Braemar Hotels & Resorts (BHR) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-35972
Entity Registrant Name	BRAEMAR HOTELS & RESORTS INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2488594
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,686,729
Entity Central Index Key	0001574085
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BHR
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series B
Trading Symbol	BHR-PB
Security Exchange Name	NYSE
Series D Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	BHR-PD
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Investments in hotel properties, gross	$ 1,780,556	$ 1,791,174
Accumulated depreciation	(343,877)	(309,752)
Investments in hotel properties, net	1,436,679	1,481,422
Cash and cash equivalents	88,227	71,995
Restricted cash	34,658	58,388
Accounts receivable, net of allowance of $196 and $153, respectively	17,335	19,053
Inventories	2,396	2,794
Prepaid expenses	4,298	4,992
Investment in unconsolidated entity	1,787	1,899
Derivative assets	777	582
Operating lease right-of-use assets	81,588	82,596
Other assets	14,356	13,018
Intangible assets, net	4,735	5,019
Due from related parties, net	993	551
Due from third-party hotel managers	14,315	16,638
Total assets	1,702,144	1,758,947
Liabilities:
Indebtedness, net	1,132,987	1,058,486
Accounts payable and accrued expenses	64,931	94,919
Dividends and distributions payable	3,208	9,143
Due to Ashford Inc.	1,662	4,344
Due to third-party hotel managers	1,439	1,685
Operating lease liabilities	60,956	61,118
Other liabilities	17,314	17,508
Total liabilities	1,282,497	1,247,203
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 5,031,473 and 5,008,421 shares issued and outstanding at September 30, 2020 and December 31, 2019	107,352	106,920
Redeemable noncontrolling interests in operating partnership	29,713	41,570
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2020 and December 31, 2019	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 36,599,843 and 32,885,217 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	365	329
Additional paid-in capital	533,641	519,551
Accumulated deficit	(237,813)	(150,629)
Total stockholders’ equity of the Company	296,209	369,267
Noncontrolling interest in consolidated entities	(13,627)	(6,013)
Total equity	282,582	363,254
Total liabilities and equity	$ 1,702,144	$ 1,758,947

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Allowance for doubtful notes receivable	$ 196	$ 196	$ 153
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000	200,000,000
Common stock, shares issued (in shares)	36,599,843	36,599,843	32,885,217
Common stock, shares outstanding (in shares)	36,599,843	36,599,843	32,885,217
Series B Preferred Stock
LIABILITIES AND EQUITY
Series B preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Series B preferred stock, shares issued (in shares)	5,031,473	5,031,473	5,008,421
Series B preferred stock, shares outstanding (in shares)	5,031,473	5,031,473	5,008,421
Preferred stock dividend rate	5.50%	5.50%
Series D Preferred Stock
LIABILITIES AND EQUITY
Preferred stock dividend rate	8.25%	8.25%
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Preferred stock, shares authorized (in shares)	80,000,000	80,000,000	50,000,000
Preferred stock, shares issued (in shares)	1,600,000	1,600,000	1,600,000
Preferred stock, shares outstanding (in shares)	1,600,000	1,600,000	1,600,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE
Total revenue	$ 44,754	$ 118,884	$ 175,169	$ 365,913
Hotel operating expenses:
Total hotel operating expenses	37,806	79,147	146,093	238,378
Property taxes, insurance and other	6,929	7,690	21,833	20,356
Depreciation and amortization	18,507	16,831	55,398	51,991
Advisory services fee	4,575	5,158	14,545	15,579
Transaction costs	0	0	0	704
Corporate general and administrative	1,405	1,575	4,850	3,633
Total expenses	69,222	110,401	242,719	330,641
Gain (loss) on insurance settlements and disposition of assets	10,149	(1,163)	10,149	(1,154)
OPERATING INCOME (LOSS)	(14,319)	7,320	(57,401)	34,118
Equity in earnings (loss) of unconsolidated entity	(58)	(48)	(138)	(149)
Interest income	12	249	165	898
Other income (expense)	(3,604)	(114)	(3,806)	(370)
Interest expense and amortization of loan costs	(8,859)	(13,646)	(38,167)	(41,894)
Write-off of loan costs and exit fees	(1,335)	(335)	(3,572)	(647)
Unrealized gain (loss) on investment in Ashford Inc.	0	(1,471)	0	(5,390)
Unrealized gain (loss) on derivatives	3,561	(754)	3,748	(972)
INCOME (LOSS) BEFORE INCOME TAXES	(24,602)	(8,799)	(99,171)	(14,406)
Income tax (expense) benefit	1,545	(155)	4,622	(1,493)
NET INCOME (LOSS)	(23,057)	(8,954)	(94,549)	(15,899)
(Income) loss attributable to noncontrolling interest in consolidated entities	1,999	(1,899)	4,975	(1,750)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,381	1,465	10,036	2,770
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(18,677)	(9,388)	(79,538)	(14,879)
Preferred dividends	(2,554)	(2,533)	(7,664)	(7,597)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (21,231)	$ (11,921)	$ (87,202)	$ (22,476)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.63)	$ (0.37)	$ (2.63)	$ (0.71)
Weighted average common shares outstanding – basic (in shares)	33,923	32,347	33,103	32,259
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.63)	$ (0.37)	$ (2.63)	$ (0.71)
Weighted average common shares outstanding – diluted (in shares)	33,923	32,347	33,103	32,259
Total hotel revenue
REVENUE
Total revenue	$ 44,754	$ 118,882	$ 175,169	$ 365,906
Rooms
REVENUE
Total revenue	28,118	76,808	105,119	228,660
Hotel operating expenses:
Total hotel operating expenses	7,975	18,265	29,300	52,080
Food and beverage
REVENUE
Total revenue	8,537	26,422	39,417	84,326
Hotel operating expenses:
Total hotel operating expenses	7,994	20,721	35,544	62,325
Other hotel
REVENUE
Total revenue	8,099	15,652	30,633	52,920
Hotel operating expenses:
Total hotel operating expenses	20,516	36,201	75,585	111,431
Other
REVENUE
Total revenue	0	2	0	7
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 1,321	$ 3,960	$ 5,664	$ 12,542

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (23,057)	$ (8,954)	$ (94,549)	$ (15,899)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	(23,057)	(8,954)	(94,549)	(15,899)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	1,999	(1,899)	4,975	(1,750)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,381	1,465	10,036	2,770
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (18,677)	$ (9,388)	$ (79,538)	$ (14,879)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Series D Preferred Stock	Series B Preferred Stock	Impact of adoption of new accounting standard	Preferred StockSeries D Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitSeries D Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Accumulated DeficitImpact of adoption of new accounting standard	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2018					1,600,000		32,512,000
Beginning balance at Dec. 31, 2018	$ 392,085,000			$ (103,000)	$ 16,000		$ 325,000	$ 512,545,000	$ (115,410,000)			$ (103,000)	$ (5,391,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)							(30,000)
Purchase of common stock	(384,000)							(384,000)
Equity-based compensation	3,959,000							3,959,000						$ 1,949,000
Preferred stock offering costs	(13,000)							(13,000)
Issuance of restricted shares/units (in shares)							260,000
Issuance of restricted shares/units	0						$ 2,000	(2,000)						8,000
Forfeiture of restricted common shares (in shares)							(7,000)
Forfeiture of restricted common shares	0
Dividends declared – common stock	(16,004,000)								(16,004,000)
Dividends declared – preferred stock		$ (2,475,000)	$ (5,122,000)							$ (2,475,000)	$ (5,122,000)
Distributions to noncontrolling interests	(2,654,000)												(2,654,000)	(2,318,000)
Redemption/conversion of operating partnership units (in shares)							165,000
Redemption/conversion of operating partnership units	2,201,000						$ 2,000	2,199,000						(2,201,000)
Net income (loss)	(14,879,000)								(14,879,000)
Net income (loss)	(13,129,000)												1,750,000
Redemption value adjustment	(1,031,000)								(1,031,000)
Ending balance (in shares) at Sep. 30, 2019					1,600,000		32,900,000
Ending balance at Sep. 30, 2019	357,330,000				$ 16,000		$ 329,000	518,304,000	(155,024,000)				(6,295,000)
Beginning balance, temporary equity (in shares) at Dec. 31, 2018						4,966,000
Beginning balance, temporary equity at Dec. 31, 2018						$ 106,123,000
Redeemable noncontrolling interests in operating partnership, beginning balance at Dec. 31, 2018														44,885,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation	3,959,000							3,959,000						1,949,000
Temporary equity, net income (loss)														(2,770,000)
Redemption value adjustment														1,031,000
Ending balance, temporary equity (in shares) at Sep. 30, 2019						4,966,000
Ending balance, temporary equity at Sep. 30, 2019						$ 106,123,000
Redeemable noncontrolling interests in operating partnership, ending balance at Sep. 30, 2019														40,584,000
Beginning balance (in shares) at Jun. 30, 2019					1,600,000		32,880,000
Beginning balance at Jun. 30, 2019	373,730,000				$ 16,000		$ 329,000	516,700,000	(137,775,000)				(5,540,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	1,604,000							1,604,000						755,000
Issuance of restricted shares/units (in shares)							23,000
Issuance of restricted shares/units	0													1,000
Forfeiture of restricted common shares (in shares)							(3,000)
Forfeiture of restricted common shares	0
Dividends declared – common stock	(5,339,000)								(5,339,000)
Dividends declared – preferred stock		(825,000)	$ (1,708,000)							(825,000)	(1,708,000)
Distributions to noncontrolling interests	(2,654,000)												(2,654,000)	(771,000)
Net income (loss)	(9,388,000)								(9,388,000)
Net income (loss)	(7,489,000)												1,899,000
Redemption value adjustment	11,000								11,000
Ending balance (in shares) at Sep. 30, 2019					1,600,000		32,900,000
Ending balance at Sep. 30, 2019	357,330,000				$ 16,000		$ 329,000	518,304,000	(155,024,000)				(6,295,000)
Beginning balance, temporary equity (in shares) at Jun. 30, 2019						4,966,000
Beginning balance, temporary equity at Jun. 30, 2019						$ 106,123,000
Redeemable noncontrolling interests in operating partnership, beginning balance at Jun. 30, 2019														42,075,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation	1,604,000							1,604,000						755,000
Temporary equity, net income (loss)														(1,465,000)
Redemption value adjustment														(11,000)
Ending balance, temporary equity (in shares) at Sep. 30, 2019						4,966,000
Ending balance, temporary equity at Sep. 30, 2019						$ 106,123,000
Redeemable noncontrolling interests in operating partnership, ending balance at Sep. 30, 2019														40,584,000
Beginning balance (in shares) at Dec. 31, 2019					1,600,000		32,885,000
Beginning balance at Dec. 31, 2019	363,254,000				$ 16,000		$ 329,000	519,551,000	(150,629,000)				(6,013,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(60,861,000)													(7,655,000)
Redemption value adjustment	26,000
Ending balance (in shares) at Jun. 30, 2020					1,600,000		33,528,000
Ending balance at Jun. 30, 2020	297,995,000				$ 16,000		$ 335,000	525,846,000	(216,574,000)				(11,628,000)
Beginning balance, temporary equity (in shares) at Dec. 31, 2019			5,008,421			5,008,000
Beginning balance, temporary equity at Dec. 31, 2019	106,920,000					$ 106,920,000
Redeemable noncontrolling interests in operating partnership, beginning balance at Dec. 31, 2019	41,570,000													41,570,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption value adjustment														(26,000)
Ending balance, temporary equity (in shares) at Jun. 30, 2020						5,031,000
Ending balance, temporary equity at Jun. 30, 2020						$ 107,352,000
Redeemable noncontrolling interests in operating partnership, ending balance at Jun. 30, 2020	31,589,000													31,589,000
Beginning balance (in shares) at Dec. 31, 2019					1,600,000		32,885,000
Beginning balance at Dec. 31, 2019	363,254,000				$ 16,000		$ 329,000	519,551,000	(150,629,000)				(6,013,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)							(36,000)
Purchase of common stock	(126,000)							(126,000)
Equity-based compensation (in shares)							0
Equity-based compensation	4,388,000							4,388,000						1,651,000
Issuance of stock (in shares)						23,000	3,046,000
Issuance of stock	6,410,000					$ 432,000	$ 30,000	6,380,000						0
Issuance of restricted shares/units (in shares)							375,000
Issuance of restricted shares/units	0						$ 3,000	(3,000)						0
Forfeiture of restricted common shares (in shares)							(9,000)
Forfeiture of restricted common shares	0
Dividends declared – preferred stock		(2,475,000)	$ (5,189,000)							(2,475,000)	(5,189,000)
Distributions to noncontrolling interests	(2,639,000)												(2,639,000)
Redemption/conversion of operating partnership units (in shares)							339,000
Redemption/conversion of operating partnership units	3,454,000						$ 3,000	3,451,000						(3,454,000)
Net income (loss)	(79,538,000)
Net income (loss)	(84,513,000)												(4,975,000)
Redemption value adjustment	18,000								18,000
Ending balance (in shares) at Sep. 30, 2020					1,600,000		36,600,000
Ending balance at Sep. 30, 2020	282,582,000				$ 16,000		$ 365,000	533,641,000	(237,813,000)				(13,627,000)
Beginning balance, temporary equity (in shares) at Dec. 31, 2019			5,008,421			5,008,000
Beginning balance, temporary equity at Dec. 31, 2019	106,920,000					$ 106,920,000
Redeemable noncontrolling interests in operating partnership, beginning balance at Dec. 31, 2019	41,570,000													41,570,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation	4,388,000							4,388,000						1,651,000
Temporary equity, net income (loss)														(10,036,000)
Redemption value adjustment														(18,000)
Ending balance, temporary equity (in shares) at Sep. 30, 2020			5,031,473			5,031,000
Ending balance, temporary equity at Sep. 30, 2020	107,352,000					$ 107,352,000
Redeemable noncontrolling interests in operating partnership, ending balance at Sep. 30, 2020	29,713,000													29,713,000
Beginning balance (in shares) at Jun. 30, 2020					1,600,000		33,528,000
Beginning balance at Jun. 30, 2020	297,995,000				$ 16,000		$ 335,000	525,846,000	(216,574,000)				(11,628,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)							(1,000)
Purchase of common stock	(2,000)							(2,000)
Equity-based compensation (in shares)							0
Equity-based compensation	1,465,000							1,465,000						541,000
Issuance of stock (in shares)							3,046,000
Issuance of stock	6,410,000						$ 30,000	6,380,000
Issuance of restricted shares/units (in shares)							29,000
Issuance of restricted shares/units	(48,000)							(48,000)
Forfeiture of restricted common shares (in shares)							(2,000)
Forfeiture of restricted common shares	0
Dividends declared – preferred stock		$ (825,000)	$ (1,729,000)							$ (825,000)	$ (1,729,000)
Net income (loss)	(18,677,000)								(18,677,000)
Net income (loss)	(20,676,000)												(1,999,000)
Redemption value adjustment	(8,000)								(8,000)
Ending balance (in shares) at Sep. 30, 2020					1,600,000		36,600,000
Ending balance at Sep. 30, 2020	282,582,000				$ 16,000		$ 365,000	533,641,000	$ (237,813,000)				$ (13,627,000)
Beginning balance, temporary equity (in shares) at Jun. 30, 2020						5,031,000
Beginning balance, temporary equity at Jun. 30, 2020						$ 107,352,000
Redeemable noncontrolling interests in operating partnership, beginning balance at Jun. 30, 2020	31,589,000													31,589,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation	1,465,000							$ 1,465,000						541,000
Issuance of restricted shares/units														(44,000)
Temporary equity, net income (loss)														(2,381,000)
Redemption value adjustment														8,000
Ending balance, temporary equity (in shares) at Sep. 30, 2020			5,031,473			5,031,000
Ending balance, temporary equity at Sep. 30, 2020	107,352,000					$ 107,352,000
Redeemable noncontrolling interests in operating partnership, ending balance at Sep. 30, 2020	$ 29,713,000													$ 29,713,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Dividends declared per common share (in dollars per share)		$ 0.16		$ 0.48
Series D Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 0.52	$ 0.52	$ 1.55	$ 1.55
Preferred stock dividend rate	8.25%	8.25%	8.25%	8.25%
Series B Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 0.34	$ 0.3437	$ 1.03	$ 1.03
Preferred stock dividend rate	5.50%	5.50%	5.50%	5.50%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (94,549)	$ (15,899)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	55,398	51,991
Equity-based compensation	6,039	5,908
Bad debt expense	574	307
Amortization of loan costs and capitalized default interest	1,458	3,248
Write-off of loan costs and exit fees	3,572	647
Amortization of intangibles	621	366
Amortization of non-refundable membership initiation fees	(285)	(117)
Interest expense accretion on refundable membership club deposits	616	651
(Gain) loss on insurance settlement and disposition of assets	(10,149)	1,154
Unrealized (gain) loss on investment in Ashford Inc.	0	5,390
Realized and unrealized (gain) loss on derivatives	(133)	1,162
Net settlement of trading derivatives	30	(1,074)
Equity in (earnings) loss of unconsolidated entity	138	149
Deferred income tax expense (benefit)	(844)	816
Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition:
Accounts receivable and inventories	7,271	(5,886)
Prepaid expenses and other assets	(67)	(2,672)
Accounts payable and accrued expenses	(7,912)	13,856
Operating lease right-of-use assets	387	398
Due to/from related parties, net	(442)	(1,041)
Due to/from third-party hotel managers	2,077	(6,378)
Due to/from Ashford Inc.	(802)	(345)
Operating lease liabilities	(162)	(144)
Other liabilities	1,535	(3,521)
Net cash provided by (used in) operating activities	(35,629)	48,966
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	2,528	0
Acquisition of hotel properties, net of cash and restricted cash acquired	0	(111,751)
Investment in unconsolidated entity	(26)	(332)
Net proceeds from disposition of assets	0	10,300
Improvements and additions to hotel properties	(21,451)	(108,182)
Net cash provided by (used in) investing activities	(18,949)	(209,965)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	109,317	329,500
Repayments of indebtedness	(46,033)	(257,086)
Payments of loan costs and exit fees	(6,478)	(4,447)
Payments for derivatives	(92)	(89)
Purchase of common stock	(260)	(384)
Payments for dividends and distributions	(13,599)	(24,931)
Proceeds from issuance of preferred stock	474	0
Preferred stock offering costs	0	(110)
Issuance of common stock	6,390	0
Distributions to noncontrolling interest in consolidated entities	(2,639)	0
Other	0	8
Net cash provided by (used in) financing activities	47,080	42,461
Net change in cash, cash equivalents and restricted cash	(7,498)	(118,538)
Cash, cash equivalents and restricted cash at beginning of period	130,383	258,488
Cash, cash equivalents and restricted cash at end of period	122,885	139,950
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	20,969	38,221
Income taxes paid (refunded)	898	(490)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Common stock purchases accrued but not paid	2	0
Dividends and distributions declared but not paid	3,208	9,502
Capital expenditures accrued but not paid	7,380	18,815
Non-cash loan proceeds	2,229	0
Non-cash loan principal associated with default interest and late charges	9,859	0
Accrued common stock offering expense	223	0
Unsettled common stock offering proceeds	243	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash	$ 122,885	$ 139,950

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Braemar Hotels & Resorts 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 of 1986, as amended (the “Code”). Braemar conducts its business and owns substantially all of its assets through its operating partnership, Braemar Hospitality 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. We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington Hotels, a subsidiary of Ashford Inc. after November 6, 2019, manages three of our thirteen hotel properties. Third-party management companies manage the remaining hotel properties. Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement services, broker-dealer and distribution services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services and mobile key technology. The accompanying condensed consolidated financial statements include the accounts of wholly-owned and majority-owned subsidiaries of Braemar OP that as of September 30, 2020 , own thirteen hotel properties in six states, the District of Columbia and the U.S. Virgin Islands (“USVI”). The portfolio includes eleven 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 3,722 total rooms, or 3,487 net rooms, excluding those attributable to our partner. As a REIT, Braemar is required to comply with limitations imposed by the Internal Revenue Code related to operating hotels. As of September 30, 2020 , twelve of our thirteen hotel properties were leased by wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes (collectively the TRS entities are referred to as “Braemar TRS”). One hotel property, located in the USVI, is owned by our USVI 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, 2020 , ten of the thirteen 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 Management US Inc. (“Accor”), Hyatt Hotels Corporation (“Hyatt”), Ritz-Carlton, Inc., a subsidiary of Marriott (“Ritz-Carlton”) and Remington Hotels, which are eligible independent contractors under the Internal Revenue Code. COVID-19, Management’s Plans and Liquidity In December 2019, COVID-19 was identified in Wuhan, China, subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Beginning in late February 2020, we have experienced a significant decline in occupancy and RevPAR associated with COVID-19 as we experienced significant reservation cancellations as well as a significant reduction in new reservations. The prolonged presence of the virus has resulted in health and other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry and our portfolio have experienced the postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders in March 2020, the Company temporarily suspended operations at 11 of its 13 hotels and dramatically reduced staffing and expenses at its hotels that remained operational. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. The full financial impact of the reduction in hotel demand caused by the pandemic and suspension of operations at the Company’s hotels cannot be reasonably estimated at this time due to uncertainty as to its severity and duration. In addition, a possible “second wave” or recurrence of COVID-19 cases could result in further reductions in business and personal travel and could cause state and local governments to reinstate travel restrictions. The Company expects that the COVID-19 pandemic will have a significant negative impact on the Company’s results of operations, financial position and cash flow for at least the remainder of 2020 and into 2021, and potentially much longer. As a result, in March 2020, the Company fully drew down its $75 million secured revolving credit facility, which was later converted into a term loan, suspended the quarterly cash dividend on its common stock, reduced planned capital expenditures, and, working closely with its hotel managers, significantly reduced its hotels’ operating expenses. See note 6 for term loan details. All of the Company’s property-level debt is non-recourse. Beginning on April 1, 2020, we did not make at least one interest payment under nearly all of our loan agreements, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Further, the Company triggered an “Event of Default,” as defined under the secured revolving credit facility agreement as a result of the Company being in default on mortgage and mezzanine loans with an aggregate principal amount in excess of $200 million . Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. Such Event of Default under the senior revolving credit facility agreement was eliminated by the First Amendment to the Second Amended and Restated Credit Agreement, dated June 8, 2020, which provides that defaults under mortgage and mezzanine loans wi th an aggregate principal amount in excess of $200 million do not trigger a default under the senior revolving credit agreement unless such mortgage or mezzanine loans are also accelerated, and excluding from the $200 million threshold, any default and acceleration under those certain mortgage and mezzanine loans having an aggregate principal amount of $435 million and secured by the Marriott Seattle Waterfront, Sofitel Chicago Magnificent Mile, The Notary Hotel and The Clancy. During the second and third quarter of 2020, we reached forbearance and other agreements with our lenders relating to loans secured by the Pier House Resort, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, Hotel Yountville, Bardessono Hotel, Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, the Capital Hilton and Hilton La Jolla Torrey Pines. The Company also amended its secured revolving credit facility converting it into a $65 million secured term loan and changed the terms of certain financial covenants, including a waiver of the Consolidated Fixed Charge Coverage Ratio (as defined in the Amendment) through March 31, 2021, that the Company was subject to under the secured revolving credit facility. As of September 30, 2020 , no loans are in default. Additionally, the Company did not make rental payments under two ground leases that are paid monthly; however, the Company executed a forbearance agreement with the landlord of the Bardessono Hotel and executed a rent deferral letter with the landlord of the Hilton La Jolla Torrey Pines, each of which temporarily resolved any potential events of default arising out of such non-payments. As of September 30, 2020 , the Company is current on its rental payments. In addition, the Company has taken actions to protect liquidity and reduce corporate expenses. The Company has also significantly reduced its planned spending for capital expenditures for the fiscal year to approximately $25 million and suspended its common stock dividends conserving approximately $6 million per quarter. When preparing financial statements for each annual and interim reporting period management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that create substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, the Company considers its current financial condition and liquidity sources, including current funds available, forecasted future cash flows and its unconditional obligations due over the next 12 months. As of September 30, 2020 , the Company maintained unrestricted cash of $88.2 million and restricted cash of $34.7 million . During the three months ended September 30, 2020 , we utilized cash, cash equivalents and restricted cash of $21.1 million . The vast majority of the restricted cash is comprised of lender and manager held reserves. The Company is currently working with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. At the end of the quarter, there was also $14.3 million due to the Company from third-party hotel managers, which is the Company’s cash held by one of its property managers which is also available to fund hotel operating costs. As of September 30, 2020, 12 of the Company’s 13 hotels were open, and The Clancy opened on October 1, 2020. We cannot predict when hotel operating levels will return to normalized levels after the effects of the pandemic subside, whether our hotels will be forced to shut down operations or whether one or more governmental entities may impose additional travel restrictions due to a resurgence of COVID-19 cases in the future. As a result of these factors resulting from the impact of the pandemic, we are unable to estimate future financial performance with certainty. However, based on our completed credit facility loan amendment and forbearance and other agreements, our current unrestricted and restricted cash on hand, our current cash utilization and forecast of future operating results for the next 12 months from the date of this report, and the actions we have taken to improve our liquidity, the Company has concluded that management’s current plan alleviates the substantial doubt about its ability to continue as a going concern. Facts and circumstances could change in the future that are outside of management’s control, such as a second phase of government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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 2019 Annual Report on Form 10-K, as originally filed with the Securities and Exchange Commission (“SEC”) on March 13, 2020. 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, 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, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 ; and • on January 15, 2019, we acquired the Ritz-Carlton, Lake Tahoe. The operating results of the hotel property have been included in the results of operations as of its acquisition date. 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. Income Taxes —On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the nine months ended September 30, 2020 , the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ending December 31, 2020. Recently Adopted Accounting Standards —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“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. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses ( “ ASU 2018-19”) . ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures , for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 may have on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Shar e, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenu e The following tables present our revenue disaggregated by geographical areas (in thousands): Three Months Ended September 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 11,504 $ 2,895 $ 1,536 $ — $ 15,935 Colorado 1 1,688 692 1,659 — 4,039 Florida 2 7,103 3,175 3,262 — 13,540 Illinois 1 1,706 240 127 — 2,073 Pennsylvania 1 1,088 9 58 — 1,155 Washington 1 1,056 3 118 — 1,177 Washington, D.C. 1 331 4 292 — 627 USVI 1 3,642 1,519 1,047 — 6,208 Total 13 $ 28,118 $ 8,537 $ 8,099 $ — $ 44,754 Three Months Ended September 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 32,070 $ 9,190 $ 4,441 $ — $ 45,701 Colorado 1 3,086 3,615 2,368 — 9,069 Florida 2 8,234 4,124 3,308 — 15,666 Illinois 1 7,501 2,250 466 — 10,217 Pennsylvania 1 6,675 1,474 310 — 8,459 Washington 1 10,361 1,649 382 — 12,392 Washington, D.C. 1 8,889 3,688 378 — 12,955 USVI 1 (8 ) 432 3,999 — 4,423 Corporate entities — — — — 2 2 Total 13 $ 76,808 $ 26,422 $ 15,652 $ 2 $ 118,884 Nine Months Ended September 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 37,401 $ 10,936 $ 6,474 $ — $ 54,811 Colorado 1 9,955 4,974 4,898 — 19,827 Florida 2 24,401 12,535 10,292 — 47,228 Illinois 1 4,638 1,129 490 — 6,257 Pennsylvania 1 6,088 1,215 377 — 7,680 Washington 1 4,821 794 540 — 6,155 Washington, D.C. 1 6,857 3,482 1,174 — 11,513 USVI 1 10,958 4,352 6,388 — 21,698 Total 13 $ 105,119 $ 39,417 $ 30,633 $ — $ 175,169 Nine Months Ended September 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 88,533 $ 27,311 $ 11,893 $ — $ 127,737 Colorado 1 14,059 9,867 7,762 — 31,688 Florida 2 34,674 18,811 12,311 — 65,796 Illinois 1 19,053 5,796 1,168 — 26,017 Pennsylvania 1 18,169 3,187 793 — 22,149 Washington 1 23,378 5,070 1,189 — 29,637 Washington, D.C. 1 29,960 12,679 1,196 — 43,835 USVI 1 834 1,605 16,608 — 19,047 Corporate entities — — — — 7 7 Total 13 $ 228,660 $ 84,326 $ 52,920 $ 7 $ 365,913 For the three and nine months ended September 30, 2020 , the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $0 and $4.0 million , respectively. For the three and nine months ended September 30, 2019 , the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $4.0 million and $16.6 million , respectively.

Investments in Hotel Properties

Investments in Hotel Properties, net	9 Months Ended
	Sep. 30, 2020
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, 2020 December 31, 2019 Land $ 455,298 $ 455,298 Buildings and improvements 1,187,947 1,173,151 Furniture, fixtures and equipment 127,553 129,595 Construction in progress 9,758 33,130 Total cost 1,780,556 1,791,174 Accumulated depreciation (343,877 ) (309,752 ) Investments in hotel properties, net $ 1,436,679 $ 1,481,422 Impairment Charges and Insurance Recoveries For the three and nine months ended September 30, 2020 , the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $0 and $4.0 million , respectively. For the three and nine months ended September 30, 2019 , the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $4.0 million and $16.6 million , respectively. These revenues are included in “other” hotel revenue in our condensed consolidated statements of operations. In September 2020, the Company reached a final settlement with its insurance carriers related to Hurricane Irma. Upon settlement, the Company recorded a gain of $10.1 million as the proceeds received exceeded the carrying value of the hotel property at the time of the loss. As of September 30, 2020 , the Company has a receivable of $6.5 million related to the final settlement from the insurance carriers, which is included in “accounts receivable, net” in our condensed consolidated financial statements. For the three and nine months ended September 30, 2020 , the Company received proceeds of $650,000 and $8.0 million , respectively, from our insurance carriers for property damage and business interruption from Hurricane Irma. For the three and nine months ended September 30, 2019 , the Company received proceeds of $6.6 million and $14.9 million , respectively, from our insurance carriers for property damage and business interruption from Hurricane Irma. During both the three and nine months ended September 30, 2020 and 2019 , no impairment charges were recorded.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity OpenKey is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. In 2018, the Company made an initial $2.0 million investment in OpenKey, which is controlled and consolidated by Ashford Inc., for an initial 8.2% ownership interest. An additional investment of $26,000 was made during the nine months ended September 30, 2020 . All investments were recommended by our Related Party Transactions Committee and unanimously approved by the independent members of our board of directors. As of September 30, 2020 , the Company has made investments in OpenKey totaling $2.4 million . Our investment is recorded as “investment in unconsolidated entity” in our condensed consolidated balance sheets 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. We review our investment in OpenKey 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 the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entity. No such impairment was recorded for the three and nine months ended September 30, 2020 and 2019 . The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2020 December 31, 2019 Carrying value of the investment in OpenKey (in thousands) $ 1,787 $ 1,899 Ownership interest in OpenKey 8.2 % 8.6 % 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 2020 2019 2020 2019 Equity in earnings (loss) of unconsolidated entity $ (58 ) $ (48 ) $ (138 ) $ (149 )

Indebtedness, net

Indebtedness, net	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness, net consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 2020 December 31, 2019 Secured revolving credit facility (3) Equity October 2022 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% $ — $ — Mortgage loan (4) Park Hyatt Beaver Creek April 2021 LIBOR (1) + 2.75% 67,500 67,500 Mortgage loan (5) The Notary Hotel June 2021 LIBOR (1) + 2.16% 435,000 435,000 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (6) Ritz-Carlton, St. Thomas August 2021 LIBOR (1) + 3.95% 42,500 42,500 Mortgage loan (7) Hotel Yountville May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan (7) Bardessono Hotel August 2022 LIBOR (1) + 2.55% 40,000 40,000 Term loan (3) Equity October 2022 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% 63,284 — Mortgage loan (7) Ritz-Carlton, Sarasota April 2023 LIBOR (1) + 2.65% 100,000 100,000 Mortgage loan (7) Ritz-Carlton, Lake Tahoe January 2024 LIBOR (1) + 2.10% 54,000 54,000 Mortgage loan (8) Capital Hilton February 2024 LIBOR (1) + 1.70% 197,229 195,000 Hilton La Jolla Torrey Pines Mortgage loan (7) Pier House Resort September 2024 LIBOR (1) + 1.85% 80,000 80,000 1,130,513 1,065,000 Capitalized default interest and late charges 8,610 — Deferred loan costs, net (6,136 ) (6,514 ) Indebtedness, net $ 1,132,987 $ 1,058,486 __________________ (1) LIBOR rates were 0.148% and 1.763% at September 30, 2020 and December 31, 2019 , respectively. (2) Base Rate, as defined in the secured term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) Effective June 8, 2020, we amended our secured revolving credit facility totaling $75 million , which was the total borrowing capacity. In conjunction with the amendment, we repaid $10 million of principal and converted the facility to a term loan with a principal balance of $65 million . The amended term loan is interest only until March 2021 and bears interest at a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.5% , with a LIBOR floor of 0.50% . (4) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the second was exercised in April 2020. (5) Effective June 9, 2020, we executed a FF&E accommodation agreement for this mortgage loan. Terms of the agreement included lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through January 2021. This mortgage loan has five one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in June 2020. (6) The interest rate spread on this mortgage loan changed from 4.95% as of December 31, 2019, to 3.95% as of March 31, 2020, based on an appraisal received in accordance with the August 5, 2019 loan amendment. This mortgage loan has a LIBOR floor of 1.00% . This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. (7) Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included adding a LIBOR floor of 0.25% ; deferral of interest payments for three months with the option to extend the interest payment deferral an additional three months , which was exercised in August 2020, with all deferred payments due at maturity; lender-held reserves were made available to fund property-level operating expenses; and monthly FF&E escrow deposits were waived through December 2020. (8) Effective September 24, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. In conjunction with the forbearance agreement, deferred interest payments of $2.2 million were capitalized into the principal balance and are to be repaid in 12 monthly installments beginning January 2021. In April 2020, certain subsidiaries of the Company applied for and received loans from Key Bank, N.A. under the Payroll Protection Program (“PPP”), which was established under the CARES Act. All funds borrowed under the PPP totaling $34.3 million were returned on or before May 7, 2020. On June 8, 2020, the Company entered into the First Amendment to the Second Amended and Restated Credit Agreement (the “Amendment”). The Amendment converted the $75 million Second Amended and Restated Credit Agreement, dated October 25, 2019 (the “Credit Facility”), which was a secured revolving credit facility, into a $65 million secured term loan. The Company had borrowed the full borrowing capacity of $75 million under the Credit Facility and repaid $10 million on June 8, 2020, in connection with the signing of the Amendment. Pursuant to the terms of the Amendment, borrowings will bear interest at a rate of LIBOR plus 3.50% or Base Rate plus 2.50% until June 30, 2021. After such date, the pricing will revert to the original terms of the Credit Facility. The Amendment also adds principal amortization of $5 million per quarter commencing on March 31, 2021. The Amendment changes the terms of certain financial covenants that the Company was subject to under the Credit Facility. The Amendment has the same maturity date of October 25, 2022 but removes the two one -year extension options and also removes the Company’s ability to reborrow amounts that have been repaid. We are required to maintain certain financial ratios under our secured term loan. 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. 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. Beginning on April 1, 2020, we did not make at least one interest payment under nearly all of our loan agreements, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Further, the Company triggered an “Event of Default,” as defined under the secured revolving credit facility agreement as a result of the Company being in default on mortgage and mezzanine loans with an aggregate principal amount in excess of $200 million . Pursuant to the terms of the applicable loan documents, such an Event of Default caused an automatic increase in the interest rate on our outstanding loan balance for the period such Event of Default remains outstanding. Following an Event of Default, our lenders can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreement and foreclose on the applicable hotel properties that are security for such loans. Such Event of Default under the senior revolving credit facility agreement was eliminated by the First Amendment to Second Amended and Restated Credit Agreement, dated June 8, 2020, which provides that defaults under mortgage and mezzanine loans with an aggregate principal amount in excess of $200 million do not trigger a default under the senior revolving credit agreement unless such mort gage or mezzanine loans are also accelerated, and excluding from the $200 million threshold, any default and acceleration under those certain mortgage and mezzanine loans having an aggregate principal amount of $435 million and secured by the Marriott Seattle Waterfront, Sofitel Chicago Magnificent Mile, The Notary Hotel and The Clancy. During the second and third quarter of 2020, we reached forbearance and other agreements with our lenders relating to loans secured by the Pier House Resort, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, Hotel Yountville, Bardessono Hotel, Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, the Capital Hilton and Hilton La Jolla Torrey Pines. As of September 30, 2020 , no loans are in default. See note 14 for discussion of the loan modification agreement with Lismore Capital LLC (“Lismore”). As of September 30, 2020 , the Company determined that all of the forbearance and other agreements evaluated were considered troubled debt restructurings due to terms that allowed for deferred interest and the forgiveness of default interest and late charges. No gain or loss was recognized during the three and nine months ended September 30, 2020, as the carrying amount of the original loans was not greater than the undiscounted cash flows of the modified loans. Additionally, as a result of the troubled debt restructurings all accrued default interest and late charges were capitalized into the applicable loan balances and will be amortized over the remaining term of the loan using the effective interest method. The amount of default interest and late charges capitalized into indebtedness as of September 30, 2020 , was $9.9 million . The amount of principal amortization during the three and nine months ended September 30, 2020 was $937,000 and $1.2 million , respectively.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
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. The following table summarizes the interest rate derivatives we entered into over the applicable periods: Nine Months Ended September 30, Interest rate caps: 2020 2019 Notional amount (in thousands) $ 602,500 $ 348,500 Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 7.80 % Effective date range March 2020 - June 2020 January 2019 - September 2019 Termination date range April 2021 - June 2021 March 2020 - October 2021 Total cost of interest rate caps (in thousands) $ 92 $ 89 Interest rate floors: Notional amount (in thousands) $ — $ 2,000,000 Strike rate 1.63 % Effective date January 2019 Termination date March 2020 Total cost of interest rate floors (in thousands) $ — $ 75 _______________ No instruments were designated as cash flow hedges for during the nine months ended September 30, 2020 and 2019 . Interest rate derivatives consisted of the following: Interest rate caps: (1) September 30, 2020 December 31, 2019 Notional amount (in thousands) $ 779,000 $ 968,000 Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 7.80 % Termination date range February 2021 - October 2021 January 2020 - October 2021 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 779,000 $ 870,000 Interest rate floors: (1) (2) Notional amount (in thousands) $ — $ 5,000,000 Strike rate low end of range (0.25 )% Strike rate high end of range 1.63 % Termination date range March 2020 - 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, 2020 , 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 $1.2 million as of September 30, 2020 . Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. 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, 2020
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. 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. 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 counterparties, 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, 2020 , the LIBOR interest rate forward curve (Level 2 inputs) assumed a downtrend from 0.148% to 0.129% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values 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, 2020 Assets Derivative assets: Credit default swaps $ — $ (323 ) $ — $ 1,100 $ 777 $ — $ (323 ) $ — $ 1,100 $ 777 (2) 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, 2019 Assets Derivative assets: Interest rate derivatives - floors $ — $ 1 $ — $ 52 $ 53 Interest rate derivatives - caps — 1 — — 1 Credit default swaps — (550 ) — 1,078 528 $ — $ (548 ) $ — $ 1,130 $ 582 (2) __________________ (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 our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Assets Derivative assets: Interest rate derivatives - floors $ — $ (717 ) $ — $ (51 ) Interest rate derivatives - caps (30 ) (26 ) (93 ) (107 ) Credit default swaps 51 (1) (61 ) (1) 226 (1) (1,004 ) (1) Total derivative assets $ 21 $ (804 ) $ 133 $ (1,162 ) Non-derivative assets: Investment in Ashford Inc. $ — $ (1,471 ) $ — $ (5,390 ) Total $ 21 $ (2,275 ) $ 133 $ (6,552 ) Total combined Interest rate derivatives - floors $ 3,540 $ (667 ) $ 3,615 $ 139 Interest rate derivatives - caps (30 ) (26 ) (93 ) (107 ) Credit default swaps 51 (61 ) 226 (1,004 ) Unrealized gain (loss) on derivatives 3,561 (754 ) 3,748 (972 ) Realized gain (loss) on interest rate floors (3,540 ) (2) (50 ) (2) (3,615 ) (2) (190 ) (2) Unrealized gain (loss) on investment in Ashford Inc. — (1,471 ) — (5,390 ) Net $ 21 $ (2,275 ) $ 133 $ (6,552 ) _______________ (1) Excludes costs associated with credit default swaps of $64 for each of the three months ended September 30, 2020 and 2019 , as well as $191 and $190 for the nine months ended September 30, 2020 and 2019 , respectively, which is 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, 2020
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 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, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets $ 777 $ 777 $ 582 $ 582 Financial assets not measured at fair value: Cash and cash equivalents $ 88,227 $ 88,227 $ 71,995 $ 71,995 Restricted cash 34,658 34,658 58,388 58,388 Accounts receivable, net 17,335 17,335 19,053 19,053 Due from related parties, net 993 993 551 551 Due from third-party hotel managers 14,315 14,315 16,638 16,638 Financial liabilities not measured at fair value: Indebtedness $ 1,130,513 $884,893 to $978,040 $ 1,065,000 $1,003,863 to $1,109,532 Accounts payable and accrued expenses 64,931 64,931 94,919 94,919 Dividends and distributions payable 3,208 3,208 9,143 9,143 Due to Ashford Inc. 1,662 1,662 4,344 4,344 Due to third-party hotel managers 1,439 1,439 1,685 1,685 Cash, cash equivalents and restricted cash . These financial assets have maturities of less than 90 days and most bear interest at market rates. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, due to/from related parties, 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. Derivative assets . Fair value of credit default swaps are obtained from a third party who publishes the CMBX index composition and price data. See notes 7 and 8 for a complete description of the methodology and assumptions utilized in determining fair values. Indebtedness, net. 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 78.3% to 86.5% of the carrying value of $1.1 billion at September 30, 2020 , and approximately 94.3% to 104.2% of the carrying value of $1.1 billion at December 31, 2019 . These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 2020 2019 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (18,677 ) $ (9,388 ) $ (79,538 ) $ (14,879 ) Less: Dividends on preferred stock (2,554 ) (2,533 ) (7,664 ) (7,597 ) Less: Dividends on common stock — (5,177 ) — (15,508 ) Less: Dividends on unvested performance stock units — (74 ) — (224 ) Less: Dividends on unvested restricted shares — (88 ) — (272 ) Undistributed net income (loss) allocated to common stockholders (21,231 ) (17,260 ) (87,202 ) (38,480 ) Add back: Dividends on common stock — 5,177 — 15,508 Distributed and undistributed net income (loss) - basic and diluted $ (21,231 ) $ (12,083 ) $ (87,202 ) $ (22,972 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 33,923 32,347 33,103 32,259 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.63 ) $ (0.37 ) $ (2.63 ) $ (0.71 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.63 ) $ (0.37 ) $ (2.63 ) $ (0.71 ) 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, 2020 2019 2020 2019 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 88 $ — $ 272 Income (loss) allocated to unvested performance stock units — 74 — 224 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (2,381 ) (1,465 ) (10,036 ) (2,770 ) Dividends on preferred stock - Series B 1,729 1,708 5,189 5,122 Total $ (652 ) $ 405 $ (4,847 ) $ 2,848 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares — 19 25 53 Effect of unvested performance stock units — 165 — 206 Effect of assumed conversion of operating partnership units 3,863 4,162 3,940 4,229 Effect of assumed conversion of preferred stock - Series B 6,728 6,569 6,728 6,569 Effect of advisory services incentive fee shares 269 73 288 73 Effect of contingently issuable shares 10 — 3 — Total 10,870 10,988 10,984 11,130

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	9 Months Ended
	Sep. 30, 2020
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 (the “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. In March 2020, 83,000 LTIP units with a fair value of approximately $364,000 and a vesting period of three years were granted. On May 15, 2020, approximately 17,000 LTIP units were issued to independent directors, with a fair value of approximately $37,000 , which vested immediately upon grant. On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of COVID-19, the annual cash retainer for each independent director serving on the Company’s board of directors would be temporarily reduced by 25% and would continue in effect until the board of directors determined in its discretion that the effects of COVID-19 had subsided. The Company also disclosed at that time that any amounts relinquished pursuant to the reduction in fees may be paid in the future, as determined by the board of directors in its discretion. On August 6, 2020, the Company announced that for fiscal year 2020, the independent directors will receive the full value of their annual cash retainer (without reduction). The full value of such cash retainer will be paid 25% in either fully vested shares of common stock or LTIP units (at each director’s election) and 75% in cash; however, each independent director may also elect to take all or any portion of such 75% in either fully vested shares of common stock or LTIP units. The remaining quarterly installments of such retainer will be adjusted so that, for fiscal 2020 in the aggregate, each independent director will have received the full value of the annual cash retainer in the mix of cash and fully vested common stock (or LTIP units) so elected. This arrangement does not apply to any additional cash retainers for committee service or service as lead director, or meeting fees, which will continue to be paid in cash. On May 22, 2020 and September 28, 2020, approximately 17,000 and 8,000 LTIP units, respectively, were issued to independent directors, with fair values of approximately $44,000 and $20,000 , respectively, which vested immediately upon grant and have been expensed during the nine months ended September 30, 2020 . These grants represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors. The compensation committee of the board of directors of the Company may authorize the issuance of Performance LTIP units to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of Performance LTIP units that will be settled in common units of Braemar OP, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period, which is generally three years from the grant date. The number of Performance LTIP units actually earned may range from 0% to 200% of target 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, 2020 , there were approximately 431,000 Performance LTIP units, representing 200% of the target, outstanding. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the Performance LTIP units were granted to non-employees. In March 2020, 160,000 Performance LTIP units with a fair value of approximately $281,000 and a vesting period of three years were granted. As of September 30, 2020 , we have issued a total of 1.3 million LTIP units (including Performance LTIP units), net of cancellations, all of which, other than approximately 208,000 LTIP units and 220,000 Performance LTIP units issued from March 2015 to September 2020, had reached full economic parity with, and are convertible into, common units. The following table presents the common units redeemed and the fair value at redemption (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Common units converted to common stock — — 339 165 Fair value of common units converted $ — $ — $ 390 (1) $ 2,201 ____________________________________ (1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million . 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, 2020 December 31, 2019 Redeemable noncontrolling interests in Braemar OP $ 29,713 $ 41,570 Adjustments to redeemable noncontrolling interests (1) $ 47 $ 65 Ownership percentage of operating partnership 10.08 % 10.96 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical cost. 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, 2020 2019 2020 2019 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 2,381 $ 1,465 $ 10,036 $ 2,770 Distributions declared to holders of common units, LTIP units and Performance LTIP units — 771 — 2,318

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Common Stock 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, 2020 2019 2020 2019 Common stock dividends declared $ — $ 5,339 $ — $ 16,004 Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of grants of performance stock units (“PSUs”) to certain executive officers and directors 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, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period, which is generally three years from the grant date. The number of PSUs actually earned may range from 0% to 200% of target 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. 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. In March 2020, 225,000 PSUs with a fair value of approximately $790,000 and a vesting period of three years were granted. Restricted Stock Units —We incur stock-based compensation expense in connection with restricted stock units awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance. In March 2020, 311,000 restricted stock units with a fair value of approximately $1.4 million and a vesting period of three years were granted. On May 15, 2020, approximately 17,000 shares of common stock were issued to independent directors, with a fair value of approximately $37,000 , which vested immediately upon grant. On May 22, 2020 and September 28, 2020, approximately 18,000 and 9,000 shares of common stock, respectively, were issued to independent directors, with fair values of approximately $48,000 and $23,000 , respectively, which vested immediately upon grant and have been expensed during the nine months ended September 30, 2020 . These grants represented a portion of the annual cash retainer for each independent director serving on the Company’s board of directors, resulting from the COVID-19 related modifications to our director compensation program discussed in note 11. 8.25% Series D Cumulative Preferred Stock Dividends —The Series D Cumulative Preferred Stock dividend for all issued and outstanding shares is set at $2.0625 per annum per share. The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Series D Cumulative Preferred Stock $ 825 825 $ 2,475 $ 2,475 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 and preferred stock 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, 2020 and 2019 . As of September 30, 2020 , $50 million remains authorized by the board of directors pursuant to the December 5, 2017 approval. At-the-Market Common Stock Equity Distribution Program —On December 11, 2017, the Company established an “at-the-market” equity distribution program pursuant to which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $50 million . As of September 30, 2020 , 3.0 million shares of our common stock with an aggregate offering price of $7.7 million have been sold under this program. The issuance activity is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2020 Common shares issued 3,046 3,046 Gross proceeds received $ 7,715 $ 7,715 Commissions and other expenses 97 97 Net proceeds $ 7,618 $ 7,618

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ashford Inc. Advisory Agreement Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor. Our chairman Mr. Monty Bennett, also serves as chairman of the board of directors and chief executive officer of Ashford Inc. Under our advisory agreement, we pay advisory fees to Ashford LLC. We pay a monthly base fee equal to 1/12 th of the sum of (i) 0.70% of the total market capitalization of our company for the prior month, plus (ii) the Net Asset Fee Adjustment (as defined in our advisory agreement), if any, on the last day of the prior month during which our advisory agreement was in effect; provided, however in no event shall the base fee for any month be less than the minimum base fee as provided by our advisory agreement. The base fee is payable on the 5 th business day of each month. The minimum base fee for Braemar for each month will be equal to the greater of: (i) 90% of the base fee paid for the same month in the prior year; and (ii) 1/12 th of the G&A Ratio (as defined) multiplied by the total market capitalization of Braemar. We are also required to pay Ashford LLC an incentive fee that is measured annually (or for a stub period if the advisory agreement is terminated at other than year-end). Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group we 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 recorded equity-based compensation expense for equity grants of common stock and LTIP units awarded to officers and employees of Ashford LLC in connection with providing advisory services. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Advisory services fee Base advisory fee $ 2,386 $ 2,650 $ 7,579 $ 8,170 Reimbursable expenses (1) 404 645 1,360 1,906 Equity-based compensation (2) 1,785 1,995 5,606 5,426 Incentive fee — (132 ) — 77 Total $ 4,575 $ 5,158 $ 14,545 $ 15,579 ________ (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. Lismore Advisory Fee On March 20, 2020, the Company entered into an agreement with Lismore, a subsidiary of Ashford Inc., to engage Lismore to seek modifications, forbearances or refinancings of the Company’s loans (the “Lismore Agreement”). Pursuant to the Lismore Agreement, Lismore shall, during the agreement term (which commenced on March 20, 2020 and shall end on the date that is 12 months following the commencement date, or upon it being terminated by the Company on not less than 30 days written notice), negotiate the refinancing, modification or forbearance of the existing mortgage and mezzanine debt on the Company’s hotels and secured revolving credit facility. In connection with the services provided by Lismore, Lismore shall be paid an advisory fee (the “Advisory Fee”) of up to 50 basis points ( 0.50% ) of the aggregate amount of the modifications, forbearances or refinancings of the Company’s mortgage and mezzanine debt and its secured revolving credit facility (the “Financing”), calculated and payable as follows: (i) 12.5 basis points ( 0.125% ) of the aggregate amount of potential Financings upon execution of the Lismore Agreement; (ii) 12.5 basis points ( 0.125% ) payable in six equal installments beginning April 20, 2020 and ending on September 20, 2020; provided, however, in the event the Company does not complete, for any reason, Financings during the term of the Lismore Agreement equal to or greater than $1,091,250,000 , then the Company shall offset, against any fees owed by the Company or its affiliates pursuant to the Advisory Agreement, a portion of the fee paid by the Company to Lismore equal to the product of (x) the amount of Financings completed during the term of the Lismore Agreement minus $1,091,250,000 multiplied by (y) 0.125% ; and (iii) 25 basis points ( 0.25% ) payable upon the acceptance by the applicable lender of any Financing. Upon entering into the agreement with Lismore, the Company made a payment of $1.4 million . No amount of this payment can be clawed back. As of September 30, 2020 , the Company has also paid $1.4 million related to periodic installments of which $683,000 has been expensed in accordance with the agreement and $681,000 may be offset against future fees under the agreement that are eligible for claw back under the agreement. Further, the Company has paid $1.4 million in success fees under the agreement in connection with signed forbearance or other agreements, of which no amounts are available for claw back. As of September 30, 2020 , the Company has paid Lismore approximately $4.1 million , of which $1.3 million is included in “other assets.” For the three and nine months ended September 30, 2020 , the Company has recognized expense of $1.2 million and $2.7 million , respectively, which is included in “write-off of loan costs and exit fees.” On August 25, 2020, in light of the fact that Lismore negotiated access to the FF&E reserves but no forbearance on debt service for the $435 million mortgage loan secured by the Marriott Seattle Waterfront, Sofitel Chicago Magnificent Mile, The Notary Hotel and The Clancy, the independent members of the board of directors of Ashford Inc. waived $1.6 million of Lismore success fees associated with items (i) and (ii) above. Ashford Securities On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities LLC (“Ashford Securities”) to raise retail capital in order to grow its existing and future platforms. In conjunction with the formation of Ashford Securities, Braemar has entered into a contribution agreement with Ashford Inc. pursuant to which Braemar has agreed to contribute, with Ashford Hospitality Trust, Inc. (“Ashford Trust”), up to $15.0 million to fund the operations of Ashford Securities. As of September 30, 2020 , Braemar has funded approximately $996,000 . As of September 30, 2020 and December 31, 2019 , $37,000 and $520,000 , respectively, of the pre-funded amounts were included in “other assets” on our condensed consolidated balance sheets. Costs for all operating expenses of Ashford Securities that are contributed by Ashford Trust and Braemar will be expensed as incurred. These costs will be allocated initially to Ashford Trust and Braemar based on an allocation percentage of 75% to Ashford Trust and 25% Braemar. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised or June 10, 2023, there will be a true up (the “True-up Date”) between Ashford Trust and Braemar whereby the actual capital contributions contributed by each company will be based on the actual amount of capital raised by Ashford Trust and Braemar, respectively. After the True-Up Date, the capital contributions will be allocated between Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2020 2020 Corporate, general and administrative $ 228 $ 558 In the fourth quarter of 2019, the Company expensed $314,000 of reimbursed operating expenses of Ashford Securities. Enhanced Return Funding Program Concurrent with amending the Fifth Amended and Restated Advisory Agreement with Ashford LLC on January 15, 2019, the Company also entered into the Enhanced Return Funding Program Agreement (the “ERFP Agreement”) with Ashford Inc. The “key money investments” concept previously contemplated by our advisory agreement was replaced with the ERFP Agreement. The Fifth Amended and Restated Advisory Agreement was also amended to name Ashford Inc. and its subsidiaries as the Company’s sole and exclusive provider of asset management, project management and other services offered by Ashford Inc. or any of its subsidiaries. The independent members of our board of directors and the independent members of the board of directors of Ashford Inc., with the assistance of separate and independent legal counsel, engaged to negotiate the ERFP Agreement on behalf of Ashford Inc. and Braemar, respectively. The ERFP Agreement generally provides that Ashford LLC will provide funding to facilitate the acquisition of properties by Braemar OP that are recommended by Ashford LLC, in an aggregate amount of up to $50 million (subject to increase to up to $100 million by mutual agreement). Each funding will equal 10% of the property acquisition price and will be made either at the time of the property acquisition or at any time generally within the two -year period following the date of such acquisition, in exchange for furniture, fixtures & equipment (“FF&E”) for use at the acquired property or any other property owned by Braemar OP. The initial term of the ERFP Agreement is two years (the “Initial Term”), unless earlier terminated pursuant to the terms of the ERFP Agreement. At the end of the Initial Term, the ERFP Agreement shall automatically renew for successive one -year periods (each such period a “Renewal Term”) unless either Ashford Inc. or Braemar provides written notice to the other at least sixty days in advance of the expiration of the Initial Term or Renewal Term, as applicable, that such notifying party intends not to renew the ERFP Agreement. Project Management Agreement In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s project management business, we entered into a project management agreement with Ashford Inc.’s subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides project management services to our hotels, including construction management, interior design, architectural services, and the purchasing, freight management, and supervision of installation of FF&E and related services. Pursuant to the project management agreement, we pay Premier: (a) project management fees of up to 4% of project costs; and (b) for the following services as follows: (i) architectural ( 6.5% of total construction costs); (ii) construction management for projects without a general contractor ( 10% of total construction costs); (iii) interior design ( 6% of the purchase price of the FF&E designed or selected by Premier); and (iv) FF&E purchasing ( 8% of the purchase price of FF&E purchased by Premier; provided that if the purchase price exceeds $2.0 million for a single hotel in a calendar year, then the purchasing fee is reduced to 6% of the FF&E purchase price in excess of $2.0 million for such hotel in such calendar year). On March 20, 2020, we amended the project management agreement to provide that Premier’s fees shall be paid by the Company to Premier upon the completion of any work provided by third party vendors to the Company. Hotel Management Agreement On November 6, 2019, Ashford Inc. completed the acquisition of Remington Lodging’s hotel management business. Following the acquisition, hotel management services are provided by Remington Hotels, a subsidiary of Ashford Inc., under the respective hotel management agreement with each customer, including Ashford Trust and Braemar. At September 30, 2020 , Remington Hotels managed three of our thirteen hotel properties. We pay monthly hotel management fees equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services. Pursuant to the terms of the Letter Agreement dated March 13, 2020 (the “Hotel Management Letter Agreement”), in order to allow Remington Hotels to better manage its corporate working capital and to ensure the continued efficient operation of our hotels, we agreed to pay the base fee and to reimburse all expenses on a weekly basis for the preceding week, rather than on a monthly basis. The Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by us. We also have a mutual exclusivity agreement with Remington Hotels, pursuant to which: (i) we have agreed to engage Remington Hotels to provide management services with respect to any hotel we acquire or invest in, to the extent we have the right and/or control the right to direct the management of such hotel; and (ii) Remington Hotels has agreed to grant us a right of first refusal to purchase any opportunity to develop or construct a hotel that it identifies that meets our initial investment guidelines. We are not, however, obligated to engage Remington Hotels if our independent directors either: (i) unanimously vote to hire a different manager or developer; or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on related party’s prior performance, it is believed that another manager could perform the management or other duties materially better. Remington Lodging (prior to Ashford Inc. acquisition) Between January 1, 2019 and November 5, 2019, we paid Remington Lodging monthly hotel management fees equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive hotel management fees, if certain operational criteria were met and other general and administrative expense reimbursements primarily related to accounting services.

5.50% Series B Cumulative Conve

5.50% Series B Cumulative Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2020
Temporary Equity Disclosure [Abstract]
5.50% Series B Cumulative Convertible Preferred Stock	5.50% Series B Cumulative Convertible Preferred Stock Each share of our 5.50% 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 a conversion price of $18.70 (which represents a conversion rate of 1.3372 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 Series B Convertible Preferred Stock dividend for all issued and outstanding shares is set at $1.375 per annum per share. 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. 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; 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 December 4, 2019, we entered into equity distribution agreements with certain sales agents to sell from time to time shares of our Series B Convertible Preferred Stock having an aggregate offering price of up to $40.0 million . Sales of shares of our Series B Convertible Preferred Stock may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415 of the Securities Act, including sales made directly on the NYSE, the existing trading market for our Series B Convertible Preferred Stock, or sales made to or through a market maker other than on an exchange or through an electronic communications network. We will pay each of the sales agents a commission, which in each case shall not be more than 2.0% of the gross sales price of the shares of our Series B Convertible Preferred Stock sold through such sales agents. The issuance activity is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2020 Series B Convertible Preferred Stock shares issued — 23 Gross proceeds received $ — $ 439 Commissions and other expenses — 7 Net proceeds $ — $ 432 Series B Convertible Preferred Stock does 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 following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Series B Convertible Preferred Stock $ 1,729 $ 1,708 $ 5,189 $ 5,122

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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, 2020 , 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 hotel management agreements for our hotel properties existing at September 30, 2020 , we pay a monthly hotel management fee equal to the greater of approximately $14,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2.5% to 7.0% of gross revenues, as well as annual incentive management fees, if applicable. These management agreements expire from December 2023 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 2016 through 2019 remain subject to potential examination by certain federal and state taxing authorities. Litigation —On October 24, 2019, the Company provided notice to Accor of the material breach of its responsibilities under the Accor management agreement for the Sofitel Chicago Magnificent Mile at 20 East Chestnut Street in Chicago, Illinois. On November 7, 2019, Accor filed a complaint against Ashford TRS Chicago II in the Supreme Court of the State of New York, New York County, seeking a declaratory judgment that no breach has occurred. Accor’s complaint was dismissed on or about February 27, 2020. On January 6, 2020, Ashford TRS Chicago II filed a complaint against Accor in the Supreme Court of the State of New York, New York County, alleging breach of the Accor management agreement and seeking declaration of its right to terminate the Accor management agreement. On July 20, 2020, Accor filed an Amended Answer and Counterclaims against Ashford TRS Chicago II. Accor asserts two causes of action: First, Accor asserts a counterclaim for declaratory judgment that Accor correctly calculated the amount payable to Ashford TRS Chicago II under the management agreement to “cure” Accor’s performance test failure (the “Cure Amount”). Second, Accor asserts a counterclaim for breach of contract on the basis that Ashford TRS Chicago II breached the management agreement by wrongfully maintaining that the Cure Amount for the 2018 and 2019 Performance Test failure is $1,031,549 instead of $535,120 . One of the Company’s hotel management companies is currently involved in litigation regarding its employment policies and practices at multiple California hotels, including one of the Company’s hotels. The Company believes it is reasonably possible that the litigation could result in an unfavorable outcome, in which case the Company could experience a loss. The litigation commenced in 2016 and is currently scheduled to go to trial in the first quarter of 2021. The litigation may be settled before trial, in which case the Company estimates that the Company’s potential loss could range between $300,000 and approximately $500,000 . If the litigation is resolved at trial, the Company does not believe the potential loss is reasonably estimable at this time. As of September 30, 2020 , no amounts have been accrued. In June 2020, each of the Company, Ashford Trust, Ashford Inc., and Lismore, a subsidiary of Ashford Inc. (collectively with the Company, Ashford Trust, Ashford Inc. and Lismore, the “Ashford Companies”), received an administrative subpoena from the SEC. The Company’s administrative subpoena requires the production of documents and other information since January 1, 2018 relating to, among other things, (1) related party transactions among the Ashford Companies (including the Lismore Agreement between the Company and Lismore pursuant to which the Company engaged Lismore to negotiate the refinancing, modification or forbearance of certain mortgage debt) or between any of the Ashford Companies and any officer, director or owner of the Ashford Companies or any entity controlled by any such person, and (2) the Company’s accounting policies, procedures, and internal controls related to such related party transactions. In addition, in October 2020, Mr. Monty J. Bennett, chairman of our board of directors, received an administrative subpoena from the SEC requiring testimony and the production of documents and other information substantially similar to the requests in the subpoenas received by the Ashford Companies. The Company and Mr. Monty J. Bennett are responding to the administrative subpoenas. A class action lawsuit has been filed against one of the Company’s hotel management companies alleging violations of certain California employment laws, which class action affects two hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (1) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous policy requiring its employees to stay on premises during rest breaks; and (2) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members are being prepared. Upon receipt, recipients of the notice will have 60 days to opt out of the class. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because the class size has not yet been determined and there is uncertainty under California law with respect to a significant legal issue, we do not believe any potential loss to the Company is reasonably estimable at this time. As of September 30, 2020, no amounts have been accrued. We are engaged in other various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings are based on definitions within the contingency accounting literature. 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, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers 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, 2020 and December 31, 2019 , all of our hotel properties were in the U.S. and its territories.

Immaterial Correction of Error

Immaterial Correction of Error	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Immaterial Correction of Error	Correction of Immaterial Error In connection with the preparation of the Company’s condensed consolidated financial statements for the three months ended September 30, 2020, management determined that the manner in which it accounted for default interest and late charges under its troubled debt restructurings was incorrect. Previously, the Company reversed default interest and late charges under its troubled debt restructurings immediately in the period that the relevant forbearance agreement was signed; however, such amounts should have been capitalized into the applicable loan balances and amortized over the remaining term of the loan using the effective interest method. The amount of the error as of and for the three and six months ended June 30, 2020 was $4.6 million . Management assessed the materiality of error and determined the impact on the Company’s condensed consolidated financial statements was not material. The prior period comparative consolidated financial statements have been revised to correct the error. The table below sets forth the impact of the revision on the previously issued condensed consolidated balance sheet (not presented herein) (in thousands): June 30, 2020 As Previously Reported Adjustments As Revised LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 1,123,313 $ 4,614 $ 1,127,927 Total liabilities 1,280,427 4,614 1,285,041 Redeemable noncontrolling interests in operating partnership 32,060 (471 ) 31,589 Equity: — Accumulated deficit (212,431 ) (4,143 ) (216,574 ) Total stockholders' equity of the Company 313,766 (4,143 ) 309,623 Total equity 302,138 (4,143 ) 297,995 Total liabilities and equity $ 1,721,977 $ — $ 1,721,977 The table below sets forth the impact of the revision on the previously issued condensed consolidated statements of operations (not presented herein) (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised EXPENSES Interest expense and amortization of loan costs $ (12,797 ) $ (4,614 ) $ (17,411 ) $ (24,694 ) $ (4,614 ) $ (29,308 ) INCOME (LOSS) BEFORE INCOME TAXES (55,938 ) (4,614 ) (60,552 ) (69,955 ) (4,614 ) (74,569 ) NET INCOME (LOSS) (51,491 ) (4,614 ) (56,105 ) (66,878 ) (4,614 ) (71,492 ) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 5,297 473 5,770 7,182 473 7,655 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (43,790 ) (4,141 ) (47,931 ) (56,720 ) (4,141 ) (60,861 ) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (46,345 ) $ (4,141 ) $ (50,486 ) $ (61,830 ) $ (4,141 ) $ (65,971 ) INCOME (LOSS) PER SHARE – BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (1.41 ) $ (0.12 ) $ (1.53 ) $ (1.89 ) $ (0.13 ) $ (2.02 ) Weighted average common shares outstanding – basic 32,907 — 32,907 32,688 — 32,688 Diluted: Net income (loss) attributable to common stockholders $ (1.41 ) $ (0.12 ) $ (1.53 ) $ (1.89 ) $ (0.13 ) $ (2.02 ) Weighted average common shares outstanding – diluted 32,907 — 32,907 32,688 — 32,688 The table below sets forth the impact of the revision on the previously issued condensed consolidated statements of comprehensive income (loss) (not presented herein) (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised NET INCOME (LOSS) $ (51,491 ) $ (4,614 ) $ (56,105 ) $ (66,878 ) $ (4,614 ) $ (71,492 ) TOTAL COMPREHENSIVE INCOME (LOSS) (51,491 ) (4,614 ) (56,105 ) (66,878 ) (4,614 ) (71,492 ) Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership 5,297 473 5,770 7,182 473 7,655 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ (43,790 ) $ (4,141 ) $ (47,931 ) $ (56,720 ) $ (4,141 ) $ (60,861 ) The table below sets forth the impact of the revision on the previously issued condensed consolidated statements of equity (not presented herein) (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Consolidated statement of equity: Net income (loss) (43,790 ) (4,141 ) (47,931 ) (56,720 ) (4,141 ) (60,861 ) Redemption value adjustment 22 (2 ) 20 28 (2 ) 26 Accumulated deficit (212,431 ) (4,143 ) (216,574 ) (212,431 ) (4,143 ) (216,574 ) Total stockholders' equity of the Company 313,766 (4,143 ) 309,623 313,766 (4,143 ) 309,623 Total equity $ 302,138 $ (4,143 ) $ 297,995 $ 302,138 $ (4,143 ) $ 297,995 Redeemable noncontrolling interests in operating partnership: Net income (loss) (5,297 ) (473 ) (5,770 ) (7,182 ) (473 ) (7,655 ) Redemption value adjustment (22 ) 2 (20 ) (28 ) 2 (26 ) Redeemable noncontrolling interests in operating partnership: $ 32,060 $ (471 ) $ 31,589 $ (212,431 ) $ (471 ) $ (212,902 ) The table below sets forth the impact of the revision on the previously issued condensed consolidated statement of cash flows (not presented herein) (in thousands): Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (66,878 ) $ (4,614 ) $ (71,492 ) Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: Amortization of loan costs and capitalized default interest $ 2,018 $ (312 ) $ 1,706 Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition: Accounts payable and accrued expenses $ (16,287 ) $ 4,926 $ (11,361 ) SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Non-cash loan principal associated with default interest and late fees $ — $ 4,926 $ 4,926

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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 2019 Annual Report on Form 10-K, as originally filed with the Securities and Exchange Commission (“SEC”) on March 13, 2020. 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, 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, 2020 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 ; and • on January 15, 2019, we acquired the Ritz-Carlton, Lake Tahoe. The operating results of the hotel property have been included in the results of operations as of its acquisition date.
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.
Income Taxes	Income Taxes —On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the consolidated financial statements in the period the law was enacted. For the nine months ended September 30, 2020 , the CARES Act did not have a material impact on the Company’s consolidated financial statements. At this time, the Company does not expect the CARES Act to have a material impact on the Company’s consolidated financial statements for the year ending December 31, 2020.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“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. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses ( “ ASU 2018-19”) . ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates (“ASU 2019-10”). ASU 2019-10 updates the effective dates for ASU 2016-13, but there is no change for public companies. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2019-11”). ASU 2019-11, clarifies specific issues within the amendments of ASU 2016-13. We adopted the standard effective January 1, 2020 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”), which clarifies the interaction between the accounting for equity securities, equity method investments, and certain derivative instruments. The ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures , for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. We are currently evaluating the impact that ASU 2020-01 may have on our consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply the elections as applicable as changes in the market occur. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Shar e, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. For SEC filers, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. We are currently evaluating the impact that ASU 2020-06 may have on our consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 11,504 $ 2,895 $ 1,536 $ — $ 15,935 Colorado 1 1,688 692 1,659 — 4,039 Florida 2 7,103 3,175 3,262 — 13,540 Illinois 1 1,706 240 127 — 2,073 Pennsylvania 1 1,088 9 58 — 1,155 Washington 1 1,056 3 118 — 1,177 Washington, D.C. 1 331 4 292 — 627 USVI 1 3,642 1,519 1,047 — 6,208 Total 13 $ 28,118 $ 8,537 $ 8,099 $ — $ 44,754 Three Months Ended September 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 32,070 $ 9,190 $ 4,441 $ — $ 45,701 Colorado 1 3,086 3,615 2,368 — 9,069 Florida 2 8,234 4,124 3,308 — 15,666 Illinois 1 7,501 2,250 466 — 10,217 Pennsylvania 1 6,675 1,474 310 — 8,459 Washington 1 10,361 1,649 382 — 12,392 Washington, D.C. 1 8,889 3,688 378 — 12,955 USVI 1 (8 ) 432 3,999 — 4,423 Corporate entities — — — — 2 2 Total 13 $ 76,808 $ 26,422 $ 15,652 $ 2 $ 118,884 Nine Months Ended September 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 37,401 $ 10,936 $ 6,474 $ — $ 54,811 Colorado 1 9,955 4,974 4,898 — 19,827 Florida 2 24,401 12,535 10,292 — 47,228 Illinois 1 4,638 1,129 490 — 6,257 Pennsylvania 1 6,088 1,215 377 — 7,680 Washington 1 4,821 794 540 — 6,155 Washington, D.C. 1 6,857 3,482 1,174 — 11,513 USVI 1 10,958 4,352 6,388 — 21,698 Total 13 $ 105,119 $ 39,417 $ 30,633 $ — $ 175,169 Nine Months Ended September 30, 2019 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Other Total California 5 $ 88,533 $ 27,311 $ 11,893 $ — $ 127,737 Colorado 1 14,059 9,867 7,762 — 31,688 Florida 2 34,674 18,811 12,311 — 65,796 Illinois 1 19,053 5,796 1,168 — 26,017 Pennsylvania 1 18,169 3,187 793 — 22,149 Washington 1 23,378 5,070 1,189 — 29,637 Washington, D.C. 1 29,960 12,679 1,196 — 43,835 USVI 1 834 1,605 16,608 — 19,047 Corporate entities — — — — 7 7 Total 13 $ 228,660 $ 84,326 $ 52,920 $ 7 $ 365,913

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): September 30, 2020 December 31, 2019 Land $ 455,298 $ 455,298 Buildings and improvements 1,187,947 1,173,151 Furniture, fixtures and equipment 127,553 129,595 Construction in progress 9,758 33,130 Total cost 1,780,556 1,791,174 Accumulated depreciation (343,877 ) (309,752 ) Investments in hotel properties, net $ 1,436,679 $ 1,481,422

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2020 December 31, 2019 Carrying value of the investment in OpenKey (in thousands) $ 1,787 $ 1,899 Ownership interest in OpenKey 8.2 % 8.6 % 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 2020 2019 2020 2019 Equity in earnings (loss) of unconsolidated entity $ (58 ) $ (48 ) $ (138 ) $ (149 )

Indebtedness, net (Tables)

Indebtedness, net (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate September 30, 2020 December 31, 2019 Secured revolving credit facility (3) Equity October 2022 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% $ — $ — Mortgage loan (4) Park Hyatt Beaver Creek April 2021 LIBOR (1) + 2.75% 67,500 67,500 Mortgage loan (5) The Notary Hotel June 2021 LIBOR (1) + 2.16% 435,000 435,000 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (6) Ritz-Carlton, St. Thomas August 2021 LIBOR (1) + 3.95% 42,500 42,500 Mortgage loan (7) Hotel Yountville May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan (7) Bardessono Hotel August 2022 LIBOR (1) + 2.55% 40,000 40,000 Term loan (3) Equity October 2022 Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% 63,284 — Mortgage loan (7) Ritz-Carlton, Sarasota April 2023 LIBOR (1) + 2.65% 100,000 100,000 Mortgage loan (7) Ritz-Carlton, Lake Tahoe January 2024 LIBOR (1) + 2.10% 54,000 54,000 Mortgage loan (8) Capital Hilton February 2024 LIBOR (1) + 1.70% 197,229 195,000 Hilton La Jolla Torrey Pines Mortgage loan (7) Pier House Resort September 2024 LIBOR (1) + 1.85% 80,000 80,000 1,130,513 1,065,000 Capitalized default interest and late charges 8,610 — Deferred loan costs, net (6,136 ) (6,514 ) Indebtedness, net $ 1,132,987 $ 1,058,486 __________________ (1) LIBOR rates were 0.148% and 1.763% at September 30, 2020 and December 31, 2019 , respectively. (2) Base Rate, as defined in the secured term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5% , or (iii) LIBOR + 1.0% . (3) Effective June 8, 2020, we amended our secured revolving credit facility totaling $75 million , which was the total borrowing capacity. In conjunction with the amendment, we repaid $10 million of principal and converted the facility to a term loan with a principal balance of $65 million . The amended term loan is interest only until March 2021 and bears interest at a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.5% , with a LIBOR floor of 0.50% . (4) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions, of which the second was exercised in April 2020. (5) Effective June 9, 2020, we executed a FF&E accommodation agreement for this mortgage loan. Terms of the agreement included lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through January 2021. This mortgage loan has five one -year extension options, subject to satisfaction of certain conditions, of which the first was exercised in June 2020. (6) The interest rate spread on this mortgage loan changed from 4.95% as of December 31, 2019, to 3.95% as of March 31, 2020, based on an appraisal received in accordance with the August 5, 2019 loan amendment. This mortgage loan has a LIBOR floor of 1.00% . This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. (7) Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included adding a LIBOR floor of 0.25% ; deferral of interest payments for three months with the option to extend the interest payment deferral an additional three months , which was exercised in August 2020, with all deferred payments due at maturity; lender-held reserves were made available to fund property-level operating expenses; and monthly FF&E escrow deposits were waived through December 2020. (8) Effective September 24, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. In conjunction with the forbearance agreement, deferred interest payments of $2.2 million were capitalized into the principal balance and are to be repaid in 12 monthly installments beginning January 2021.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the interest rate derivatives we entered into over the applicable periods: Nine Months Ended September 30, Interest rate caps: 2020 2019 Notional amount (in thousands) $ 602,500 $ 348,500 Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 7.80 % Effective date range March 2020 - June 2020 January 2019 - September 2019 Termination date range April 2021 - June 2021 March 2020 - October 2021 Total cost of interest rate caps (in thousands) $ 92 $ 89 Interest rate floors: Notional amount (in thousands) $ — $ 2,000,000 Strike rate 1.63 % Effective date January 2019 Termination date March 2020 Total cost of interest rate floors (in thousands) $ — $ 75 _______________ No instruments were designated as cash flow hedges for during the nine months ended September 30, 2020 and 2019 . Interest rate derivatives consisted of the following: Interest rate caps: (1) September 30, 2020 December 31, 2019 Notional amount (in thousands) $ 779,000 $ 968,000 Strike rate low end of range 3.00 % 3.00 % Strike rate high end of range 4.00 % 7.80 % Termination date range February 2021 - October 2021 January 2020 - October 2021 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 779,000 $ 870,000 Interest rate floors: (1) (2) Notional amount (in thousands) $ — $ 5,000,000 Strike rate low end of range (0.25 )% Strike rate high end of range 1.63 % Termination date range March 2020 - 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, 2020
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, 2020 Assets Derivative assets: Credit default swaps $ — $ (323 ) $ — $ 1,100 $ 777 $ — $ (323 ) $ — $ 1,100 $ 777 (2) 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, 2019 Assets Derivative assets: Interest rate derivatives - floors $ — $ 1 $ — $ 52 $ 53 Interest rate derivatives - caps — 1 — — 1 Credit default swaps — (550 ) — 1,078 528 $ — $ (548 ) $ — $ 1,130 $ 582 (2) __________________ (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 our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Assets Derivative assets: Interest rate derivatives - floors $ — $ (717 ) $ — $ (51 ) Interest rate derivatives - caps (30 ) (26 ) (93 ) (107 ) Credit default swaps 51 (1) (61 ) (1) 226 (1) (1,004 ) (1) Total derivative assets $ 21 $ (804 ) $ 133 $ (1,162 ) Non-derivative assets: Investment in Ashford Inc. $ — $ (1,471 ) $ — $ (5,390 ) Total $ 21 $ (2,275 ) $ 133 $ (6,552 ) Total combined Interest rate derivatives - floors $ 3,540 $ (667 ) $ 3,615 $ 139 Interest rate derivatives - caps (30 ) (26 ) (93 ) (107 ) Credit default swaps 51 (61 ) 226 (1,004 ) Unrealized gain (loss) on derivatives 3,561 (754 ) 3,748 (972 ) Realized gain (loss) on interest rate floors (3,540 ) (2) (50 ) (2) (3,615 ) (2) (190 ) (2) Unrealized gain (loss) on investment in Ashford Inc. — (1,471 ) — (5,390 ) Net $ 21 $ (2,275 ) $ 133 $ (6,552 ) _______________ (1) Excludes costs associated with credit default swaps of $64 for each of the three months ended September 30, 2020 and 2019 , as well as $191 and $190 for the nine months ended September 30, 2020 and 2019 , respectively, which is 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, 2020
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, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets $ 777 $ 777 $ 582 $ 582 Financial assets not measured at fair value: Cash and cash equivalents $ 88,227 $ 88,227 $ 71,995 $ 71,995 Restricted cash 34,658 34,658 58,388 58,388 Accounts receivable, net 17,335 17,335 19,053 19,053 Due from related parties, net 993 993 551 551 Due from third-party hotel managers 14,315 14,315 16,638 16,638 Financial liabilities not measured at fair value: Indebtedness $ 1,130,513 $884,893 to $978,040 $ 1,065,000 $1,003,863 to $1,109,532 Accounts payable and accrued expenses 64,931 64,931 94,919 94,919 Dividends and distributions payable 3,208 3,208 9,143 9,143 Due to Ashford Inc. 1,662 1,662 4,344 4,344 Due to third-party hotel managers 1,439 1,439 1,685 1,685

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 2020 2019 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (18,677 ) $ (9,388 ) $ (79,538 ) $ (14,879 ) Less: Dividends on preferred stock (2,554 ) (2,533 ) (7,664 ) (7,597 ) Less: Dividends on common stock — (5,177 ) — (15,508 ) Less: Dividends on unvested performance stock units — (74 ) — (224 ) Less: Dividends on unvested restricted shares — (88 ) — (272 ) Undistributed net income (loss) allocated to common stockholders (21,231 ) (17,260 ) (87,202 ) (38,480 ) Add back: Dividends on common stock — 5,177 — 15,508 Distributed and undistributed net income (loss) - basic and diluted $ (21,231 ) $ (12,083 ) $ (87,202 ) $ (22,972 ) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 33,923 32,347 33,103 32,259 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.63 ) $ (0.37 ) $ (2.63 ) $ (0.71 ) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.63 ) $ (0.37 ) $ (2.63 ) $ (0.71 )
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, 2020 2019 2020 2019 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 88 $ — $ 272 Income (loss) allocated to unvested performance stock units — 74 — 224 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (2,381 ) (1,465 ) (10,036 ) (2,770 ) Dividends on preferred stock - Series B 1,729 1,708 5,189 5,122 Total $ (652 ) $ 405 $ (4,847 ) $ 2,848 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares — 19 25 53 Effect of unvested performance stock units — 165 — 206 Effect of assumed conversion of operating partnership units 3,863 4,162 3,940 4,229 Effect of assumed conversion of preferred stock - Series B 6,728 6,569 6,728 6,569 Effect of advisory services incentive fee shares 269 73 288 73 Effect of contingently issuable shares 10 — 3 — Total 10,870 10,988 10,984 11,130

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the common units redeemed and the fair value at redemption (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Common units converted to common stock — — 339 165 Fair value of common units converted $ — $ — $ 390 (1) $ 2,201 ____________________________________ (1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million . 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, 2020 December 31, 2019 Redeemable noncontrolling interests in Braemar OP $ 29,713 $ 41,570 Adjustments to redeemable noncontrolling interests (1) $ 47 $ 65 Ownership percentage of operating partnership 10.08 % 10.96 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical cost. 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, 2020 2019 2020 2019 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 2,381 $ 1,465 $ 10,036 $ 2,770 Distributions declared to holders of common units, LTIP units and Performance LTIP units — 771 — 2,318

Equity and Stock-Based Compen_2

Equity and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Dividends	The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Series D Cumulative Preferred Stock $ 825 825 $ 2,475 $ 2,475 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Common stock dividends declared $ — $ 5,339 $ — $ 16,004
Schedule of Issuance Activity	The issuance activity is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2020 Common shares issued 3,046 3,046 Gross proceeds received $ 7,715 $ 7,715 Commissions and other expenses 97 97 Net proceeds $ 7,618 $ 7,618

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2020 2020 Corporate, general and administrative $ 228 $ 558 The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Advisory services fee Base advisory fee $ 2,386 $ 2,650 $ 7,579 $ 8,170 Reimbursable expenses (1) 404 645 1,360 1,906 Equity-based compensation (2) 1,785 1,995 5,606 5,426 Incentive fee — (132 ) — 77 Total $ 4,575 $ 5,158 $ 14,545 $ 15,579 ________ (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.

5.50% Series B Cumulative Con_2

5.50% Series B Cumulative Convertible Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2020
Temporary Equity Disclosure [Abstract]
Issuance Activity	The issuance activity is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2020 Series B Convertible Preferred Stock shares issued — 23 Gross proceeds received $ — $ 439 Commissions and other expenses — 7 Net proceeds $ — $ 432
Schedule of Dividends Declared	The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Series B Convertible Preferred Stock $ 1,729 $ 1,708 $ 5,189 $ 5,122

Immaterial Correction of Error

Immaterial Correction of Error (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Schedule of Impact of the Revision on Previously Issued Financial Statements	The table below sets forth the impact of the revision on the previously issued condensed consolidated balance sheet (not presented herein) (in thousands): June 30, 2020 As Previously Reported Adjustments As Revised LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 1,123,313 $ 4,614 $ 1,127,927 Total liabilities 1,280,427 4,614 1,285,041 Redeemable noncontrolling interests in operating partnership 32,060 (471 ) 31,589 Equity: — Accumulated deficit (212,431 ) (4,143 ) (216,574 ) Total stockholders' equity of the Company 313,766 (4,143 ) 309,623 Total equity 302,138 (4,143 ) 297,995 Total liabilities and equity $ 1,721,977 $ — $ 1,721,977 The table below sets forth the impact of the revision on the previously issued condensed consolidated statements of operations (not presented herein) (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised EXPENSES Interest expense and amortization of loan costs $ (12,797 ) $ (4,614 ) $ (17,411 ) $ (24,694 ) $ (4,614 ) $ (29,308 ) INCOME (LOSS) BEFORE INCOME TAXES (55,938 ) (4,614 ) (60,552 ) (69,955 ) (4,614 ) (74,569 ) NET INCOME (LOSS) (51,491 ) (4,614 ) (56,105 ) (66,878 ) (4,614 ) (71,492 ) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 5,297 473 5,770 7,182 473 7,655 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (43,790 ) (4,141 ) (47,931 ) (56,720 ) (4,141 ) (60,861 ) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (46,345 ) $ (4,141 ) $ (50,486 ) $ (61,830 ) $ (4,141 ) $ (65,971 ) INCOME (LOSS) PER SHARE – BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (1.41 ) $ (0.12 ) $ (1.53 ) $ (1.89 ) $ (0.13 ) $ (2.02 ) Weighted average common shares outstanding – basic 32,907 — 32,907 32,688 — 32,688 Diluted: Net income (loss) attributable to common stockholders $ (1.41 ) $ (0.12 ) $ (1.53 ) $ (1.89 ) $ (0.13 ) $ (2.02 ) Weighted average common shares outstanding – diluted 32,907 — 32,907 32,688 — 32,688 The table below sets forth the impact of the revision on the previously issued condensed consolidated statements of comprehensive income (loss) (not presented herein) (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised NET INCOME (LOSS) $ (51,491 ) $ (4,614 ) $ (56,105 ) $ (66,878 ) $ (4,614 ) $ (71,492 ) TOTAL COMPREHENSIVE INCOME (LOSS) (51,491 ) (4,614 ) (56,105 ) (66,878 ) (4,614 ) (71,492 ) Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership 5,297 473 5,770 7,182 473 7,655 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ (43,790 ) $ (4,141 ) $ (47,931 ) $ (56,720 ) $ (4,141 ) $ (60,861 ) The table below sets forth the impact of the revision on the previously issued condensed consolidated statements of equity (not presented herein) (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Consolidated statement of equity: Net income (loss) (43,790 ) (4,141 ) (47,931 ) (56,720 ) (4,141 ) (60,861 ) Redemption value adjustment 22 (2 ) 20 28 (2 ) 26 Accumulated deficit (212,431 ) (4,143 ) (216,574 ) (212,431 ) (4,143 ) (216,574 ) Total stockholders' equity of the Company 313,766 (4,143 ) 309,623 313,766 (4,143 ) 309,623 Total equity $ 302,138 $ (4,143 ) $ 297,995 $ 302,138 $ (4,143 ) $ 297,995 Redeemable noncontrolling interests in operating partnership: Net income (loss) (5,297 ) (473 ) (5,770 ) (7,182 ) (473 ) (7,655 ) Redemption value adjustment (22 ) 2 (20 ) (28 ) 2 (26 ) Redeemable noncontrolling interests in operating partnership: $ 32,060 $ (471 ) $ 31,589 $ (212,431 ) $ (471 ) $ (212,902 ) The table below sets forth the impact of the revision on the previously issued condensed consolidated statement of cash flows (not presented herein) (in thousands): Six Months Ended June 30, 2020 As Previously Reported Adjustments As Revised CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (66,878 ) $ (4,614 ) $ (71,492 ) Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: Amortization of loan costs and capitalized default interest $ 2,018 $ (312 ) $ 1,706 Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition: Accounts payable and accrued expenses $ (16,287 ) $ 4,926 $ (11,361 ) SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Non-cash loan principal associated with default interest and late fees $ — $ 4,926 $ 4,926

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)hotelroomstate	Sep. 30, 2020USD ($)contracthotelroomstate	Sep. 30, 2019USD ($)hotel	Jun. 30, 2020USD ($)hotel	Jun. 08, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018hotel
Real Estate Properties [Line Items]
Number of hotels | hotel	13	13	13					13
Number of states in which entity operates | state	6	6
Number of rooms | room	3,722	3,722
Number of units in real estate property, net partnership interest | room	3,487	3,487
Indebtedness, gross	$ 1,132,987,000	$ 1,132,987,000		$ 1,127,927,000		$ 1,058,486,000
Indebtedness, gross	1,130,513,000	1,130,513,000				1,065,000,000
Planned spending for capital expenditures		25,000,000
Amount conserved after suspending common stock dividends		6,000,000
Cash and cash equivalents	88,227,000	88,227,000	$ 82,583,000			71,995,000	$ 182,578,000
Restricted cash	34,658,000	34,658,000	57,367,000			58,388,000	$ 75,910,000
Cash, cash equivalents and restricted cash utilized	21,100,000	7,498,000	$ 118,538,000
Due from third-party hotel managers	14,315,000	$ 14,315,000				16,638,000
Ground Lease
Real Estate Properties [Line Items]
Number of ground leases | contract		2
Line of Credit | Senior Revolving Credit Facility
Real Estate Properties [Line Items]
Indebtedness, gross					$ 75,000,000
Indebtedness, gross	0	$ 0				0
Mortgages
Real Estate Properties [Line Items]
Loan default amount	200,000,000	200,000,000
Mortgages | Mortgage Loan 2
Real Estate Properties [Line Items]
Indebtedness, gross	435,000,000	435,000,000				435,000,000
Term Loan | Term loan
Real Estate Properties [Line Items]
Indebtedness, gross	$ 63,284,000	$ 63,284,000				$ 0
Total property debt					$ 65,000,000
Subsidiaries
Real Estate Properties [Line Items]
Number of hotels | hotel				13
Subsidiaries | Hotel
Real Estate Properties [Line Items]
Number of hotels | hotel				13
COVID-19 | Subsidiaries
Real Estate Properties [Line Items]
Number of hotels with suspended operations | hotel				11
COVID-19 | Subsidiaries | Hotel
Real Estate Properties [Line Items]
Number of hotels opened | hotel	12	12
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotels | hotel	11	11
Consolidated Properties
Real Estate Properties [Line Items]
Number of hotels | hotel	2	2
Leased by Wholly-Owned or Majority-Owned Taxable REIT Subsidiaries
Real Estate Properties [Line Items]
Number of hotels | hotel	12	12
US Virgin Islands Taxable REIT Subsidiary
Real Estate Properties [Line Items]
Number of hotels | hotel	1	1
Leased by Ashford Prime Wholly-Owned Taxable REIT Subsidiary
Real Estate Properties [Line Items]
Number of hotels | hotel	10	10
Remington Lodging
Real Estate Properties [Line Items]
Number of hotel properties managed by related party | hotel	3	3

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)hotel	Sep. 30, 2019USD ($)hotel	Sep. 30, 2020USD ($)hotel	Sep. 30, 2019USD ($)hotel	Sep. 30, 2018hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	13	13	13	13	13
Total revenue	$ 44,754	$ 118,884	$ 175,169	$ 365,913
Other Hotel Revenue
Disaggregation of Revenue [Line Items]
Revenue from business interruption losses	$ 0	$ 4,000	$ 4,000	$ 16,600
California
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	5	5	5	5
Total revenue	$ 15,935	$ 45,701	$ 54,811	$ 127,737
Colorado
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 4,039	$ 9,069	$ 19,827	$ 31,688
Florida
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Total revenue	$ 13,540	$ 15,666	$ 47,228	$ 65,796
Illinois
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 2,073	$ 10,217	$ 6,257	$ 26,017
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 1,155	$ 8,459	$ 7,680	$ 22,149
Washington
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 1,177	$ 12,392	$ 6,155	$ 29,637
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 627	$ 12,955	$ 11,513	$ 43,835
USVI
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 6,208	$ 4,423	$ 21,698	$ 19,047
Corporate entities
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel		0		0
Total revenue		$ 2		$ 7
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	28,118	76,808	105,119	228,660
Rooms | California
Disaggregation of Revenue [Line Items]
Total revenue	11,504	32,070	37,401	88,533
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	1,688	3,086	9,955	14,059
Rooms | Florida
Disaggregation of Revenue [Line Items]
Total revenue	7,103	8,234	24,401	34,674
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	1,706	7,501	4,638	19,053
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	1,088	6,675	6,088	18,169
Rooms | Washington
Disaggregation of Revenue [Line Items]
Total revenue	1,056	10,361	4,821	23,378
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	331	8,889	6,857	29,960
Rooms | USVI
Disaggregation of Revenue [Line Items]
Total revenue	3,642	(8)	10,958	834
Rooms | Corporate entities
Disaggregation of Revenue [Line Items]
Total revenue		0		0
Food and Beverage
Disaggregation of Revenue [Line Items]
Total revenue	8,537	26,422	39,417	84,326
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Total revenue	2,895	9,190	10,936	27,311
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	692	3,615	4,974	9,867
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Total revenue	3,175	4,124	12,535	18,811
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	240	2,250	1,129	5,796
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	9	1,474	1,215	3,187
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Total revenue	3	1,649	794	5,070
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	4	3,688	3,482	12,679
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Total revenue	1,519	432	4,352	1,605
Food and Beverage | Corporate entities
Disaggregation of Revenue [Line Items]
Total revenue		0		0
Other Hotel
Disaggregation of Revenue [Line Items]
Total revenue	8,099	15,652	30,633	52,920
Other Hotel | California
Disaggregation of Revenue [Line Items]
Total revenue	1,536	4,441	6,474	11,893
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	1,659	2,368	4,898	7,762
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Total revenue	3,262	3,308	10,292	12,311
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	127	466	490	1,168
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	58	310	377	793
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Total revenue	118	382	540	1,189
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	292	378	1,174	1,196
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Total revenue	1,047	3,999	6,388	16,608
Other Hotel | Corporate entities
Disaggregation of Revenue [Line Items]
Total revenue		0		0
Other
Disaggregation of Revenue [Line Items]
Total revenue	0	2	0	7
Other | California
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Florida
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Washington
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Other | USVI
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	0	$ 0	0
Other | Corporate entities
Disaggregation of Revenue [Line Items]
Total revenue		$ 2		$ 7

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Land	$ 455,298,000	$ 455,298,000		$ 455,298,000		$ 455,298,000
Buildings and improvements	1,187,947,000	1,187,947,000		1,187,947,000		1,173,151,000
Furniture, fixtures and equipment	127,553,000	127,553,000		127,553,000		129,595,000
Construction in progress	9,758,000	9,758,000		9,758,000		33,130,000
Total cost	1,780,556,000	1,780,556,000		1,780,556,000		1,791,174,000
Accumulated depreciation	(343,877,000)	(343,877,000)		(343,877,000)		(309,752,000)
Investments in hotel properties, net	1,436,679,000	1,436,679,000		1,436,679,000		$ 1,481,422,000
Gain on insurance settlement	10,100,000
Insurance settlement receivable	$ 6,500,000	6,500,000		6,500,000
Proceeds from insurance carriers		650,000	$ 6,600,000	8,000,000	$ 14,900,000
Impairment charges		0	0	0	0
Other Hotel Revenue
Property, Plant and Equipment [Line Items]
Revenue from business interruption losses		$ 0	$ 4,000,000	$ 4,000,000	$ 16,600,000

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($) $ in Thousands	Mar. 28, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity				$ 26	$ 332
Our investment in Ashford Inc., at fair value		$ 1,787		1,787		$ 1,899
Equity in earnings (loss) of unconsolidated entities		(58)	$ (48)	$ (138)	$ (149)
OpenKey
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity	$ 2,000	$ 26
Ownership percentage	8.20%	8.20%		8.20%		8.60%
Aggregate equity method investments		$ 2,400		$ 2,400
Our investment in Ashford Inc., at fair value		$ 1,787		$ 1,787		$ 1,899

Indebtedness, net (Schedule of

Indebtedness, net (Schedule of Indebtedness) (Details)	Sep. 24, 2020USD ($)installment	Jun. 08, 2020USD ($)extension	May 01, 2020	Mar. 31, 2020	Sep. 30, 2020USD ($)extension	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Indebtedness, gross					$ 1,130,513,000		$ 1,065,000,000
Capitalized default interest and late charges					8,610,000		0
Deferred loan costs, net					(6,136,000)		(6,514,000)
Indebtedness, net					$ 1,132,987,000		$ 1,058,486,000	$ 1,127,927,000
LIBOR rate					0.148%		1.763%
Repayments of debt					$ 46,033,000	$ 257,086,000
Line of Credit | Senior Revolving Credit Facility
Debt Instrument [Line Items]
Indebtedness, gross					$ 0		$ 0
Indebtedness, net		$ 75,000,000
Repayments of debt		$ 10,000,000
Line of Credit | Senior Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Line of Credit | Senior Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Line of Credit | Senior Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Line of Credit | Senior Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					3.50%
Mortgages
Debt Instrument [Line Items]
Interest payment deferral term			3 months
Interest payment additional deferral term			3 months
Mortgages | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Mortgages | LIBOR
Debt Instrument [Line Items]
LIBOR floor					1.00%
Basis spread on variable rate			0.25%		1.00%
Mortgages | Mortgage Loan 1
Debt Instrument [Line Items]
Indebtedness, gross					$ 67,500,000		67,500,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages | Mortgage Loan 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
Mortgages | Mortgage Loan 2
Debt Instrument [Line Items]
Indebtedness, gross					$ 435,000,000		435,000,000
Number of extension options | extension					5
Term of extension options					1 year
Mortgages | Mortgage Loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.16%
Mortgages | Mortgage Loan 3
Debt Instrument [Line Items]
Indebtedness, gross					$ 42,500,000		$ 42,500,000
Number of extension options | extension					3
Term of extension options					1 year
Mortgages | Mortgage Loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				3.95%	3.95%		4.95%
Mortgages | Mortgage Loan 4
Debt Instrument [Line Items]
Indebtedness, gross					$ 51,000,000		$ 51,000,000
Mortgages | Mortgage Loan 4 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.55%
Mortgages | Mortgage Loan 5
Debt Instrument [Line Items]
Indebtedness, gross					$ 40,000,000		40,000,000
Mortgages | Mortgage Loan 5 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.55%
Mortgages | Mortgage Loan 6
Debt Instrument [Line Items]
Indebtedness, gross					$ 100,000,000		100,000,000
Mortgages | Mortgage Loan 6 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.65%
Mortgages | Mortgage Loan 7
Debt Instrument [Line Items]
Indebtedness, gross					$ 54,000,000		54,000,000
Mortgages | Mortgage Loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.10%
Mortgages | Mortgage Loan 8
Debt Instrument [Line Items]
Indebtedness, gross					$ 197,229,000		195,000,000
Deferred interest payments	$ 2,200,000
Number of monthly installments | installment	12
Mortgages | Mortgage Loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.70%
Mortgages | Mortgage Loan 9
Debt Instrument [Line Items]
Indebtedness, gross					$ 80,000,000		80,000,000
Mortgages | Mortgage Loan 9 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.85%
Term Loan | LIBOR
Debt Instrument [Line Items]
LIBOR floor		0.50%
Term Loan | Term loan
Debt Instrument [Line Items]
Indebtedness, gross					$ 63,284,000		$ 0
Number of extension options | extension		2
Term of extension options		1 year
Term Loan | Term loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%			1.25%
Term Loan | Term loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%			2.50%
Term Loan | Term loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%			2.25%
Term Loan | Term loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%			3.50%

Indebtedness, net (Narrative) (

Indebtedness, net (Narrative) (Details)	Jun. 08, 2020USD ($)extension	May 01, 2020	Sep. 30, 2020USD ($)extension	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)extension	Sep. 30, 2019USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Indebtedness, net			$ 1,132,987,000	$ 1,127,927,000	$ 1,132,987,000			$ 1,058,486,000
Repayments of debt					46,033,000	$ 257,086,000
Indebtedness, gross			1,130,513,000		1,130,513,000			1,065,000,000
Gain (loss) recognized on loans			0		0
Non-cash loan principal associated with default interest and late charges				$ 4,926,000	9,859,000	$ 0
Amortization of principal amortization			937,000		1,200,000
Mortgages
Debt Instrument [Line Items]
Loan default amount			200,000,000		$ 200,000,000
Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%			1.00%
Mortgages | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
Paycheck Protection Program, CARES Act
Debt Instrument [Line Items]
Face amount of debt							$ 34,300,000
Senior Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Indebtedness, net	$ 75,000,000
Repayments of debt	10,000,000
Indebtedness, gross			0		$ 0			0
Senior Revolving Credit Facility | Line of Credit | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.50%
Senior Revolving Credit Facility | Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Term loan | Term Loan
Debt Instrument [Line Items]
Face amount of debt	65,000,000
Quarterly amortization	$ 5,000,000
Number of extension options | extension	2
Term of extension options	1 year
Indebtedness, gross			$ 63,284,000		$ 63,284,000			0
Term loan | Term Loan | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%				3.50%
Term loan | Term Loan | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%				2.50%
Mortgage Loan 2 | Mortgages
Debt Instrument [Line Items]
Number of extension options | extension			5		5
Term of extension options					1 year
Indebtedness, gross			$ 435,000,000		$ 435,000,000			$ 435,000,000
Mortgage Loan 2 | Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.16%

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Credit Default Swap
Derivative [Line Items]
Notional amount	$ 50,000,000
Maximum exposure	1,200,000
Change in market value threshold for settlement	250,000
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount	779,000,000		$ 968,000,000
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 779,000,000		$ 870,000,000
Not Designated as Hedging Instrument | Interest rate caps | Minimum
Derivative [Line Items]
Strike rate	(3.00%)		(3.00%)
Not Designated as Hedging Instrument | Interest rate caps | Maximum
Derivative [Line Items]
Strike rate	(4.00%)		(7.80%)
Not Designated as Hedging Instrument | Interest rate floors
Derivative [Line Items]
Notional amount	$ 0		$ 5,000,000,000
Not Designated as Hedging Instrument | Interest rate floors | Minimum
Derivative [Line Items]
Strike rate			(0.25%)
Not Designated as Hedging Instrument | Interest rate floors | Maximum
Derivative [Line Items]
Strike rate			(1.63%)
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount	602,500,000	$ 348,500,000
Total cost of interest rate caps (in thousands)	$ 92,000	$ 89,000
Not Designated as Hedging Instrument | Interest rate caps | Minimum
Derivative [Line Items]
Strike rate	(3.00%)	(3.00%)
Not Designated as Hedging Instrument | Interest rate caps | Maximum
Derivative [Line Items]
Strike rate	(4.00%)	(7.80%)
Not Designated as Hedging Instrument | Interest rate floors
Derivative [Line Items]
Notional amount	$ 0	$ 2,000,000,000
Strike rate		1.63%
Total cost of interest rate caps (in thousands)	$ 0	$ 75,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
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 interest rate forward curve	0.148%		0.148%		1.763%
LIBOR interest rate forward curve downtrend	0.129%		0.129%
Derivative assets, gross	$ 777		$ 777		$ 582
Derivative assets	777		777		582
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	0	$ (1,471)	0	$ (5,390)
Unrealized gain (loss) on derivatives	3,561	(754)	3,748	(972)
Credit Default Swap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative cost	64	64	191	190
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Counterparty and Cash Collateral Netting	1,100		1,100		1,130
Derivative assets	777		777		582
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	21	(2,275)	133	(6,552)
Fair Value, Recurring | Ashford Inc.
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on investment in Ashford Inc.	0	(1,471)	0	(5,390)
Fair Value, Recurring | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	21	(804)	133	(1,162)
Fair Value, Recurring | Non-Derivative Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	21	(2,275)	133	(6,552)
Unrealized gain (loss) on investment in Ashford Inc.	0	(1,471)	0	(5,390)
Fair Value, Recurring | Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	3,561	(754)	3,748	(972)
Fair Value, Recurring | Interest rate floors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Counterparty and Cash Collateral Netting					52
Derivative assets					53
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	3,540	(667)	3,615	139
Realized gain (loss) on interest rate floors	(3,540)	(50)	(3,615)	(190)
Fair Value, Recurring | Interest rate floors | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	0	(717)	0	(51)
Fair Value, Recurring | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Counterparty and Cash Collateral Netting					0
Derivative assets					1
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	(30)	(26)	(93)	(107)
Fair Value, Recurring | Interest rate caps | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	(30)	(26)	(93)	(107)
Fair Value, Recurring | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Counterparty and Cash Collateral Netting	1,100		1,100		1,078
Derivative assets	777		777		528
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	51	(61)	226	(1,004)
Fair Value, Recurring | Credit Default Swap | Derivative Financial Instruments, Assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	51	$ (61)	226	$ (1,004)
Fair Value, Recurring | Quoted Market Prices (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross	0		0		0
Fair Value, Recurring | Quoted Market Prices (Level 1) | Interest rate floors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross					0
Fair Value, Recurring | Quoted Market Prices (Level 1) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross					0
Fair Value, Recurring | Quoted Market Prices (Level 1) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross	0		0		0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross	(323)		(323)		(548)
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate floors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross					1
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross					1
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross	(323)		(323)		(550)
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross	0		0		0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate floors
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross					0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross					0
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross	$ 0		$ 0		$ 0

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, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Financial assets and liabilities measured at fair value:
Derivative assets, Carrying value	$ 777	$ 582
Derivative assets, Estimated fair value	777	582
Financial assets not measured at fair value:
Cash and cash equivalents	88,227	71,995	$ 82,583	$ 182,578
Cash and cash equivalents, Estimated fair value	88,227	71,995
Restricted cash, Carrying value	34,658	58,388	$ 57,367	$ 75,910
Restricted cash, Estimated fair value	34,658	58,388
Accounts receivable, Carrying value	17,335	19,053
Accounts receivable, Estimated fair value	17,335	19,053
Due from related parties, net, Carrying value	993	551
Due from related parties, net, Estimated fair value	993	551
Due from third-party hotel managers, Carrying value	14,315	16,638
Due from third-party hotel managers, Estimated fair value	14,315	16,638
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	1,130,513	1,065,000
Accounts payable and accrued expenses, Carrying value	64,931	94,919
Accounts payable and accrued expenses, Estimated fair value	64,931	94,919
Dividends and distributions payable, Carrying value	3,208	9,143
Dividends and distributions payable, Estimated fair value	3,208	9,143
Due to Ashford Inc., Carrying Value	1,662	4,344
Due to Ashford Inc., Fair Value Disclosure	1,662	4,344
Due to third-party hotel managers, Carrying value	1,439	1,685
Due to third-party hotel managers, Estimated fair value	1,439	1,685
Minimum
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	884,893	1,003,863
Maximum
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 978,040	$ 1,109,532

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets	90 days
Indebtedness, gross	$ 1,130,513	$ 1,065,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	78.30%	94.30%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	86.50%	104.20%

Income (Loss) Per Share (Reconc

Income (Loss) Per Share (Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$ (18,677)	$ (47,931)	$ (9,388)	$ (60,861)	$ (79,538)	$ (14,879)
Less: Dividends on preferred stock	(2,554)		(2,533)		(7,664)	(7,597)
Undistributed net income (loss) allocated to common stockholders	(21,231)		(17,260)		(87,202)	(38,480)
Distributed and undistributed net income (loss) - basic and diluted	$ (21,231)		$ (12,083)		$ (87,202)	$ (22,972)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	33,923	32,907	32,347	32,688	33,103	32,259
Weighted average common shares outstanding – diluted (in shares)	33,923	32,907	32,347	32,688	33,103	32,259
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.63)	$ (1.53)	$ (0.37)	$ (2.02)	$ (2.63)	$ (0.71)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.63)	$ (1.53)	$ (0.37)	$ (2.02)	$ (2.63)	$ (0.71)
Performance Shares
Net income (loss) attributable to common stockholders - basic and diluted:
Less/Add back: Dividends	$ 0		$ (74)		$ 0	$ (224)
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less/Add back: Dividends	0		(88)		0	(272)
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less/Add back: Dividends	$ 0		$ (5,177)		$ 0	$ (15,508)

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss) allocated to common stockholders is not adjusted for:
Total	$ (652)	$ 405	$ (4,847)	$ 2,848
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	10,870	10,988	10,984	11,130
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 0	$ 88	$ 0	$ 272
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	19	25	53
Performance Shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 0	$ 74	$ 0	$ 224
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	165	0	206
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (2,381)	$ (1,465)	$ (10,036)	$ (2,770)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	3,863	4,162	3,940	4,229
Series B Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock - Series B	$ 1,729	$ 1,708	$ 5,189	$ 5,122
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6,728	6,569	6,728	6,569
Advisory Services Incentive Fee Shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	269	73	288	73
Contingently Issuable Shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	10		3

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Thousands	Sep. 28, 2020	May 22, 2020	May 15, 2020	Mar. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 06, 2020	Mar. 16, 2020
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP					$ 29,713	$ 31,589		$ 31,589	$ 29,713		$ 41,570
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership					2,381	$ 5,770	$ 1,465	$ 7,655	10,036	$ 2,770
Distributions declared to holders of common units, LTIP units and Performance LTIP units					0		$ 771		0	$ 2,318
Braemar Hotels & Resorts, Inc.
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP					$ 29,713				29,713		41,570
Adjustments to redeemable noncontrolling interests									$ 47		$ 65
Ownership percentage of operating partnership					10.08%				10.08%		10.96%
Director | COVID-19
Noncontrolling Interest [Line Items]
Temporary reduction to cash retainer													25.00%
Percentage of cash retainer paid in equity												25.00%
Percentage of cash retainer paid in cash												75.00%
Percentage of director election of cash retainer paid in equity												75.00%
Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Award vesting period				3 years					3 years
Shares granted (in shares)				83,000
Fair value of units				$ 364
Other than options (in shares)					1,300,000				1,300,000
Units which have not reached full economic parity with the common units (in shares)					208,000				208,000
Long Term Incentive Plan Units | Director
Noncontrolling Interest [Line Items]
Number of units (in shares)	8,000
Fair value of units	$ 20
Long Term Incentive Plan Units | Director | May 2020 Grant 1
Noncontrolling Interest [Line Items]
Number of units (in shares)			17,000
Fair value of units			$ 37
Long Term Incentive Plan Units | Director | May 2020 Grant 2
Noncontrolling Interest [Line Items]
Number of units (in shares)		17,000
Fair value of units		$ 44
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Award vesting period				3 years
Number of units (in shares)				160,000
Fair value of units				$ 281
Other than options (in shares)					431,000				431,000
Units which have not reached full economic parity with the common units (in shares)					220,000				220,000
Performance Long Term Incentive Plan Units | Minimum
Noncontrolling Interest [Line Items]
Award performance target									0.00%
Performance Long Term Incentive Plan Units | Maximum
Noncontrolling Interest [Line Items]
Award performance target									200.00%
Operating Partnership Units
Noncontrolling Interest [Line Items]
Common units converted to common stock (in shares)					0		0		339,000	165,000
Fair value of common units converted					$ 0		$ 0		$ 390	$ 2,201
Historical cost of converted units									$ 3,500

Equity and Stock-Based Compen_3

Equity and Stock-Based Compensation Equity and Stock-Based Compensation (Common Stock Dividends) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Common stock dividends declared		$ 5,339,000		$ 16,004,000
Common Stock
Class of Stock [Line Items]
Common stock dividends declared	$ 0	$ 5,339,000	$ 0	$ 16,004,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Mar. 20, 2020USD ($)installment	Sep. 25, 2019USD ($)	Jan. 15, 2019USD ($)	Aug. 08, 2018USD ($)	Sep. 30, 2020USD ($)hotel	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)hotel	Nov. 05, 2019USD ($)	Sep. 30, 2019hotel	Sep. 30, 2018hotel
Related Party Transaction [Line Items]
Base fee, net asset fee adjustment					0.70%		0.70%
Minimum base fee					90.00%		90.00%
Term of agreement							3 years
Indebtedness, gross					$ 1,130,513,000	$ 1,065,000,000	$ 1,130,513,000
Aggregate non-listed preferred equity offerings							$ 400,000,000
Percentage of project costs				4.00%
Advisory agreement, percent of total construction costs				6.50%
Advisory agreement, construction management fees				10.00%
Advisory agreement, interior design fees				6.00%
Advisory agreement, FF&E purchasing fees				8.00%
Advisory agreement, FF&E purchasing fees, freight and tax threshold				$ 2,000,000
Advisory agreement, FF&E purchasing fees, with freight and tax threshold				6.00%
Advisory agreement, FF&E purchasing fees, with freight and tax threshold in excess				$ 2,000,000
Number of hotels | hotel					13		13		13	13
Mortgage Loan 2 | Mortgages
Related Party Transaction [Line Items]
Indebtedness, gross					$ 435,000,000	435,000,000	$ 435,000,000
Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage							25.00%
Ashford Inc. | Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage							75.00%
Remington Lodging
Related Party Transaction [Line Items]
Number of hotel properties managed by related party | hotel					3		3
Lismore Capital
Related Party Transaction [Line Items]
Term after commencement date	12 months
Written notice term	30 days
Advisory services, aggregate fee, percent	0.50%
Advisory services fee, percent	0.125%
Advisory services, fee installment, percentage	0.125%
Number of installments | installment	6
Advisory services, financing amount	$ 1,091,250,000
Advisory services, multiple percentage	0.25%
Lismore Capital | Subsidiaries
Related Party Transaction [Line Items]
Advisory services, amount paid	$ 1,400,000						$ 4,100,000
Advisory services, expense included in write-off of loan costs and exit fees					$ 1,200,000		2,700,000
Advisory services, expense included in other assets					1,300,000		1,300,000
Lismore Capital | Success fees | Subsidiaries
Related Party Transaction [Line Items]
Advisory services, amount paid							1,400,000
Lismore Capital | Success Fees Claw Back | Subsidiaries
Related Party Transaction [Line Items]
Advisory services, amount paid							0
Lismore Capital | Claw Back | Subsidiaries
Related Party Transaction [Line Items]
Advisory services, amount paid	0
Lismore Capital | Periodic Installments | Subsidiaries
Related Party Transaction [Line Items]
Advisory services, amount paid							1,400,000
Payment expensed in accordance with the agreement							683,000
Payment amount to be offset against future fees							681,000
Lismore Capital | Success Fees Waived
Related Party Transaction [Line Items]
Advisory services, amount paid	$ 1,600,000
Ashford Inc.
Related Party Transaction [Line Items]
Amount funded					996,000		996,000
Expensed reimbursed operating expenses					228,000	314,000	558,000
Ashford Inc. | Other Assets
Related Party Transaction [Line Items]
Amount funded					$ 37,000	$ 520,000	37,000
Ashford LLC
Related Party Transaction [Line Items]
ERFP agreement, percent of property acquisition price			10.00%
ERFP agreement, funding term			2 years
ERFP agreement, initial term			2 years
ERFP agreement, renewal term			1 year
ERFP agreement, notice term			60 days
Minimum | Management fees
Related Party Transaction [Line Items]
Monthly property management fee							$ 14,000
Property management fee, percent							3.00%	3.00%
Minimum | Remington Lodging | Management fees
Related Party Transaction [Line Items]
Monthly property management fee							$ 14,000	$ 14,000
Property management fee, percent							3.00%
Maximum | Ashford Inc.
Related Party Transaction [Line Items]
Funding amount		$ 15,000,000
Maximum | Ashford LLC
Related Party Transaction [Line Items]
ERFP agreement, commitment			$ 50,000,000
ERFP agreement, commitment with increase			$ 100,000,000

Equity and Stock-Based Compen_4

Equity and Stock-Based Compensation (Narrative) (Details) - USD ($)

Sep. 28, 2020

May 22, 2020

May 15, 2020

Mar. 31, 2020

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Dec. 31, 2019

Dec. 11, 2017

Dec. 05, 2017

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Common Stock

Class of Stock [Line Items]

Shares of stock repurchased during period (in shares)

1,000

36,000

30,000

Common Stock | Sale of Stock, Shares Authorized

Class of Stock [Line Items]

Stock sales authorized

$ 50,000,000

Common Stock | At-The-Market Equity Distribution

Class of Stock [Line Items]

At-the-market equity distribution program, shares sold (in shares)

3,000,000

At-the-market equity distribution program, amount

$ 7,700,000

Stock Repurchase Program

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

Share repurchase program authorized amount

$ 50,000,000

$ 50,000,000

$ 50,000,000

$ 50,000,000

Shares of stock repurchased during period (in shares)

0

0

0

0

Performance Shares

Class of Stock [Line Items]

Award service period

3 years

Number of units (in shares)

225,000

225,000

225,000

Fair value of units

$ 790,000

Award vesting period

3 years

Performance Shares | Minimum

Class of Stock [Line Items]

Award performance target

0.00%

Performance Shares | Maximum

Class of Stock [Line Items]

Award performance target

200.00%

Restricted Stock

Class of Stock [Line Items]

Fair value of units

$ 1,400,000

Award vesting period

3 years

Shares granted (in shares)

311,000

Non-Employee Restricted Stock | Director

Class of Stock [Line Items]

Number of units (in shares)

9,000

Fair value of units

$ 23,000

Non-Employee Restricted Stock | May 2020 Grant 1 | Director

Class of Stock [Line Items]

Number of units (in shares)

17,000

Fair value of units

$ 37,000

Non-Employee Restricted Stock | May 2020 Grant 2 | Director

Class of Stock [Line Items]

Number of units (in shares)

18,000

Fair value of units

$ 48,000

Series D Preferred Stock

Class of Stock [Line Items]

Preferred stock dividend rate

8.25%

8.25%

8.25%

8.25%

Annual preferred stock dividend (in dollars per share)

$ 2.0625

Related Party Transactions (Sch

Related Party Transactions (Schedule of Advisory Services Fee) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Advisory services fee	$ 4,575	$ 5,158	$ 14,545	$ 15,579
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	4,575	5,158	14,545	15,579
Ashford LLC | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	2,386	2,650	7,579	8,170
Ashford LLC | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	404	645	1,360	1,906
Ashford LLC | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	1,785	1,995	5,606	5,426
Ashford LLC | Affiliated Entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 0	$ (132)	$ 0	$ 77

Equity and Stock-Based Compen_5

Equity and Stock-Based Compensation (Preferred Stock Dividends) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Series D Preferred Stock
Class of Stock [Line Items]
Series D Cumulative Preferred Stock	$ 825,000	$ 825,000	$ 2,475,000	$ 2,475,000

Related Party Transactions (S_2

Related Party Transactions (Schedule of Reimbursed Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020
Ashford Inc.
Related Party Transaction [Line Items]
Expensed reimbursed operating expenses	$ 228	$ 314	$ 558

Equity and Stock-Based Compen_6

Equity and Stock-Based Compensation (Issuance Activity) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Gross proceeds received		$ 6,390	$ 0
Net proceeds	$ 7,618	$ 7,618
Common Stock
Class of Stock [Line Items]
Common shares issued (in shares)	3,046	3,046
Gross proceeds received	$ 7,715	$ 7,715
Commissions and other expenses	$ 97	$ 97

5.50% Series B Cumulative Con_3

5.50% Series B Cumulative Convertible Preferred Stock (Details) $ / shares in Units, shares in Thousands	Dec. 04, 2019USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)day$ / sharesshares	Sep. 30, 2019USD ($)
Class of Stock [Line Items]
Series B Convertible Preferred Stock		$ 2,554,000	$ 2,533,000	$ 7,664,000	$ 7,597,000
Equity Distribution Agreements With Sales Agents
Class of Stock [Line Items]
Percentage of the gross sales price	2.00%
Maximum | Equity Distribution Agreements With Sales Agents
Class of Stock [Line Items]
Aggregate offering price (up to)	$ 40,000,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate		5.50%	5.50%	5.50%	5.50%
Initial conversion price (in dollars per share) | $ / shares		$ 18.70		$ 18.70
Preferred stock conversion rate				1.3372
Annual preferred stock dividend (in dollars per share) | $ / shares				$ 1.375
Consecutive trading days (in days) | day				45
Days ending prior to notice of conversion				3 days
Redemption price (in dollars per share) | $ / shares		$ 25		$ 25
Redemption percent of liquidation preference		103.00%		103.00%
Liquidation preference per share (in dollars per share) | $ / shares		$ 25		$ 25
Series B Convertible Preferred Stock		$ 1,729,000	$ 1,708,000	$ 5,189,000	$ 5,122,000
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Series B Convertible Preferred Stock shares issued (in shares) | shares		0		23
Gross proceeds received		$ 0		$ 439,000
Commissions and other expenses		0		7,000
Net proceeds		$ 0		$ 432,000
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	10 Months Ended
	Sep. 30, 2020USD ($)hotelmanagement_company	Nov. 05, 2019	Jul. 20, 2020USD ($)	Sep. 30, 2019hotel	Sep. 30, 2018hotel
Commitments and Contingencies [Line Items]
Number of hotels | hotel	13			13	13
Pending Litigation
Commitments and Contingencies [Line Items]
Incorrect amount payable to cure performance test failure			$ 1,031,549
Correct amount payable to cure performance test failure			$ 535,120
Number of hotel management companies | management_company	1
Number of hotels | hotel	1
Amounts accrued	$ 0
Class Action Lawsuit, California Employment Laws
Commitments and Contingencies [Line Items]
Amounts accrued	$ 0
Number of days to opt out of the class	60 days
Minimum | Pending Litigation
Commitments and Contingencies [Line Items]
Potential loss amount	$ 300,000
Minimum | Management fees
Commitments and Contingencies [Line Items]
Monthly property management fee	$ 14,000
Property management fee, percent	3.00%	3.00%
Minimum | Restricted Cash
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	4.00%
Minimum | Management fees
Commitments and Contingencies [Line Items]
Property management fee, percent	2.50%
Maximum | Pending Litigation
Commitments and Contingencies [Line Items]
Potential loss amount	$ 500,000
Maximum | Restricted Cash
Commitments and Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	5.00%
Maximum | Management fees
Commitments and Contingencies [Line Items]
Property management fee, percent	7.00%

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	1

Immaterial Correction of Erro_2

Immaterial Correction of Error - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Default interest and late charges		$ 1,706	$ 1,458	$ 3,248
TDR Default Interest and Late Charge Capitalization Timing | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Default interest and late charges	$ 4,600	$ (312)

Immaterial Correction of Erro_3

Immaterial Correction of Error - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Liabilities:
Indebtedness, net	$ 1,132,987	$ 1,127,927	$ 1,058,486
Total liabilities	1,282,497	1,285,041	1,247,203
Redeemable noncontrolling interests in operating partnership	29,713	31,589	41,570
Equity:
Accumulated deficit	(237,813)	(216,574)	(150,629)
Total stockholders' equity of the Company	296,209	309,623	369,267
Total equity	282,582	297,995	363,254	$ 357,330	$ 373,730	$ 392,085
Total liabilities and equity	$ 1,702,144	1,721,977	$ 1,758,947
As Previously Reported
Liabilities:
Indebtedness, net		1,123,313
Total liabilities		1,280,427
Redeemable noncontrolling interests in operating partnership		32,060
Equity:
Accumulated deficit		(212,431)
Total stockholders' equity of the Company		313,766
Total equity		302,138
Total liabilities and equity		1,721,977
TDR Default Interest and Late Charge Capitalization Timing | Adjustments
Liabilities:
Indebtedness, net		4,614
Total liabilities		4,614
Redeemable noncontrolling interests in operating partnership		(471)
Equity:
Accumulated deficit		(4,143)
Total stockholders' equity of the Company		(4,143)
Total equity		(4,143)
Total liabilities and equity		$ 0

Immaterial Correction of Erro_4

Immaterial Correction of Error - Condensed Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
EXPENSES
Interest expense and amortization of loan costs	$ (8,859)	$ (17,411)	$ (13,646)	$ (29,308)	$ (38,167)	$ (41,894)
INCOME (LOSS) BEFORE INCOME TAXES	(24,602)	(60,552)	(8,799)	(74,569)	(99,171)	(14,406)
Net income (loss)	(23,057)	(56,105)	(8,954)	(71,492)	(94,549)	(15,899)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,381	5,770	1,465	7,655	10,036	2,770
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(18,677)	(47,931)	(9,388)	(60,861)	(79,538)	(14,879)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (21,231)	$ (50,486)	$ (11,921)	$ (65,971)	$ (87,202)	$ (22,476)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.63)	$ (1.53)	$ (0.37)	$ (2.02)	$ (2.63)	$ (0.71)
Weighted average common shares outstanding – basic (in shares)	33,923	32,907	32,347	32,688	33,103	32,259
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.63)	$ (1.53)	$ (0.37)	$ (2.02)	$ (2.63)	$ (0.71)
Weighted average common shares outstanding – diluted (in shares)	33,923	32,907	32,347	32,688	33,103	32,259
As Previously Reported
EXPENSES
Interest expense and amortization of loan costs		$ (12,797)		$ (24,694)
INCOME (LOSS) BEFORE INCOME TAXES		(55,938)		(69,955)
Net income (loss)		(51,491)		(66,878)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		5,297		7,182
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		(43,790)		(56,720)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ (46,345)		$ (61,830)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)		$ (1.41)		$ (1.89)
Weighted average common shares outstanding – basic (in shares)		32,907		32,688
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)		$ (1.41)		$ (1.89)
Weighted average common shares outstanding – diluted (in shares)		32,907		32,688
TDR Default Interest and Late Charge Capitalization Timing | Adjustments
EXPENSES
Interest expense and amortization of loan costs		$ (4,614)		$ (4,614)
INCOME (LOSS) BEFORE INCOME TAXES		(4,614)		(4,614)
Net income (loss)		(4,614)		(4,614)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		473		473
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		(4,141)		(4,141)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ (4,141)		$ (4,141)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)		$ (0.12)		$ (0.13)
Weighted average common shares outstanding – basic (in shares)		0		0
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)		$ (0.12)		$ (0.13)
Weighted average common shares outstanding – diluted (in shares)		0		0

Immaterial Correction of Erro_5

Immaterial Correction of Error - Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (23,057)	$ (56,105)	$ (8,954)	$ (71,492)	$ (94,549)	$ (15,899)
TOTAL COMPREHENSIVE INCOME (LOSS)	(23,057)	(56,105)	(8,954)	(71,492)	(94,549)	(15,899)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,381	5,770	1,465	7,655	10,036	2,770
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (18,677)	(47,931)	$ (9,388)	(60,861)	$ (79,538)	$ (14,879)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(51,491)		(66,878)
TOTAL COMPREHENSIVE INCOME (LOSS)		(51,491)		(66,878)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership		5,297		7,182
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		(43,790)		(56,720)
TDR Default Interest and Late Charge Capitalization Timing | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(4,614)		(4,614)
TOTAL COMPREHENSIVE INCOME (LOSS)		(4,614)		(4,614)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership		473		473
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY		$ (4,141)		$ (4,141)

Immaterial Correction of Erro_6

Immaterial Correction of Error - Condensed Consolidated Statements of Equity (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (18,677)	$ (47,931)	$ (9,388)	$ (60,861)	$ (79,538)	$ (14,879)
Redemption value adjustment	(8)	20	11	26	18	(1,031)
Total equity	282,582	297,995	357,330	297,995	282,582	357,330	$ 363,254	$ 373,730	$ 392,085
Total stockholders' equity of the Company	296,209	309,623		309,623	296,209		369,267
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,381	5,770	1,465	7,655	10,036	2,770
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(18,677)		(9,388)			(14,879)
Redemption value adjustment	(8)		11		18	(1,031)
Total equity	(237,813)	(216,574)	(155,024)	(216,574)	(237,813)	(155,024)	$ (150,629)	$ (137,775)	$ (115,410)
Redeemable Noncontrolling Interests in Operating Partnership
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(5,770)		(7,655)
Redemption value adjustment	$ 8	(20)	$ (11)	(26)	$ (18)	$ 1,031
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		31,589		(212,902)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(43,790)		(56,720)
Redemption value adjustment		22		28
Total equity		302,138		302,138
Total stockholders' equity of the Company		313,766		313,766
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		5,297		7,182
As Previously Reported | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total equity		(212,431)		(212,431)
As Previously Reported | Redeemable Noncontrolling Interests in Operating Partnership
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(5,297)		(7,182)
Redemption value adjustment		(22)		(28)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		32,060		(212,431)
TDR Default Interest and Late Charge Capitalization Timing | Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(4,141)		(4,141)
Redemption value adjustment		(2)		(2)
Total equity		(4,143)		(4,143)
Total stockholders' equity of the Company		(4,143)		(4,143)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		473		473
TDR Default Interest and Late Charge Capitalization Timing | Adjustments | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total equity		(4,143)		(4,143)
TDR Default Interest and Late Charge Capitalization Timing | Adjustments | Redeemable Noncontrolling Interests in Operating Partnership
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(473)		(473)
Redemption value adjustment		2		2
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership		$ (471)		$ (471)

Immaterial Correction of Erro_7

Immaterial Correction of Error Immaterial Correction of Error - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (23,057)	$ (56,105)	$ (8,954)	$ (71,492)	$ (94,549)	$ (15,899)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Amortization of loan costs and capitalized default interest				1,706	1,458	3,248
Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition:
Accounts payable and accrued expenses				(11,361)	(7,912)	13,856
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash loan principal associated with default interest and late charges				4,926	$ 9,859	$ 0
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		(51,491)		(66,878)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Amortization of loan costs and capitalized default interest				2,018
Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition:
Accounts payable and accrued expenses				(16,287)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash loan principal associated with default interest and late charges				0
TDR Default Interest and Late Charge Capitalization Timing | Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		(4,614)		(4,614)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Amortization of loan costs and capitalized default interest		$ 4,600		(312)
Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition:
Accounts payable and accrued expenses				4,926
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash loan principal associated with default interest and late charges				$ 4,926