Braemar Hotels & Resorts (BHR) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 1200
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		59,529,394
Entity Central Index Key	0001574085
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BHR
Security Exchange Name	NYSE
Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series B
Trading Symbol	BHR-PB
Security Exchange Name	NYSE
Preferred Stock, Series D
Document 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	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Investments in hotel properties, gross	$ 1,774,306	$ 1,784,849
Accumulated depreciation	(384,373)	(360,259)
Investments in hotel properties, net	1,389,933	1,424,590
Cash and cash equivalents	157,677	78,606
Restricted cash	57,413	34,544
Accounts receivable, net of allowance of $286 and $227, respectively	18,707	13,557
Inventories	2,481	2,551
Prepaid expenses	5,073	4,405
Investment in unconsolidated entity	1,578	1,708
Derivative assets	1
Operating lease right-of-use assets	80,710	81,260
Other assets	18,593	14,898
Intangible assets, net	4,451	4,640
Due from related parties, net	1,953	991
Due from third-party hotel managers	21,546	12,271
Total assets	1,760,116	1,674,021
Liabilities:
Indebtedness, net	1,144,175	1,130,594
Accounts payable and accrued expenses	84,460	61,758
Dividends and distributions payable	2,075	2,736
Due to Ashford Inc.	2,516	2,772
Due to third-party hotel managers	1,834	1,393
Operating lease liabilities	60,797	60,917
Other liabilities	18,537	18,077
Total liabilities	1,314,394	1,278,247
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,108,017 and 5,031,473 shares issued and outstanding at June 30, 2021 and December 31, 2020	66,064	106,949
Redeemable noncontrolling interests in operating partnership	29,398	27,655
Preferred stock, $0.01 value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2021 and December 31, 2020	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 57,311,232 and 38,274,770 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	573	382
Additional paid-in capital	661,576	541,870
Accumulated deficit	(295,641)	(266,010)
Total stockholders’ equity of the Company	366,524	276,258
Noncontrolling interest in consolidated entities	(16,264)	(15,088)
Total equity	350,260	261,170
Total liabilities and equity	$ 1,760,116	$ 1,674,021

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Allowance for doubtful notes receivable	$ 286	$ 286	$ 227
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	80,000,000	80,000,000	80,000,000
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	250,000,000
Common stock, shares issued (in shares)	57,311,232	57,311,232	38,274,770
Common stock, shares outstanding (in shares)	57,311,232	57,311,232	38,274,770
Series B Preferred Stock
Liabilities [Abstract]
Preferred stock dividend rate	5.50%	5.50%	5.50%
Series B preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Series B preferred stock, shares issued (in shares)	3,108,017	3,108,017	5,031,473
Series B preferred stock, shares outstanding (in shares)	3,108,017	3,108,017	5,031,473
Series D Preferred Stock
Liabilities [Abstract]
Preferred stock dividend rate	8.25%	8.25%	8.25%
Preferred stock, $0.01 value, 80,000,000 shares authorized:
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE
Total revenue	$ 97,110	$ 12,895	$ 180,958	$ 130,415
Hotel operating expenses:
Total hotel operating expenses	66,232	20,539	122,274	108,287
Property taxes, insurance and other	7,190	7,244	14,454	14,904
Depreciation and amortization	18,244	18,553	36,597	36,891
Advisory services fee	6,739	4,901	11,534	9,970
(Gain) loss on legal settlements	(989)	0	(989)	0
Transaction costs	296	0	296	0
Corporate general and administrative	2,383	1,513	3,983	3,445
Total expenses	100,095	52,750	188,149	173,497
Gain (loss) on insurance settlement and disposition of assets	197	0	696	0
OPERATING INCOME (LOSS)	(2,788)	(39,855)	(6,495)	(43,082)
Equity in earnings (loss) of unconsolidated entity	(66)	(40)	(130)	(80)
Interest income	12	24	21	153
Other income (expense)	0	(64)	0	(202)
Interest expense and amortization of discounts and loan costs	(7,226)	(17,411)	(13,982)	(29,308)
Write-off of loan costs and exit fees	(1,177)	(2,237)	(1,528)	(2,237)
Unrealized gain (loss) on derivatives	(58)	(969)	(78)	187
INCOME (LOSS) BEFORE INCOME TAXES	(11,303)	(60,552)	(22,192)	(74,569)
Income tax (expense) benefit	(61)	4,447	(206)	3,077
NET INCOME (LOSS)	(11,364)	(56,105)	(22,398)	(71,492)
(Income) loss attributable to noncontrolling interest in consolidated entities	849	2,404	2,096	2,976
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,282	5,770	2,361	7,655
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(9,233)	(47,931)	(17,941)	(60,861)
Preferred dividends	(1,893)	(2,555)	(4,281)	(5,110)
Gain (loss) on extinguishment of preferred stock	(4,411)	0	(4,484)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (15,537)	$ (50,486)	$ (26,706)	$ (65,971)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.32)	$ (1.53)	$ (0.61)	$ (2.02)
Weighted average common shares outstanding – basic (in shares)	47,820	32,907	43,737	32,688
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.32)	$ (1.53)	$ (0.61)	$ (2.02)
Weighted average common shares outstanding – diluted (in shares)	47,820	32,907	43,737	32,688
Total hotel revenue
REVENUE
Total revenue	$ 97,110	$ 12,895	$ 180,958	$ 130,415
Rooms
REVENUE
Total revenue	63,837	6,533	118,160	77,001
Hotel operating expenses:
Total hotel operating expenses	13,482	3,445	24,497	21,325
Food and beverage
REVENUE
Total revenue	19,853	2,077	36,482	30,880
Hotel operating expenses:
Total hotel operating expenses	16,322	3,649	30,274	27,550
Other hotel
REVENUE
Total revenue	13,420	4,285	26,316	22,534
Hotel operating expenses:
Total hotel operating expenses	33,476	12,979	62,019	55,069
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 2,952	$ 466	$ 5,484	$ 4,343

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (11,364)	$ (56,105)	$ (22,398)	$ (71,492)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	(11,364)	(56,105)	(22,398)	(71,492)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	849	2,404	2,096	2,976
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,282	5,770	2,361	7,655
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (9,233)	$ (47,931)	$ (17,941)	$ (60,861)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Series D Preferred Stock	Series B Preferred Stock	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	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Increase (Decrease) in Temporary Equity [Roll Forward]
Units outstanding at beginning of year					5,008,000
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)	$ 41,570,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)						(35,000)
Purchase of common stock	(124,000)						(124,000)
Equity-based compensation	2,923,000						2,923,000					1,110,000
Issuance of restricted shares/units (in shares)						346,000
Issuance of restricted shares/units	48,000					$ 3,000	45,000					44,000
Forfeiture of restricted common shares (in shares)						(7,000)
Forfeiture of restricted common shares	0
Dividends declared – preferred stock		$ (1,650,000)	$ (3,460,000)						$ (1,650,000)	$ (3,460,000)
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)	(63,837,000)							(60,861,000)			(2,976,000)	(7,655,000)
Redemption value adjustment	26,000							26,000				(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)	31,589,000
Beginning balance, temporary equity at Dec. 31, 2019					$ 106,920,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)					23,000
Issuance of preferred stock					$ 432,000
Units outstanding at end of year (in shares) at Jun. 30, 2020					5,031,000
Ending balance, temporary equity at Jun. 30, 2020					$ 107,352,000
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)	41,570,000
Ending balance (in shares) at Dec. 31, 2020				1,600,000		38,275,000
Ending balance at Dec. 31, 2020	261,170,000			$ 16,000		$ 382,000	541,870,000	(266,010,000)			(15,088,000)	27,655,000
Beginning balance, temporary equity at Dec. 31, 2019					$ 106,920,000
Units outstanding at end of year (in shares) at Dec. 31, 2020			5,031,473		5,031,000
Ending balance, temporary equity at Dec. 31, 2020	106,949,000				$ 106,949,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Units outstanding at beginning of year					5,031,000
Beginning balance (in shares) at Mar. 31, 2020				1,600,000		33,511,000
Beginning balance at Mar. 31, 2020	349,360,000			$ 16,000		$ 335,000	524,341,000	(166,108,000)			(9,224,000)	36,786,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)						(15,000)
Purchase of common stock	(42,000)						(42,000)
Equity-based compensation	1,499,000						1,499,000					549,000
Issuance of restricted shares/units (in shares)						35,000
Issuance of restricted shares/units	48,000						48,000					44,000
Forfeiture of restricted common shares (in shares)						(3,000)
Forfeiture of restricted common shares	0
Dividends declared – preferred stock		(825,000)	$ (1,730,000)						(825,000)	(1,730,000)
Net income (loss)	(50,335,000)							(47,931,000)			(2,404,000)	(5,770,000)
Redemption value adjustment	20,000							20,000				(20,000)
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)	31,589,000
Beginning balance, temporary equity at Mar. 31, 2020					$ 107,352,000
Units outstanding at end of year (in shares) at Jun. 30, 2020					5,031,000
Ending balance, temporary equity at Jun. 30, 2020					$ 107,352,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Units outstanding at beginning of year					5,031,000
Units outstanding at beginning of year			5,031,473		5,031,000
Beginning balance (in shares) at Dec. 31, 2020				1,600,000		38,275,000
Beginning balance at Dec. 31, 2020	261,170,000			$ 16,000		$ 382,000	541,870,000	(266,010,000)			(15,088,000)	27,655,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)						(50,000)
Purchase of common stock	(348,000)						(348,000)
Equity-based compensation	3,025,000						3,025,000					1,196,000
Issuance of stock (in shares)						11,164,000
Issuance of stock	65,577,000					$ 112,000	65,465,000
Issuance of restricted shares/units (in shares)						764,000
Issuance of restricted shares/units	0					$ 8,000	(8,000)
Forfeiture of restricted common shares (in shares)						(15,000)
Forfeiture of restricted common shares	0
Dividends declared – preferred stock		(1,650,000)	$ (2,631,000)						(1,650,000)	(2,631,000)
Contributions from noncontrolling interests	920,000										920,000
Redemption/conversion of operating partnership units (in shares)						2,000
Redemption/conversion of operating partnership units	17,000						17,000					(17,000)
Net income (loss)	(20,037,000)							(17,941,000)			(2,096,000)	(2,361,000)
Extinguishment of preferred stock (in shares)						7,171,000
Extinguishment of preferred stock	40,885,000					$ 71,000	45,298,000	(4,484,000)
Equity component of Convertible Senior Notes	6,257,000						6,257,000
Redemption value adjustment	(2,925,000)							(2,925,000)				2,925,000
Ending balance (in shares) at Jun. 30, 2021				1,600,000		57,311,000
Ending balance at Jun. 30, 2021	350,260,000			$ 16,000		$ 573,000	661,576,000	(295,641,000)			(16,264,000)	29,398,000
Beginning balance, temporary equity at Dec. 31, 2020	106,949,000				$ 106,949,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Extinguishment of preferred stock (in shares)					(1,923,000)
Extinguishment of preferred stock					$ (40,885,000)
Units outstanding at end of year (in shares) at Jun. 30, 2021			3,108,017		3,108,000
Ending balance, temporary equity at Jun. 30, 2021	66,064,000				$ 66,064,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Units outstanding at beginning of year					4,545,000
Beginning balance (in shares) at Mar. 31, 2021				1,600,000		43,466,000
Beginning balance at Mar. 31, 2021	276,958,000			$ 16,000		$ 434,000	571,288,000	(278,445,000)			(16,335,000)	28,162,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	1,929,000						1,929,000					876,000
Issuance of stock (in shares)						7,959,000
Issuance of stock	47,268,000					$ 80,000	47,188,000
Issuance of restricted shares/units (in shares)						260,000
Issuance of restricted shares/units	0					$ 3,000	(3,000)
Forfeiture of restricted common shares (in shares)						(12,000)
Forfeiture of restricted common shares	0
Dividends declared – preferred stock		$ (825,000)	$ (1,068,000)						$ (825,000)	$ (1,068,000)
Contributions from noncontrolling interests	920,000										920,000
Redemption/conversion of operating partnership units (in shares)						2,000
Redemption/conversion of operating partnership units	17,000						17,000					(17,000)
Net income (loss)	(10,082,000)							(9,233,000)			(849,000)	(1,282,000)
Extinguishment of preferred stock (in shares)						5,636,000
Extinguishment of preferred stock	30,545,000					$ 56,000	34,900,000	(4,411,000)
Equity component of Convertible Senior Notes	6,257,000						6,257,000
Redemption value adjustment	(1,659,000)							(1,659,000)				1,659,000
Ending balance (in shares) at Jun. 30, 2021				1,600,000		57,311,000
Ending balance at Jun. 30, 2021	350,260,000			$ 16,000		$ 573,000	$ 661,576,000	$ (295,641,000)			$ (16,264,000)	$ 29,398,000
Beginning balance, temporary equity at Mar. 31, 2021					$ 96,609,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)					0
Issuance of preferred stock					$ 0
Extinguishment of preferred stock (in shares)					(1,437,000)
Extinguishment of preferred stock					$ (30,545,000)
Units outstanding at end of year (in shares) at Jun. 30, 2021			3,108,017		3,108,000
Ending balance, temporary equity at Jun. 30, 2021	$ 66,064,000				$ 66,064,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Units outstanding at beginning of year			3,108,017		3,108,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Series D Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 0.52	$ 0.52	$ 1.03	$ 1.03
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	$ 0.34	$ 0.69	$ 0.69
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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (22,398)	$ (71,492)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	36,597	36,891
Equity-based compensation	4,221	4,033
Bad debt expense	217	439
Amortization of loan costs, discounts and capitalized default interest	(855)	1,706
Write-off of loan costs and exit fees	1,528	2,237
Amortization of intangibles	276	414
Amortization of non-refundable membership initiation fees	(443)	(173)
Interest expense accretion on refundable membership club deposits	392	415
(Gain) loss on insurance settlement and disposition of assets	(696)	0
Realized and unrealized (gain) loss on derivatives	78	(112)
Net settlement of trading derivatives	0	30
Equity in (earnings) loss of unconsolidated entity	130	80
Deferred income tax expense (benefit)	(175)	(734)
Changes in operating assets and liabilities:
Accounts receivable and inventories	(5,365)	10,027
Prepaid expenses and other assets	(1,704)	(1,677)
Accounts payable and accrued expenses	26,645	(11,361)
Operating lease right-of-use assets	274	269
Due to/from related parties, net	(962)	(336)
Due to/from third-party hotel managers	(8,352)	7,057
Operating lease liabilities	(120)	(108)
Other liabilities	511	80
Net cash provided by (used in) operating activities	31,510	(23,286)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	0	2,528
Net proceeds from disposition of assets	1,816	0
Deposit for acquisition of hotel property	(3,000)	0
Investment in unconsolidated entity	0	(26)
Improvements and additions to hotel properties	(9,094)	(12,294)
Net cash provided by (used in) investing activities	(10,278)	(9,792)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	83,231	109,317
Repayments of indebtedness	(62,795)	(44,317)
Payments of loan costs and exit fees	(930)	(4,941)
Payments for derivatives	(79)	(92)
Purchase of common stock	(376)	(30)
Payments for dividends and distributions	(4,942)	(11,045)
Proceeds from issuance of preferred stock	0	474
Proceeds from issuance of common stock	65,679	0
Contributions from noncontrolling interest in consolidated entities	920	0
Distributions to noncontrolling interest in consolidated entities	0	(2,639)
Net cash provided by (used in) financing activities	80,708	46,727
Net change in cash, cash equivalents and restricted cash	101,940	13,649
Cash, cash equivalents and restricted cash at beginning of period	113,150	130,383
Cash, cash equivalents and restricted cash at end of period	215,090	144,032
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	14,070	16,060
Income taxes paid (refunded)	(41)	775
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid	2,075	3,208
Common stock purchases accrued but not paid	0	42
Capital expenditures accrued but not paid	3,109	9,685
Non-cash loan principal associated with default interest and late charges	0	4,926
Accrued common stock offering expense	34	0
Accrued preferred stock offering expenses	0	17
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	157,677	102,568
Restricted cash	57,413	41,464
Cash, cash equivalents and restricted cash	215,090	144,032
Ashford Inc.
Changes in operating assets and liabilities:
Due to affiliate	$ 1,711	$ (971)

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2021
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 “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., 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 design and construction services, debt placement and related 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 June 30, 2021, 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 Code related to operating hotels. As of June 30, 2021, 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 June 30, 2021, 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 Hotel Services, Inc. (“Marriott”), Hilton Management LLC (“Hilton”), Accor Management US Inc. (“Accor”), Hyatt Corporation (“Hyatt”), Ritz-Carlton (Virgin Islands), Inc. and The Ritz-Carlton Hotel Company, L.L.C., each of which are affiliates of Marriott (“Ritz-Carlton”) and Remington Hotels, which are eligible independent contractors under the 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 throughout the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Beginning in late February 2020, we 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. 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 June 30, 2021, the Company maintained unrestricted cash of $157.7 million and restricted cash of $57.4 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. During 2020, the Company worked with its property managers and lenders in order to utilize lender and manager held reserves to fund operating shortfalls. As of June 30, 2021, there was also $21.5 million due to the Company from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers which is also available to fund hotel operating costs. On December 10, 2020, the Company announced that it plans to continue its suspension of the common stock dividend into 2021 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward. We cannot predict when hotel operating levels will return to normalized levels after the effects of the pandemic fully subside, whether our hotels will be forced to shut down operations or whether one or more possible recurrences of COVID-19 case surges could result in further reductions in business and personal travel or potentially cause state and local governments to reinstate travel restrictions. 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 Convertible Senior Notes transaction (as described below), the corresponding repayment of our secured term loan, which eliminated financial covenants associated with it, 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 the facts and circumstances that previously gave rise to 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 have been resolved. Facts and circumstances could change in the future that are outside of management’s control, such as additional government mandates, health official orders, travel restrictions and extended business shutdowns due to COVID-19.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 2020 Annual Report on Form 10-K, as originally filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021. 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 six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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. Recently Adopted Accounting Standards —In January 2020, the Financial Accounting Standards Board’s (“FASB”) issued Accounting Standards Update (“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 adopted the standard effective January 1, 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to provide guidance and relief for transitioning to alternative reference rates. ASU 2021-01 is effective immediately for all entities. 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 Accounting Standards Codification (“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 Share, 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	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe following tables present our revenue disaggregated by geographical areas (dollars in thousands): Three Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 19,352 $ 5,686 $ 2,720 $ 27,758 Colorado 1 1,555 1,214 1,497 4,266 Florida 2 17,875 7,708 5,553 31,136 Illinois 1 2,954 588 271 3,813 Pennsylvania 1 2,416 121 128 2,665 Washington 1 3,176 239 379 3,794 Washington, D.C. 1 1,204 123 249 1,576 USVI 1 15,305 4,174 2,623 22,102 Total 13 $ 63,837 $ 19,853 $ 13,420 $ 97,110 Three Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 1,910 $ 270 $ 520 $ 2,700 Colorado 1 116 27 334 477 Florida 2 3,309 1,617 2,336 7,262 Illinois 1 311 37 67 415 Pennsylvania 1 534 — 83 617 Washington 1 67 — 64 131 Washington, D.C. 1 (9) (13) 376 354 USVI 1 295 139 505 939 Total 13 $ 6,533 $ 2,077 $ 4,285 $ 12,895 Six Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 32,097 $ 9,918 $ 4,981 $ 46,996 Colorado 1 7,935 4,192 3,890 16,017 Florida 2 34,226 13,348 10,730 58,304 Illinois 1 4,374 824 403 5,601 Pennsylvania 1 3,657 126 247 4,030 Washington 1 4,074 249 496 4,819 Washington, D.C. 1 3,235 255 495 3,985 USVI 1 28,562 7,570 5,074 41,206 Total 13 $ 118,160 $ 36,482 $ 26,316 $ 180,958 Six Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 25,897 $ 8,041 $ 4,938 $ 38,876 Colorado 1 8,267 4,282 3,239 15,788 Florida 2 17,298 9,360 7,030 33,688 Illinois 1 2,932 889 363 4,184 Pennsylvania 1 5,000 1,206 319 6,525 Washington 1 3,765 791 422 4,978 Washington, D.C. 1 6,526 3,478 882 10,886 USVI 1 7,316 2,833 5,341 15,490 Total 13 $ 77,001 $ 30,880 $ 22,534 $ 130,415

Investments in Hotel Properties

Investments in Hotel Properties, net	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): June 30, 2021 December 31, 2020 Land $ 455,298 $ 455,298 Buildings and improvements 1,187,283 1,190,437 Furniture, fixtures and equipment 124,370 127,692 Construction in progress 7,355 11,422 Total cost 1,774,306 1,784,849 Accumulated depreciation (384,373) (360,259) Investments in hotel properties, net $ 1,389,933 $ 1,424,590 Impairment Charges and Insurance Recoveries For the three and six months ended June 30, 2021, we recognized a $0 and $481,000 gain associated with proceeds received from an insurance claim. For the three and six months ended June 30, 2020, the Company received proceeds of $5.4 million and $7.4 million from our insurance carriers for property damage and business interruption from Hurricane Irma. There were no proceeds for the three and six months ended June 30, 2021 as the claim was fully settled in September 2020. During the three and six months ended June 30, 2021 and 2020, no impairment charges were recorded.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	6 Months Ended
	Jun. 30, 2021
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 investment in OpenKey, which is controlled and consolidated by Ashford Inc., for an initial 8.2% ownership interest. All investments were recommended by our Related Party Transactions Committee and unanimously approved by the independent members of our board of directors. As of June 30, 2021, 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 six months ended June 30, 2021 and 2020. The following table summarizes our carrying value and ownership interest in OpenKey: June 30, 2021 December 31, 2020 Carrying value of the investment in OpenKey (in thousands) $ 1,578 $ 1,708 Ownership interest in OpenKey 7.8 % 8.2 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Equity in earnings (loss) of unconsolidated entity $ (66) $ (40) $ (130) $ (80)

Indebtedness, net

Indebtedness, net	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (10) Interest Rate June 30, 2021 December 31, 2020 Mortgage loan (3) The Ritz-Carlton St. Thomas August 2021 August 2024 LIBOR (1) + 3.95% $ 42,500 $ 42,500 Mortgage loan (4) Park Hyatt Beaver Creek Resort & Spa April 2022 April 2022 LIBOR (1) +3.00% 67,500 67,500 Mortgage loan (5) Hotel Yountville May 2022 May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan (6) The Notary Hotel June 2022 June 2025 LIBOR (1) + 2.16% 435,000 435,000 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (5) Bardessono Hotel and Spa August 2022 August 2022 LIBOR (1) + 2.55% 40,000 40,000 Term loan (7) Equity October 2022 October 2022 Base Rate (2) + 1.25% to 2.65% or LIBOR (1) + 2.25% to 3.65% — 61,495 Mortgage loan (5) The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR (1) + 2.65% 100,000 100,000 Mortgage loan (5) The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR (1) + 2.10% 54,000 54,000 Mortgage loan (8) Capital Hilton February 2024 February 2024 LIBOR (1) + 1.70% 195,929 197,229 Hilton La Jolla Torrey Pines Mortgage loan (5) Pier House Resort & Spa September 2024 September 2024 LIBOR (1) + 1.85% 80,000 80,000 Convertible Senior Notes (9) Equity June 2026 June 2026 4.50% 86,250 — 1,152,179 1,128,724 Capitalized default interest and late charges 4,944 7,304 Deferred loan costs, net (3,818) (5,434) Discounts, net (9,130) — Indebtedness, net $ 1,144,175 $ 1,130,594 __________________ (1) LIBOR rates were 0.101% and 0.144% at June 30, 2021 and December 31, 2020, 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) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (4) Effective January 9, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived from January 2021 through June 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in April 2021. (5) Effective December 31, 2020, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived from January 2021 through December 2021. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in June 2021. (7) Effective February 22, 2021, we amended this term loan. In conjunction with the amendment, the interest rate spread increased from a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.50% to a Base Rate + 1.25% - 2.65% or LIBOR + 2.25% - 3.65%, with a LIBOR floor of 0.50%. On May 18, 2021, we repaid this term loan in full. (8) Effective March 5, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits waived through July 1, 2021. (9) On May 18, 2021, we executed a purchase agreement to sell convertible senior notes in a private offering. In conjunction with the private offering, we sold convertible senior notes with an aggregate principal amount of $86.25 million. (10) The final maturity date assumes all available extensions options will be exercised. During the second and third quarters of 2020, we reached forbearance and other agreements with our lenders relating to loans secured by the Pier House Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, Hotel Yountville, Bardessono Hotel and Spa, Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Capital Hilton and Hilton La Jolla Torrey Pines. As of June 30, 2021, no loans are in default. See note 14 for discussion of the loan modification agreement with Lismore Capital LLC (“Lismore”). 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 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 are being amortized over the remaining term of the loans using the effective interest method. The amount of non-cash principal amortization associated with the default interest and late charges during the three and six months ended June 30, 2021 was approximately $1.0 million and $2.4 million, respectively. Convertible Senior Notes In May 2021, the Company issued $86.25 million aggregate principal amount of 4.50% Convertible Senior Notes due June 2026 (the “Convertible Senior Notes”). The net proceeds from this offering of the Convertible Senior Notes were approximately $82.8 million after deducting the underwriting fees and other expenses paid by the Company. A portion of the proceeds were used to fully repay the secured term loan. The Convertible Senior Notes are governed by an indenture (the “Base Indenture”) between the Company and U.S. Bank National Association, as trustee. The Convertible Senior Notes bear interest at a rate of 4.50% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2021. The Convertible Senior Notes will mature on June 1, 2026. The Company recorded coupon interest expense of $464,000 for the three and six months ended June 30, 2021. The Company separated the Convertible Senior Notes into liability and equity components. The initial carrying amount of the liability component was calculated using a discount rate of 7.1%. The discount rate was based on the terms of debt instruments that were similar to the Convertible Senior Notes. The $6.3 million carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the net proceeds of the Convertible Senior Notes. The amount recorded in equity is not subject to remeasurement or amortization. The initial discount of $9.3 million is accreted to interest expense using the effective interest rate method over the contractual term of the Convertible Senior Notes. The Company recorded discount amortization of $185,000 for the three and six months ended June 30, 2021. The Convertible Senior Notes are convertible at any time prior to the close of business on the business day immediately preceding the maturity date for cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the election of the Company, based on an initial conversion rate of 157.7909 shares of the Company’s common stock per $1,000 principal amount of notes (equivalent to a conversion price of approximately $6.34 per share of common stock), subject to adjustment of the conversion rate under certain circumstances. In addition, following the occurrence of certain corporate events, if the Company provides notice of redemption or if it exercises its option to convert the Convertible Senior Notes, the Company will, in certain circumstances, increase the conversion rate for a holder that converts its Convertible Senior Notes in connection with such corporate event, such notice of redemption, or such issuer conversion option, as the case may be. The Company may redeem the Convertible Senior Notes at the Company’s option, in whole or in part, on any business day on or after the date of issuance if the last reported sale price per share of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides a notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Senior Notes to be redeemed subject to certain adjustments, plus accrued and unpaid interest to, but excluding, the redemption date.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
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: Six Months Ended June 30, Interest rate caps: (1) 2021 2020 Notional amount (in thousands) $ 679,000 $ 602,500 Strike rate low end of range 0.75 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2021- May 2021 March 2020 - June 2020 Termination date range September 2021- June 2022 April 2021 - June 2021 Total cost of interest rate caps (in thousands) $ 79 $ 92 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) June 30, 2021 December 31, 2020 Notional amount (in thousands) $ 801,000 $ 779,000 Strike rate low end of range 0.75 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Termination date range August 2021 - June 2022 February 2021 - October 2021 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 776,000 $ 779,000 _______________ (1) No instruments were designated as cash flow hedges.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 interest rate caps is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair value of credit default swaps is 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. Fair value of interest rate floors is calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. 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 June 30, 2021, the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.101% to 0.372% 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 fair value of interest rate caps as of June 30, 2021 and December 31, 2020 was immaterial. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Assets Derivative assets: Interest rate derivatives - caps $ (58) $ (44) $ (78) $ (63) Credit default swaps — (1) (925) (1) — (1) 175 (1) Total derivative assets $ (58) $ (969) $ (78) $ 112 Total $ (58) $ (969) $ (78) $ 112 Total combined Interest rate derivatives - floors $ — $ — $ — $ 75 Interest rate derivatives - caps (58) (44) (78) (63) Credit default swaps — (925) — 175 Unrealized gain (loss) on derivatives (58) (969) (78) 187 Realized gain (loss) on interest rate floors — — — (75) (2) Net $ (58) $ (969) $ (78) $ 112 _______________ (1) Excludes costs associated with credit default swaps of $0 and $64 for the three months ended June 30, 2021 and 2020, respectively, as well as $0 and $127 for the six months ended June 30, 2021 and 2020, 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	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial InstrumentsDetermining 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): June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Financial assets and liabilities measured at fair value: Derivative assets $ 1 $ 1 $ — $ — Financial assets not measured at fair value: Cash and cash equivalents $ 157,677 $ 157,677 $ 78,606 $ 78,606 Restricted cash 57,413 57,413 34,544 34,544 Accounts receivable, net 18,707 18,707 13,557 13,557 Due from related parties, net 1,953 1,953 991 991 Due from third-party hotel managers 21,546 21,546 12,271 12,271 Financial liabilities not measured at fair value: Indebtedness $ 1,143,049 $889,567 to $983,205 $ 1,128,724 $884,325 to $977,411 Accounts payable and accrued expenses 84,460 84,460 61,758 61,758 Dividends and distributions payable 2,075 2,075 2,736 2,736 Due to Ashford Inc. 2,516 2,516 2,772 2,772 Due to third-party hotel managers 1,834 1,834 1,393 1,393 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 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 . 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 77.8% to 86.0% of the carrying value of $1.1 billion at June 30, 2021, and approximately 78.3% to 86.6% of the carrying value of $1.1 billion at December 31, 2020. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (9,233) $ (47,931) $ (17,941) $ (60,861) Less: Dividends on preferred stock (1,893) (2,555) (4,281) (5,110) Less: Loss on extinguishment of preferred stock - Series B (4,411) — (4,484) — Undistributed net income (loss) allocated to common stockholders (15,537) (50,486) (26,706) (65,971) Distributed and undistributed net income (loss) - basic and diluted $ (15,537) $ (50,486) $ (26,706) $ (65,971) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 47,820 32,907 43,737 32,688 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.32) $ (1.53) $ (0.61) $ (2.02) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.32) $ (1.53) $ (0.61) $ (2.02) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (1,282) $ (5,770) $ (2,361) $ (7,655) Dividends on preferred stock - Series B 1,068 1,730 2,631 3,460 Loss on extinguishment of preferred stock - Series B 4,411 — 4,484 — Interest expense on Convertible Senior Notes 649 — 649 — Total $ 4,846 $ (4,040) $ 5,403 $ (4,195) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 129 — 106 38 Effect of assumed conversion of operating partnership units 4,059 3,845 4,033 3,979 Effect of assumed conversion of preferred stock - Series B 4,156 6,728 5,113 6,728 Effect of assumed conversion of exchanged preferred stock - Series B 905 236 728 298 Effect of assumed conversion of Convertible Senior Notes 6,580 — 3,290 — Total 15,829 10,809 13,270 11,043

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	6 Months Ended
	Jun. 30, 2021
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. The Company issued equity awards in the first quarter of 2021, a substantial majority of which were issued subject to stockholder approval of an increase in the number of shares available for issuance under the Company’s 2013 Equity Incentive Plan. Under the applicable accounting literature, these awards are not accounted for until stockholder approval is obtained. In March 2021, approximately 244,000 LTIP units with a fair value of approximately $1.7 million and a vesting period of three years were granted. Stockholder approval was obtained on May 11, 2021. On May 11, 2021, approximately 202,000 LTIP units with a fair value of $1.4 million and a vesting period of three years were issued. Additionally, approximately 23,000 LTIP units were issued to independent directors, with a fair value of approximately $164,000, which vested immediately upon grant. 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. With respect to the 2019 and 2020 award agreements, 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. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature. 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. With respect to the 2021 award agreements, the compensation committee shifted to a new performance metric, pursuant to which, the performance awards will be eligible to vest, from 0% to 200% of target, based on achievement of certain performance targets over the three-year performance period commencing on January 1, 2021 and ending on December 31, 2023. The performance criteria for the 2021 performance grants are based on performance conditions under the relevant literature. 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. The grant date fair value of the award may vary from period to period, as the number of performance grants earned may vary since the estimated probable achievement of certain performance targets may vary from period to period. On May 11, 2021, approximately 840,000 Performance LTIP units with a fair value of approximately $5.7 million and a vesting period of three years were granted. As of June 30, 2021, we have issued a total of approximately 2.4 million LTIP units (including Performance LTIP units), net of cancellations, all of which, other than approximately 572,000 LTIP units and 900,000 Performance LTIP units issued from March 2015 to May 2021, had reached full economic parity with, and are convertible into, common units. The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: June 30, 2021 December 31, 2020 Redeemable noncontrolling interests in Braemar OP $ 29,398 $ 27,655 Adjustments to redeemable noncontrolling interests (1) $ 3,093 $ 167 Ownership percentage of operating partnership 7.62 % 9.43 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical cost. We allocated net income (loss) to the redeemable noncontrolling interests as illustrated in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 1,282 $ 5,770 $ 2,361 $ 7,655 The following table presents the common units redeemed and the fair value at redemption (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Common units converted to common stock 2 — 2 339 Fair value of common units converted $ 15 $ — $ 15 $ 390 (1) ____________________________________ (1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based CompensationCommon Stock Dividends—The board of directors did not declare a quarterly common stock dividend for the three and six months ended June 30, 2021 and 2020 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. The Company issued equity awards in the first quarter of 2021, a substantial majority of which were issued subject to stockholder approval of an increase in the number of shares available for issuance under the Company’s 2013 Equity Incentive Plan. Under the applicable accounting literature, these awards are not accounted for until stockholder approval is obtained. In March 2021, approximately 504,000 restricted stock units with a fair value of approximately $3.5 million and a vesting period of three years were granted. Stockholder approval was obtained on May 11, 2021. On May 11, 2021, approximately 215,000 restricted stock units with a fair value of approximately $1.5 million and a vesting period of three years were granted. Additionally, approximately 46,000 shares of common stock were issued to independent directors, with a fair value of approximately $322,000, which vested immediately upon grant. 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. With respect to the 2019 and 2020 award agreements, 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. 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. The Company issued equity awards in the first quarter of 2021, a substantial majority of which were issued subject to stockholder approval of an increase in the number of shares available for issuance under the Company’s Amended and Restated 2011 Stock Incentive Plan. Under the applicable accounting literature, these awards are not accounted for until shareholder approval is obtained. Stockholder approval was obtained on May 11, 2021. With respect to the 2021 award agreements, the compensation committee shifted to a new performance metric, pursuant to which, the performance awards will be eligible to vest, from 0% to 200% of target, based on achievement of certain performance targets over the three-year performance period commencing on January 1, 2021 and ending on December 31, 2023. The performance criteria for the 2021 performance grants are based on performance conditions under the relevant literature, and the 2021 performance grants were issued 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, which may vary from period to period, as the number of performance grants earned may vary since the estimated probable achievement of certain performance targets may vary from period to period. 8.25% Series D Cumulative Preferred Stock —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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Series D Cumulative Preferred Stock $ 825 825 $ 1,650 $ 1,650 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 June 30, 2021, the Company has sold approximately 7.4 million shares of common stock and received net proceeds of approximately $30.5 million under this program. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Common shares issued 706 — 2,711 — Gross proceeds received $ 4,292 $ — $ 16,119 $ — Commissions and other expenses 54 — 202 — Net proceeds $ 4,238 $ — $ 15,917 $ — Standby Equity Distribution Agreement —On February 4, 2021, the Company entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA II PN, Ltd. (“YA”), pursuant to which the Company will be able to sell up to 7,780,786 shares of its common stock (the “Commitment Amount”) at the Company’s request any time during the commitment period commencing on February 4, 2021, and terminating on the earliest of (i) the first day of the month next following the 36-month anniversary of the SEDA or (ii) the date on which YA shall have made payment of Advances (as defined in the SEDA) pursuant to the SEDA for shares of the Company’s common stock equal to the Commitment Amount (the “Commitment Period”). Other than with respect to the Initial Advance (as defined below) the shares sold to YA pursuant to the SEDA would be purchased at 95% of the Market Price (as defined below) and would be subject to certain limitations, including that YA could not purchase any shares that would result in it owning more than 4.99% of the Company’s common stock. “Market Price” shall mean the lowest daily VWAP (as defined below) of the Company’s common stock during the five consecutive trading days commencing on the trading day following the date the Company submits an advance notice to YA. “VWAP” means, for any trading day, the daily volume weighted average price of the Company’s common stock for such date on the principal market as reported by Bloomberg L.P. during regular trading hours. At any time during the Commitment Period the Company may require YA to purchase shares of the Company’s common stock by delivering a written notice to YA setting forth the Advance Shares (as defined in the SEDA) that the Company desires to issue and sell to YA (the “Advance Notice”). The Company may deliver an Advance Notice for an initial Advance for up to 1,200,000 Advance Shares (the “Initial Advance”). The preliminary purchase price per share for such shares shall be 100% of the average daily VWAP for the five consecutive trading days immediately prior to the date of the Advance Notice (the “Preliminary Purchase Price”). Pursuant to the SEDA, we currently intend to use the net proceeds from any sale of the shares for working capital purposes, including the repayment of outstanding debt. There are no other restrictions on future financing transactions. The SEDA does not contain any right of first refusal, participation rights, penalties or liquidated damages. We are not required to pay any additional amounts to reimburse or otherwise compensate YA in connection with the transaction except for a $10,000 structuring fee. The issuance activity under the SEDA is summarized below (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Common shares sold to YA 500 1,700 Proceeds received $ 2,993 $ 10,000 Common Stock Resale Agreement —On April 21, 2021, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”), entered into a purchase agreement, pursuant to which the Company may issue or sell to Lincoln Park up to 8,893,565 shares of the Company’s common stock from time to time during the term of the purchase agreement. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Lincoln Park, pursuant to which it agreed to provide Lincoln Park with certain registration rights related to the shares issued under the Purchase Agreement. Upon entering into the purchase agreement, the Company issued 15,000 shares of the Company’s common stock as consideration for Lincoln Park’s execution and delivery of the purchase agreement. The issuance activity under the Lincoln Park agreement is summarized below (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Common shares sold to Lincoln Park 766 766 Additional commitment shares 15 15 Total common shares issued to Lincoln Park 781 781 Proceeds received $ 4,217 $ 4,217 At-the-Market Equity Distribution Agreement —On May 25, 2021, the Company entered into an equity distribution agreement with Virtu Americas LLC (“Virtu”), to sell from time to time shares of the Company’s common stock having an aggregate offering price of up to $50,000,000 (the “Virtu May 2021 EDA”). We will pay Virtu a commission of approximately 1.0% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. The issuance activity under the Virtu May 2021 EDA is summarized below (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Common shares issued 5,972 5,972 Gross proceeds received $ 36,579 $ 36,579 Commissions and other expenses 366 366 Net proceeds $ 36,213 $ 36,213 Stock Repurchases —On December 5, 2017, our board of directors reapproved the stock repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share having an aggregate value of up to $50 million. The board of directors’ authorization replaced any previous repurchase authorizations. No shares were repurchased during the six months ended June 30, 2021 and 2020. As of June 30, 2021, $50 million remains authorized by the board of directors pursuant to the December 5, 2017 approval.

5.50% Series B Cumulative Conve

5.50% Series B Cumulative Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2021
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 Convertible Preferred Stock shall have the right to require the Company to redeem any or all shares of Series B Convertible 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 the advice of counsel to cease to be qualified as a REIT; or (v) determination within the meaning of Section 1313(a) of the Code 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 of 1933, as amended (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. As of June 30, 2021, we have sold approximately 65,000 shares of our Series B Convertible Preferred Stock and received proceeds of approximately $1.2 million under this program. The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Series B Convertible Preferred Stock $ 1,068 $ 1,730 $ 2,631 $ 3,460 During 2021, Braemar entered into privately negotiated exchange agreements with certain holders of its 5.50% Series B Cumulative Convertible Preferred Stock, par value $0.01 per share in reliance on Section 3(a)(9) of the Securities Act. The table below summarizes the activity (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Preferred Shares Tendered Common Shares Issued Preferred Shares Tendered Common Shares Issued Series B Convertible Preferred Stock 1,437 5,636 1,923 7,171

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
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: ▪ 90% of the base fee paid for the same month in the prior year; and ▪ 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory services fee Base advisory fee $ 2,678 $ 2,572 $ 5,223 $ 5,193 Reimbursable expenses (1) 510 412 1,002 956 Equity-based compensation (2) 2,285 1,917 3,672 3,821 Incentive fee 1,266 — 1,637 — Total $ 6,739 $ 4,901 $ 11,534 $ 9,970 ________ (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. Pursuant to the Company's hotel management agreements with each hotel management company, the Company bears the economic burden for casualty insurance coverage. Under the advisory agreement, Ashford Inc. secures casualty insurance policies to cover Braemar, Ashford Hospitality Trust, Inc. (“Ashford Trust”), their hotel managers, as needed, and Ashford Inc. The total loss estimates included in such policies are based on the collective pool of risk exposures from each party. Ashford Inc.'s risk management department manages the casualty insurance program. At the beginning of each year, Ashford Inc.'s risk Lismore 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”). The Lismore Agreement was terminated effective March 20, 2021. Upon entering into the agreement with Lismore, the Company made an initial payment of approximately $1.4 million. The Company paid approximately $1.4 million related to periodic installments of which $683,000 was expensed in accordance with the agreement. The remaining $681,000 was set off against the cash payment of the base advisory fee per the agreement upon contract termination in March 2021. Further, the Company paid approximately $1.4 million in success fees in connection with signed forbearance or other agreements. In total the Company paid approximately $4.1 million under the Lismore Agreement. For the three and six months ended June 30, 2021, the Company recognized expense of $0 and $341,000, respectively. For the three and six months ended June 30, 2020, the Company recognized expense of $1.6 million. These expenses are included in “write-off of loan costs and exit fees” in the condensed consolidated statements of operations. 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 (the “Initial Contribution Agreement”) with Ashford Inc. pursuant to which Braemar has agreed to contribute, with Ashford Trust, up to $15.0 million to fund the operations of Ashford Securities. Costs for all operating expenses of Ashford Securities that were contributed by Ashford Trust and Braemar will be expensed as incurred. These costs were 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 “Initial 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 Initial True-Up Date, the capital contributions will be allocated between Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. On December 31, 2020, an Amended and Restated Contribution Agreement (the “Amended and Restated Contribution Agreement”) was entered into by Ashford Inc., Ashford Trust and Braemar with respect to expenses to be reimbursed by Ashford Securities. The Initial True-Up Date did not occur, and beginning on the effective date of the Amended and Restated Contribution Agreement, costs will be allocated based upon an allocation percentage of 50% to Ashford Inc., 50% to Braemar and 0% to Ashford Trust. Upon reaching the earlier of $400 million in aggregate non-listed preferred equity offerings raised, or June 10, 2023, there will be an Amended and Restated true up (the “Amended and Restated True-up Date”) among Ashford Inc., Ashford Trust and Braemar whereby the actual expense reimbursement paid by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively. After the Amended and Restated True-Up Date, the expense reimbursements will be allocated among Ashford Inc., Ashford Trust and Braemar quarterly based on the actual capital raised through Ashford Securities. Additionally, Braemar’s aggregate Capital Contributions under the Initial Contribution Agreement and the Amended and Restated Contribution Agreement shall not exceed $3.75 million unless otherwise agreed to in writing by Braemar. As of June 30, 2021, Braemar has funded approximately $1.9 million. Additionally, as of June 30, 2021, the Company has a payable of $17,000, included in “due to Ashford Inc.” on our condensed consolidated balance sheet that represents unfunded reimbursable expenses. The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Corporate, general and administrative $ 523 $ 97 $ 863 $ 330 Enhanced Return Funding Program Concurrent with Amendment No. 1 to the Fifth Amended and Restated Advisory Agreement with Ashford Inc. ( “Amendment No. 1”), 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, design and construction 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 FF&E for use at the acquired property or any other property owned by Braemar OP. The initial term of the ERFP Agreement was two years (the “Initial Term”). At the end of the Initial Term, the ERFP Agreement automatically renewed for one year and 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. During the second quarter of 2021, the Company sold approximately $1.6 million of hotel FF&E from Braemar hotel properties to Ashford LLC which was subsequently leased back to the Company rent-free. In accordance with ASC 842, the Company evaluated the transactions and concluded that the transactions qualified as sales. As a result, the Company recorded an aggregate gain of $197,000 for the three and six months ended June 30, 2021. The gains are recorded in “gain (loss) on insurance settlement, disposition of assets and sale of hotel properties” in our condensed consolidated statements of operations. In the second quarter of 2021, upon expiration of an ERFP lease, the Company purchased the underlying FF&E from Ashford Inc. for $144,000. As of June 30, 2021, the Company has recorded a payable of $144,000 included in "due to Ashford Inc." on the condensed consolidated balance sheet. Design and Construction Services In connection with Ashford Inc.’s August 8, 2018 acquisition of Remington Lodging’s design and construction business, we entered into a design and construction services agreement with Ashford Inc.’s subsidiary, Premier Project Management LLC (“Premier”), pursuant to which Premier provides design and construction 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 design and construction services agreement, we pay Premier: (a) design and construction fees of up to 4% of project costs; and (b) for the following services: (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 design and construction services 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 Services 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 June 30, 2021, 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. Ashford Trust As of June 30, 2021, the Company has an $800,000 receivable from Ashford Trust, included in Due from related parties, net. The receivable relates to a legal settlement between Ashford Trust and the City of San Francisco regarding a transfer tax matter associated with the transfer of The Clancy from Ashford Trust to Braemar upon Braemar’s 2013 spin-off from Ashford Trust. The transfer taxes were initially paid by Braemar at the time of the spin-off. The $800,000 gain is included in “(gain) loss on legal settlements” on the condensed consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at June 30, 2021, 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 June 30, 2021, 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 5.0% 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 2017 through 2020 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 Accor’s 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. As of June 30, 2021, no amounts have been accrued. 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 probable that the litigation will result in a loss due to a potential pre-trial settlement, in which case the Company estimates its potential loss will be approximately $500,000; however, it is entitled to indemnification for a portion of such loss. As of June 30, 2021, approximately $500,000 has 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. On December 20, 2016, a class action lawsuit was filed against one of the Company’s hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa 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 written 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 were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class, however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. While we believe it is reasonably possible that we may incur a loss associated with this litigation, because there remains uncertainty under California law with respect to a significant legal issue, discovery relating to class members continues, and the trial judge retains discretion to award lower penalties than set forth in the applicable California employment laws, we do not believe any potential loss to the Company is reasonably estimable at this time. As of June 30, 2021, no amounts have been accrued. We are also engaged in other legal proceedings that have arisen but have not been fully adjudicated. To the extent the claims giving rise to these legal proceedings are not covered by insurance, they relate to the following general types of claims: employment matters, tax matters and matters relating to compliance with applicable law (for example, the ADA and similar state laws). The likelihood of loss from these legal proceedings is based on the definitions within contingency accounting literature. We recognize a loss when we believe the loss is both probable and reasonably estimable. Based on the information available to us relating to these legal proceedings and/or our experience in similar legal proceedings, we do 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, results of operations, or cash flow. However, our assessment may change depending upon the development of these legal proceedings, and the final results of these legal proceedings cannot be predicted with certainty. If we do not 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, results of operations, or cash flows could be materially adversely affected in future periods.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingWe 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 June 30, 2021 and December 31, 2020, all of our hotel properties were in the U.S. and its territories.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 12, 2021, the Company entered into a second equity distribution agreement with Virtu to sell from time to time shares of our common stock having an aggregate offering price of up to $100 million (the “Virtu July 2021 EDA”). We will pay Virtu a commission of approximately 1.0% of the gross sales price of the shares of our common stock sold. The Company may also sell some or all of the shares of our common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. As of August 4, 2021, the Company has not sold any shares of common stock under the Virtu July 2021 EDA. On July 12, 2021, the Company made an additional investment in OpenKey of approximately $117,000. Subsequent to June 30, 2021, the Company has sold approximately 86,000 shares of Series E Preferred Stock and received net proceeds of approximately $1.9 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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 2020 Annual Report on Form 10-K, as originally filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021. 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 six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
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.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In January 2020, the Financial Accounting Standards Board’s (“FASB”) issued Accounting Standards Update (“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 adopted the standard effective January 1, 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards —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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”) to provide guidance and relief for transitioning to alternative reference rates. ASU 2021-01 is effective immediately for all entities. 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 Accounting Standards Codification (“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 Share, 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)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (dollars in thousands): Three Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 19,352 $ 5,686 $ 2,720 $ 27,758 Colorado 1 1,555 1,214 1,497 4,266 Florida 2 17,875 7,708 5,553 31,136 Illinois 1 2,954 588 271 3,813 Pennsylvania 1 2,416 121 128 2,665 Washington 1 3,176 239 379 3,794 Washington, D.C. 1 1,204 123 249 1,576 USVI 1 15,305 4,174 2,623 22,102 Total 13 $ 63,837 $ 19,853 $ 13,420 $ 97,110 Three Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 1,910 $ 270 $ 520 $ 2,700 Colorado 1 116 27 334 477 Florida 2 3,309 1,617 2,336 7,262 Illinois 1 311 37 67 415 Pennsylvania 1 534 — 83 617 Washington 1 67 — 64 131 Washington, D.C. 1 (9) (13) 376 354 USVI 1 295 139 505 939 Total 13 $ 6,533 $ 2,077 $ 4,285 $ 12,895 Six Months Ended June 30, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 32,097 $ 9,918 $ 4,981 $ 46,996 Colorado 1 7,935 4,192 3,890 16,017 Florida 2 34,226 13,348 10,730 58,304 Illinois 1 4,374 824 403 5,601 Pennsylvania 1 3,657 126 247 4,030 Washington 1 4,074 249 496 4,819 Washington, D.C. 1 3,235 255 495 3,985 USVI 1 28,562 7,570 5,074 41,206 Total 13 $ 118,160 $ 36,482 $ 26,316 $ 180,958 Six Months Ended June 30, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 25,897 $ 8,041 $ 4,938 $ 38,876 Colorado 1 8,267 4,282 3,239 15,788 Florida 2 17,298 9,360 7,030 33,688 Illinois 1 2,932 889 363 4,184 Pennsylvania 1 5,000 1,206 319 6,525 Washington 1 3,765 791 422 4,978 Washington, D.C. 1 6,526 3,478 882 10,886 USVI 1 7,316 2,833 5,341 15,490 Total 13 $ 77,001 $ 30,880 $ 22,534 $ 130,415

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): June 30, 2021 December 31, 2020 Land $ 455,298 $ 455,298 Buildings and improvements 1,187,283 1,190,437 Furniture, fixtures and equipment 124,370 127,692 Construction in progress 7,355 11,422 Total cost 1,774,306 1,784,849 Accumulated depreciation (384,373) (360,259) Investments in hotel properties, net $ 1,389,933 $ 1,424,590

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	The following table summarizes our carrying value and ownership interest in OpenKey: June 30, 2021 December 31, 2020 Carrying value of the investment in OpenKey (in thousands) $ 1,578 $ 1,708 Ownership interest in OpenKey 7.8 % 8.2 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Equity in earnings (loss) of unconsolidated entity $ (66) $ (40) $ (130) $ (80)

Indebtedness, net (Tables)

Indebtedness, net (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Indebtedness, net	Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (10) Interest Rate June 30, 2021 December 31, 2020 Mortgage loan (3) The Ritz-Carlton St. Thomas August 2021 August 2024 LIBOR (1) + 3.95% $ 42,500 $ 42,500 Mortgage loan (4) Park Hyatt Beaver Creek Resort & Spa April 2022 April 2022 LIBOR (1) +3.00% 67,500 67,500 Mortgage loan (5) Hotel Yountville May 2022 May 2022 LIBOR (1) + 2.55% 51,000 51,000 Mortgage loan (6) The Notary Hotel June 2022 June 2025 LIBOR (1) + 2.16% 435,000 435,000 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (5) Bardessono Hotel and Spa August 2022 August 2022 LIBOR (1) + 2.55% 40,000 40,000 Term loan (7) Equity October 2022 October 2022 Base Rate (2) + 1.25% to 2.65% or LIBOR (1) + 2.25% to 3.65% — 61,495 Mortgage loan (5) The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR (1) + 2.65% 100,000 100,000 Mortgage loan (5) The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR (1) + 2.10% 54,000 54,000 Mortgage loan (8) Capital Hilton February 2024 February 2024 LIBOR (1) + 1.70% 195,929 197,229 Hilton La Jolla Torrey Pines Mortgage loan (5) Pier House Resort & Spa September 2024 September 2024 LIBOR (1) + 1.85% 80,000 80,000 Convertible Senior Notes (9) Equity June 2026 June 2026 4.50% 86,250 — 1,152,179 1,128,724 Capitalized default interest and late charges 4,944 7,304 Deferred loan costs, net (3,818) (5,434) Discounts, net (9,130) — Indebtedness, net $ 1,144,175 $ 1,130,594 __________________ (1) LIBOR rates were 0.101% and 0.144% at June 30, 2021 and December 31, 2020, 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) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (4) Effective January 9, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived from January 2021 through June 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in April 2021. (5) Effective December 31, 2020, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived from January 2021 through December 2021. (6) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in June 2021. (7) Effective February 22, 2021, we amended this term loan. In conjunction with the amendment, the interest rate spread increased from a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.50% to a Base Rate + 1.25% - 2.65% or LIBOR + 2.25% - 3.65%, with a LIBOR floor of 0.50%. On May 18, 2021, we repaid this term loan in full. (8) Effective March 5, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits waived through July 1, 2021. (9) On May 18, 2021, we executed a purchase agreement to sell convertible senior notes in a private offering. In conjunction with the private offering, we sold convertible senior notes with an aggregate principal amount of $86.25 million. (10) The final maturity date assumes all available extensions options will be exercised.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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: Six Months Ended June 30, Interest rate caps: (1) 2021 2020 Notional amount (in thousands) $ 679,000 $ 602,500 Strike rate low end of range 0.75 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Effective date range January 2021- May 2021 March 2020 - June 2020 Termination date range September 2021- June 2022 April 2021 - June 2021 Total cost of interest rate caps (in thousands) $ 79 $ 92 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) June 30, 2021 December 31, 2020 Notional amount (in thousands) $ 801,000 $ 779,000 Strike rate low end of range 0.75 % 3.00 % Strike rate high end of range 4.00 % 4.00 % Termination date range August 2021 - June 2022 February 2021 - October 2021 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 776,000 $ 779,000 _______________ (1) No instruments were designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Assets Derivative assets: Interest rate derivatives - caps $ (58) $ (44) $ (78) $ (63) Credit default swaps — (1) (925) (1) — (1) 175 (1) Total derivative assets $ (58) $ (969) $ (78) $ 112 Total $ (58) $ (969) $ (78) $ 112 Total combined Interest rate derivatives - floors $ — $ — $ — $ 75 Interest rate derivatives - caps (58) (44) (78) (63) Credit default swaps — (925) — 175 Unrealized gain (loss) on derivatives (58) (969) (78) 187 Realized gain (loss) on interest rate floors — — — (75) (2) Net $ (58) $ (969) $ (78) $ 112 _______________ (1) Excludes costs associated with credit default swaps of $0 and $64 for the three months ended June 30, 2021 and 2020, respectively, as well as $0 and $127 for the six months ended June 30, 2021 and 2020, respectively, which is 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)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Financial assets and liabilities measured at fair value: Derivative assets $ 1 $ 1 $ — $ — Financial assets not measured at fair value: Cash and cash equivalents $ 157,677 $ 157,677 $ 78,606 $ 78,606 Restricted cash 57,413 57,413 34,544 34,544 Accounts receivable, net 18,707 18,707 13,557 13,557 Due from related parties, net 1,953 1,953 991 991 Due from third-party hotel managers 21,546 21,546 12,271 12,271 Financial liabilities not measured at fair value: Indebtedness $ 1,143,049 $889,567 to $983,205 $ 1,128,724 $884,325 to $977,411 Accounts payable and accrued expenses 84,460 84,460 61,758 61,758 Dividends and distributions payable 2,075 2,075 2,736 2,736 Due to Ashford Inc. 2,516 2,516 2,772 2,772 Due to third-party hotel managers 1,834 1,834 1,393 1,393

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (9,233) $ (47,931) $ (17,941) $ (60,861) Less: Dividends on preferred stock (1,893) (2,555) (4,281) (5,110) Less: Loss on extinguishment of preferred stock - Series B (4,411) — (4,484) — Undistributed net income (loss) allocated to common stockholders (15,537) (50,486) (26,706) (65,971) Distributed and undistributed net income (loss) - basic and diluted $ (15,537) $ (50,486) $ (26,706) $ (65,971) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 47,820 32,907 43,737 32,688 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.32) $ (1.53) $ (0.61) $ (2.02) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.32) $ (1.53) $ (0.61) $ (2.02)
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) attributable to redeemable noncontrolling interests in operating partnership $ (1,282) $ (5,770) $ (2,361) $ (7,655) Dividends on preferred stock - Series B 1,068 1,730 2,631 3,460 Loss on extinguishment of preferred stock - Series B 4,411 — 4,484 — Interest expense on Convertible Senior Notes 649 — 649 — Total $ 4,846 $ (4,040) $ 5,403 $ (4,195) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 129 — 106 38 Effect of assumed conversion of operating partnership units 4,059 3,845 4,033 3,979 Effect of assumed conversion of preferred stock - Series B 4,156 6,728 5,113 6,728 Effect of assumed conversion of exchanged preferred stock - Series B 905 236 728 298 Effect of assumed conversion of Convertible Senior Notes 6,580 — 3,290 — Total 15,829 10,809 13,270 11,043

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: June 30, 2021 December 31, 2020 Redeemable noncontrolling interests in Braemar OP $ 29,398 $ 27,655 Adjustments to redeemable noncontrolling interests (1) $ 3,093 $ 167 Ownership percentage of operating partnership 7.62 % 9.43 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical cost. We allocated net income (loss) to the redeemable noncontrolling interests as illustrated in the table below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 1,282 $ 5,770 $ 2,361 $ 7,655 The following table presents the common units redeemed and the fair value at redemption (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Common units converted to common stock 2 — 2 339 Fair value of common units converted $ 15 $ — $ 15 $ 390 (1) ____________________________________ (1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $3.5 million.

Equity and Stock-Based Compen_2

Equity and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Dividends Declared	The following table summarizes dividends declared (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Series D Cumulative Preferred Stock $ 825 825 $ 1,650 $ 1,650
Schedule of Issuance Activity	The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Common shares issued 706 — 2,711 — Gross proceeds received $ 4,292 $ — $ 16,119 $ — Commissions and other expenses 54 — 202 — Net proceeds $ 4,238 $ — $ 15,917 $ — The issuance activity under the SEDA is summarized below (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Common shares sold to YA 500 1,700 Proceeds received $ 2,993 $ 10,000 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Common shares sold to Lincoln Park 766 766 Additional commitment shares 15 15 Total common shares issued to Lincoln Park 781 781 Proceeds received $ 4,217 $ 4,217 The issuance activity under the Virtu May 2021 EDA is summarized below (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Common shares issued 5,972 5,972 Gross proceeds received $ 36,579 $ 36,579 Commissions and other expenses 366 366 Net proceeds $ 36,213 $ 36,213

5.50% Series B Cumulative Con_2

5.50% Series B Cumulative Convertible Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Issuance Activity	The issuance activity is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Series B Convertible Preferred Stock shares issued — — — 23 Gross proceeds received $ — $ — $ — $ 439 Commissions and other expenses — — — 7 Net proceeds $ — $ — $ — $ 432
Summary of the Activity of the Operating Partnership Units	The following table summarizes dividends declared (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Series B Convertible Preferred Stock $ 1,068 $ 1,730 $ 2,631 $ 3,460
Summary of Series B Cumulative Convertible Preferred Stock Activity	The table below summarizes the activity (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Preferred Shares Tendered Common Shares Issued Preferred Shares Tendered Common Shares Issued Series B Convertible Preferred Stock 1,437 5,636 1,923 7,171

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Advisory services fee Base advisory fee $ 2,678 $ 2,572 $ 5,223 $ 5,193 Reimbursable expenses (1) 510 412 1,002 956 Equity-based compensation (2) 2,285 1,917 3,672 3,821 Incentive fee 1,266 — 1,637 — Total $ 6,739 $ 4,901 $ 11,534 $ 9,970 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Braemar’s common stock, PSUs, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended June 30, Six Months Ended June 30, Line Item 2021 2020 2021 2020 Corporate, general and administrative $ 523 $ 97 $ 863 $ 330

Organization and Description _2

Organization and Description of Business (Details) $ in Thousands	Jun. 30, 2021USD ($)hotelstateroom	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)hotel	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Number of hotel properties	13		13
Number of states in which entity operates | state	6
Number of rooms | room	3,722
Number of units in real estate property, net partnership interest | room	3,487
Cash and cash equivalents | $	$ 157,677	$ 78,606	$ 102,568	$ 71,995
Restricted cash | $	57,413	34,544	$ 41,464	$ 58,388
Due from third-party hotel managers | $	$ 21,546	$ 12,271
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of hotel properties	11
Consolidated Properties
Real Estate Properties [Line Items]
Number of hotel properties	2
Leased by Wholly-Owned or Majority-Owned Taxable REIT Subsidiaries
Real Estate Properties [Line Items]
Number of hotel properties	12
US Virgin Islands Taxable REIT Subsidiary
Real Estate Properties [Line Items]
Number of hotel properties	1
Leased by Ashford Prime Wholly-Owned Taxable REIT Subsidiary
Real Estate Properties [Line Items]
Number of hotel properties	10
Remington Hotels
Real Estate Properties [Line Items]
Number of hotel properties managed by related party	3

Revenue (Details)

Revenue (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)hotel	Jun. 30, 2020USD ($)hotel	Jun. 30, 2021USD ($)hotel	Jun. 30, 2020USD ($)hotel
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	13	13	13	13
Total revenue	$ 97,110,000	$ 12,895,000	$ 180,958,000	$ 130,415,000
Other Hotel Revenue
Disaggregation of Revenue [Line Items]
Revenue from business interruption losses	$ 0	$ 390,000	$ 0	$ 4,000,000
California
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	5	5	5	5
Total revenue	$ 27,758,000	$ 2,700,000	$ 46,996,000	$ 38,876,000
Colorado
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 4,266,000	$ 477,000	$ 16,017,000	$ 15,788,000
Florida
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	2	2	2	2
Total revenue	$ 31,136,000	$ 7,262,000	$ 58,304,000	$ 33,688,000
Illinois
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 3,813,000	$ 415,000	$ 5,601,000	$ 4,184,000
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 2,665,000	$ 617,000	$ 4,030,000	$ 6,525,000
Washington
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 3,794,000	$ 131,000	$ 4,819,000	$ 4,978,000
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 1,576,000	$ 354,000	$ 3,985,000	$ 10,886,000
USVI
Disaggregation of Revenue [Line Items]
Number of Hotels | hotel	1	1	1	1
Total revenue	$ 22,102,000	$ 939,000	$ 41,206,000	$ 15,490,000
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	63,837,000	6,533,000	118,160,000	77,001,000
Rooms | California
Disaggregation of Revenue [Line Items]
Total revenue	19,352,000	1,910,000	32,097,000	25,897,000
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	1,555,000	116,000	7,935,000	8,267,000
Rooms | Florida
Disaggregation of Revenue [Line Items]
Total revenue	17,875,000	3,309,000	34,226,000	17,298,000
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	2,954,000	311,000	4,374,000	2,932,000
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	2,416,000	534,000	3,657,000	5,000,000
Rooms | Washington
Disaggregation of Revenue [Line Items]
Total revenue	3,176,000	67,000	4,074,000	3,765,000
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	1,204,000	(9,000)	3,235,000	6,526,000
Rooms | USVI
Disaggregation of Revenue [Line Items]
Total revenue	15,305,000	295,000	28,562,000	7,316,000
Food and Beverage
Disaggregation of Revenue [Line Items]
Total revenue	19,853,000	2,077,000	36,482,000	30,880,000
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Total revenue	5,686,000	270,000	9,918,000	8,041,000
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	1,214,000	27,000	4,192,000	4,282,000
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Total revenue	7,708,000	1,617,000	13,348,000	9,360,000
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	588,000	37,000	824,000	889,000
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	121,000	0	126,000	1,206,000
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Total revenue	239,000	0	249,000	791,000
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	123,000	(13,000)	255,000	3,478,000
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Total revenue	4,174,000	139,000	7,570,000	2,833,000
Other Hotel
Disaggregation of Revenue [Line Items]
Total revenue	13,420,000	4,285,000	26,316,000	22,534,000
Other Hotel | California
Disaggregation of Revenue [Line Items]
Total revenue	2,720,000	520,000	4,981,000	4,938,000
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	1,497,000	334,000	3,890,000	3,239,000
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Total revenue	5,553,000	2,336,000	10,730,000	7,030,000
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	271,000	67,000	403,000	363,000
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	128,000	83,000	247,000	319,000
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Total revenue	379,000	64,000	496,000	422,000
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	249,000	376,000	495,000	882,000
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,623,000	$ 505,000	$ 5,074,000	$ 5,341,000

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land		$ 455,298,000		$ 455,298,000		$ 455,298,000
Buildings and improvements		1,187,283,000		1,187,283,000		1,190,437,000
Furniture, fixtures and equipment		124,370,000		124,370,000		127,692,000
Construction in progress		7,355,000		7,355,000		11,422,000
Total cost		1,774,306,000		1,774,306,000		1,784,849,000
Accumulated depreciation		(384,373,000)		(384,373,000)		(360,259,000)
Investments in hotel properties, net		1,389,933,000		1,389,933,000		$ 1,424,590,000
Gain associated with proceeds received from insurance	$ 10,100,000	0		481,000
Proceeds from insurance carriers		0	$ 5,400,000	0	$ 7,400,000
Impairment charges		$ 0	$ 0	$ 0	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in OpenKey	$ 1,578,000		$ 1,578,000		$ 1,708,000
Equity in earnings (loss) of unconsolidated entity	$ (66,000)	$ (40,000)	$ (130,000)	$ (80,000)
OpenKey
Schedule of Equity Method Investments [Line Items]
Ownership interest in OpenKey (as a percent)	7.80%		7.80%		8.20%	8.20%
Aggregate equity method investments	$ 2,400,000		$ 2,400,000
Impairment	0	$ 0	0	$ 0
Carrying value of the investment in OpenKey	$ 1,578,000		$ 1,578,000		$ 1,708,000

Indebtedness, net (Schedule of

Indebtedness, net (Schedule of Indebtedness) (Details) $ in Thousands	Feb. 22, 2021	Jun. 08, 2020	Jun. 30, 2021USD ($)extension	May 31, 2021USD ($)	May 18, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Indebtedness, gross			$ 1,152,179			$ 1,128,724
Capitalized default interest and late charges			4,944			7,304
Deferred loan costs, net			(3,818)			(5,434)
Discounts, net			(9,130)			0
Indebtedness, net			$ 1,144,175			$ 1,130,594
LIBOR rate			0.101%			0.144%
Mortgages | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Mortgages | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Mortgages | Mortgage Loan 1
Debt Instrument [Line Items]
Indebtedness, gross			$ 42,500			$ 42,500
Number of extension options | extension			3
Term of extension options (in years)			1 year
Mortgages | Mortgage Loan 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.95%
Mortgages | Mortgage Loan 2
Debt Instrument [Line Items]
Indebtedness, gross			$ 67,500			67,500
Number of extension options | extension			3
Term of extension options (in years)			1 year
Mortgages | Mortgage Loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Mortgages | Mortgage Loan 3
Debt Instrument [Line Items]
Indebtedness, gross			$ 51,000			51,000
Mortgages | Mortgage Loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.55%
Mortgages | Mortgage Loan 4
Debt Instrument [Line Items]
Indebtedness, gross			$ 435,000			435,000
Number of extension options | extension			5
Term of extension options (in years)			1 year
Mortgages | Mortgage Loan 4 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.16%
Mortgages | Mortgage Loan 5
Debt Instrument [Line Items]
Indebtedness, gross			$ 40,000			40,000
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			100,000
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			54,000
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			$ 195,929			197,229
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			80,000
Mortgages | Mortgage Loan 9 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.85%
Term Loan | Term loan
Debt Instrument [Line Items]
Indebtedness, gross			$ 0			61,495
Term Loan | Term loan | LIBOR
Debt Instrument [Line Items]
LIBOR floor (as a percent)		0.50%
Term Loan | Term loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Term Loan | Term loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.65%	3.50%
Term Loan | Term loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Term Loan | Term loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%	2.50%
Convertible Senior Notes | Convertible senior notes
Debt Instrument [Line Items]
Indebtedness, gross			$ 86,250			$ 0
Interest rate			4.50%	4.50%
Face amount of debt				$ 86,250	$ 86,250

Indebtedness, net (Narrative) (

Indebtedness, net (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2021USD ($)day$ / shares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 18, 2021USD ($)
Debt Instrument [Line Items]
Gain (loss) recognized on loans						$ 0
Amortization of principal amortization		$ 1,000,000		$ 2,400,000
Net proceeds from long-term debt				$ 83,231,000	$ 109,317,000
Convertible senior notes | Convertible Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 86,250,000						$ 86,250,000
Interest rate	4.50%	4.50%		4.50%
Net proceeds from long-term debt	$ 82,800,000
Coupon interest expense		$ 464,000		$ 464,000
Carrying amount of the equity component	6,300,000
Initial discount	$ 9,300,000
Discount amortization			$ 185,000	$ 185,000
Conversion rate	0.1577909
Conversion price (in dollars per share) | $ / shares	$ 6.34
Threshold percentage of stock price trigger	130.00%
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Redemption price, percentage	100.00%
Convertible senior notes | Convertible Senior Notes | Discount rate
Debt Instrument [Line Items]
Debt instrument, measurement input	0.071

Derivative Instruments (Details

Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 801,000		$ 779,000
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 776,000		$ 779,000
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate	0.75%		3.00%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate	4.00%		4.00%
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 679,000	$ 602,500
Total cost of interest rate caps (in thousands)	$ 79	$ 92
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate	0.75%	3.00%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate	4.00%	4.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 01, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significance of current credit spreads to level 3 input considerations (as a percent)	10.00%		10.00%
LIBOR interest rate forward curve (as a percent)	0.101%		0.101%			0.144%
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	$ (58)	$ (969)	$ (78)	$ 187
Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
LIBOR interest rate forward curve (as a percent)					0.372%
Credit default swaps | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative cost	0	64	0	127
Fair Value, Recurring
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	(58)	(969)	(78)	112
Fair Value, Recurring | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	(58)	(969)	(78)	112
Fair Value, Recurring | Non-derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	(58)	(969)	(78)	112
Fair Value, Recurring | Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	(58)	(969)	(78)	187
Fair Value, Recurring | Interest rate derivatives - caps
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	(58)	(44)	(78)	(63)
Fair Value, Recurring | Interest rate derivatives - caps | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	(58)	(44)	(78)	(63)
Fair Value, Recurring | Credit default swaps
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	0	(925)	0	175
Fair Value, Recurring | Credit default swaps | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income	0	(925)	0	175
Fair Value, Recurring | Interest rate derivatives - floors
Effect of Fair Value Hedges on Results of Operations [Abstract]
Unrealized gain (loss) on derivatives	0	0	0	75
Realized gain (loss) on interest rate floors	$ 0	$ 0	$ 0	$ (75)

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	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Financial assets and liabilities measured at fair value:
Derivative assets, Carrying value	$ 1
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	157,677	$ 78,606	$ 102,568	$ 71,995
Restricted cash, Carrying value	57,413	34,544	$ 41,464	$ 58,388
Accounts receivable, net, Carrying value	18,707	13,557
Due from related parties, net, Carrying value	1,953	991
Due from third-party hotel managers, Carrying value	21,546	12,271
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	1,152,179	1,128,724
Accounts payable and accrued expenses, Carrying value	84,460	61,758
Dividends and distributions payable, Carrying value	2,075	2,736
Due to Ashford Inc., Carrying Value	2,516	2,772
Due to third-party hotel managers, Carrying value	1,834	1,393
Carrying Value
Financial assets and liabilities measured at fair value:
Derivative assets, Carrying value	1	0
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	157,677	78,606
Restricted cash, Carrying value	57,413	34,544
Accounts receivable, net, Carrying value	18,707	13,557
Due from related parties, net, Carrying value	1,953	991
Due from third-party hotel managers, Carrying value	21,546	12,271
Financial liabilities not measured at fair value:
Indebtedness, Carrying value	1,143,049	1,128,724
Accounts payable and accrued expenses, Carrying value	84,460	61,758
Dividends and distributions payable, Carrying value	2,075	2,736
Due to Ashford Inc., Carrying Value	2,516	2,772
Due to third-party hotel managers, Carrying value	1,834	1,393
Estimated Fair Value
Financial assets and liabilities measured at fair value:
Derivative assets, Estimated fair value	1	0
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	157,677	78,606
Restricted cash, Estimated fair value	57,413	34,544
Accounts receivable, net, Estimated fair value	18,707	13,557
Due from related parties, net, Estimated fair value	1,953	991
Due from third-party hotel managers, Estimated fair value	21,546	12,271
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, Estimated fair value	84,460	61,758
Dividends and distributions payable, Estimated fair value	2,075	2,736
Due to Ashford Inc., Fair Value Disclosure	2,516	2,772
Due to third-party hotel managers, Estimated fair value	1,834	1,393
Minimum | Estimated Fair Value
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	889,567	884,325
Maximum | Estimated Fair Value
Financial liabilities not measured at fair value:
Indebtedness, Estimated fair value	$ 983,205	$ 977,411

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Indebtedness, Carrying value	$ 1,152,179	$ 1,128,724
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, Carrying value	$ 1,143,049	$ 1,128,724
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	77.80%	78.30%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	86.00%	86.60%

Income (Loss) Per Share (Reconc

Income (Loss) Per Share (Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$ (9,233)	$ (47,931)	$ (17,941)	$ (60,861)
Less: Dividends on preferred stock	(1,893)	(2,555)	(4,281)	(5,110)
Less: Loss on extinguishment of preferred stock - Series B	(4,411)	0	(4,484)	0
Undistributed net income (loss) allocated to common stockholders	(15,537)	(50,486)	(26,706)	(65,971)
Distributed and undistributed net income (loss) - basic	(15,537)	(50,486)	(26,706)	(65,971)
Distributed and undistributed net income (loss) - diluted	$ (15,537)	$ (50,486)	$ (26,706)	$ (65,971)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	47,820	32,907	43,737	32,688
Weighted average common shares outstanding – diluted (in shares)	47,820	32,907	43,737	32,688
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.32)	$ (1.53)	$ (0.61)	$ (2.02)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.32)	$ (1.53)	$ (0.61)	$ (2.02)

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income (loss) allocated to common stockholders is not adjusted for:
Loss on extinguishment of preferred stock - Series B	$ 4,411	$ 0	$ 4,484	$ 0
Total	$ 4,846	$ (4,040)	$ 5,403	$ (4,195)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	15,829	10,809	13,270	11,043
Restricted Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	129	0	106	38
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (1,282)	$ (5,770)	$ (2,361)	$ (7,655)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,059	3,845	4,033	3,979
Series B Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock - Series B	$ 1,068	$ 1,730	$ 2,631	$ 3,460
Loss on extinguishment of preferred stock - Series B	$ 4,411	$ 0	$ 4,484	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,156	6,728	5,113	6,728
Exchanged Shares of Series B Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	905	236	728	298
Convertible Senior Notes
Net income (loss) allocated to common stockholders is not adjusted for:
Interest expense on Convertible Senior Notes	$ 649	$ 0	$ 649	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6,580	0	3,290	0

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest in Operating Partnership (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	May 11, 2021	Mar. 31, 2021	Jun. 30, 2021
Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years	3 years	3 years
Units granted or issued (in shares)	202	244
Fair value of units granted	$ 1,400	$ 1,700
Other than options (in shares)			2,400
Units which have not reached full economic parity with the common units (in shares)			572
Long Term Incentive Plan Units | Director
Noncontrolling Interest [Line Items]
Units granted or issued (in shares)	23
Fair value of units granted	$ 164
Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years		3 years
Units granted or issued (in shares)	840
Fair value of units granted	$ 5,700
Units which have not reached full economic parity with the common units (in shares)			900
Performance Shares
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Units granted or issued (in shares)	446
Fair value of units granted	$ 6,000
Performance Shares | 2021 Grants
Noncontrolling Interest [Line Items]
Vesting period (in years)			3 years
Minimum | Performance Long Term Incentive Plan Units | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Award performance target (as a percent)			0.00%
Minimum | Performance Shares | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Award performance target (as a percent)			0.00%
Minimum | Performance Shares | 2021 Grants
Noncontrolling Interest [Line Items]
Award performance target (as a percent)			0.00%
Maximum | Performance Long Term Incentive Plan Units | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Award performance target (as a percent)			200.00%
Maximum | Performance Shares | 2019 and 2020 Grants
Noncontrolling Interest [Line Items]
Award performance target (as a percent)			200.00%
Maximum | Performance Shares | 2021 Grants
Noncontrolling Interest [Line Items]
Award performance target (as a percent)			200.00%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP	$ 29,398		$ 29,398		$ 27,655
Adjustments to redeemable noncontrolling interests	(1,659)	$ 20	(2,925)	$ 26
Braemar Hotels & Resorts, Inc.
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP	$ 29,398		29,398		27,655
Adjustments to redeemable noncontrolling interests			$ 3,093		$ 167
Ownership percentage of operating partnership	7.62%		7.62%		9.43%

..Redeemable Noncontrolling Int

..Redeemable Noncontrolling Interests in Operating Partnership (Allocated Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 1,282	$ 5,770	$ 2,361	$ 7,655

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership (Units Redeemed) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Temporary Equity [Line Items]
Fair value of common units converted	$ (17)		$ (17)	$ (3,454)
Historical cost				$ 3,500
Operating Partnership Units
Temporary Equity [Line Items]
Common units converted to common stock (in shares)	2	0	2	339
Fair value of common units converted	$ 15	$ 0	$ 15	$ 390

Equity and Stock-Based Compen_3

Equity and Stock-Based Compensation (Narrative) (Details)	Jun. 30, 2021USD ($)$ / sharesshares	May 25, 2021USD ($)	May 11, 2021USD ($)shares	Apr. 21, 2021shares	Feb. 04, 2021USD ($)dayshares	Dec. 04, 2019USD ($)	Mar. 31, 2021USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Dec. 31, 2020$ / shares	Dec. 11, 2017USD ($)	Dec. 05, 2017USD ($)$ / shares
Class of Stock [Line Items]
Dividends declared								$ 0	$ 0	$ 0	$ 0
Fair value of common stock issued								$ 47,268,000		$ 65,577,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01							$ 0.01		$ 0.01		$ 0.01
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Units granted (in shares) | shares			215,000				504,000
Fair value of units granted			$ 1,500,000				$ 3,500,000
Vesting period (in years)			3 years				3 years
Performance Shares
Class of Stock [Line Items]
Units granted (in shares) | shares			446,000
Fair value of units granted			$ 6,000,000
Vesting period (in years)			3 years
Award service period (in years)										3 years
Performance Shares | 2021 Grants
Class of Stock [Line Items]
Vesting period (in years)										3 years
Performance Shares | Minimum | 2019 and 2020 Grants
Class of Stock [Line Items]
Award performance target (as a percent)										0.00%
Performance Shares | Minimum | 2021 Grants
Class of Stock [Line Items]
Award performance target (as a percent)										0.00%
Performance Shares | Maximum | 2019 and 2020 Grants
Class of Stock [Line Items]
Award performance target (as a percent)										200.00%
Performance Shares | Maximum | 2021 Grants
Class of Stock [Line Items]
Award performance target (as a percent)										200.00%
Private Placement | YA
Class of Stock [Line Items]
Shares sold (in shares) | shares								500,000		1,700,000
Proceeds received								$ 2,993,000		$ 10,000,000
Shares authorized (in shares) | shares					7,780,786
Anniversary of agreement (in months)					36 months
Percentage of the Market Price					95.00%
Ownership threshold (as a percent)					4.99%
Consecutive trading days after advance notice | day					5
Maximum advance shares (in shares) | shares					1,200,000
Price per share percentage of average daily VWAP					100.00%
Consecutive trading days prior to advance notice | day					5
Structuring fee					$ 10,000
Private Placement | Lincoln Park
Class of Stock [Line Items]
Shares sold (in shares) | shares				15,000				781,000		781,000
Proceeds received								$ 4,217,000		$ 4,217,000
Shares authorized (in shares) | shares				8,893,565
Equity Distribution Agreements
Class of Stock [Line Items]
Maximum offering price						$ 40,000,000
Shares sold (in shares) | shares								5,972,000		5,972,000
Proceeds received								$ 36,213,000		$ 36,213,000
Percentage of the gross sales price						2.00%
Equity Distribution Agreements | Virtu
Class of Stock [Line Items]
Maximum offering price		$ 50,000,000
Percentage of the gross sales price		0.01%
Common Stock
Class of Stock [Line Items]
Common shares issued (in shares) | shares								7,959,000		11,164,000
Fair value of common stock issued								$ 80,000		$ 112,000
Shares of stock repurchased during period (in shares) | shares									15,000	50,000	35,000
Common Stock | Director
Class of Stock [Line Items]
Common shares issued (in shares) | shares			46,000
Fair value of common stock issued			$ 322,000
Common Stock | At-The-Market Equity Distribution
Class of Stock [Line Items]
Maximum offering price													$ 50,000,000
Shares sold (in shares) | shares	7,400,000
Proceeds received	$ 30,500,000
Stock Repurchase Program
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares														$ 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) | shares										0	0
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate								8.25%	8.25%	8.25%	8.25%	8.25%
Annual preferred stock dividend (in dollars per share) | $ / shares										$ 2.0625

Equity and Stock-Based Compen_4

Equity and Stock-Based Compensation (Preferred Stock Dividends) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Series D Preferred Stock
Class of Stock [Line Items]
Series D Cumulative Preferred Stock	$ 825,000	$ 825,000	$ 1,650,000	$ 1,650,000

Equity and Stock-Based Compen_5

Equity and Stock-Based Compensation (Issuance Activity) (Details) - USD ($) $ in Thousands	Apr. 21, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Private Placement, Shares Sold | Lincoln Park
Class of Stock [Line Items]
Common shares issued/sold (in shares)		766,000		766,000
Private Placement, Additional Commitment Shares | Lincoln Park
Class of Stock [Line Items]
Common shares issued/sold (in shares)		15,000		15,000
Private Placement | Lincoln Park
Class of Stock [Line Items]
Common shares issued/sold (in shares)	15,000	781,000		781,000
Net proceeds		$ 4,217		$ 4,217
Equity Distribution Agreements
Class of Stock [Line Items]
Common shares issued/sold (in shares)		5,972,000		5,972,000
Gross proceeds received		$ 36,579		$ 36,579
Commissions and other expenses		366		366
Net proceeds		$ 36,213		$ 36,213
Common Stock
Class of Stock [Line Items]
Common shares issued/sold (in shares)		706,000	0	2,711,000	0
Gross proceeds received		$ 4,292	$ 0	$ 16,119	$ 0
Commissions and other expenses		54	0	202	0
Net proceeds		$ 4,238	$ 0	$ 15,917	$ 0

Equity and Stock-Based Compen_6

Equity and Stock-Based Compensation (Issuance Activity Under the SEDA) (Details) - Private Placement - YA - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Common shares issued/sold (in shares)	500	1,700
Proceeds received	$ 2,993	$ 10,000

5.50% Series B Cumulative Con_3

5.50% Series B Cumulative Convertible Preferred Stock (Details)	Jun. 30, 2021USD ($)$ / shares	Dec. 04, 2019USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)day$ / sharesshares	Jun. 30, 2020USD ($)shares	Dec. 31, 2020$ / shares	Jun. 30, 2021$ / sharesshares
Class of Stock [Line Items]
Series B Convertible Preferred Stock			$ 1,893,000	$ 2,555,000	$ 4,281,000	$ 5,110,000
Common Stock
Class of Stock [Line Items]
Common Shares Issued (in shares) | shares			5,636,000		7,171,000
Equity Distribution Agreements
Class of Stock [Line Items]
Maximum offering price		$ 40,000,000
Percentage of the gross sales price		2.00%
Shares sold (in shares) | shares			5,972,000		5,972,000
Proceeds received			$ 36,213,000		$ 36,213,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate			5.50%	5.50%	5.50%	5.50%	5.50%
Initial conversion price (in dollars per share) | $ / shares	$ 18.70		$ 18.70		$ 18.70			$ 18.70
Preferred stock conversion rate					1.3372
Annual preferred stock dividend (in dollars per share) | $ / shares					$ 1.375
Consecutive trading days | day					45
Days ending prior to notice of conversion					3 days
Redemption price (in dollars per share) | $ / shares	$ 25		$ 25		$ 25			$ 25
Redemption percent of liquidation preference	103.00%		103.00%		103.00%			103.00%
Liquidation preference per share (in dollars per share) | $ / shares	$ 25		$ 25		$ 25			$ 25
Series B Convertible Preferred Stock			$ 1,068,000	$ 1,730,000	$ 2,631,000	$ 3,460,000
Series B preferred stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01		$ 0.01		$ 0.01	$ 0.01
Preferred Shares Tendered (in shares) | shares			1,437,000		1,923,000
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Series B Convertible Preferred Stock shares issued (in shares) | shares			0	0	0	23,000
Gross proceeds received			$ 0	$ 0	$ 0	$ 439,000
Commissions and other expenses			0	0	0	7,000
Net proceeds			$ 0	$ 0	$ 0	$ 432,000
Series B Preferred Stock | Equity Distribution Agreements
Class of Stock [Line Items]
Shares sold (in shares) | shares								65,000
Proceeds received	$ 1,200,000
Series B Preferred Stock | Minimum
Class of Stock [Line Items]
Percent of conversion price	110.00%		110.00%		110.00%			110.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Mar. 20, 2020USD ($)	Sep. 25, 2019USD ($)	Jan. 15, 2019USD ($)	Aug. 08, 2018USD ($)	Jun. 30, 2021USD ($)hotel	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)hotel	Jun. 30, 2021USD ($)hotel	Jun. 30, 2020USD ($)hotel	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Base fee, net asset fee adjustment (as a percent)					0.70%			0.70%
Minimum base fee (as a percent)					90.00%			90.00%
Term of advisory agreement (in years)								3 years
Aggregate non-listed preferred equity offerings		$ 400,000,000								$ 400,000,000
Capital contributions										3,750,000
Due to Ashford Inc.					$ 2,516,000			$ 2,516,000		2,772,000
Advisory agreement, percent of total construction costs				6.50%
Advisory agreement, construction management fees (as a percent)				10.00%
Advisory agreement, interior design fees (as a percent)				6.00%
Advisory agreement, FF&E purchasing fees (as a percent)				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 (as a percent)				6.00%
Number of hotel properties | hotel					13		13	13	13
Due from related parties, net					$ 1,953,000			$ 1,953,000		$ 991,000
Gain on legal settlement					989,000		$ 0	989,000	$ 0
Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage		25.00%								50.00%
Ashford Inc. | Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage		75.00%								0.00%
Ashford Inc. | Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage										50.00%
Purchase of FF&E | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction amount					144,000
Due to related party					144,000			144,000
Design and construction fees
Related Party Transaction [Line Items]
Percentage of project costs				4.00%
Lismore Capital | Subsidiaries
Related Party Transaction [Line Items]
Related party transaction amount	$ 1,400,000					$ 4,100,000
Advisory services, expense included in write-off of loan costs and exit fees					0		$ 1,600,000	341,000	$ 1,600,000
Lismore Capital | Periodic installments | Subsidiaries
Related Party Transaction [Line Items]
Related party transaction amount						1,400,000
Amount expensed						683,000
Payment amount to be offset against future fees						681,000
Lismore Capital | Success fees | Subsidiaries
Related Party Transaction [Line Items]
Related party transaction amount						$ 1,400,000
Ashford Inc.
Related Party Transaction [Line Items]
Amount funded					1,900,000			1,900,000
Due to Ashford Inc.					17,000			17,000
Ashford LLC
Related Party Transaction [Line Items]
ERFP agreement, percent of property acquisition price			10.00%
ERFP agreement, funding term (in years)			2 years
ERFP agreement, initial term (in years)			2 years
ERFP agreement, renewal term (in years)			1 year
ERFP agreement, notice term (in days)			60 days
Ashford LLC | Hotel FF&E
Related Party Transaction [Line Items]
Proceeds from sale of hotel FF&E					1,600,000
Gain on sale of hotel FF&E					$ 197,000			$ 197,000
Remington Hotels
Related Party Transaction [Line Items]
Number of hotel properties managed by related party | hotel					3			3
Ashford Trust | Legal settlement | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties, net					$ 800,000			$ 800,000
Gain on legal settlement								800,000
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
Minimum | Management fees
Related Party Transaction [Line Items]
Monthly property management fee								$ 14,000
Property management fee, percent								3.00%
Minimum | Remington Hotels | Management fees
Related Party Transaction [Line Items]
Monthly property management fee								$ 14,000
Property management fee, percent								3.00%

Related Party Transactions (Sch

Related Party Transactions (Schedule of Advisory Services Fee) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Advisory services fee	$ 6,739	$ 4,901	$ 11,534	$ 9,970
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	6,739	4,901	11,534	9,970
Ashford LLC | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	2,678	2,572	5,223	5,193
Ashford LLC | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	510	412	1,002	956
Ashford LLC | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	2,285	1,917	3,672	3,821
Ashford LLC | Affiliated Entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 1,266	$ 0	$ 1,637	$ 0

Related Party Transactions (S_2

Related Party Transactions (Schedule of Reimbursed Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 523	$ 97	$ 863	$ 330

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2021USD ($)hotelmanagementCompany	Jul. 20, 2020USD ($)	Jun. 30, 2020hotel	Dec. 20, 2016hotelmanagementCompany
Loss Contingencies [Line Items]
Number of hotel properties | hotel	13		13
Pending Litigation | Accor
Loss Contingencies [Line Items]
Incorrect amount payable to cure performance test failure		$ 1,031,549
Correct amount payable to cure performance test failure		$ 535,120
Amounts accrued	$ 0
Pending Litigation | California Hotel Employment Policies and Practices
Loss Contingencies [Line Items]
Amounts accrued	$ 500,000
Number of hotel management companies | managementCompany	1
Number of hotel properties | hotel	1
Class Action Lawsuit, California Employment Laws
Loss Contingencies [Line Items]
Amounts accrued	$ 0
Number of hotel management companies | managementCompany				1
Number of hotel properties | hotel				2
Minimum | Management fees
Loss Contingencies [Line Items]
Monthly property management fee	$ 14,000
Property management fee, percent	3.00%
Minimum | Restricted Cash
Loss Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	4.00%
Minimum | Management fees
Loss Contingencies [Line Items]
Property management fee, percent	2.50%
Maximum | Pending Litigation | California Hotel Employment Policies and Practices
Loss Contingencies [Line Items]
Potential loss amount	$ 500,000
Maximum | Restricted Cash
Loss Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue	5.00%
Maximum | Management fees
Loss Contingencies [Line Items]
Property management fee, percent	5.00%

Segment Reporting (Details)

Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Thousands	Aug. 05, 2021USD ($)roomcondominium$ / sharesshares	Jul. 12, 2021USD ($)	May 25, 2021USD ($)	Dec. 04, 2019USD ($)	Aug. 06, 2021USD ($)shares	Jun. 30, 2021USD ($)hotelroomshares	Jun. 30, 2021USD ($)hotelroomshares	Jun. 30, 2020USD ($)hotel
Subsequent Event [Line Items]
Investment in unconsolidated entity							$ 0	$ 26,000
Number of rooms | room						3,722	3,722
Number of luxury condominium residences | hotel						13	13	13
Equity Distribution Agreements
Subsequent Event [Line Items]
Maximum offering price				$ 40,000,000
Percentage of the gross sales price				2.00%
Shares sold (in shares) | shares						5,972	5,972
Proceeds received						$ 36,213,000	$ 36,213,000
Virtu | Equity Distribution Agreements
Subsequent Event [Line Items]
Maximum offering price			$ 50,000,000
Percentage of the gross sales price			0.01%
Subsequent Event | Mr. C Beverly Hills Hotel and Luxury Condominium Residences
Subsequent Event [Line Items]
Ownership interest acquired	100.00%
Total consideration transferred	$ 74,000,000
Consideration transferred, cash	$ 10,000,000
Consideration transferred, warrants issued | shares	500
Strike price of warrants (in dollars per share) | $ / shares	$ 6
Subsequent Event | Mr. C Beverly Hills Hotel and Luxury Condominium Residences | Mortgages
Subsequent Event [Line Items]
Consideration transferred, debt assumed	$ 50,000,000
Repayment of assumed debt	$ 20,000,000
Subsequent Event | Mr. C Beverly Hills Hotel and Luxury Condominium Residences | Operating Partnership Units
Subsequent Event [Line Items]
Consideration transferred, units issued | shares	2,500
Subsequent Event | Mr. C Beverly Hills Hotel
Subsequent Event [Line Items]
Number of rooms | room	138
Subsequent Event | Luxury Condominium Residences
Subsequent Event [Line Items]
Number of luxury condominium residences | condominium	5
Subsequent Event | OpenKey
Subsequent Event [Line Items]
Investment in unconsolidated entity		$ 117,000
Subsequent Event | Private Placement | Series E Preferred Stock
Subsequent Event [Line Items]
Shares sold (in shares) | shares					86
Proceeds received					$ 1,900,000
Subsequent Event | Virtu | Equity Distribution Agreements
Subsequent Event [Line Items]
Maximum offering price		$ 100,000,000
Percentage of the gross sales price		1.00%