 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 other comprehensive income 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 as there were no required changes as a result of adoption. 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10"). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10") and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option and etc. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. ASU 2016-02 is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 on a modified retrospective basis. The accounting for leases under which we are the lessor remains largely unchanged. While we continue evaluating our lease portfolio to assess 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. We disclosed $175.4 million in undiscounted future minimum rentals due under non-cancelable leases in note 13 of our most recent 10-K. We are involving our property managers and implementing repeatable processes to manage ongoing lease data collection and analysis, and evaluating accounting policies and internal controls that will be impacted by the new standards. 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. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07"). The ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and aligns the guidance for share-based payments to non-employees with the requirements for share-based payments granted to employees. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-07 will have on the condensed consolidated financial statements and related disclosures and expect that the associated compensation expense of the majority of our equity awards will be based on the grant date fair value.

Revenue

Revenue	6 Months Ended
	Jun. 30, 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, condo management fees, resort and destination fees, health center fees, spas, golf, telecommunications, parking, entertainment and other guest services, as well as rental revenue, primarily consisting of leased retail outlets at our hotel properties, and membership initiation fees and dues, primarily from club memberships. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Non-refundable membership initiation fees are recognized over the expected life of an active membership. For the three and six months ended June 30, 2018 , the Company recorded $3.3 million of business interruption income for the Tampa Renaissance related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. 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 tables present our revenue disaggregated by geographical areas (in thousands): Three Months Ended June 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 23,535 $ 5,649 $ 2,379 $ — $ 31,563 Colorado 1 1,761 1,745 1,731 — 5,237 Florida 2 10,807 7,053 3,172 — 21,032 Illinois 1 7,783 2,569 371 — 10,723 Pennsylvania 1 8,351 1,719 303 — 10,373 Washington 1 9,050 1,701 361 — 11,112 Washington, D.C. 1 12,791 3,896 337 — 17,024 USVI 1 1,472 132 5,253 — 6,857 Sold hotel properties 1 2,889 929 3,379 — 7,197 Corporate entities — — — — — — Total 13 $ 78,439 $ 25,393 $ 17,286 $ — $ 121,118 Three Months Ended June 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 19,655 $ 5,435 $ 2,764 $ — $ 27,854 Colorado 1 1,717 1,544 1,685 — 4,946 Florida 1 4,687 1,139 335 — 6,161 Illinois 1 7,824 2,377 185 — 10,386 Pennsylvania 1 7,781 1,298 346 — 9,425 Washington 1 8,761 2,614 293 — 11,668 Washington, D.C. 1 12,516 4,109 372 — 16,997 USVI 1 7,329 4,552 2,215 — 14,096 Sold hotel properties 2 9,179 4,912 431 — 14,522 Corporate entities — — — — 37 37 Total 13 $ 79,449 $ 27,980 $ 8,626 $ 37 $ 116,092 Six Months Ended June 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 42,639 $ 12,954 $ 5,854 $ — $ 61,447 Colorado 1 11,558 6,564 5,274 — 23,396 Florida 2 16,280 7,856 3,923 — 28,059 Illinois 1 11,202 3,820 581 — 15,603 Pennsylvania 1 14,504 2,892 600 — 17,996 Washington 1 14,552 3,365 626 — 18,543 Washington, D.C. 1 21,752 8,236 620 — 30,608 USVI 1 3,288 331 9,799 — 13,418 Sold hotel properties 1 8,171 2,875 3,491 — 14,537 Corporate entities — — — — — — Total 13 $ 143,946 $ 48,893 $ 30,768 $ — $ 223,607 Six Months Ended June 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 36,579 $ 11,452 $ 4,164 $ — $ 52,195 Colorado 1 1,717 1,544 1,685 — 4,946 Florida 1 10,369 2,073 696 — 13,138 Illinois 1 11,297 3,590 285 — 15,172 Pennsylvania 1 12,741 2,277 529 — 15,547 Washington 1 14,174 4,443 549 — 19,166 Washington, D.C. 1 23,390 8,760 682 — 32,832 USVI 1 17,072 8,071 4,628 — 29,771 Sold hotel properties 2 19,528 10,243 773 — 30,544 Corporate entities — — — — 77 77 Total 13 $ 146,867 $ 52,453 $ 13,991 $ 77 $ 213,388

Investment in Hotel Properties,

Investment in Hotel Properties, net	6 Months Ended
	Jun. 30, 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): June 30, 2018 December 31, 2017 Land $ 428,567 $ 344,937 Buildings and improvements 982,275 962,478 Furniture, fixtures and equipment 95,443 87,796 Construction in progress 13,726 7,899 Total cost 1,520,011 1,403,110 Accumulated depreciation (241,928 ) (257,268 ) Investments in hotel properties, net $ 1,278,083 $ 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 and six months ended June 30, 2018 , the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $5.2 million and $10.1 million , respectively, which are included in “other” hotel revenue in our condensed consolidated statements of operations. The Company received proceeds of $34.0 million from our insurance carriers for property damage and business interruption from the hurricanes during the three and six months ended June 30, 2018 . Additionally, during the three and six months ended June 30, 2018 , the Company recorded revenue of $190,000 and $1.9 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 and six months ended June 30, 2018 , we recorded impairment charges of $59,000 and $71,000 as a result of a change in estimate of property damage as a result of the hurricanes. As of June 30, 2018 , the Company has a net liability of $10.4 million , included in “other liabilities” on the condensed consolidated balance sheet, as it has received insurance proceeds in excess of the sum of its impairment, remediation expenses and business interruption revenue recorded through June 30, 2018. The Company will not record revenue for business interruption losses associated with lost profits or gains from property damage recoveries until the amount for such recoveries is known and the amount is realizable. Ritz-Carlton, Sarasota On April 4, 2018, the Company acquired a 100% interest in the 266 -room Ritz-Carlton, Sarasota in Sarasota, Florida for $171.7 million and a 22 -acre plot of vacant land for $9.7 million . Concurrent with the closing of the acquisition, we completed the financing of a $100.0 million mortgage loan. See note 8. The acquisition of the Ritz-Carlton, Sarasota included the hotel, a golf club, a beach club and a plot of vacant land, which are considered to be a group of dissimilar assets per ASU 2017-01. As such, we have accounted for this acquisition as a business combination. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to investment in hotel property, property level working capital balances and intangibles. This valuation is considered a Level 3 valuation technique. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. Any change to the amounts recorded within the investments in hotel properties or intangibles will also impact depreciation and amortization expense. The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands): Land (1) $ 83,630 Buildings and improvements 86,316 Furniture, fixtures and equipment 13,740 Customer relationships 5,682 Refundable membership club deposits (2) (9,960 ) Income guarantee (3) 2,000 $ 181,408 Net other assets (liabilities) $ (3,533 ) ________ (1) Amount includes the $9.7 million , 22 -acre plot of vacant land. (2) Recorded within “other liabilities” on our condensed consolidated balance sheets. (3) Recorded within “other assets” on our condensed consolidated balance sheets. The results of operations of the hotel property have been included in our results of operations as of the acquisition date. For both the three and six months ended June 30, 2018 , we have included total revenue of $15.1 million and net loss of $719,000 , in our condensed consolidated statements of operations. The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2017 are included below under “Pro Forma Financial Results.” Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2017, and the removal of $462,000 and $949,000 of non-recurring transaction costs directly attributable to the acquisitions for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Total revenue $ 121,763 $ 136,590 $ 243,680 $ 248,128 Net income (loss) 13,617 1,390 20,842 2,037 Net income (loss) attributable to common stockholders 10,500 (1,705 ) 15,437 (2,578 ) Pro Forma income per share: Basic $ 0.32 $ (0.06 ) $ 0.47 $ (0.10 ) Diluted $ 0.31 $ (0.06 ) $ 0.47 $ (0.10 ) Weighted average common shares outstanding (in thousands): Basic 32,006 31,469 31,845 29,380 Diluted 38,588 31,469 35,971 29,380

Hotel Dispositions

Hotel Dispositions	6 Months Ended
	Jun. 30, 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. On June 1, 2018, the Company sold the Tampa Renaissance hotel for $68.0 million in cash. The sale resulted in a gain of $15.7 million for both the three and six months ended June 30, 2018 and is included in “gain (loss) on sale of hotel property” in our condensed consolidated statements of operations. 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 and six months ended June 30, 2018 and 2017 . The following table includes the condensed financial information from this hotel property (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Total hotel revenue $ 7,197 $ 14,522 $ 14,537 $ 30,544 Total hotel operating expenses (2,521 ) (9,029 ) (7,499 ) (19,082 ) Operating income (loss) 4,676 5,493 7,038 11,462 Property taxes, insurance and other (217 ) (735 ) (486 ) (1,372 ) Depreciation and amortization (357 ) (2,180 ) (1,294 ) (4,301 ) Impairment charges — — (12 ) — Gain (loss) on sale of hotel property 15,711 — 15,711 — Interest expense and amortization of loan costs (303 ) (1,115 ) (791 ) (2,137 ) Income (loss) before income taxes 19,510 1,463 20,166 3,652 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (2,179 ) (171 ) (2,253 ) (428 ) Income (loss) before income taxes attributable to the Company $ 17,331 $ 1,292 $ 17,913 $ 3,224

Note Receivable

Note Receivable	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Note Receivable	Note Receivable As of December 31, 2017 , we held a note receivable of $8.1 million from the city of Philadelphia, Pennsylvania, which had a stated interest rate of 12.85% . The note matured in June 2018. Prior to maturity the interest income recorded on the note receivable was 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	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity Ashford Inc. As of June 30, 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 $64.80 and $93.00 as of June 30, 2018 and December 31, 2017 , respectively. This represented an approximate 9.2% and 9.3% ownership interest in Ashford Inc. for June 30, 2018 and December 31, 2017 , respectively. 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 June 30, 2018 and December 31, 2017 , and the condensed consolidated statements of operations for the three and six months ended June 30, 2018 and 2017 , of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) June 30, 2018 December 31, 2017 Total assets $ 138,145 $ 114,810 Total liabilities 90,331 78,742 Redeemable noncontrolling interests 4,852 5,111 Total stockholders’ equity of Ashford Inc. 41,541 30,185 Noncontrolling interests in consolidated entities 1,421 772 Total equity 42,962 30,957 Total liabilities and equity $ 138,145 $ 114,810 Our investment in Ashford Inc., at fair value $ 12,628 $ 18,124 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Total revenue $ 54,811 $ 19,639 $ 102,979 $ 32,652 Total operating expenses (43,941 ) (18,221 ) (97,145 ) (33,370 ) Operating income (loss) 10,870 1,418 5,834 (718 ) Realized and unrealized gain (loss) on investments — (16 ) — (91 ) Other (333 ) 10 (426 ) 128 Income tax (expense) benefit (1,605 ) (8,643 ) (2,311 ) (9,273 ) Net income (loss) 8,932 (7,231 ) 3,097 (9,954 ) (Income) loss from consolidated entities attributable to noncontrolling interests 118 190 291 165 Net (income) loss attributable to redeemable noncontrolling interests (90 ) 332 (151 ) 695 Net income (loss) attributable to Ashford Inc. $ 8,960 $ (6,709 ) $ 3,237 $ (9,094 ) Our unrealized gain (loss) on investment in Ashford Inc. $ (6,024 ) $ (1,563 ) $ (5,496 ) $ 1,528 OpenKey On March 28, 2018, the Company made a $2.0 million investment in OpenKey, which is controlled and consolidated by Ashford Inc., for an 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 entity” 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 June 30, 2018 , our ownership interest had a carrying value of $1.9 million . For the three and six months ended June 30, 2018 , our equity in loss of the unconsolidated entity was $62,000 and $65,000 , respectively.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate June 30, 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) Courtyard Philadelphia June 2018 12.85% — 8,098 Mortgage loan (5) Ritz-Carlton, St. Thomas December 2018 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (6) (7) Courtyard Philadelphia February 2019 LIBOR (1) + 2.58% — 277,628 Courtyard San Francisco Marriott Seattle Waterfront Tampa Renaissance Mortgage loan (6) Sofitel Chicago Magnificent Mile March 2019 LIBOR (1) + 2.55% — 80,000 Mortgage loan (8) Pier House Resort March 2019 LIBOR (1) + 2.25% 70,000 70,000 Mortgage loan (9) Park Hyatt Beaver Creek April 2019 LIBOR (1) + 2.75% 67,500 67,500 Mortgage loan (10) Capital Hilton November 2019 LIBOR (1) + 2.65% 188,326 190,010 Hilton La Jolla Torrey Pines Mortgage loan (6) Courtyard Philadelphia June 2020 LIBOR (1) + 2.16% 435,000 — Courtyard San Francisco Marriott Seattle Waterfront Sofitel Chicago Magnificent Mile Mortgage loan Hotel Yountville May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan Bardessono Hotel August 2022 LIBOR (1) + 2.55% 40,000 40,000 Mortgage loan Ritz-Carlton, Sarasota April 2023 LIBOR (1) + 2.65% 100,000 — 993,826 826,236 Deferred loan costs, net (8,621 ) (5,277 ) Indebtedness, net $ 985,205 $ 820,959 __________________ (1) LIBOR rates were 2.090% and 1.564% at June 30, 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) The TIF loan matured on June 30, 2018. See note 6. (5) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017. (6) On May 23, 2018, we refinanced two mortgage loans totaling $357.6 million with a new $435.0 million mortgage loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.16% . (7) A portion of this mortgage loan at December 31, 2017 relates to the Tampa Renaissance, which was sold on June 1, 2018. See note 5. (8) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018. (9) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. (10) This mortgage loan has two one -year extension options, subject to satisfaction of certain conditions. (11) The Ritz-Carlton, Sarasota property was acquired on April 4, 2018. The new mortgage loan is a five -year interest-only loan and bears interest at a rate of LIBOR + 2.65% . 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. On April 4, 2018, in connection with the acquisition of the 266 -room Ritz-Carlton, Sarasota in Sarasota, Florida, the Company completed the financing of a $100.0 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 23, 2018, the Company refinanced two mortgage loans totaling $357.6 million with a new $435.0 million mortgage loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. As a result of the refinance the Tampa Renaissance became unencumbered. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.16% . The loan is secured by four hotels: Seattle Marriott Waterfront, San Francisco Courtyard Downtown, Philadelphia Courtyard Downtown and Sofitel Chicago Magnificent Mile. 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 11,530 $ (885 ) $ 15,550 $ (898 ) Less: Dividends on preferred stock (1,708 ) (1,707 ) (3,415 ) (3,380 ) Less: Dividends on common stock (5,122 ) (5,036 ) (10,238 ) (10,069 ) Less: Dividends on unvested performance stock units (72 ) (86 ) (144 ) (153 ) Less: Dividends on unvested restricted shares (78 ) (75 ) (165 ) (125 ) Less: Net (income) loss allocated to unvested restricted shares (70 ) — (24 ) — Undistributed net income (loss) allocated to common stockholders 4,480 (7,789 ) 1,564 (14,625 ) Add back: Dividends on common stock 5,122 5,036 10,238 10,069 Distributed and undistributed net income (loss) - basic $ 9,602 $ (2,753 ) $ 11,802 $ (4,556 ) Dividends on preferred stock 1,708 — — — Distributed and undistributed net income (loss) - diluted $ 11,310 $ (2,753 ) $ 11,802 $ (4,556 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 32,006 31,469 31,845 29,380 Effect of assumed conversion of preferred stock 6,569 — — — Incentive fee shares 13 — 8 — Weighted average common shares outstanding – diluted 38,588 31,469 31,853 29,380 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ 0.30 $ (0.09 ) $ 0.37 $ (0.16 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ 0.29 $ (0.09 ) $ 0.37 $ (0.16 ) 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 148 $ 75 $ 189 $ 125 Income (loss) allocated to unvested performance stock units 72 86 144 153 Income (loss) attributable to redeemable noncontrolling interests in operating partnership 1,235 (343 ) 1,527 (598 ) Dividends on preferred stock — 1,707 3,415 3,380 Total $ 1,455 $ 1,525 $ 5,275 $ 3,060 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 41 113 45 82 Effect of unvested performance stock units — — 8 — Effect of assumed conversion of operating partnership units 4,114 4,290 4,119 4,256 Effect of assumed conversion of preferred stock — 6,560 6,569 5,555 Effect of incentive fee shares — 124 — 153 Total 4,155 11,087 10,741 10,046

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2018 and 2017 , we entered into interest rate caps as summarized in the table below: Six Months Ended June 30, 2018 2017 Notional amount (in thousands) $ 685,000 $ 619,500 Strike rate minimum 2.43 % 3.00 % Strike rate maximum 7.80 % 5.35 % Effective date range February 2018 - May 2018 January 2017 - May 2017 Maturity date range March 2019 - June 2020 March 2018 - May 2019 Total cost of interest rate cap (in thousands) $ 348 $ 338 _______________ No instruments were designated as cash flow hedges As of June 30, 2018 , we held interest rate instruments as summarized in the table below: Interest rate caps (1) Notional amount (in thousands) $ 1,393,200 Strike rate minimum 2.43 % Strike rate maximum 11.61 % Effective date range January 2017 - May 2018 Maturity date range November 2018 - June 2020 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 993,826 Interest rate floors (1) (2) Notional amount (in thousands) $ 6,850,000 Strike rate minimum (0.25 )% Strike rate maximum 1.50 % Maturity date range March 2019 - July 2020 _______________ (1) No instruments were designated as cash flow hedges (2) 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2018 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 2.090% to 2.848% 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 June 30, 2018 Assets Derivative assets: Interest rate derivatives - floors $ — $ 33 $ — $ 41 $ 74 Interest rate derivatives - caps — 92 — — 92 Credit default swaps — 222 — 619 841 — 347 — 660 1,007 (2) Non-derivative assets: Investment in Ashford Inc. 12,628 — — — 12,628 Total $ 12,628 $ 347 $ — $ 660 $ 13,635 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (57 ) $ (135 ) $ (84 ) $ (894 ) Interest rate derivatives - caps (256 ) (61 ) (261 ) (317 ) Credit default swaps 15 (1) — 120 (1) — Options on futures contracts — (19 ) — (58 ) Non-derivative assets: Investment in Ashford Inc. (6,024 ) (1,563 ) (5,496 ) 1,528 Total $ (6,322 ) $ (1,778 ) $ (5,721 ) $ 259 Total combined Interest rate derivatives - floors $ (57 ) $ (135 ) $ (84 ) $ (894 ) Interest rate derivatives - caps (256 ) (61 ) (261 ) (317 ) Credit default swaps 15 — 120 — Options on futures contracts — 96 — 213 Unrealized gain (loss) on derivatives (298 ) (100 ) (225 ) (998 ) Realized gain (loss) on options on futures contracts — (115 ) (2) — (271 ) (2) Unrealized gain (loss) on investment in Ashford Inc. (6,024 ) (1,563 ) (5,496 ) 1,528 Net $ (6,322 ) $ (1,778 ) $ (5,721 ) $ 259 _______________ (1) Excludes costs of $63 and $126 associated with credit default swaps for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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): June 30, 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. $ 12,628 $ 12,628 $ 18,124 $ 18,124 Derivative assets 1,007 1,007 594 594 Financial assets not measured at fair value: Cash and cash equivalents $ 169,235 $ 169,235 $ 137,522 $ 137,522 Restricted cash 83,096 83,096 47,820 47,820 Accounts receivable, net 22,338 22,338 14,334 14,334 Insurance receivable — — 8,825 8,825 Note receivable — — 8,098 8,020 to 8,864 Due from related party, net 588 588 349 349 Due from third-party hotel managers 5,522 5,522 4,589 4,589 Financial liabilities not measured at fair value: Indebtedness $ 993,826 $942,117 to $1,041,287 $ 826,236 $ 780,243 to $ 862,372 Accounts payable and accrued expenses 63,976 63,976 56,803 56,803 Dividends and distributions payable 8,572 8,572 8,146 8,146 Due to Ashford Inc. 1,100 1,100 1,703 1,703 Due to third-party hotel managers 2,299 2,299 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 December 31, 2017 . We estimated the fair value of the note receivable to be 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 $993.8 million at June 30, 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	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [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 June 30, 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. As of June 30, 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 295,000 LTIP units and 1.2 million performance based LTIP units issued from March 2015 to March 2018 had reached full economic parity with, and are convertible into, common units. The following table presents compensation expense for performance LTIP units and LTIP units (in thousands): Three Months Ended June 30, Six Months Ended June 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 286 $ (57 ) (1) $ 294 $ (1,104 ) (1) LTIP units Advisory services fee $ 302 $ 130 $ 438 $ 173 LTIP units Corporate, general and administrative $ — $ 64 $ — $ 64 ____________________________________ (1) The credit to compensation expense is a result of lower fair values as compared to prior periods. The unamortized fair value of performance-based LTIP units of $2.1 million at June 30, 2018 will be expensed over a period of 2.5 years, subject to future mark to market adjustments. The fair value of the unrecognized cost of LTIP units of $2.4 million at June 30, 2018 , will be amortized over a period of 2.7 years, subject to future mark to market adjustments. During the three and six months ended June 30, 2017 , approximately 1,000 and 6,000 common units, with an aggregate redemption fair value of $15,000 and $82,000 , were redeemed by the holders and, at our election, we issued shares of our common stock to satisfy the redemption. During the three and six months ended June 30, 2018 , no common units were redeemed. The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: June 30, 2018 December 31, 2017 Redeemable noncontrolling interests in Braemar OP $ 47,818 $ 46,627 Adjustments to redeemable noncontrolling interests (1) 558 — Ownership percentage of operating partnership 11.17 % 11.43 % ____________________________________ (1) to reflect the excess of the redemption value over the accumulated historical costs . We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to the holders of common units and holders of LTIP units, which are recorded as a reduction of redeemable noncontrolling interests in operating partnership, as illustrated in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Allocated net income (loss) to the redeemable noncontrolling interests $ (1,235 ) $ 343 $ (1,527 ) $ 598 Aggregate distributions to holders of common units, LTIP units and performance LTIP units $ 822 $ 859 $ 1,644 $ 1,649

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Dividends —The following table summarizes the common stock dividends declared during the period (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Common stock dividends declared $ 5,200 $ 5,112 $ 10,403 $ 10,195 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 June 30, 2018 , the outstanding PSUs had a fair value of $3.1 million . The following table summarizes the compensation expense for PSUs (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 292 $ (8 ) $ 1,869 $ (808 ) During the six months ended June 30, 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 June 30, 2018 , we had unamortized compensation expense of $2.6 million related to PSUs which is expected to be recognized over a period of 2.5 years, subject to future mark to market adjustments. Restricted Stock Units —We incur stock-based compensation expense in connection with restricted stock units awarded to employees of Ashford LLC, included in “advisory services fee,” on our condensed consolidated statements of operations, employees of Remington Lodging, included in “management fees” on our condensed consolidated statements of operations and common stock issued to our independent directors, which immediately vests, and is included in “corporate general and administrative” expense on our condensed consolidated statements of operations. At June 30, 2018 , the outstanding restricted shares had a fair value of $5.6 million . At June 30, 2018 , the unamortized cost of the unvested shares of restricted stock was $4.9 million , which will be expensed over a period of 3.3 years , subject to future mark to market adjustments, and have vesting dates between March 2019 and November 2021 . The following table summarizes the stock-based compensation expense for restricted stock units (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 498 $ 271 $ 1,323 $ 389 Management fees 64 34 111 34 Corporate general and administrative — 163 — 181 $ 562 $ 468 $ 1,434 $ 604 During the six months ended June 30, 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. 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 and six months ended June 30, 2018 and 2017 , pursuant to this authorization. As of June 30, 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 June 30, 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 $(5.2) million and $(4.8) million at June 30, 2018 and December 31, 2017 , respectively. The following table summarizes the (income) loss allocated to noncontrolling interests in consolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Income) loss allocated to noncontrolling interests $ (89 ) $ (1,614 ) $ (47 ) $ (1,593 )

5.5% Series B Cumulative Conver

5.5% Series B Cumulative Convertible Preferred Stock	6 Months Ended
	Jun. 30, 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 June 30, 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. The following table summarizes dividends declared (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Series B convertible preferred stock $ 1,708 $ 1,707 $ 3,415 $ 3,380

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 2014 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	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 , all of our hotel properties were in the U.S. and its territories.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Advisory services fee Base advisory fee $ 2,313 $ 2,276 $ 4,420 $ 4,279 Reimbursable expenses (1) 499 532 919 1,079 Equity-based compensation (2) 1,377 335 3,924 (1,350 ) Incentive fee 691 — 861 — Total $ 4,880 $ 3,143 $ 10,124 $ 4,008 ________ (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 $168,000 was recognized for the three and six months ended June 30, 2018 , respectively, and was included in “other” hotel expense in the consolidated statements of operations. For the three and six months ended June 30, 2017 , this expense was $84,000 and $168,000 . 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 and six months ended June 30, 2018 , expense related to such grants was $64,000 and $111,000 , respectively. For both the three and six months ended June 30, 2017 , expense related to such grants was $34,000 . The unamortized fair value of these grants was $429,000 as of June 30, 2018 , which will be amortized over a period of 2.7 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 tables summarize 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 and the applicable classification on our condensed consolidated financial statements (in thousands): Three Months Ended June 30, 2018 Company Product or Service Transaction Amount Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 4 $ — $ — $ 4 $ — Pure Rooms “Allergy friendly” premium rooms 10 — — 10 — RED Leisure Watersports activities and travel/transportation services 180 — — 180 — Lismore Capital Mortgage placement services 999 — (999 ) — — Ashford LLC Insurance claims services 31 — — — 31 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. Six Months Ended June 30, 2018 Company Product or Service Transaction Amount Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 12 $ — $ — $ 12 $ — Pure Rooms “Allergy friendly” premium rooms 19 — — 19 — RED Leisure Watersports activities and travel/transportation services 360 — — 360 — Lismore Capital Mortgage placement services 999 — (999 ) — — Ashford LLC Insurance claims services 69 — — — 69 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. The following table summarizes the due to Ashford Inc. (in thousands): June 30, 2018 December 31, 2017 Company Product or Service Due to Ashford Inc. Ashford LLC Advisory services $ 1,065 $ 1,654 Ashford LLC Insurance claims services 32 — OpenKey Mobile key app 3 4 Pure Rooms “Allergy friendly” premium rooms — 45 $ 1,100 $ 1,703

Significant Accounting Polici26

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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; • on April 4, 2018, we acquired the Ritz-Carlton, Sarasota. The operating results of the hotel has been included in the results of operations as of its acquisition date; and • on June 1, 2018, we sold the Tampa Renaissance.
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 9.2% ownership interest in Ashford Inc. and had a fair value of $12.6 million at June 30, 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 June 30, 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 and six months ended June 30, 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 and (ii) 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 other comprehensive income 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 as there were no required changes as a result of adoption. 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. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10"). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10") and ASU 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”). The amendments in ASU 2018-10 affect only narrow aspects of the guidance issued in the amendments in ASU 2016-02, including but not limited to lease residual value guarantee, rate implicit in the lease, lease term and purchase option and etc. The amendments in ASU 2018-11 provide an optional transition method for adoption of the new standard, which will allow entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. ASU 2016-02 is effective for annual and interim periods for fiscal years beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 on a modified retrospective basis. The accounting for leases under which we are the lessor remains largely unchanged. While we continue evaluating our lease portfolio to assess 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. We disclosed $175.4 million in undiscounted future minimum rentals due under non-cancelable leases in note 13 of our most recent 10-K. We are involving our property managers and implementing repeatable processes to manage ongoing lease data collection and analysis, and evaluating accounting policies and internal controls that will be impacted by the new standards. 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. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07"). The ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and aligns the guidance for share-based payments to non-employees with the requirements for share-based payments granted to employees. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-07 will have on the condensed consolidated financial statements and related disclosures and expect that the associated compensation expense of the majority of our equity awards will be based on the grant date fair value.
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, condo management fees, resort and destination fees, health center fees, spas, golf, telecommunications, parking, entertainment and other guest services, as well as rental revenue, primarily consisting of leased retail outlets at our hotel properties, and membership initiation fees and dues, primarily from club memberships. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Non-refundable membership initiation fees are recognized over the expected life of an active membership. For the three and six months ended June 30, 2018 , the Company recorded $3.3 million of business interruption income for the Tampa Renaissance related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010. 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)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Three Months Ended June 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 23,535 $ 5,649 $ 2,379 $ — $ 31,563 Colorado 1 1,761 1,745 1,731 — 5,237 Florida 2 10,807 7,053 3,172 — 21,032 Illinois 1 7,783 2,569 371 — 10,723 Pennsylvania 1 8,351 1,719 303 — 10,373 Washington 1 9,050 1,701 361 — 11,112 Washington, D.C. 1 12,791 3,896 337 — 17,024 USVI 1 1,472 132 5,253 — 6,857 Sold hotel properties 1 2,889 929 3,379 — 7,197 Corporate entities — — — — — — Total 13 $ 78,439 $ 25,393 $ 17,286 $ — $ 121,118 Three Months Ended June 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 19,655 $ 5,435 $ 2,764 $ — $ 27,854 Colorado 1 1,717 1,544 1,685 — 4,946 Florida 1 4,687 1,139 335 — 6,161 Illinois 1 7,824 2,377 185 — 10,386 Pennsylvania 1 7,781 1,298 346 — 9,425 Washington 1 8,761 2,614 293 — 11,668 Washington, D.C. 1 12,516 4,109 372 — 16,997 USVI 1 7,329 4,552 2,215 — 14,096 Sold hotel properties 2 9,179 4,912 431 — 14,522 Corporate entities — — — — 37 37 Total 13 $ 79,449 $ 27,980 $ 8,626 $ 37 $ 116,092 Six Months Ended June 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 42,639 $ 12,954 $ 5,854 $ — $ 61,447 Colorado 1 11,558 6,564 5,274 — 23,396 Florida 2 16,280 7,856 3,923 — 28,059 Illinois 1 11,202 3,820 581 — 15,603 Pennsylvania 1 14,504 2,892 600 — 17,996 Washington 1 14,552 3,365 626 — 18,543 Washington, D.C. 1 21,752 8,236 620 — 30,608 USVI 1 3,288 331 9,799 — 13,418 Sold hotel properties 1 8,171 2,875 3,491 — 14,537 Corporate entities — — — — — — Total 13 $ 143,946 $ 48,893 $ 30,768 $ — $ 223,607 Six Months Ended June 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 36,579 $ 11,452 $ 4,164 $ — $ 52,195 Colorado 1 1,717 1,544 1,685 — 4,946 Florida 1 10,369 2,073 696 — 13,138 Illinois 1 11,297 3,590 285 — 15,172 Pennsylvania 1 12,741 2,277 529 — 15,547 Washington 1 14,174 4,443 549 — 19,166 Washington, D.C. 1 23,390 8,760 682 — 32,832 USVI 1 17,072 8,071 4,628 — 29,771 Sold hotel properties 2 19,528 10,243 773 — 30,544 Corporate entities — — — — 77 77 Total 13 $ 146,867 $ 52,453 $ 13,991 $ 77 $ 213,388

Investment in Hotel Propertie28

Investment in Hotel Properties, net (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): June 30, 2018 December 31, 2017 Land $ 428,567 $ 344,937 Buildings and improvements 982,275 962,478 Furniture, fixtures and equipment 95,443 87,796 Construction in progress 13,726 7,899 Total cost 1,520,011 1,403,110 Accumulated depreciation (241,928 ) (257,268 ) Investments in hotel properties, net $ 1,278,083 $ 1,145,842
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands): Land (1) $ 83,630 Buildings and improvements 86,316 Furniture, fixtures and equipment 13,740 Customer relationships 5,682 Refundable membership club deposits (2) (9,960 ) Income guarantee (3) 2,000 $ 181,408 Net other assets (liabilities) $ (3,533 ) ________ (1) Amount includes the $9.7 million , 22 -acre plot of vacant land. (2) Recorded within “other liabilities” on our condensed consolidated balance sheets. (3) Recorded within “other assets” on our condensed consolidated balance sheets.
Business Acquisition, Pro Forma Information	The following table reflects the unaudited pro forma results of operations as if the acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2017, and the removal of $462,000 and $949,000 of non-recurring transaction costs directly attributable to the acquisitions for the three and six months ended June 30, 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Total revenue $ 121,763 $ 136,590 $ 243,680 $ 248,128 Net income (loss) 13,617 1,390 20,842 2,037 Net income (loss) attributable to common stockholders 10,500 (1,705 ) 15,437 (2,578 ) Pro Forma income per share: Basic $ 0.32 $ (0.06 ) $ 0.47 $ (0.10 ) Diluted $ 0.31 $ (0.06 ) $ 0.47 $ (0.10 ) Weighted average common shares outstanding (in thousands): Basic 32,006 31,469 31,845 29,380 Diluted 38,588 31,469 35,971 29,380

Hotel Dispositions (Tables)

Hotel Dispositions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Total hotel revenue $ 7,197 $ 14,522 $ 14,537 $ 30,544 Total hotel operating expenses (2,521 ) (9,029 ) (7,499 ) (19,082 ) Operating income (loss) 4,676 5,493 7,038 11,462 Property taxes, insurance and other (217 ) (735 ) (486 ) (1,372 ) Depreciation and amortization (357 ) (2,180 ) (1,294 ) (4,301 ) Impairment charges — — (12 ) — Gain (loss) on sale of hotel property 15,711 — 15,711 — Interest expense and amortization of loan costs (303 ) (1,115 ) (791 ) (2,137 ) Income (loss) before income taxes 19,510 1,463 20,166 3,652 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (2,179 ) (171 ) (2,253 ) (428 ) Income (loss) before income taxes attributable to the Company $ 17,331 $ 1,292 $ 17,913 $ 3,224

Investment in Unconsolidated 30

Investment in Unconsolidated Entity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) June 30, 2018 December 31, 2017 Total assets $ 138,145 $ 114,810 Total liabilities 90,331 78,742 Redeemable noncontrolling interests 4,852 5,111 Total stockholders’ equity of Ashford Inc. 41,541 30,185 Noncontrolling interests in consolidated entities 1,421 772 Total equity 42,962 30,957 Total liabilities and equity $ 138,145 $ 114,810 Our investment in Ashford Inc., at fair value $ 12,628 $ 18,124 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Total revenue $ 54,811 $ 19,639 $ 102,979 $ 32,652 Total operating expenses (43,941 ) (18,221 ) (97,145 ) (33,370 ) Operating income (loss) 10,870 1,418 5,834 (718 ) Realized and unrealized gain (loss) on investments — (16 ) — (91 ) Other (333 ) 10 (426 ) 128 Income tax (expense) benefit (1,605 ) (8,643 ) (2,311 ) (9,273 ) Net income (loss) 8,932 (7,231 ) 3,097 (9,954 ) (Income) loss from consolidated entities attributable to noncontrolling interests 118 190 291 165 Net (income) loss attributable to redeemable noncontrolling interests (90 ) 332 (151 ) 695 Net income (loss) attributable to Ashford Inc. $ 8,960 $ (6,709 ) $ 3,237 $ (9,094 ) Our unrealized gain (loss) on investment in Ashford Inc. $ (6,024 ) $ (1,563 ) $ (5,496 ) $ 1,528

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate June 30, 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) Courtyard Philadelphia June 2018 12.85% — 8,098 Mortgage loan (5) Ritz-Carlton, St. Thomas December 2018 LIBOR (1) + 4.95% 42,000 42,000 Mortgage loan (6) (7) Courtyard Philadelphia February 2019 LIBOR (1) + 2.58% — 277,628 Courtyard San Francisco Marriott Seattle Waterfront Tampa Renaissance Mortgage loan (6) Sofitel Chicago Magnificent Mile March 2019 LIBOR (1) + 2.55% — 80,000 Mortgage loan (8) Pier House Resort March 2019 LIBOR (1) + 2.25% 70,000 70,000 Mortgage loan (9) Park Hyatt Beaver Creek April 2019 LIBOR (1) + 2.75% 67,500 67,500 Mortgage loan (10) Capital Hilton November 2019 LIBOR (1) + 2.65% 188,326 190,010 Hilton La Jolla Torrey Pines Mortgage loan (6) Courtyard Philadelphia June 2020 LIBOR (1) + 2.16% 435,000 — Courtyard San Francisco Marriott Seattle Waterfront Sofitel Chicago Magnificent Mile Mortgage loan Hotel Yountville May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan Bardessono Hotel August 2022 LIBOR (1) + 2.55% 40,000 40,000 Mortgage loan Ritz-Carlton, Sarasota April 2023 LIBOR (1) + 2.65% 100,000 — 993,826 826,236 Deferred loan costs, net (8,621 ) (5,277 ) Indebtedness, net $ 985,205 $ 820,959 __________________ (1) LIBOR rates were 2.090% and 1.564% at June 30, 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) The TIF loan matured on June 30, 2018. See note 6. (5) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017. (6) On May 23, 2018, we refinanced two mortgage loans totaling $357.6 million with a new $435.0 million mortgage loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.16% . (7) A portion of this mortgage loan at December 31, 2017 relates to the Tampa Renaissance, which was sold on June 1, 2018. See note 5. (8) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018. (9) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. (10) This mortgage loan has two one -year extension options, subject to satisfaction of certain conditions. (11) The Ritz-Carlton, Sarasota property was acquired on April 4, 2018. The new mortgage loan is a five -year interest-only loan and bears interest at a rate of LIBOR + 2.65% .

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 11,530 $ (885 ) $ 15,550 $ (898 ) Less: Dividends on preferred stock (1,708 ) (1,707 ) (3,415 ) (3,380 ) Less: Dividends on common stock (5,122 ) (5,036 ) (10,238 ) (10,069 ) Less: Dividends on unvested performance stock units (72 ) (86 ) (144 ) (153 ) Less: Dividends on unvested restricted shares (78 ) (75 ) (165 ) (125 ) Less: Net (income) loss allocated to unvested restricted shares (70 ) — (24 ) — Undistributed net income (loss) allocated to common stockholders 4,480 (7,789 ) 1,564 (14,625 ) Add back: Dividends on common stock 5,122 5,036 10,238 10,069 Distributed and undistributed net income (loss) - basic $ 9,602 $ (2,753 ) $ 11,802 $ (4,556 ) Dividends on preferred stock 1,708 — — — Distributed and undistributed net income (loss) - diluted $ 11,310 $ (2,753 ) $ 11,802 $ (4,556 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 32,006 31,469 31,845 29,380 Effect of assumed conversion of preferred stock 6,569 — — — Incentive fee shares 13 — 8 — Weighted average common shares outstanding – diluted 38,588 31,469 31,853 29,380 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ 0.30 $ (0.09 ) $ 0.37 $ (0.16 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ 0.29 $ (0.09 ) $ 0.37 $ (0.16 )
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 148 $ 75 $ 189 $ 125 Income (loss) allocated to unvested performance stock units 72 86 144 153 Income (loss) attributable to redeemable noncontrolling interests in operating partnership 1,235 (343 ) 1,527 (598 ) Dividends on preferred stock — 1,707 3,415 3,380 Total $ 1,455 $ 1,525 $ 5,275 $ 3,060 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 41 113 45 82 Effect of unvested performance stock units — — 8 — Effect of assumed conversion of operating partnership units 4,114 4,290 4,119 4,256 Effect of assumed conversion of preferred stock — 6,560 6,569 5,555 Effect of incentive fee shares — 124 — 153 Total 4,155 11,087 10,741 10,046

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	During the six months ended June 30, 2018 and 2017 , we entered into interest rate caps as summarized in the table below: Six Months Ended June 30, 2018 2017 Notional amount (in thousands) $ 685,000 $ 619,500 Strike rate minimum 2.43 % 3.00 % Strike rate maximum 7.80 % 5.35 % Effective date range February 2018 - May 2018 January 2017 - May 2017 Maturity date range March 2019 - June 2020 March 2018 - May 2019 Total cost of interest rate cap (in thousands) $ 348 $ 338 _______________ No instruments were designated as cash flow hedges As of June 30, 2018 , we held interest rate instruments as summarized in the table below: Interest rate caps (1) Notional amount (in thousands) $ 1,393,200 Strike rate minimum 2.43 % Strike rate maximum 11.61 % Effective date range January 2017 - May 2018 Maturity date range November 2018 - June 2020 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 993,826 Interest rate floors (1) (2) Notional amount (in thousands) $ 6,850,000 Strike rate minimum (0.25 )% Strike rate maximum 1.50 % Maturity date range March 2019 - July 2020 _______________ (1) No instruments were designated as cash flow hedges (2) 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 Assets Derivative assets: Interest rate derivatives - floors $ — $ 33 $ — $ 41 $ 74 Interest rate derivatives - caps — 92 — — 92 Credit default swaps — 222 — 619 841 — 347 — 660 1,007 (2) Non-derivative assets: Investment in Ashford Inc. 12,628 — — — 12,628 Total $ 12,628 $ 347 $ — $ 660 $ 13,635 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (57 ) $ (135 ) $ (84 ) $ (894 ) Interest rate derivatives - caps (256 ) (61 ) (261 ) (317 ) Credit default swaps 15 (1) — 120 (1) — Options on futures contracts — (19 ) — (58 ) Non-derivative assets: Investment in Ashford Inc. (6,024 ) (1,563 ) (5,496 ) 1,528 Total $ (6,322 ) $ (1,778 ) $ (5,721 ) $ 259 Total combined Interest rate derivatives - floors $ (57 ) $ (135 ) $ (84 ) $ (894 ) Interest rate derivatives - caps (256 ) (61 ) (261 ) (317 ) Credit default swaps 15 — 120 — Options on futures contracts — 96 — 213 Unrealized gain (loss) on derivatives (298 ) (100 ) (225 ) (998 ) Realized gain (loss) on options on futures contracts — (115 ) (2) — (271 ) (2) Unrealized gain (loss) on investment in Ashford Inc. (6,024 ) (1,563 ) (5,496 ) 1,528 Net $ (6,322 ) $ (1,778 ) $ (5,721 ) $ 259 _______________ (1) Excludes costs of $63 and $126 associated with credit default swaps for the three and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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): June 30, 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. $ 12,628 $ 12,628 $ 18,124 $ 18,124 Derivative assets 1,007 1,007 594 594 Financial assets not measured at fair value: Cash and cash equivalents $ 169,235 $ 169,235 $ 137,522 $ 137,522 Restricted cash 83,096 83,096 47,820 47,820 Accounts receivable, net 22,338 22,338 14,334 14,334 Insurance receivable — — 8,825 8,825 Note receivable — — 8,098 8,020 to 8,864 Due from related party, net 588 588 349 349 Due from third-party hotel managers 5,522 5,522 4,589 4,589 Financial liabilities not measured at fair value: Indebtedness $ 993,826 $942,117 to $1,041,287 $ 826,236 $ 780,243 to $ 862,372 Accounts payable and accrued expenses 63,976 63,976 56,803 56,803 Dividends and distributions payable 8,572 8,572 8,146 8,146 Due to Ashford Inc. 1,100 1,100 1,703 1,703 Due to third-party hotel managers 2,299 2,299 1,709 1,709

Redeemable Noncontrolling Int36

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Schedule of Share-based Compensation	The following table presents compensation expense for performance LTIP units and LTIP units (in thousands): Three Months Ended June 30, Six Months Ended June 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 286 $ (57 ) (1) $ 294 $ (1,104 ) (1) LTIP units Advisory services fee $ 302 $ 130 $ 438 $ 173 LTIP units Corporate, general and administrative $ — $ 64 $ — $ 64
Redeemable Noncontrolling Interest	The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: June 30, 2018 December 31, 2017 Redeemable noncontrolling interests in Braemar OP $ 47,818 $ 46,627 Adjustments to redeemable noncontrolling interests (1) 558 — Ownership percentage of operating partnership 11.17 % 11.43 % ____________________________________ (1) to reflect the excess of the redemption value over the accumulated historical costs . We allocated net income (loss) to the redeemable noncontrolling interests and declared aggregate cash distributions to the holders of common units and holders of LTIP units, which are recorded as a reduction of redeemable noncontrolling interests in operating partnership, as illustrated in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Allocated net income (loss) to the redeemable noncontrolling interests $ (1,235 ) $ 343 $ (1,527 ) $ 598 Aggregate distributions to holders of common units, LTIP units and performance LTIP units $ 822 $ 859 $ 1,644 $ 1,649

Equity and Stock-Based Compen37

Equity and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Dividends	The following table summarizes the common stock dividends declared during the period (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Common stock dividends declared $ 5,200 $ 5,112 $ 10,403 $ 10,195
Schedule of Compensation Cost	The following table summarizes the stock-based compensation expense for restricted stock units (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 498 $ 271 $ 1,323 $ 389 Management fees 64 34 111 34 Corporate general and administrative — 163 — 181 $ 562 $ 468 $ 1,434 $ 604 The following table summarizes the compensation expense for PSUs (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 292 $ (8 ) $ 1,869 $ (808 )
Schedule of Noncontrolling Interest in Consolidated Entities	The following table summarizes the (income) loss allocated to noncontrolling interests in consolidated entities (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Income) loss allocated to noncontrolling interests $ (89 ) $ (1,614 ) $ (47 ) $ (1,593 )

5.5% Series B Cumulative Conv38

5.5% Series B Cumulative Convertible Preferred Stock 1 (Tables)	6 Months Ended
	Jun. 30, 2018
Temporary Equity Disclosure [Abstract]
Schedule of Dividends Declared	The following table summarizes dividends declared (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Series B convertible preferred stock $ 1,708 $ 1,707 $ 3,415 $ 3,380

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Advisory services fee Base advisory fee $ 2,313 $ 2,276 $ 4,420 $ 4,279 Reimbursable expenses (1) 499 532 919 1,079 Equity-based compensation (2) 1,377 335 3,924 (1,350 ) Incentive fee 691 — 861 — Total $ 4,880 $ 3,143 $ 10,124 $ 4,008 ________ (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. The following tables summarize 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 and the applicable classification on our condensed consolidated financial statements (in thousands): Three Months Ended June 30, 2018 Company Product or Service Transaction Amount Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 4 $ — $ — $ 4 $ — Pure Rooms “Allergy friendly” premium rooms 10 — — 10 — RED Leisure Watersports activities and travel/transportation services 180 — — 180 — Lismore Capital Mortgage placement services 999 — (999 ) — — Ashford LLC Insurance claims services 31 — — — 31 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. Six Months Ended June 30, 2018 Company Product or Service Transaction Amount Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 12 $ — $ — $ 12 $ — Pure Rooms “Allergy friendly” premium rooms 19 — — 19 — RED Leisure Watersports activities and travel/transportation services 360 — — 360 — Lismore Capital Mortgage placement services 999 — (999 ) — — Ashford LLC Insurance claims services 69 — — — 69 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. The following table summarizes the due to Ashford Inc. (in thousands): June 30, 2018 December 31, 2017 Company Product or Service Due to Ashford Inc. Ashford LLC Advisory services $ 1,065 $ 1,654 Ashford LLC Insurance claims services 32 — OpenKey Mobile key app 3 4 Pure Rooms “Allergy friendly” premium rooms — 45 $ 1,100 $ 1,703

Organization and Description 40

Organization and Description of Business (Details)	Jun. 30, 2018hotelstate
Real Estate Properties [Line Items]
Number of hotel properties managed by related party	3
Number of hotels	12
Number of states in which entity operates | state	6
Number of rooms	3,549
Number of rooms owned, net of partnership interest	3,314
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 Polici41

Significant Accounting Policies (Details) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Ownership percentage	8.20%		8.20%
Investment in unconsolidated entity					$ 0
Impairment of unconsolidated entities	$ 0	$ 0	$ 0	$ 0
Undiscounted future minimum rentals due under non-cancelable leases					$ 175,400,000
Ashford Inc.
Significant Accounting Policies [Line Items]
Investment owned (in shares)	195		195		195
Ownership percentage	9.20%		9.20%		9.30%
Investment in unconsolidated entity	$ 12,628,000		$ 12,628,000		$ 18,124,000
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		6 Months Ended
	Jun. 30, 2018USD ($)hotel	Jun. 30, 2017USD ($)hotel	Jun. 30, 2018USD ($)hotel	Jun. 30, 2017USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	12		12
Revenue	$ 121,118	$ 116,092	$ 223,607	$ 213,388
California
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	4	4	4	4
Revenue	$ 31,563	$ 27,854	$ 61,447	$ 52,195
Colorado
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 5,237	$ 4,946	$ 23,396	$ 4,946
Florida
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	1	2	1
Revenue	$ 21,032	$ 6,161	$ 28,059	$ 13,138
Illinois
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 10,723	$ 10,386	$ 15,603	$ 15,172
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 10,373	$ 9,425	$ 17,996	$ 15,547
Washington
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 11,112	$ 11,668	$ 18,543	$ 19,166
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 17,024	$ 16,997	$ 30,608	$ 32,832
USVI
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 6,857	$ 14,096	$ 13,418	$ 29,771
Sold hotel properties
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	2	1	2
Revenue	$ 7,197	$ 14,522	$ 14,537	$ 30,544
Corporate entities
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	0	0	0	0
Revenue	$ 0	$ 37	$ 0	$ 77
Total
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	13	13	13	13
Rooms
Disaggregation of Revenue [Line Items]
Revenue	$ 78,439	$ 79,449	$ 143,946	$ 146,867
Rooms | California
Disaggregation of Revenue [Line Items]
Revenue	23,535	19,655	42,639	36,579
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Revenue	1,761	1,717	11,558	1,717
Rooms | Florida
Disaggregation of Revenue [Line Items]
Revenue	10,807	4,687	16,280	10,369
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Revenue	7,783	7,824	11,202	11,297
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	8,351	7,781	14,504	12,741
Rooms | Washington
Disaggregation of Revenue [Line Items]
Revenue	9,050	8,761	14,552	14,174
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	12,791	12,516	21,752	23,390
Rooms | USVI
Disaggregation of Revenue [Line Items]
Revenue	1,472	7,329	3,288	17,072
Rooms | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue	2,889	9,179	8,171	19,528
Rooms | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Food and Beverage
Disaggregation of Revenue [Line Items]
Revenue	25,393	27,980	48,893	52,453
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Revenue	5,649	5,435	12,954	11,452
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Revenue	1,745	1,544	6,564	1,544
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Revenue	7,053	1,139	7,856	2,073
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Revenue	2,569	2,377	3,820	3,590
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	1,719	1,298	2,892	2,277
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Revenue	1,701	2,614	3,365	4,443
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	3,896	4,109	8,236	8,760
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Revenue	132	4,552	331	8,071
Food and Beverage | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue	929	4,912	2,875	10,243
Food and Beverage | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	17,286	8,626	30,768	13,991
Other Hotel | California
Disaggregation of Revenue [Line Items]
Revenue	2,379	2,764	5,854	4,164
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Revenue	1,731	1,685	5,274	1,685
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Revenue	3,172	335	3,923	696
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Revenue	371	185	581	285
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	303	346	600	529
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Revenue	361	293	626	549
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	337	372	620	682
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Revenue	5,253	2,215	9,799	4,628
Other Hotel | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue	3,379	431	3,491	773
Other Hotel | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenue	0	37	0	77
Other | California
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Colorado
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Florida
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Illinois
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Washington
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | USVI
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue	0	$ 37	0	$ 77
Renaissance Tampa
Disaggregation of Revenue [Line Items]
Revenue from business interruption losses	$ 3,300		$ 3,300

Investment in Hotel Propertie43

Investment in Hotel Properties, net (Investments in Hotel Properties, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 428,567	$ 344,937
Buildings and improvements	982,275	962,478
Furniture, fixtures and equipment	95,443	87,796
Construction in progress	13,726	7,899
Total cost	1,520,011	1,403,110
Accumulated depreciation	(241,928)	(257,268)
Investments in hotel properties, net	$ 1,278,083	$ 1,145,842

Investment in Hotel Propertie44

Investment in Hotel Properties, net (Impairment Charges and Insurance Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment charges	$ 59	$ 0	$ 71	$ 0	$ 1,100
Remediation and other costs					3,800
Insurance receivable	0		0		8,825
Insurance deductible					4,900
Proceeds for business interruption losses					11,100
Deductible					1,100
Reduction to insurance receivable					3,700
Reimbursement of incurred expense					3,300
Proceeds from insurance carriers	34,000		34,000
Liability for excess of the sum of its impairment, remediation expenses and business interruption revenue recorded	10,400		10,400
Bardessono Hotel and Hotel Yountville
Property, Plant and Equipment [Line Items]
Insurance deductible			500
Revenue from business interruption losses	190		1,900
Other Hotel Revenue
Property, Plant and Equipment [Line Items]
Proceeds for business interruption losses					$ 4,100
Revenue from business interruption losses	$ 5,200		$ 10,100

Investment in Hotel Propertie45

Investment in Hotel Properties, net (Acquisition) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 04, 2018USD ($)aroom	Jun. 30, 2018USD ($)hotel$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)hotel$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)	Aug. 18, 2017USD ($)
Business Acquisition [Line Items]
Number of rooms | hotel		3,549		3,549
Preliminary and final allocations
Land	$ 83,630
Buildings and improvements	86,316
Furniture, fixtures and equipment	13,740
Customer relationships	5,682
Refundable membership club deposits (2)	(9,960)
Income guarantee (3)	2,000
Assets acquired, liabilities assumed, net	181,408
Net other assets (liabilities)	$ (3,533)
Transaction costs		$ 461	$ 2,066	$ 949	$ 6,394
Pro Forma Financial Results
Indebtedness, gross		993,826		993,826		$ 826,236
Mortgages | Mortgage Loan 10
Business Acquisition [Line Items]
Number of rooms | room	266
Pro Forma Financial Results
Indebtedness, gross		100,000		100,000			$ 0
Ritz-Carlton Sarasota, Florida
Business Acquisition [Line Items]
Ownership interest acquired	100.00%
Number of rooms | room	266
Consideration transferred	$ 171,700
Preliminary and final allocations
Total revenue		15,100		15,100
Earnings (loss)		719		719
Transaction costs		462		949
Pro Forma Financial Results
Total revenue		121,763	136,590	243,680	248,128
Net income (loss)		13,617	1,390	20,842	2,037
Net income (loss) attributable to common stockholders		$ 10,500	$ (1,705)	$ 15,437	$ (2,578)
Basic (in dollars per share) | $ / shares		$ 0.32	$ (0.06)	$ 0.47	$ (0.10)
Diluted (in dollars per share) | $ / shares		$ 0.31	$ (0.06)	$ 0.47	$ (0.10)
Basic (in shares) | shares		32,006	31,469	31,845	29,380
Diluted (in shares) | shares		38,588	31,469	35,971	29,380
22 Acre Plot of Vacant Land
Business Acquisition [Line Items]
Consideration transferred	$ 9,700
Area of Land | a	22

Hotel Dispositions (Details)

Hotel Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jun. 01, 2018	Nov. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of hotel property	$ 15,711	$ 0	$ 15,711	$ 0	$ 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
Renaissance Tampa | 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						$ 68,000
Gain (loss) on sale of hotel property	15,711	0	15,711	0
Total hotel revenue	7,197	14,522	14,537	30,544
Total hotel operating expenses	(2,521)	(9,029)	(7,499)	(19,082)
Operating income (loss)	4,676	5,493	7,038	11,462
Property taxes, insurance and other	(217)	(735)	(486)	(1,372)
Depreciation and amortization	(357)	(2,180)	(1,294)	(4,301)
Impairment charges	0	0	(12)	0
Interest expense and amortization of loan costs	(303)	(1,115)	(791)	(2,137)
Income (loss) before income taxes	19,510	1,463	20,166	3,652
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(2,179)	(171)	(2,253)	(428)
Income (loss) before income taxes attributable to the Company	$ 17,331	$ 1,292	$ 17,913	$ 3,224

Note Receivable (Details)

Note Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable	$ 0	$ 8,098
Philadelphia Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable		$ 8,100
Interest rate		12.85%

Investment in Unconsolidated 48

Investment in Unconsolidated Entity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 28, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8.20%		8.20%
Total assets	$ 1,616,926		$ 1,616,926			$ 1,423,819
Total liabilities	1,082,737		1,082,737			894,517
Redeemable noncontrolling interests in operating partnership	47,818		47,818			46,627
Total stockholders’ equity of Ashford Inc.	385,493		385,493			381,305
Noncontrolling interest in consolidated entities	(5,245)		(5,245)			(4,753)
Total equity	380,248		380,248			376,552
Total liabilities and equity	1,616,926		1,616,926			1,423,819
Investment in unconsolidated entity						$ 0
Total revenue	121,118	$ 116,092	223,607	$ 213,388
Total operating expenses	(99,702)	(103,685)	(187,903)	(193,731)
OPERATING INCOME (LOSS)	21,416	12,407	35,704	19,657
Income tax (expense) benefit	(1,202)	(479)	(1,774)	(1)
NET INCOME (LOSS)	12,854	386	17,124	97
Net (income) loss attributable to redeemable noncontrolling interests	(1,235)	343	(1,527)	598
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	11,530	(885)	15,550	(898)
Our unrealized gain (loss) on investment in Ashford Inc.	(6,024)	(1,563)	(5,496)	1,528
Equity in earnings (loss) of unconsolidated entity	$ (62)	0	$ (65)	0
Ashford Inc.
Schedule of Equity Method Investments [Line Items]
Investment owned (in shares)	195		195			195
Share price (in dollars per share)	$ 64.80		$ 64.80			$ 93
Ownership percentage	9.20%		9.20%			9.30%
Total assets	$ 138,145		$ 138,145			$ 114,810
Total liabilities	90,331		90,331			78,742
Redeemable noncontrolling interests in operating partnership	4,852		4,852			5,111
Total stockholders’ equity of Ashford Inc.	41,541		41,541			30,185
Noncontrolling interest in consolidated entities	1,421		1,421			772
Total equity	42,962		42,962			30,957
Total liabilities and equity	138,145		138,145			114,810
Investment in unconsolidated entity	12,628		12,628			$ 18,124
Total revenue	54,811	19,639	102,979	32,652
Total operating expenses	(43,941)	(18,221)	(97,145)	(33,370)
OPERATING INCOME (LOSS)	10,870	1,418	5,834	(718)
Realized and unrealized gain (loss) on investments	0	(16)	0	(91)
Other	(333)	10	(426)	128
Income tax (expense) benefit	(1,605)	(8,643)	(2,311)	(9,273)
NET INCOME (LOSS)	8,932	(7,231)	3,097	(9,954)
(Income) loss from consolidated entities attributable to noncontrolling interests	118	190	291	165
Net (income) loss attributable to redeemable noncontrolling interests	(90)	332	(151)	695
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	8,960	$ (6,709)	3,237	$ (9,094)
OpenKey
Schedule of Equity Method Investments [Line Items]
Ownership percentage					8.20%
Investment in unconsolidated entity	$ 1,935		$ 1,935		$ 2,000

Indebtedness (Details)

Indebtedness (Details)	May 23, 2018USD ($)loan	Aug. 18, 2017USD ($)	Mar. 31, 2017	Jun. 30, 2018USD ($)hotelextension	Apr. 04, 2018room	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)extension	May 11, 2017USD ($)	Jan. 18, 2017USD ($)
Debt Instrument [Line Items]
Indebtedness, gross				$ 993,826,000		$ 826,236,000
Deferred loan costs, net				(8,621,000)		(5,277,000)
Indebtedness, net				$ 985,205,000		$ 820,959,000
LIBOR rate				2.09%		1.564%
Number of rooms | hotel				3,549
Mortgages
Debt Instrument [Line Items]
Number of loans | loan	2
Repayment of debt	$ 357,600,000
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]
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]
Interest rate				12.85%
Indebtedness, gross				$ 0		8,098,000
Mortgages | Mortgage Loan 1
Debt Instrument [Line Items]
Basis spread on variable rate				4.95%
Indebtedness, gross				$ 42,000,000		42,000,000
Number of extension options | extension				3
Term of extension options				1 year
Mortgages | Mortgage Loan 2
Debt Instrument [Line Items]
Basis spread on variable rate				2.58%
Indebtedness, gross				$ 0					$ 277,628,000
Mortgages | Mortgage Loan 3
Debt Instrument [Line Items]
Basis spread on variable rate				2.55%
Indebtedness, gross				$ 0		80,000,000
Mortgages | Mortgage Loan 4
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Indebtedness, gross				$ 70,000,000		70,000,000
Number of extension options | extension				3
Term of extension options				1 year
Mortgages | Mortgage Loan 5
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
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 6
Debt Instrument [Line Items]
Basis spread on variable rate				2.65%
Indebtedness, gross				$ 188,326,000		190,010,000
Number of extension options | extension				2
Term of extension options				1 year
Mortgages | Mortgage Loan 7
Debt Instrument [Line Items]
Basis spread on variable rate				2.16%
Indebtedness, gross				$ 435,000,000		$ 0
Number of extension options | extension				5
Term of extension options				1 year
Term of debt				2 years
Number of hotels used as collateral | hotel				4
Mortgages | Mortgage Loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.55%
Mortgages | Mortgage Loan 8
Debt Instrument [Line Items]
Basis spread on variable rate				2.55%
Indebtedness, gross		$ 40,000,000		$ 51,000,000				$ 51,000,000
Mortgages | Mortgage Loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.55%
Mortgages | Mortgage Loan 9
Debt Instrument [Line Items]
Basis spread on variable rate				2.55%
Indebtedness, gross		$ 40,000,000		$ 40,000,000
Mortgages | Mortgage Loan 10
Debt Instrument [Line Items]
Basis spread on variable rate				2.65%
Indebtedness, gross		$ 0		$ 100,000,000
Term of debt				5 years
Number of rooms | room					266
Annual amortization				1.00%
Mortgages | Mortgage Loan 10 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.65%

Income (Loss) Per Share (Reconc

Income (Loss) Per Share (Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$ 11,530	$ (885)	$ 15,550	$ (898)
Less: Dividends on preferred stock	(1,708)	(1,707)	(3,415)	(3,380)
Undistributed net income (loss) allocated to common stockholders	4,480	(7,789)	1,564	(14,625)
Distributed and undistributed net income (loss) - basic	9,602	(2,753)	11,802	(4,556)
Dividends on preferred stock	1,708	0	0	0
Distributed and undistributed net income (loss) - diluted	$ 11,310	$ (2,753)	$ 11,802	$ (4,556)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	32,006	31,469	31,845	29,380
Effect of assumed conversion of preferred stock (in shares)	6,569	0	0	0
Incentive fee shares (in shares)	13	0	8	0
Weighted average common shares outstanding – diluted (in shares)	38,588	31,469	31,853	29,380
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ 0.30	$ (0.09)	$ 0.37	$ (0.16)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ 0.29	$ (0.09)	$ 0.37	$ (0.16)
Performance Shares
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (72)	$ (86)	$ (144)	$ (153)
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	(78)	(75)	(165)	(125)
Less: Net (income) loss allocated to unvested restricted shares	(70)	0	(24)	0
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (5,122)	$ (5,036)	$ (10,238)	$ (10,069)

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,708	$ 0	$ 0	$ 0
Total	$ 1,455	$ 1,525	$ 5,275	$ 3,060
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,155	11,087	10,741	10,046
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 148	$ 75	$ 189	$ 125
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	41	113	45	82
Performance Shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 72	$ 86	$ 144	$ 153
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	0	8	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	$ 1,235	$ (343)	$ 1,527	$ (598)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,114	4,290	4,119	4,256
Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 0	$ 1,707	$ 3,415	$ 3,380
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	6,560	6,569	5,555
Incentive Fee Shares [Member]
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	124	0	153

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 993,826		$ 826,236
Interest Rate Cap
Derivative [Line Items]
Notional amount	$ 1,393,200
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	$ 685,000	$ 619,500
Cost of derivative	$ 348	$ 338
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	$ 6,850,000
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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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%		10.00%
LIBOR rate	2.09%		2.09%		1.564%
Derivative assets	$ 1,007		$ 1,007		$ 594
Investment in unconsolidated entity					0
Counterparty and Cash Collateral Netting	660		660		370
Total	13,635		13,635		18,718
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(6,322)	$ (1,778)	(5,721)	$ 259
Ashford Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entity	12,628		12,628		18,124
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	(6,024)	(1,563)	(5,496)	1,528
Investment in Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	12,628		12,628		18,124
Non-Derivative Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(6,322)	(1,778)	(5,721)	259
Non-Derivative Assets | Ashford Inc.
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(6,024)	(1,563)	(5,496)	1,528
Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(298)	(100)	(225)	(998)
Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	74		74		130
Counterparty and Cash Collateral Netting	41		41		12
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(57)	(135)	(84)	(894)
Interest Rate Floor | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(57)	(135)	(84)	(894)
Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	92		92		4
Counterparty and Cash Collateral Netting	0		0		0
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(256)	(61)	(261)	(317)
Interest Rate Cap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(256)	(61)	(261)	(317)
Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	841		841
Counterparty and Cash Collateral Netting	619		619
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	15	0	120	0
Credit Default Swap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	15	0	120	0
Derivative cost	63		126
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	96	0	213
Future | Other Income (Expense)
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	(115)	0	(271)
Future | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	$ (19)	0	$ (58)
Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0		0
Total	12,628		12,628		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	12,628		12,628		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		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		0
Quoted Market Prices (Level 1) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0
Quoted Market Prices (Level 1) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets					0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	347		347		224
Total	347		347		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		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	33		33		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	92		92		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	222		222
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		0
Total	0		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		0
Significant Unobservable Inputs (Level 3) | Interest Rate Floor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0		0
Significant Unobservable Inputs (Level 3) | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0		0		0
Significant Unobservable Inputs (Level 3) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0		$ 0
Significant Unobservable Inputs (Level 3) | Future
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets					$ 0
LIBOR | 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			2.848%

Summary of Fair Value of Fina54

Summary of Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Financial assets and liabilities measured at fair value:
Investment in unconsolidated entity		$ 0
Derivative assets	$ 1,007	594
Derivative assets, Estimated fair value	1,007	594
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	169,235	137,522	$ 129,675	$ 126,790
Cash and cash equivalents, Estimated fair value	169,235	137,522
Restricted cash, Carrying value	83,096	47,820	$ 34,793	$ 37,855
Restricted cash, Estimated fair value	83,096	47,820
Accounts receivable, Carrying value	22,338	14,334
Accounts receivable, Estimated fair value	22,338	14,334
Insurance receivable, Carrying value	0	8,825
Insurance receivable, Estimated fair value	0	8,825
Note receivable. Carrying value	0	8,098
Notes receivable, Estimated fair value	0
Due from related party, net, Carrying value	588	349
Due from related party, net, Estimated fair value	588	349
Due from third-party hotel managers, Carrying value	5,522	4,589
Due from third-party hotel managers, Estimated fair value	5,522	4,589
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	993,826	826,236
Accounts payable and accrued expenses, Carrying value	63,976	56,803
Accounts payable and accrued expenses, Estimated fair value	63,976	56,803
Dividends and distributions payable, Carrying value	8,572	8,146
Dividends and distributions payable, Estimated fair value	8,572	8,146
Due to affiliate, net, Carrying Value	1,100	1,703
Due to third-party hotel managers, Carrying value	2,299	1,709
Due to third-party hotel managers, Estimated fair value	2,299	1,709
Minimum
Financial assets not measured at fair value:
Notes receivable, Estimated fair value		8,020
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	942,117	780,243
Maximum
Financial assets not measured at fair value:
Notes receivable, Estimated fair value		8,864
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	1,041,287	862,372
Ashford Inc.
Financial liabilities not measured at fair value:
Due to Affiliate, Fair Value Disclosure	1,100	1,703
Ashford Inc.
Financial assets and liabilities measured at fair value:
Investment in unconsolidated entity	$ 12,628	$ 18,124

Summary of Fair Value of Fina55

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days
Note receivable	$ 0	$ 8,098
Indebtedness, Carrying value	$ 993,826	$ 826,236
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable fair value variance from carrying value (as a percent)		(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)		9.50%
Total indebtedness fair value variance from carrying value (as a percent)	104.80%	104.40%

Redeemable Noncontrolling Int56

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in operating partnership	$ 47,818		$ 47,818		$ 46,627
Redemption value adjustment			$ (558)
Noncontrolling interest in a consolidated entity	25.00%		25.00%		25.00%
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ (1,235)	$ 343	$ (1,527)	$ 598
Cash distributions declared	$ 822	859	1,644	1,649
Braemar OP
Noncontrolling Interest [Line Items]
Redemption value adjustment			$ 558	0
Noncontrolling interest in a consolidated entity	11.17%		11.17%		11.43%
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Other than options (in shares)	804		804
Compensation not yet recognized	$ 2,100		$ 2,100
Period for recognition			2 years 6 months
Units which have not reached full economic parity with the common units (in shares)	1,200		1,200
Performance Long Term Incentive Plan Units | Advisory services
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 286	(57)	$ 294	(1,104)
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		1,900
Compensation not yet recognized	$ 2,400		$ 2,400
Period for recognition			2 years 8 months 12 days
Units which have not reached full economic parity with the common units (in shares)	295		295
Long Term Incentive Plan Units | Advisory services
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 302	130	$ 438	173
Long Term Incentive Plan Units | Corporate General and Administrative Expense
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 0	$ 64	$ 0	$ 64
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units redeemed (in shares)		1		6
Redemption/conversion of operating partnership units		$ 15		$ 82

Equity and Stock-Based Compen57

Equity and Stock-Based Compensation (Details)	3 Months Ended		6 Months Ended		44 Months Ended
	Jun. 30, 2018USD ($)hotel$ / sharesshares	Jun. 30, 2017USD ($)shares	Jun. 30, 2018USD ($)hotel$ / sharesshares	Jun. 30, 2017USD ($)shares	Jun. 30, 2018USD ($)hotel$ / sharesshares	Dec. 31, 2017USD ($)hotel$ / shares	Dec. 11, 2017USD ($)	Dec. 05, 2017USD ($)$ / shares
Class of Stock [Line Items]
Dividends declared - common stock			$ 10,547,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Value of stock repurchased during period			$ 203,000
At-the-market equity distribution program, authorized amount							$ 50,000,000
At-the-market equity distribution program, shares sold (in shares) | shares	0		0		0
Noncontrolling interest in a consolidated entity	25.00%		25.00%		25.00%	25.00%
Number of hotel properties with JV interests | hotel	2		2		2	2
Noncontrolling interest in consolidated entities	$ (5,245,000)		$ (5,245,000)		$ (5,245,000)	$ (4,753,000)
(Income) loss attributable to noncontrolling interest in consolidated entities	$ (89,000)	$ (1,614,000)	$ (47,000)	$ (1,593,000)
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	0	0	4,300,000
Value of stock repurchased during period					$ 63,200,000
Performance Shares
Class of Stock [Line Items]
Award service period			3 years
Other than options intrinsic value	$ 3,100,000		$ 3,100,000		3,100,000
Compensation not yet recognized	2,600,000		$ 2,600,000		2,600,000
Period for recognition			2 years 6 months
Performance Shares | Advisory services
Class of Stock [Line Items]
Equity-based compensation expense	292,000	$ (8,000)	$ 1,869,000	$ (808,000)
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	5,600,000		5,600,000		5,600,000
Equity-based compensation expense	562,000	468,000	1,434,000	604,000
Compensation not yet recognized	4,900,000		$ 4,900,000		$ 4,900,000
Period for recognition			3 years 3 months 18 days
Restricted Stock | Advisory services
Class of Stock [Line Items]
Equity-based compensation expense	498,000	271,000	$ 1,323,000	389,000
Restricted Stock | Management Fees
Class of Stock [Line Items]
Equity-based compensation expense	64,000	34,000	111,000	34,000
Restricted Stock | Corporate General and Administrative Expense
Class of Stock [Line Items]
Equity-based compensation expense	0	163,000	0	181,000
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	$ 5,112,000	$ 10,403,000	$ 10,195,000

5.5% Series B Cumulative Conv58

5.5% Series B Cumulative Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2017USD ($)shares	Mar. 07, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)day$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2017shares
Class of Stock [Line Items]
Preferred dividends | $			$ 1,708	$ 1,707	$ 3,415	$ 3,380
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		$ 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		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%		110.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2015
Related Party Transaction [Line Items]
Term of agreement					3 years
Advisory services fee	$ 4,880	$ 3,143	$ 10,124	$ 4,008
Lease expense		84	84	168
Due to Ashford Inc.	1,100		1,100		$ 1,703
Restricted Stock
Related Party Transaction [Line Items]
Equity-based compensation expense	562	468	1,434	604
Compensation not yet recognized	4,900		$ 4,900
Period for recognition			3 years 3 months 18 days
Restricted Stock | Management Fees
Related Party Transaction [Line Items]
Equity-based compensation expense	64	34	$ 111	34
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
Remington Lodging | Restricted Stock
Related Party Transaction [Line Items]
Compensation not yet recognized	429		$ 429
Period for recognition			2 years 8 months 12 days
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction	4		$ 12
Due to Ashford Inc.	3		3		$ 4
Pure Rooms | “Allergy friendly” premium rooms
Related Party Transaction [Line Items]
Amount of transaction	10		19
Due to Ashford Inc.	0		0		45
RED Leisure [Member] | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Amount of transaction	180		360
Lismore Capital [Member] | Mortgage placement services
Related Party Transaction [Line Items]
Amount of transaction	999		999
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction	31		69
Due to Ashford Inc.	32		32		0
Ashford LLC | Advisory services
Related Party Transaction [Line Items]
Due to Ashford Inc.	1,065		1,065		$ 1,654
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	4,880	3,143	10,124	4,008
Ashford LLC | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	2,313	2,276	4,420	4,279
Ashford LLC | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	499	532	919	1,079
Ashford LLC | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	1,377	335	3,924	(1,350)
Ashford LLC | Affiliated Entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 691	$ 0	$ 861	$ 0
Maximum
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier	0.70%		0.70%