Braemar Hotels & Resorts (BHR) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 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	Sep. 30, 2018
Amendment Flag	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,512,029

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Investments in hotel properties, gross	$ 1,536,078	$ 1,403,110
Accumulated depreciation	(252,686)	(257,268)
Investments in hotel properties, net	1,283,392	1,145,842
Cash and cash equivalents	163,825	137,522
Restricted cash	74,973	47,820
Accounts receivable, net of allowance of $129 and $94, respectively	23,715	14,334
Insurance receivable	0	8,825
Inventories	1,836	1,425
Note receivable	0	8,098
Deferred costs, net	387	656
Prepaid expenses	5,966	3,670
Investment in unconsolidated entity	1,854	0
Derivative assets	827	594
Other assets	8,486	9,426
Intangible assets, net	27,836	22,545
Due from related party, net	0	349
Due from third-party hotel managers	1,960	4,589
Total assets	1,609,843	1,423,819
Liabilities:
Indebtedness, net	985,716	820,959
Accounts payable and accrued expenses	67,441	56,803
Dividends and distributions payable	8,840	8,146
Due to Ashford Inc.	3,182	1,703
Due to related party, net	8	0
Due to third-party hotel managers	2,608	1,709
Intangible liability, net	0	3,569
Other liabilities	16,734	1,628
Total liabilities	1,084,529	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 September 30, 2018 and December 31, 2017	106,123	106,123
Redeemable noncontrolling interests in operating partnership	49,726	46,627
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,523,680 and 32,120,210 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	325	321
Additional paid-in capital	474,043	469,791
Accumulated deficit	(99,238)	(88,807)
Total stockholders’ equity of the Company	375,130	381,305
Noncontrolling interest in consolidated entities	(5,665)	(4,753)
Total equity	369,465	376,552
Total liabilities and equity	1,609,843	1,423,819
Ashford Inc.
ASSETS
Investment in unconsolidated entity	14,786	18,124
Total assets	389,818	114,810
Liabilities:
Total liabilities	121,763	78,742
Redeemable noncontrolling interests in operating partnership	3,778	5,111
Equity:
Total stockholders’ equity of the Company	63,050	30,185
Noncontrolling interest in consolidated entities	649	772
Total equity	63,699	30,957
Total liabilities and equity	$ 389,818	$ 114,810

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Allowance for doubtful notes receivable	$ 129	$ 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)	32,523,680	32,120,210
Common stock, shares outstanding (in shares)	32,523,680	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUE
Total revenue	$ 108,846	$ 108,119	$ 332,453	$ 321,507
Hotel operating expenses:
Total hotel expenses	68,816	74,535	204,843	211,575
Property taxes, insurance and other	6,835	5,197	18,516	15,641
Depreciation and amortization	14,474	14,133	42,291	39,573
Impairment charges	0	1,008	71	1,008
Advisory services fee	5,733	1,814	15,857	5,822
Contract modification cost	0	0	0	5,000
Transaction costs	0	244	949	6,638
Corporate general and administrative	1,765	1,602	2,999	7,007
Total expenses	97,623	98,533	285,526	292,264
OPERATING INCOME (LOSS)	11,223	9,586	46,927	29,243
Equity in earnings (loss) of unconsolidated entity	(81)	0	(146)	0
Interest income	540	198	970	475
Gain (loss) on sale of hotel property	0	0	15,711	0
Other income (expense)	(64)	(22)	(190)	(292)
Interest expense and amortization of loan costs	(13,084)	(10,610)	(35,941)	(28,743)
Write-off of loan costs and exit fees	0	(380)	(4,178)	(2,343)
Unrealized gain (loss) on investment in Ashford Inc.	2,158	1,875	(3,338)	3,403
Unrealized gain (loss) on derivatives	(578)	(531)	(803)	(1,529)
INCOME (LOSS) BEFORE INCOME TAXES	114	116	19,012	214
Income tax (expense) benefit	(740)	(333)	(2,514)	(334)
NET INCOME (LOSS)	(626)	(217)	16,498	(120)
(Income) loss attributable to noncontrolling interest in consolidated entities	(1,695)	(1,143)	(1,742)	(2,736)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	452	360	(1,075)	958
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(1,869)	(1,000)	13,681	(1,898)
Preferred dividends	(1,707)	(1,707)	(5,122)	(5,087)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (3,576)	$ (2,707)	$ 8,559	$ (6,985)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.25	$ (0.25)
Weighted average common shares outstanding – basic (in shares)	32,023	31,483	31,905	30,089
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.25	$ (0.25)
Weighted average common shares outstanding – diluted (in shares)	32,023	31,483	31,922	30,089
Dividends declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Total hotel revenue
REVENUE
Total revenue	$ 108,846	$ 108,080	$ 332,453	$ 321,391
Rooms
REVENUE
Total revenue	74,358	77,336	218,304	224,203
Hotel operating expenses:
Total hotel expenses	16,624	17,698	48,194	51,108
Food and beverage
REVENUE
Total revenue	21,171	23,147	70,064	75,600
Hotel operating expenses:
Total hotel expenses	16,171	17,766	49,078	53,890
Other
REVENUE
Total revenue	13,317	7,597	44,085	21,588
Hotel operating expenses:
Total hotel expenses	32,058	35,182	95,490	94,934
Other
REVENUE
Total revenue	0	39	0	116
Management fees
Hotel operating expenses:
Total hotel expenses	$ 3,963	$ 3,889	$ 12,081	$ 11,643

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (626)	$ (217)	$ 16,498	$ (120)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	(626)	(217)	16,498	(120)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(1,695)	(1,143)	(1,742)	(2,736)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	452	360	(1,075)	958
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (1,869)	$ (1,000)	$ 13,681	$ (1,898)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 shares issued and outstanding at September 30, 2018 and December 31, 2017	$ 106,123					$ 106,123
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						$ 46,627
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)		(19)
Purchase of common stock	(204)		(204)
Equity-based compensation	4,402		4,402				1,307
Issuance of restricted shares/units (in shares)		429
Issuance of restricted shares/units	58	$ 4	54				18
Forfeiture of restricted common shares (in shares)		(6)
Forfeiture of restricted common shares	0
Dividends declared – common stock	(15,823)			(15,823)
Dividends declared – common stock	(5,122)			(5,122)
Distributions to noncontrolling interests	(2,654)				(2,654)		(2,468)
Net income (loss)	13,681			13,681	1,742		1,075
Net income (loss)	15,423
Redemption value adjustment	(3,167)			(3,167)			3,167
Ending balance (in shares) at Sep. 30, 2018		32,524				4,966
Ending balance at Sep. 30, 2018	369,465	$ 325	$ 474,043	$ (99,238)	$ (5,665)
Ending balance at Sep. 30, 2018	49,726						$ 49,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 shares issued and outstanding at September 30, 2018 and December 31, 2017	$ 106,123					$ 106,123

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (626)	$ (217)	$ 16,498	$ (120)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	14,474	14,133	42,291	39,573
Equity-based compensation			5,709	(1,992)
Bad debt expense			186	172
Amortization of loan costs			3,157	3,754
Write-off of loan costs and exit fees	0	380	4,178	2,343
Amortization of intangibles			143	136
Amortization of non-refundable membership initiation fees			(18)	0
Interest expense accretion on refundable membership club deposits			376	0
(Gain) loss on sale of hotel property			(15,711)	0
Impairment charges	0	1,008	71	1,008	$ 1,100
Unrealized (gain) loss on investment in Ashford Inc.	(2,158)	(1,875)	3,338	(3,403)
Realized and unrealized (gain) loss on derivatives			803	1,800
Net settlement of trading derivatives			(688)	(1,062)
Equity in (earnings) loss of unconsolidated entity	81	0	146	0
Deferred tax expense (benefit)			136	119
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Accounts receivable and inventories			(5,593)	260
Insurance receivable			0	(276)
Prepaid expenses and other assets			922	(758)
Accounts payable and accrued expenses			(2,609)	5,100
Due to/from related party, net			344	(255)
Due to/from affiliate, net			0	(2,500)
Due to/from third-party hotel managers			5,578	5,798
Other liabilities			(7,851)	144
Net cash provided by (used in) operating activities			52,885	46,624
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance			24,663	0
Acquisition of hotel properties, net of cash and restricted cash acquired			(177,874)	(243,693)
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			(51,610)	(32,744)
Net cash provided by (used in) investing activities			(141,485)	(274,148)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness			575,000	523,500
Repayments of indebtedness			(399,804)	(376,385)
Payments of loan costs and exit fees			(9,407)	(10,733)
Payments for derivatives			(348)	(347)
Purchase of common stock			(204)	(195)
Payments for dividends and distributions			(22,661)	(19,579)
Issuance of preferred stock			0	40,163
Issuance of common stock			0	66,442
Distributions to noncontrolling interest in consolidated entities			(538)	(1,628)
Other			18	21
Net cash provided by (used in) financing activities			142,056	221,259
Net change in cash, cash equivalents and restricted cash			53,456	(6,265)
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	238,798	158,380	238,798	158,380	185,342
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid			31,641	26,385
Income taxes paid (refund)			1,626	1,025
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid			8,840	8,599
Capital expenditures accrued but not paid			5,167	2,721
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	238,798	158,380	185,342	164,645	164,645	$ 238,798	$ 158,380
Cash and cash equivalents at end of period	163,825	126,771	163,825	126,771	137,522
Restricted cash at end of period	$ 74,973	$ 31,609	74,973	31,609	$ 47,820
Cash, cash equivalents and restricted cash at end of period						$ 238,798	$ 158,380
Ashford Trust OP
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Due to/from affiliate, net			0	488
Ashford Inc.
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Due to/from affiliate, net			$ 1,479	$ (3,705)

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 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 September 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. On August 8, 2018, Ashford Inc., the parent company of the Advisor, completed its acquisition of Remington Holdings, L.P.’s project management business. See note 18 . The accompanying condensed consolidated financial statements include the accounts of such wholly-owned and majority owned subsidiaries of Braemar OP that as of September 30, 2018 , own 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 September 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 September 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	9 Months Ended
	Sep. 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, as subsequently amended. 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 nine months ended September 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 8.2% ownership interest in Ashford Inc. and had a fair value of $14.8 million at September 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 September 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 nine months ended September 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 —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted 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 were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted 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/units 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. After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee” and “management fees,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on time and market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to independent directors are measured at the grant date based on the market price of the shares/units at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Recently Adopted Accounting Standards — In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update replaces most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) 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 condensed consolidated statements 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. In June 2018, the FASB issued ASU 2018-07, which expanded 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. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-07 effective July 1, 2018. The adoption of ASU 2018-07 has a material impact on our consolidated financial statements because the compensation expense related to our equity awards is now determined based on the grant date fair value of the awards and will be ratably recognized over the service period as the service is rendered as opposed to being marked-to-market in periods prior to adoption. For all existing equity awards, future equity-based compensation expense is based on the fair value of the awards on July 1, 2018. See the Equity-Based Compensation section included above in our Significant Accounting Policies for further details. 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") 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. 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. We have also engaged a third party valuation expert to assist us in determining the value of our ROU assets and operating lease liabilities including the determination of our incremental borrowing rate. We expect to use the transition method that includes the practical expedient that allows us to adopt effective January 1, 2019 and not reevaluate or recast prior periods, however we are still evaluating the available transition methods. 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 condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on the condensed consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 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 condensed 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 nine months ended September 30, 2018 , the Company recorded $0 and $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 September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 26,368 $ 5,209 $ 2,404 $ — $ 33,981 Colorado 1 3,178 3,112 2,438 — 8,728 Florida 2 8,194 4,335 3,420 — 15,949 Illinois 1 8,157 2,280 327 — 10,764 Pennsylvania 1 7,137 1,422 267 — 8,826 Washington 1 11,035 1,799 380 — 13,214 Washington, D.C. 1 8,638 2,729 264 — 11,631 USVI 1 1,651 285 3,817 — 5,753 Total 12 $ 74,358 $ 21,171 $ 13,317 $ — $ 108,846 Three Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 24,578 $ 5,160 $ 2,228 $ — $ 31,966 Colorado 1 3,203 3,156 2,355 — 8,714 Florida 1 2,884 587 258 — 3,729 Illinois 1 7,144 2,014 221 — 9,379 Pennsylvania 1 6,341 1,095 159 — 7,595 Washington 1 10,850 1,710 323 — 12,883 Washington, D.C. 1 9,518 3,136 295 — 12,949 USVI 1 4,641 2,943 1,474 — 9,058 Sold hotel properties 2 8,177 3,346 284 — 11,807 Corporate entities — — — — 39 39 Total 13 $ 77,336 $ 23,147 $ 7,597 $ 39 $ 108,119 Nine Months Ended September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 69,007 $ 18,163 $ 8,258 $ — $ 95,428 Colorado 1 14,736 9,676 7,712 — 32,124 Florida 2 24,474 12,191 7,343 — 44,008 Illinois 1 19,359 6,100 908 — 26,367 Pennsylvania 1 21,641 4,314 867 — 26,822 Washington 1 25,587 5,164 1,006 — 31,757 Washington, D.C. 1 30,390 10,965 884 — 42,239 USVI 1 4,939 616 13,616 — 19,171 Sold hotel properties 1 8,171 2,875 3,491 — 14,537 Total 13 $ 218,304 $ 70,064 $ 44,085 $ — $ 332,453 Nine Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 61,157 $ 16,612 $ 6,392 $ — $ 84,161 Colorado 1 4,920 4,700 4,040 — 13,660 Florida 1 13,253 2,660 954 — 16,867 Illinois 1 18,441 5,604 506 — 24,551 Pennsylvania 1 19,082 3,372 688 — 23,142 Washington 1 25,024 6,153 872 — 32,049 Washington, D.C. 1 32,908 11,896 977 — 45,781 USVI 1 21,713 11,014 6,102 — 38,829 Sold hotel properties 2 27,705 13,589 1,057 — 42,351 Corporate entities — — — — 116 116 Total 13 $ 224,203 $ 75,600 $ 21,588 $ 116 $ 321,507

Investment in Hotel Properties,

Investment in Hotel Properties, net	9 Months Ended
	Sep. 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): September 30, 2018 December 31, 2017 Land $ 428,567 $ 344,937 Buildings and improvements 984,285 962,478 Furniture, fixtures and equipment 99,101 87,796 Construction in progress 24,125 7,899 Total cost 1,536,078 1,403,110 Accumulated depreciation (252,686 ) (257,268 ) Investments in hotel properties, net $ 1,283,392 $ 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 nine months ended September 30, 2018 , the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $3.8 million and $13.9 million , respectively, which are included in “other” hotel revenue in our condensed consolidated statements of operations. The Company received proceeds of $0 and $34.0 million from our insurance carriers for property damage and business interruption from the hurricanes during the three and nine months ended September 30, 2018 . Additionally, during the three and nine months ended September 30, 2018 , the Company recorded revenue of $0 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 nine months ended September 30, 2018 , we recorded impairment charges of $0 and $71,000 as a result of a change in estimate of property damage as a result of the hurricanes. As of September 30, 2018 , the Company had a net liability of $5.4 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 September 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 $171.4 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 86,042 Furniture, fixtures and equipment 13,740 Customer relationships 5,682 Refundable membership club deposits (2) (9,960 ) Income guarantee (3) 2,000 $ 181,134 Net other assets (liabilities) $ (3,260 ) ________ (1) Amount includes the $9.7 million , 22 -acre plot of vacant land. (2) Recorded within “other liabilities” on our condensed consolidated balance sheet. (3) Recorded within “other assets” on our condensed consolidated balance sheet. The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Total revenue 11,233 26,360 Net income (loss) (3,506 ) (4,225 ) 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 $949,000 of non-recurring transaction costs directly attributable to the acquisitions for the nine months ended September 30, 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenue $ 108,846 $ 119,438 $ 352,526 $ 367,566 Net income (loss) (626 ) (2,760 ) 20,216 (723 ) Net income (loss) attributable to common stockholders (3,576 ) (6,267 ) 11,861 (9,562 ) Pro Forma income per share: Basic $ (0.12 ) $ (0.20 ) $ 0.36 $ (0.33 ) Diluted $ (0.12 ) $ (0.20 ) $ 0.36 $ (0.33 ) Weighted average common shares outstanding (in thousands): Basic 32,023 31,483 31,905 30,089 Diluted 32,023 31,483 31,922 30,089

Hotel Dispositions

Hotel Dispositions	9 Months Ended
	Sep. 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 the nine months ended September 30, 2018 and is included in “gain (loss) on sale of hotel property” in our condensed consolidated statements of operations. Since the sales of the hotel properties did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, the hotel properties’ results of operations were not reported as discontinued operations in our condensed consolidated financial statements. We included the results of operations for these hotel properties through the dates of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 . The following table includes the condensed financial information from these hotel properties (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total hotel revenue $ — $ 11,807 $ 14,537 $ 42,351 Total hotel operating expenses — (7,713 ) (7,500 ) (26,795 ) Operating income (loss) — 4,094 7,037 15,556 Property taxes, insurance and other — (504 ) (486 ) (1,876 ) Depreciation and amortization — (2,176 ) (1,294 ) (6,477 ) Impairment charges — (10 ) (12 ) (10 ) Gain (loss) on sale of hotel property — — 15,711 — Interest expense and amortization of loan costs — (1,183 ) (791 ) (3,320 ) Income (loss) before income taxes — 221 20,165 3,873 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership — (26 ) (2,253 ) (454 ) Income (loss) before income taxes attributable to the Company $ — $ 195 $ 17,912 $ 3,419

Note Receivable

Note Receivable	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity Ashford Inc. As of September 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 $75.87 and $93.00 as of September 30, 2018 and December 31, 2017 , respectively. This represented an approximate 8.2% and 9.3% ownership interest in Ashford Inc. for September 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 September 30, 2018 and December 31, 2017 , and the condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 , of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2018 December 31, 2017 Total assets $ 389,818 $ 114,810 Total liabilities 121,763 78,742 Series B cumulative convertible preferred stock 200,578 — Redeemable noncontrolling interests 3,778 5,111 Total stockholders’ equity of Ashford Inc. 63,050 30,185 Noncontrolling interests in consolidated entities 649 772 Total equity 63,699 30,957 Total liabilities and equity $ 389,818 $ 114,810 Our investment in Ashford Inc., at fair value $ 14,786 $ 18,124 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenue $ 41,565 $ 19,255 $ 144,544 $ 51,907 Total operating expenses (53,069 ) (21,595 ) (150,214 ) (54,965 ) Operating income (loss) (11,504 ) (2,340 ) (5,670 ) (3,058 ) Realized and unrealized gain (loss) on investments, net — — — (91 ) Interest expense and loan amortization cost (419 ) (20 ) (770 ) (35 ) Other income (expense) 25 77 (50 ) 220 Income tax (expense) benefit 13,904 25 11,593 (9,248 ) Net income (loss) 2,006 (2,258 ) 5,103 (12,212 ) (Income) loss from consolidated entities attributable to noncontrolling interests 413 102 704 267 Net (income) loss attributable to redeemable noncontrolling interests 968 300 817 995 Net income (loss) attributable to Ashford Inc. $ 3,387 $ (1,856 ) $ 6,624 $ (10,950 ) Preferred dividends (1,675 ) — (1,675 ) — Amortization of preferred stock discounts (303 ) — (303 ) — Net income attributable to common shareholders $ 1,409 $ (1,856 ) $ 4,646 $ (10,950 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 2,158 $ 1,875 $ (3,338 ) $ 3,403 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. The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2018 December 31, 2017 Carrying value of the investment in OpenKey (in thousands) $ 1,854 $ — Ownership interest in OpenKey 8.2 % — The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Equity in earnings (loss) of unconsolidated entity $ (81 ) $ — $ (146 ) $ —

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 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% 187,834 190,010 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 — 993,334 826,236 Deferred loan costs, net (7,618 ) (5,277 ) Indebtedness, net $ 985,716 $ 820,959 __________________ (1) LIBOR rates were 2.261% and 1.564% at September 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. 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 September 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (1,869 ) $ (1,000 ) $ 13,681 $ (1,898 ) Less: Dividends on preferred stock (1,707 ) (1,707 ) (5,122 ) (5,087 ) Less: Dividends on common stock (5,126 ) (5,038 ) (15,364 ) (15,107 ) Less: Dividends on unvested performance stock units (72 ) (85 ) (216 ) (238 ) Less: Dividends on unvested restricted shares (78 ) (75 ) (243 ) (200 ) Undistributed net income (loss) allocated to common stockholders (8,852 ) (7,905 ) (7,264 ) (22,530 ) Add back: Dividends on common stock 5,126 5,038 15,364 15,107 Distributed and undistributed net income (loss) - basic and diluted $ (3,726 ) $ (2,867 ) $ 8,100 $ (7,423 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 32,023 31,483 31,905 30,089 Advisory services incentive fee shares — — 17 — Weighted average common shares outstanding – diluted 32,023 31,483 31,922 30,089 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.12 ) $ (0.09 ) $ 0.25 $ (0.25 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.12 ) $ (0.09 ) $ 0.25 $ (0.25 ) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 78 $ 75 $ 243 $ 200 Income (loss) allocated to unvested performance stock units 72 85 216 238 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (452 ) (360 ) 1,075 (958 ) Dividends on preferred stock 1,707 1,707 5,122 5,087 Total $ 1,405 $ 1,507 $ 6,656 $ 4,567 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 81 79 57 81 Effect of unvested performance stock units 52 — 23 — Effect of assumed conversion of operating partnership units 4,173 4,256 4,137 4,256 Effect of assumed conversion of preferred stock 6,569 6,569 6,569 5,893 Effect of advisory services incentive fee shares 32 132 — 146 Total 10,907 11,036 10,786 10,376

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 and 2017 , we entered into interest rate derivatives as summarized in the table below: Nine Months Ended September 30, Interest rate caps: 2018 2017 Notional amount (in thousands) $ 685,000 $ 659,500 Strike rate low end of range 2.43 % 3.00 % Strike rate high end of range 7.80 % 5.35 % Effective date range February 2018 - May 2018 January 2017 - August 2017 Maturity date range March 2019 - June 2020 March 2018 - September 2019 Total cost of interest rate cap (in thousands) $ 348 $ 347 Interest rate floors: Notional amount (in thousands) $ 4,000,000 $ 1,600,000 Strike rate low end of range 1.38 % 1.00 % Strike rate low end of range 2.00 % 1.00 % Effective date July 2018 September 2017 Maturity date range June 2019 - September 2019 December 2018 Total cost of interest rate floors (in thousands) $ 138 $ 65 _______________ No instruments were designated as cash flow hedges As of September 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 low end of range 2.43 % Strike rate low end of range 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) $ 993,334 Interest rate floors: (1) (2) Notional amount (in thousands) $ 10,850,000 Strike rate low end of range (0.25 )% Strike rate low end of range 2.00 % Effective date range July 2015 - July 2018 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 September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2018 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 2.261% to 3.032% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting (1) Total September 30, 2018 Assets Derivative assets: Interest rate derivatives - floors $ — $ 72 $ — $ 41 $ 113 Interest rate derivatives - caps — 82 — — 82 Credit default swaps — 13 — 619 632 — 167 — 660 827 (2) Non-derivative assets: Investment in Ashford Inc. 14,786 — — — 14,786 Total $ 14,786 $ 167 $ — $ 660 $ 15,613 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (134 ) $ (132 ) $ (218 ) $ (1,026 ) Interest rate derivatives - caps (10 ) (24 ) (271 ) (341 ) Credit default swaps (434 ) (1) (375 ) (1) (314 ) (1) (375 ) (1) Options on futures contracts — — — (58 ) Total derivative assets $ (578 ) $ (531 ) $ (803 ) $ (1,800 ) Non-derivative assets: Investment in Ashford Inc. 2,158 1,875 (3,338 ) 3,403 Total $ 1,580 $ 1,344 $ (4,141 ) $ 1,603 Total combined Interest rate derivatives - floors $ (134 ) $ (132 ) $ (218 ) $ (1,026 ) Interest rate derivatives - caps (10 ) (24 ) (271 ) (341 ) Credit default swaps (434 ) (375 ) (314 ) (375 ) Options on futures contracts — — — 213 Unrealized gain (loss) on derivatives (578 ) (531 ) (803 ) (1,529 ) Realized gain (loss) on options on futures contracts — — — (271 ) (2) Unrealized gain (loss) on investment in Ashford Inc. 2,158 1,875 (3,338 ) 3,403 Net $ 1,580 $ 1,344 $ (4,141 ) $ 1,603 _______________ (1) Excludes costs of $64 and $190 associated with credit default swaps for the three and nine months ended September 30, 2018 and $22 for both the three and nine months ended September 30, 2017 , 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	9 Months Ended
	Sep. 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): September 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. $ 14,786 $ 14,786 $ 18,124 $ 18,124 Derivative assets 827 827 594 594 Financial assets not measured at fair value: Cash and cash equivalents $ 163,825 $ 163,825 $ 137,522 $ 137,522 Restricted cash 74,973 74,973 47,820 47,820 Accounts receivable, net 23,715 23,715 14,334 14,334 Insurance receivable — — 8,825 8,825 Note receivable — — 8,098 8,020 to 8,864 Due from related party, net — — 349 349 Due from third-party hotel managers 1,960 1,960 4,589 4,589 Financial liabilities not measured at fair value: Indebtedness $ 993,334 $939,985 to $1,038,930 $ 826,236 $ 780,243 to $ 862,372 Accounts payable and accrued expenses 67,441 67,441 56,803 56,803 Dividends and distributions payable 8,840 8,840 8,146 8,146 Due to Ashford Inc. 3,182 3,182 1,703 1,703 Due to related party, net 8 8 — — Due to third-party hotel managers 2,608 2,608 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 to/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 caps 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 94.6% to 104.6% of the carrying value of $993.3 million at September 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	9 Months Ended
	Sep. 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 the issuance of 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 September 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. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. As of September 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 155,000 LTIP units and 593,000 performance based LTIP units issued from March 2015 to August 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 September 30, Nine Months Ended September 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 245 $ (633 ) (1) $ 539 $ (1,737 ) (1) LTIP units Advisory services fee 269 108 707 281 LTIP units - independent directors Corporate, general and administrative 61 — 61 64 ____________________________________ (1) The credit to compensation expense is a result of lower fair values as compared to prior periods. The unamortized cost of the unvested performance-based LTIP units of $1.8 million at September 30, 2018 , will be expensed over a period of 2.3 years. The unamortized cost of the unvested LTIP units of $2.1 million at September 30, 2018 , will be amortized over a period of 2.5 years. During the three and nine months ended September 30, 2017 , approximately 0 and 6,000 common units, with an aggregate redemption fair value of $0 and $82,000 , were redeemed by the holders and, at our election, we issued shares of our common stock to satisfy the redemption. During the three and nine months ended September 30, 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: September 30, 2018 December 31, 2017 Redeemable noncontrolling interests in Braemar OP $ 49,726 $ 46,627 Adjustments to redeemable noncontrolling interests (1) 3,167 — Ownership percentage of operating partnership 11.22 % 11.43 % ____________________________________ (1) Reflects 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Allocated net (income) loss to the redeemable noncontrolling interests $ 452 $ 360 $ (1,075 ) $ 958 Aggregate distributions to holders of common units, LTIP units and performance LTIP units 824 859 2,468 2,508

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Common stock dividends declared $ 5,204 $ 5,112 $ 15,607 $ 15,307 Performance Stock Units —The compensation committee of the board of directors of the Company approves the issuance of 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. Upon the adoption of ASU 2018-07, the corresponding compensation cost is recognized ratably over the service period for the award as the service is rendered, based on the grant date fair value of the award, regardless of the actual outcome of the market condition as opposed to being accounted for at fair value based on the market price of the shares at each quarterly measurement date. The following table summarizes the compensation expense for PSUs (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 287 $ (668 ) $ 2,156 $ (1,476 ) During the nine months ended September 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 death, 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 September 30, 2018 , we had unamortized compensation expense of $2.3 million related to PSUs which is expected to be recognized over a period of 2.3 years. 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 September 30, 2018 , the outstanding restricted shares had a fair value of $5.8 million . At September 30, 2018 , the unamortized cost of the unvested shares of restricted stock was $4.4 million , which will be expensed over a period of 3.1 years , 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 September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 515 $ 245 $ 1,838 $ 634 Management fees 53 27 164 61 Corporate general and administrative 243 — 243 181 $ 811 $ 272 $ 2,245 $ 876 During the nine months ended September 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 death, 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 nine months ended September 30, 2018 and 2017 , pursuant to this authorization. As of September 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, as subsequently amended, 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 September 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 $(5.7) million and $(4.8) million at September 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Income) loss allocated to noncontrolling interests $ (1,695 ) $ (1,143 ) $ (1,742 ) $ (2,736 )

5.5% Series B Cumulative Conver

5.5% Series B Cumulative Convertible Preferred Stock	9 Months Ended
	Sep. 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. Additionally, the Series B Convertible Preferred Stock contains cash redemption features that consist of: 1) an optional redemption in which on or after June 11, 2020, the Company may redeem shares of the Series B Convertible Preferred Stock, in whole or in part, for cash at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends; 2) a special optional redemption, in which on or prior to the occurrence of a Change of Control (as defined), the Company may redeem shares of the Series B Convertible Preferred Stock, in whole or in part, for cash at a redemption price of $25.00 per share plus a make-whole premium equal to the present value, computed using a discount rate of 5.5% per annum compounded quarterly, of all dividend payments on the Series B Convertible Preferred Stock for all remaining dividend periods (excluding any accumulated dividend amount) from the date of such exercise up to but excluding June 11, 2019; and 3) a REIT Termination Event and Listing Event Redemption, in which at any time (i) a REIT Termination Event (defined below) occurs or (ii) the Company’s common stock fails to be listed on the NYSE, NYSE American, or NASDAQ, or listed or quoted on an exchange or quotation system that is a successor thereto (each a “National Exchange”), the holder of Series B Cumulative Preferred Stock shall have the right to require the Company to redeem any or all shares of Series B Cumulative Preferred Stock at 103% of the liquidation preference ( $25.00 per share, plus any accumulated, accrued, and unpaid dividends) in cash. A REIT Termination Event, shall mean the earliest of: (i) filing of income tax return where the Company does not compute its income as a REIT; (ii) stockholders’ approval on ceasing to be qualified as a REIT; (iii) board of directors’ approval on ceasing to be qualified as a REIT; (iv) board’s determination based on advise of the counsel to cease to be qualified as a REIT; or (v) determination within the meaning of Section 1313(a) of IRC to cease to be qualified as a REIT. 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 September 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Series B convertible preferred stock $ 1,707 $ 1,707 $ 5,122 $ 5,087

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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 September 30, 2018 , we pay a) monthly property management fees equal to the greater of $14,000 (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	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Advisory services fee Base advisory fee $ 2,508 $ 2,300 $ 6,928 $ 6,579 Reimbursable expenses (1) 529 462 1,448 1,541 Equity-based compensation (2) 1,316 (948 ) 5,240 (2,298 ) Incentive fee 1,380 — 2,241 — Total $ 5,733 $ 1,814 $ 15,857 $ 5,822 ________ (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 $252,000 was recognized for the three and nine months ended September 30, 2018 , respectively, and was included in “other” hotel expense in the consolidated statements of operations. For the three and nine months ended September 30, 2017 , this expense was $84,000 and $252,000 . 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 nine months ended September 30, 2018 , expense related to such grants was $53,000 and $164,000 , respectively. For both the three and nine months ended September 30, 2017 , expense related to such grants was $27,000 and $61,000 , respectively. The unamortized compensation expense of these grants was $363,000 as of September 30, 2018 , which will be amortized over a period of 2.5 years. On August 8, 2018, Ashford Inc. completed the acquisition of Premier Project Management LLC (“Premier”), the project management business formerly conducted by certain affiliates of Remington Lodging, including construction management, interior design, architectural oversight, and the purchasing, freight management, and supervision of installation of furniture, fixtures, and equipment, and related services. As a result of Ashford Inc.’s acquisition, the project management services that were previously provided by Remington Lodging will now be provided by a subsidiary of Ashford Inc. under the respective project management agreement with each customer, including Ashford Trust and Braemar. 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 us or 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 recorded by us for those services and the applicable classification on our condensed consolidated financial statements (in thousands): Three Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 5 $ — $ — $ 5 $ — Pure Rooms Hypoallergenic premium rooms 128 117 — 11 — RED Leisure Watersports activities and travel/transportation services 180 — — 180 — Premier Project management services 1,125 1,125 — — — 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. Nine Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 17 $ — $ — $ 17 $ — Pure Rooms Hypoallergenic premium rooms 147 117 — 30 — RED Leisure Watersports activities and travel/transportation services 540 — — 540 — Premier Project management services 1,125 1,125 — — — Lismore Capital Mortgage placement services 999 — (999 ) — — Ashford LLC Insurance claims services 100 — — — 100 ________ (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): September 30, 2018 December 31, 2017 Company Product or Service Due to Ashford Inc. Ashford LLC Advisory services $ 2,525 $ 1,654 Ashford LLC Insurance claims services 30 — OpenKey Mobile key app 2 4 Pure Rooms Hypoallergenic premium rooms — 45 Premier Project management services 625 — $ 3,182 $ 1,703

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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, as subsequently amended. 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 nine months ended September 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 8.2% ownership interest in Ashford Inc. and had a fair value of $14.8 million at September 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 September 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 nine months ended September 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 —Prior to the adoption of Accounting Standards Update (“ASU”) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) in the third quarter of 2018, stock/unit-based compensation for non-employees was accounted for at fair value based on the market price of the shares at period end that resulted 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 were accounted for at fair value at period end based on a Monte Carlo simulation valuation model that resulted 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/units 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. After the adoption of ASU 2018-07 in the third quarter of 2018, stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee” and “management fees,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. PSUs and Performance LTIP units granted to certain executive officers vest based on time and market conditions and are measured at the grant date fair value based on a Monte Carlo simulation valuation model. The subsequent expense is then ratably recognized over the service period as the service is rendered regardless of when, if ever, the market conditions are satisfied. This results in recording expense, included in “advisory services fee,” equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. Stock/unit grants to independent directors are measured at the grant date based on the market price of the shares/units at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards — In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update replaces most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the full retrospective or cumulative effect (modified retrospective) 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 condensed consolidated statements 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. In June 2018, the FASB issued ASU 2018-07, which expanded 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. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-07 effective July 1, 2018. The adoption of ASU 2018-07 has a material impact on our consolidated financial statements because the compensation expense related to our equity awards is now determined based on the grant date fair value of the awards and will be ratably recognized over the service period as the service is rendered as opposed to being marked-to-market in periods prior to adoption. For all existing equity awards, future equity-based compensation expense is based on the fair value of the awards on July 1, 2018. See the Equity-Based Compensation section included above in our Significant Accounting Policies for further details. 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") 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. 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. We have also engaged a third party valuation expert to assist us in determining the value of our ROU assets and operating lease liabilities including the determination of our incremental borrowing rate. We expect to use the transition method that includes the practical expedient that allows us to adopt effective January 1, 2019 and not reevaluate or recast prior periods, however we are still evaluating the available transition methods. 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 condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 modifies certain disclosure requirements related to fair value measurements including requiring disclosures on changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2018-13 will have on the condensed consolidated financial statements.
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 nine months ended September 30, 2018 , the Company recorded $0 and $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)	9 Months Ended
	Sep. 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 September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 26,368 $ 5,209 $ 2,404 $ — $ 33,981 Colorado 1 3,178 3,112 2,438 — 8,728 Florida 2 8,194 4,335 3,420 — 15,949 Illinois 1 8,157 2,280 327 — 10,764 Pennsylvania 1 7,137 1,422 267 — 8,826 Washington 1 11,035 1,799 380 — 13,214 Washington, D.C. 1 8,638 2,729 264 — 11,631 USVI 1 1,651 285 3,817 — 5,753 Total 12 $ 74,358 $ 21,171 $ 13,317 $ — $ 108,846 Three Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 24,578 $ 5,160 $ 2,228 $ — $ 31,966 Colorado 1 3,203 3,156 2,355 — 8,714 Florida 1 2,884 587 258 — 3,729 Illinois 1 7,144 2,014 221 — 9,379 Pennsylvania 1 6,341 1,095 159 — 7,595 Washington 1 10,850 1,710 323 — 12,883 Washington, D.C. 1 9,518 3,136 295 — 12,949 USVI 1 4,641 2,943 1,474 — 9,058 Sold hotel properties 2 8,177 3,346 284 — 11,807 Corporate entities — — — — 39 39 Total 13 $ 77,336 $ 23,147 $ 7,597 $ 39 $ 108,119 Nine Months Ended September 30, 2018 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 69,007 $ 18,163 $ 8,258 $ — $ 95,428 Colorado 1 14,736 9,676 7,712 — 32,124 Florida 2 24,474 12,191 7,343 — 44,008 Illinois 1 19,359 6,100 908 — 26,367 Pennsylvania 1 21,641 4,314 867 — 26,822 Washington 1 25,587 5,164 1,006 — 31,757 Washington, D.C. 1 30,390 10,965 884 — 42,239 USVI 1 4,939 616 13,616 — 19,171 Sold hotel properties 1 8,171 2,875 3,491 — 14,537 Total 13 $ 218,304 $ 70,064 $ 44,085 $ — $ 332,453 Nine Months Ended September 30, 2017 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 4 $ 61,157 $ 16,612 $ 6,392 $ — $ 84,161 Colorado 1 4,920 4,700 4,040 — 13,660 Florida 1 13,253 2,660 954 — 16,867 Illinois 1 18,441 5,604 506 — 24,551 Pennsylvania 1 19,082 3,372 688 — 23,142 Washington 1 25,024 6,153 872 — 32,049 Washington, D.C. 1 32,908 11,896 977 — 45,781 USVI 1 21,713 11,014 6,102 — 38,829 Sold hotel properties 2 27,705 13,589 1,057 — 42,351 Corporate entities — — — — 116 116 Total 13 $ 224,203 $ 75,600 $ 21,588 $ 116 $ 321,507

Investment in Hotel Propertie_2

Investment in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): September 30, 2018 December 31, 2017 Land $ 428,567 $ 344,937 Buildings and improvements 984,285 962,478 Furniture, fixtures and equipment 99,101 87,796 Construction in progress 24,125 7,899 Total cost 1,536,078 1,403,110 Accumulated depreciation (252,686 ) (257,268 ) Investments in hotel properties, net $ 1,283,392 $ 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 86,042 Furniture, fixtures and equipment 13,740 Customer relationships 5,682 Refundable membership club deposits (2) (9,960 ) Income guarantee (3) 2,000 $ 181,134 Net other assets (liabilities) $ (3,260 ) ________ (1) Amount includes the $9.7 million , 22 -acre plot of vacant land. (2) Recorded within “other liabilities” on our condensed consolidated balance sheet. (3) Recorded within “other assets” on our condensed consolidated balance sheet.
Business Acquisition, Pro Forma Information	The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Total revenue 11,233 26,360 Net income (loss) (3,506 ) (4,225 ) 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 $949,000 of non-recurring transaction costs directly attributable to the acquisitions for the nine months ended September 30, 2018 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenue $ 108,846 $ 119,438 $ 352,526 $ 367,566 Net income (loss) (626 ) (2,760 ) 20,216 (723 ) Net income (loss) attributable to common stockholders (3,576 ) (6,267 ) 11,861 (9,562 ) Pro Forma income per share: Basic $ (0.12 ) $ (0.20 ) $ 0.36 $ (0.33 ) Diluted $ (0.12 ) $ (0.20 ) $ 0.36 $ (0.33 ) Weighted average common shares outstanding (in thousands): Basic 32,023 31,483 31,905 30,089 Diluted 32,023 31,483 31,922 30,089

Hotel Dispositions (Tables)

Hotel Dispositions (Tables)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Condensed financial information from hotel property	The following table includes the condensed financial information from these hotel properties (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total hotel revenue $ — $ 11,807 $ 14,537 $ 42,351 Total hotel operating expenses — (7,713 ) (7,500 ) (26,795 ) Operating income (loss) — 4,094 7,037 15,556 Property taxes, insurance and other — (504 ) (486 ) (1,876 ) Depreciation and amortization — (2,176 ) (1,294 ) (6,477 ) Impairment charges — (10 ) (12 ) (10 ) Gain (loss) on sale of hotel property — — 15,711 — Interest expense and amortization of loan costs — (1,183 ) (791 ) (3,320 ) Income (loss) before income taxes — 221 20,165 3,873 (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership — (26 ) (2,253 ) (454 ) Income (loss) before income taxes attributable to the Company $ — $ 195 $ 17,912 $ 3,419

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2018 December 31, 2017 Carrying value of the investment in OpenKey (in thousands) $ 1,854 $ — Ownership interest in OpenKey 8.2 % — The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Equity in earnings (loss) of unconsolidated entity $ (81 ) $ — $ (146 ) $ — Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) September 30, 2018 December 31, 2017 Total assets $ 389,818 $ 114,810 Total liabilities 121,763 78,742 Series B cumulative convertible preferred stock 200,578 — Redeemable noncontrolling interests 3,778 5,111 Total stockholders’ equity of Ashford Inc. 63,050 30,185 Noncontrolling interests in consolidated entities 649 772 Total equity 63,699 30,957 Total liabilities and equity $ 389,818 $ 114,810 Our investment in Ashford Inc., at fair value $ 14,786 $ 18,124 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Total revenue $ 41,565 $ 19,255 $ 144,544 $ 51,907 Total operating expenses (53,069 ) (21,595 ) (150,214 ) (54,965 ) Operating income (loss) (11,504 ) (2,340 ) (5,670 ) (3,058 ) Realized and unrealized gain (loss) on investments, net — — — (91 ) Interest expense and loan amortization cost (419 ) (20 ) (770 ) (35 ) Other income (expense) 25 77 (50 ) 220 Income tax (expense) benefit 13,904 25 11,593 (9,248 ) Net income (loss) 2,006 (2,258 ) 5,103 (12,212 ) (Income) loss from consolidated entities attributable to noncontrolling interests 413 102 704 267 Net (income) loss attributable to redeemable noncontrolling interests 968 300 817 995 Net income (loss) attributable to Ashford Inc. $ 3,387 $ (1,856 ) $ 6,624 $ (10,950 ) Preferred dividends (1,675 ) — (1,675 ) — Amortization of preferred stock discounts (303 ) — (303 ) — Net income attributable to common shareholders $ 1,409 $ (1,856 ) $ 4,646 $ (10,950 ) Our unrealized gain (loss) on investment in Ashford Inc. $ 2,158 $ 1,875 $ (3,338 ) $ 3,403

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 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% 187,834 190,010 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 — 993,334 826,236 Deferred loan costs, net (7,618 ) (5,277 ) Indebtedness, net $ 985,716 $ 820,959 __________________ (1) LIBOR rates were 2.261% and 1.564% at September 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.

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (1,869 ) $ (1,000 ) $ 13,681 $ (1,898 ) Less: Dividends on preferred stock (1,707 ) (1,707 ) (5,122 ) (5,087 ) Less: Dividends on common stock (5,126 ) (5,038 ) (15,364 ) (15,107 ) Less: Dividends on unvested performance stock units (72 ) (85 ) (216 ) (238 ) Less: Dividends on unvested restricted shares (78 ) (75 ) (243 ) (200 ) Undistributed net income (loss) allocated to common stockholders (8,852 ) (7,905 ) (7,264 ) (22,530 ) Add back: Dividends on common stock 5,126 5,038 15,364 15,107 Distributed and undistributed net income (loss) - basic and diluted $ (3,726 ) $ (2,867 ) $ 8,100 $ (7,423 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 32,023 31,483 31,905 30,089 Advisory services incentive fee shares — — 17 — Weighted average common shares outstanding – diluted 32,023 31,483 31,922 30,089 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.12 ) $ (0.09 ) $ 0.25 $ (0.25 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.12 ) $ (0.09 ) $ 0.25 $ (0.25 )
Summary of computation of diluted income per share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 78 $ 75 $ 243 $ 200 Income (loss) allocated to unvested performance stock units 72 85 216 238 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (452 ) (360 ) 1,075 (958 ) Dividends on preferred stock 1,707 1,707 5,122 5,087 Total $ 1,405 $ 1,507 $ 6,656 $ 4,567 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 81 79 57 81 Effect of unvested performance stock units 52 — 23 — Effect of assumed conversion of operating partnership units 4,173 4,256 4,137 4,256 Effect of assumed conversion of preferred stock 6,569 6,569 6,569 5,893 Effect of advisory services incentive fee shares 32 132 — 146 Total 10,907 11,036 10,786 10,376

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	During the nine months ended September 30, 2018 and 2017 , we entered into interest rate derivatives as summarized in the table below: Nine Months Ended September 30, Interest rate caps: 2018 2017 Notional amount (in thousands) $ 685,000 $ 659,500 Strike rate low end of range 2.43 % 3.00 % Strike rate high end of range 7.80 % 5.35 % Effective date range February 2018 - May 2018 January 2017 - August 2017 Maturity date range March 2019 - June 2020 March 2018 - September 2019 Total cost of interest rate cap (in thousands) $ 348 $ 347 Interest rate floors: Notional amount (in thousands) $ 4,000,000 $ 1,600,000 Strike rate low end of range 1.38 % 1.00 % Strike rate low end of range 2.00 % 1.00 % Effective date July 2018 September 2017 Maturity date range June 2019 - September 2019 December 2018 Total cost of interest rate floors (in thousands) $ 138 $ 65 _______________ No instruments were designated as cash flow hedges As of September 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 low end of range 2.43 % Strike rate low end of range 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) $ 993,334 Interest rate floors: (1) (2) Notional amount (in thousands) $ 10,850,000 Strike rate low end of range (0.25 )% Strike rate low end of range 2.00 % Effective date range July 2015 - July 2018 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)	9 Months Ended
	Sep. 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 September 30, 2018 Assets Derivative assets: Interest rate derivatives - floors $ — $ 72 $ — $ 41 $ 113 Interest rate derivatives - caps — 82 — — 82 Credit default swaps — 13 — 619 632 — 167 — 660 827 (2) Non-derivative assets: Investment in Ashford Inc. 14,786 — — — 14,786 Total $ 14,786 $ 167 $ — $ 660 $ 15,613 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Assets Derivative assets: Interest rate derivatives - floors $ (134 ) $ (132 ) $ (218 ) $ (1,026 ) Interest rate derivatives - caps (10 ) (24 ) (271 ) (341 ) Credit default swaps (434 ) (1) (375 ) (1) (314 ) (1) (375 ) (1) Options on futures contracts — — — (58 ) Total derivative assets $ (578 ) $ (531 ) $ (803 ) $ (1,800 ) Non-derivative assets: Investment in Ashford Inc. 2,158 1,875 (3,338 ) 3,403 Total $ 1,580 $ 1,344 $ (4,141 ) $ 1,603 Total combined Interest rate derivatives - floors $ (134 ) $ (132 ) $ (218 ) $ (1,026 ) Interest rate derivatives - caps (10 ) (24 ) (271 ) (341 ) Credit default swaps (434 ) (375 ) (314 ) (375 ) Options on futures contracts — — — 213 Unrealized gain (loss) on derivatives (578 ) (531 ) (803 ) (1,529 ) Realized gain (loss) on options on futures contracts — — — (271 ) (2) Unrealized gain (loss) on investment in Ashford Inc. 2,158 1,875 (3,338 ) 3,403 Net $ 1,580 $ 1,344 $ (4,141 ) $ 1,603 _______________ (1) Excludes costs of $64 and $190 associated with credit default swaps for the three and nine months ended September 30, 2018 and $22 for both the three and nine months ended September 30, 2017 , 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 Fina_2

Summary of Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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): September 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. $ 14,786 $ 14,786 $ 18,124 $ 18,124 Derivative assets 827 827 594 594 Financial assets not measured at fair value: Cash and cash equivalents $ 163,825 $ 163,825 $ 137,522 $ 137,522 Restricted cash 74,973 74,973 47,820 47,820 Accounts receivable, net 23,715 23,715 14,334 14,334 Insurance receivable — — 8,825 8,825 Note receivable — — 8,098 8,020 to 8,864 Due from related party, net — — 349 349 Due from third-party hotel managers 1,960 1,960 4,589 4,589 Financial liabilities not measured at fair value: Indebtedness $ 993,334 $939,985 to $1,038,930 $ 826,236 $ 780,243 to $ 862,372 Accounts payable and accrued expenses 67,441 67,441 56,803 56,803 Dividends and distributions payable 8,840 8,840 8,146 8,146 Due to Ashford Inc. 3,182 3,182 1,703 1,703 Due to related party, net 8 8 — — Due to third-party hotel managers 2,608 2,608 1,709 1,709

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Type Line Item 2018 2017 2018 2017 Performance LTIP units Advisory services fee $ 245 $ (633 ) (1) $ 539 $ (1,737 ) (1) LTIP units Advisory services fee 269 108 707 281 LTIP units - independent directors Corporate, general and administrative 61 — 61 64 ____________________________________ (1) The credit to compensation expense is a result of lower fair values as compared to prior periods.
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: September 30, 2018 December 31, 2017 Redeemable noncontrolling interests in Braemar OP $ 49,726 $ 46,627 Adjustments to redeemable noncontrolling interests (1) 3,167 — Ownership percentage of operating partnership 11.22 % 11.43 % ____________________________________ (1) Reflects 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Allocated net (income) loss to the redeemable noncontrolling interests $ 452 $ 360 $ (1,075 ) $ 958 Aggregate distributions to holders of common units, LTIP units and performance LTIP units 824 859 2,468 2,508

Equity and Stock-Based Compen_2

Equity and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Dividends	The following table summarizes the common stock dividends declared during the period (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Common stock dividends declared $ 5,204 $ 5,112 $ 15,607 $ 15,307
Schedule of Compensation Cost	The following table summarizes the compensation expense for PSUs (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 287 $ (668 ) $ 2,156 $ (1,476 ) The following table summarizes the stock-based compensation expense for restricted stock units (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2018 2017 2018 2017 Advisory services fee $ 515 $ 245 $ 1,838 $ 634 Management fees 53 27 164 61 Corporate general and administrative 243 — 243 181 $ 811 $ 272 $ 2,245 $ 876
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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Income) loss allocated to noncontrolling interests $ (1,695 ) $ (1,143 ) $ (1,742 ) $ (2,736 )

5.5% Series B Cumulative Conv_2

5.5% Series B Cumulative Convertible Preferred Stock 1 (Tables)	9 Months Ended
	Sep. 30, 2018
Temporary Equity Disclosure [Abstract]
Schedule of Dividends Declared	The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Series B convertible preferred stock $ 1,707 $ 1,707 $ 5,122 $ 5,087

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	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 recorded by us for those services and the applicable classification on our condensed consolidated financial statements (in thousands): Three Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 5 $ — $ — $ 5 $ — Pure Rooms Hypoallergenic premium rooms 128 117 — 11 — RED Leisure Watersports activities and travel/transportation services 180 — — 180 — Premier Project management services 1,125 1,125 — — — 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. Nine Months Ended September 30, 2018 Company Product or Service Total, net Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Expenses Corporate General and Administrative OpenKey Mobile key app $ 17 $ — $ — $ 17 $ — Pure Rooms Hypoallergenic premium rooms 147 117 — 30 — RED Leisure Watersports activities and travel/transportation services 540 — — 540 — Premier Project management services 1,125 1,125 — — — Lismore Capital Mortgage placement services 999 — (999 ) — — Ashford LLC Insurance claims services 100 — — — 100 ________ (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): September 30, 2018 December 31, 2017 Company Product or Service Due to Ashford Inc. Ashford LLC Advisory services $ 2,525 $ 1,654 Ashford LLC Insurance claims services 30 — OpenKey Mobile key app 2 4 Pure Rooms Hypoallergenic premium rooms — 45 Premier Project management services 625 — $ 3,182 $ 1,703 The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Advisory services fee Base advisory fee $ 2,508 $ 2,300 $ 6,928 $ 6,579 Reimbursable expenses (1) 529 462 1,448 1,541 Equity-based compensation (2) 1,316 (948 ) 5,240 (2,298 ) Incentive fee 1,380 — 2,241 — Total $ 5,733 $ 1,814 $ 15,857 $ 5,822 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC.

Organization and Description _2

Organization and Description of Business (Details)	Sep. 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 Polici_3

Significant Accounting Policies (Details) - USD ($) shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Ownership percentage	8.20%	8.20%	0.00%
Investment in unconsolidated entity	$ 1,854,000	$ 1,854,000	$ 0
Impairment of unconsolidated entities	$ 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	8.20%	8.20%	9.30%
Investment in unconsolidated entity	$ 14,786,000	$ 14,786,000	$ 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		9 Months Ended
	Sep. 30, 2018USD ($)hotel	Sep. 30, 2017USD ($)hotel	Sep. 30, 2018USD ($)hotel	Sep. 30, 2017USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	12		12
Revenue	$ 108,846	$ 108,119	$ 332,453	$ 321,507
California
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	4	4	4	4
Revenue	$ 33,981	$ 31,966	$ 95,428	$ 84,161
Colorado
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 8,728	$ 8,714	$ 32,124	$ 13,660
Florida
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	2	1	2	1
Revenue	$ 15,949	$ 3,729	$ 44,008	$ 16,867
Illinois
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 10,764	$ 9,379	$ 26,367	$ 24,551
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 8,826	$ 7,595	$ 26,822	$ 23,142
Washington
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 13,214	$ 12,883	$ 31,757	$ 32,049
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 11,631	$ 12,949	$ 42,239	$ 45,781
USVI
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	1	1	1
Revenue	$ 5,753	$ 9,058	$ 19,171	$ 38,829
Sold hotel properties
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	1	2	1	2
Revenue		$ 11,807	$ 14,537	$ 42,351
Corporate entities
Disaggregation of Revenue [Line Items]
Number of hotels | hotel		0		0
Revenue		$ 39		$ 116
Total hotel revenue
Disaggregation of Revenue [Line Items]
Number of hotels | hotel	13	13	13	13
Rooms
Disaggregation of Revenue [Line Items]
Revenue	$ 74,358	$ 77,336	$ 218,304	$ 224,203
Rooms | California
Disaggregation of Revenue [Line Items]
Revenue	26,368	24,578	69,007	61,157
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Revenue	3,178	3,203	14,736	4,920
Rooms | Florida
Disaggregation of Revenue [Line Items]
Revenue	8,194	2,884	24,474	13,253
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Revenue	8,157	7,144	19,359	18,441
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	7,137	6,341	21,641	19,082
Rooms | Washington
Disaggregation of Revenue [Line Items]
Revenue	11,035	10,850	25,587	25,024
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	8,638	9,518	30,390	32,908
Rooms | USVI
Disaggregation of Revenue [Line Items]
Revenue	1,651	4,641	4,939	21,713
Rooms | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue		8,177	8,171	27,705
Rooms | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue		0		0
Food and beverage
Disaggregation of Revenue [Line Items]
Revenue	21,171	23,147	70,064	75,600
Food and beverage | California
Disaggregation of Revenue [Line Items]
Revenue	5,209	5,160	18,163	16,612
Food and beverage | Colorado
Disaggregation of Revenue [Line Items]
Revenue	3,112	3,156	9,676	4,700
Food and beverage | Florida
Disaggregation of Revenue [Line Items]
Revenue	4,335	587	12,191	2,660
Food and beverage | Illinois
Disaggregation of Revenue [Line Items]
Revenue	2,280	2,014	6,100	5,604
Food and beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	1,422	1,095	4,314	3,372
Food and beverage | Washington
Disaggregation of Revenue [Line Items]
Revenue	1,799	1,710	5,164	6,153
Food and beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	2,729	3,136	10,965	11,896
Food and beverage | USVI
Disaggregation of Revenue [Line Items]
Revenue	285	2,943	616	11,014
Food and beverage | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue		3,346	2,875	13,589
Food and beverage | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue		0		0
Other Hotel
Disaggregation of Revenue [Line Items]
Revenue	13,317	7,597	44,085	21,588
Other Hotel | California
Disaggregation of Revenue [Line Items]
Revenue	2,404	2,228	8,258	6,392
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Revenue	2,438	2,355	7,712	4,040
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Revenue	3,420	258	7,343	954
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Revenue	327	221	908	506
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Revenue	267	159	867	688
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Revenue	380	323	1,006	872
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue	264	295	884	977
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Revenue	3,817	1,474	13,616	6,102
Other Hotel | Sold hotel properties
Disaggregation of Revenue [Line Items]
Revenue		284	3,491	1,057
Other Hotel | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue		0		0
Other
Disaggregation of Revenue [Line Items]
Revenue	0	39	0	116
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
Other | Corporate entities
Disaggregation of Revenue [Line Items]
Revenue		$ 39		$ 116
Renaissance Tampa
Disaggregation of Revenue [Line Items]
Revenue from business interruption losses	$ 0		$ 3,300

Investment in Hotel Propertie_3

Investment in Hotel Properties, net (Investments in Hotel Properties, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Land	$ 428,567	$ 344,937
Buildings and improvements	984,285	962,478
Furniture, fixtures and equipment	99,101	87,796
Construction in progress	24,125	7,899
Total cost	1,536,078	1,403,110
Accumulated depreciation	(252,686)	(257,268)
Investments in hotel properties, net	$ 1,283,392	$ 1,145,842

Investment in Hotel Propertie_4

Investment in Hotel Properties, net (Impairment Charges and Insurance Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment charges	$ 0	$ 1,008	$ 71	$ 1,008	$ 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
Reimbursement of incurred expense					3,300
Deductible					1,100
Reduction to insurance receivable					3,700
Proceeds from insurance carriers	0		34,000
Liability for excess of the sum of its impairment, remediation expenses and business interruption revenue recorded	5,400		5,400
Bardessono Hotel and Hotel Yountville
Property, Plant and Equipment [Line Items]
Insurance deductible			500
Revenue from business interruption losses	0		1,900
Other Hotel Revenue
Property, Plant and Equipment [Line Items]
Proceeds for business interruption losses					$ 4,100
Revenue from business interruption losses	$ 3,800		$ 13,900

Investment in Hotel Propertie_5

Investment in Hotel Properties, net (Acquisition) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 04, 2018USD ($)aroom	Sep. 30, 2018USD ($)hotel$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)hotel$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Number of rooms | hotel		3,549		3,549
Indebtedness, gross		$ 993,334		$ 993,334		$ 826,236
Preliminary and final allocations
Land	$ 83,630
Buildings and improvements	86,042
Furniture, fixtures and equipment	13,740
Customer relationships	5,682
Refundable membership club deposits	(9,960)
Income guarantee	2,000
Assets acquired, liabilities assumed, net	181,134
Net other assets (liabilities)	$ (3,260)
Transaction costs		0	$ 244	949	$ 6,638
Mortgages | Mortgage Loan 10
Business Acquisition [Line Items]
Number of rooms | room	266
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	$ 171,400
Preliminary and final allocations
Total revenue		11,233		26,360
Earnings (loss)		(3,506)		(4,225)
Transaction costs				949
Pro Forma Financial Results
Total revenue		108,846	119,438	352,526	367,566
Net income (loss)		(626)	(2,760)	20,216	(723)
Net income (loss) attributable to common stockholders		$ (3,576)	$ (6,267)	$ 11,861	$ (9,562)
Pro Forma income per share:
Basic (in dollars per share) | $ / shares		$ (0.12)	$ (0.20)	$ 0.36	$ (0.33)
Diluted (in dollars per share) | $ / shares		$ (0.12)	$ (0.20)	$ 0.36	$ (0.33)
Weighted average common shares outstanding (in thousands):
Basic (in shares) | shares		32,023	31,483	31,905	30,089
Diluted (in shares) | shares		32,023	31,483	31,922	30,089
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		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	$ 0	$ 0	$ 15,711	$ 0	$ 23,800
Plano Marriott Legacy Town Center and Tampa Renaissance | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of hotel property		0		0
Total hotel revenue		11,807		42,351
Total hotel operating expenses		(7,713)		(26,795)
Operating income (loss)		4,094		15,556
Property taxes, insurance and other		(504)		(1,876)
Depreciation and amortization		(2,176)		(6,477)
Impairment charges		(10)		(10)
Interest expense and amortization of loan costs		(1,183)		(3,320)
Income (loss) before income taxes		221		3,873
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership		(26)		(454)
Income (loss) before income taxes attributable to the Company		$ 195		$ 3,419
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	0		15,711
Total hotel revenue	0		14,537
Total hotel operating expenses	0		(7,500)
Operating income (loss)	0		7,037
Property taxes, insurance and other	0		(486)
Depreciation and amortization	0		(1,294)
Impairment charges	0		(12)
Interest expense and amortization of loan costs	0		(791)
Income (loss) before income taxes	0		20,165
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	0		(2,253)
Income (loss) before income taxes attributable to the Company	$ 0		$ 17,912

Note Receivable (Details)

Note Receivable (Details) - USD ($) $ in Thousands	Sep. 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 _3

Investment in Unconsolidated Entity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 28, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Ownership percentage	8.20%		8.20%			0.00%
Total assets	$ 1,609,843		$ 1,609,843			$ 1,423,819
Total liabilities	1,084,529		1,084,529			894,517
Redeemable noncontrolling interests in operating partnership	49,726		49,726			46,627
Total stockholders’ equity of Ashford Inc.	375,130		375,130			381,305
Noncontrolling interest in consolidated entities	(5,665)		(5,665)			(4,753)
Total equity	369,465		369,465			376,552
Total liabilities and equity	1,609,843		1,609,843			1,423,819
Our investment in Ashford Inc., at fair value	1,854		1,854			$ 0
Total operating expenses	(97,623)	$ (98,533)	(285,526)	$ (292,264)
OPERATING INCOME (LOSS)	11,223	9,586	46,927	29,243
Income tax (expense) benefit	(740)	(333)	(2,514)	(334)
NET INCOME (LOSS)	(626)	(217)	16,498	(120)
Net (income) loss attributable to redeemable noncontrolling interests	452	360	(1,075)	958
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(1,869)	(1,000)	13,681	(1,898)
Our unrealized gain (loss) on investment in Ashford Inc.	2,158	1,875	(3,338)	3,403
Equity in earnings (loss) of unconsolidated entity	$ (81)	0	$ (146)	0
Ashford Inc.
Schedule of Equity Method Investments [Line Items]
Investment owned (in shares)	195		195			195
Share price (in dollars per share)	$ 75.87		$ 75.87			$ 93
Ownership percentage	8.20%		8.20%			9.30%
Total assets	$ 389,818		$ 389,818			$ 114,810
Total liabilities	121,763		121,763			78,742
Series B cumulative convertible preferred stock	200,578		200,578			0
Redeemable noncontrolling interests in operating partnership	3,778		3,778			5,111
Total stockholders’ equity of Ashford Inc.	63,050		63,050			30,185
Noncontrolling interest in consolidated entities	649		649			772
Total equity	63,699		63,699			30,957
Total liabilities and equity	389,818		389,818			114,810
Our investment in Ashford Inc., at fair value	14,786		14,786			$ 18,124
Total revenue	41,565	19,255	144,544	51,907
Total operating expenses	(53,069)	(21,595)	(150,214)	(54,965)
OPERATING INCOME (LOSS)	(11,504)	(2,340)	(5,670)	(3,058)
Realized and unrealized gain (loss) on investments, net	0	0	0	(91)
Interest expense and loan amortization cost	(419)	(20)	(770)	(35)
Other income (expense)	25	77	(50)	220
Income tax (expense) benefit	13,904	25	11,593	(9,248)
NET INCOME (LOSS)	2,006	(2,258)	5,103	(12,212)
(Income) loss from consolidated entities attributable to noncontrolling interests	413	102	704	267
Net (income) loss attributable to redeemable noncontrolling interests	968	300	817	995
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	3,387	(1,856)	6,624	(10,950)
Preferred dividends	(1,675)	0	(1,675)	0
Amortization of preferred stock discounts	(303)	0	(303)	0
Net income attributable to common shareholders	$ 1,409	$ (1,856)	$ 4,646	$ (10,950)
OpenKey
Schedule of Equity Method Investments [Line Items]
Ownership percentage					8.20%
Our investment in Ashford Inc., at fair value					$ 2,000

Indebtedness (Details)

Indebtedness (Details)	May 23, 2018USD ($)loan	Aug. 18, 2017USD ($)	Mar. 31, 2017	Sep. 30, 2018USD ($)hotelextension	Apr. 04, 2018room	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)extension
Debt Instrument [Line Items]
Indebtedness, gross				$ 993,334,000		$ 826,236,000
Deferred loan costs, net				(7,618,000)		(5,277,000)
Indebtedness, net				$ 985,716,000		$ 820,959,000
LIBOR rate				2.261%		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				$ 187,834,000		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				$ 100,000,000		$ 0
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$ (1,869)	$ (1,000)	$ 13,681	$ (1,898)
Less: Dividends on preferred stock	(1,707)	(1,707)	(5,122)	(5,087)
Undistributed net income (loss) allocated to common stockholders	(8,852)	(7,905)	(7,264)	(22,530)
Distributed and undistributed net income (loss) - basic and diluted	$ (3,726)	$ (2,867)	$ 8,100	$ (7,423)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	32,023	31,483	31,905	30,089
Incentive fee shares (in shares)	0	0	17	0
Weighted average common shares outstanding – diluted (in shares)	32,023	31,483	31,922	30,089
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.25	$ (0.25)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.12)	$ (0.09)	$ 0.25	$ (0.25)
Performance Shares
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (72)	$ (85)	$ (216)	$ (238)
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	(78)	(75)	(243)	(200)
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Dividends	$ (5,126)	$ (5,038)	$ (15,364)	$ (15,107)

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income (loss) allocated to common stockholders is not adjusted for:
Total	$ 1,405	$ 1,507	$ 6,656	$ 4,567
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	10,907	11,036	10,786	10,376
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 78	$ 75	$ 243	$ 200
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	81	79	57	81
Performance Shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 72	$ 85	$ 216	$ 238
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	52	0	23	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	$ (452)	$ (360)	$ 1,075	$ (958)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,173	4,256	4,137	4,256
Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,707	$ 1,707	$ 5,122	$ 5,087
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6,569	6,569	6,569	5,893
Advisory Services Incentive Fee Shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	32	132	0	146

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 993,334		$ 826,236
Interest rate caps:
Derivative [Line Items]
Notional amount	$ 1,393,200
Interest rate caps: | Minimum
Derivative [Line Items]
Strike rate	2.43%
Interest rate caps: | Maximum
Derivative [Line Items]
Strike rate	11.61%
Interest rate caps: | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 685,000	$ 659,500
Cost of derivative	$ 348	$ 347
Interest rate caps: | Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Strike rate	2.43%	3.00%
Interest rate caps: | Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Strike rate	7.80%	5.35%
Interest rate floors:
Derivative [Line Items]
Notional amount	$ 10,850,000
Interest rate floors: | Minimum
Derivative [Line Items]
Strike rate floor	(0.25%)
Interest rate floors: | Maximum
Derivative [Line Items]
Strike rate	2.00%
Interest rate floors: | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 4,000,000	$ 1,600,000
Cost of derivative	$ 138	$ 65
Interest rate floors: | Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Strike rate	1.38%
Interest rate floors: | Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Strike rate	2.00%	1.00%
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	2.261%		2.261%		1.564%
Derivative assets	$ 827		$ 827		$ 594
Investment in unconsolidated entity	1,854		1,854		0
Counterparty and Cash Collateral Netting	660		660		370
Total	15,613		15,613		18,718
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	1,580	$ 1,344	(4,141)	$ 1,603
Ashford Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in unconsolidated entity	14,786		14,786		18,124
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	2,158	1,875	(3,338)	3,403
Investment in Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-derivative assets	14,786		14,786		18,124
Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(578)	(531)	(803)	(1,800)
Non-Derivative Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	1,580	1,344	(4,141)	1,603
Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(578)	(531)	(803)	(1,529)
Interest rate floors:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	113		113		130
Counterparty and Cash Collateral Netting	41		41		12
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(134)	(132)	(218)	(1,026)
Interest rate floors: | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(134)	(132)	(218)	(1,026)
Interest rate caps:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	82		82		4
Counterparty and Cash Collateral Netting	0		0		0
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(10)	(24)	(271)	(341)
Interest rate caps: | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(10)	(24)	(271)	(341)
Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	632		632
Counterparty and Cash Collateral Netting	619		619
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(434)	(375)	(314)	(375)
Credit Default Swap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	(434)	(375)	(314)	(375)
Derivative cost	64	22	190	22
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	0	0	213
Future | Other Income (Expense)
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	0	0	(271)
Future | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (loss) recognized in income	0	$ 0	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	14,786		14,786		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	14,786		14,786		18,124
Quoted Market Prices (Level 1) | Interest rate floors:
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 caps:
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	167		167		224
Total	167		167		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 floors:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	72		72		118
Significant Other Observable Inputs (Level 2) | Interest rate caps:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	82		82		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	13		13
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 floors:
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 caps:
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 | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward interest rate	0.03032		0.03032

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Financial assets and liabilities measured at fair value:
Investment in unconsolidated entity	$ 1,854	$ 0
Derivative assets	827	594
Derivative assets, Estimated fair value	827	594
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	163,825	137,522	$ 126,771	$ 126,790
Cash and cash equivalents, Estimated fair value	163,825	137,522
Restricted cash, Carrying value	74,973	47,820	$ 31,609	$ 37,855
Restricted cash, Estimated fair value	74,973	47,820
Accounts receivable, Carrying value	23,715	14,334
Accounts receivable, Estimated fair value	23,715	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	0	349
Due from related party, net, Estimated fair value	0	349
Due from third-party hotel managers, Carrying value	1,960	4,589
Due from third-party hotel managers, Estimated fair value	1,960	4,589
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	993,334	826,236
Accounts payable and accrued expenses, Carrying value	67,441	56,803
Accounts payable and accrued expenses, Estimated fair value	67,441	56,803
Dividends and distributions payable, Carrying value	8,840	8,146
Dividends and distributions payable, Estimated fair value	8,840	8,146
Due to affiliate, net, Carrying Value	3,182	1,703
Due to related party, net, Carrying value	8	0
Due to related party, net, Estimated fair value	8	0
Due to third-party hotel managers, Carrying value	2,608	1,709
Due to third-party hotel managers, Estimated fair value	2,608	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	939,985	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	1,038,930	862,372
Ashford Inc.
Financial liabilities not measured at fair value:
Due to Affiliate, Fair Value Disclosure	3,182	1,703
Ashford Inc.
Financial assets and liabilities measured at fair value:
Investment in unconsolidated entity	$ 14,786	$ 18,124

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	$ 993,334	$ 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)	94.60%	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)	104.60%	104.40%

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP	$ 49,726		$ 49,726		$ 46,627
Adjustments to redeemable noncontrolling interests			$ (3,167)
Ownership percentage of operating partnership	25.00%		25.00%		25.00%
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 452	$ 360	$ (1,075)	$ 958
Aggregate distributions to holders of common units, LTIP units and performance LTIP units	$ 824	859	2,468	2,508
Braemar OP
Noncontrolling Interest [Line Items]
Adjustments to redeemable noncontrolling interests			$ 3,167		$ 0
Ownership percentage of operating partnership	11.22%		11.22%		11.43%
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Other than options (in shares)	804		804
Units which have not reached full economic parity with the common units (in shares)	593		593
Compensation not yet recognized	$ 1,800		$ 1,800
Period for recognition			2 years 3 months 18 days
Performance Long Term Incentive Plan Units | Advisory services
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 245	(633)	$ 539	(1,737)
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
Units which have not reached full economic parity with the common units (in shares)	155		155
Compensation not yet recognized	$ 2,100		$ 2,100
Period for recognition			2 years 6 months
Long Term Incentive Plan Units | Advisory services
Noncontrolling Interest [Line Items]
Equity-based compensation expense	269	108	$ 707	281
Long Term Incentive Plan Units | Corporate General and Administrative Expense
Noncontrolling Interest [Line Items]
Equity-based compensation expense	$ 61	$ 0	$ 61	$ 64
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units redeemed (in shares)		0		6
Redemption/conversion of operating partnership units		$ 0		$ 82

Equity and Stock-Based Compen_3

Equity and Stock-Based Compensation (Details)	3 Months Ended		9 Months Ended		44 Months Ended	47 Months Ended
	Sep. 30, 2018USD ($)hotel$ / sharesshares	Sep. 30, 2017USD ($)shares	Sep. 30, 2018USD ($)hotel$ / sharesshares	Sep. 30, 2017USD ($)shares	Jun. 30, 2018shares	Sep. 30, 2018USD ($)hotel$ / sharesshares	Dec. 31, 2017USD ($)hotel$ / shares	Dec. 11, 2017USD ($)	Dec. 05, 2017USD ($)$ / shares
Class of Stock [Line Items]
Dividends declared - common stock			$ 15,823,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01			$ 0.01	$ 0.01
Value of stock repurchased during period			$ 204,000
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	$ (5,665,000)		$ (5,665,000)			$ (5,665,000)	$ (4,753,000)
(Income) loss attributable to noncontrolling interest in consolidated entities	$ (1,695,000)	$ (1,143,000)	$ (1,742,000)	$ (2,736,000)
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
Compensation not yet recognized	$ 2,300,000		$ 2,300,000			2,300,000
Period for recognition			2 years 3 months 18 days
Performance Shares | Advisory services
Class of Stock [Line Items]
Equity-based compensation expense	287,000	$ (668,000)	$ 2,156,000	$ (1,476,000)
Performance Shares | Executive Officer
Class of Stock [Line Items]
Equity-based compensation expense			1,600,000
Restricted Stock
Class of Stock [Line Items]
Equity-based compensation expense	811,000	272,000	2,245,000	876,000
Compensation not yet recognized	4,400,000		$ 4,400,000			4,400,000
Period for recognition			3 years 1 month 6 days
Other than options intrinsic value	5,800,000		$ 5,800,000			$ 5,800,000
Restricted Stock | Advisory services
Class of Stock [Line Items]
Equity-based compensation expense	515,000	245,000	1,838,000	634,000
Restricted Stock | Management fees
Class of Stock [Line Items]
Equity-based compensation expense	53,000	27,000	164,000	61,000
Restricted Stock | Corporate General and Administrative Expense
Class of Stock [Line Items]
Equity-based compensation expense	243,000	0	243,000	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	$ 5,204,000	$ 5,112,000	$ 15,607,000	$ 15,307,000

5.5% Series B Cumulative Conv_3

5.5% Series B Cumulative Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2017USD ($)shares	Mar. 07, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)day$ / sharesshares	Sep. 30, 2017USD ($)	Dec. 31, 2017shares
Class of Stock [Line Items]
Series B convertible preferred stock | $			$ 1,707	$ 1,707	$ 5,122	$ 5,087
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate		5.50%			5.50%
Initial conversion price (in dollars per share)			$ 18.90		$ 18.90
Preferred stock conversion rate					1.3228
Consecutive trading days | day					45
Days ending prior to notice of conversion					3 days
Redemption price (in dollars per share)			25		$ 25
Liquidation preference per share (in dollars per share)		$ 25	$ 25		$ 25
Redemption percent of liquidation preference			103.00%		103.00%
Issuance of common stock (in shares) | shares		2,000,000
Issuance of preferred stock (in dollars per share)		$ 20.19
Proceeds from issuance of preferred stock | $		$ 39,900
Proceeds from issuance of stock, net of discounts and expenses | $		$ 38,200
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)					$ 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)	9 Months Ended
	Sep. 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	$ 14,000
Property management fee, percent	3.00%

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2018segment
Segment Reporting [Abstract]
Number of operating segments	1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2015
Related Party Transaction [Line Items]
Term of agreement					3 years
Advisory services fee	$ 5,733	$ 1,814	$ 15,857	$ 5,822
Lease expense		84	84	252
Due to Ashford Inc.	3,182		3,182		$ 1,703
Restricted Stock
Related Party Transaction [Line Items]
Equity-based compensation expense	811	272	2,245	876
Compensation not yet recognized	4,400		$ 4,400
Period for recognition			3 years 1 month 6 days
Restricted Stock | Management fees
Related Party Transaction [Line Items]
Equity-based compensation expense	53	27	$ 164	61
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	363		$ 363
Period for recognition			2 years 6 months
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Amount of transaction	5		$ 17
Due to Ashford Inc.	2		2		$ 4
Pure Rooms | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Amount of transaction	128		147
Due to Ashford Inc.	0		0		45
Pure Rooms | Hypoallergenic premium rooms | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Amount of transaction	117		117
Pure Rooms | Hypoallergenic premium rooms | Other Hotel Expenses
Related Party Transaction [Line Items]
Amount of transaction	11		30
RED Leisure | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Amount of transaction	180		540
Premier | Project management services
Related Party Transaction [Line Items]
Amount of transaction	1,125		1,125
Due to Ashford Inc.	625		625		0
Lismore Capital | Mortgage placement services
Related Party Transaction [Line Items]
Amount of transaction			999
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Amount of transaction	31		100
Due to Ashford Inc.	30		30		0
Ashford LLC | Advisory services
Related Party Transaction [Line Items]
Due to Ashford Inc.	2,525		2,525		$ 1,654
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	5,733	1,814	15,857	5,822
Ashford LLC | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	2,508	2,300	6,928	6,579
Ashford LLC | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	529	462	1,448	1,541
Ashford LLC | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	1,316	(948)	5,240	(2,298)
Ashford LLC | Affiliated Entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 1,380	$ 0	$ 2,241	$ 0
Maximum
Related Party Transaction [Line Items]
Advisory agreement, asset multiplier	0.70%		0.70%