Braemar Hotels & Resorts (BHR) 10-K 10 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 294,019
Entity Common Stock, Shares Outstanding		66,032,496
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2023 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Entity Central Index Key	0001574085
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	BDO USA, LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in hotel properties, gross	$ 2,325,093	$ 1,845,078
Accumulated depreciation	(440,492)	(399,481)
Investments in hotel properties, net	1,884,601	1,445,597
Cash and cash equivalents	261,541	215,998
Restricted cash	54,155	47,376
Accounts receivable, net of allowance of $339 and $134, respectively	51,448	23,701
Inventories	5,238	3,128
Prepaid expenses	7,044	4,352
Investment in unconsolidated entity	1,689	1,689
Derivative assets	6,482	139
Operating lease right-of-use assets	79,449	80,462
Other assets	14,621	23,588
Intangible assets, net	3,883	4,261
Due from related parties, net	938	1,770
Due from third-party hotel managers	26,625	27,461
Total assets	2,397,714	1,879,522
Liabilities:
Indebtedness, net	1,334,130	1,172,678
Accounts payable and accrued expenses	133,978	96,316
Dividends and distributions payable	8,184	2,173
Due to Ashford Inc.	10,005	1,474
Due to third-party hotel managers	2,096	610
Operating lease liabilities	60,692	60,937
Other liabilities	22,343	20,034
Derivative liabilities	284	1,435
Total liabilities	1,571,712	1,355,657
Commitments and contingencies (note $16)
Redeemable noncontrolling interests in operating partnership	40,555	36,087
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2022 and December 31, 2021	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 69,919,065 and 65,365,470 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	699	653
Additional paid-in capital	734,134	707,418
Accumulated deficit	(324,740)	(309,240)
Total stockholders’ equity of the Company	410,109	398,847
Noncontrolling interest in consolidated entities	(16,346)	(16,549)
Total equity	393,763	382,298
Total liabilities and equity	2,397,714	1,879,522
Series B Preferred Stock
Liabilities:
Series preferred stock	65,426	65,426
Series E Preferred Stock
Liabilities:
Series preferred stock	291,076	39,339
Series M Preferred Stock
Liabilities:
Series preferred stock	$ 35,182	$ 715

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Allowance for doubtful notes receivable	$ 339	$ 134
Liabilities [Abstract]
Temporary equity, shares outstanding (in shares)	8,283,000	7,158,000
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	69,919,065	65,365,470
Common stock, shares outstanding (in shares)	69,919,065	65,365,470
Series B Preferred Stock
Liabilities [Abstract]
Temporary equity, dividend rate (as a percent)	5.50%	5.50%
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	3,078,017	3,078,017
Temporary equity, shares outstanding (in shares)	3,078,017	3,078,017
Series E Preferred Stock
Liabilities [Abstract]
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	12,656,529	1,710,399
Temporary equity, shares outstanding (in shares)	12,656,529	1,710,399
Series M Preferred Stock
Liabilities [Abstract]
Temporary equity, dividend rate (as a percent)	0.00082%
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	1,428,332	29,044
Temporary equity, shares outstanding (in shares)	1,428,332	29,044
Series D Preferred Stock
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Preferred stock dividend rate (in dollars per share)	8.25%
Preferred stock, shares issued (in shares)	1,600,000	1,600,000
Preferred stock, shares outstanding (in shares)	1,600,000	1,600,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Total revenue	$ 669,585	$ 427,542	$ 226,974
Hotel operating expenses:
Total hotel operating expenses	445,487	287,026	189,977
Property taxes, insurance and other	30,766	34,997	28,483
Depreciation and amortization	78,122	73,762	73,371
Advisory services fee	28,847	22,641	18,486
(Gain) loss on legal settlements	(114)	(917)	0
Transaction costs	0	563	0
Corporate general and administrative	18,084	8,717	6,657
Total expenses	601,192	426,789	316,974
Gain (loss) on insurance settlement and disposition of assets	0	696	10,149
OPERATING INCOME (LOSS)	68,393	1,449	(79,851)
Equity in earnings (loss) of unconsolidated entity	(328)	(252)	(217)
Interest income	2,677	48	176
Other income (expense)	0	0	(5,126)
Interest expense and amortization of discounts and loan costs	(52,166)	(30,901)	(45,104)
Write-off of loan costs and exit fees	(146)	(1,963)	(3,920)
Realized and unrealized gain (loss) on derivatives	4,961	32	4,959
INCOME (LOSS) BEFORE INCOME TAXES	23,391	(31,587)	(129,083)
Income tax (expense) benefit	(4,043)	(1,324)	4,406
NET INCOME (LOSS)	19,348	(32,911)	(124,677)
(Income) loss attributable to noncontrolling interest in consolidated entities	(2,063)	2,650	6,436
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	476	3,597	12,979
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	17,761	(26,664)	(105,262)
Preferred dividends	(21,503)	(8,745)	(10,219)
Deemed dividends on preferred stock	(6,954)	0	0
Gain (loss) on extinguishment of preferred stock	0	(4,595)	0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (10,696)	$ (40,004)	$ (115,481)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.15)	$ (0.76)	$ (3.39)
Weighted average common shares outstanding – basic (in shares)	69,687	52,684	33,998
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.15)	$ (0.76)	$ (3.39)
Weighted average common shares outstanding – diluted (in shares)	69,687	52,684	33,998
Total hotel revenue
REVENUE
Total revenue	$ 669,585	$ 427,542	$ 226,974
Rooms
REVENUE
Total revenue	431,515	280,568	136,265
Hotel operating expenses:
Total hotel operating expenses	94,410	59,818	38,054
Food and beverage
REVENUE
Total revenue	159,241	90,299	50,263
Hotel operating expenses:
Total hotel operating expenses	125,555	75,177	46,246
Other hotel
REVENUE
Total revenue	78,829	56,675	40,446
Hotel operating expenses:
Total hotel operating expenses	205,373	138,914	98,467
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 20,149	$ 13,117	$ 7,210

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 19,348	$ (32,911)	$ (124,677)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	19,348	(32,911)	(124,677)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(2,063)	2,650	6,436
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	476	3,597	12,979
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 17,761	$ (26,664)	$ (105,262)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Impact of adoption of new accounting standard	Series B Preferred Stock	Series D Preferred Stock	Series E Preferred Stock	Series M Preferred Stock	Common Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series D Preferred Stock	Preferred Stock Series E Preferred Stock	Preferred Stock Series M Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Impact of adoption of new accounting standard	Accumulated Deficit	Accumulated Deficit Impact of adoption of new accounting standard	Accumulated Deficit Series B Preferred Stock	Accumulated Deficit Series D Preferred Stock	Accumulated Deficit Series E Preferred Stock	Accumulated Deficit Series M Preferred Stock	Accumulated Deficit Common Stock	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Series preferred stock								$ 106,920,000		$ 0	$ 0
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
Units outstanding at beginning of year (in shares) at Dec. 31, 2019	4,538,000							5,008,000		0	0
Purchase of common stock (in shares)												(47,000)
Purchase of common stock	$ (155,000)												(155,000)
Equity-based compensation	5,746,000												5,746,000										2,146,000
Issuance of common stock (in shares)												4,729,000
Issuance of common stock	13,327,000											$ 47,000	13,280,000
Units issued (in shares)								23,000
Issuance of preferred stock								$ 29,000
Issuance of restricted shares/units (in shares)												379,000
Issuance of restricted shares/units	0											$ 3,000	(3,000)
Forfeiture of restricted common shares (in shares)												(10,000)
Forfeiture of restricted common shares	0
Add: Claw back of dividends on cancelled performance stock units	202,000														202,000								270,000
Dividends declared - preferred stock			$ (6,919,000)	$ (3,300,000)													$ (6,919,000)	$ (3,300,000)
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)	(111,698,000)														(105,262,000)							(6,436,000)	(12,979,000)
Redemption value adjustment	(102,000)														(102,000)								102,000
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
Units outstanding at end of year (in shares) at Dec. 31, 2020	4,277,000							5,031,000		0	0
Series preferred stock								$ 106,949,000		$ 0	$ 0
Purchase of common stock (in shares)												(50,000)
Purchase of common stock	$ (348,000)												(348,000)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Equity-based compensation	$ 6,891,000												6,891,000										3,292,000
Issuance of common stock (in shares)												18,243,000
Issuance of common stock	102,317,000											$ 183,000	102,134,000
Units issued (in shares)					1,709,000	29,000				1,710,000	29,000
Issuance of preferred stock										$ 36,211,000	$ 582,000
Issuance of restricted shares/units (in shares)												764,000
Issuance of restricted shares/units	0											$ 8,000	(8,000)
Issuance of common units for hotel acquisition	0																						13,175,000
Forfeiture of restricted common shares (in shares)												(26,000)
Forfeiture of restricted common shares	0
Add: Claw back of dividends on cancelled performance stock units	143,000														143,000								38,000
Dividends declared - preferred stock			$ (4,747,000)	(3,300,000)	$ (683,000)	$ (15,000)											(4,747,000)	(3,300,000)	$ (683,000)	$ (15,000)
Contributions from noncontrolling interests	1,189,000																					1,189,000
Redemption/conversion of operating partnership units (in shares)												868,000
Redemption/conversion of operating partnership units	4,584,000											$ 9,000	4,575,000										(4,584,000)
Net income (loss)	(29,314,000)														(26,664,000)							(2,650,000)	(3,597,000)
Redemptions of preferred stock	$ 0				$ 0
Preferred Stock shares redeemed (in shares)	0				0
Extinguishment of preferred stock (in shares)												7,291,000
Extinguishment of preferred stock	$ 41,523,000											$ 71,000	46,047,000		(4,595,000)
Extinguishment of preferred stock (in shares)								(1,953,000)
Extinguishment of preferred stock								$ (41,523,000)
Equity component of Convertible Senior Notes	6,257,000												6,257,000
Redemption value adjustment - preferred stock	(3,261,000)														(3,261,000)
Redemption value adjustment - preferred stock										$ 3,128,000	$ 133,000
Redemption value adjustment	(108,000)														(108,000)								108,000
Ending balance (in shares) at Dec. 31, 2021									1,600,000			65,365,000
Ending balance at Dec. 31, 2021	$ 382,298,000	$ (5,601,000)							$ 16,000			$ 653,000	707,418,000	$ (6,257,000)	(309,240,000)	$ 656,000						(16,549,000)	36,087,000
Units outstanding at end of year (in shares) at Dec. 31, 2021	7,158,000		3,078,017		1,710,399	29,044		3,078,000		1,710,000	29,000
Series preferred stock			$ 65,426,000		$ 39,339,000	$ 715,000		$ 65,426,000		$ 39,339,000	$ 715,000
Purchase of common stock (in shares)												(1,773,000)
Purchase of common stock	$ (7,465,000)											$ (17,000)	(7,448,000)
Equity-based compensation	5,475,000												5,475,000										5,810,000
Issuance of common stock (in shares)												6,000,000
Issuance of common stock	35,004,000											$ 60,000	34,944,000
Units issued (in shares)					10,914,000	1,402,000				10,961,000	1,404,000
Issuance of preferred stock										$ 245,827,000	$ 33,922,000
Issuance of restricted shares/units (in shares)												349,000
Issuance of restricted shares/units	5,000											$ 3,000	2,000
Forfeiture of restricted common shares (in shares)												22,000
Add: Claw back of dividends on cancelled performance stock units	7,000														7,000								4,000
Dividends declared - common stock							$ (5,672,000)														$ (5,672,000)
Dividends declared - preferred stock			$ (4,233,000)	$ (3,300,000)	$ (12,694,000)	$ (1,276,000)											$ (4,233,000)	$ (3,300,000)	$ (12,694,000)	$ (1,276,000)
Contributions from noncontrolling interests	164,000																					164,000
Distributions to noncontrolling interests	(2,024,000)																					(2,024,000)	(665,000)
Net income (loss)	19,824,000														17,761,000							2,063,000	(476,000)
Redemptions of preferred stock	$ (134,000)				$ (365,000)					$ (365,000)	$ (134,000)
Preferred Stock shares redeemed (in shares)	(5,000)				(14,000)					(14,000)	(5,000)
Redemption value adjustment - preferred stock	$ (6,954,000)														(6,954,000)
Redemption value adjustment - preferred stock										$ 6,275,000	$ 679,000
Redemption value adjustment	205,000														205,000								(205,000)
Ending balance (in shares) at Dec. 31, 2022									1,600,000			69,919,000
Ending balance at Dec. 31, 2022	$ 393,763,000								$ 16,000			$ 699,000	$ 734,134,000		$ (324,740,000)							$ (16,346,000)	$ 40,555,000
Units outstanding at end of year (in shares) at Dec. 31, 2022	8,283,000		3,078,017		12,656,529	1,428,332		3,078,000		12,657,000	1,428,000
Series preferred stock			$ 65,426,000		$ 291,076,000	$ 35,182,000		$ 65,426,000		$ 291,076,000	$ 35,182,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends declared per common share (in dollars per share)	$ 0.08
Series B Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	1.3750	$ 1.3750	$ 1.3750
Series D Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	2.0625	2.0625	$ 2.0625
Series E Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	1.97	1
Series M Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 2.05	$ 0.85

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 19,348	$ (32,911)	$ (124,677)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	78,122	73,762	73,371
Equity-based compensation	11,285	10,183	7,892
Bad debt expense	838	436	727
Amortization of loan costs, discounts and capitalized default interest	(816)	(205)	854
Write-off of loan costs and exit fees	146	1,963	3,920
Amortization of intangibles	474	512	834
Amortization of non-refundable membership initiation fees	(1,470)	(1,029)	(440)
Interest expense accretion on refundable membership club deposits	723	772	818
(Gain) loss on insurance settlement and disposition of assets	0	(696)	(10,149)
Realized and unrealized (gain) loss on derivatives	(4,961)	(32)	(24)
Net settlement of trading derivatives	0	0	698
Equity in (earnings) loss of unconsolidated entity	328	252	217
Deferred income tax expense (benefit)	51	(174)	(956)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Accounts receivable and inventories	(9,088)	(11,036)	4,057
Prepaid expenses and other assets	(501)	(793)	(1,460)
Accounts payable and accrued expenses	1,650	35,976	(10,499)
Operating lease right-of-use assets	588	574	541
Due to/from related parties, net	832	(779)	(440)
Due to/from third-party hotel managers	2,590	(15,491)	4,075
Due to/from Ashford Inc.	8,249	720	(1,674)
Operating lease liabilities	(294)	(268)	(223)
Other liabilities	1,389	2,214	2,251
Net cash provided by (used in) operating activities	109,483	63,950	(50,287)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	36	0	9,037
Net proceeds from disposition of assets	0	1,816	0
Proceeds from Management Agreement Amendment	1,667	0	0
Acquisition of hotel properties, net of cash and restricted cash acquired	(354,445)	(17,615)	0
Investment in unconsolidated entity	(328)	(233)	(26)
Improvements and additions to hotel properties	(49,148)	(25,644)	(25,552)
Net cash provided by (used in) investing activities	(402,218)	(41,676)	(16,541)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	170,500	83,231	109,317
Repayments of indebtedness	(68,500)	(84,224)	(47,822)
Payments of loan costs and exit fees	(4,080)	(1,898)	(6,485)
Payments for derivatives	(3,030)	(200)	(92)
Proceeds from derivatives	167	0	0
Purchase of common stock	(7,411)	(376)	(263)
Payments for dividends and distributions	(20,763)	(9,088)	(16,154)
Proceeds from issuance of preferred stock	278,621	36,855	474
Proceeds from issuance of common stock	0	102,461	13,259
Common stock offering costs	(112)	0	0
Contributions from noncontrolling interest in consolidated entities	164	1,189	0
Distributions to noncontrolling interest in consolidated entities	0	0	(2,639)
Redemption of preferred stock	(499)	0	0
Net cash provided by (used in) financing activities	345,057	127,950	49,595
Net change in cash, cash equivalents and restricted cash	52,322	150,224	(17,233)
Cash, cash equivalents and restricted cash at beginning of period	263,374	113,150	130,383
Cash, cash equivalents and restricted cash at end of period	315,696	263,374	113,150
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	48,901	31,635	27,900
Income taxes paid (refunded)	1,239	(14)	140
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid	8,184	2,173	2,736
Common stock purchases accrued but not paid	54	0	28
Issuance of common units for hotel acquisition	0	13,175	0
Issuance of warrants in hotel acquisition	0	1,528	0
Assumption of debt in hotel acquisition	58,601	49,815	0
Capital expenditures accrued but not paid	6,702	4,564	8,993
Issuance of common stock for hotel acquisition	35,040	0	0
Non-cash loan proceeds associated with accrued interest	0	0	2,229
Distributions declared but not paid to a noncontrolling interest in a consolidated entity	2,024	0	0
Non-cash loan principal associated with default interest and late charges	0	0	9,859
Non-cash extinguishment of preferred stock	0	41,523	0
Issuance of common stock from preferred stock exchange	0	46,118	0
Accrued common stock offering expense	0	76	0
Unsettled common stock offering proceeds	0	0	68
Accrued preferred stock offering expenses	23	101	0
Dividends and distributions payable	8,184	2,173
Unsettled proceeds from derivatives	330	0	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	261,541	215,998	78,606
Restricted cash	54,155	47,376	34,544
Cash, cash equivalents and restricted cash	315,696	263,374	113,150
Non-cash preferred stock dividends
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions payable	1,050	39	0
Non-cash common stock dividends
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions payable	$ 5	$ 0	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2022
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 STR, LLC. 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”). Terms such as the “Company,” “we,” “us” or “our” refers to Braemar Hotels & Resorts Inc. and, as the context may require, all entities included in its 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 four of our 16 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 and brokerage services, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services and mobile key technology. The accompanying consolidated financial statements include the accounts of wholly-owned and majority-owned subsidiaries of Braemar OP that as of December 31, 2022, own 16 hotel properties in seven states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands (“USVI”). The portfolio includes 14 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 4,181 total rooms, or 3,946 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 December 31, 2022, 15 of our 16 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 consolidated statements of operations. As of December 31, 2022, 13 of the 16 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”), Four Seasons Hotels Limited (“Four Seasons”), Hyatt Corporation (“Hyatt”), The Ritz-Carlton Hotel Company, L.L.C. and its affiliates, each of which is also an affiliate of Marriott (“Ritz-Carlton”) and Remington Hotels, which are eligible independent contractors under the Code.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying 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 consolidated financial statements. Braemar OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Braemar OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Braemar OP General Partner LLC (formerly Ashford Prime OP General Partner LLC), its general partner. As such, we consolidate Braemar OP. The following items affect reporting comparability of our historical consolidated financial statements: • on August 5, 2021, we acquired the Mr. C Beverly Hills Hotel and five adjacent luxury residences. The operating results of the hotel property have been included in the results of operations from its acquisition date; • on March 11, 2022, we acquired The Ritz-Carlton Reserve Dorado Beach hotel located in Dorado, Puerto Rico. The operating results of the hotel property have been included in the results of operations from its acquisition date; and • on December 1, 2022, we acquired the Four Seasons Resort Scottsdale. The operating results of the hotel property have been included in the results of operations from its acquisition date. Use of Estimates —The preparation of these 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. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment (“FF&E”) replacements of approximately 4% to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions which extend the useful life of the hotel properties are capitalized. For property and equipment acquired in a business combination, we record the sets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expense as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating the impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 4. Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity or group of components that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. Investment in Unconsolidated Entity —As of December 31, 2022, we held a 7.9% ownership interest in OpenKey, which is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review our investment in unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entity. No such impairment was recorded for the years ended December 31, 2022, 2021 and 2020. See note 5 . Our investment in unconsolidated entity is considered to be a variable interest in the underlying entity. VIEs, as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entity’s activities and operations, we are not considered to be the primary beneficiary of this entity on an ongoing basis and therefore such entity should not be consolidated. Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally reduced utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under ASC 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component. Intangible Assets, net —Intangible assets, net represents the customer relationships associated with The Ritz-Carlton Sarasota acquisition, which are amortized using the straight-line method over its expected useful life, which approximates amortization based on economic consumption. See note 19. Derivative Instruments —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate), SOFR (Secured Overnight Financing Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors and flooridors. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. None of our derivative instruments are designated as cash flow hedges. Interest rate derivatives are reported as “derivative assets” in our consolidated balance sheets. For interest rate derivatives and credit default swaps, changes in fair value and realized gains and losses are recognized in earnings as “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. Accrued interest on interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. Due to/from Related Parties, net —Due to/from related parties, net, represent current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year. See note 15. Due to/from Ashford Inc. —Due to/from Ashford Inc. represents payables related to the advisory services fee, including reimbursable expenses as well as other hotel products and services. These payables are generally settled within a period not exceeding one year. See note 15. Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes, and other items, as well as current receivables and payables resulting from transactions with other third-party managers related to hotel management. These receivables and payables are generally settled within a period not exceeding one year. Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, 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 unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of our consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder for cash or registered shares in certain cases outside of the Company’s control. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interest in consolidated entities represents an ownership interest of 25% in two hotel properties at December 31, 2022 and 2021, and is reported in equity in our consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. Revenue Recognition —Rooms revenue represents revenues from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2022 and 2021 was $46.0 million and $31.8 million, respectively, and are generally recognized as revenue within a one-year period. These are included in “accounts payable and accrued expenses” on the consolidated balance sheets. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenues. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, condo management fees, resort and destination fees, health center fees, spas, golf, telecommunications, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties, and membership initiation fees and dues, primarily from club memberships. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Non-refundable membership initiation fees are recognized over the expected life of an active membership. Taxes specifically collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2022, 2021 and 2020, we incurred advertising costs of $6.5 million, $4.0 million and $2.1 million, respectively. Advertising costs are included in “other” hotel expenses in our consolidated statements of operations. Equity-Based Compensation —Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. The 2020 PSU and Performance LTIP unit grants to certain executive officers vest based on time and market conditions and were measured at the grant date fair value based on a Monte Carlo simulation valuation model. With respect to the 2021 and 2022 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. The performance criteria 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. Depreciation and Amortization —Hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to TRSs. However, Braemar TRS and our USVI TRS are treated as TRSs for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to our TRSs using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 18. The entities that own 15 of our 16 hotel properties are considered partnerships for U.S. federal income tax purposes. Partnerships are not subject to U.S. federal income taxes. The partnerships’ revenues and expenses pass through to and are taxed on the owners. The states and cities where the partnerships operate follow the U.S. federal income tax treatment, with the exception of the District of Columbia, Puerto Rico and the city of Philadelphia. Accordingly, we provide for income taxes in these jurisdictions for the partnerships. The consolidated entities that operate the 16 hotel properties are considered taxable corporations for U.S. federal, foreign, state, and city income tax purposes and have elected to be TRSs of Braemar. The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. Recently Adopted Accounting Standards —In August 2020, the Financial Accounting Standards Board (“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. 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 adopted ASU 2020-06 through the modified retrospective method on January 1, 2022. Upon adoption, our Convertible Senior Notes are recorded as a single debt instrument at amortized cost, instead of being recorded as both a liability and equity. The Company ceased recording non-cash interest expense associated with amortization of the debt discount associated with the conversion features. The adoption of ASU 2020-06 resulted in an adjustment to additional paid-in capital, accumulated deficit, and the carrying value of our Convertible Senior Notes. The impact of adopting ASU 2020-06 includes an increase to “indebtedness, net” and a decrease to stockholders’ equity of approximately $5.6 million. The adoption of this standard did not have a material impact on our consolidated financial statements, beyond the impact to our Convertible Senior Notes described above. The impact of adoption on our consolidated statement of operations for the year ended December 31, 2022 resulted in a decrease to net interest expense by approximately $1.1 million relating to the non-cash interest expense associated with amortization of the debt discount. The impact on basic and diluted net loss per share of common stock attributable to common stockholders for the year ended December 31, 2022 was $(0.02). In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued 2021-01, Reference Rate Reform (Topic 848), Scope , which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. The Company applied the optional expedient in evaluating debt modifications converting from LIBOR to SOFR. There was no material impact as a result of this adoption.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	RevenueThe following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 6 $ 134,635 $ 45,952 $ 19,152 $ 199,739 Puerto Rico 1 38,077 14,238 8,931 61,246 Arizona 1 3,107 1,430 657 5,194 Colorado 1 25,253 16,397 8,965 50,615 Florida 2 73,629 34,068 24,771 132,468 Illinois 1 24,829 7,150 1,656 33,635 Pennsylvania 1 22,237 4,121 1,178 27,536 Washington 1 21,445 3,619 1,321 26,385 Washington, D.C. 1 29,877 13,276 1,960 45,113 USVI 1 58,426 18,990 10,238 87,654 Total 16 $ 431,515 $ 159,241 $ 78,829 $ 669,585 Year Ended December 31, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 6 $ 91,283 $ 27,205 $ 12,938 $ 131,426 Colorado 1 17,303 10,936 7,945 36,184 Florida 2 65,974 27,148 21,094 114,216 Illinois 1 14,422 3,418 1,153 18,993 Pennsylvania 1 11,889 1,493 776 14,158 Washington 1 15,105 1,632 1,578 18,315 Washington, D.C. 1 9,773 3,014 1,142 13,929 USVI 1 54,819 15,453 10,049 80,321 Total 14 $ 280,568 $ 90,299 $ 56,675 $ 427,542 Year Ended December 31, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 46,291 $ 13,573 $ 8,056 $ 67,920 Colorado 1 12,847 6,178 6,529 25,554 Florida 2 33,829 17,009 14,446 65,284 Illinois 1 5,979 1,293 610 7,882 Pennsylvania 1 7,349 1,227 424 9,000 Washington 1 5,604 797 620 7,021 Washington, D.C. 1 7,595 3,519 1,604 12,718 USVI 1 16,771 6,667 8,157 31,595 Total 13 $ 136,265 $ 50,263 $ 40,446 $ 226,974

Investments in Hotel Properties

Investments in Hotel Properties, net	12 Months Ended
	Dec. 31, 2022
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): December 31, 2022 December 31, 2021 Land $ 630,489 $ 480,530 Buildings and improvements 1,511,949 1,215,810 Furniture, fixtures and equipment 147,019 123,954 Construction in progress 22,890 12,038 Residences 12,746 12,746 Total cost 2,325,093 1,845,078 Accumulated depreciation (440,492) (399,481) Investments in hotel properties, net $ 1,884,601 $ 1,445,597 Impairment Charges and Insurance Recoveries For the year ended December 31, 2020, the Company received proceeds of $14.5 million from our insurance carriers for property damage and business interruption from Hurricane Irma. In September 2020, the Company reached a final settlement with its insurance carriers related to Hurricane Irma. Upon settlement, the Company recorded a gain of $10.1 million as the proceeds received exceeded the carrying value of the hotel property at the time of the loss. For the year ended December 31, 2021, we recognized a gain of $481,000 associated with proceeds received from an insurance claim. There was no such gain recognized for the year ended December 31, 2022. During the years ended December 31, 2022, 2021 and 2020, no impairment charges were recorded. The Ritz-Carlton Reserve Dorado Beach On March 11, 2022, the Company acquired a 100% interest in the 96-room Ritz-Carlton Reserve Dorado Beach in Dorado, Puerto Rico. The total consideration consisted of $104.0 million of cash and 6.0 million shares of the Company’s common stock with a fair value of approximately $35.0 million. Additionally, the Company assumed a $54.0 million mortgage loan with a fair value of approximately $58.6 million. See note 6 for further discussion regarding the mortgage loan. On March 14, 2022, the Company filed a resale registration statement on Form S-3, which was declared effective by the SEC on April 1, 2022, to register for resale the 6.0 million shares of common stock. We accounted for this acquisition as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. The cost of the acquisition including transaction costs of approximately $1.9 million, was allocated to the individual assets acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 79,711 Buildings and improvements 102,105 Furniture, fixtures and equipment 15,405 Investments in hotel properties 197,221 Restricted cash 1,091 Inventories 1,184 Mortgage loan (58,601) $ 140,895 Net other assets (liabilities) $ (9,966) The results of operations of the hotel property have been included in our results of operations from the acquisition date. The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2022: Year Ended December 31, 2022 Total revenue $ 61,246 Net income (loss) 7,583 Four Seasons Resort Scottsdale On December 1, 2022, the Company acquired a 100% interest in the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The total consideration for the acquisition was $267.8 million. We accounted for this acquisition as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. The cost of the acquisition including transaction costs of approximately $538,000, was allocated to the individual assets acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 70,248 Buildings and improvements 181,560 Furniture, fixtures and equipment 16,050 Investments in hotel properties 267,858 Inventories 480 $ 268,338 Net other assets (liabilities) $ (691) The results of operations of the hotel property have been included in our results of operations from the acquisition date. The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2022: Year Ended December 31, 2022 Total revenue $ 5,194 Net income (loss) 934

Investment in Unconsolidated En

Investment in Unconsolidated Entity	12 Months Ended
	Dec. 31, 2022
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. In 2022, the Company made additional investments in OpenKey of approximately $328,000. As of December 31, 2022, the Company has made investments in OpenKey totaling $2.9 million. Our investment is recorded as “investment in unconsolidated entity” in our consolidated balance sheets and is accounted for under the equity method of accounting as we 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 years ended December 31, 2022, 2021 and 2020. The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2022 December 31, 2021 Carrying value of the investment in OpenKey (in thousands) $ 1,689 $ 1,689 Ownership interest in OpenKey 7.9 % 7.8 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Equity in earnings (loss) of unconsolidated entity $ (328) $ (252) $ (217)

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (13) Interest Rate December 31, 2022 December 31, 2021 Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (3) Park Hyatt Beaver Creek Resort & Spa April 2022 April 2022 LIBOR (1) + 3.00% $ — $ — $ 67,500 $ 137,718 Mortgage loan (4) The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR (1) + 2.65% 98,500 162,134 99,500 162,621 Mortgage loan (4) Hotel Yountville May 2023 May 2023 LIBOR (1) + 2.55% 51,000 84,180 51,000 85,847 Mortgage loan (5) The Notary Hotel June 2023 June 2025 LIBOR (1) + 2.16% 435,000 403,896 435,000 417,109 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (4)(6) Bardessono Hotel and Spa August 2023 August 2023 LIBOR (1) + 2.55% — — 40,000 53,413 Mortgage loan (6) Bardessono Hotel and Spa August 2023 August 2023 SOFR (2) + 2.65% 40,000 51,514 — — Mortgage loan (7) The Ritz-Carlton St. Thomas August 2023 August 2024 LIBOR (1) + 3.95% 42,500 119,492 42,500 124,114 Mortgage loan (4)(8) The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR (1) + 2.10% — — 54,000 112,713 Mortgage loan (8) The Ritz-Carlton Lake Tahoe January 2024 January 2024 SOFR (2) + 2.20% 54,000 112,777 — — Mortgage loan Capital Hilton February 2024 February 2024 LIBOR (1) + 1.70% 195,000 194,770 195,000 193,194 Hilton La Jolla Torrey Pines Mortgage loan (3) Park Hyatt Beaver Creek Resort & Spa February 2024 February 2027 SOFR (2) + 2.86% 70,500 139,830 — — Mortgage loan (9) The Ritz-Carlton Reserve Dorado Beach March 2024 March 2026 LIBOR (1) + 6.00% 54,000 193,367 — — Mortgage loan (10) Mr. C Beverly Hills Hotel August 2024 August 2024 LIBOR (1) + 3.60% 30,000 71,820 30,000 73,587 Mortgage loan (4) (11) Pier House Resort & Spa September 2024 September 2024 LIBOR (1) + 1.85% — — 80,000 85,281 Mortgage loan (11) Pier House Resort & Spa September 2024 September 2024 SOFR (2) + 1.95% 80,000 83,361 — — Mortgage loan (12) Four Seasons Resort Scottsdale December 2025 December 2027 SOFR (2) + 3.75% 100,000 267,460 — — Convertible Senior Notes Equity June 2026 June 2026 4.50% 86,250 — 86,250 — 1,336,750 $ 1,884,601 1,180,750 $ 1,445,597 Capitalized default interest and late charges, net 1,934 3,904 Deferred loan costs, net (5,054) (3,538) Premiums/(discounts), net 500 (8,438) Indebtedness, net $ 1,334,130 $ 1,172,678 __________________ (1) LIBOR rates were 4.392% and 0.101% at December 31, 2022 and December 31, 2021, respectively. (2) SOFR rate was 4.358% at December 31, 2022. (3) On February 2, 2022, we refinanced this mortgage loan totaling $67.5 million with a new $70.5 million mortgage loan with a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.86%. (4) This mortgage loan has a LIBOR floor of 0.25%. (5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in June 2022. (6) On October 27, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 2.55% with SOFR + 2.65%. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%. (8) On October 27, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 2.10% with SOFR + 2.20%. (9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%. (10) This mortgage loan has a LIBOR floor of 1.50%. (11) On September 29, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 1.85% with SOFR + 1.95%. (12) On December 23, 2022, we entered into a new $100 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%. This mortgage loan has a SOFR floor of 1.00%. (13) 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. 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. 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 default interest and late charges capitalized into indebtedness for the year ended December 31, 2020 was $9.9 million. The amount of principal amortization was approximately $2.0 million, $3.4 million and $2.6 million, respectively, for the years ended December 31, 2022, 2021 and 2020. On March 11, 2022, in connection with the acquisition of The Ritz-Carlton Reserve Dorado Beach, the Company assumed a $54 million mortgage loan. See note 4. On December 23, 2022, the Company entered into a new $100 million mortgage loan associated with Four Seasons Resort Scottsdale with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%. This mortgage loan has a SOFR floor of 1.00%. 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. The Convertible Senior Notes are governed by an 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 $3.9 million and $2.4 million for the years ended December 31, 2022 and 2021, respectively. Upon issuance of the Convertible Senior Notes, 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 was not subject to remeasurement or amortization. The initial discount of $9.3 million was 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 $553,000 and $974,000 related to the initial purchase discount for the years ended December 31, 2022 and 2021, with the remaining discount balance to be amortized through June 2026. As a result of the Company's adoption of ASU 2020-06 on January 1, 2022, the Convertible Senior Notes are now recorded as a single liability with no portion recorded in equity. The Company also ceased recording non-cash interest expense associated with the amortization of the portion of the debt discount originally reflected in equity, while the initial purchase discount remains and will continue to be amortized through June 2026. 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. If we violate covenants in any debt agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of the consolidated group. As of December 31, 2022, we were in compliance with all covenants. Maturities and scheduled amortization of indebtedness as of December 31, 2022, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2023 $ 667,000 2024 483,500 2025 100,000 2026 86,250 2027 — Thereafter — Total $ 1,336,750

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2022
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, which include interest rate caps. All derivatives are recorded at fair value. Payments from counterparties on in-the money interest rate caps are recognized as realized gains on our consolidated statements of operations. The following table summarizes the interest rate derivatives we entered into over the applicable periods: Year Ended December 31, Interest rate caps: (1) 2022 2021 2020 Notional amount (in thousands) $ 776,500 $ 882,500 $ 602,500 Strike rate low end of range 3.50 % 0.75 % 3.00 % Strike rate high end of range 4.50 % 4.00 % 4.00 % Effective date range February 2022 - December 2022 January 2021 - September 2021 March 2020 - June 2020 Termination date range May 2023 -January 2025 February 2022 - August 2024 April 2021 - June 2021 Total cost of interest rate caps (in thousands) $ 3,030 $ 200 $ 92 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) December 31, 2022 December 31, 2021 Notional amount (in thousands) $ 960,500 $ 882,500 Strike rate low end of range 2.00 % 0.75 % Strike rate high end of range 4.50 % 4.00 % Termination date range January 2023 - January 2025 February 2022 - August 2024 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 959,000 $ 857,000 _______________ (1) No instruments were designated as cash flow hedges. Warrants —On August 5, 2021, as part of the consideration paid to acquire the Mr. C Beverly Hills Hotel and five adjacent luxury residences, the Company issued 500,000 warrants for the purchase of Braemar common stock with a $6.00 strike price on or after August 5, 2021 until August 5, 2024. The holder can choose to exercise the warrant by cash or by net issue exercise, in which event the Company shall issue to the holder a number of warrant shares which reflect the fair market value of the Company’s common stock. As of December 31, 2022, no warrants have been exercised. The initial fair value of the warrant was calculated using a Black-Scholes option pricing model with the following assumptions: three-year contractual term; 97.93% volatility; 0% dividend rate; and a risk-free interest rate of 0.38%. The estimated fair value of the warrants was approximately $1.5 million on the date of issuance. The warrants are re-valued at each reporting period with the change in fair value recorded through earnings.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
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 marketplace as discussed below: • Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. • Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. The fair value of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rates of the caps. Variable interest rates used in the calculation of projected receipts and payments on the caps are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR/SOFR forward curves) and volatilities (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. 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 December 31, 2022, the LIBOR/SOFR interest rate forward curve (Level 2 inputs) assumed an uptrend from 4.392% to 4.790% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2022 Assets Derivative assets: Interest rate derivatives - caps $ — $ 6,482 $ — $ 6,482 Total $ — $ 6,482 $ — $ 6,482 (1) Liabilities Derivative liabilities: Warrants — (284) — (284) (2) Net $ — $ 6,198 $ — $ 6,198 Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2021 Assets Derivative assets: Interest rate derivatives - caps $ — $ 139 $ — $ 139 $ — $ 139 $ — $ 139 (1) Liabilities Derivative liabilities: Warrants — (1,435) — (1,435) (2) Net $ — $ (1,296) $ — $ (1,296) __________________ (1) Reported as “derivative assets” in our consolidated balance sheets. (2) Reported as “derivative liabilities” in our consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Year Ended December 31, 2022 2021 2020 Assets Derivative assets: Interest rate derivatives - caps $ 3,810 $ (62) $ (93) Credit default swaps — — 117 (2) Total derivative assets $ 3,810 $ (62) $ 24 Total $ 3,810 $ (62) $ 24 Liabilities Derivative liabilities: Warrants $ 1,151 $ 94 $ — Net $ 4,961 $ 32 $ 24 Total combined Interest rate derivatives - floors $ — $ — $ 3,615 Interest rate derivatives - caps 3,313 (62) (93) Credit default swaps — — 1,437 Warrants 1,151 94 — Unrealized gain (loss) on derivatives $ 4,464 (1) $ 32 (1) $ 4,959 (1) Realized gain (loss) on interest rate caps 497 (1) (4) — — Realized gain (loss) on credit default swaps — — (1,320) (3) Realized gain (loss) on interest rate floors — — (3,615) (3) Net $ 4,961 $ 32 $ 24 ________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Excludes costs associated with credit default swaps of $191,000 for the year ended December 31, 2020, which is included in “other income (expense)” in our consolidated statements of operations. (3) Included in “other income (expense)” in our consolidated statements of operations. (4) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
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): December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Derivative assets $ 6,482 $ 6,482 $ 139 $ 139 Financial liabilities measured at fair value: Derivative liabilities $ 284 $ 284 $ 1,435 $ 1,435 Financial assets not measured at fair value: Cash and cash equivalents $ 261,541 $ 261,541 $ 215,998 $ 215,998 Restricted cash 54,155 54,155 47,376 47,376 Accounts receivable, net 51,448 51,448 23,701 23,701 Due from related parties, net 938 938 1,770 1,770 Due from third-party hotel managers 26,625 26,625 27,461 27,461 Financial liabilities not measured at fair value: Indebtedness $ 1,337,250 $1,229,671 to $1,359,110 $ 1,172,312 $1,022,408 to $1,130,029 Accounts payable and accrued expenses 133,978 133,978 96,316 96,316 Dividends and distributions payable 8,184 8,184 2,173 2,173 Due to Ashford Inc., net 10,005 10,005 1,474 1,474 Due to third-party hotel managers 2,096 2,096 610 610 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 and derivative liabilities . 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 92.0% to 101.6% of the carrying value of $1.3 billion at December 31, 2022, and approximately 87.2% to 96.4% of the carrying value of $1.2 billion at December 31, 2021. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
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): Year Ended December 31, 2022 2021 2020 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 17,761 $ (26,664) $ (105,262) Less: Dividends on preferred stock (21,503) (8,745) (10,219) Less: Deemed dividends on preferred stock (6,954) — — Less: Dividends on common stock (5,598) — — Less: Loss on extinguishment of preferred stock - Series B — (4,595) — Less: Dividends on unvested performance stock units (36) — — Add: Claw back of dividends on cancelled performance stock units 7 143 202 Less: Dividends on unvested restricted shares (38) — — Undistributed net income (loss) allocated to common stockholders $ (16,361) $ (39,861) (115,279) Add back: Dividends on common stock 5,598 — — Distributed and undistributed net income (loss) - basic and diluted $ (10,763) $ (39,861) $ (115,279) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 69,687 52,684 33,998 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.15) $ (0.76) $ (3.39) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.15) $ (0.76) $ (3.39) 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): Year Ended December 31, 2022 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 38 $ — $ — Income (loss) allocated to unvested performance stock units 30 — — Income (loss) attributable to redeemable noncontrolling interests in operating partnership (476) (3,597) (12,979) Dividends on preferred stock - Series B 4,233 4,747 6,919 Loss on extinguishment of preferred stock - Series B — 4,595 — Interest expense on Convertible Senior Notes 4,435 3,378 — Dividends on preferred stock - Series E (inclusive of deemed dividends) 18,969 683 — Dividends on preferred stock - Series M (inclusive of deemed dividends) 1,955 15 — Total $ 29,184 $ 9,821 $ (6,060) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 39 99 22 Effect of unvested performance stock units — — — Effect of assumed conversion of operating partnership units 5,907 4,980 3,923 Effect of assumed conversion of preferred stock - Series B 4,116 4,614 6,728 Effect of assumed conversion of exchanged preferred stock - Series B — 364 — Effect of contingently issuable shares 1 — — Effect of assumed conversion of Convertible Senior Notes 13,609 8,450 — Effect of assumed conversion of preferred stock - Series E 34,730 1,345 — Effect of assumed conversion of preferred stock - Series M 3,366 32 — Total 61,768 19,884 10,673

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 2022
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 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. As of December 31, 2022, there were approximately 2.0 million Performance LTIP units, representing 200% of the target, outstanding. With respect to the 2020 award agreements, the number of Performance LTIP units to be earned ranged 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. During the year end December 31, 2022, approximately 113,000 Performance LTIP units granted in 2020 were canceled due to the market conditions criteria not being met. With respect to the 2021 and 2022 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. The performance criteria for the 2021 and 2022 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. The following table presents compensation expense for Performance LTIP units and LTIP units (in thousands): Year Ended December 31, Type Line Item 2022 2021 2020 Performance LTIP units Advisory services fee $ 4,301 $ 1,765 $ 884 LTIP units Advisory services fee 1,229 1,372 1,142 LTIP units Corporate, general and administrative 28 12 — LTIP units - independent directors Corporate, general and administrative 252 164 120 Total $ 5,810 $ 3,313 $ 2,146 The unamortized cost of the unvested Performance LTIP units of approximately $7.0 million at December 31, 2022 will be expensed over a period of 2.0 years with a weighted average period of 1.6 years. The unamortized cost of the unvested LTIP units of approximately $1.3 million at December 31, 2022, will be amortized over a period of 1.2 years with a weighted average period of 1.2 years. A summary of the activity of the units in our operating partnership is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Units outstanding at beginning of year 7,158 4,277 4,538 LTIP units issued 44 469 129 Performance LTIP units issued 1,194 840 160 Common units issued for hotel acquisition — 2,500 — Units redeemed for shares of common stock — (868) (339) Performance LTIP units cancelled (113) (60) (211) Units outstanding at end of year 8,283 7,158 4,277 Units convertible/redeemable at end of year 5,841 5,533 3,823 The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: December 31, 2022 December 31, 2021 Redeemable noncontrolling interests in Braemar OP $ 40,555 $ 36,087 Adjustments to redeemable noncontrolling interests (1) $ 70 $ 275 Ownership percentage of operating partnership 7.69 % 8.83 % ____________________________________ (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): Year Ended December 31, 2022 2021 2020 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 476 $ 3,597 $ 12,979 Distributions declared to holders of common units, LTIP units and Performance LTIP units 665 — — Performance LTIP dividend claw back upon cancellation (4) (38) (270) The following table presents the common units redeemed and the fair value at redemption (in thousands): Year Ended December 31, 2022 2021 2020 Common units converted to common stock — 868 339 Fair value of common units converted $ — $ 4,122 (2) $ 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. (2) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $4.6 million.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Common Stock Dividends —The following table summarizes the common stock dividends declared during the period (in thousands): Year Ended December 31, 2022 2021 2020 Common stock dividends declared $ 5,665 $ — $ — 8.25% Series D Cumulative Preferred Stock —At December 31, 2022 and 2021, there were 1.6 million shares of 8.25% Series D cumulative preferred stock outstanding. The Series D cumulative preferred stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series B cumulative convertible preferred stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Series D cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series D cumulative preferred stock is redeemable at our option for cash (on or after November 20, 2023), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series D cumulative preferred stock is convertible into a maximum 5.12295 shares of our common stock. The actual number is based on a formula as defined in the Series D cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series D cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series D cumulative preferred stock to common stock have not been met as of period end. Therefore, Series D cumulative preferred stock will not impact our earnings per share. Series D cumulative preferred stock quarterly dividends are set at the rate of 8.25% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.0625 per share). In general, Series D cumulative preferred stockholders have no voting rights. The Series D 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): Year Ended December 31, 2022 2021 2020 Series D Cumulative Preferred Stock $ 3,300 $ 3,300 $ 3,300 Stock Repurchases —On December 7, 2022, our board of directors approved a new stock repurchase program pursuant to which the board 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 $25 million. The board of directors’ authorization replaced any previous repurchase authorizations. During the year ended December 31, 2022, we repurchased 1.5 million shares of our common stock for approximately $6.1 million . No shares were repurchased under any stock repurchase program during the years ended December 31, 2021 and 2020. As of December 31, 2022, $18.9 million remains authorized by the board of directors pursuant to the December 7, 2022 approval. See note 22 . We repurchased approximately 262,000, 50,000 and 47,000 shares of our common stock in 2022, 2021 and 2020, respectively, to satisfy employees’ statutory minimum U.S. federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. 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 December 31, 2022, 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): Year Ended December 31, 2022 2021 2020 Common shares issued — 2,711 4,729 Gross proceeds received $ — $ 16,119 $ 14,717 Commissions — 202 184 Net proceeds $ — $ 15,917 $ 14,533 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. 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. As of December 31, 2022, the Company has sold approximately 1.7 million shares of common stock and received proceeds of approximately $10.0 million under the SEDA. The issuance activity under the SEDA is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares sold to YA — 1,700 Proceeds received $ — $ 10,000 Common Stock Resale Agreement —On April 21, 2021, the Company entered into a purchase agreement (the “Lincoln Park Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), 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 Lincoln Park Purchase Agreement. Upon entering into the Lincoln Park 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 Lincoln Park Purchase Agreement. As of December 31, 2022, the Company has issued approximately 766,000 shares of common stock for gross proceeds of approximately $4.2 million under the Lincoln Park Purchase Agreement. The issuance activity under the Lincoln Park Purchase Agreement is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares sold to Lincoln Park — 766 Additional commitment shares — 15 Total common shares issued to Lincoln Park — 781 Proceeds received $ — $ 4,217 At-the-Market Equity Distribution Agreement —On May 25, 2021, the Company entered into an equity distribution agreement (the “Virtu May 2021 EDA”) 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 million. 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 December 31, 2022, all shares of common stock under the Virtu May 2021 EDA have been sold. The issuance activity under the Virtu May 2021 EDA is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares issued — 8,339 Gross proceeds received $ — $ 50,000 Commissions — 500 Net proceeds $ — $ 49,500 On July 12, 2021, the Company entered into an equity distribution agreement (the “Virtu July 2021 EDA”) with Virtu Americas LLC (“Virtu”) to sell from time to time shares of our common stock having an aggregate offering price of up to $100 million. 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 December 31, 2022, the Company has sold approximately 4.7 million shares of common stock under the Virtu July 2021 EDA and received gross proceeds of approximately $24.0 million. The issuance activity under the Virtu July 2021 EDA is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares issued — 4,712 Gross proceeds received $ — $ 24,020 Commissions — 240 Net proceeds $ — $ 23,780 Noncontrolling Interest in Consolidated Entities —A partner has a noncontrolling ownership interest of 25% in two hotel properties with a total carrying value of $(16.3) million and $(16.5) million at December 31, 2022 and 2021, respectively. The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 (Income) loss from consolidated entities attributable to noncontrolling interests $ (2,063) $ 2,650 $ 6,436

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2022
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Stock	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 in the Articles Supplementary), 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 (as 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 December 31, 2022, 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): Year Ended December 31, 2022 2021 2020 Series B Convertible Preferred Stock shares issued — — 23 Gross proceeds received $ — $ — $ 439 Commissions — — 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): Year Ended December 31, 2022 2021 2020 Series B Convertible Preferred Stock $ 4,233 $ 4,747 $ 6,919 During the year ended December 31, 2021, Braemar entered into privately negotiated exchange agreements with certain holders of the Series B Convertible Preferred Stock, in reliance on Section 3(a)(9) of the Securities Act. The table below summarizes the activity (in thousands): Year Ended December 31, 2021 Preferred Shares Tendered Common Shares Issued Series B Convertible Preferred Stock 1,953 7,291 There were no preferred stock exchanges for the year ended December 31, 2022. Series E Redeemable Preferred Stock On April 2, 2021, the Company entered into equity distribution agreements with certain sales agents to sell, from time to time, shares of the Series E Redeemable Preferred Stock (the “Series E Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 20,000,000 shares of Series E Preferred Stock in a primary offering price of $25.00 per share. The Company is also offering a maximum of 8,000,000 shares of the Series E Preferred Stock pursuant to a dividend reinvestment plan (the “DRIP”) at $25.00 per share (the “Stated Value”). The Series E Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series B Convertible Preferred stock, the Series D Preferred Stock and the Series M Preferred Stock (as defined below)) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Holders of the Series E Preferred Stock shall have the right to vote for the election of directors of the Company and on all other matters requiring stockholder action by the holders of the common stock, each share being entitled to vote to the same extent as one share of the Company’s common stock, and all such shares voting together as a single class. If and whenever dividends on any shares of the Series E Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive the number of directors then constituting the board shall be increased by two and the holders of such shares of Series E Preferred Stock shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms. Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends (with no redemption fee). The Series E Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon such change of control events, holders have the option to convert their shares of Series E Preferred Stock into a maximum of 5.69476 shares of our common stock. The redemption fee shall be an amount equal to: • 8.0% of the stated value of $25.00 per share (the “Stated Value”) beginning on the Original Issue Date (as defined in the Articles Supplementary) of the shares of the Series E Preferred Stock to be redeemed; • 5.0% of the Stated Value beginning on the second anniversary from the Original Issue Date of the shares of the Series E Preferred Stock to be redeemed; and • 0% of the Stated Value beginning on the third anniversary from the Original Issue Date of the shares of the Series E Preferred Stock to be redeemed. The Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. The Series E Preferred Stock cash dividends are as follows: • 8.0% per annum of the Stated Value beginning on the date of the first settlement of the Series E Preferred Stock (the “Date of Initial Closing”); • 7.75% per annum of the Stated Value beginning on the first anniversary from the Date of Initial Closing; and • 7.5% per annum of the Stated Value beginning on the second anniversary from the Date of Initial Closing. Dividends will be authorized and declared on a monthly basis and payable in arrears on the 15th day of each month to holders of record at the close of business on the last business day of each month immediately preceding the applicable thereafter dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year. The Company has a DRIP that allows for participating holders to have their Series E Preferred Stock dividend distributions automatically reinvested in additional shares of the Series E Preferred Stock at a price of $25.00 per share. The issuance activity of the Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock shares issued (1) 10,914 1,709 Net proceeds $ 245,575 $ 38,450 __________________ (1) Exclusive of shares issued under the dividend reinvestment plan. The Series E 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 of the Company’s control. As such, the Series E Preferred Stock is classified outside of permanent equity. At the date of issuance, the carrying amount of the Series E Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable the carrying value will be adjusted to the redemption amount each reporting period. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands): December 31, 2022 December 31, 2021 Series E Preferred Stock $ 291,076 $ 39,339 Adjustments to Series E Preferred Stock (1) $ 9,403 $ 3,128 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock $ 12,694 $ 683 The redemption activities of Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock shares redeemed 14 — Redemption amount, net of redemption fees $ 365 $ — Series M Redeemable Preferred Stock On April 2, 2021, the Company entered into equity distribution agreements with certain sales agents to sell, from time to time, shares of the Series M Redeemable Preferred Stock (the “Series M Preferred Stock”). Pursuant to such equity distribution agreements, the Company is offering a maximum of 20,000,000 shares of the Series M Preferred Stock (par value $0.01) in a primary offering price of $25.00 per share (or “Stated Value”). The Company is also offering a maximum of 8,000,000 shares of Series M Preferred Stock pursuant to the DRIP at $25.00 per share. The Series M Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the Series B Convertible Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. Holders of the Series M Preferred Stock shall have the right to vote for the election of directors of the Company and on all other matters requiring stockholder action by the holders of the common stock, each share being entitled to vote to the same extent as one share of the Company’s common stock, and all such shares voting together as a single class. If and whenever dividends on any shares of Series E Preferred Stock shall be in arrears for 18 or more monthly periods, whether or not such quarterly periods are consecutive the number of directors then constituting the board shall be increased by two and the holders of such shares of Series M Preferred Stock shall be entitled to vote for the election of the additional directors of the Company who shall each be elected for one-year terms. Each share is redeemable at any time, at the option of the holder, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends, less a redemption fee. Starting on the second anniversary, each share is redeemable at any time, at the option of the Company, at a redemption price of $25.00 per share, plus any accumulated, accrued, and unpaid dividends (with no redemption fee). The Series M Preferred Stock is also subject to conversion upon certain events constituting a change of control. Upon such change of control events, holders have the option to convert their shares of Series M Preferred Stock into a maximum of 5.69476 shares of our common stock. The redemption fee shall be an amount equal to: • 1.5% of the Stated Value of $25.00 per share beginning on the Series M Original Issue Date (as defined below) of the shares of Series M Preferred Stock to be redeemed; and • 0% of the Stated Value beginning on the first anniversary from the Series M Original Issue Date of the shares of Series M Preferred Stock to be redeemed. The Company has the right, in its sole discretion, to redeem the shares in cash, or in an equal number of shares of common stock or any combination thereof, calculated based on the closing price per share for the single trading day prior to the date of redemption. Holders of Series M Preferred Stock are entitled to receive cumulative cash dividends at the initial rate of 8.2% per annum of the Stated Value of $25.00 per share (equivalent to an annual dividend rate of $2.05 per share). Beginning one year from the date of original issuance of each share of Series M Preferred Stock (the “Series M Original Issue Date”) and on each one-year anniversary thereafter for such share of Series M Preferred Stock, the dividend rate shall increase by 0.10% per annum; provided, however, that the dividend rate for any share of Series M Preferred Stock shall not exceed 8.7% per annum of the Stated Value. Dividends will be authorized and declared on a monthly basis and payable in arrears on the 15th day of each month to holders of record at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends will be computed on the basis of twelve 30-day months and a 360-day year. The Company has a DRIP that allows for participating holders to have their Series M Preferred Stock dividend distributions automatically reinvested in additional shares of the Series M Preferred Stock at a price of $25.00 per share. The issuance activity of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock shares issued (1) 1,402 29 Net proceeds $ 34,009 $ 704 __________________ (1) Exclusive of shares issued under the dividend reinvestment plan. The Series M 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 the Company’s control. As such, the Series M Preferred Stock is classified outside of permanent equity. At the date of issuance, the carrying amount of the Series M Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable the carrying value will be adjusted to the redemption amount each reporting period. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands): December 31, 2022 December 31, 2021 Series M Preferred Stock $ 35,182 $ 715 Adjustments to Series M Preferred Stock (1) $ 812 $ 133 __________________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock $ 1,276 $ 15 The redemption activities of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock shares redeemed 5 — Redemption amount, net of redemption fees $ 134 $ —

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based CompensationUnder the 2013 Equity Incentive Plan, as amended, we are authorized to grant 7.0 million restricted stock or performance stock units of our common stock as incentive stock awards. At December 31, 2022, approximately 1.5 million shares were available for future issuance under the 2013 Equity Incentive Plan. Restricted Stock —We incur stock-based compensation expense in connection with restricted stock 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 following table summarizes the stock-based compensation expense for restricted stock (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,195 $ 3,028 $ 2,672 Management fees 26 56 133 Corporate general and administrative 126 111 71 Corporate general and administrative - independent directors 252 322 130 $ 2,599 $ 3,517 $ 3,006 A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Number of Units Weighted Average Number of Units Weighted Average Number of Units Weighted Average Outstanding at beginning of year 957 $ 6.94 536 $ 7.98 497 $ 11.89 Restricted shares granted 45 5.63 764 7.02 359 4.13 Restricted shares vested (543) 5.86 (317) 6.31 (310) 9.81 Restricted shares forfeited (22) 6.77 (26) 6.94 (10) 7.25 Outstanding at end of year 437 $ 6.46 957 $ 6.94 536 $ 7.98 The fair value of restricted stock vested during the years ended December 31, 2022, 2021 and 2020 was approximately $3.1 million, $2.1 million and $1.2 million, respectively. 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 2020 award agreements, the number of PSUs to be earned ranged 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. With respect to the 2021 and 2022 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. The performance criteria for the 2021 and 2022 performance grants are based on performance conditions under the relevant literature, and the 2021 and 2022 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. The following table summarizes the compensation expense for PSUs (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,876 $ 3,374 2,695 At December 31, 2022, the unamortized cost of unvested shares of PSUs was $1.9 million, which is expected to be recognized over a period of 2.0 years with a weighted average period of 1.1 years. A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Number of Units Weighted Average Price at Grant Number of Units Weighted Average Price at Grant Number of Units Weighted Average Price at Grant Outstanding at beginning of year 671 $ 5.84 448 $ 11.71 420 $ 16.91 PSUs granted 41 5.63 446 7.01 225 3.51 PSUs vested (152) 4.69 — — — — PSUs canceled (225) 3.51 (223) 19.96 (197) 13.43 Outstanding at end of year 335 $ 5.84 671 $ 5.84 448 $ 11.71

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
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 fifth 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): Year Ended December 31, 2022 2021 2020 Advisory services fee Base advisory fee $ 12,790 $ 10,806 $ 9,981 Reimbursable expenses (1) 4,653 2,297 1,790 Equity-based compensation (2) 10,601 9,538 7,393 Incentive fee 803 — (678) (3) Total $ 28,847 $ 22,641 $ 18,486 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (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. (3) The $(678,000)incentive fee in 2020 is a result of not meeting the FCCR threshold required for paying the final installment of the incentive fee incurred in 2018. 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. For the years ended December 31, 2021 and 2020, the Company recognized expense of $341,000 and $3.1 million. These expenses are included in “write-off of loan costs and exit fees” in the consolidated statement of operations. On August 25, 2020, in light of the fact that Lismore negotiated access to the FF&E reserves but no forbearance on debt service for the $435 million mortgage loan secured by the Marriott Seattle Waterfront, Sofitel Chicago Magnificent Mile, The Notary Hotel and The Clancy, the independent members of the board of directors of Ashford Inc. waived $1.6 million of Lismore success fees. The Company engaged Lismore to negotiate, on the Company’s behalf, one or more modifications to the terms of the mortgage loan assumed in connection with the acquisition of the Mr. C Beverly Hills Hotel. Upon closing of the hotel on August 5, 2021, the Company paid Lismore a fee of $150,000. 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 (collectively, the “Parties” and each individually a “Party”) with respect to funding certain expenses of Ashford Securities LLC, a subsidiary of Ashford Inc. (“Ashford Securities”). 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 capital raised, or June 10, 2023, there will be a true up (the “Amended and Restated True-Up Date”) among Ashford Inc., Ashford Trust and Braemar whereby the actual amount contributed by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively, through Ashford Securities (the resulting ratio of contributions among the Parties, the “Initial True-up Ratio”). On January 27, 2022, Ashford Trust, Braemar and Ashford Inc. entered into a Second Amended and Restated Contribution Agreement which provided for an additional $18 million in expenses to be reimbursed with all expenses allocated 45% to Ashford Trust, 45% to Braemar and 10% to Ashford Inc. On February 1, 2023, Braemar entered into a Third Amended and Restated Contribution Agreement with Ashford Inc. and Ashford Trust. The Third Amended and Restated Contribution Agreement states that after the Amended and Restated True-Up Date occurs, capital contributions for the remainder of fiscal year 2023 will be divided between each Party based on the Initial True-Up Ratio. Thereafter on a yearly basis at year-end, starting with the year-end of 2023, there will be a true-up between the Parties whereby there will be adjustments so that the capital contributions made by each Party will be based on the cumulative amount of capital raised by each Party through Ashford Securities as a percentage of the total amount raised by the Parties collectively through Ashford Securities since June 10, 2019 (the resulting ratio of capital contributions among Braemar, Ashford Inc. and Ashford Trust following this true-up, the “Cumulative Ratio”). Thereafter, the capital contributions will be divided among each Party in accordance with the Cumulative Ratio, as recalculated at the end of each year. As of December 31, 2022, Braemar has funded approximately $5.6 million. During the year ended December 31, 2022, the funding estimate was revised based on the latest capital raise estimates of the aggregate capital raised through Ashford Securities. This resulted in additional expense of approximately $7.2 million for the year ended December 31, 2022. As of December 31, 2022, the payable amount that is included in “due to Ashford Inc., net” on the consolidated balance sheet is $6.6 million. As of December 31, 2021, $338,000 of the pre-funded amount was included in “other assets” on the consolidated balance sheet. The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Corporate, general and administrative $ 9,461 $ 1,983 $ 658 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 Braemar and Ashford Inc., 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 60 days in advance of the 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 At December 31, 2022, Remington Hotels managed four of our 16 hotel properties. We pay monthly hotel management fees equal to the greater of approximately $16,000 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 December 31, 2021, the Company had a $728,000 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. In January 2022, the City of San Francisco remitted payment to Ashford Trust, which subsequently remitted payment to Braemar. During the second quarter of 2022 the Company received an additional payment of approximately $114,000 related to accrued interest on the initial settlement amount, which is included in “(gain) loss on legal settlements” on the consolidated statements of operations for the year ended December 31, 2022. Summary of Transactions In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, has a right to provide products or services to our hotel properties, provided such transactions are evaluated and approved by our independent directors. The following tables summarize the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the amounts recorded by us for those services and the applicable classification on our consolidated financial statements (in thousands): Year Ended December 31, 2022 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Management fees Preferred Stock (3) Property Taxes, Insurance and Other Advisory Services Fee Corporate General and Administrative Ashford LLC Insurance claims services $ 3 $ — $ — $ — $ — $ — $ — $ 3 $ — $ — Ashford Securities Broker/Dealer 9,735 — — — — — 274 — — 9,461 Ashford Securities Dealer Manager Fees 5,766 — — — — — 5,766 — — — INSPIRE Audio visual services 3,800 — — 3,800 — — — — — — Lismore Capital Debt placement and related services 750 — 750 — — — — — — — Lismore Capital Broker Services 637 — 637 — — — — — — — OpenKey Mobile key app 39 — — — 39 — — — — — Premier Design and construction services 9,875 9,262 — — — — — — 613 — Pure Wellness Hypoallergenic premium rooms 150 — — — 150 — — — — — RED Leisure Watersports activities and travel/transportation services 525 — — 236 761 — — — — — Remington Hotels Hotel management services (4) 4,288 — — — 1,416 2,872 — — — — Year Ended December 31, 2021 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Other Hotel Expenses Preferred Stock (3) Management fees Property Taxes, Insurance and Other Advisory Services Fee Corporate General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 7 $ — $ — $ — $ — $ — $ — $ — $ 7 $ — $ — $ — Ashford Securities Broker/Dealer 1,983 — — — — — — — — — 1,983 — Ashford Securities Dealer Manager Fees 410 — — — — — 410 — — — — — INSPIRE Audio visual services 1,001 — — — 1,001 — — — — — — — Lismore Capital Debt placement and related services 491 — 150 — — — — — — — — 341 Lismore Capital Broker services 3 — — — — — — — — — — 3 OpenKey Mobile key app 38 — — — — 38 — — — — — — Premier Design and construction services 3,009 2,653 — — — — — — — 356 — — Pure Wellness Hypoallergenic premium rooms 141 — — — — 141 — — — — — — RED Leisure Watersports activities and travel/transportation services 321 — — — 321 — — — — — — — Remington Hotels Hotel management services (4) 3,243 — — — — 934 — 2,309 — — — — Year Ended December 31, 2020 Company Product or Service Total Investments in Hotel Properties, net (1) Other Assets Other Hotel Revenue Other Hotel Expenses Management fees Property Taxes, Insurance and Other Advisory Services Fee Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC FF&E purchases $ 1,816 $ 1,816 $ — $ — $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 108 — — — — — 108 — — INSPIRE Audio visual services 592 — — 592 — — — — — Lismore Capital Debt placement and related services 4,093 — 1,022 — — — — — 3,071 OpenKey Mobile key app 38 — — — 38 — — — — Premier Design and construction services 2,849 2,505 — — — — — 344 — Pure Wellness Hypoallergenic premium rooms 52 — — — 52 — — — — RED Leisure Watersports activities and travel/transportation services 139 — — 139 — — — — — Remington Hotels Hotel management services (4) 1,446 — — — 410 1,036 — — — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds. (4) Other hotel expenses include incentive hotel management fees and other hotel management costs. The following table summarizes the components of due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2022 December 31, 2021 Ashford LLC Advisory services $ 1,576 $ 394 Ashford LLC FF&E purchases — — Ashford LLC Insurance claims services 2 1 INSPIRE Audio visual services 952 418 OpenKey Mobile key app — — Ashford securities Capital raise services 6,514 — Premier Design and construction services 829 470 RED Leisure Watersports activities and travel/transportation services 132 191 $ 10,005 $ 1,474 As of December 31, 2022 and 2021, due from related parties, net included a net receivable from Remington Hotels of $573,000 and $677,000, respectively, primarily related to advances made by Braemar and accrued base and incentive management fees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022, 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. Licensing Fees —In conjunction with the Mr. C Beverly Hills Hotel acquisition on August 5, 2021, we entered into an Intellectual Property Sublease Agreement, which allows us to continue to use certain proprietary marks associated with the Mr. C brand name. In return, we pay licensing fees of: (i) 1% of total operating revenue; (ii) 2% of gross food and beverage revenues; and (iii) 25% of food and beverage profits. The agreement expires on August 5, 2023. The table below summarizes the licensing fees incurred (in thousands): Year Ended December 31, Line Item 2022 2021 Other hotel expenses $ 467 $ 133 Management Fees —Under hotel management agreements for our hotel properties existing at December 31, 2022, we pay a monthly hotel management fee equal to the greater of approximately $16,000 per hotel (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 3.0% 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 2018 through 2022 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 under the Accor management agreement has occurred and an injunction to prevent Ashford TRS Chicago II from terminating the Accor management agreement. 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 damages and a 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, in which Accor asserted two causes of action: First, Accor asserted a counterclaim for declaratory judgment that Accor correctly calculated the amount payable to Ashford TRS Chicago II under the Accor management agreement to “cure” Accor’s performance test failure (the “Cure Amount”). Second, Accor asserted a counterclaim for breach of contract alleging that Ashford TRS Chicago II breached the Accor 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. On February 16, 2022, the parties entered into a settlement agreement agreeing to: 1) amend the Accor management agreement; 2) dismiss the lawsuit and counterclaims; 3) stipulate to the failure of the performance tests and cure amounts for 2018 of $867,682 and 2019 of $784,919; and 4) arbitrate whether the performance tests for 2020 and 2021 were valid and/or required equitable adjustment. On February 23, 2022, Ashford TRS Chicago II and Accor filed a stipulation of discontinuance dismissing all claims, counterclaims, and cross-claims in the January 6, 2020 action with prejudice. Arbitration occurred on October 12 and 13, 2022. The arbitrator returned his decision on November 21, 2022, and the decision did not result in any additional amounts being owed to, or payable by, the Company. As a result of the settlement related to the 2018 performance test failure, the Company recorded a gain of approximately $868,000 in 2022, that is recorded as a reduction of management fees and included in “management fees” on the Company’s consolidated statement of operations. 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 December 31, 2022, 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. Leases —We lease land under two non-cancelable operating ground leases, which expire in 2067 and 2065, related to our hotel properties in La Jolla, California and Yountville, California, respectively. The lease in La Jolla, California contains one extension option of either 10 or 20 years dependent upon capital investment spend during the lease term. The lease in Yountville, California contains two 25 -year extension options. These leases are subject to base rent plus contingent rent based on each hotel property’s financial results and escalation clauses. Capital Commitments —At December 31, 2022, we had capital commitments of $39.4 million, including commitments that will be satisfied with insurance proceeds, relating to general capital improvements that are expected to be paid in the next twelve months.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	LeasesThe majority of our leases are operating ground leases. We also have operating equipment leases, such as copier and vehicle leases, at our hotel properties. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one The discount rate used to calculate the lease liability and ROU asset related to our ground leases is based on our incremental borrowing rate (“IBR”), as the rate implicit in each lease is not readily determinable. The IBR is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term and at an amount equal to the lease payments in a similar economic environment. As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): December 31, 2022 December 31, 2021 Assets Operating lease right-of-use assets $ 79,449 $ 80,462 Liabilities Operating lease liabilities $ 60,692 $ 60,937 We incurred the following lease costs related to our operating leases (in thousands): Year Ended December 31, Classification 2022 2021 2020 Operating lease cost (1) Hotel operating expenses - other $ 6,653 $ 5,349 $ 4,373 _______________________________________ (1) For the years ended December 31, 2022, 2021 and 2020, operating lease cost includes approximately $2.2 million, $954,000 and $(305,000), respectively, of variable lease cost associated with the ground leases, with the credit in 2020 primarily caused by the ground lease percentage rent true-up for fiscal year 2019-2020 at Hilton La Jolla Torrey Pines. Additionally, we recorded $474,000, $512,000 and $834,000, respectively, of amortization costs related to the intangible assets that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, 2022 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 3,307 $ 3,302 $ 3,261 Weighted Average Remaining Lease Term Operating leases (1) 44 years 45 years 47 years Weighted Average Discount Rate Operating leases (1) 4.98 % 4.98 % 4.98 % _______________________________________ (1) Calculated using the lease term, excluding extension options, and discount rates of the ground leases. Future minimum lease payments due under non-cancellable leases as of December 31, 2022 were as follows (in thousands): Operating Leases 2023 $ 3,365 2024 3,329 2025 3,321 2026 3,334 2027 3,342 Thereafter 141,300 Total future minimum lease payments (1) 157,991 Less: interest (97,299) Present value of operating lease liabilities $ 60,692 _______________________________________ (1) Based on payment amounts as of December 31, 2022 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For U.S. federal income tax purposes, we elected to be taxed as a REIT under the Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2022, 15 of our hotel properties were leased to TRS lessees and The Ritz-Carlton St. Thomas was owned by our USVI TRS. The TRS entities recognized net book income (loss) before income taxes of $25.4 million, $12.6 million and $(27.0) million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table reconciles the income tax expense at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2022 2021 2020 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (6,463) $ (2,652) $ 5,619 State income tax (expense) benefit, net of U.S. federal income tax benefit (1,961) 574 3,136 State and local income tax (expense) benefit on pass-through entity subsidiaries (17) (9) (5) Gross receipts and margin taxes (69) (26) (13) Benefit of USVI Economic Development Commission credit 3,358 3,346 783 Benefits of Puerto Rico tax incentives 1,474 — — Other 126 (251) 311 Valuation allowance (491) (2,306) (5,425) Total income tax (expense) benefit $ (4,043) $ (1,324) $ 4,406 The components of income tax expense are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Current: Federal $ (3,745) $ (1,477) $ 3,431 State (247) (21) 19 Total current income tax (expense) benefit (3,992) (1,498) 3,450 Deferred: Federal (51) 131 1,262 State — 43 (306) Total deferred income tax (expense) benefit (51) 174 956 Total income tax (expense) benefit $ (4,043) $ (1,324) $ 4,406 For the years ended December 31, 2022, 2021 and 2020, income tax expense included interest and penalties paid to taxing authorities of $1,000, $3,000 and $7,000, respectively. At December 31, 2022 and 2021, we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2022 and 2021, our net deferred tax asset, included in “other assets,” on our consolidated balance sheets, consisted of the following (in thousands): December 31, 2022 2021 Deferred tax assets (liabilities): Tax intangibles basis greater than book basis $ 722 $ 722 Allowance for doubtful accounts 76 28 Unearned income 2,769 2,147 Federal and state net operating losses 16,452 15,677 Capital loss carryforward 525 529 Other (48) 178 Accrued expenses 1,133 612 Tax property basis greater than book basis (2,935) (2,487) Prepaid expenses (59) (4) Net deferred tax asset 18,635 17,402 Valuation allowance (18,627) (17,343) Net deferred tax asset (liability) $ 8 $ 59 At December 31, 2022 and 2021, we recorded a valuation allowanc e of $18.6 million and $17.3 million, res pectively, to partially reserve the deferred tax assets of our TRSs. Primarily as a result of the limitation imposed by the Code on the utilization of net operating losses of acquired subsidiaries, we believe it is more likely than not that $18.6 million of our deferred tax assets will not be realized, and therefore, have provided a valuation allowance to reserve against the balances. At December 31, 2022, we had TRSs net operating loss carryforwards for U.S. federal income tax purposes of $68.5 million, of which $50.7 million is subject to expiration and will begin to expire in 2023. The remainder was generated after December 2017 and is not subject to expiration under the Tax Cuts and Jobs Act. $50.0 million of net operating loss carryforwards are attributable to acquired subsidiaries and are subject to substantial limitation on their use. At December 31, 2022, Braemar Hotels & Resorts Inc., our REIT, had net operating loss carryforwards for U.S. federal income tax purposes of $109.7 million based on the latest filed tax return. Of this amount, $2.2 million is subject to expiration in 2033. The remainder is not subject to expiration under the Tax Cuts and Jobs Act. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 17,343 $ 14,938 $ 11,581 Additions 1,284 2,405 3,357 Deductions — — — Balance at end of year $ 18,627 $ 17,343 $ 14,938 The USVI TRS operates under a tax holiday in the U.S. Virgin Islands, which is effective through December 31, 2028, and may be extended if certain additional requirements are satisfied. The tax holiday is conditional upon our meeting certain employment and investment thresholds. The impact of this tax holiday decreased current foreign taxes by $3.4 million, $907,000 and $0 for the years ended December 31, 2022, 2021 and 2020, respectively. The benefit of the tax holiday on net income (loss) per share was approximately, $0.05, $0.02 and $0.00 for the years ended December 31, 2022, 2021 and 2020, respectively. In 2022, we acquired the Ritz-Carlton Reserve Dorado Beach in Dorado, Puerto Rico. Our taxable entities in Puerto Rico operate under a tax holiday which is effective through April 2, 2028. The tax holiday is conditional upon meeting certain employment and investment thresholds. The impact of this tax holiday decreased current foreign taxes by $2.5 million for the year ended December 31, 2022. The benefit of this tax holiday on net income (loss) per share was approximately $0.04 for the year ended December 31, 2022.

Intangible Assets, net

Intangible Assets, net	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net Intangible assets, net consisted of the following (in thousands): December 31, 2022 2021 Cost $ 5,682 $ 5,682 Accumulated amortization (1,799) (1,421) $ 3,883 $ 4,261 Intangible assets include the customer relationships associated with The Ritz-Carlton Sarasota acquisition on April 4, 2018. The customer relationships are being amortized over the 15 year expected life. For the years ended December 31, 2022, 2021 and 2020, amortization related to intangible assets was $378,000, $379,000 and $379,000, respectively. Estimated future amortization expense for intangible assets, net for each of the next five years and thereafter is as follows (in thousands): Intangible Assets, net 2023 $ 379 2024 379 2025 379 2026 379 2027 379 Thereafter 1,988 Total $ 3,883

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our investments are all concentrated within the hotel industry. All of our hotel properties are located within the U.S. and its territories. For the year ended December 31, 2022, the Ritz-Carlton St. Thomas and the Ritz-Carlton Sarasota generated revenues in excess of 10% of total hotel revenue amounting to 28% of total hotel revenue. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000 and amounts due or payable under our derivative contracts. Our counterparties to our derivative contracts are investment grade financial institutions.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
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 December 31, 2022 and December 31, 2021, all of our hotel properties were in the U.S. and its territories.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn January 18, 2023, the Company repaid its $54.0 million mortgage loan secured by The Ritz-Carlton Reserve Dorado Beach. Subsequent to December 31, 2022, the Company issued approximately 3.8 million shares of Series E Preferred Stock and received net proceeds of approximately $85.4 million and issued approximately 533,000 shares of Series M Preferred Stock and received net proceeds of approximately $12.9 million. On February 21, 2023, the Company announced the closing of its offering of the Series E Preferred Stock and Series M Preferred Stock. Subsequent to December 31, 2022, the Company repurchased approximately 3.9 million shares of its common stock for approximately $18.9 million. The Company has repurchased approximately 5.4 million shares of its common stock for approximately $25.0 million and has completed the $25.0 million repurchase authorization authorized by the board of directors on December 7, 2022. On February 24, 2023, at the option of Mr. Monty J. Bennett, Mr. Bennett’s 169,523 vested LTIP units that achieved economic parity with his common units were redeemed for common units on a one-for-one basis. On February 24, 2023, the Company received a Notice of Exercise of Redemption Right (the “Redemption Notice”), pursuant to which Mr. Bennett elected to redeem the common units and such redemption was settled in cash at the Company’s election based on the average of the closing price of the Company’s common stock for the ten consecutive trading days ending on February 23, 2023. Additionally, on February 24, 2023, Mr. Bennett elected to redeem an additional 1,254,254 common units and following receipt of the Redemption Notice, such redemption was settled in cash at the Company’s election at a price per common unit based on the average of the closing price of the Company’s common stock for the ten consecutive trading days ending on February 23, 2023. The cash redemption for the 1,423,777 common units totaled approximately $7.0 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2022 (in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Gross Carrying Amount Hotel Property Location Encumbrances Land FF&E, Land FF&E, Land FF&E, Total Accumulated Construction Acquisition Income Capital Hilton Washington, D.C. $ 107,000 $ 45,721 $ 106,245 $ — $ 40,495 $ 45,721 $ 146,740 $ 192,461 $ 67,028 — April 2007 (1),(2),(3) Hilton La Jolla Torrey Pines La Jolla, CA 88,000 — 114,614 — 7,031 — 121,645 121,645 52,308 — April 2007 (1),(2),(3) Marriott Seattle Waterfront Seattle, WA 134,700 31,888 112,176 — 23,587 31,888 135,763 167,651 49,559 — April 2007 (1),(2),(3) The Notary Hotel Philadelphia, PA 84,600 9,814 94,029 — 34,366 9,814 128,395 138,209 60,453 — April 2007 (1),(2),(3) The Clancy San Francisco, CA 116,300 22,653 72,731 — 53,830 22,653 126,561 149,214 61,516 — April 2007 (1),(2),(3) Sofitel Chicago Magnificent Mile Chicago, IL 99,400 12,631 140,369 — 4,269 12,631 144,638 157,269 36,919 — February 2014 (1),(2),(3) Pier House Resort & Spa Key West, FL 80,000 59,731 33,011 — 3,197 59,731 36,208 95,939 12,578 — March 2014 (1),(2),(3) Bardessono Hotel and Spa Yountville, CA 40,000 — 64,184 — 1,895 — 66,079 66,079 14,565 — July 2015 (1),(2),(3) Hotel Yountville Yountville, CA 51,000 47,849 48,567 — (4,577) 47,849 43,990 91,839 7,659 — May 2017 (1),(2),(3) Park Hyatt Beaver Creek Resort & Spa Beaver Creek, CO 70,500 89,117 56,383 — 11,206 89,117 67,589 156,706 16,876 — March 2017 (1),(2),(3) The Ritz-Carlton Sarasota Sarasota, FL 98,500 83,630 99,782 — (5,755) 83,630 94,027 177,657 15,523 — April 2018 (1),(2),(3) The Ritz-Carlton St. Thomas St. Thomas, USVI 42,500 25,533 38,467 — 80,355 25,533 118,822 144,355 24,863 — December 2015 (1),(2),(3) The Ritz-Carlton Lake Tahoe Truckee, CA 54,000 26,731 91,603 — 5,759 26,731 97,362 124,093 11,316 — January 2019 (1),(2),(3) Mr. C Beverly Hills Hotel Beverly Hills, CA 30,000 29,346 45,078 — 820 29,346 45,898 75,244 3,424 — August 2021 (1),(2),(3) The Ritz-Carlton Reserve Dorado Beach Dorado, Puerto Rico 54,000 79,711 117,510 — 1,270 79,711 118,780 198,491 5,124 — March 2022 (1),(2),(3) Four Seasons Resort Scottsdale Scottsdale, AZ 100,000 70,248 197,610 — 383 70,248 197,993 268,241 781 — December 2022 (1),(2),(3) Total $ 1,250,500 $ 634,603 $ 1,432,359 $ — $ 258,131 $ 634,603 $ 1,690,490 $ 2,325,093 $ 440,492 __________________ (1) Estimated useful life for buildings is 39 years. (2) Estimated useful life for building improvements is 7.5 years. (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $1.9 billion as of December 31, 2022. Year Ended December 31, 2022 2021 2020 Investment in real estate: Beginning balance $ 1,845,078 $ 1,784,849 $ 1,791,174 Additions 516,754 95,663 16,067 Write-offs (36,739) (32,677) (22,392) Sales/disposals — (2,757) — Ending balance $ 2,325,093 $ 1,845,078 $ 1,784,849 Accumulated depreciation: Beginning balance 399,481 360,259 309,752 Depreciation expense 77,750 73,054 72,899 Write-offs (36,739) (32,677) (22,392) Sales/disposals — (1,155) — Ending balance $ 440,492 $ 399,481 $ 360,259 Investment in real estate, net $ 1,884,601 $ 1,445,597 $ 1,424,590

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying 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 consolidated financial statements. Braemar OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Braemar OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Braemar OP General Partner LLC (formerly Ashford Prime OP General Partner LLC), its general partner. As such, we consolidate Braemar OP. The following items affect reporting comparability of our historical consolidated financial statements: • on August 5, 2021, we acquired the Mr. C Beverly Hills Hotel and five adjacent luxury residences. The operating results of the hotel property have been included in the results of operations from its acquisition date; • on March 11, 2022, we acquired The Ritz-Carlton Reserve Dorado Beach hotel located in Dorado, Puerto Rico. The operating results of the hotel property have been included in the results of operations from its acquisition date; and • on December 1, 2022, we acquired the Four Seasons Resort Scottsdale. The operating results of the hotel property have been included in the results of operations from its acquisition date.
Use of Estimates	Use of Estimates —The preparation of these 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.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase.
Restricted Cash	Restricted Cash—Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment (“FF&E”) replacements of approximately 4% to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Accounts Receivable	Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts.
Inventories	Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method.
Investments in Hotel Properties, net	Investments in Hotel Properties, net —Hotel properties are generally stated at cost. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions which extend the useful life of the hotel properties are capitalized. For property and equipment acquired in a business combination, we record the sets acquired based on their fair value as of the acquisition date. Replacements and improvements and finance leases are capitalized, while repairs and maintenance are expense as incurred. Property and equipment acquired in an asset acquisition are recorded at cost. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. Acquisition cost is allocated using relative fair values. We evaluate several factors, including weighted market data for similar assets, expected future cash flows discounted at risk adjusted rates, and replacement costs for assets to determine an appropriate exit cost when evaluating the fair values.
Impairment of Investments in Hotel Properties	Impairment of Investments in Hotel Properties—Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating the impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity or group of components that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale.
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity —As of December 31, 2022, we held a 7.9% ownership interest in OpenKey, which is accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ net income/loss. We review our investment in unconsolidated entity for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entity. No such impairment was recorded for the years ended December 31, 2022, 2021 and 2020. See note 5 .
Leases	Leases —We determine if an arrangement is a lease at the commencement date. Operating leases, as lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. The lease terms used to calculate our right-of-use asset may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Subsequent to the initial recognition, lease liabilities are measured using the effective interest method. The ROU asset is generally reduced utilizing a straight-line method adjusted for the lease liability accretion during the period. We have lease agreements with lease and non-lease components, which under the elected practical expedients under ASC 842, we are not accounting for separately. For certain equipment leases, such as office equipment, copiers and vehicles, we account for the lease and non-lease components as a single lease component.
Intangible Assets, net	Intangible Assets, net—Intangible assets, net represents the customer relationships associated with The Ritz-Carlton Sarasota acquisition, which are amortized using the straight-line method over its expected useful life, which approximates amortization based on economic consumption.
Derivative Instruments	Derivative Instruments —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate), SOFR (Secured Overnight Financing Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors and flooridors.
Due to/from Related Parties, net	Due to/from Related Parties, net—Due to/from related parties, net, represent current receivables and payables resulting from transactions related to hotel management with a related party. Due to/from related parties is generally settled within a period not exceeding one year.
Due to/from Ashford Inc.	Due to/from Ashford Inc.—Due to/from Ashford Inc. represents payables related to the advisory services fee, including reimbursable expenses as well as other hotel products and services. These payables are generally settled within a period not exceeding one year.
Due to/from Third-Party Hotel Managers	Due to/from Third-Party Hotel Managers —Due to/from third-party hotel managers primarily consists of amounts due from Marriott related to our cash reserves held at the Marriott corporate level related to our operations, real estate taxes, and other items, as well as current receivables and payables resulting from transactions with other third-party managers related to hotel management. These receivables and payables are generally settled within a period not exceeding one year.
Noncontrolling Interests	Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, 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 unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of our consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder for cash or registered shares in certain cases outside of the Company’s control. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interest in consolidated entities represents an ownership interest of 25% in two hotel properties at December 31, 2022 and 2021, and is reported in equity in our consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss.
Revenue Recognition	Revenue Recognition —Rooms revenue represents revenues from the occupancy of our hotel rooms, which is driven by the occupancy and average daily rate. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when the customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Our advance deposit balance as of December 31, 2022 and 2021 was $46.0 million and $31.8 million, respectively, and are generally recognized as revenue within a one-year period. These are included in “accounts payable and accrued expenses” on the consolidated balance sheets. Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, in-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audiovisual equipment/services, rental of function rooms, and other F&B related revenues. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net). Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, condo management fees, resort and destination fees, health center fees, spas, golf, telecommunications, parking, entertainment and other guest services, as well as rental revenue primarily from leased retail outlets at our hotel properties, and membership initiation fees and dues, primarily from club memberships. Cancellation fees are recognized from non-cancellable deposits when the customer provides notification of cancellation in accordance with established management policy time frames. Non-refundable membership initiation fees are recognized over the expected life of an active membership.
Other Hotel Expenses	Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, hotel-level general and administrative, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred.
Advertising Costs	Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2022, 2021 and 2020, we incurred advertising costs of $6.5 million, $4.0 million and $2.1 million, respectively. Advertising costs are included in “other” hotel expenses in our consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation —Stock/unit-based compensation for non-employees is measured at the grant date and expensed ratably over the vesting period based on the original measurement as of the grant date. This results in the recording of expense, included in “advisory services fee,” “management fees” and “corporate general and administrative” expense, equal to the ratable amount of the grant date fair value based on the requisite service period satisfied during the period. The 2020 PSU and Performance LTIP unit grants to certain executive officers vest based on time and market conditions and were measured at the grant date fair value based on a Monte Carlo simulation valuation model.
Depreciation and Amortization	Depreciation and Amortization—Hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for FF&E. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income (loss) as well as resulting gains or losses on potential hotel sales.
Income Taxes	Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to TRSs. However, Braemar TRS and our USVI TRS are treated as TRSs for U.S. federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to our TRSs using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. See note 18. The entities that own 15 of our 16 hotel properties are considered partnerships for U.S. federal income tax purposes. Partnerships are not subject to U.S. federal income taxes. The partnerships’ revenues and expenses pass through to and are taxed on the owners. The states and cities where the partnerships operate follow the U.S. federal income tax treatment, with the exception of the District of Columbia, Puerto Rico and the city of Philadelphia. Accordingly, we provide for income taxes in these jurisdictions for the partnerships. The consolidated entities that operate the 16 hotel properties are considered taxable corporations for U.S. federal, foreign, state, and city income tax purposes and have elected to be TRSs of Braemar. The “Income Taxes” topic of the FASB’s ASC addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2018 through 2022 remain subject to potential examination by certain federal and state taxing authorities.
Income (Loss) Per Share	Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards —In August 2020, the Financial Accounting Standards Board (“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. 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 adopted ASU 2020-06 through the modified retrospective method on January 1, 2022. Upon adoption, our Convertible Senior Notes are recorded as a single debt instrument at amortized cost, instead of being recorded as both a liability and equity. The Company ceased recording non-cash interest expense associated with amortization of the debt discount associated with the conversion features. The adoption of ASU 2020-06 resulted in an adjustment to additional paid-in capital, accumulated deficit, and the carrying value of our Convertible Senior Notes. The impact of adopting ASU 2020-06 includes an increase to “indebtedness, net” and a decrease to stockholders’ equity of approximately $5.6 million. The adoption of this standard did not have a material impact on our consolidated financial statements, beyond the impact to our Convertible Senior Notes described above. The impact of adoption on our consolidated statement of operations for the year ended December 31, 2022 resulted in a decrease to net interest expense by approximately $1.1 million relating to the non-cash interest expense associated with amortization of the debt discount. The impact on basic and diluted net loss per share of common stock attributable to common stockholders for the year ended December 31, 2022 was $(0.02). In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional guidance through December 31, 2022 to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. In January 2021, the FASB issued 2021-01, Reference Rate Reform (Topic 848), Scope , which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The amendments in ASU Nos. 2020-04 and 2021-01 apply to contract modifications that replace a reference rate affected by reference rate reform, providing optional expedients regarding the measurement of hedge effectiveness in hedging relationships that have been modified to replace a reference rate. The Company applied the optional expedient in evaluating debt modifications converting from LIBOR to SOFR. There was no material impact as a result of this adoption.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2022 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 6 $ 134,635 $ 45,952 $ 19,152 $ 199,739 Puerto Rico 1 38,077 14,238 8,931 61,246 Arizona 1 3,107 1,430 657 5,194 Colorado 1 25,253 16,397 8,965 50,615 Florida 2 73,629 34,068 24,771 132,468 Illinois 1 24,829 7,150 1,656 33,635 Pennsylvania 1 22,237 4,121 1,178 27,536 Washington 1 21,445 3,619 1,321 26,385 Washington, D.C. 1 29,877 13,276 1,960 45,113 USVI 1 58,426 18,990 10,238 87,654 Total 16 $ 431,515 $ 159,241 $ 78,829 $ 669,585 Year Ended December 31, 2021 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 6 $ 91,283 $ 27,205 $ 12,938 $ 131,426 Colorado 1 17,303 10,936 7,945 36,184 Florida 2 65,974 27,148 21,094 114,216 Illinois 1 14,422 3,418 1,153 18,993 Pennsylvania 1 11,889 1,493 776 14,158 Washington 1 15,105 1,632 1,578 18,315 Washington, D.C. 1 9,773 3,014 1,142 13,929 USVI 1 54,819 15,453 10,049 80,321 Total 14 $ 280,568 $ 90,299 $ 56,675 $ 427,542 Year Ended December 31, 2020 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 46,291 $ 13,573 $ 8,056 $ 67,920 Colorado 1 12,847 6,178 6,529 25,554 Florida 2 33,829 17,009 14,446 65,284 Illinois 1 5,979 1,293 610 7,882 Pennsylvania 1 7,349 1,227 424 9,000 Washington 1 5,604 797 620 7,021 Washington, D.C. 1 7,595 3,519 1,604 12,718 USVI 1 16,771 6,667 8,157 31,595 Total 13 $ 136,265 $ 50,263 $ 40,446 $ 226,974

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land $ 630,489 $ 480,530 Buildings and improvements 1,511,949 1,215,810 Furniture, fixtures and equipment 147,019 123,954 Construction in progress 22,890 12,038 Residences 12,746 12,746 Total cost 2,325,093 1,845,078 Accumulated depreciation (440,492) (399,481) Investments in hotel properties, net $ 1,884,601 $ 1,445,597
Asset Acquisition	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 79,711 Buildings and improvements 102,105 Furniture, fixtures and equipment 15,405 Investments in hotel properties 197,221 Restricted cash 1,091 Inventories 1,184 Mortgage loan (58,601) $ 140,895 Net other assets (liabilities) $ (9,966) Year Ended December 31, 2022 Total revenue $ 61,246 Net income (loss) 7,583 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 70,248 Buildings and improvements 181,560 Furniture, fixtures and equipment 16,050 Investments in hotel properties 267,858 Inventories 480 $ 268,338 Net other assets (liabilities) $ (691) Year Ended December 31, 2022 Total revenue $ 5,194 Net income (loss) 934

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2022 December 31, 2021 Carrying value of the investment in OpenKey (in thousands) $ 1,689 $ 1,689 Ownership interest in OpenKey 7.9 % 7.8 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Equity in earnings (loss) of unconsolidated entity $ (328) $ (252) $ (217) The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 (Income) loss from consolidated entities attributable to noncontrolling interests $ (2,063) $ 2,650 $ 6,436

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Indebtedness, net	Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (13) Interest Rate December 31, 2022 December 31, 2021 Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (3) Park Hyatt Beaver Creek Resort & Spa April 2022 April 2022 LIBOR (1) + 3.00% $ — $ — $ 67,500 $ 137,718 Mortgage loan (4) The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR (1) + 2.65% 98,500 162,134 99,500 162,621 Mortgage loan (4) Hotel Yountville May 2023 May 2023 LIBOR (1) + 2.55% 51,000 84,180 51,000 85,847 Mortgage loan (5) The Notary Hotel June 2023 June 2025 LIBOR (1) + 2.16% 435,000 403,896 435,000 417,109 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (4)(6) Bardessono Hotel and Spa August 2023 August 2023 LIBOR (1) + 2.55% — — 40,000 53,413 Mortgage loan (6) Bardessono Hotel and Spa August 2023 August 2023 SOFR (2) + 2.65% 40,000 51,514 — — Mortgage loan (7) The Ritz-Carlton St. Thomas August 2023 August 2024 LIBOR (1) + 3.95% 42,500 119,492 42,500 124,114 Mortgage loan (4)(8) The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR (1) + 2.10% — — 54,000 112,713 Mortgage loan (8) The Ritz-Carlton Lake Tahoe January 2024 January 2024 SOFR (2) + 2.20% 54,000 112,777 — — Mortgage loan Capital Hilton February 2024 February 2024 LIBOR (1) + 1.70% 195,000 194,770 195,000 193,194 Hilton La Jolla Torrey Pines Mortgage loan (3) Park Hyatt Beaver Creek Resort & Spa February 2024 February 2027 SOFR (2) + 2.86% 70,500 139,830 — — Mortgage loan (9) The Ritz-Carlton Reserve Dorado Beach March 2024 March 2026 LIBOR (1) + 6.00% 54,000 193,367 — — Mortgage loan (10) Mr. C Beverly Hills Hotel August 2024 August 2024 LIBOR (1) + 3.60% 30,000 71,820 30,000 73,587 Mortgage loan (4) (11) Pier House Resort & Spa September 2024 September 2024 LIBOR (1) + 1.85% — — 80,000 85,281 Mortgage loan (11) Pier House Resort & Spa September 2024 September 2024 SOFR (2) + 1.95% 80,000 83,361 — — Mortgage loan (12) Four Seasons Resort Scottsdale December 2025 December 2027 SOFR (2) + 3.75% 100,000 267,460 — — Convertible Senior Notes Equity June 2026 June 2026 4.50% 86,250 — 86,250 — 1,336,750 $ 1,884,601 1,180,750 $ 1,445,597 Capitalized default interest and late charges, net 1,934 3,904 Deferred loan costs, net (5,054) (3,538) Premiums/(discounts), net 500 (8,438) Indebtedness, net $ 1,334,130 $ 1,172,678 __________________ (1) LIBOR rates were 4.392% and 0.101% at December 31, 2022 and December 31, 2021, respectively. (2) SOFR rate was 4.358% at December 31, 2022. (3) On February 2, 2022, we refinanced this mortgage loan totaling $67.5 million with a new $70.5 million mortgage loan with a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.86%. (4) This mortgage loan has a LIBOR floor of 0.25%. (5) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in June 2022. (6) On October 27, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 2.55% with SOFR + 2.65%. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%. (8) On October 27, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 2.10% with SOFR + 2.20%. (9) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%. (10) This mortgage loan has a LIBOR floor of 1.50%. (11) On September 29, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 1.85% with SOFR + 1.95%. (12) On December 23, 2022, we entered into a new $100 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%. This mortgage loan has a SOFR floor of 1.00%. (13) The final maturity date assumes all available extensions options will be exercised.
Schedule of Maturities of Long-term Debt	Maturities and scheduled amortization of indebtedness as of December 31, 2022, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2023 $ 667,000 2024 483,500 2025 100,000 2026 86,250 2027 — Thereafter — Total $ 1,336,750

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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: Year Ended December 31, Interest rate caps: (1) 2022 2021 2020 Notional amount (in thousands) $ 776,500 $ 882,500 $ 602,500 Strike rate low end of range 3.50 % 0.75 % 3.00 % Strike rate high end of range 4.50 % 4.00 % 4.00 % Effective date range February 2022 - December 2022 January 2021 - September 2021 March 2020 - June 2020 Termination date range May 2023 -January 2025 February 2022 - August 2024 April 2021 - June 2021 Total cost of interest rate caps (in thousands) $ 3,030 $ 200 $ 92 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) December 31, 2022 December 31, 2021 Notional amount (in thousands) $ 960,500 $ 882,500 Strike rate low end of range 2.00 % 0.75 % Strike rate high end of range 4.50 % 4.00 % Termination date range January 2023 - January 2025 February 2022 - August 2024 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 959,000 $ 857,000 _______________ (1) No instruments were designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2022 Assets Derivative assets: Interest rate derivatives - caps $ — $ 6,482 $ — $ 6,482 Total $ — $ 6,482 $ — $ 6,482 (1) Liabilities Derivative liabilities: Warrants — (284) — (284) (2) Net $ — $ 6,198 $ — $ 6,198 Quoted Market Prices (Level 1) Significant Other Significant Unobservable Inputs Total December 31, 2021 Assets Derivative assets: Interest rate derivatives - caps $ — $ 139 $ — $ 139 $ — $ 139 $ — $ 139 (1) Liabilities Derivative liabilities: Warrants — (1,435) — (1,435) (2) Net $ — $ (1,296) $ — $ (1,296) __________________ (1) Reported as “derivative assets” in our consolidated balance sheets. (2) Reported as “derivative liabilities” in our consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following table summarizes the effect of fair value measured assets and liabilities on our consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Year Ended December 31, 2022 2021 2020 Assets Derivative assets: Interest rate derivatives - caps $ 3,810 $ (62) $ (93) Credit default swaps — — 117 (2) Total derivative assets $ 3,810 $ (62) $ 24 Total $ 3,810 $ (62) $ 24 Liabilities Derivative liabilities: Warrants $ 1,151 $ 94 $ — Net $ 4,961 $ 32 $ 24 Total combined Interest rate derivatives - floors $ — $ — $ 3,615 Interest rate derivatives - caps 3,313 (62) (93) Credit default swaps — — 1,437 Warrants 1,151 94 — Unrealized gain (loss) on derivatives $ 4,464 (1) $ 32 (1) $ 4,959 (1) Realized gain (loss) on interest rate caps 497 (1) (4) — — Realized gain (loss) on credit default swaps — — (1,320) (3) Realized gain (loss) on interest rate floors — — (3,615) (3) Net $ 4,961 $ 32 $ 24 ________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) Excludes costs associated with credit default swaps of $191,000 for the year ended December 31, 2020, which is included in “other income (expense)” in our consolidated statements of operations. (3) Included in “other income (expense)” in our consolidated statements of operations. (4) Represents settled and unsettled payments from counterparties on interest rate caps.

Summary of Fair Value of Fina_2

Summary of Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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): December 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Derivative assets $ 6,482 $ 6,482 $ 139 $ 139 Financial liabilities measured at fair value: Derivative liabilities $ 284 $ 284 $ 1,435 $ 1,435 Financial assets not measured at fair value: Cash and cash equivalents $ 261,541 $ 261,541 $ 215,998 $ 215,998 Restricted cash 54,155 54,155 47,376 47,376 Accounts receivable, net 51,448 51,448 23,701 23,701 Due from related parties, net 938 938 1,770 1,770 Due from third-party hotel managers 26,625 26,625 27,461 27,461 Financial liabilities not measured at fair value: Indebtedness $ 1,337,250 $1,229,671 to $1,359,110 $ 1,172,312 $1,022,408 to $1,130,029 Accounts payable and accrued expenses 133,978 133,978 96,316 96,316 Dividends and distributions payable 8,184 8,184 2,173 2,173 Due to Ashford Inc., net 10,005 10,005 1,474 1,474 Due to third-party hotel managers 2,096 2,096 610 610

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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): Year Ended December 31, 2022 2021 2020 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 17,761 $ (26,664) $ (105,262) Less: Dividends on preferred stock (21,503) (8,745) (10,219) Less: Deemed dividends on preferred stock (6,954) — — Less: Dividends on common stock (5,598) — — Less: Loss on extinguishment of preferred stock - Series B — (4,595) — Less: Dividends on unvested performance stock units (36) — — Add: Claw back of dividends on cancelled performance stock units 7 143 202 Less: Dividends on unvested restricted shares (38) — — Undistributed net income (loss) allocated to common stockholders $ (16,361) $ (39,861) (115,279) Add back: Dividends on common stock 5,598 — — Distributed and undistributed net income (loss) - basic and diluted $ (10,763) $ (39,861) $ (115,279) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 69,687 52,684 33,998 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (0.15) $ (0.76) $ (3.39) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (0.15) $ (0.76) $ (3.39)
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): Year Ended December 31, 2022 2021 2020 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 38 $ — $ — Income (loss) allocated to unvested performance stock units 30 — — Income (loss) attributable to redeemable noncontrolling interests in operating partnership (476) (3,597) (12,979) Dividends on preferred stock - Series B 4,233 4,747 6,919 Loss on extinguishment of preferred stock - Series B — 4,595 — Interest expense on Convertible Senior Notes 4,435 3,378 — Dividends on preferred stock - Series E (inclusive of deemed dividends) 18,969 683 — Dividends on preferred stock - Series M (inclusive of deemed dividends) 1,955 15 — Total $ 29,184 $ 9,821 $ (6,060) Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 39 99 22 Effect of unvested performance stock units — — — Effect of assumed conversion of operating partnership units 5,907 4,980 3,923 Effect of assumed conversion of preferred stock - Series B 4,116 4,614 6,728 Effect of assumed conversion of exchanged preferred stock - Series B — 364 — Effect of contingently issuable shares 1 — — Effect of assumed conversion of Convertible Senior Notes 13,609 8,450 — Effect of assumed conversion of preferred stock - Series E 34,730 1,345 — Effect of assumed conversion of preferred stock - Series M 3,366 32 — Total 61,768 19,884 10,673

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Compensation Expense	The following table presents compensation expense for Performance LTIP units and LTIP units (in thousands): Year Ended December 31, Type Line Item 2022 2021 2020 Performance LTIP units Advisory services fee $ 4,301 $ 1,765 $ 884 LTIP units Advisory services fee 1,229 1,372 1,142 LTIP units Corporate, general and administrative 28 12 — LTIP units - independent directors Corporate, general and administrative 252 164 120 Total $ 5,810 $ 3,313 $ 2,146
Summary of the Activity of Temporary Equity	A summary of the activity of the units in our operating partnership is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Units outstanding at beginning of year 7,158 4,277 4,538 LTIP units issued 44 469 129 Performance LTIP units issued 1,194 840 160 Common units issued for hotel acquisition — 2,500 — Units redeemed for shares of common stock — (868) (339) Performance LTIP units cancelled (113) (60) (211) Units outstanding at end of year 8,283 7,158 4,277 Units convertible/redeemable at end of year 5,841 5,533 3,823 The issuance activity is summarized below (in thousands): Year Ended December 31, 2022 2021 2020 Series B Convertible Preferred Stock shares issued — — 23 Gross proceeds received $ — $ — $ 439 Commissions — — 7 Net proceeds $ — $ — $ 432 The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 2020 Series B Convertible Preferred Stock $ 4,233 $ 4,747 $ 6,919 Year Ended December 31, 2021 Preferred Shares Tendered Common Shares Issued Series B Convertible Preferred Stock 1,953 7,291 The issuance activity of the Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock shares issued (1) 10,914 1,709 Net proceeds $ 245,575 $ 38,450 __________________ (1) Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands): December 31, 2022 December 31, 2021 Series E Preferred Stock $ 291,076 $ 39,339 Adjustments to Series E Preferred Stock (1) $ 9,403 $ 3,128 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock $ 12,694 $ 683 The issuance activity of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock shares issued (1) 1,402 29 Net proceeds $ 34,009 $ 704 __________________ (1) Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands): December 31, 2022 December 31, 2021 Series M Preferred Stock $ 35,182 $ 715 Adjustments to Series M Preferred Stock (1) $ 812 $ 133 __________________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock $ 1,276 $ 15
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: December 31, 2022 December 31, 2021 Redeemable noncontrolling interests in Braemar OP $ 40,555 $ 36,087 Adjustments to redeemable noncontrolling interests (1) $ 70 $ 275 Ownership percentage of operating partnership 7.69 % 8.83 % ____________________________________ (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): Year Ended December 31, 2022 2021 2020 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 476 $ 3,597 $ 12,979 Distributions declared to holders of common units, LTIP units and Performance LTIP units 665 — — Performance LTIP dividend claw back upon cancellation (4) (38) (270) The following table presents the common units redeemed and the fair value at redemption (in thousands): Year Ended December 31, 2022 2021 2020 Common units converted to common stock — 868 339 Fair value of common units converted $ — $ 4,122 (2) $ 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. (2) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $4.6 million.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Dividends Declared	Common Stock Dividends —The following table summarizes the common stock dividends declared during the period (in thousands): Year Ended December 31, 2022 2021 2020 Common stock dividends declared $ 5,665 $ — $ — The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 2020 Series D Cumulative Preferred Stock $ 3,300 $ 3,300 $ 3,300
Schedule of Issuance Activity	The issuance activity is summarized below (in thousands): Year Ended December 31, 2022 2021 2020 Common shares issued — 2,711 4,729 Gross proceeds received $ — $ 16,119 $ 14,717 Commissions — 202 184 Net proceeds $ — $ 15,917 $ 14,533 The issuance activity under the SEDA is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares sold to YA — 1,700 Proceeds received $ — $ 10,000 The issuance activity under the Lincoln Park Purchase Agreement is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares sold to Lincoln Park — 766 Additional commitment shares — 15 Total common shares issued to Lincoln Park — 781 Proceeds received $ — $ 4,217 The issuance activity under the Virtu May 2021 EDA is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares issued — 8,339 Gross proceeds received $ — $ 50,000 Commissions — 500 Net proceeds $ — $ 49,500 The issuance activity under the Virtu July 2021 EDA is summarized below (in thousands): Year Ended December 31, 2022 2021 Common shares issued — 4,712 Gross proceeds received $ — $ 24,020 Commissions — 240 Net proceeds $ — $ 23,780
Summarized Financial Information	The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2022 December 31, 2021 Carrying value of the investment in OpenKey (in thousands) $ 1,689 $ 1,689 Ownership interest in OpenKey 7.9 % 7.8 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Equity in earnings (loss) of unconsolidated entity $ (328) $ (252) $ (217) The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands): Year Ended December 31, 2022 2021 2020 (Income) loss from consolidated entities attributable to noncontrolling interests $ (2,063) $ 2,650 $ 6,436

Redeemable Preferred Stock (Tab

Redeemable Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Temporary Equity Disclosure [Abstract]
Summary of the Activity of Temporary Equity	A summary of the activity of the units in our operating partnership is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Units outstanding at beginning of year 7,158 4,277 4,538 LTIP units issued 44 469 129 Performance LTIP units issued 1,194 840 160 Common units issued for hotel acquisition — 2,500 — Units redeemed for shares of common stock — (868) (339) Performance LTIP units cancelled (113) (60) (211) Units outstanding at end of year 8,283 7,158 4,277 Units convertible/redeemable at end of year 5,841 5,533 3,823 The issuance activity is summarized below (in thousands): Year Ended December 31, 2022 2021 2020 Series B Convertible Preferred Stock shares issued — — 23 Gross proceeds received $ — $ — $ 439 Commissions — — 7 Net proceeds $ — $ — $ 432 The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 2020 Series B Convertible Preferred Stock $ 4,233 $ 4,747 $ 6,919 Year Ended December 31, 2021 Preferred Shares Tendered Common Shares Issued Series B Convertible Preferred Stock 1,953 7,291 The issuance activity of the Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock shares issued (1) 10,914 1,709 Net proceeds $ 245,575 $ 38,450 __________________ (1) Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands): December 31, 2022 December 31, 2021 Series E Preferred Stock $ 291,076 $ 39,339 Adjustments to Series E Preferred Stock (1) $ 9,403 $ 3,128 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock $ 12,694 $ 683 The issuance activity of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock shares issued (1) 1,402 29 Net proceeds $ 34,009 $ 704 __________________ (1) Exclusive of shares issued under the dividend reinvestment plan. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands): December 31, 2022 December 31, 2021 Series M Preferred Stock $ 35,182 $ 715 Adjustments to Series M Preferred Stock (1) $ 812 $ 133 __________________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock $ 1,276 $ 15
Preferred Stock Redemption Activities	The redemption activities of Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series E Preferred Stock shares redeemed 14 — Redemption amount, net of redemption fees $ 365 $ — The redemption activities of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2022 2021 Series M Preferred Stock shares redeemed 5 — Redemption amount, net of redemption fees $ 134 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Compensation Cost	The following table summarizes the stock-based compensation expense for restricted stock (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,195 $ 3,028 $ 2,672 Management fees 26 56 133 Corporate general and administrative 126 111 71 Corporate general and administrative - independent directors 252 322 130 $ 2,599 $ 3,517 $ 3,006 The following table summarizes the compensation expense for PSUs (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Advisory services fee $ 2,876 $ 3,374 2,695
Summary of Restricted Stock Activity	A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Number of Units Weighted Average Number of Units Weighted Average Number of Units Weighted Average Outstanding at beginning of year 957 $ 6.94 536 $ 7.98 497 $ 11.89 Restricted shares granted 45 5.63 764 7.02 359 4.13 Restricted shares vested (543) 5.86 (317) 6.31 (310) 9.81 Restricted shares forfeited (22) 6.77 (26) 6.94 (10) 7.25 Outstanding at end of year 437 $ 6.46 957 $ 6.94 536 $ 7.98
Summary of PSUs Activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2022 2021 2020 Number of Units Weighted Average Price at Grant Number of Units Weighted Average Price at Grant Number of Units Weighted Average Price at Grant Outstanding at beginning of year 671 $ 5.84 448 $ 11.71 420 $ 16.91 PSUs granted 41 5.63 446 7.01 225 3.51 PSUs vested (152) 4.69 — — — — PSUs canceled (225) 3.51 (223) 19.96 (197) 13.43 Outstanding at end of year 335 $ 5.84 671 $ 5.84 448 $ 11.71

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2022 2021 2020 Advisory services fee Base advisory fee $ 12,790 $ 10,806 $ 9,981 Reimbursable expenses (1) 4,653 2,297 1,790 Equity-based compensation (2) 10,601 9,538 7,393 Incentive fee 803 — (678) (3) Total $ 28,847 $ 22,641 $ 18,486 ________ (1) Reimbursable expenses include overhead, internal audit, risk management advisory, asset management services and deferred cash awards. (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. (3) The $(678,000)incentive fee in 2020 is a result of not meeting the FCCR threshold required for paying the final installment of the incentive fee incurred in 2018. The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Year Ended December 31, Line Item 2022 2021 2020 Corporate, general and administrative $ 9,461 $ 1,983 $ 658 Year Ended December 31, 2022 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Hotel Revenue Other Hotel Expenses Management fees Preferred Stock (3) Property Taxes, Insurance and Other Advisory Services Fee Corporate General and Administrative Ashford LLC Insurance claims services $ 3 $ — $ — $ — $ — $ — $ — $ 3 $ — $ — Ashford Securities Broker/Dealer 9,735 — — — — — 274 — — 9,461 Ashford Securities Dealer Manager Fees 5,766 — — — — — 5,766 — — — INSPIRE Audio visual services 3,800 — — 3,800 — — — — — — Lismore Capital Debt placement and related services 750 — 750 — — — — — — — Lismore Capital Broker Services 637 — 637 — — — — — — — OpenKey Mobile key app 39 — — — 39 — — — — — Premier Design and construction services 9,875 9,262 — — — — — — 613 — Pure Wellness Hypoallergenic premium rooms 150 — — — 150 — — — — — RED Leisure Watersports activities and travel/transportation services 525 — — 236 761 — — — — — Remington Hotels Hotel management services (4) 4,288 — — — 1,416 2,872 — — — — Year Ended December 31, 2021 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets Other Hotel Revenue Other Hotel Expenses Preferred Stock (3) Management fees Property Taxes, Insurance and Other Advisory Services Fee Corporate General and Administrative Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC Insurance claims services $ 7 $ — $ — $ — $ — $ — $ — $ — $ 7 $ — $ — $ — Ashford Securities Broker/Dealer 1,983 — — — — — — — — — 1,983 — Ashford Securities Dealer Manager Fees 410 — — — — — 410 — — — — — INSPIRE Audio visual services 1,001 — — — 1,001 — — — — — — — Lismore Capital Debt placement and related services 491 — 150 — — — — — — — — 341 Lismore Capital Broker services 3 — — — — — — — — — — 3 OpenKey Mobile key app 38 — — — — 38 — — — — — — Premier Design and construction services 3,009 2,653 — — — — — — — 356 — — Pure Wellness Hypoallergenic premium rooms 141 — — — — 141 — — — — — — RED Leisure Watersports activities and travel/transportation services 321 — — — 321 — — — — — — — Remington Hotels Hotel management services (4) 3,243 — — — — 934 — 2,309 — — — — Year Ended December 31, 2020 Company Product or Service Total Investments in Hotel Properties, net (1) Other Assets Other Hotel Revenue Other Hotel Expenses Management fees Property Taxes, Insurance and Other Advisory Services Fee Write-off of Premiums, Loan Costs and Exit Fees Ashford LLC FF&E purchases $ 1,816 $ 1,816 $ — $ — $ — $ — $ — $ — $ — Ashford LLC Insurance claims services 108 — — — — — 108 — — INSPIRE Audio visual services 592 — — 592 — — — — — Lismore Capital Debt placement and related services 4,093 — 1,022 — — — — — 3,071 OpenKey Mobile key app 38 — — — 38 — — — — Premier Design and construction services 2,849 2,505 — — — — — 344 — Pure Wellness Hypoallergenic premium rooms 52 — — — 52 — — — — RED Leisure Watersports activities and travel/transportation services 139 — — 139 — — — — — Remington Hotels Hotel management services (4) 1,446 — — — 410 1,036 — — — ________ (1) Recorded in FF&E and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. (3) Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds. (4) Other hotel expenses include incentive hotel management fees and other hotel management costs. The following table summarizes the components of due to Ashford Inc. (in thousands): Due to Ashford Inc. Company Product or Service December 31, 2022 December 31, 2021 Ashford LLC Advisory services $ 1,576 $ 394 Ashford LLC FF&E purchases — — Ashford LLC Insurance claims services 2 1 INSPIRE Audio visual services 952 418 OpenKey Mobile key app — — Ashford securities Capital raise services 6,514 — Premier Design and construction services 829 470 RED Leisure Watersports activities and travel/transportation services 132 191 $ 10,005 $ 1,474

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Licensing Fees Incurred	The table below summarizes the licensing fees incurred (in thousands): Year Ended December 31, Line Item 2022 2021 Other hotel expenses $ 467 $ 133

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease Balances	As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands): December 31, 2022 December 31, 2021 Assets Operating lease right-of-use assets $ 79,449 $ 80,462 Liabilities Operating lease liabilities $ 60,692 $ 60,937
Lease Cost and Other Information	We incurred the following lease costs related to our operating leases (in thousands): Year Ended December 31, Classification 2022 2021 2020 Operating lease cost (1) Hotel operating expenses - other $ 6,653 $ 5,349 $ 4,373 _______________________________________ (1) For the years ended December 31, 2022, 2021 and 2020, operating lease cost includes approximately $2.2 million, $954,000 and $(305,000), respectively, of variable lease cost associated with the ground leases, with the credit in 2020 primarily caused by the ground lease percentage rent true-up for fiscal year 2019-2020 at Hilton La Jolla Torrey Pines. Additionally, we recorded $474,000, $512,000 and $834,000, respectively, of amortization costs related to the intangible assets that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows: Year Ended December 31, 2022 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 3,307 $ 3,302 $ 3,261 Weighted Average Remaining Lease Term Operating leases (1) 44 years 45 years 47 years Weighted Average Discount Rate Operating leases (1) 4.98 % 4.98 % 4.98 % _______________________________________ (1) Calculated using the lease term, excluding extension options, and discount rates of the ground leases.
Maturities of Operating Lease Liabilities	Future minimum lease payments due under non-cancellable leases as of December 31, 2022 were as follows (in thousands): Operating Leases 2023 $ 3,365 2024 3,329 2025 3,321 2026 3,334 2027 3,342 Thereafter 141,300 Total future minimum lease payments (1) 157,991 Less: interest (97,299) Present value of operating lease liabilities $ 60,692 _______________________________________ (1) Based on payment amounts as of December 31, 2022 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the income tax expense at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2022 2021 2020 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (6,463) $ (2,652) $ 5,619 State income tax (expense) benefit, net of U.S. federal income tax benefit (1,961) 574 3,136 State and local income tax (expense) benefit on pass-through entity subsidiaries (17) (9) (5) Gross receipts and margin taxes (69) (26) (13) Benefit of USVI Economic Development Commission credit 3,358 3,346 783 Benefits of Puerto Rico tax incentives 1,474 — — Other 126 (251) 311 Valuation allowance (491) (2,306) (5,425) Total income tax (expense) benefit $ (4,043) $ (1,324) $ 4,406
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Current: Federal $ (3,745) $ (1,477) $ 3,431 State (247) (21) 19 Total current income tax (expense) benefit (3,992) (1,498) 3,450 Deferred: Federal (51) 131 1,262 State — 43 (306) Total deferred income tax (expense) benefit (51) 174 956 Total income tax (expense) benefit $ (4,043) $ (1,324) $ 4,406
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2022 and 2021, our net deferred tax asset, included in “other assets,” on our consolidated balance sheets, consisted of the following (in thousands): December 31, 2022 2021 Deferred tax assets (liabilities): Tax intangibles basis greater than book basis $ 722 $ 722 Allowance for doubtful accounts 76 28 Unearned income 2,769 2,147 Federal and state net operating losses 16,452 15,677 Capital loss carryforward 525 529 Other (48) 178 Accrued expenses 1,133 612 Tax property basis greater than book basis (2,935) (2,487) Prepaid expenses (59) (4) Net deferred tax asset 18,635 17,402 Valuation allowance (18,627) (17,343) Net deferred tax asset (liability) $ 8 $ 59
Summary of Valuation Allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 17,343 $ 14,938 $ 11,581 Additions 1,284 2,405 3,357 Deductions — — — Balance at end of year $ 18,627 $ 17,343 $ 14,938

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, net	Intangible assets, net consisted of the following (in thousands): December 31, 2022 2021 Cost $ 5,682 $ 5,682 Accumulated amortization (1,799) (1,421) $ 3,883 $ 4,261
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense for intangible assets, net for each of the next five years and thereafter is as follows (in thousands): Intangible Assets, net 2023 $ 379 2024 379 2025 379 2026 379 2027 379 Thereafter 1,988 Total $ 3,883

Organization and Description _2

Organization and Description of Business (Details)	Dec. 31, 2022 hotel room state	Dec. 31, 2021 hotel	Dec. 31, 2020 hotel
Real Estate Properties [Line Items]
Number of hotel properties	16	14	13
Number of states in which entity operates | state	7
Number of rooms | room	4,181
Number of units in real estate property, net partnership interest | room	3,946
Wholly owned properties
Real Estate Properties [Line Items]
Number of hotel properties	14
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	15
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	13
Remington Hotels
Real Estate Properties [Line Items]
Number of hotel properties managed by related party	4

Significant Accounting Polici_3

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) hotel $ / shares	Dec. 31, 2021 USD ($) hotel $ / shares	Dec. 31, 2020 USD ($) hotel $ / shares	Jan. 01, 2022 USD ($)	Aug. 05, 2021 residence	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Period for settlement due to and from affiliates maximum	1 year
Number of hotel properties | hotel	16	14	13
Advance deposit balance	$ 46,000,000	$ 31,800,000
Advertising costs	6,500,000	4,000,000	$ 2,100,000
Indebtedness, gross	1,334,130,000	1,172,678,000
Stockholders' equity attributable to parent	410,109,000	398,847,000
Interest expense	$ 52,166,000	$ 30,901,000	$ 45,104,000
Net income (loss) allocated to common stockholders per share (in dollars per share) | $ / shares	$ (0.15)	$ (0.76)	$ (3.39)
Net income (loss) attributable to common stockholders (in dollars per share) | $ / shares	$ (0.15)	$ (0.76)	$ (3.39)
Mr. C Beverly Hills Hotel and Luxury Residences
Significant Accounting Policies [Line Items]
Number of real estate properties acquired | residence					5
Accounting Standards Update 2020-06 | Impact of adoption of new accounting standard
Significant Accounting Policies [Line Items]
Indebtedness, gross				$ 5,600,000
Stockholders' equity attributable to parent				$ (5,600,000)
Interest expense	$ (1,100,000)
Net income (loss) allocated to common stockholders per share (in dollars per share) | $ / shares	$ (0.02)
Net income (loss) attributable to common stockholders (in dollars per share) | $ / shares	$ (0.02)
Performance long term incentive plan units
Significant Accounting Policies [Line Items]
Award vesting period	3 years
Performance shares
Significant Accounting Policies [Line Items]
Award vesting period	3 years
Performance shares | 2021 and 2022 Grants
Significant Accounting Policies [Line Items]
Award vesting period	3 years
Hotel properties
Significant Accounting Policies [Line Items]
Noncontrolling interest. ownership percentage	25%	25%
Partially owned properties | Hotel properties
Significant Accounting Policies [Line Items]
Number of hotel properties | hotel	2	2
Leased by wholly-owned or majority-owned taxable REIT subsidiaries
Significant Accounting Policies [Line Items]
Number of hotel properties | hotel	15
OpenKey
Significant Accounting Policies [Line Items]
Ownership percentage	7.90%	7.80%				8.20%
Impairment	$ 0	$ 0	$ 0
Minimum | Performance shares | 2021 and 2022 Grants
Significant Accounting Policies [Line Items]
Performance adjustment range (as a percent)	0%
Minimum | Building and building improvements
Significant Accounting Policies [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furniture and fixtures
Significant Accounting Policies [Line Items]
Estimated useful life	1 year 6 months
Minimum | Restricted cash
Significant Accounting Policies [Line Items]
Replacement reserve escrow as percentage of property revenue	4%
Maximum | Performance shares | 2021 and 2022 Grants
Significant Accounting Policies [Line Items]
Performance adjustment range (as a percent)	200%
Maximum | Building and building improvements
Significant Accounting Policies [Line Items]
Estimated useful life	39 years
Maximum | Furniture and fixtures
Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Maximum | Restricted cash
Significant Accounting Policies [Line Items]
Replacement reserve escrow as percentage of property revenue	5%

Revenue - Disaggregated by Geog

Revenue - Disaggregated by Geographical Areas (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	16	14	13
Total revenue	$ 669,585	$ 427,542	$ 226,974
California
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	6	6	5
Total revenue	$ 199,739	$ 131,426	$ 67,920
Puerto Rico
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1
Total revenue	$ 61,246
Arizona
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1
Total revenue	$ 5,194
Colorado
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 50,615	$ 36,184	$ 25,554
Florida
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	2	2	2
Total revenue	$ 132,468	$ 114,216	$ 65,284
Illinois
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 33,635	$ 18,993	$ 7,882
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 27,536	$ 14,158	$ 9,000
Washington
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 26,385	$ 18,315	$ 7,021
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 45,113	$ 13,929	$ 12,718
USVI
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 87,654	$ 80,321	$ 31,595
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	431,515	280,568	136,265
Rooms | California
Disaggregation of Revenue [Line Items]
Total revenue	134,635	91,283	46,291
Rooms | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	38,077
Rooms | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	3,107
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	25,253	17,303	12,847
Rooms | Florida
Disaggregation of Revenue [Line Items]
Total revenue	73,629	65,974	33,829
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	24,829	14,422	5,979
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	22,237	11,889	7,349
Rooms | Washington
Disaggregation of Revenue [Line Items]
Total revenue	21,445	15,105	5,604
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	29,877	9,773	7,595
Rooms | USVI
Disaggregation of Revenue [Line Items]
Total revenue	58,426	54,819	16,771
Food and Beverage
Disaggregation of Revenue [Line Items]
Total revenue	159,241	90,299	50,263
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Total revenue	45,952	27,205	13,573
Food and Beverage | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	14,238
Food and Beverage | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	1,430
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	16,397	10,936	6,178
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Total revenue	34,068	27,148	17,009
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	7,150	3,418	1,293
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	4,121	1,493	1,227
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Total revenue	3,619	1,632	797
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	13,276	3,014	3,519
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Total revenue	18,990	15,453	6,667
Other Hotel
Disaggregation of Revenue [Line Items]
Total revenue	78,829	56,675	40,446
Other Hotel | California
Disaggregation of Revenue [Line Items]
Total revenue	19,152	12,938	8,056
Other Hotel | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	8,931
Other Hotel | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	657
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	8,965	7,945	6,529
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Total revenue	24,771	21,094	14,446
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	1,656	1,153	610
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	1,178	776	424
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Total revenue	1,321	1,578	620
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	1,960	1,142	1,604
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,238	$ 10,049	$ 8,157

Revenue - (Details)

Revenue - (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Hotel Revenue
Disaggregation of Revenue [Line Items]
Revenue from business interruption losses	$ 0	$ 0	$ 4,000,000

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land	$ 630,489	$ 480,530
Buildings and improvements	1,511,949	1,215,810
Furniture, fixtures and equipment	147,019	123,954
Construction in progress	22,890	12,038
Residences	12,746	12,746
Total cost	2,325,093	1,845,078
Accumulated depreciation	(440,492)	(399,481)
Investments in hotel properties, net	1,884,601	1,445,597
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes	1,900,000
Depreciation	$ 78,000	$ 73,000	$ 72,800

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Impairment Charges and Insurance Recoveries (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Proceeds from insurance carriers				$ 14,500,000
Gain associated with proceeds received from insurance	$ 10,100,000	$ 0	$ 481,000
Impairment charges		$ 0	$ 0	$ 0

Investments in Hotel Properti_5

Investments in Hotel Properties, net - The Ritz-Carlton Reserve Dorado Beach (Details) $ in Thousands, shares in Millions	Mar. 11, 2022 USD ($) room shares	Dec. 31, 2022 room
Asset Acquisition [Line Items]
Number of rooms | room		4,181
The Ritz-Carlton Reserve Dorado Beach
Asset Acquisition [Line Items]
Ownership interest acquired	100%
Number of rooms | room	96
Consideration transferred, cash	$ 104,000
Fair value of assumed mortgage loan	58,601
Asset acquisition, transaction costs	1,900
Mortgages | The Ritz-Carlton Reserve Dorado Beach
Asset Acquisition [Line Items]
Consideration transferred, debt assumed	54,000
Fair value of assumed mortgage loan	$ 58,600
Common Stock | The Ritz-Carlton Reserve Dorado Beach
Asset Acquisition [Line Items]
Consideration transferred, equity issued (in shares) | shares	6
Consideration transferred, equity interest issued	$ 35,000

Investments in Hotel Properti_6

Investments in Hotel Properties, net - Schedule of Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed in the Acquisition (Details) - The Ritz-Carlton Reserve Dorado Beach $ in Thousands	Mar. 11, 2022 USD ($)
Asset Acquisition [Line Items]
Land	$ 79,711
Buildings and improvements	102,105
Furniture, fixtures and equipment	15,405
Investments in hotel properties	197,221
Restricted cash	1,091
Inventories	1,184
Mortgage loan	(58,601)
Net assets (liabilities)	140,895
Net other assets (liabilities)	$ (9,966)

Investments in Hotel Properti_7

Investments in Hotel Properties, net - Schedule of Pro Forma Information Since Acquisition Date (Details) - The Ritz-Carlton Reserve Dorado Beach $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Total revenue	$ 61,246
Net income (loss)	$ 7,583

Investments in Hotel Properti_8

Investments in Hotel Properties, net - Four Season Resort Narrative (Details) $ in Thousands	Dec. 01, 2022 USD ($) room	Dec. 31, 2022 room
Asset Acquisition [Line Items]
Number of rooms | room		4,181
Four Seasons Resort Scottsdale at Troon North
Asset Acquisition [Line Items]
Ownership interest acquired	100%
Number of rooms | room	210
Consideration transferred, cash | $	$ 267,800
Asset acquisition, transaction costs | $	$ 538

Investments in Hotel Properti_9

Investments in Hotel Properties, net - Four Season Resort Fair Value Summary (Details) - Four Seasons Resort Scottsdale at Troon North $ in Thousands	Dec. 01, 2022 USD ($)
Asset Acquisition [Line Items]
Land	$ 70,248
Buildings and improvements	181,560
Furniture, fixtures and equipment	16,050
Investments in hotel properties	267,858
Inventories	480
Net assets (liabilities)	268,338
Net other assets (liabilities)	$ (691)

Investments in Hotel Propert_10

Investments in Hotel Properties, net - Summary of Revenue and Income, Four Seasons Resort (Details) - Four Seasons Resort Scottsdale at Troon North $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Total revenue	$ 5,194
Net income (loss)	$ 934

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments	$ 328,000	$ 233,000	$ 26,000
Carrying value of the investment in OpenKey	1,689,000	1,689,000
Equity in earnings (loss) of unconsolidated entity	$ (328,000)	$ (252,000)	(217,000)
OpenKey
Schedule of Equity Method Investments [Line Items]
Ownership interest in OpenKey (as a percent)	7.90%	7.80%		8.20%
Payments to Acquire Equity Method Investments	$ 328,000
Aggregate equity method investments	2,900,000
Impairment	0	$ 0	$ 0
Carrying value of the investment in OpenKey	1,689,000	1,689,000
Equity in earnings (loss) of unconsolidated entity	$ (328,000)	$ (252,000)

Indebtedness, net (Schedule of

Indebtedness, net (Schedule of Indebtedness) (Details) $ in Thousands			12 Months Ended
	Dec. 23, 2022 extension	Feb. 02, 2022 extension	Dec. 31, 2022 USD ($) extension	Dec. 31, 2021 USD ($)	May 31, 2021	Aug. 25, 2020 USD ($)
Debt Instrument [Line Items]
Indebtedness, gross			$ 1,336,750	$ 1,180,750
Capitalized default interest and late charges, net			1,934	3,904
Deferred loan costs, net			(5,054)	(3,538)
Premiums/(discounts), net			500	(8,438)
Indebtedness, net			1,334,130	1,172,678
Book Value of Collateral			$ 1,884,601	$ 1,445,597
LIBOR rate			4.392%	0.101%
SOFR rate			4.358%
Mortgages | Mortgage Loan 1
Debt Instrument [Line Items]
Indebtedness, gross			$ 0	$ 67,500
Book Value of Collateral			$ 0	137,718
Mortgages | Mortgage Loan 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3%
Mortgages | Mortgage Loan 2
Debt Instrument [Line Items]
Indebtedness, gross			$ 98,500	99,500		$ 435,000
Book Value of Collateral			$ 162,134	162,621
Mortgages | Mortgage Loan 2 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.65%
LIBOR floor (as a percent)			0.25%
Mortgages | Mortgage Loan 3
Debt Instrument [Line Items]
Indebtedness, gross			$ 51,000	51,000
Book Value of Collateral			$ 84,180	85,847
Mortgages | Mortgage Loan 3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.55%
LIBOR floor (as a percent)			0.25%
Mortgages | Mortgage Loan 4
Debt Instrument [Line Items]
Indebtedness, gross			$ 435,000	435,000
Book Value of Collateral			$ 403,896	417,109
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			$ 0	40,000
Book Value of Collateral			$ 0	53,413
Mortgages | Mortgage Loan 5 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.55%
LIBOR floor (as a percent)			0.25%
Mortgages | Mortgage Loan 6
Debt Instrument [Line Items]
Indebtedness, gross			$ 40,000	0
Book Value of Collateral			$ 51,514	0
Mortgages | Mortgage Loan 6 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.65%
Mortgages | Mortgage Loan 7
Debt Instrument [Line Items]
Indebtedness, gross			$ 42,500	42,500
Book Value of Collateral			$ 119,492	124,114
Number of extension options | extension			3
Term of extension options (in years)			1 year
Mortgages | Mortgage Loan 7 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.95%
LIBOR floor (as a percent)			1%
Mortgages | Mortgage Loan 8
Debt Instrument [Line Items]
Indebtedness, gross			$ 0	54,000
Book Value of Collateral			$ 0	112,713
Mortgages | Mortgage Loan 8 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.10%
LIBOR floor (as a percent)			0.25%
Mortgages | Mortgage Loan 9
Debt Instrument [Line Items]
Indebtedness, gross			$ 54,000	0
Book Value of Collateral			$ 112,777	0
Mortgages | Mortgage Loan 9 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.20%
Mortgages | Mortgage Loan 10
Debt Instrument [Line Items]
Indebtedness, gross			$ 195,000	195,000
Book Value of Collateral			$ 194,770	193,194
Mortgages | Mortgage Loan 10 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Mortgages | Mortgage Loan 11
Debt Instrument [Line Items]
Indebtedness, gross			$ 70,500	0
Book Value of Collateral			$ 139,830	0
Debt term		2 years
Number of extension options | extension		3
Term of extension options (in years)		1 year
Mortgages | Mortgage Loan 11 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.0286%
Mortgages | Mortgage Loan 12
Debt Instrument [Line Items]
Indebtedness, gross			$ 54,000	0
Book Value of Collateral			$ 193,367	0
Number of extension options | extension			2
Term of extension options (in years)			1 year
Mortgages | Mortgage Loan 12 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			0.06%
LIBOR floor (as a percent)			0.75%
Mortgages | Mortgage Loan 13
Debt Instrument [Line Items]
Indebtedness, gross			$ 30,000	30,000
Book Value of Collateral			$ 71,820	73,587
Mortgages | Mortgage Loan 13 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.60%
LIBOR floor (as a percent)			1.50%
Mortgages | Mortgage Loan 14
Debt Instrument [Line Items]
Indebtedness, gross			$ 0	80,000
Book Value of Collateral			$ 0	85,281
Mortgages | Mortgage Loan 14 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.85%
LIBOR floor (as a percent)			0.25%
Mortgages | Mortgage Loan 15
Debt Instrument [Line Items]
Indebtedness, gross			$ 80,000	0
Book Value of Collateral			$ 83,361	0
Mortgages | Mortgage Loan 15 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.95%
Mortgages | Mortgage Loan 16
Debt Instrument [Line Items]
Indebtedness, gross			$ 100,000	0
Book Value of Collateral			$ 267,460	0
Debt term	3 years
Number of extension options | extension	2
Term of extension options (in years)	1 year
Mortgages | Mortgage Loan 16 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.0375%
Derivative, Floor Interest Rate	1%
Convertible Senior Notes | Convertible senior notes
Debt Instrument [Line Items]
Indebtedness, gross			$ 86,250	86,250
Book Value of Collateral			$ 0	$ 0
Interest rate			4.50%		4.50%

Indebtedness, net (Narrative) (

Indebtedness, net (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021 USD ($) day $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Non-cash loan principal associated with default interest and late charges		$ 0	$ 0	$ 9,859
Amortization of principal		2,000	3,400	2,600
Indebtedness, gross		1,336,750	1,180,750
Net proceeds from long-term debt		170,500	83,231	$ 109,317
Convertible senior notes | Convertible Senior Notes
Debt Instrument [Line Items]
Indebtedness, gross		$ 86,250	86,250
Face amount of debt	$ 86,250
Interest rate	4.50%	4.50%
Net proceeds from long-term debt	$ 82,800
Coupon interest expense		$ 3,900	2,400
Carrying amount of the equity component	6,300
Initial discount	$ 9,300
Discount amortization		$ 553	$ 974
Conversion rate	0.1577909
Conversion price (in dollars per share) | $ / shares	$ 6.34
Threshold percentage of stock price trigger	130%
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Redemption price, percentage	100%
Convertible senior notes | Convertible Senior Notes | Discount rate
Debt Instrument [Line Items]
Debt instrument, measurement input	0.071

Indebtedness, net (Maturities a

Indebtedness, net (Maturities and Scheduled Amortization of Indebtedness) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 667,000
2024	483,500
2025	100,000
2026	86,250
2027	0
Thereafter	0
Total	$ 1,336,750	$ 1,180,750

Derivative Instruments (Details

Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 960,500,000	$ 882,500,000
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 959,000,000	$ 857,000,000
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate	2%	0.75%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate	4.50%	4%
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 776,500,000	$ 882,500,000	$ 602,500,000
Total cost of interest rate caps (in thousands)	$ 3,030,000	$ 200,000	$ 92,000
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate	3.50%	0.75%	3%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate	4.50%	4%	4%

Derivative Instruments - Warran

Derivative Instruments - Warrants (Details) - Mr. C Beverly Hills Hotel and Luxury Residences $ / shares in Units, $ in Millions	Aug. 05, 2021 USD ($) yr residence $ / shares shares	Dec. 31, 2022 shares
Business Acquisition [Line Items]
Number of real estate properties acquired | residence	5
Strike price of warrants (in dollars per share) | $ / shares	$ 6
Warrants exercised (in shares)		0
Fair value of warrants | $	$ 1.5
Contractual Term | Valuation Technique, Option Pricing Model | Warrants | Fair Value, Inputs, Level 2
Business Acquisition [Line Items]
Warrants, measurement input | yr	3
Volatility | Valuation Technique, Option Pricing Model | Warrants | Fair Value, Inputs, Level 2
Business Acquisition [Line Items]
Warrants, measurement input	0.9793
Dividend Rate | Valuation Technique, Option Pricing Model | Warrants | Fair Value, Inputs, Level 2
Business Acquisition [Line Items]
Warrants, measurement input	0
Risk-Free Interest Rate | Valuation Technique, Option Pricing Model | Warrants | Fair Value, Inputs, Level 2
Business Acquisition [Line Items]
Warrants, measurement input	0.0038
Warrants
Business Acquisition [Line Items]
Consideration transferred, equity issued (in shares)	500,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 6,482	$ 139
Derivative liabilities	(284)	(1,435)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,482	139
Derivative liabilities	(284)	(1,435)
Net	6,198	(1,296)
Quoted Market Prices (Level 1) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Net	0	0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,482	139
Derivative liabilities	(284)	(1,435)
Net	6,198	(1,296)
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Net	0	0
Interest rate derivatives - caps | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,482	139
Interest rate derivatives - caps | Quoted Market Prices (Level 1) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Interest rate derivatives - caps | Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,482	139
Interest rate derivatives - caps | Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 0	$ 0

Fair Value Measurements (for 10

Fair Value Measurements (for 10K) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 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%
LIBOR interest rate forward curve (as a percent)	4.392%	0.101%
SOFR interest rate forward curve (as a percent)	0.04790
Effect of Fair Value Hedges on Results of Operations [Abstract]
Realized and unrealized gain (loss) on derivatives	$ 4,961	$ 32	$ 4,959
Credit default swaps | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Derivative cost			191
Fair Value, Recurring
Effect of Fair Value Hedges on Results of Operations [Abstract]
Net	4,961	32	24
Fair Value, Recurring | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income, Asset	3,810	(62)	24
Fair Value, Recurring | Non-derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income, Asset	3,810	(62)	24
Fair Value, Recurring | Derivative
Effect of Fair Value Hedges on Results of Operations [Abstract]
Realized and unrealized gain (loss) on derivatives	4,464	32	4,959
Fair Value, Recurring | Interest rate derivatives - floors
Effect of Fair Value Hedges on Results of Operations [Abstract]
Realized and unrealized gain (loss) on derivatives	0	0	3,615
Realized gain (loss) on interest rate floors	0	0	(3,615)
Fair Value, Recurring | Interest rate derivatives - caps
Effect of Fair Value Hedges on Results of Operations [Abstract]
Realized and unrealized gain (loss) on derivatives	3,313	(62)	(93)
Realized gain (loss) on credit default swaps	497	0	0
Fair Value, Recurring | Interest rate derivatives - caps | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income, Asset	3,810	(62)	(93)
Fair Value, Recurring | Credit default swaps
Effect of Fair Value Hedges on Results of Operations [Abstract]
Realized and unrealized gain (loss) on derivatives	0	0	1,437
Realized gain (loss) on credit default swaps	0	0	(1,320)
Fair Value, Recurring | Credit default swaps | Derivative assets
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income, Asset	0	0	117
Fair Value, Recurring | Warrants
Effect of Fair Value Hedges on Results of Operations [Abstract]
Realized and unrealized gain (loss) on derivatives	1,151	94	0
Fair Value, Recurring | Warrants | Derivative liabilities
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) Recognized in Income, Liability	$ 1,151	$ 94	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Significance of current credit spreads to level 3 input considerations (as a percent)	10%
LIBOR interest rate forward curve (as a percent)	4.392%	0.101%

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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets measured at fair value:
Derivative assets, Carrying value	$ 6,482	$ 139
Financial liabilities measured at fair value:
Derivative liabilities, Carrying value	284	1,435
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	261,541	215,998	$ 78,606	$ 71,995
Restricted cash, Carrying value	54,155	47,376	$ 34,544	$ 58,388
Accounts receivable, net, Carrying value	51,448	23,701
Due from related parties, net, Carrying value	938	1,770
Due from third-party hotel managers, Carrying value	26,625	27,461
Financial liabilities not measured at fair value:
Indebtedness, carrying value	1,336,750	1,180,750
Accounts payable and accrued expenses, carrying value	133,978	96,316
Dividends and distributions payable, carrying value	8,184	2,173
Due to Ashford Inc., carrying value	10,005	1,474
Due to third-party hotel managers, carrying value	2,096	610
Carrying Value
Financial assets measured at fair value:
Derivative assets, Carrying value	6,482	139
Financial liabilities measured at fair value:
Derivative liabilities, Carrying value	284	1,435
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying value	261,541	215,998
Restricted cash, Carrying value	54,155	47,376
Accounts receivable, net, Carrying value	51,448	23,701
Due from related parties, net, Carrying value	938	1,770
Due from third-party hotel managers, Carrying value	26,625	27,461
Financial liabilities not measured at fair value:
Indebtedness, carrying value	1,337,250	1,172,312
Accounts payable and accrued expenses, carrying value	133,978	96,316
Dividends and distributions payable, carrying value	8,184	2,173
Due to Ashford Inc., carrying value	10,005	1,474
Due to third-party hotel managers, carrying value	2,096	610
Estimated Fair Value
Financial assets measured at fair value:
Derivative assets, Estimated fair value	6,482	139
Financial liabilities measured at fair value:
Derivative liabilities, Estimated fair value	284	1,435
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated fair value	261,541	215,998
Restricted cash, Estimated fair value	54,155	47,376
Accounts receivable, net, Estimated fair value	51,448	23,701
Due from related parties, net, Estimated fair value	938	1,770
Due from third-party hotel managers, Estimated fair value	26,625	27,461
Financial liabilities not measured at fair value:
Accounts payable and accrued expenses, estimated fair value	133,978	96,316
Dividends and distributions payable, estimated fair value	8,184	2,173
Due to ashford inc., fair value disclosure	10,005	1,474
Due to third-party hotel managers, estimated fair value	2,096	610
Minimum | Estimated Fair Value
Financial liabilities not measured at fair value:
Indebtedness, estimated fair value	1,229,671	1,022,408
Maximum | Estimated Fair Value
Financial liabilities not measured at fair value:
Indebtedness, estimated fair value	$ 1,359,110	$ 1,130,029

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Indebtedness, carrying value	$ 1,336,750	$ 1,180,750
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, carrying value	$ 1,337,250	$ 1,172,312
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	92%	87.20%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	101.60%	96.40%

Income (Loss) Per Share (Reconc

Income (Loss) Per Share (Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss)	$ 17,761	$ (26,664)	$ (105,262)
Less: Dividends on preferred stock	(21,503)	(8,745)	(10,219)
Deemed dividends on preferred stock	(6,954)	0	0
Less/Add back: Dividends	5,665	0	0
Less: Loss on extinguishment of preferred stock - Series B	0	(4,595)	0
Add: Claw back of dividends on cancelled performance stock units	7	143	202
Undistributed net income (loss) allocated to common stockholders	(16,361)	(39,861)	(115,279)
Distributed and undistributed net income (loss) - basic	(10,763)	(39,861)	(115,279)
Distributed and undistributed net income (loss) - diluted	$ (10,763)	$ (39,861)	$ (115,279)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	69,687	52,684	33,998
Weighted average common shares outstanding – diluted (in shares)	69,687	52,684	33,998
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.15)	$ (0.76)	$ (3.39)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.15)	$ (0.76)	$ (3.39)
Performance shares
Net income (loss) attributable to common stockholders - basic and diluted:
Less/Add back: Dividends	$ 36	$ 0	$ 0
Add: Claw back of dividends on cancelled performance stock units	7	143	202
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less/Add back: Dividends	38	0	0
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less/Add back: Dividends	$ 5,598	$ 0	0
Less: Loss on extinguishment of preferred stock - Series B			$ 0

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income (loss) allocated to common stockholders is not adjusted for:
Loss on extinguishment of preferred stock - Series B	$ 0	$ 4,595	$ 0
Total	$ 29,184	$ 9,821	$ (6,060)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	61,768	19,884	10,673
Series E Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 12,694	$ 683
Series M Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	1,276	15
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 38	$ 0	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	39	99	22
Performance shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 30	$ 0	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	0	0
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (476)	$ (3,597)	$ (12,979)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	5,907	4,980	3,923
Equity Unit Purchase Agreements | Series B Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 4,233	$ 4,747	$ 6,919
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,116	4,614	6,728
Equity Unit Purchase Agreements | Series E Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 18,969	$ 683	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	34,730	1,345	0
Equity Unit Purchase Agreements | Series M Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,955	$ 15	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	3,366	32	0
Series B Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Loss on extinguishment of preferred stock - Series B	$ 0	$ 4,595	$ 0
Exchanged Shares of Series B Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	364	0
Convertible Senior Notes
Net income (loss) allocated to common stockholders is not adjusted for:
Interest expense on Convertible Senior Notes	$ 4,435	$ 3,378	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	13,609	8,450	0
Contingently Issuable Shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	1	0	0

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest in Operating Partnership (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Add: Claw back of dividends on cancelled performance stock units	$ 7	$ 143	$ 202
Long Term Incentive Plan Units and Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Units outstanding (in shares)	3,500,000
Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Common partnership unit per converted long term incentive plan unit (in shares)	1
Units which have not reached full economic parity with the common units (in shares)	569,000
Unamortized cost	$ 1,300
Unamortized cost, period of recognition	1 year 2 months 12 days
Weighted average period for recognition	1 year 2 months 12 days
Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Units outstanding (in shares)	2,000,000
Performance LTIP units forfeited/cancelled (in shares)	(113,000)	(60,000)	(211,000)
Add: Claw back of dividends on cancelled performance stock units	$ 4	$ 38	$ 270
Units which have not reached full economic parity with the common units (in shares)	840,000
Unamortized cost	$ 7,000
Unamortized cost, period of recognition	2 years
Weighted average period for recognition	1 year 7 months 6 days
Minimum | Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Award performance target (as a percent)	0%
Maximum | Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Award performance target (as a percent)	200%

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interests in Operating Partnership (Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Allocated compensation expense	$ 5,810	$ 3,313	$ 2,146
Performance long term incentive plan units | Advisory Services Fee
Debt Instrument [Line Items]
Allocated compensation expense	4,301	1,765	884
Long Term Incentive Plan Units | Advisory Services Fee
Debt Instrument [Line Items]
Allocated compensation expense	1,229	1,372	1,142
Long Term Incentive Plan Units | Corporate General and Administrative
Debt Instrument [Line Items]
Allocated compensation expense	28	12	0
Long Term Incentive Plan Units | Corporate General and Administrative | Director
Debt Instrument [Line Items]
Allocated compensation expense	$ 252	$ 164	$ 120

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership (Activity of Units in Operating Partnership) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of the activity of the operating partnership units
Units outstanding at beginning of year (in shares)	7,158	4,277	4,538
Units redeemed for shares of common stock (in shares)	0	(868)	(339)
Units outstanding at end of year (in shares)	8,283	7,158	4,277
Common units convertible/redeemable at end of year (in shares)	5,841	5,533	3,823
Common Units
Summary of the activity of the operating partnership units
Units issued (in shares)	0	2,500	0
Long Term Incentive Plan Units
Summary of the activity of the operating partnership units
Units issued (in shares)	44	469	129
Performance LTIP units
Summary of the activity of the operating partnership units
Units issued (in shares)	1,194	840	160
Performance LTIP units forfeited/cancelled (in shares)	(113)	(60)	(211)

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP	$ 40,555	$ 36,087
Adjustments to redeemable noncontrolling interests	205	(108)	$ (102)
Braemar Hotels & Resorts, Inc.
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP	40,555	36,087
Adjustments to redeemable noncontrolling interests	$ 70	$ 275
Ownership percentage of operating partnership	7.69%	8.83%

Redeemable Noncontrolling Int_7

Redeemable Noncontrolling Interests in Operating Partnership (Allocated Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 476	$ 3,597	$ 12,979
Distributions declared to holders of common units, LTIP units and Performance LTIP units	$ 665	$ 0	$ 0

Redeemable Noncontrolling Int_8

Redeemable Noncontrolling Interests in Operating Partnership (Allocated Redeemable Noncontrolling Interests) (For 10K) - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 476	$ 3,597	$ 12,979
Distributions declared to holders of common units, LTIP units and Performance LTIP units	665	0	0
Performance LTIP dividend claw back upon cancellation	(7)	(143)	(202)
Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Performance LTIP dividend claw back upon cancellation	$ (4)	$ (38)	$ (270)

Redeemable Noncontrolling Int_9

Redeemable Noncontrolling Interests in Operating Partnership (Units Redeemed) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Fair value of common units converted		$ (4,584)	$ (3,454)
Historical cost	$ 4,600	$ 3,500
Operating Partnership Units
Temporary Equity [Line Items]
Redemption/conversion of operating partnership units (in shares)	0	868	339
Fair value of common units converted	$ 0	$ 4,122	$ 390

Equity (Common Stock Dividends)

Equity (Common Stock Dividends) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock dividends declared	$ 5,665	$ 0	$ 0

Equity (Narrative) (for 10K) (D

Equity (Narrative) (for 10K) (Details)					12 Months Ended			15 Months Ended	20 Months Ended	23 Months Ended
	Jul. 12, 2021 USD ($)	May 25, 2021 USD ($)	Apr. 21, 2021 shares	Feb. 04, 2021 USD ($) day shares	Dec. 31, 2022 USD ($) hotel $ / shares shares	Dec. 31, 2021 USD ($) hotel $ / shares shares	Dec. 31, 2020 USD ($) shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($) hotel $ / shares shares	Dec. 31, 2022 USD ($) hotel $ / shares shares	Dec. 07, 2022 USD ($) $ / shares	Dec. 11, 2017 USD ($)
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01			$ 0.01	$ 0.01
Purchase of common stock, value					$ 7,465,000	$ 348,000	$ 155,000
Number of hotel properties with JV interests | hotel					2	2			2	2
Noncontrolling interest in consolidated entities					$ (16,346,000)	$ (16,549,000)			$ (16,346,000)	$ (16,346,000)
Hotel properties
Class of Stock [Line Items]
Noncontrolling interest. ownership percentage					25%	25%			25%	25%
Co-venturer
Class of Stock [Line Items]
Noncontrolling interest in consolidated entities					$ (16,300,000)	$ (16,500,000)			$ (16,300,000)	$ (16,300,000)
Private Placement | YA
Class of Stock [Line Items]
Shares sold (in shares) | shares					0	1,700,000				1,700,000
Proceeds received					$ 0	$ 10,000,000				$ 10,000,000
Shares authorized (in shares) | shares				7,780,786
Anniversary of agreement (in months)				36 months
Percentage of the Market Price				95%
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%
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		0	781,000			766,000
Proceeds received					$ 0	$ 4,217,000			$ 4,200,000
Shares authorized (in shares) | shares			8,893,565
May 2021 Equity Distribution Agreement
Class of Stock [Line Items]
Shares sold (in shares) | shares					0	8,339,000
Proceeds received					$ 0	$ 49,500,000
Gross proceeds received					$ 0	$ 50,000,000
May 2021 Equity Distribution Agreement | Virtu
Class of Stock [Line Items]
Maximum offering price		$ 50,000,000
Percentage of the gross sales price		0.01%
July 2021 Equity Distribution Agreements
Class of Stock [Line Items]
Shares sold (in shares) | shares					0	4,712,000		4,700,000
Proceeds received					$ 0	$ 23,780,000
Gross proceeds received					$ 0	$ 24,020,000		$ 24,000,000
July 2021 Equity Distribution Agreements | Virtu
Class of Stock [Line Items]
Maximum offering price	$ 100,000,000
Percentage of the gross sales price	1%
Common Stock
Class of Stock [Line Items]
Purchase of common stock (in shares) | shares					1,773,000	50,000	47,000
Purchase of common stock, value					$ 17,000
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]
Share repurchase program authorized amount					$ 18,900,000				$ 18,900,000	$ 18,900,000	$ 25,000,000
Common stock, par value (in dollars per share) | $ / shares											$ 0.01
Purchase of common stock (in shares) | shares					1,500,000	0	0
Purchase of common stock, value					$ 6,100,000
Stock Repurchase Program | Common Stock
Class of Stock [Line Items]
Purchase of common stock (in shares) | shares					262,000	50,000	47,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate (in dollars per share)					8.25%
Preferred stock, shares issued (in shares) | shares					1,600,000	1,600,000			1,600,000	1,600,000
Redemption price (in dollars per share) | $ / shares					$ 25				$ 25	$ 25
Temporary equity conversion rate					5.12295
Annual preferred stock dividend (in dollars per share) | $ / shares					$ 2.0625

Equity (Preferred Stock Dividen

Equity (Preferred Stock Dividends) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Series D Preferred Stock
Class of Stock [Line Items]
Series D Cumulative Preferred Stock	$ 3,300,000	$ 3,300,000	$ 3,300,000

Equity (Issuance Activity Under

Equity (Issuance Activity Under the SEDA) (Details) - USD ($) $ in Thousands		12 Months Ended		20 Months Ended	23 Months Ended
	Apr. 21, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2022
Private Placement, Shares Sold | Lincoln Park
Class of Stock [Line Items]
Common shares issued/sold (in shares)		0	766,000
Private Placement, Additional Commitment Shares | Lincoln Park
Class of Stock [Line Items]
Common shares issued/sold (in shares)		0	15,000
Private Placement | YA
Class of Stock [Line Items]
Common shares issued/sold (in shares)		0	1,700,000		1,700,000
Proceeds received		$ 0	$ 10,000		$ 10,000
Private Placement | Lincoln Park
Class of Stock [Line Items]
Common shares issued/sold (in shares)	15,000	0	781,000	766,000
Proceeds received		$ 0	$ 4,217	$ 4,200

Equity (Issuance Activity) (Det

Equity (Issuance Activity) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended			15 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022
May 2021 Equity Distribution Agreement
Class of Stock [Line Items]
Common shares issued/sold (in shares)	0	8,339
Gross proceeds received	$ 0	$ 50,000
Commissions	0	500
Net proceeds	$ 0	$ 49,500
July 2021 Equity Distribution Agreements
Class of Stock [Line Items]
Common shares issued/sold (in shares)	0	4,712		4,700
Gross proceeds received	$ 0	$ 24,020		$ 24,000
Commissions	0	240
Net proceeds	$ 0	$ 23,780
Common Stock
Class of Stock [Line Items]
Common shares issued/sold (in shares)	0	2,711	4,729
Gross proceeds received	$ 0	$ 16,119	$ 14,717
Commissions	0	202	184
Net proceeds	$ 0	$ 15,917	$ 14,533

Equity (Noncontrolling Interest

Equity (Noncontrolling Interest in Consolidated Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
(Income) loss attributable to noncontrolling interest in consolidated entities	$ (2,063)	$ 2,650	$ 6,436

Redeemable Preferred Stock - Is

Redeemable Preferred Stock - Issuance Activity (Details)			12 Months Ended
	Apr. 02, 2021 $ / shares shares	Dec. 04, 2019 USD ($)	Dec. 31, 2022 USD ($) day $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares
Equity Distribution Agreements
Class of Stock [Line Items]
Maximum offering price | $		$ 40,000,000
Percentage of the gross sales price		2%
Series B Preferred Stock
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			5.50%	5.50%
Initial conversion/redemption price (in dollars per share)			$ 18.70
Temporary equity conversion rate			1.3372
Annual preferred stock dividend (in dollars per share)			$ 1.375
Consecutive trading days | day			45
Days ending prior to notice of conversion			3 days
Redemption price (in dollars per share)			$ 25
Redemption percent of liquidation preference			103%
Liquidation preference per share (in dollars per share)			$ 25
Temporary equity, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred Shares Tendered (in shares) | shares			0	1,953,000
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%
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Series Preferred Stock shares issued (in shares) | shares			0	0	23,000
Gross proceeds received | $			$ 0	$ 0	$ 439,000
Commissions | $			0	0	7,000
Proceeds received | $			$ 0	$ 0	$ 432,000
Series E Preferred Stock
Class of Stock [Line Items]
Initial conversion/redemption price (in dollars per share)			$ 25
Temporary equity conversion rate			5.69476
Sale of temporary equity, offering price (in dollars per share)			$ 25
Period of preferred dividends in arrears (in months)			18 months
Redemption fee, percent of stated value on the original issue date			8%
Redemption fee, percent of stated value beginning on the first anniversary			5%
Redemption fee, percent of stated value beginning on the third anniversary			0%
Temporary equity, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred Shares Tendered (in shares) | shares			0
Series E Preferred Stock | Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			0.0008%
Series E Preferred Stock | First Anniversary From Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			0.0775%
Series E Preferred Stock | Second Anniversary From Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			0.00075%
Series E Preferred Stock | Equity Distribution Agreements
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares	20,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series E Preferred Stock | Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares	8,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series M Preferred Stock
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			0.00082%
Initial conversion/redemption price (in dollars per share)			$ 25
Temporary equity conversion rate			5.69476
Sale of temporary equity, offering price (in dollars per share)	25		$ 25
Period of preferred dividends in arrears (in months)			18 months
Redemption fee, percent of stated value on the original issue date			1.50%
Redemption fee, percent of stated value beginning on the first anniversary			0%
Temporary equity, par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01
Dividend rate (in dollars per share)			$ 2.05
Dividend rate increase each year from original issuance (as a percent)			0.10%
Dividend rate, maximum percentage of stated value			8.70%
Series M Preferred Stock | Equity Distribution Agreements
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares	20,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25
Series M Preferred Stock | Dividend Reinvestment Plan
Class of Stock [Line Items]
Sale of temporary equity, number of shares authorized in transaction (in shares) | shares	8,000,000
Sale of temporary equity, offering price (in dollars per share)	$ 25

Redeemable Preferred Stock - Co

Redeemable Preferred Stock - Convertible Preferred Stock Series B Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Series Preferred Stock	$ 21,503	$ 8,745	$ 10,219
Series B Preferred Stock
Class of Stock [Line Items]
Series Preferred Stock	$ 4,233	$ 4,747	$ 6,919

Redeemable Preferred Stock - Se

Redeemable Preferred Stock - Section 3(a)(9) Activity (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Class of Stock [Line Items]
Common Shares Issued (in shares)		7,291,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Shares Tendered (in shares)	0	1,953,000

Redeemable Preferred Stock - _2

Redeemable Preferred Stock - Series E Activity (Details) - Series E Preferred Stock - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Units issued (in shares)	10,914	1,709
Net proceeds	$ 245,575	$ 38,450

Redeemable Preferred Stock - Va

Redeemable Preferred Stock - Value Adjustment Series E (Details) - Series E Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Series preferred stock	$ 291,076	$ 39,339
Adjustments to Series Preferred Stock	$ 9,403	$ 3,128

Redeemable Preferred Stock - _3

Redeemable Preferred Stock - Series E Dividend Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Series E Preferred Stock
Class of Stock [Line Items]
Dividends on preferred stock	$ 12,694	$ 683

Redeemable Preferred Stock - _4

Redeemable Preferred Stock - Series E Redemption Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	5	0
Redemption amount, net of redemption fees	$ 134	$ 0
Series E Preferred Stock
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	14	0
Redemption amount, net of redemption fees	$ 365	$ 0

Redeemable Preferred Stock - _5

Redeemable Preferred Stock - Issuance Activity Series M (Details) - Series M Preferred Stock - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Units issued (in shares)	1,402	29
Net proceeds	$ 34,009	$ 704

Redeemable Preferred Stock - _6

Redeemable Preferred Stock - Series M Redemption Activity (Details) - Series M Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Series preferred stock	$ 35,182	$ 715
Adjustments to Series Preferred Stock	$ 812	$ 133

Redeemable Preferred Stock - _7

Redeemable Preferred Stock - Series M Dividend Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Series M Preferred Stock
Class of Stock [Line Items]
Dividends on preferred stock	$ 1,276	$ 15

Redeemable Preferred Stock - _8

Redeemable Preferred Stock - Series M Preferred Stock Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	5	0
Redemption amount, net of redemption fees	$ 134	$ 0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock	$ 35,004	$ 102,317	$ 13,327
Add: Claw back of dividends on cancelled performance stock units	$ 7	$ 143	$ 202
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock (in shares)	6,000	18,243	4,729
Issuance of common stock	$ 60	$ 183	$ 47
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost	$ 1,500
Unamortized cost, period of recognition	1 year 2 months 12 days
Weighted average period for recognition	1 year
Fair value of vested restricted stock	$ 3,100	$ 2,100	$ 1,200
Performance LTIP units forfeited/cancelled (in shares)	(22)	(26)	(10)
Granted (in shares)	45	764	359
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost	$ 1,900
Unamortized cost, period of recognition	2 years
Weighted average period for recognition	1 year 1 month 6 days
Award service period (in years)	3 years
Performance LTIP units forfeited/cancelled (in shares)	(225)	(223)	(197)
Add: Claw back of dividends on cancelled performance stock units	$ 7	$ 143	$ 202
Award vesting period	3 years
Granted (in shares)	41	446	225
Performance shares | 2021 and 2022 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance target (as a percent)	0%		0%
Performance shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance target (as a percent)	200%		200%
Equity Incentive Plan 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	7,000
Shares available for future issuance (in shares)	1,500

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	$ 5,810	$ 3,313	$ 2,146
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	2,599	3,517	3,006
Restricted Stock | Advisory Services Fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	2,195	3,028	2,672
Restricted Stock | Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	26	56	133
Restricted Stock | Corporate General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	126	111	71
Restricted Stock | Corporate General and Administrative | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	252	322	130
Performance shares | Advisory Services Fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	$ 2,876	$ 3,374	$ 2,695

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary of Unit Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Number of Units
Outstanding at beginning of year (in shares)	957	536	497
Granted (in shares)	45	764	359
Vested (in shares)	(543)	(317)	(310)
Forfeited (in shares)	(22)	(26)	(10)
Outstanding at end of year (in shares)	437	957	536
Weighted Average Price at Grant
Outstanding at beginning of year (in dollars per share)	$ 6.94	$ 7.98	$ 11.89
Granted (in dollars per share)	5.63	7.02	4.13
Vested (in dollars per share)	5.86	6.31	9.81
Forfeited (in dollars per share)	6.77	6.94	7.25
Outstanding at end of year (in dollars per share)	$ 6.46	$ 6.94	$ 7.98
Performance Shares
Number of Units
Outstanding at beginning of year (in shares)	671	448	420
Granted (in shares)	41	446	225
Vested (in shares)	(152)	0	0
Forfeited (in shares)	(225)	(223)	(197)
Outstanding at end of year (in shares)	335	671	448
Weighted Average Price at Grant
Outstanding at beginning of year (in dollars per share)	$ 5.84	$ 11.71	$ 16.91
Granted (in dollars per share)	5.63	7.01	3.51
Vested (in dollars per share)	4.69	0	0
Forfeited (in dollars per share)	3.51	19.96	13.43
Outstanding at end of year (in dollars per share)	$ 5.84	$ 5.84	$ 11.71

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)						1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 27, 2022 USD ($)	Dec. 31, 2020 USD ($) hotel	Aug. 20, 2020 USD ($)	Jan. 15, 2019 USD ($)	Aug. 08, 2018 USD ($)	Dec. 31, 2022 USD ($) hotel	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($) hotel	Aug. 25, 2020 USD ($)
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%			90%
Term of advisory agreement (in years)									3 years
Indebtedness, gross						$ 1,336,750,000			$ 1,336,750,000	$ 1,180,750,000
Aggregate non-listed preferred equity offerings		$ 400,000,000
Advisory agreement, percent of total construction costs					6.50%
Advisory agreement, construction management fees (as a percent)					10%
Advisory agreement, interior design fees (as a percent)					6%
Advisory agreement, FF&E purchasing fees (as a percent)					8%
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%
Number of hotel properties | hotel		13				16			16	14	13
Due from related parties, net						$ 938,000			$ 938,000	$ 1,770,000
Gain on litigation settlement									114,000	917,000	$ 0
Due to Ashford Inc.						10,005,000			10,005,000	1,474,000
Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage	45%	50%
Ashford Inc. | Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage	10%	50%
Ashford Inc. | Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage	45%	0%
Design and construction fees
Related Party Transaction [Line Items]
Percentage of project costs					4%
Management fees | Minimum
Related Party Transaction [Line Items]
Monthly property management fee									$ 16,000
Property management fee, percent									3%
Mortgage Loan Two [Member] | Mortgages
Related Party Transaction [Line Items]
Indebtedness, gross						98,500,000			$ 98,500,000	99,500,000		$ 435,000,000
Mortgage Loan 9 | Mortgages
Related Party Transaction [Line Items]
Indebtedness, gross						54,000,000			54,000,000	0
Payments of debt restructuring costs							$ 637,000
Mortgage Loan 16 | Mortgages
Related Party Transaction [Line Items]
Indebtedness, gross						100,000,000			100,000,000	0
Lismore Capital | Mortgage Loan 16 | Mortgages
Related Party Transaction [Line Items]
Payments of debt restructuring costs						750,000
Lismore Capital | Subsidiaries
Related Party Transaction [Line Items]
Advisory services, expense included in write-off of loan costs and exit fees										341,000	$ 3,100,000
Lismore Capital | Subsidiaries | Debt placement fee
Related Party Transaction [Line Items]
Total			$ 1,600,000						150,000
Ashford Inc.
Related Party Transaction [Line Items]
Funding amount	$ 18,000,000
Amount funded						5,600,000			5,600,000
Additional expense									7,200,000
Due to Ashford Inc.						$ 6,600,000			$ 6,600,000
Ashford Inc. | Other Assets
Related Party Transaction [Line Items]
Amount funded										338,000
Ashford LLC
Related Party Transaction [Line Items]
ERFP agreement, percent of property acquisition price				10%
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 | Maximum
Related Party Transaction [Line Items]
ERFP agreement, commitment				$ 50,000,000
ERFP agreement, commitment with increase				$ 100,000,000
Remington Hotels
Related Party Transaction [Line Items]
Number of hotel properties managed by related party | hotel						4			4
Due from related parties, net						$ 573,000			$ 573,000	677,000
Remington Hotels | Management fees | Minimum
Related Party Transaction [Line Items]
Monthly property management fee									$ 16,000
Property management fee, percent									3%
Remington Hotels | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties, net						$ 365,000			$ 365,000	365,000
Ashford Trust | Affiliated Entity | Legal settlement
Related Party Transaction [Line Items]
Due from related parties, net										$ 728,000
Gain on litigation settlement								$ 114,000

Related Party Transactions (Sch

Related Party Transactions (Schedule of Advisory Services Fee) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Advisory services fee	$ 28,847	$ 22,641	$ 18,486
Ashford LLC | Affiliated Entity
Related Party Transaction [Line Items]
Advisory services fee	28,847	22,641	18,486
Ashford LLC | Affiliated Entity | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	12,790	10,806	9,981
Ashford LLC | Affiliated Entity | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	4,653	2,297	1,790
Ashford LLC | Affiliated Entity | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	10,601	9,538	7,393
Ashford LLC | Affiliated Entity | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 803	$ 0	$ (678)

Related Party Transactions (S_2

Related Party Transactions (Schedule of Reimbursed Operating Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 9,461	$ 1,983	$ 658

Related Party Transactions (Sum

Related Party Transactions (Summary of Entities with Advisor Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Ashford LLC | FF&E purchases
Related Party Transaction [Line Items]
Total			$ 1,816
Ashford LLC | FF&E purchases | Other Hotel Revenue
Related Party Transaction [Line Items]
Total			0
Ashford LLC | FF&E purchases | Other Hotel Expenses
Related Party Transaction [Line Items]
Total			0
Ashford LLC | FF&E purchases | Management fees
Related Party Transaction [Line Items]
Total			0
Ashford LLC | FF&E purchases | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total			0
Ashford LLC | FF&E purchases | Advisory Services Fee
Related Party Transaction [Line Items]
Total			0
Ashford LLC | FF&E purchases | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total			0
Ashford LLC | FF&E purchases | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total			1,816
Ashford LLC | FF&E purchases | Other Assets
Related Party Transaction [Line Items]
Total			0
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Total		$ 7	108
Ashford LLC | Insurance claims services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	$ 0	0	0
Ashford LLC | Insurance claims services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0	0
Ashford LLC | Insurance claims services | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
Ashford LLC | Insurance claims services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	3	7	108
Ashford LLC | Insurance claims services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
Ashford LLC | Insurance claims services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
Ashford LLC | Insurance claims services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Ashford LLC | Insurance claims services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
Ashford LLC | Insurance claims services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
Ashford LLC | Insurance claims services | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
Ashford LLC | Insurance claims services | Other Assets
Related Party Transaction [Line Items]
Total		0	0
Ashford LLC | Insurance claims services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Ashford LLC | Audio visual services
Related Party Transaction [Line Items]
Total	3
Ashford Securities | Broker/Dealer
Related Party Transaction [Line Items]
Total	9,735	1,983
Ashford Securities | Broker/Dealer | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Management fees
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Preferred Stock
Related Party Transaction [Line Items]
Total	274
Ashford Securities | Broker/Dealer | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	9,461	1,983
Ashford Securities | Broker/Dealer | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0
Ashford Securities | Broker/Dealer | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Broker/Dealer | Other Assets
Related Party Transaction [Line Items]
Total		0
Ashford Securities | Broker/Dealer | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Ashford Securities | Dealer Manager Fees
Related Party Transaction [Line Items]
Total	5,766	410
Ashford Securities | Dealer Manager Fees | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Management fees
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Preferred Stock
Related Party Transaction [Line Items]
Total	5,766
Ashford Securities | Dealer Manager Fees | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0
Ashford Securities | Dealer Manager Fees | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
Ashford Securities | Dealer Manager Fees | Other Assets
Related Party Transaction [Line Items]
Total		0
Ashford Securities | Dealer Manager Fees | Preferred Stock
Related Party Transaction [Line Items]
Total		410
INSPIRE | Audio visual services
Related Party Transaction [Line Items]
Total	3,800	1,001	592
INSPIRE | Audio visual services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	3,800	1,001	592
INSPIRE | Audio visual services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0	0
INSPIRE | Audio visual services | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
INSPIRE | Audio visual services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
INSPIRE | Audio visual services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
INSPIRE | Audio visual services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
INSPIRE | Audio visual services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
INSPIRE | Audio visual services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
INSPIRE | Audio visual services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
INSPIRE | Audio visual services | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
INSPIRE | Audio visual services | Other Assets
Related Party Transaction [Line Items]
Total		0	0
INSPIRE | Audio visual services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Lismore Capital | Debt placement and related services
Related Party Transaction [Line Items]
Total	750	491	4,093
Lismore Capital | Debt placement and related services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Debt placement and related services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Debt placement and related services | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Debt placement and related services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Debt placement and related services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Debt placement and related services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Debt placement and related services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Debt placement and related services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		341	3,071
Lismore Capital | Debt placement and related services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
Lismore Capital | Debt placement and related services | Indebtedness, net
Related Party Transaction [Line Items]
Total	750	150
Lismore Capital | Debt placement and related services | Other Assets
Related Party Transaction [Line Items]
Total		0	1,022
Lismore Capital | Debt placement and related services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Lismore Capital | Broker services
Related Party Transaction [Line Items]
Total	637	3
Lismore Capital | Broker services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Management fees
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
Lismore Capital | Broker services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		3
Lismore Capital | Broker services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0
Lismore Capital | Broker services | Indebtedness, net
Related Party Transaction [Line Items]
Total	637	0
Lismore Capital | Broker services | Other Assets
Related Party Transaction [Line Items]
Total		0
Lismore Capital | Broker services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Total	39	38	38
OpenKey | Mobile key app | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Mobile key app | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	39	38	38
OpenKey | Mobile key app | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Mobile key app | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Mobile key app | Preferred Stock
Related Party Transaction [Line Items]
Total	0
OpenKey | Mobile key app | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Mobile key app | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
OpenKey | Mobile key app | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
OpenKey | Mobile key app | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
OpenKey | Mobile key app | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
OpenKey | Mobile key app | Other Assets
Related Party Transaction [Line Items]
Total		0	0
OpenKey | Mobile key app | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Premier | Design and construction services
Related Party Transaction [Line Items]
Total	9,875	3,009	2,849
Premier | Design and construction services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
Premier | Design and construction services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0	0
Premier | Design and construction services | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
Premier | Design and construction services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
Premier | Design and construction services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
Premier | Design and construction services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	613	356	344
Premier | Design and construction services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Premier | Design and construction services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
Premier | Design and construction services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	9,262	2,653	2,505
Premier | Design and construction services | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
Premier | Design and construction services | Other Assets
Related Party Transaction [Line Items]
Total		0	0
Premier | Design and construction services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Pure Wellness | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	150	141	52
Pure Wellness | Hypoallergenic premium rooms | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	150	141	52
Pure Wellness | Hypoallergenic premium rooms | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Preferred Stock
Related Party Transaction [Line Items]
Total	0
Pure Wellness | Hypoallergenic premium rooms | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Pure Wellness | Hypoallergenic premium rooms | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
Pure Wellness | Hypoallergenic premium rooms | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
Pure Wellness | Hypoallergenic premium rooms | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
Pure Wellness | Hypoallergenic premium rooms | Other Assets
Related Party Transaction [Line Items]
Total		0	0
Pure Wellness | Hypoallergenic premium rooms | Preferred Stock
Related Party Transaction [Line Items]
Total		0
RED Leisure | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Total	525	321	139
RED Leisure | Watersports activities and travel/transportation services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	236	321	139
RED Leisure | Watersports activities and travel/transportation services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	761	0	0
RED Leisure | Watersports activities and travel/transportation services | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
RED Leisure | Watersports activities and travel/transportation services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
RED Leisure | Watersports activities and travel/transportation services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
RED Leisure | Watersports activities and travel/transportation services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
RED Leisure | Watersports activities and travel/transportation services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
RED Leisure | Watersports activities and travel/transportation services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
RED Leisure | Watersports activities and travel/transportation services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
RED Leisure | Watersports activities and travel/transportation services | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0
RED Leisure | Watersports activities and travel/transportation services | Other Assets
Related Party Transaction [Line Items]
Total		0	0
RED Leisure | Watersports activities and travel/transportation services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Remington Hotels | Hotel management services
Related Party Transaction [Line Items]
Total	4,288	3,243	1,446
Remington Hotels | Hotel management services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hotels | Hotel management services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	1,416	934	410
Remington Hotels | Hotel management services | Management fees
Related Party Transaction [Line Items]
Total	2,872	2,309	1,036
Remington Hotels | Hotel management services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hotels | Hotel management services | Preferred Stock
Related Party Transaction [Line Items]
Total	0
Remington Hotels | Hotel management services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hotels | Hotel management services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0
Remington Hotels | Hotel management services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total		0	0
Remington Hotels | Hotel management services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hotels | Hotel management services | Indebtedness, net
Related Party Transaction [Line Items]
Total	$ 0	0
Remington Hotels | Hotel management services | Other Assets
Related Party Transaction [Line Items]
Total		0	$ 0
Remington Hotels | Hotel management services | Preferred Stock
Related Party Transaction [Line Items]
Total		$ 0

Related Party Transactions- Sum

Related Party Transactions- Summary of due to Ashford Inc (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to Ashford Inc.	$ 10,005	$ 1,474
Ashford LLC | Advisory Services Fee
Related Party Transaction [Line Items]
Due to Ashford Inc.	1,576	394
Ashford LLC | FF&E purchases
Related Party Transaction [Line Items]
Due to Ashford Inc.	0	0
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Due to Ashford Inc.	2	1
INSPIRE | Audio visual services
Related Party Transaction [Line Items]
Due to Ashford Inc.	952	418
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Due to Ashford Inc.	0	0
Ashford Securities | Capital raise services
Related Party Transaction [Line Items]
Due to Ashford Inc.	6,514	0
Premier | Design and construction services
Related Party Transaction [Line Items]
Due to Ashford Inc.	829	470
RED Leisure | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Due to Ashford Inc.	$ 132	$ 191

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Licensing Fees Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Other hotel expenses	$ 445,487	$ 287,026	$ 189,977
Intellectual Property Sublease Agreement
Other Commitments [Line Items]
Other hotel expenses	$ 467	$ 133

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details)		3 Months Ended	12 Months Ended
	Aug. 05, 2021	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) extension hotel groundLease	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($) hotel	Feb. 16, 2022 USD ($)	Jul. 20, 2020 USD ($)	Dec. 20, 2016 hotel managementCompany
Loss Contingencies [Line Items]
Number of hotel properties | hotel			16	14	13
Gain on legal settlements			$ (114,000)	$ (917,000)	$ 0
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
Amount to cure performance test failure for 2018						$ 867,682
Amount to cure performance test failure for 2019						$ 784,919
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
Settled Litigation | Accor
Loss Contingencies [Line Items]
Gain on legal settlements		$ (868,000)
Intellectual Property Sublease Agreement
Loss Contingencies [Line Items]
Licensing fee, percent fee of total operating revenue	1%
Licensing fee, percent fee of gross food and beverage revenues	2%
Licensing fee, percent fee of food and beverage profits	25%
Leases | Ground Lease
Loss Contingencies [Line Items]
Number of ground leases | groundLease			2
Leases | Ground Lease | La Jolla, CA
Loss Contingencies [Line Items]
Number of extension options | extension			1
Leases | Ground Lease | Yountville, CA
Loss Contingencies [Line Items]
Number of extension options | extension			2
Term of lease extension option			25 years
Capital Commitments
Loss Contingencies [Line Items]
Capital commitment related to general capital improvement			$ 39,400,000
Period of capital commitment related to general capital improvement			12 months
Minimum | Management fees
Loss Contingencies [Line Items]
Monthly property management fee			$ 16,000
Property management fee, percent			3%
Minimum | Restricted cash
Loss Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue			4%
Minimum | Management fees
Loss Contingencies [Line Items]
Property management fee, percent			3%
Minimum | Leases | Ground Lease | La Jolla, CA
Loss Contingencies [Line Items]
Term of lease extension option			10 years
Maximum | Restricted cash
Loss Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue			5%
Maximum | Management fees
Loss Contingencies [Line Items]
Property management fee, percent			5%
Maximum | Leases | Ground Lease | La Jolla, CA
Loss Contingencies [Line Items]
Term of lease extension option			20 years

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Dec. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	50 years

Leases (Lease Balances) (Detail

Leases (Lease Balances) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 79,449	$ 80,462
Liabilities
Operating lease liabilities	$ 60,692	$ 60,937

Leases (Lease Cost and Other In

Leases (Lease Cost and Other Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 6,653	$ 5,349	$ 4,373
Variable lease, cost (credit), net	2,200	954	(305)
Amortization costs related to the intangible assets and liabilities	474	512	834
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 3,307	$ 3,302	$ 3,261
Weighted Average Remaining Lease Term
Operating leases	44 years	45 years	47 years
Weighted Average Discount Rate
Operating leases	4.98%	4.98%	4.98%

Leases (Maturities of Operating

Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 3,365
2024	3,329
2025	3,321
2026	3,334
2027	3,342
Thereafter	141,300
Total future minimum lease payments	157,991
Less: interest	(97,299)
Present value of operating lease liabilities	$ 60,692	$ 60,937

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) hotel $ / shares	Dec. 31, 2021 USD ($) hotel $ / shares	Dec. 31, 2020 USD ($) hotel $ / shares	Dec. 31, 2019 USD ($)
Income Tax Examination [Line Items]
Number of hotel properties | hotel	16	14	13
Net book income before income taxes	$ 25,400,000	$ 12,600,000	$ (27,000,000)
Income tax interest and penalties expense	1,000	3,000	7,000
Income tax interest and penalties accrued	0	0
Valuation allowance	18,627,000	17,343,000	14,938,000	$ 11,581,000
Net operating loss carryforwards	109,700,000
Net operating loss carryforwards, subject to expiration	2,200,000
Income tax benefit, net operating loss, CARES Act			3,400,000
Braemar TRS
Income Tax Examination [Line Items]
Net operating loss carryforwards	68,500,000
Net operating loss carryforwards, subject to expiration	50,700,000
Net operating loss carryforwards subject to substantial limitation on use	$ 50,000,000
Leased by wholly-owned or majority-owned taxable REIT subsidiaries
Income Tax Examination [Line Items]
Number of hotel properties | hotel	15
Foreign Tax Authority
Income Tax Examination [Line Items]
Tax holiday amount	$ 2,500,000
Benefit of the tax holiday on net income (loss) (in dollars per share) | $ / shares	$ 0.04
Virgin Islands Bureau of Internal Revenue | Foreign Tax Authority
Income Tax Examination [Line Items]
Tax holiday amount	$ 3,400,000	$ 907,000	$ 0
Benefit of the tax holiday on net income (loss) (in dollars per share) | $ / shares	$ 0.05	$ 0.02	$ 0

Income Taxes (Income Tax Expens

Income Taxes (Income Tax Expense Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21%	$ (6,463)	$ (2,652)	$ 5,619
State income tax (expense) benefit, net of U.S. federal income tax benefit	(1,961)	574	3,136
State and local income tax (expense) benefit on pass-through entity subsidiaries	(17)	(9)	(5)
Gross receipts and margin taxes	(69)	(26)	(13)
Benefit of USVI Economic Development Commission credit	3,358	3,346	783
Benefits of Puerto Rico tax incentives	1,474	0	0
Other	126	(251)	311
Valuation allowance	(491)	(2,306)	(5,425)
Total income tax (expense) benefit	$ (4,043)	$ (1,324)	$ 4,406

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (3,745)	$ (1,477)	$ 3,431
State	(247)	(21)	19
Total current income tax (expense) benefit	(3,992)	(1,498)	3,450
Deferred:
Federal	(51)	131	1,262
State	0	43	(306)
Total deferred income tax (expense) benefit	(51)	174	956
Total income tax (expense) benefit	$ (4,043)	$ (1,324)	$ 4,406

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets (liabilities):
Tax intangibles basis greater than book basis	$ 722	$ 722
Allowance for doubtful accounts	76	28
Unearned income	2,769	2,147
Federal and state net operating losses	16,452	15,677
Capital loss carryforward	525	529
Other	(48)	178
Accrued expenses	1,133	612
Tax property basis greater than book basis	(2,935)	(2,487)
Prepaid expenses	(59)	(4)
Net deferred tax asset	18,635	17,402
Valuation allowance	(18,627)	(17,343)	$ (14,938)	$ (11,581)
Net deferred tax asset (liability)	$ 8	$ 59

Income Taxes (Change in Valuati

Income Taxes (Change in Valuation Allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 17,343	$ 14,938	$ 11,581
Additions	1,284	2,405	3,357
Deductions	0	0	0
Balance at end of year	$ 18,627	$ 17,343	$ 14,938

Intangible Assets, net (Schedul

Intangible Assets, net (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Cost	$ 5,682	$ 5,682
Accumulated amortization	(1,799)	(1,421)
Total	$ 3,883	$ 4,261

Intangible Assets, net (Narrati

Intangible Assets, net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 378	$ 379	$ 379
Ritz-Carlton Sarasota, Florida | Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Expected life	15 years

Intangible Assets, net (Sched_2

Intangible Assets, net (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, net
2023	$ 379
2024	379
2025	379
2026	379
2027	379
Thereafter	1,988
Total	$ 3,883	$ 4,261

Concentration of Risk (Details)

Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2022
Revenue | Generated Excess of 10% of Total | Three Hotel Properties
Concentration Risk [Line Items]
Concentration risk	28%

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Events (Details)

Subsequent Events (Details)			2 Months Ended		3 Months Ended	12 Months Ended
	Feb. 24, 2023 USD ($) day shares	Jan. 18, 2023 USD ($)	Mar. 10, 2023 USD ($) shares	Feb. 20, 2023 USD ($) shares	Mar. 10, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 07, 2022 USD ($)
Subsequent Event [Line Items]
Purchase of common stock, value | $						$ 7,465,000	$ 348,000	$ 155,000
Outstanding units in shares)						5,841,000	5,533,000	3,823,000
Units redeemed (in shares)						0	868,000	339,000
Fair value of common units converted | $							$ (4,584,000)	$ (3,454,000)
Stock Repurchase Program
Subsequent Event [Line Items]
Purchase of common stock (in shares)						1,500,000	0	0
Purchase of common stock, value | $						$ 6,100,000
Share repurchase program authorized amount | $						$ 18,900,000			$ 25,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, redemption basis	1
Units redeemed (in shares)	1,254,254
Subsequent Event | Performance long term incentive plan units
Subsequent Event [Line Items]
Outstanding units in shares)	169,523
Threshold consecutive trading days | day	10
Redemption/conversion of operating partnership units (in shares)	1,423,777
Fair value of common units converted | $	$ 7,000,000
Subsequent Event | Stock Repurchase Program
Subsequent Event [Line Items]
Purchase of common stock (in shares)			3,900,000		5,400,000
Purchase of common stock, value | $			$ 18,900,000		$ 25,000,000
Subsequent Event | Series E Preferred Stock
Subsequent Event [Line Items]
Shares sold (in shares)				3,800,000
Proceeds received | $				$ 85,400,000
Subsequent Event | Series M Preferred Stock
Subsequent Event [Line Items]
Shares sold (in shares)				533,000
Proceeds received | $				$ 12,900,000
Mortgage Loan 12 | Mortgages | Subsequent Event
Subsequent Event [Line Items]
Repayments of Long-Term Debt | $		$ 54,000,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,250,500
Initial Cost of Land	634,603
Initial Cost of FF&E, Buildings and improvements	1,432,359
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	258,131
Gross Carrying Amount At Close of Period, Land	634,603
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	1,690,490
Gross Carrying Amount At Close of Period, Total	2,325,093	$ 1,845,078	$ 1,784,849	$ 1,791,174
Accumulated Depreciation	$ 440,492	$ 399,481	$ 360,259	$ 309,752
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life	39 years
Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life	7 years 6 months
Minimum | Furniture and fixtures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life	1 year 6 months
Maximum | Furniture and fixtures
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life	5 years
Washington DC Hilton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 107,000
Initial Cost of Land	45,721
Initial Cost of FF&E, Buildings and improvements	106,245
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	40,495
Gross Carrying Amount At Close of Period, Land	45,721
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	146,740
Gross Carrying Amount At Close of Period, Total	192,461
Accumulated Depreciation	67,028
La Jolla, CA Hilton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,000
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	114,614
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	7,031
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	121,645
Gross Carrying Amount At Close of Period, Total	121,645
Accumulated Depreciation	52,308
Seattle, WA Marriott
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	134,700
Initial Cost of Land	31,888
Initial Cost of FF&E, Buildings and improvements	112,176
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	23,587
Gross Carrying Amount At Close of Period, Land	31,888
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	135,763
Gross Carrying Amount At Close of Period, Total	167,651
Accumulated Depreciation	49,559
Philadelphia, PA The Notary Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	84,600
Initial Cost of Land	9,814
Initial Cost of FF&E, Buildings and improvements	94,029
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	34,366
Gross Carrying Amount At Close of Period, Land	9,814
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	128,395
Gross Carrying Amount At Close of Period, Total	138,209
Accumulated Depreciation	60,453
San Francisco CA Courtyard By Marriott
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	116,300
Initial Cost of Land	22,653
Initial Cost of FF&E, Buildings and improvements	72,731
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	53,830
Gross Carrying Amount At Close of Period, Land	22,653
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	126,561
Gross Carrying Amount At Close of Period, Total	149,214
Accumulated Depreciation	61,516
Chicago, IL Chicago Sofitel Magnificent Mile
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	99,400
Initial Cost of Land	12,631
Initial Cost of FF&E, Buildings and improvements	140,369
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	4,269
Gross Carrying Amount At Close of Period, Land	12,631
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	144,638
Gross Carrying Amount At Close of Period, Total	157,269
Accumulated Depreciation	36,919
Key West, FL Pier House Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	80,000
Initial Cost of Land	59,731
Initial Cost of FF&E, Buildings and improvements	33,011
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	3,197
Gross Carrying Amount At Close of Period, Land	59,731
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	36,208
Gross Carrying Amount At Close of Period, Total	95,939
Accumulated Depreciation	12,578
Yountville, CA Bardessono
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	40,000
Initial Cost of Land	0
Initial Cost of FF&E, Buildings and improvements	64,184
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,895
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	66,079
Gross Carrying Amount At Close of Period, Total	66,079
Accumulated Depreciation	14,565
Yountville CA, Hotel Yountville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51,000
Initial Cost of Land	47,849
Initial Cost of FF&E, Buildings and improvements	48,567
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(4,577)
Gross Carrying Amount At Close of Period, Land	47,849
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	43,990
Gross Carrying Amount At Close of Period, Total	91,839
Accumulated Depreciation	7,659
Beaver Creek, CO Park Hyatt
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	70,500
Initial Cost of Land	89,117
Initial Cost of FF&E, Buildings and improvements	56,383
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	11,206
Gross Carrying Amount At Close of Period, Land	89,117
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	67,589
Gross Carrying Amount At Close of Period, Total	156,706
Accumulated Depreciation	16,876
Ritz-Carlton Sarasota, Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	98,500
Initial Cost of Land	83,630
Initial Cost of FF&E, Buildings and improvements	99,782
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	(5,755)
Gross Carrying Amount At Close of Period, Land	83,630
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	94,027
Gross Carrying Amount At Close of Period, Total	177,657
Accumulated Depreciation	15,523
St. Thomas, USVI Ritz-Carlton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,500
Initial Cost of Land	25,533
Initial Cost of FF&E, Buildings and improvements	38,467
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	80,355
Gross Carrying Amount At Close of Period, Land	25,533
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	118,822
Gross Carrying Amount At Close of Period, Total	144,355
Accumulated Depreciation	24,863
Truckee, CA Ritz-Carlton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	54,000
Initial Cost of Land	26,731
Initial Cost of FF&E, Buildings and improvements	91,603
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	5,759
Gross Carrying Amount At Close of Period, Land	26,731
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	97,362
Gross Carrying Amount At Close of Period, Total	124,093
Accumulated Depreciation	11,316
Mr. C Beverly Hills Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,000
Initial Cost of Land	29,346
Initial Cost of FF&E, Buildings and improvements	45,078
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	820
Gross Carrying Amount At Close of Period, Land	29,346
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	45,898
Gross Carrying Amount At Close of Period, Total	75,244
Accumulated Depreciation	3,424
The Ritz-Carlton Reserve Dorado Beach
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	54,000
Initial Cost of Land	79,711
Initial Cost of FF&E, Buildings and improvements	117,510
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	1,270
Gross Carrying Amount At Close of Period, Land	79,711
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	118,780
Gross Carrying Amount At Close of Period, Total	198,491
Accumulated Depreciation	5,124
Four Seasons Resort Scottsdale at Troon North
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	100,000
Initial Cost of Land	70,248
Initial Cost of FF&E, Buildings and improvements	197,610
Costs Capitalized Since Acquisition, Land	0
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	383
Gross Carrying Amount At Close of Period, Land	70,248
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	197,993
Gross Carrying Amount At Close of Period, Total	268,241
Accumulated Depreciation	$ 781

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Roll Forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in real estate:
Beginning balance	$ 1,845,078	$ 1,784,849	$ 1,791,174
Additions	516,754	95,663	16,067
Write-offs	(36,739)	(32,677)	(22,392)
Sales/disposals	0	(2,757)	0
Ending balance	2,325,093	1,845,078	1,784,849
Accumulated depreciation:
Beginning balance	399,481	360,259	309,752
Depreciation expense	77,750	73,054	72,899
Write-offs	(36,739)	(32,677)	(22,392)
Sales/disposals	0	(1,155)	0
Ending balance	440,492	399,481	360,259
Investment in real estate, net	$ 1,884,601	$ 1,445,597	$ 1,424,590