Braemar Hotels & Resorts (BHR) 10-K 14 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 257,028
Entity Common Stock, Shares Outstanding		66,520,711
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement pertaining to the 2024 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Form 10-K.
Entity Central Index Key	0001574085
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BHR
Security Exchange Name	NYSE
Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series B
Trading Symbol	BHR-PB
Security Exchange Name	NYSE
Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	BHR-PD
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Dallas, Texas
Auditor Firm ID	243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investments in hotel properties, gross	$ 2,382,716	$ 2,325,093
Accumulated depreciation	(498,508)	(440,492)
Investments in hotel properties, net	1,884,208	1,884,601
Cash and cash equivalents	85,599	261,541
Restricted cash	80,904	54,155
Accounts receivable, net of allowance of $237 and $339, respectively	39,199	51,448
Inventories	5,003	5,238
Prepaid expenses	9,938	7,044
Deferred costs, net	75	0
Investment in unconsolidated entity	1,674	1,689
Derivative assets	2,847	6,482
Operating lease right-of-use assets	78,383	79,449
Other assets	17,751	14,621
Intangible assets, net	3,504	3,883
Total assets	2,226,824	2,397,714
Liabilities:
Indebtedness, net	1,162,444	1,334,130
Accounts payable and accrued expenses	149,867	133,978
Dividends and distributions payable	9,158	8,184
Operating lease liabilities	60,379	60,692
Other liabilities	22,756	22,343
Derivative liabilities	12	284
Total liabilities	1,408,298	1,571,712
Commitments and contingencies (note 16)
Redeemable noncontrolling interests in operating partnership	32,395	40,555
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, 2023 and December 31, 2022	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,636,353 and 69,919,065 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	666	699
Additional paid-in capital	718,498	734,134
Accumulated deficit	(412,199)	(324,740)
Total stockholders’ equity of the Company	306,981	410,109
Noncontrolling interest in consolidated entities	(8,934)	(16,346)
Total equity	298,047	393,763
Total liabilities and equity	2,226,824	2,397,714
Ashford Inc.
Liabilities:
Due to related parties and nonrelated parties	1,471	10,005
Related Party
ASSETS
Due from related parties and nonrelated parties	0	938
Liabilities:
Due to related parties and nonrelated parties	603	0
Nonrelated Party
ASSETS
Due from related parties and nonrelated parties	17,739	26,625
Liabilities:
Due to related parties and nonrelated parties	1,608	2,096
Series B Preferred Stock
Liabilities:
Series preferred stock	65,426	65,426
Series E Preferred Stock
Liabilities:
Series preferred stock	377,035	291,076
Series M Preferred Stock
Liabilities:
Series preferred stock	$ 45,623	$ 35,182

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Allowance for doubtful notes receivable	$ 237	$ 339
Liabilities [Abstract]
Temporary equity, shares outstanding (in shares)	7,224,000	8,283,000
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)	66,636,353	69,919,065
Common stock, shares outstanding (in shares)	66,636,353	69,919,065
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)	16,316,315	12,656,529
Temporary equity, shares outstanding (in shares)	16,316,315	12,656,529
Series M Preferred Stock
Liabilities [Abstract]
Temporary equity, dividend rate (as a percent)	0.082%
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	1,832,805	1,428,332
Temporary equity, shares outstanding (in shares)	1,832,805	1,428,332
Series D Preferred Stock
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Preferred stock dividend rate (as a percent)	8.25%	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, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Total revenue	$ 739,343	$ 669,585	$ 427,542
Hotel operating expenses:
Total hotel operating expenses	501,157	445,487	287,026
Property taxes, insurance and other	38,629	30,766	34,997
Depreciation and amortization	93,272	78,122	73,762
Advisory services fee	31,089	28,847	22,641
(Gain) loss on legal settlements	0	(114)	(917)
Transaction costs	0	0	563
Corporate general and administrative	13,523	18,084	8,717
Total operating expenses	677,670	601,192	426,789
Gain (loss) on insurance settlement and disposition of assets	0	0	696
OPERATING INCOME (LOSS)	61,673	68,393	1,449
Equity in earnings (loss) of unconsolidated entity	(253)	(328)	(252)
Interest income	6,401	2,677	48
Other income (expense)	293	0	0
Interest expense and amortization of discounts and loan costs	(94,219)	(52,166)	(30,901)
Write-off of loan costs and exit fees	(3,489)	(146)	(1,963)
Gain (loss) on extinguishment of debt	2,318	0	0
Realized and unrealized gain (loss) on derivatives	(663)	4,961	32
INCOME (LOSS) BEFORE INCOME TAXES	(27,939)	23,391	(31,587)
Income tax (expense) benefit	(2,689)	(4,043)	(1,324)
NET INCOME (LOSS)	(30,628)	19,348	(32,911)
(Income) loss attributable to noncontrolling interest in consolidated entities	(1,619)	(2,063)	2,650
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,230	476	3,597
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(27,017)	17,761	(26,664)
Preferred dividends	(42,304)	(21,503)	(8,745)
Deemed dividends on preferred stock	(4,719)	(6,954)	0
Gain (loss) on extinguishment of preferred stock	0	0	(4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (74,040)	$ (10,696)	$ (40,004)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (0.15)	$ (0.76)
Weighted average common shares outstanding – basic (in shares)	65,989	69,687	52,684
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (1.13)	$ (0.15)	$ (0.76)
Weighted average common shares outstanding – diluted (in shares)	65,989	69,687	52,684
Total hotel revenue
REVENUE
Total revenue	$ 739,343	$ 669,585	$ 427,542
Rooms
REVENUE
Total revenue	464,899	431,515	280,568
Hotel operating expenses:
Total hotel operating expenses	105,439	94,410	59,818
Food and beverage
REVENUE
Total revenue	185,331	159,241	90,299
Hotel operating expenses:
Total hotel operating expenses	144,544	125,555	75,177
Other hotel
REVENUE
Total revenue	89,113	78,829	56,675
Hotel operating expenses:
Total hotel operating expenses	227,913	205,373	138,914
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 23,261	$ 20,149	$ 13,117

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (30,628)	$ 19,348	$ (32,911)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)	0	0	0
TOTAL COMPREHENSIVE INCOME (LOSS)	(30,628)	19,348	(32,911)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(1,619)	(2,063)	2,650
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	5,230	476	3,597
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (27,017)	$ 17,761	$ (26,664)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Impact of adoption of new accounting standard	Series D Preferred Stock	Common Stock	Series B Preferred Stock	Series E Preferred Stock	Series M Preferred Stock	Preferred Stock Series D Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series E Preferred Stock	Preferred Stock Series M Preferred Stock	Common Stock	Common 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 D Preferred Stock	Accumulated Deficit Common Stock	Accumulated Deficit Series B Preferred Stock	Accumulated Deficit Series E Preferred Stock	Accumulated Deficit Series M Preferred Stock	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2020								1,600,000				38,275,000
Beginning balance at Dec. 31, 2020	$ 261,170,000							$ 16,000				$ 382,000		$ 541,870,000		$ (266,010,000)							$ (15,088,000)	$ 27,655,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)												(50,000)
Purchase of common stock	(348,000)													(348,000)
Equity-based compensation	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
Issuance of restricted shares/units (in shares)												764,000
Issuance of restricted shares/units	0											$ 8,000		(8,000)
Forfeiture of restricted common shares (in shares)												(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			$ (3,300,000)		$ (4,747,000)	$ (683,000)	$ (15,000)											$ (3,300,000)		$ (4,747,000)	$ (683,000)	$ (15,000)
Contributions from noncontrolling interests	1,189,000																						1,189,000
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)
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
Issuance of common units for hotel acquisition	0																							13,175,000
Redemption/conversion of operating partnership units (in shares)												868,000
Extinguishment of preferred stock (in shares)												7,291,000
Extinguishment of preferred stock	41,523,000											$ 71,000		46,047,000		(4,595,000)
Equity component of Convertible Senior Notes	6,257,000													6,257,000
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 beginning of year (in shares) at Dec. 31, 2020	4,277,000								5,031,000	0	0
Beginning balance, temporary equity at Dec. 31, 2020									$ 106,949,000	$ 0	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Units issued (in shares)						1,709,000	29,000			1,710,000	29,000
Issuance of preferred stock										$ 36,211,000	$ 582,000
Extinguishment of preferred stock (in shares)									(1,953,000)
Redemption of preferred stock (in shares)						0	0
Extinguishment of preferred stock									$ (41,523,000)
Redemptions of preferred stock						$ 0	$ 0
Units outstanding at end of year (in shares) at Dec. 31, 2021	7,158,000								3,078,000	1,710,000	29,000
Ending balance, temporary equity at Dec. 31, 2021									$ 65,426,000	$ 39,339,000	$ 715,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)								$ 2.06	$ 1.38	$ 1	$ 0.85
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
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			(3,300,000)		$ (4,233,000)	$ (12,694,000)	$ (1,276,000)											(3,300,000)		(4,233,000)	(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)
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
Increase (Decrease) in Temporary Equity [Roll Forward]
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
Redemption of preferred stock (in shares)						(14,000)	(5,000)			(14,000)	(5,000)
Redemptions of preferred stock						$ (365,000)	$ (134,000)			$ (365,000)	$ (134,000)
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
Ending balance, temporary equity at Dec. 31, 2022					$ 65,426,000	$ 291,076,000	$ 35,182,000		$ 65,426,000	$ 291,076,000	$ 35,182,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)								$ 2.06	$ 1.38	$ 1.97	$ 2.05
Purchase of common stock (in shares)												(3,969,000)
Purchase of common stock	$ (19,254,000)											$ (40,000)		(19,214,000)
Equity-based compensation	3,564,000													3,564,000										5,680,000
Issuance of restricted shares/units (in shares)												689,000
Issuance of restricted shares/units	21,000											$ 7,000		14,000
Forfeiture of restricted common shares (in shares)													(3,000)
Dividends declared - common stock				$ (13,423,000)															$ (13,423,000)
Dividends declared - preferred stock			$ (3,300,000)		$ (4,233,000)	$ (30,883,000)	$ (3,888,000)											$ (3,300,000)		$ (4,233,000)	$ (30,883,000)	$ (3,888,000)
Contributions from noncontrolling interests	9,517,000																						9,517,000
Distributions to noncontrolling interests	(3,724,000)																						(3,724,000)	(1,444,000)
Redemption/conversion of operating partnership units																								(7,162,000)
Net income (loss)	(25,398,000)															(27,017,000)							1,619,000	(5,230,000)
Redemption value adjustment – preferred stock	(4,719,000)															(4,719,000)
Redemption value adjustment – preferred stock										$ 3,934,000	$ 785,000
Redemption value adjustment	4,000															4,000								(4,000)
Ending balance (in shares) at Dec. 31, 2023								1,600,000				66,636,000
Ending balance at Dec. 31, 2023	$ 298,047,000							$ 16,000				$ 666,000		$ 718,498,000		$ (412,199,000)							$ (8,934,000)	$ 32,395,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Units issued (in shares)						3,798,000	531,000			3,931,000	542,000
Issuance of preferred stock										$ 88,448,000	$ 13,051,000
Redemption of preferred stock (in shares)						(272,000)	(137,000)			(272,000)	(137,000)
Redemptions of preferred stock						$ (6,423,000)	$ (3,395,000)			$ (6,423,000)	$ (3,395,000)
Units outstanding at end of year (in shares) at Dec. 31, 2023	7,224,000				3,078,017	16,316,315	1,832,805		3,078,000	16,316,000	1,833,000
Ending balance, temporary equity at Dec. 31, 2023					$ 65,426,000	$ 377,035,000	$ 45,623,000		$ 65,426,000	$ 377,035,000	$ 45,623,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)								$ 2.06	$ 1.38	$ 1.91	$ 2.07

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.08
Series B Preferred Stock
Temporary equity, dividend rate (as a percent)	5.50%	5.50%
Series B Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 1.38	$ 1.38
Series D Preferred Stock
Preferred stock dividend rate (as a percent)	8.25%	8.25%
Series D Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 2.06	$ 2.06
Series E Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 1.91	1.97
Series M Preferred Stock
Temporary equity, dividend rate (as a percent)	0.082%
Series M Preferred Stock | Preferred Stock
Dividends declared per preferred share (in dollars per share)	$ 2.07	$ 2.05

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (30,628)	$ 19,348	$ (32,911)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	93,272	78,122	73,762
Equity-based compensation	9,244	11,285	10,183
Bad debt expense	915	838	436
(Gain) loss on extinguishment of debt	(2,318)	0	0
Amortization of loan costs, discounts and capitalized default interest	2,195	(816)	(205)
Write-off of loan costs and exit fees	3,489	146	1,963
Amortization of intangibles	474	474	512
Amortization of non-refundable membership initiation fees	(1,776)	(1,470)	(1,029)
Interest expense accretion on refundable membership club deposits	671	723	772
(Gain) loss on insurance settlement and disposition of assets	0	0	(696)
Realized and unrealized (gain) loss on derivatives	663	(4,961)	(32)
Equity in (earnings) loss of unconsolidated entity	253	328	252
Deferred income tax expense (benefit)	1,329	51	(174)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Accounts receivable and inventories	11,264	(9,088)	(11,036)
Prepaid expenses and other assets	(5,758)	(501)	(793)
Accounts payable and accrued expenses	47	1,650	35,976
Operating lease right-of-use assets	592	588	574
Due to/from related parties, net	1,541	832	(779)
Due to/from third-party hotel managers	8,398	2,590	(15,491)
Operating lease liabilities	(313)	(294)	(268)
Other liabilities	1,518	1,389	2,214
Net cash provided by (used in) operating activities	84,711	109,483	63,950
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	361	36	0
Net proceeds from disposition of assets	0	0	1,816
Proceeds from hotel management agreement amendment	0	1,667	0
Payments for initial franchise fee	(75)	0	0
Acquisition of hotel properties, net of cash and restricted cash acquired	0	(354,445)	(17,615)
Investment in unconsolidated entity	(238)	(328)	(233)
Improvements and additions to hotel properties	(77,114)	(49,148)	(25,644)
Net cash provided by (used in) investing activities	(77,066)	(402,218)	(41,676)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	370,600	170,500	83,231
Repayments of indebtedness	(534,307)	(68,500)	(84,224)
Payments of loan costs and exit fees	(11,636)	(4,080)	(1,898)
Payments for derivatives	(5,051)	(3,030)	(200)
Proceeds from derivatives	7,720	167	0
Purchase of common stock	(19,307)	(7,411)	(376)
Payments for dividends and distributions	(52,563)	(20,763)	(9,088)
Net proceeds from issuance of preferred stock	97,862	278,621	36,855
Gross proceeds received	0	0	102,461
Common stock offering costs	0	(112)	0
Contributions from noncontrolling interest in consolidated entities	9,517	164	1,189
Redemption of operating partnership units	(7,162)	0	0
Distributions to noncontrolling interest in consolidated entities	(2,693)	0	0
Redemption of preferred stock	(9,818)	(499)	0
Net cash provided by (used in) financing activities	(156,838)	345,057	127,950
Net change in cash, cash equivalents and restricted cash	(149,193)	52,322	150,224
Cash, cash equivalents and restricted cash at beginning of period	315,696	263,374	113,150
Cash, cash equivalents and restricted cash at end of period	166,503	315,696	263,374
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	91,576	48,901	31,635
Income taxes paid (refunded)	3,424	1,239	(14)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid	9,158	8,184	2,173
Common stock purchases accrued but not paid	0	54	0
Issuance of common units for hotel acquisition	0	0	13,175
Issuance of warrants in hotel acquisition	0	0	1,528
Assumption of debt in hotel acquisition	0	58,601	49,815
Capital expenditures accrued but not paid	21,702	6,702	4,564
Issuance of common stock for hotel acquisition	0	35,040	0
Non-cash extinguishment of preferred stock	0	0	41,523
Distributions declared but not paid to a noncontrolling interest in a consolidated entity	0	2,024	0
Issuance of common stock from preferred stock exchange	0	0	46,118
Accrued common stock offering expense	0	0	76
Accrued preferred stock offering expenses	0	23	101
Dividends and distributions payable	9,158	8,184
Unsettled proceeds from derivatives	361	330	0
Non-cash PSU dividends	20	0	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	85,599	261,541	215,998
Restricted cash	80,904	54,155	47,376
Cash, cash equivalents and restricted cash	166,503	315,696	263,374
Ashford Inc.
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:
Due to/from Ashford Inc.	(10,361)	8,249	720
Non-cash preferred stock dividends
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions payable	3,614	1,050	39
Non-cash common stock dividends
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions payable	$ 0	$ 5	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2023
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” refer 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 contractually engage hotel management companies to operate them for us under management contracts. Remington Lodging & Hospitality, LLC (“Remington Hospitality”), 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 policies covering general liability, workers compensation and business automobile claims, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services, mobile key technology and cash management services. The accompanying consolidated financial statements include the accounts of wholly-owned and majority-owned subsidiaries of Braemar OP that as of December 31, 2023, 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 4,192 total rooms, or 3,957 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, 2023, 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, 2023, 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, LLC (“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 Hospitality, which are eligible independent contractors under the Code.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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 4, 2021, we acquired the Cameo Beverly Hills (formerly known as “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 3% 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. 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, 2023, 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. 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 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, 2023 and 2022, 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, 2023 and 2022 was $49.4 million and $46.0 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. 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, 2023, 2022 and 2021, we incurred advertising costs of $6.4 million, $6.5 million and $4.0 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 Company recognizes forfeitures as they occur. With respect to the 2021, 2022 and 2023 award agreements, the compensation committee utilizes a 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 compensation expense 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. Partnerships are not subject to U.S. federal income tax on their income. Instead, each of its partners is required to include in income its allocable share of the partnership’s income. 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, USVI, Puerto Rico and various states and cities. Tax years 2019 through 2023 remain subject to potential examination by certain federal, foreign 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 ASU 2021-01 , Reference Rate Reform (Topic 848), 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848 ) (“ASU 2022-06”), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption. Recently Issued Accounting Standards —In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact that ASU 2023-07 will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which eliminated the historic requirement that entities disclose information concerning unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the 12 months following the reporting date. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenu e The following tables present our revenue disaggregated by geographical areas (in thousands): Year Ended December 31, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 6 $ 127,147 $ 42,988 $ 21,028 $ 191,163 Puerto Rico 1 50,436 18,214 11,595 80,245 Arizona 1 35,789 23,803 8,074 67,666 Colorado 1 25,351 14,888 9,096 49,335 Florida 2 61,446 32,418 22,297 116,161 Illinois 1 25,512 6,337 2,068 33,917 Pennsylvania 1 26,222 5,564 1,331 33,117 Washington 1 28,410 4,425 1,794 34,629 Washington, D.C. 1 36,615 19,234 1,867 57,716 USVI 1 47,971 17,460 9,963 75,394 Total 16 $ 464,899 $ 185,331 $ 89,113 $ 739,343 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

Investments in Hotel Properties

Investments in Hotel Properties, net	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Land $ 630,842 $ 630,489 Buildings and improvements 1,535,501 1,511,949 Furniture, fixtures and equipment 166,673 147,019 Construction in progress 36,954 22,890 Residences 12,746 12,746 Total cost 2,382,716 2,325,093 Accumulated depreciation (498,508) (440,492) Investments in hotel properties, net $ 1,884,208 $ 1,884,601 For the years ended December 31, 2023, 2022 and 2021, depreciation expense was $92.6 million, $78.0 million and $73.0 million, respectively. Impairment Charges During the years ended December 31, 2023, 2022 and 2021, no impairment charges were recorded.

Investment in Unconsolidated En

Investment in Unconsolidated Entity	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entity	Investment in Unconsolidated Entity OpenKey, Inc. (“OpenKey”), which is controlled and consolidated by Ashford Inc., 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. As of December 31, 2023, the Company has made equity investments in OpenKey totaling $2.9 million. All investments were recommended by our Related Party Transactions Committee and unanimously approved by the independent members of our board of directors. 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, 2023, 2022 and 2021. The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,416 $ 1,689 Ownership interest in OpenKey 7.9 % 7.9 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Equity in earnings (loss) of unconsolidated entity $ (273) $ (328) $ (252) On February 2, 2023, the Company entered into a loan funding agreement with Ashford Inc. and OpenKey. Per the agreement, Ashford Inc. and the Company will provide OpenKey with a maximum loan amount of $5.0 million to be allocated on a pro-rata basis based on current ownership interests and funded quarterly, over the course of 2023. The loan bears interest at an annual rate of 15%. Additionally, repayment of the loan principal and all accrued interest is due upon certain events. As of December 31, 2023, the Company has funded approximately $238,000. The following table summarizes our note receivable from OpenKey (in thousands): Line Item December 31, 2023 December 31, 2022 Investment in unconsolidated entity $ 258 $ — The following table summarizes the interest income associated with the loan to OpenKey (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Equity in earnings (loss) of unconsolidated entity $ 20 $ — $ —

Indebtedness, net

Indebtedness, net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (16) Interest Rate December 31, 2023 December 31, 2022 Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (4) Bardessono Hotel and Spa August 2023 August 2023 SOFR (2) + 2.65% $ — — $ 40,000 51,514 Mortgage loan (4) The Ritz-Carlton Sarasota October 2023 April 2024 LIBOR (1) +2.65% — — 98,500 162,134 Mortgage loan (4) Hotel Yountville November 2023 May 2024 LIBOR (1) + 2.55% — — 51,000 84,180 Mortgage loan (5) Capital Hilton February 2024 February 2024 SOFR (2) + 1.70% — — 195,000 194,770 Hilton La Jolla Torrey Pines Mortgage loan (5) (6) Hilton La Jolla Torrey Pines February 2024 February 2024 SOFR (2) + 1.70% 66,600 66,947 — — Mortgage loan (7) Park Hyatt Beaver Creek Resort & Spa February 2024 February 2027 SOFR (2) + 2.86% 70,500 140,966 70,500 139,830 Mortgage loan (8) The Ritz-Carlton Reserve Dorado Beach March 2024 March 2026 LIBOR (1) + 6.00% — — 54,000 193,367 Mortgage loan (9) The Notary Hotel June 2024 June 2025 SOFR (2) + 2.66% 293,180 378,335 435,000 403,896 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (10) Cameo Beverly Hills August 2024 August 2024 SOFR (2) + 3.66% 30,000 71,196 30,000 71,820 Mortgage loan (11) (12) The Ritz-Carlton St. Thomas August 2024 August 2024 SOFR (2) + 4.04% 42,500 114,224 42,500 119,492 Mortgage loan (13) Pier House Resort & Spa September 2024 September 2024 SOFR (2) + 1.95% 80,000 81,806 80,000 83,361 Mortgage loan (14) The Ritz-Carlton Lake Tahoe January 2025 January 2026 SOFR (2) + 3.60% 53,413 132,467 54,000 112,777 Convertible Senior Notes Equity June 2026 June 2026 4.50% 86,250 — 86,250 — BAML Credit Facility (4) Bardessono Hotel and Spa July 2026 July 2027 Base Rate (3) +1.25% to 2.00% or SOFR (2) + 2.35% to 3.10% 200,000 303,405 — — Hotel Yountville The Ritz-Carlton Sarasota Mortgage loan (15) Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (2) + 3.75% 140,000 261,737 100,000 267,460 Mortgage loan (5) Capital Hilton December 2026 December 2028 SOFR (2) + 3.75% 110,600 143,840 — — 1,173,043 $ 1,694,923 1,336,750 $ 1,884,601 Capitalized default interest and late charges, net 120 1,934 Deferred loan costs, net (9,135) (5,054) Premiums/(discounts), net (1,584) 500 Indebtedness, net $ 1,162,444 $ 1,334,130 __________________ (1) LIBOR rate was 4.39% at December 31, 2022. (2) SOFR rates were 5.35% and 4.36% at December 31, 2023 and December 31, 2022, respectively. (3) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%. (4) On July 31, 2023, we entered into a new $200.0 million secured credit facility comprised of a $150.0 million term loan and a $50.0 million secured revolving credit facility with a three-year initial term and one one-year extension option, subject to satisfaction of certain conditions. The new facility is interest only and bears interest at a rate of SOFR + 2.35% to 3.10%. Proceeds from the facility were used to repay the mortgage loans secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. (5) On December 22, 2023, we entered into a new $110.6 million loan secured by Capital Hilton. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%, has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions, and has a SOFR floor of 2.00%. The Hilton La Jolla Torrey Pines remains encumbered by the original mortgage loan, which was partially paid down to a remaining balance of $66.6 million. (6) On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date by six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised February 2024. (8) On January 18, 2023, we repaid this mortgage loan. (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. In accordance with exercising the fourth one-year extension option, we repaid $142.0 million of principal and the variable interest rate increased from LIBOR + 2.16% to LIBOR + 2.61%. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 2.61% to SOFR + 2.66%. (10) This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 3.60% to SOFR + 3.66%. This mortgage loan has a SOFR floor of 1.50%. (11) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 3.95% to SOFR + 4.04%. This mortgage loan has a SOFR floor of 1.00%. (12) On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 4.00%. (13) On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (14) On October 31, 2023, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to January 2025, and the variable interest rate increased from SOFR + 2.20% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (15) On September 29, 2023, we amended this mortgage loan. Terms of the amendment included increasing the outstanding principal from $100.0 million to $140.0 million, and extending the current maturity date by one year to December 2026. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%. (16) The final maturity date assumes all available extension 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 certain of our hotels. 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 amortized principal was approximately $1.7 million, $2.0 million and $3.4 million, respectively, for the years ended December 31, 2023, 2022 and 2021. On January 18, 2023, the Company repaid its $54.0 million mortgage loan secured by The Ritz-Carlton Reserve Dorado Beach, which resulted in a gain on extinguishment of debt of $2.3 million for the year ended December 31, 2023. The gain was primarily attributable to the premium that was recorded upon the assumption of the mortgage loan when the hotel was acquired. 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. For the years ended December 31, 2023, 2022 and 2021, the Company recorded coupon interest expense of $3.9 million, $3.9 million and $2.4 million, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company recorded discount amortization of $589,000, $553,000 and $974,000, respectively, related to the initial purchase discount, with the remaining discount balance 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. Credit Facility On July 31, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with Braemar OP (the “Borrower”), the lenders party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent and L/C Issuer (as defined in the Credit Agreement). Bank of America, N.A. acted as administrative agent and lead arranger on the transaction. Syndicate bank participants include TBK Bank and MidFirst Bank. The Credit Agreement, as amended by the First Amendment to Credit Agreement, dated as of February 21, 2024, evidences a $200 million secured credit facility (the “Facility”) comprised of a secured term loan facility of $150 million (the “Term Loan Facility”) and a secured revolving credit facility of $50 million (the “Revolving Credit Facility”). Upon satisfaction of certain conditions, including the addition of new Borrowing Base Properties (as defined in the Credit Agreement), the Facility may be increased to an amount of not more than $400 million in the aggregate. The maximum availability under the Facility is determined on a quarterly basis and limited to the lesser of (i) $200 million (subject to increase of up to $400 million in the aggregate); (ii) 55% of the appraised value of all Borrowing Base Properties; and (iii) the DSC Amount (as defined below). The initial Borrowing Base Properties include the Company’s Ritz-Carlton Sarasota, Bardessono Hotel and Spa and Hotel Yountville hotel properties (the “Initial Borrowing Base Properties”). The “DSC Amount” means the maximum principal amount that can be supported from the Adjusted NOI (as defined in the Credit Agreement) from the Borrowing Base Properties assuming: (i) a 30-year amortization and an interest rate which is the greater of (a) the ten (10) year U.S. Treasury Rate plus 2.50% and (b) 7.50%; and (ii) a minimum debt service coverage of 1.55 to 1.00. The proceeds of the Term Loan Facility were used to repay the mortgage debt associated with The Ritz-Carlton Sarasota, Bardessono Hotel and Spa and Hotel Yountville, which serve as the Initial Borrowing Base Properties for the financing. In addition, at closing, the Company drew down approximately $46 million under the Revolving Credit Facility. The Facility is a three-year, interest-only facility with all outstanding principal due at maturity, with a one-year extension option, subject to the satisfaction of certain conditions, including the payment of an Extension Fee (as defined in the Credit Agreement) equal to 20 basis points (0.20%) of the outstanding Facility amount. The Credit Agreement is guaranteed by the Company, the Borrower and certain other eligible subsidiaries of the Company and secured by: (i) perfected lien mortgages or deeds of trust and security interests in the Borrowing Base Properties (as defined in the Credit Agreement); (ii) assignments of leases and rents with respect to the Borrowing Base Properties; (iii) assignments of all management agreements, franchise agreements, licenses and other material agreements relating to the Borrowing Base Properties; (iv) perfected first priority liens on all reserve accounts and all operating accounts related to each Borrowing Base Property; and (v) perfected first priority liens on and security interests in each subsidiary guarantor owning a Borrowing Base Property. Borrowings under the Credit Agreement will bear interest at Daily SOFR or Term SOFR plus 10 basis points (with a 0% floor) plus the applicable margin. Depending on the Company’s Net Debt to EBITDA ratio, the applicable margin for SOFR ranges from 2.25% to 3.00%. Default interest would accrue at the applicable rate plus 2.0%. The Facility contains customary terms, covenants, negative covenants, events of default, limitations and other conditions for credit facilities of this type. Subject to certain exceptions, the Company and the Borrower are subject to restrictions on incurring additional indebtedness and liens, investments, mergers and fundamental changes, sales or other dispositions of property, dividends and stock redemptions, changes in the nature of the Borrower’s business, transactions with affiliates and burdensome agreements. Financial covenants are generally based on the financial condition and results of operations of the Company and its consolidated subsidiaries and include, among others, the following: (i) a Consolidated Leverage Ratio (i.e., Consolidated Net Debt to the Consolidated Total Asset Value) of not more than 55%; and (ii) a Consolidated Fixed Charge Coverage Ratio (FCCR) (i.e., the ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges) of not less than (i) prior to December 31, 2024, 1.1 to 1.0 and (ii) thereafter, 1.25 to 1.0. The Credit Agreement includes customary events of default, and the occurrence of an event of default will permit the Lenders to terminate commitments to lend under the Credit Agreement and accelerate payments of all amounts outstanding thereunder. Effective June 30, 2023, LIBOR is no longer published. Accordingly, all variable interest rate mortgage loans held by the Company that used the LIBOR index transitioned to SOFR beginning on July 1, 2023. Not all lenders executed loan amendment documents and instead deferred to original loan documents that dictate changes in index rates. 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, 2023, we were in compliance with all covenants. Maturities and scheduled amortization of indebtedness as of December 31, 2023, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2024 $ 582,780 2025 53,413 2026 536,850 2027 — 2028 — Thereafter — Total $ 1,173,043

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 Notional amount (in thousands) $ 537,780 $ 776,500 $ 882,500 Strike rate low end of range 3.50 % 3.50 % 0.75 % Strike rate high end of range 5.25 % 4.50 % 4.00 % Effective date range January 2023 - December 2023 February 2022-December 2022 January 2021 - September 2021 Termination date range January 2024 - January 2026 May 2023- January 2025 February 2022 - August 2024 Total cost of interest rate caps (in thousands) $ 5,051 $ 3,030 $ 200 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) December 31, 2023 December 31, 2022 Notional amount (in thousands) $ 778,280 $ 960,500 Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 5.25 % 4.50 % Termination date range January 2024 - January 2025 January 2023- January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 777,693 $ 959,000 _______________ (1) No instruments were designated as cash flow hedges. Warrants —On August 5, 2021, as part of the consideration paid to acquire the Cameo Beverly Hills (formerly known as 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 warrants 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, 2023, no warrants have been exercised. The initial fair value of the warrants 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, 2023
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 rose 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 (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, 2023, the SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 5.352% to 3.403% 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, 2023 Assets Derivative assets: Interest rate derivatives - caps $ — $ 2,847 $ — $ 2,847 Total $ — $ 2,847 $ — $ 2,847 (1) Liabilities Derivative liabilities: Warrants $ — $ (12) $ — $ (12) (2) Net $ — $ 2,835 $ — $ 2,835 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 $ — $ 6,482 $ — $ 6,482 (1) Liabilities Derivative liabilities: Warrants $ — $ (284) $ — $ (284) (2) Net $ — $ 6,198 $ — $ 6,198 __________________ (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, 2023 2022 2021 Assets Derivative assets: Interest rate derivatives - caps $ (935) $ 3,810 $ (62) Total $ (935) $ 3,810 $ 55 Liabilities Derivative liabilities: Warrants $ 272 $ 1,151 $ 94 Net $ (663) $ 4,961 $ 149 Total combined Interest rate derivatives - caps $ (8,685) $ 3,313 (62) Warrants 272 1,151 94 Unrealized gain (loss) on derivatives $ (8,413) (1) $ 4,464 (1) $ 32 (1) Realized gain (loss) on interest rate caps 7,750 (1) (2) 497 (1) (2) — Net $ (663) $ 4,961 $ 32 ________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) 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, 2023
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining the estimated fair values of certain financial instruments such as indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Derivative assets $ 2,847 $ 2,847 $ 6,482 $ 6,482 Financial liabilities measured at fair value: Derivative liabilities $ 12 $ 12 $ 284 $ 284 Financial assets not measured at fair value: Cash and cash equivalents $ 85,599 $ 85,599 $ 261,541 $ 261,541 Restricted cash 80,904 80,904 54,155 54,155 Accounts receivable, net 39,199 39,199 51,448 51,448 Due from related parties, net — — 938 938 Due from third-party hotel managers 17,739 17,739 26,625 26,625 Financial liabilities not measured at fair value: Indebtedness $ 1,171,459 $ 1,124,377 $ 1,337,250 $ 1,294,391 Accounts payable and accrued expenses 149,867 149,867 133,978 133,978 Dividends and distributions payable 9,158 9,158 8,184 8,184 Due to Ashford Inc. 1,471 1,471 10,005 10,005 Due to related parties, net 603 603 — — Due to third-party hotel managers 1,608 1,608 2,096 2,096 Cash, cash equivalents and restricted cash . These financial assets have maturities of less than 90 days and most bear interest at market rates. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, due to/from related parties, net, accounts payable and accrued expenses, dividends and distributions payable, due to Ashford Inc and due to/from third-party hotel managers . The carrying values of these financial instruments approximate their fair values due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. Derivative assets 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 96.0% of the carrying value of $1.2 billion at December 31, 2023, and approximately 96.8% of the carrying value of $1.3 billion at December 31, 2022. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (27,017) $ 17,761 $ (26,664) Less: dividends on preferred stock (42,304) (21,503) (8,745) Less: deemed dividends on preferred stock (4,719) (6,954) — Less: dividends on common stock (13,164) (5,598) — Less: loss on extinguishment of preferred stock - Series B — — (4,595) Less: dividends on unvested performance stock units (226) (36) — Add: claw back of dividends on cancelled performance stock units — 7 143 Less: dividends on unvested restricted shares (33) (38) — Undistributed net income (loss) allocated to common stockholders (87,463) (16,361) (39,861) Add back: dividends on common stock 13,164 5,598 — Distributed and undistributed net income (loss) - basic and diluted $ (74,299) $ (10,763) $ (39,861) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 65,989 69,687 52,684 Weighted average common shares outstanding – diluted 65,989 69,687 52,684 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (1.13) $ (0.15) $ (0.76) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (1.13) $ (0.15) $ (0.76) 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, 2023 2022 2021 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 33 $ 38 $ — Income (loss) allocated to unvested performance stock units 226 30 — Income (loss) attributable to redeemable noncontrolling interests in operating partnership (5,230) (476) (3,597) Dividends on preferred stock - Series B 4,233 4,233 4,747 Loss on extinguishment of preferred stock - Series B — — 4,595 Interest expense on Convertible Senior Notes 4,470 4,435 3,378 Dividends on preferred stock - Series E (inclusive of deemed dividends) 34,817 18,969 683 Dividends on preferred stock - Series M (inclusive of deemed dividends) 4,673 1,955 15 Total $ 43,222 $ 29,184 $ 9,821 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 3 39 99 Effect of unvested performance stock units 273 — — Effect of assumed conversion of operating partnership units 5,487 5,907 4,980 Effect of assumed conversion of preferred stock - Series B 4,116 4,116 4,614 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 13,609 8,450 Effect of assumed conversion of preferred stock - Series E 126,832 34,730 1,345 Effect of assumed conversion of preferred stock - Series M 14,740 3,366 32 Total 165,060 61,768 19,884

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	12 Months Ended
	Dec. 31, 2023
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, 2023, there were approximately 1.5 million unvested Performance LTIP units, representing 200% of the target, outstanding. With respect to the 2021, 2022 and 2023 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, 2022 and 2023 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 applicable measurement 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. As of December 31, 2023, approximately 840,000 Performance LTIP units granted in 2021, deemed to have met the performance conditions, became fully vested at 200% of the target. As of December 31, 2023, we have issued a total of approximately 3.0 million LTIP and Performance LTIP units, net of Performance LTIP cancellations. All LTIP and Performance LTIP units, other than approximately 614,000 LTIP units and 353,000 Performance LTIP units issued from March 2015 to May 2023, had reached full economic parity with, and are convertible into, common units. The following table presents compensation expense for Performance LTIP units and LTIP units (in thousands): Year Ended December 31, Type Line Item 2023 2022 2021 Performance LTIP units Advisory services fee $ 4,445 $ 4,301 $ 1,765 LTIP units Advisory services fee 1,039 1,229 1,372 LTIP units Corporate, general and administrative 14 28 12 LTIP units - independent directors Corporate, general and administrative 182 252 164 Total $ 5,680 $ 5,810 $ 3,313 The unamortized cost of the unvested Performance LTIP units of approximately $2.7 million at December 31, 2023 will be expensed over a period of 2.0 years with a weighted average period of 1.2 years. The unamortized cost of the unvested LTIP units of approximately $211,000 at December 31, 2023, will be amortized over a period of 0.2 years with a weighted average period of 0.2 years. A summary of the activity of the units in our operating partnership is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Units outstanding at beginning of year 8,283 7,158 4,277 LTIP units issued 44 44 469 Performance LTIP units issued 353 1,194 840 Common units issued for hotel acquisition — — 2,500 Units redeemed for shares of common stock — — (868) Units redeemed for cash (1,456) — — Performance LTIP units cancelled — (113) (60) Units outstanding at end of year 7,224 8,283 7,158 Units convertible/redeemable at end of year 4,292 5,841 5,533 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, 2023 December 31, 2022 Redeemable noncontrolling interests in Braemar OP (in thousands) $ 32,395 $ 40,555 Adjustments to redeemable noncontrolling interests (1) (in thousands) $ 66 $ 70 Ownership percentage of operating partnership 6.63 % 7.69 % ____________________________________ (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, 2023 2022 2021 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 5,230 $ 476 $ 3,597 Distributions declared to holders of common units, LTIP units and Performance LTIP units $ 1,444 $ 665 — Performance LTIP dividend claw back upon cancellation — (4) (38) The following table presents the common units redeemed and the fair value at redemption (in thousands): Year Ended December 31, 2023 2022 2021 Common units converted to common stock — — 868 Fair value of common units converted $ — $ — $ 4,122 (1) ____________________________________ (1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $4.6 million. The following table presents the common units redeemed for cash (in thousands): Year Ended December 31, 2023 2022 2021 Units redeemed 1,456 — — Cash value of common units redeemed $ 7,162 (1) — — ____________________________________ (1) Includes Mr. Monty J. Bennett’ s 1.4 million common units redeemed for cash of approximately $7.0 million during February 2023.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Common stock dividends declared $ 13,423 $ 5,665 $ — 8.25% Series D Cumulative Preferred Stock —At December 31, 2023 and 2022, 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, 2023 2022 2021 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, 2023, we repurchased 3.9 million shares of our common stock for approximately $18.9 million. During the year ended December 31, 2022, we repurchased 1.5 million shares of our common stock for approximately $6.1 million. As of December 31, 2023, the Company has completed the $25 million repurchase authorization. We repurchased approximately 83,000, 262,000 and 50,000 shares of our common stock in 2023, 2022 and 2021, 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, 2023, 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, 2023 2022 2021 Common shares issued — — 2,711 Gross proceeds received $ — $ — $ 16,119 Commissions — — 202 Net proceeds $ — $ — $ 15,917 Standby Equity Distribution Agreement —On February 4, 2021, the Company entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA II PN, Ltd. (“YA”), pursuant to which the Company will be able to sell up to 7,780,786 shares of its common stock (the “Commitment Amount”) at the Company’s request any time during the commitment period commencing on February 4, 2021, and terminating on the earliest of: (i) the first day of the month next following the 36-month anniversary of the SEDA; or (ii) the date on which YA shall have made payment of Advances (as defined in the SEDA) pursuant to the SEDA for shares of the Company’s common stock equal to the Commitment Amount (the “Commitment Period”). Other than with respect to the Initial Advance (as defined below) the shares sold to YA pursuant to the SEDA would be purchased at 95% of the Market Price (as defined below) and would be subject to certain limitations, including that YA could not purchase any shares that would result in it owning more than 4.99% of the Company’s common stock. “Market Price” shall mean the lowest daily VWAP (as defined below) of the Company’s common stock during the five consecutive trading days commencing on the trading day following the date the Company submits an advance notice to YA. “VWAP” means, for any trading day, the daily volume weighted average price of the Company’s common stock for such date on the principal market as reported by Bloomberg L.P. during regular trading hours. The agreement terminated on February 4, 2024. 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, 2023, 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, 2023 2022 2021 Common shares sold to YA — — 1,700 Proceeds received $ — $ — $ 10,000 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, 2023, 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, 2023 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 $(8.9) million and $(16.3) million at December 31, 2023 and 2022, respectively. The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands): Year Ended December 31, 2023 2022 2021 (Income) loss from consolidated entities attributable to noncontrolling interests $ (1,619) $ (2,063) $ 2,650

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2023
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Stock	Redeemable 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 a federal 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, 2023, 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. 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, 2023 2022 2021 Series B Convertible Preferred Stock $ 4,233 $ 4,233 $ 4,747 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 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 offered a maximum of 20,000,000 shares of Series E Preferred Stock in a primary offering at a price of $25.00 per share. On February 21, 2023, the Company announced the closing of its Series E Preferred Stock offering. 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 (voting together as a single class with all other classes or series of capital stock ranking on a parity with the 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 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. The Series E Preferred Stock cash dividends are as follows: • 8.00% 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 • 7.50% per annum of the Stated Value beginning on the second anniversary from the Date of Initial Closing. Dividends are payable on a monthly basis in arrears on the 15th day of each month (or, if such payment date is not a business day, the next succeeding business day) 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 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, 2023 2022 2021 Series E Preferred Stock shares issued (1) 3,798 10,914 1,709 Net proceeds (1) $ 85,444 $ 245,575 $ 38,450 __________________ (1) Exclusive of shares issued under the DRIP. 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, 2023 December 31, 2022 Series E Preferred Stock $ 377,035 $ 291,076 Cumulative adjustments to Series E Preferred Stock (1) $ 13,337 $ 9,403 ________ (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, 2023 2022 2021 Series E Preferred Stock $ 30,883 $ 12,694 $ 683 The redemption activities of Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series E Preferred Stock shares redeemed 272 14 $ — Redemption amount, net of redemption fees $ 6,423 $ 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 offered a maximum of 20,000,000 shares of the Series M Preferred Stock (par value $0.01) in a primary offering at a price of $25.00 per share (or “Stated Value”). On February 21, 2023, the Company announced the closing of its Series M Preferred Stock offering. 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 (voting together as a single class with all other classes or series of capital stock ranking on a parity with the 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 in the Articles Supplementary) 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 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 are payable on a monthly basis and in arrears on the 15th day of each month (or, if such payment date is not a business day, on the next succeeding business day) 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 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, 2023 2022 2021 Series M Preferred Stock shares issued (1) 531 1,402 29 Net proceeds (1) $ 12,869 $ 34,009 $ 704 __________________ (1) Exclusive of shares issued under the DRIP. 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, 2023 December 31, 2022 Series M Preferred Stock $ 45,623 $ 35,182 Cumulative adjustments to Series M Preferred Stock (1) $ 1,597 $ 812 __________________ (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, 2023 2022 2021 Series M Preferred Stock $ 3,888 $ 1,276 $ 15 The redemption activities of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series M Preferred Stock shares redeemed 137 5 — Redemption amount, net of redemption fees $ 3,395 $ 134 $ —

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the 2013 Equity Incentive Plan, as amended, we are authorized to grant 8.2 million restricted stock or performance stock units of our common stock as incentive stock awards. At December 31, 2023, approximately 1.6 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. At December 31, 2023, the unamortized cost of unvested shares of restricted stock was $236,000, which is expected to be recognized over a period of 0.2 years with a weighted average period of 0.2 years. The following table summarizes the stock-based compensation expense for restricted stock (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 1,162 $ 2,195 $ 3,028 Management fees 11 26 56 Corporate general and administrative 101 126 111 Corporate general and administrative - independent directors 182 252 322 $ 1,456 $ 2,599 $ 3,517 A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Number of Units Weighted Average Number of Units Weighted Average Number of Units Weighted Average Outstanding at beginning of year 437 $ 6.46 957 $ 6.94 536 $ 7.98 Restricted shares granted 45 4.07 45 5.63 764 7.02 Restricted shares vested (312) 5.82 (543) 5.86 (317) 6.31 Restricted shares forfeited (3) 6.90 (22) 6.77 (26) 6.94 Outstanding at end of year 167 $ 7.02 437 $ 6.46 957 $ 6.94 The fair value of restricted stock vested during the years ended December 31, 2023, 2022 and 2021 was approximately $1.3 million, $3.1 million and $2.1 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 2021, 2022 and 2023 award agreements, the compensation committee utilizes a 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, 2022 and 2023 performance grants are based on performance conditions under the relevant literature, and the 2021, 2022 and 2023 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 corresponding measurement 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. During the years ended 2022 and 2021, 225,000 PSUs granted in 2020 and 223,000 PSUs granted in 2019, were canceled due to the market condition criteria not being met. As a result there was a claw back of the previously declared dividends in the amount of $7,000 and $143,000, respectively. The following table summarizes the compensation expense for PSUs (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 2,108 $ 2,876 3,374 At December 31, 2023, the unamortized cost of unvested PSUs was $1.1 million, which is expected to be recognized over a period of 2.0 years with a weighted average period of 1.9 years. A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 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 335 $ 5.84 671 $ 5.84 448 $ 11.71 PSUs granted 383 4.07 41 5.63 446 7.01 PSUs vested (294) 7.01 (152) 4.69 — — PSUs canceled — — (225) 3.51 (223) 19.96 Outstanding at end of year 424 $ 4.22 335 $ 5.84 671 $ 5.84

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
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, PSUs 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, 2023 2022 2021 Advisory services fee Base advisory fee $ 13,982 $ 12,790 $ 10,806 Reimbursable expenses (1) 8,353 4,653 2,297 Equity-based compensation (2) 8,754 10,601 9,538 Incentive fee — 803 — Total $ 31,089 $ 28,847 $ 22,641 ________ (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. On September 27, 2022, an agreement was entered into by Ashford Inc., Ashford Trust and Braemar pursuant to which the Advisor is to implement the REITs’ cash management strategies. This will include actively managing the REITs excess cash by primarily investing in short-term U.S. Treasury securities. The annual fee is equal to the lesser of (i) 20 bps of the average daily balance of the funds managed by the Advisor and (ii) the actual rate of return realized by the cash management strategies; provided that in no event will the cash management fee be less than zero. The fee is payable monthly in arrears. On March 10, 2022, the Company entered into a Limited Waiver Under Advisory Agreement (the “2022 Limited Waiver”) with Braemar OP, Braemar TRS and its advisor. The advisory agreement: (i) allocates responsibility for certain employee costs between the Company and its advisor; and (ii) permits the Company’s board of directors to issue annual equity awards in the Company or Braemar OP to employees and other representatives of its advisor based on achievement by the Company of certain financial or other objectives or otherwise as the Company’s board of directors sees fit. Pursuant to the 2022 Limited Waiver, the Company, Braemar OP, Braemar TRS and the Company’s advisor waived the operation of any provision in the advisory agreement that would otherwise have limited our ability, in our discretion and at our cost and expense, to award during the first and second fiscal quarters of calendar year 2022 cash incentive compensation to employees and other representatives of our advisor. On March 2, 2023, the Company entered into a second Limited Waiver Under Advisory Agreement (the “2023 Limited Waiver”) with Braemar OP, Braemar TRS and its advisor. Pursuant to the 2023 Limited Waiver, the Company, Braemar OP, Braemar TRS and the Company’s advisor waived the operation of any provision in the advisory agreement that would otherwise limit our ability, in our discretion and at our cost and expense, to award during the first and second fiscal quarters of calendar year 2023 cash incentive compensation to employees and other representatives of our advisor. On March 11, 2024, we entered into a Limited Waiver Under Advisory Agreement with Ashford Inc. and Ashford LLC (the “Advisory Agreement Limited Waiver”). Pursuant to the Advisory Agreement Limited Waiver, the Company, the Operating Partnership, TRS and the Advisor waive the operation of any provision in our advisory agreement that would otherwise limit the ability of the Company in its discretion, at the Company’s cost and expense, to award during calendar year 2024, cash incentive compensation to employees and other representatives of the Advisor. Lismore We engage Lismore or its subsidiaries to provide debt placement services and assist with loan modifications on our behalf. During June 2023, we entered into various 12-month agreements with Lismore to seek modifications or refinancings of certain mortgage debt of the Company. For the year ended December 31, 2023, we incurred fees of approximately $150,000 to Lismore in nonrefundable work fees and $214,000 of success fees. The unamortized non-refundable work fees are included in “other assets” on the consolidated balance sheet, and are amortized on a straight line basis over the term of the agreements. In addition to the fees described above, we incurred fees from Lismore or its subsidiaries of $2.1 million, $1.4 million and $491,000 for the years ended December 31, 2023, 2022 and 2021, respectively. 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 were 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 was to 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, which provided that after the Amended and Restated True-Up Date, capital contributions for the remainder of fiscal year 2023 would be divided between each Party based on the Initial True-Up Ratio, there would be a true up reflecting amounts raised by Ashford Securities since June 10, 2019, and thereafter, the capital contributions would be divided among each Party in accordance the cumulative ratio of capital raised by the Parties. However, effective January 1, 2024, Braemar entered into a Fourth Amended and Restated Contribution Agreement with Ashford Inc. and Ashford Trust which states that, notwithstanding anything in the prior contribution agreements: (1) the Parties equally split responsibility for all aggregate contributions made by them to Ashford Securities through September 30, 2021 and (2) thereafter, their contributions for each quarter will be based on the ratio of the amounts raised by each Party through Ashford Securities the prior quarter compared to the total aggregate amount raised by the Parties through Ashford Securities the prior quarter. To the extent contributions made by any of the Parties through December 31, 2023 differed from the amounts owed pursuant to the foregoing, the Parties shall make true up payments to each other to settle the difference. 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. As of December 31, 2022, Braemar had funded approximately $5.8 million and had a payable, included in “due to Ashford Inc., net” on the consolidated balance sheet, of approximately $6.6 million. In March 2023, Braemar paid Ashford Inc. $8.7 million as a result of the contribution true-up between entities described above. As of December 31, 2023, Braemar has funded approximately $20.9 million. As of December 31, 2023, Braemar has a pre-funded balance of approximately $693,000 that is included in “other assets” and a receivable of approximately $3.5 million that is included in “due to Ashford Inc., net” 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 2023 2022 2021 Corporate, general and administrative $ 4,330 $ 9,461 $ 1,983 Design and Construction Services Premier Project Management LLC (“Premier”), a subsidiary of Ashford Inc., 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). Subsequent to December 31, 2023, the agreement was amended resulting in such fees being payable monthly as the service is delivered based on percentage complete, as reasonably determined by Premier for each service, or payable as set forth in other agreements. Hotel Management Services At December 31, 2023, Remington Hospitality managed four of our 16 hotel properties. We pay monthly hotel management fees equal to the greater of approximately $17,000 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. 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, 2023 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets (3) Preferred Stock (4) Other Hotel Revenue Other Hotel Expenses 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 $ 3 $ — $ — $ — $ — $ — $ — $ — $ 3 $ — $ — $ — Ashford Securities Broker/Dealer 6,385 — — — 1,972 — — — — — 4,413 — INSPIRE Audio visual services 4,165 — — — — 4,268 — — — — 103 — Lismore Capital Debt placement and related services 2,426 — 987 150 — — — — — — — 1,289 OpenKey Mobile key app 41 — — — — — 41 — — — — — Premier Design and construction services 12,652 11,618 — — — — — — — 1,034 — — Pure Wellness Hypoallergenic premium rooms 149 — — — — — 149 — — — — — RED Leisure Watersports activities and travel/transportation services 427 — — — — 308 692 — — — 43 — Remington Hospitality Hotel management services (4) 3,913 — — — — — 1,394 2,519 — — — — 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 (4) 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 Hospitality 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 (4) 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 Hospitality Hotel management services (4) 3,243 — — — — 934 — 2,309 — — — — ________ (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) Represents the amortization of the Lismore work fees and success fees. (4) Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds. (5) 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 (from) Ashford Inc. Company Product or Service December 31, 2023 December 31, 2022 Ashford LLC Advisory services $ 1,004 $ 1,576 Ashford LLC Casualty Insurance 608 — Ashford LLC Insurance claims services 1 2 INSPIRE Audio visual services 483 952 OpenKey Mobile key app 5 — Ashford Securities Contribution Agreement (3,522) — Ashford Securities Capital raise services 19 6,514 Premier Design and construction services 2,674 829 RED Leisure Watersports activities and travel/transportation services 199 132 $ 1,471 $ 10,005 As of December 31, 2023, due to related parties, net included a net payable to Remington Hospitality of $603,000. As of December 31, 2022, due from related parties, net included a net receivable of $573,000. These amounts are primarily related to advances made by Braemar, accrued base and incentive management fees and casualty insurance premiums.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 3% to 5% of gross revenues for capital improvements. Licensing Fees —In conjunction with the Cameo Beverly Hills (formerly known as “Mr. C. Beverly Hills Hotel”) acquisition on August 5, 2021, we entered into an Intellectual Property Sublicense Agreement, which allowed us to continue to use certain proprietary marks associated with the Mr. C brand name. In return, we paid 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 expired on August 5, 2023. The table below summarizes the licensing fees incurred (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Other hotel expenses $ 322 $ 467 $ 133 Management Fees —Under hotel management agreements for our hotel properties existing at December 31, 2023, we pay a monthly hotel management fee equal to the greater of approximately $17,000 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 2027 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 2019 through 2023 remain subject to potential examination by certain federal and state taxing authorities. Litigation —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: (i) 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 (ii) 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. The opt out period has been extended until such time that discovery has concluded. In May 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed, or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. 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 that any potential loss to the Company is reasonably estimable at this time. As of December 31, 2023, no amounts have been accrued. On June 8, 2022 a lawsuit was filed against various Hilton entities on behalf of a class of all hourly employees at all Hilton-branded managed properties in California, including Hilton La Jolla Torrey Pines. The complaint includes claims for unpaid wages, meal and rest break violations, and unreimbursed business expenses, along with various derivative claims including wage statement, final pay, and PAGA claims. On November 30, 2023, Hilton mediated this litigation, but it did not result in a settlement. At the end of the mediation, the mediator submitted a mediator’s proposal for approximately $3.5 million, which the parties are still considering. The allocation to Hilton La Jolla Torrey Pines would be approximately $371,000, which has been accrued as of December 31, 2023. 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 Americans with Disability Act 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. During the quarter ended September 30, 2023, we had a cyber incident that resulted in the potential exposure of certain employee personal information. We have completed an investigation and have identified certain employee information that may have been exposed, but we have not identified that any customer information was exposed. All systems have been restored. We believe that we maintain a sufficient level of insurance coverage related to such events, and the related incremental costs incurred to date are immaterial. In February of 2024, two class action lawsuits were filed related to the cyber incident. The suits are currently pending in the U.S. District Court for the Northern District of Texas. We intend to vigorously defend these matters and do not believe that any potential loss is reasonably estimable at this time. It is reasonably possible that the Company may incur additional costs related to the matter, but we are unable to predict with certainty the ultimate amount or range of potential loss. Our assessment may change depending upon the development of any current or future legal proceedings, and the final results of such legal proceedings cannot be predicted with certainty. If we ultimately 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, 2023, we had capital commitments of $35.4 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, 2023
Leases [Abstract]
Leases	Leases We have operating ground leases and 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, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands): December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets $ 78,383 $ 79,449 Liabilities Operating lease liabilities $ 60,379 $ 60,692 We incurred the following lease costs related to our operating leases (in thousands): Year Ended December 31, Classification 2023 2022 2021 Operating lease cost (1) Hotel operating expenses - other $ 6,757 $ 6,653 $ 5,349 _______________________________________ (1) For the years ended December 31, 2023, 2022 and 2021, operating lease cost includes approximately $2.3 million, $2.2 million and $954,000, respectively, of variable lease cost associated with the ground leases. Additionally, we recorded $474,000, $474,000 and $512,000, 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, 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases (in thousands) $ 3,310 $ 3,307 $ 3,302 Weighted Average Remaining Lease Term Operating leases (1) 43 years 44 years 45 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, 2023 were as follows (in thousands): Operating Leases 2024 $ 3,430 2025 3,421 2026 3,434 2027 3,443 2028 3,449 Thereafter 141,693 Total future minimum lease payments (1) 158,870 Less: interest (98,491) Present value of operating lease liabilities $ 60,379 _______________________________________ (1) Based on payment amounts as of December 31, 2023 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
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, 2023, 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 $17.9 million, $25.4 million and $12.6 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 2022 2021 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (5,180) $ (6,463) $ (2,652) State income tax (expense) benefit, net of U.S. federal income tax benefit (258) (1,961) 574 State and local income tax (expense) benefit on pass-through entity subsidiaries (20) (17) (9) Gross receipts and margin taxes (52) (69) (26) Benefit of USVI Economic Development Commission credit 1,511 3,358 3,346 Benefits of Puerto Rico tax incentives 2,064 1,474 — Effect of permanent differences (229) — — Other (46) 126 (251) Valuation allowance (479) (491) (2,306) Total income tax (expense) benefit $ (2,689) $ (4,043) $ (1,324) The components of income tax expense are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ (467) $ (3,745) $ (1,477) State (69) (247) (21) Foreign (824) — — Total current income tax (expense) benefit (1,360) (3,992) (1,498) Deferred: Federal (14) (51) 131 State — — 43 Foreign (1,315) — — Total deferred income tax (expense) benefit (1,329) (51) 174 Total income tax (expense) benefit $ (2,689) $ (4,043) $ (1,324) The following table presents the U.S. and foreign earnings (losses) from continuing operations before income taxes (in thousands): Year Ended December 31, 2023 2022 2021 U.S. $ (51,878) $ (3,859) $ (47,986) Foreign 23,939 27,250 16,399 Total $ (27,939) $ 23,391 $ (31,587) For the years ended December 31, 2023, 2022 and 2021, income tax expense included interest and penalties paid to/(received from) taxing authorities of $(11,000), $1,000 and $3,000, respectively. At December 31, 2023 and 2022, we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2023 and 2022, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Tax intangibles basis greater than book basis $ 722 $ 722 Allowance for doubtful accounts 50 76 Unearned income 2,768 2,769 Federal and state net operating losses 15,967 16,452 Capital loss carryforward 511 525 Accrued expenses 761 1,133 Other 7 4 Total deferred tax asset 20,786 21,681 Valuation allowance (16,169) (18,627) Net deferred tax asset $ 4,617 $ 3,054 Deferred tax liabilities: Other $ (6) $ (52) Tax property basis greater/(less) than book basis (5,932) (2,935) Prepaid expenses — (59) Total deferred tax liability (5,938) (3,046) Net deferred tax asset (liability) $ (1,321) $ 8 At December 31, 2023 and 2022, we have reserved certain deferred tax assets of our TRS entities and recorded a valuation allowanc e of $16.2 million and $18.6 million, respectively . 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 a portion of our deferred tax assets will not be realized, and therefore, have provided a valuation allowance to reserve against the balances. At December 31, 2023, we had TRS net operating loss carryforwards for U.S. federal income tax purposes of $63.6 million, of which $47.3 million is subject to expiration and will begin to expire in 2024. The remainder was generated after December 2017 and is not subject to expiration under the Tax Cuts and Jobs Act. $47.3 million of net operating loss carryforwards are attributable to acquired subsidiaries and are subject to substantial limitation on their use. At December 31, 2023, 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, 2023 2022 2021 Balance at beginning of year $ 18,627 $ 17,343 $ 14,938 Additions — 1,284 2,405 Deductions (2,458) — — Balance at end of year $ 16,169 $ 18,627 $ 17,343 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 $2.7 million, $3.4 million and $907,000 for the years ended December 31, 2023, 2022 and 2021, respectively. The benefit of the tax holiday on net income (loss) per share was approximately, $0.04, $0.05 and $0.02 for the years ended December 31, 2023, 2022 and 2021, 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 $4.0 million and $2.5 million for the years ended December 31, 2023 and 2022, respectively. The benefit of this tax holiday on net income (loss) per share was approximately $0.06 and $0.04 for the years ended December 31, 2023 and 2022, respectively.

Intangible Assets, net

Intangible Assets, net	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net Intangible assets, net consisted of the following (in thousands): December 31, 2023 2022 Cost $ 5,682 $ 5,682 Accumulated amortization (2,178) (1,799) $ 3,504 $ 3,883 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, 2023, 2022 and 2021, amortization expense related to intangible assets was $379,000, $378,000 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 2024 $ 379 2025 379 2026 379 2027 379 2028 379 Thereafter 1,609 Total $ 3,504

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2023
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, 2023, The Ritz-Carlton St. Thomas, The Ritz-Carlton Sarasota and The Ritz-Carlton Reserve Dorado Beach generated revenues in excess of 10% of total hotel revenue amounting to 33% 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, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. As of December 31, 2023 and December 31, 2022, all of our hotel properties were in the U.S. and its territories.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 3, 2024, the Company extended the mortgage loan secured by the Pier House Resort & Spa in Key West, Florida. The mortgage loan has an initial maturity date of September 2025 with one one-year extension option, subject to the satisfaction of certain conditions, continues to have a balance of $80.0 million, and bears interest at a floating interest rate of SOFR + 3.60%. On January 29, 2024, the Company extended the mortgage loan secured by The Ritz-Carlton St. Thomas in St. Thomas, USVI. The mortgage loan has an initial maturity date of August 2025 with one one-year extension option, subject to the satisfaction of certain conditions, continues to have a balance of $42.5 million, and bears interest at a floating interest rate of SOFR + 4.35%. On February 5, 2024, the Company amended the mortgage loan secured by the Hilton La Jolla Torrey Pines. It remains encumbered by the original mortgage loan, which now has been partially paid down to a remaining balance of $66.6 million. While the Company considers its alternatives regarding refinancing the loan or potentially selling the asset, the lender has provided a six month forbearance agreement. The Company paid approximately $692,000 upon extension. During this time, the mortgage loan bears an annual fixed interest rate of 9.0%. On February 27, 2024, the Company approved funding, together with Ashford Inc., up to $1.0 million in aggregate to OpenKey, allocated pro rata among them. On March 7, 2024, the Company closed on a $62.0 million non-recourse loan secured by the Ritz-Carlton Reserve Dorado Beach. The mortgage loan has a two-year term, is interest only and provides for a floating interest rate of SOFR + 4.75%.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
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, 2023 (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. $ 110,600 $ 45,721 $ 106,245 $ — $ 63,801 $ 45,721 $ 170,046 $ 215,767 $ 71,927 — April 2007 (1),(2),(3) Hilton La Jolla Torrey Pines La Jolla, CA 66,600 — 114,614 — 7,644 — 122,258 122,258 55,311 — April 2007 (1),(2),(3) Marriott Seattle Waterfront Seattle, WA 90,785 31,888 112,176 — 23,821 31,888 135,997 167,885 56,631 — April 2007 (1),(2),(3) The Notary Hotel Philadelphia, PA 57,018 9,814 94,029 — 28,279 9,814 122,308 132,122 60,066 — April 2007 (1),(2),(3) The Clancy San Francisco, CA 78,384 22,653 72,731 — 47,354 22,653 120,085 142,738 63,991 — April 2007 (1),(2),(3) Sofitel Chicago Magnificent Mile Chicago, IL 66,993 12,631 140,369 — 1,528 12,631 141,897 154,528 38,250 — February 2014 (1),(2),(3) Pier House Resort & Spa Key West, FL 80,000 59,731 33,011 — 1,272 59,731 34,283 94,014 12,208 — March 2014 (1),(2),(3) Bardessono Hotel and Spa Yountville, CA 39,279 — 64,184 — 2,072 — 66,256 66,256 14,882 — July 2015 (1),(2),(3) Hotel Yountville Yountville, CA 43,687 47,849 48,567 — (4,088) 47,849 44,479 92,328 9,039 — May 2017 (1),(2),(3) Park Hyatt Beaver Creek Resort & Spa Beaver Creek, CO 70,500 89,117 56,383 353 14,243 89,470 70,626 160,096 19,130 — March 2017 (1),(2),(3) The Ritz-Carlton Sarasota Sarasota, FL 117,034 83,630 99,782 — 5,730 83,630 105,512 189,142 20,400 — April 2018 (1),(2),(3) The Ritz-Carlton St. Thomas St. Thomas, USVI 42,500 25,533 38,467 — 83,282 25,533 121,749 147,282 33,058 — December 2015 (1),(2),(3) The Ritz-Carlton Lake Tahoe Truckee, CA 53,413 26,731 91,603 — 30,692 26,731 122,295 149,026 16,559 — January 2019 (1),(2),(3) Cameo Beverly Hills Beverly Hills, CA 30,000 29,346 45,078 — 1,688 29,346 46,766 76,112 4,916 — August 2021 (1),(2),(3) The Ritz-Carlton Reserve Dorado Beach Dorado, Puerto Rico — 79,711 117,510 — 3,798 79,711 121,308 201,019 11,734 — March 2022 (1),(2),(3) Four Seasons Resort Scottsdale Scottsdale, AZ 140,000 70,248 197,610 — 4,285 70,248 201,895 272,143 10,406 — December 2022 (1),(2),(3) Total $ 1,086,793 $ 634,603 $ 1,432,359 $ 353 $ 315,401 $ 634,956 $ 1,747,760 $ 2,382,716 $ 498,508 __________________ (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 $1.8 billion as of December 31, 2023. Year Ended December 31, 2023 2022 2021 Investment in real estate: Beginning balance $ 2,325,093 $ 1,845,078 $ 1,784,849 Additions 92,384 516,754 95,663 Write-offs (34,761) (36,739) (32,677) Sales/disposals — — (2,757) Ending balance $ 2,382,716 $ 2,325,093 $ 1,845,078 Accumulated depreciation: Beginning balance 440,492 399,481 360,259 Depreciation expense 92,777 77,750 73,054 Write-offs (34,761) (36,739) (32,677) Sales/disposals — — (1,155) Ending balance $ 498,508 $ 440,492 $ 399,481 Investment in real estate, net $ 1,884,208 $ 1,884,601 $ 1,445,597

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ (27,017)	$ 17,761	$ (26,664)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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 4, 2021, we acquired the Cameo Beverly Hills (formerly known as “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
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. 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
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, 2023, 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. 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
Derivative Instruments	Derivative Instruments —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in 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 Ashford Inc.	Due to/from Ashford Inc.
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, 2023 and 2022, 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, 2023 and 2022 was $49.4 million and $46.0 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, 2023, 2022 and 2021, we incurred advertising costs of $6.4 million, $6.5 million and $4.0 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 Company recognizes forfeitures as they occur.
Depreciation and Amortization	Depreciation and Amortization
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. Partnerships are not subject to U.S. federal income tax on their income. Instead, each of its partners is required to include in income its allocable share of the partnership’s income. 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, USVI, Puerto Rico and various states and cities. Tax years 2019 through 2023 remain subject to potential examination by certain federal, foreign 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 ASU 2021-01 , Reference Rate Reform (Topic 848), 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848 ) (“ASU 2022-06”), which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company applied the optional expedient in evaluating debt modifications converting from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company adopted the standards upon the respective effective dates. There was no material impact as a result of this adoption. Recently Issued Accounting Standards —In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact that ASU 2023-07 will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which eliminated the historic requirement that entities disclose information concerning unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the 12 months following the reporting date. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 6 $ 127,147 $ 42,988 $ 21,028 $ 191,163 Puerto Rico 1 50,436 18,214 11,595 80,245 Arizona 1 35,789 23,803 8,074 67,666 Colorado 1 25,351 14,888 9,096 49,335 Florida 2 61,446 32,418 22,297 116,161 Illinois 1 25,512 6,337 2,068 33,917 Pennsylvania 1 26,222 5,564 1,331 33,117 Washington 1 28,410 4,425 1,794 34,629 Washington, D.C. 1 36,615 19,234 1,867 57,716 USVI 1 47,971 17,460 9,963 75,394 Total 16 $ 464,899 $ 185,331 $ 89,113 $ 739,343 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

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land $ 630,842 $ 630,489 Buildings and improvements 1,535,501 1,511,949 Furniture, fixtures and equipment 166,673 147,019 Construction in progress 36,954 22,890 Residences 12,746 12,746 Total cost 2,382,716 2,325,093 Accumulated depreciation (498,508) (440,492) Investments in hotel properties, net $ 1,884,208 $ 1,884,601

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	The following table summarizes our carrying value and ownership interest in OpenKey: December 31, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,416 $ 1,689 Ownership interest in OpenKey 7.9 % 7.9 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Equity in earnings (loss) of unconsolidated entity $ (273) $ (328) $ (252) The following table summarizes our note receivable from OpenKey (in thousands): Line Item December 31, 2023 December 31, 2022 Investment in unconsolidated entity $ 258 $ — The following table summarizes the interest income associated with the loan to OpenKey (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Equity in earnings (loss) of unconsolidated entity $ 20 $ — $ — The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands): Year Ended December 31, 2023 2022 2021 (Income) loss from consolidated entities attributable to noncontrolling interests $ (1,619) $ (2,063) $ 2,650

Indebtedness, net (Tables)

Indebtedness, net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Indebtedness, net	Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (16) Interest Rate December 31, 2023 December 31, 2022 Debt Balance Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (4) Bardessono Hotel and Spa August 2023 August 2023 SOFR (2) + 2.65% $ — — $ 40,000 51,514 Mortgage loan (4) The Ritz-Carlton Sarasota October 2023 April 2024 LIBOR (1) +2.65% — — 98,500 162,134 Mortgage loan (4) Hotel Yountville November 2023 May 2024 LIBOR (1) + 2.55% — — 51,000 84,180 Mortgage loan (5) Capital Hilton February 2024 February 2024 SOFR (2) + 1.70% — — 195,000 194,770 Hilton La Jolla Torrey Pines Mortgage loan (5) (6) Hilton La Jolla Torrey Pines February 2024 February 2024 SOFR (2) + 1.70% 66,600 66,947 — — Mortgage loan (7) Park Hyatt Beaver Creek Resort & Spa February 2024 February 2027 SOFR (2) + 2.86% 70,500 140,966 70,500 139,830 Mortgage loan (8) The Ritz-Carlton Reserve Dorado Beach March 2024 March 2026 LIBOR (1) + 6.00% — — 54,000 193,367 Mortgage loan (9) The Notary Hotel June 2024 June 2025 SOFR (2) + 2.66% 293,180 378,335 435,000 403,896 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (10) Cameo Beverly Hills August 2024 August 2024 SOFR (2) + 3.66% 30,000 71,196 30,000 71,820 Mortgage loan (11) (12) The Ritz-Carlton St. Thomas August 2024 August 2024 SOFR (2) + 4.04% 42,500 114,224 42,500 119,492 Mortgage loan (13) Pier House Resort & Spa September 2024 September 2024 SOFR (2) + 1.95% 80,000 81,806 80,000 83,361 Mortgage loan (14) The Ritz-Carlton Lake Tahoe January 2025 January 2026 SOFR (2) + 3.60% 53,413 132,467 54,000 112,777 Convertible Senior Notes Equity June 2026 June 2026 4.50% 86,250 — 86,250 — BAML Credit Facility (4) Bardessono Hotel and Spa July 2026 July 2027 Base Rate (3) +1.25% to 2.00% or SOFR (2) + 2.35% to 3.10% 200,000 303,405 — — Hotel Yountville The Ritz-Carlton Sarasota Mortgage loan (15) Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (2) + 3.75% 140,000 261,737 100,000 267,460 Mortgage loan (5) Capital Hilton December 2026 December 2028 SOFR (2) + 3.75% 110,600 143,840 — — 1,173,043 $ 1,694,923 1,336,750 $ 1,884,601 Capitalized default interest and late charges, net 120 1,934 Deferred loan costs, net (9,135) (5,054) Premiums/(discounts), net (1,584) 500 Indebtedness, net $ 1,162,444 $ 1,334,130 __________________ (1) LIBOR rate was 4.39% at December 31, 2022. (2) SOFR rates were 5.35% and 4.36% at December 31, 2023 and December 31, 2022, respectively. (3) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%. (4) On July 31, 2023, we entered into a new $200.0 million secured credit facility comprised of a $150.0 million term loan and a $50.0 million secured revolving credit facility with a three-year initial term and one one-year extension option, subject to satisfaction of certain conditions. The new facility is interest only and bears interest at a rate of SOFR + 2.35% to 3.10%. Proceeds from the facility were used to repay the mortgage loans secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. (5) On December 22, 2023, we entered into a new $110.6 million loan secured by Capital Hilton. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%, has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions, and has a SOFR floor of 2.00%. The Hilton La Jolla Torrey Pines remains encumbered by the original mortgage loan, which was partially paid down to a remaining balance of $66.6 million. (6) On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date by six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%. (7) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised February 2024. (8) On January 18, 2023, we repaid this mortgage loan. (9) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. In accordance with exercising the fourth one-year extension option, we repaid $142.0 million of principal and the variable interest rate increased from LIBOR + 2.16% to LIBOR + 2.61%. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 2.61% to SOFR + 2.66%. (10) This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 3.60% to SOFR + 3.66%. This mortgage loan has a SOFR floor of 1.50%. (11) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 3.95% to SOFR + 4.04%. This mortgage loan has a SOFR floor of 1.00%. (12) On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 4.00%. (13) On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (14) On October 31, 2023, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to January 2025, and the variable interest rate increased from SOFR + 2.20% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (15) On September 29, 2023, we amended this mortgage loan. Terms of the amendment included increasing the outstanding principal from $100.0 million to $140.0 million, and extending the current maturity date by one year to December 2026. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%. (16)
Schedule of Maturities of Long-term Debt	Maturities and scheduled amortization of indebtedness as of December 31, 2023, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands): 2024 $ 582,780 2025 53,413 2026 536,850 2027 — 2028 — Thereafter — Total $ 1,173,043

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 Notional amount (in thousands) $ 537,780 $ 776,500 $ 882,500 Strike rate low end of range 3.50 % 3.50 % 0.75 % Strike rate high end of range 5.25 % 4.50 % 4.00 % Effective date range January 2023 - December 2023 February 2022-December 2022 January 2021 - September 2021 Termination date range January 2024 - January 2026 May 2023- January 2025 February 2022 - August 2024 Total cost of interest rate caps (in thousands) $ 5,051 $ 3,030 $ 200 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) December 31, 2023 December 31, 2022 Notional amount (in thousands) $ 778,280 $ 960,500 Strike rate low end of range 2.00 % 2.00 % Strike rate high end of range 5.25 % 4.50 % Termination date range January 2024 - January 2025 January 2023- January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 777,693 $ 959,000 _______________ (1) No instruments were designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Assets Derivative assets: Interest rate derivatives - caps $ — $ 2,847 $ — $ 2,847 Total $ — $ 2,847 $ — $ 2,847 (1) Liabilities Derivative liabilities: Warrants $ — $ (12) $ — $ (12) (2) Net $ — $ 2,835 $ — $ 2,835 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 $ — $ 6,482 $ — $ 6,482 (1) Liabilities Derivative liabilities: Warrants $ — $ (284) $ — $ (284) (2) Net $ — $ 6,198 $ — $ 6,198 __________________ (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, 2023 2022 2021 Assets Derivative assets: Interest rate derivatives - caps $ (935) $ 3,810 $ (62) Total $ (935) $ 3,810 $ 55 Liabilities Derivative liabilities: Warrants $ 272 $ 1,151 $ 94 Net $ (663) $ 4,961 $ 149 Total combined Interest rate derivatives - caps $ (8,685) $ 3,313 (62) Warrants 272 1,151 94 Unrealized gain (loss) on derivatives $ (8,413) (1) $ 4,464 (1) $ 32 (1) Realized gain (loss) on interest rate caps 7,750 (1) (2) 497 (1) (2) — Net $ (663) $ 4,961 $ 32 ________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our consolidated statements of operations. (2) 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, 2023
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, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Derivative assets $ 2,847 $ 2,847 $ 6,482 $ 6,482 Financial liabilities measured at fair value: Derivative liabilities $ 12 $ 12 $ 284 $ 284 Financial assets not measured at fair value: Cash and cash equivalents $ 85,599 $ 85,599 $ 261,541 $ 261,541 Restricted cash 80,904 80,904 54,155 54,155 Accounts receivable, net 39,199 39,199 51,448 51,448 Due from related parties, net — — 938 938 Due from third-party hotel managers 17,739 17,739 26,625 26,625 Financial liabilities not measured at fair value: Indebtedness $ 1,171,459 $ 1,124,377 $ 1,337,250 $ 1,294,391 Accounts payable and accrued expenses 149,867 149,867 133,978 133,978 Dividends and distributions payable 9,158 9,158 8,184 8,184 Due to Ashford Inc. 1,471 1,471 10,005 10,005 Due to related parties, net 603 603 — — Due to third-party hotel managers 1,608 1,608 2,096 2,096

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ (27,017) $ 17,761 $ (26,664) Less: dividends on preferred stock (42,304) (21,503) (8,745) Less: deemed dividends on preferred stock (4,719) (6,954) — Less: dividends on common stock (13,164) (5,598) — Less: loss on extinguishment of preferred stock - Series B — — (4,595) Less: dividends on unvested performance stock units (226) (36) — Add: claw back of dividends on cancelled performance stock units — 7 143 Less: dividends on unvested restricted shares (33) (38) — Undistributed net income (loss) allocated to common stockholders (87,463) (16,361) (39,861) Add back: dividends on common stock 13,164 5,598 — Distributed and undistributed net income (loss) - basic and diluted $ (74,299) $ (10,763) $ (39,861) Weighted average common shares outstanding: Weighted average common shares outstanding – basic 65,989 69,687 52,684 Weighted average common shares outstanding – diluted 65,989 69,687 52,684 Income (loss) per share - basic: Net income (loss) allocated to common stockholders per share $ (1.13) $ (0.15) $ (0.76) Income (loss) per share - diluted: Net income (loss) allocated to common stockholders per share $ (1.13) $ (0.15) $ (0.76)
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, 2023 2022 2021 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 33 $ 38 $ — Income (loss) allocated to unvested performance stock units 226 30 — Income (loss) attributable to redeemable noncontrolling interests in operating partnership (5,230) (476) (3,597) Dividends on preferred stock - Series B 4,233 4,233 4,747 Loss on extinguishment of preferred stock - Series B — — 4,595 Interest expense on Convertible Senior Notes 4,470 4,435 3,378 Dividends on preferred stock - Series E (inclusive of deemed dividends) 34,817 18,969 683 Dividends on preferred stock - Series M (inclusive of deemed dividends) 4,673 1,955 15 Total $ 43,222 $ 29,184 $ 9,821 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 3 39 99 Effect of unvested performance stock units 273 — — Effect of assumed conversion of operating partnership units 5,487 5,907 4,980 Effect of assumed conversion of preferred stock - Series B 4,116 4,116 4,614 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 13,609 8,450 Effect of assumed conversion of preferred stock - Series E 126,832 34,730 1,345 Effect of assumed conversion of preferred stock - Series M 14,740 3,366 32 Total 165,060 61,768 19,884

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Performance LTIP units Advisory services fee $ 4,445 $ 4,301 $ 1,765 LTIP units Advisory services fee 1,039 1,229 1,372 LTIP units Corporate, general and administrative 14 28 12 LTIP units - independent directors Corporate, general and administrative 182 252 164 Total $ 5,680 $ 5,810 $ 3,313
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, 2023 2022 2021 Units outstanding at beginning of year 8,283 7,158 4,277 LTIP units issued 44 44 469 Performance LTIP units issued 353 1,194 840 Common units issued for hotel acquisition — — 2,500 Units redeemed for shares of common stock — — (868) Units redeemed for cash (1,456) — — Performance LTIP units cancelled — (113) (60) Units outstanding at end of year 7,224 8,283 7,158 Units convertible/redeemable at end of year 4,292 5,841 5,533 The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 2021 Series B Convertible Preferred Stock $ 4,233 $ 4,233 $ 4,747 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 The issuance activity of the Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series E Preferred Stock shares issued (1) 3,798 10,914 1,709 Net proceeds (1) $ 85,444 $ 245,575 $ 38,450 __________________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series E Preferred Stock $ 377,035 $ 291,076 Cumulative adjustments to Series E Preferred Stock (1) $ 13,337 $ 9,403 ________ (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, 2023 2022 2021 Series E Preferred Stock $ 30,883 $ 12,694 $ 683 The issuance activity of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series M Preferred Stock shares issued (1) 531 1,402 29 Net proceeds (1) $ 12,869 $ 34,009 $ 704 __________________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series M Preferred Stock $ 45,623 $ 35,182 Cumulative adjustments to Series M Preferred Stock (1) $ 1,597 $ 812 __________________ (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, 2023 2022 2021 Series M Preferred Stock $ 3,888 $ 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, 2023 December 31, 2022 Redeemable noncontrolling interests in Braemar OP (in thousands) $ 32,395 $ 40,555 Adjustments to redeemable noncontrolling interests (1) (in thousands) $ 66 $ 70 Ownership percentage of operating partnership 6.63 % 7.69 % ____________________________________ (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, 2023 2022 2021 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 5,230 $ 476 $ 3,597 Distributions declared to holders of common units, LTIP units and Performance LTIP units $ 1,444 $ 665 — Performance LTIP dividend claw back upon cancellation — (4) (38) The following table presents the common units redeemed and the fair value at redemption (in thousands): Year Ended December 31, 2023 2022 2021 Common units converted to common stock — — 868 Fair value of common units converted $ — $ — $ 4,122 (1) ____________________________________ (1) The redemption value is the greater of historical cost or fair value. The historical cost of the converted units was $4.6 million. The following table presents the common units redeemed for cash (in thousands): Year Ended December 31, 2023 2022 2021 Units redeemed 1,456 — — Cash value of common units redeemed $ 7,162 (1) — — ____________________________________ (1) Includes Mr. Monty J. Bennett’ s 1.4 million common units redeemed for cash of approximately $7.0 million during February 2023.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Common stock dividends declared $ 13,423 $ 5,665 $ — The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 2021 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, 2023 2022 2021 Common shares issued — — 2,711 Gross proceeds received $ — $ — $ 16,119 Commissions — — 202 Net proceeds $ — $ — $ 15,917 The issuance activity under the SEDA is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Common shares sold to YA — — 1,700 Proceeds received $ — $ — $ 10,000 The issuance activity under the Virtu July 2021 EDA is summarized below (in thousands): Year Ended December 31, 2023 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, 2023 December 31, 2022 Carrying value of the investment in OpenKey (in thousands) $ 1,416 $ 1,689 Ownership interest in OpenKey 7.9 % 7.9 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Equity in earnings (loss) of unconsolidated entity $ (273) $ (328) $ (252) The following table summarizes our note receivable from OpenKey (in thousands): Line Item December 31, 2023 December 31, 2022 Investment in unconsolidated entity $ 258 $ — The following table summarizes the interest income associated with the loan to OpenKey (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Equity in earnings (loss) of unconsolidated entity $ 20 $ — $ — The following table summarizes the (income) loss allocated to the noncontrolling interest in consolidated entities (in thousands): Year Ended December 31, 2023 2022 2021 (Income) loss from consolidated entities attributable to noncontrolling interests $ (1,619) $ (2,063) $ 2,650

Redeemable Preferred Stock (Tab

Redeemable Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Units outstanding at beginning of year 8,283 7,158 4,277 LTIP units issued 44 44 469 Performance LTIP units issued 353 1,194 840 Common units issued for hotel acquisition — — 2,500 Units redeemed for shares of common stock — — (868) Units redeemed for cash (1,456) — — Performance LTIP units cancelled — (113) (60) Units outstanding at end of year 7,224 8,283 7,158 Units convertible/redeemable at end of year 4,292 5,841 5,533 The following table summarizes dividends declared (in thousands): Year Ended December 31, 2023 2022 2021 Series B Convertible Preferred Stock $ 4,233 $ 4,233 $ 4,747 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 The issuance activity of the Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series E Preferred Stock shares issued (1) 3,798 10,914 1,709 Net proceeds (1) $ 85,444 $ 245,575 $ 38,450 __________________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series E Preferred Stock $ 377,035 $ 291,076 Cumulative adjustments to Series E Preferred Stock (1) $ 13,337 $ 9,403 ________ (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, 2023 2022 2021 Series E Preferred Stock $ 30,883 $ 12,694 $ 683 The issuance activity of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series M Preferred Stock shares issued (1) 531 1,402 29 Net proceeds (1) $ 12,869 $ 34,009 $ 704 __________________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands): December 31, 2023 December 31, 2022 Series M Preferred Stock $ 45,623 $ 35,182 Cumulative adjustments to Series M Preferred Stock (1) $ 1,597 $ 812 __________________ (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, 2023 2022 2021 Series M Preferred Stock $ 3,888 $ 1,276 $ 15
Preferred Stock Redemption Activities	The redemption activities of Series E Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series E Preferred Stock shares redeemed 272 14 $ — Redemption amount, net of redemption fees $ 6,423 $ 365 $ — The redemption activities of Series M Preferred Stock is summarized below (in thousands): Year Ended December 31, 2023 2022 2021 Series M Preferred Stock shares redeemed 137 5 — Redemption amount, net of redemption fees $ 3,395 $ 134 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Advisory services fee $ 1,162 $ 2,195 $ 3,028 Management fees 11 26 56 Corporate general and administrative 101 126 111 Corporate general and administrative - independent directors 182 252 322 $ 1,456 $ 2,599 $ 3,517 The following table summarizes the compensation expense for PSUs (in thousands): Year Ended December 31, Line Item 2023 2022 2021 Advisory services fee $ 2,108 $ 2,876 3,374
Summary of Restricted Stock Activity	A summary of our restricted stock activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Number of Units Weighted Average Number of Units Weighted Average Number of Units Weighted Average Outstanding at beginning of year 437 $ 6.46 957 $ 6.94 536 $ 7.98 Restricted shares granted 45 4.07 45 5.63 764 7.02 Restricted shares vested (312) 5.82 (543) 5.86 (317) 6.31 Restricted shares forfeited (3) 6.90 (22) 6.77 (26) 6.94 Outstanding at end of year 167 $ 7.02 437 $ 6.46 957 $ 6.94
Summary of PSUs Activity	A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 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 335 $ 5.84 671 $ 5.84 448 $ 11.71 PSUs granted 383 4.07 41 5.63 446 7.01 PSUs vested (294) 7.01 (152) 4.69 — — PSUs canceled — — (225) 3.51 (223) 19.96 Outstanding at end of year 424 $ 4.22 335 $ 5.84 671 $ 5.84

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2023 2022 2021 Advisory services fee Base advisory fee $ 13,982 $ 12,790 $ 10,806 Reimbursable expenses (1) 8,353 4,653 2,297 Equity-based compensation (2) 8,754 10,601 9,538 Incentive fee — 803 — Total $ 31,089 $ 28,847 $ 22,641 ________ (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. 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 2023 2022 2021 Corporate, general and administrative $ 4,330 $ 9,461 $ 1,983 Year Ended December 31, 2023 Company Product or Service Total Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Assets (3) Preferred Stock (4) Other Hotel Revenue Other Hotel Expenses 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 $ 3 $ — $ — $ — $ — $ — $ — $ — $ 3 $ — $ — $ — Ashford Securities Broker/Dealer 6,385 — — — 1,972 — — — — — 4,413 — INSPIRE Audio visual services 4,165 — — — — 4,268 — — — — 103 — Lismore Capital Debt placement and related services 2,426 — 987 150 — — — — — — — 1,289 OpenKey Mobile key app 41 — — — — — 41 — — — — — Premier Design and construction services 12,652 11,618 — — — — — — — 1,034 — — Pure Wellness Hypoallergenic premium rooms 149 — — — — — 149 — — — — — RED Leisure Watersports activities and travel/transportation services 427 — — — — 308 692 — — — 43 — Remington Hospitality Hotel management services (4) 3,913 — — — — — 1,394 2,519 — — — — 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 (4) 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 Hospitality 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 (4) 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 Hospitality Hotel management services (4) 3,243 — — — — 934 — 2,309 — — — — ________ (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) Represents the amortization of the Lismore work fees and success fees. (4) Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds. (5) 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 (from) Ashford Inc. Company Product or Service December 31, 2023 December 31, 2022 Ashford LLC Advisory services $ 1,004 $ 1,576 Ashford LLC Casualty Insurance 608 — Ashford LLC Insurance claims services 1 2 INSPIRE Audio visual services 483 952 OpenKey Mobile key app 5 — Ashford Securities Contribution Agreement (3,522) — Ashford Securities Capital raise services 19 6,514 Premier Design and construction services 2,674 829 RED Leisure Watersports activities and travel/transportation services 199 132 $ 1,471 $ 10,005

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Other hotel expenses $ 322 $ 467 $ 133

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Balances	As of December 31, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands): December 31, 2023 December 31, 2022 Assets Operating lease right-of-use assets $ 78,383 $ 79,449 Liabilities Operating lease liabilities $ 60,379 $ 60,692
Lease Cost and Other Information	We incurred the following lease costs related to our operating leases (in thousands): Year Ended December 31, Classification 2023 2022 2021 Operating lease cost (1) Hotel operating expenses - other $ 6,757 $ 6,653 $ 5,349 _______________________________________ (1) For the years ended December 31, 2023, 2022 and 2021, operating lease cost includes approximately $2.3 million, $2.2 million and $954,000, respectively, of variable lease cost associated with the ground leases. Additionally, we recorded $474,000, $474,000 and $512,000, 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, 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases (in thousands) $ 3,310 $ 3,307 $ 3,302 Weighted Average Remaining Lease Term Operating leases (1) 43 years 44 years 45 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, 2023 were as follows (in thousands): Operating Leases 2024 $ 3,430 2025 3,421 2026 3,434 2027 3,443 2028 3,449 Thereafter 141,693 Total future minimum lease payments (1) 158,870 Less: interest (98,491) Present value of operating lease liabilities $ 60,379 _______________________________________ (1) Based on payment amounts as of December 31, 2023 .

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Income tax (expense) benefit at federal statutory income tax rate of 21% $ (5,180) $ (6,463) $ (2,652) State income tax (expense) benefit, net of U.S. federal income tax benefit (258) (1,961) 574 State and local income tax (expense) benefit on pass-through entity subsidiaries (20) (17) (9) Gross receipts and margin taxes (52) (69) (26) Benefit of USVI Economic Development Commission credit 1,511 3,358 3,346 Benefits of Puerto Rico tax incentives 2,064 1,474 — Effect of permanent differences (229) — — Other (46) 126 (251) Valuation allowance (479) (491) (2,306) Total income tax (expense) benefit $ (2,689) $ (4,043) $ (1,324)
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ (467) $ (3,745) $ (1,477) State (69) (247) (21) Foreign (824) — — Total current income tax (expense) benefit (1,360) (3,992) (1,498) Deferred: Federal (14) (51) 131 State — — 43 Foreign (1,315) — — Total deferred income tax (expense) benefit (1,329) (51) 174 Total income tax (expense) benefit $ (2,689) $ (4,043) $ (1,324)
Schedule of Income before Income Tax, Domestic and Foreign	The following table presents the U.S. and foreign earnings (losses) from continuing operations before income taxes (in thousands): Year Ended December 31, 2023 2022 2021 U.S. $ (51,878) $ (3,859) $ (47,986) Foreign 23,939 27,250 16,399 Total $ (27,939) $ 23,391 $ (31,587)
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2023 and 2022, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2023 2022 Deferred tax assets: Tax intangibles basis greater than book basis $ 722 $ 722 Allowance for doubtful accounts 50 76 Unearned income 2,768 2,769 Federal and state net operating losses 15,967 16,452 Capital loss carryforward 511 525 Accrued expenses 761 1,133 Other 7 4 Total deferred tax asset 20,786 21,681 Valuation allowance (16,169) (18,627) Net deferred tax asset $ 4,617 $ 3,054 Deferred tax liabilities: Other $ (6) $ (52) Tax property basis greater/(less) than book basis (5,932) (2,935) Prepaid expenses — (59) Total deferred tax liability (5,938) (3,046) Net deferred tax asset (liability) $ (1,321) $ 8
Summary of Valuation Allowance	The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 18,627 $ 17,343 $ 14,938 Additions — 1,284 2,405 Deductions (2,458) — — Balance at end of year $ 16,169 $ 18,627 $ 17,343

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, net	Intangible assets, net consisted of the following (in thousands): December 31, 2023 2022 Cost $ 5,682 $ 5,682 Accumulated amortization (2,178) (1,799) $ 3,504 $ 3,883
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 2024 $ 379 2025 379 2026 379 2027 379 2028 379 Thereafter 1,609 Total $ 3,504

Organization and Description _2

Organization and Description of Business (Details)	Dec. 31, 2023 state hotel room	Dec. 31, 2022 hotel	Dec. 31, 2021 hotel
Real Estate Properties [Line Items]
Number of hotel properties	16	16	14
Number of states in which entity operates | state	7
Number of rooms | room	4,192
Number of units in real estate property, net partnership interest | room	3,957
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 Hospitality
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, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel
Significant Accounting Policies [Line Items]
Period for settlement due to and from affiliates maximum	1 year
Number of hotel properties | hotel	16	16	14
Advance deposit balance | $	$ 49,400,000	$ 46,000,000
Advertising costs | $	$ 6,400,000	$ 6,500,000	$ 4,000,000
Performance shares
Significant Accounting Policies [Line Items]
Award vesting period	3 years
Performance shares | 2023, 2022, and 2021 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
Minimum | Performance shares | 2023, 2022, and 2021 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	3%
Maximum | Performance shares | 2023, 2022, and 2021 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%
OpenKey
Significant Accounting Policies [Line Items]
Ownership percentage	7.90%	7.90%
Impairment | $	$ 0	$ 0	$ 0

Revenue - Disaggregated by Geog

Revenue - Disaggregated by Geographical Areas (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	16	16	14
Total revenue	$ 739,343	$ 669,585	$ 427,542
California
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	6	6	6
Total revenue	$ 191,163	$ 199,739	$ 131,426
Puerto Rico
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1
Total revenue	$ 80,245	$ 61,246
Arizona
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1
Total revenue	$ 67,666	$ 5,194
Colorado
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 49,335	$ 50,615	$ 36,184
Florida
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	2	2	2
Total revenue	$ 116,161	$ 132,468	$ 114,216
Illinois
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 33,917	$ 33,635	$ 18,993
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 33,117	$ 27,536	$ 14,158
Washington
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 34,629	$ 26,385	$ 18,315
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 57,716	$ 45,113	$ 13,929
USVI
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1
Total revenue	$ 75,394	$ 87,654	$ 80,321
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	464,899	431,515	280,568
Rooms | California
Disaggregation of Revenue [Line Items]
Total revenue	127,147	134,635	91,283
Rooms | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	50,436	38,077
Rooms | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	35,789	3,107
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	25,351	25,253	17,303
Rooms | Florida
Disaggregation of Revenue [Line Items]
Total revenue	61,446	73,629	65,974
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	25,512	24,829	14,422
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	26,222	22,237	11,889
Rooms | Washington
Disaggregation of Revenue [Line Items]
Total revenue	28,410	21,445	15,105
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	36,615	29,877	9,773
Rooms | USVI
Disaggregation of Revenue [Line Items]
Total revenue	47,971	58,426	54,819
Food and Beverage
Disaggregation of Revenue [Line Items]
Total revenue	185,331	159,241	90,299
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Total revenue	42,988	45,952	27,205
Food and Beverage | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	18,214	14,238
Food and Beverage | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	23,803	1,430
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	14,888	16,397	10,936
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Total revenue	32,418	34,068	27,148
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	6,337	7,150	3,418
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	5,564	4,121	1,493
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Total revenue	4,425	3,619	1,632
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	19,234	13,276	3,014
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Total revenue	17,460	18,990	15,453
Other Hotel
Disaggregation of Revenue [Line Items]
Total revenue	89,113	78,829	56,675
Other Hotel | California
Disaggregation of Revenue [Line Items]
Total revenue	21,028	19,152	12,938
Other Hotel | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	11,595	8,931
Other Hotel | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	8,074	657
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	9,096	8,965	7,945
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Total revenue	22,297	24,771	21,094
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	2,068	1,656	1,153
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	1,331	1,178	776
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Total revenue	1,794	1,321	1,578
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	1,867	1,960	1,142
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,963	$ 10,238	$ 10,049

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land	$ 630,842	$ 630,489
Buildings and improvements	1,535,501	1,511,949
Furniture, fixtures and equipment	166,673	147,019
Construction in progress	36,954	22,890
Residences	12,746	12,746
Total cost	2,382,716	2,325,093
Accumulated depreciation	(498,508)	(440,492)
Investments in hotel properties, net	$ 1,884,208	$ 1,884,601

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Impairment Charges and Insurance Recoveries (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 92,600,000	$ 78,000,000	$ 73,000,000
Impairment charges	$ 0	$ 0	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 02, 2023
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in OpenKey	$ 1,674,000	$ 1,689,000
Equity in earnings (loss) of unconsolidated entity	(253,000)	(328,000)	$ (252,000)
Investment in unconsolidated entity	238,000	328,000	233,000
OpenKey
Schedule of Equity Method Investments [Line Items]
Aggregate equity method investments	2,900,000
Impairment	0	0	0
Carrying value of the investment in OpenKey	$ 1,416,000	$ 1,689,000
Ownership interest in OpenKey (as a percent)	7.90%	7.90%
Equity in earnings (loss) of unconsolidated entity	$ (273,000)	$ (328,000)	$ (252,000)
OpenKey Notes Receivable
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in OpenKey	258,000	$ 0
Equity in earnings (loss) of unconsolidated entity	20,000
Face amount for debt				$ 5,000,000
Investment, interest rate (as a percent)				15%
Investment in unconsolidated entity	$ 238,000

Indebtedness, net (Schedule of

Indebtedness, net (Schedule of Indebtedness) (Details) $ in Thousands

1 Months Ended

12 Months Ended

Feb. 05, 2024 USD ($)

Feb. 04, 2024

Jan. 29, 2024 extension

Jan. 28, 2024

Jan. 03, 2024 extension

Jan. 02, 2024

Dec. 22, 2023 USD ($) extension

Oct. 31, 2023 extension

Oct. 30, 2023

Sep. 29, 2023 USD ($)

Jul. 31, 2023 USD ($) extension

Jun. 30, 2023

May 31, 2023

Jul. 31, 2023 USD ($) extension

Jun. 30, 2023

Dec. 31, 2023 USD ($) extension

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Sep. 28, 2023 USD ($)

May 31, 2021 USD ($)

Debt Instrument [Line Items]

Indebtedness, gross

$ 1,173,043

$ 1,336,750

Book Value of Collateral

1,694,923

1,884,601

Capitalized default interest and late charges, net

120

1,934

Deferred loan costs, net

(9,135)

(5,054)

Premiums/(discounts), net

(1,584)

500

Indebtedness, net

$ 1,162,444

$ 1,334,130

LIBOR rate (as a percent)

4.39%

SOFR rate (as a percent)

5.35%

4.36%

Number of extension options | extension

1

1

Term of extension options (in years)

1 year

Repayments of debt

$ 534,307

$ 68,500

$ 84,224

Mortgages | Mortgage Loan due August 2023

Debt Instrument [Line Items]

Indebtedness, gross

0

40,000

Book Value of Collateral

$ 0

51,514

Mortgages | Mortgage Loan due August 2023 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.65%

Mortgages | Mortgage Loan Due April 2024

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

98,500

Book Value of Collateral

$ 0

162,134

Mortgages | Mortgage Loan Due April 2024 | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.65%

Mortgages | Mortgage Loan Due May 2024

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

51,000

Book Value of Collateral

$ 0

84,180

Mortgages | Mortgage Loan Due May 2024 | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.55%

Mortgages | Mortgage Loan Due February 2024

Debt Instrument [Line Items]

Indebtedness, gross

$ 66,600

195,000

Book Value of Collateral

$ 66,947

194,770

Face amount of debt

$ 110,600

Debt term

3 years

Number of extension options | extension

2

Term of extension options (in years)

1 year

SOFR floor (as a percent)

0.0200

Mortgages | Mortgage Loan Due February 2024 | Subsequent Event

Debt Instrument [Line Items]

Indebtedness, gross

$ 66,600

Interest rate (as a percent)

9%

Repayments of debt

$ 692

Mortgages | Mortgage Loan Due February 2024 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.75%

1.70%

Mortgages | Mortgage Loan Due February 2024 | Secured Overnight Financing Rate (SOFR) | Subsequent Event

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.70%

Mortgages | Mortgage Loan Due February 2027

Debt Instrument [Line Items]

Indebtedness, gross

$ 70,500

70,500

Book Value of Collateral

$ 140,966

139,830

Number of extension options | extension

3

Term of extension options (in years)

1 year

Mortgages | Mortgage Loan Due February 2027 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.0286%

Mortgages | Mortgage Loan Due March 2026

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

54,000

Book Value of Collateral

$ 0

193,367

Mortgages | Mortgage Loan Due March 2026 | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.06%

Mortgages | Mortgage Loan Due June 2025

Debt Instrument [Line Items]

Indebtedness, gross

$ 293,180

435,000

Book Value of Collateral

$ 378,335

403,896

Number of extension options | extension

5

Term of extension options (in years)

1 year

Repayments of debt

$ 142,000

Mortgages | Mortgage Loan Due June 2025 | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.16%

2.61%

Mortgages | Mortgage Loan Due June 2025 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.66%

2.66%

Mortgages | Mortgage Loan Due August 2024, 3.66%

Debt Instrument [Line Items]

Indebtedness, gross

$ 30,000

30,000

Book Value of Collateral

$ 71,196

71,820

SOFR floor (as a percent)

0.0150

Mortgages | Mortgage Loan Due August 2024, 3.66% | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.60%

Mortgages | Mortgage Loan Due August 2024, 3.66% | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.66%

0.0366%

Mortgages | Mortgage Loan Due August 2024, 4.04%

Debt Instrument [Line Items]

Indebtedness, gross

$ 42,500

42,500

Book Value of Collateral

$ 114,224

119,492

Number of extension options | extension

3

Term of extension options (in years)

1 year

SOFR floor (as a percent)

0.0100

Mortgages | Mortgage Loan Due August 2024, 4.04% | Subsequent Event

Debt Instrument [Line Items]

Number of extension options | extension

1

Term of extension options (in years)

1 year

SOFR floor (as a percent)

0.0400

Mortgages | Mortgage Loan Due August 2024, 4.04% | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.95%

Mortgages | Mortgage Loan Due August 2024, 4.04% | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

4.04%

404%

Mortgages | Mortgage Loan Due August 2024, 4.04% | Secured Overnight Financing Rate (SOFR) | Subsequent Event

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

4.35%

4.04%

Mortgages | Mortgage Loan Due September 2024

Debt Instrument [Line Items]

Indebtedness, gross

$ 80,000

80,000

Book Value of Collateral

$ 81,806

83,361

Mortgages | Mortgage Loan Due September 2024 | Subsequent Event

Debt Instrument [Line Items]

Number of extension options | extension

1

Term of extension options (in years)

1 year

Mortgages | Mortgage Loan Due September 2024 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.95%

Mortgages | Mortgage Loan Due September 2024 | Secured Overnight Financing Rate (SOFR) | Subsequent Event

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.60%

1.95%

Mortgages | Mortgage Loan Due January 2026

Debt Instrument [Line Items]

Indebtedness, gross

$ 53,413

54,000

Book Value of Collateral

$ 132,467

112,777

Number of extension options | extension

1

Term of extension options (in years)

1 year

Mortgages | Mortgage Loan Due January 2026 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.60%

2.20%

3.60%

Mortgages | Mortgage Loan Due December 2028

Debt Instrument [Line Items]

Indebtedness, gross

$ 140,000

$ 140,000

100,000

$ 100,000

Book Value of Collateral

$ 261,737

267,460

Number of extension options | extension

2

Term of extension options (in years)

1 year

1 year

SOFR floor (as a percent)

0.0100

Mortgages | Mortgage Loan Due December 2028 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.0375%

Mortgages | Mortgage Loan Due December 2028 #2

Debt Instrument [Line Items]

Indebtedness, gross

$ 110,600

0

Book Value of Collateral

$ 143,840

0

Mortgages | Mortgage Loan Due December 2028 #2 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.75%

Convertible Senior Notes | Convertible senior notes

Debt Instrument [Line Items]

Indebtedness, gross

$ 86,250

86,250

Book Value of Collateral

$ 0

0

Interest rate (as a percent)

4.50%

4.50%

Face amount of debt

$ 86,250

Convertible Senior Notes | BAML Credit Facility Due July 2027

Debt Instrument [Line Items]

Indebtedness, gross

$ 200,000

0

Book Value of Collateral

$ 303,405

$ 0

Line of Credit | BAML Credit Facility Due July 2027

Debt Instrument [Line Items]

Interest rate (as a percent)

1%

Line of Credit | BAML Credit Facility Due July 2027 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1%

Line of Credit | BAML Credit Facility Due July 2027 | Secured Overnight Financing Rate (SOFR) | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.35%

Line of Credit | BAML Credit Facility Due July 2027 | Secured Overnight Financing Rate (SOFR) | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.10%

Line of Credit | BAML Credit Facility Due July 2027 | Base Rate | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.25%

Line of Credit | BAML Credit Facility Due July 2027 | Base Rate | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2%

Line of Credit | BAML Credit Facility Due July 2027 | Fed Funds Effective Rate Overnight Index Swap Rate

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.50%

Line of Credit | Credit Agreement

Debt Instrument [Line Items]

Interest rate (as a percent)

7.50%

7.50%

Face amount of debt

$ 200,000

$ 200,000

Debt term

3 years

Term of extension options (in years)

1 year

Line of Credit | Credit Agreement | Revolving Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

$ 50,000

50,000

Line of Credit | Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

2.35%

Line of Credit | Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.10%

Term Loan | Credit Agreement

Debt Instrument [Line Items]

Face amount of debt

$ 150,000

$ 150,000

Indebtedness, net (Narrative) (

Indebtedness, net (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 18, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of principal		$ 1,700	$ 2,000		$ 3,400
Gain (loss) on extinguishment of debt		$ 2,318	$ 0	$ 0
Mortgage Loan Due March 2026 | Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt	$ 54,000

Indebtedness, net (Convertible

Indebtedness, net (Convertible Senior Notes) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021 USD ($) day $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Net proceeds from long-term debt		$ 370,600	$ 170,500	$ 83,231
Convertible Senior Notes | Convertible senior notes
Debt Instrument [Line Items]
Face amount of debt	$ 86,250
Interest rate (as a percent)	4.50%	4.50%
Net proceeds from long-term debt	$ 82,800
Coupon interest expense		$ 3,900	3,900	2,400
Discount amortization		$ 589	$ 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 (as a percent)	100%

Indebtedness, net (Credit Facil

Indebtedness, net (Credit Facility) (Details) $ in Millions	Jul. 31, 2023 USD ($)
Debt Instrument [Line Items]
Term of extension options (in years)	1 year
Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Face amount of debt	$ 200
Higher borrowing capacity	$ 400
Percentage of appraised value	55%
Credit agreement, amortization period (in years)	30 years
Term of treasury rate (in years)	10 years
Interest rate (as a percent)	7.50%
Debt service coverage, minimum	1.55
Debt term	3 years
Term of extension options (in years)	1 year
Percentage of outstanding debt amount	0.20%
Additional basis points to interest rate	0.0010
Variable rate floor (as a percent)	0%
Debt default basis spread rate	2%
Consolidated leverage ratio, maximum (as a percent)	0.55
Consolidated fixed charge coverage ratio, at the end of the year	1.1
Consolidated fixed charge coverage ratio, thereafter	1.25
Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 50
Proceeds from debt	$ 46
Credit Agreement | Line of Credit | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.35%
Variable rate, applicable margin (as a percent)	0.0225
Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.10%
Variable rate, applicable margin (as a percent)	0.0300
Credit Agreement | Term Loan
Debt Instrument [Line Items]
Face amount of debt	$ 150

Indebtedness, net (Maturities a

Indebtedness, net (Maturities and Scheduled Amortization of Indebtedness) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 582,780
2025	53,413
2026	536,850
2027	0
2028	0
Thereafter	0
Total	$ 1,173,043	$ 1,336,750

Derivative Instruments (Details

Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 778,280,000	$ 960,500,000
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 777,693,000	$ 959,000,000
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate (as a percent)	2%	2%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate (as a percent)	5.25%	4.50%
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 537,780,000	$ 776,500,000	$ 882,500,000
Total cost of interest rate caps (in thousands)	$ 5,051,000	$ 3,030,000	$ 200,000
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate (as a percent)	3.50%	3.50%	0.75%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate (as a percent)	5.25%	4.50%	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, 2023 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 - Addit

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2023
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%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SOFR interest rate forward curve (as a percent)	0.05352
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SOFR interest rate forward curve (as a percent)	0.03403

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, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 2,847	$ 6,482
Derivative liabilities	(12)	(284)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2,847	6,482
Net	2,835	6,198
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
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	2,847	6,482
Net	2,835	6,198
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
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	2,847	6,482
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	2,847	6,482
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
Warrants | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(12)	(284)
Warrants | Quoted Market Prices (Level 1) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Warrants | Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(12)	(284)
Warrants | Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Effect of Fair Value Measured Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net	$ (663)	$ 4,961	$ 149
Net	(663)	4,961	32
Non-derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in Income, Asset	(935)	3,810	55
Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	(8,413)	4,464	32
Interest rate derivatives - caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	(8,685)	3,313	(62)
Realized gain (loss) on credit default swaps	7,750	497	0
Interest rate derivatives - caps | Derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in Income, Asset	(935)	3,810	(62)
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	272	1,151	94
Warrants | Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in Income, Liability	$ 272	$ 1,151	$ 94

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets measured at fair value:
Derivative assets, Carrying Value	$ 2,847	$ 6,482
Financial liabilities measured at fair value:
Derivative liabilities, Carrying Value	12	284
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	85,599	261,541	$ 215,998	$ 78,606
Restricted cash, Carrying Value	80,904	54,155	$ 47,376	$ 34,544
Accounts receivable, net, Carrying Value	39,199	51,448
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	1,173,043	1,336,750
Accounts payable and accrued expenses, Carrying Value	149,867	133,978
Dividends and distributions payable, Carrying Value	9,158	8,184
Ashford Inc.
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	1,471	10,005
Related Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties	0	938
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	603	0
Nonrelated Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties	17,739	26,625
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	1,608	2,096
Carrying Value
Financial assets measured at fair value:
Derivative assets, Carrying Value	2,847	6,482
Financial liabilities measured at fair value:
Derivative liabilities, Carrying Value	12	284
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	85,599	261,541
Restricted cash, Carrying Value	80,904	54,155
Accounts receivable, net, Carrying Value	39,199	51,448
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	1,171,459	1,337,250
Accounts payable and accrued expenses, Carrying Value	149,867	133,978
Dividends and distributions payable, Carrying Value	9,158	8,184
Carrying Value | Ashford Inc.
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	1,471	10,005
Carrying Value | Related Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties	0	938
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	603	0
Carrying Value | Nonrelated Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties	17,739	26,625
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	1,608	2,096
Estimated Fair Value
Financial assets measured at fair value:
Derivative assets, Estimated Fair Value	2,847	6,482
Financial liabilities measured at fair value:
Derivative liabilities, Estimated Fair Value	12	284
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated Fair Value	85,599	261,541
Restricted cash, Estimated Fair Value	80,904	54,155
Accounts receivable, net, Estimated Fair Value	39,199	51,448
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	1,124,377	1,294,391
Accounts payable and accrued expenses, Estimated Fair Value	149,867	133,978
Dividends and distributions payable, Estimated Fair Value	9,158	8,184
Estimated Fair Value | Ashford Inc.
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Estimated fair value	1,471	10,005
Estimated Fair Value | Related Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties, Estimated Fair Value	0	938
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Estimated fair value	603	0
Estimated Fair Value | Nonrelated Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties, Estimated Fair Value	17,739	26,625
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Estimated fair value	$ 1,608	$ 2,096

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Indebtedness, Carrying Value	$ 1,173,043	$ 1,336,750
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indebtedness, Carrying Value	$ 1,171,459	$ 1,337,250
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total indebtedness fair value variance from carrying value (as a percent)	96%	96.80%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss)	$ (27,017)	$ 17,761	$ (26,664)
Less: dividends on preferred stock	(42,304)	(21,503)	(8,745)
Deemed dividends on preferred stock	(4,719)	(6,954)	0
Gain (loss) on extinguishment of preferred stock	0	0	(4,595)
Add: claw back of dividends on cancelled performance stock units		7	143
Undistributed net income (loss) allocated to common stockholders	(87,463)	(16,361)	(39,861)
Distributed and undistributed net income (loss) - diluted	(74,299)	(10,763)	(39,861)
Distributed and undistributed net income (loss) - basic	$ (74,299)	$ (10,763)	$ (39,861)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	65,989	69,687	52,684
Weighted average common shares outstanding – diluted (in shares)	65,989	69,687	52,684
Income (loss) per share - basic:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.13)	$ (0.15)	$ (0.76)
Income (loss) per share - diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (1.13)	$ (0.15)	$ (0.76)
Performance shares
Net income (loss) attributable to common stockholders - basic and diluted:
Less: dividends on common stock	$ (226)	$ (36)	$ 0
Add: claw back of dividends on cancelled performance stock units	0	7	143
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less: dividends on common stock	(33)	(38)	0
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less: dividends on common stock	$ (13,164)	$ (5,598)	$ 0

Income (Loss) Per Share (Antidi

Income (Loss) Per Share (Antidilutive) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss) allocated to common stockholders is not adjusted for:
Loss on extinguishment of preferred stock - Series B	$ 0	$ 0	$ 4,595
Total	$ 43,222	$ 29,184	$ 9,821
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	165,060	61,768	19,884
Series E Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 30,883	$ 12,694	$ 683
Series M Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	3,888	1,276	15
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 33	$ 38	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	3	39	99
Performance shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 226	$ 30	$ 0
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	273	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	$ (5,230)	$ (476)	$ (3,597)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	5,487	5,907	4,980
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	$ 4,233	$ 4,747
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,116	4,116	4,614
Equity Unit Purchase Agreements | Series E Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 34,817	$ 18,969	$ 683
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	126,832	34,730	1,345
Equity Unit Purchase Agreements | Series M Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 4,673	$ 1,955	$ 15
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	14,740	3,366	32
Series B Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Loss on extinguishment of preferred stock - Series B	$ 0	$ 0	$ 4,595
Convertible Senior Notes
Net income (loss) allocated to common stockholders is not adjusted for:
Interest expense on Convertible Senior Notes	$ 4,470	$ 4,435	$ 3,378
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	13,609	13,609	8,450
Exchanged Shares of Series B Preferred Stock
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	0	364
Contingently Issuable Shares
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	0	1	0

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Long Term Incentive Plan Units and Performance Long Term Incentive Plan Units
Noncontrolling Interest [Line Items]
Units outstanding (in shares)	3,000,000
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)	614,000
Unamortized cost | $	$ 211
Unamortized cost, period of recognition	2 months 12 days
Weighted average period for recognition	2 months 12 days
Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Number of units (in shares)	1,500,000
Units fully vested (in shares)	840,000
Units which have not reached full economic parity with the common units (in shares)	353,000
Unamortized cost | $	$ 2,700
Unamortized cost, period of recognition	2 years
Weighted average period for recognition	1 year 2 months 12 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Allocated compensation expense	$ 5,680	$ 5,810	$ 3,313
Performance long term incentive plan units | Advisory Services Fee
Debt Instrument [Line Items]
Allocated compensation expense	4,445	4,301	1,765
Long Term Incentive Plan Units | Advisory Services Fee
Debt Instrument [Line Items]
Allocated compensation expense	1,039	1,229	1,372
Long Term Incentive Plan Units | Corporate General and Administrative
Debt Instrument [Line Items]
Allocated compensation expense	14	28	12
Long Term Incentive Plan Units | Corporate General and Administrative | Director
Debt Instrument [Line Items]
Allocated compensation expense	$ 182	$ 252	$ 164

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of the activity of the operating partnership units
Units outstanding at beginning of year (in shares)	8,283	7,158	4,277
Units redeemed for shares of common stock (in shares)	(1,456)	0	(868)
Units outstanding at end of year (in shares)	7,224	8,283	7,158
Common units convertible/redeemable at end of year (in shares)	4,292	5,841	5,533
Common Units
Summary of the activity of the operating partnership units
Units issued (in shares)	0	0	2,500
Long Term Incentive Plan Units
Summary of the activity of the operating partnership units
Units issued (in shares)	44	44	469
Performance LTIP units
Summary of the activity of the operating partnership units
Units issued (in shares)	353	1,194	840
Performance LTIP units forfeited/cancelled (in shares)	0	(113)	(60)

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP (in thousands)	$ 32,395	$ 40,555
Adjustments to redeemable noncontrolling interests	4	205	$ (108)
Braemar Hotels & Resorts, Inc.
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP (in thousands)	32,395	40,555
Adjustments to redeemable noncontrolling interests	$ 66	$ 70
Adjustments to redeemable noncontrolling interests (1) (in thousands)	6.63%	7.69%

Redeemable Noncontrolling Int_7

Redeemable Noncontrolling Interests in Operating Partnership (Allocated Redeemable Noncontrolling Interests) (For 10K) - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 5,230	$ 476	$ 3,597
Distributions declared to holders of common units, LTIP units and Performance LTIP units	1,444	665	0
Claw Back Of Dividends		(7)	(143)
Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Claw Back Of Dividends	$ 0	$ (4)	$ (38)

Redeemable Noncontrolling Int_8

Redeemable Noncontrolling Interests in Operating Partnership (Units Converted/Redeemed) (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Historical cost				$ 4,600
Fair value of common units converted				$ (4,584)
Operating Partnership Units
Temporary Equity [Line Items]
Units converted (in shares)		0	0	868
Fair value of common units converted		$ 0	$ 0	$ 4,122
Units redeemed (in shares)		1,456	0	0
Fair value of common units converted		$ 7,162	$ 0	$ 0
Operating Partnership Units | Mr. Monty J. Bennett
Temporary Equity [Line Items]
Units redeemed (in shares)	1,400
Fair value of common units converted	$ 7,000

Equity (Common Stock Dividends)

Equity (Common Stock Dividends) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock dividends declared	$ 13,423	$ 5,665	$ 0

Equity (Narrative) (for 10K) (D

Equity (Narrative) (for 10K) (Details)			12 Months Ended			21 Months Ended	35 Months Ended
	Jul. 12, 2021 USD ($)	Feb. 04, 2021 USD ($) day shares	Dec. 31, 2023 USD ($) hotel $ / shares shares	Dec. 31, 2022 USD ($) hotel $ / shares shares	Dec. 31, 2021 USD ($) shares	Mar. 31, 2023 shares	Dec. 31, 2023 USD ($) hotel $ / shares shares	Dec. 07, 2022 $ / 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
Purchase of common stock, value			$ 19,254,000	$ 7,465,000	$ 348,000
Number of hotel properties with JV interests | hotel			2	2			2
Noncontrolling interest in consolidated entities			$ (8,934,000)	$ (16,346,000)			$ (8,934,000)
Hotel properties
Class of Stock [Line Items]
Noncontrolling interest. ownership percentage			25%	25%			25%
Co-venturer
Class of Stock [Line Items]
Noncontrolling interest in consolidated entities			$ (8,900,000)	$ (16,300,000)			$ (8,900,000)
July 2021 Equity Distribution Agreements
Class of Stock [Line Items]
Shares sold (in shares) | shares			0	0	4,712,000	4,700,000
Proceeds received			$ 0	$ 0	$ 23,780,000
July 2021 Equity Distribution Agreements | Virtu
Class of Stock [Line Items]
Maximum offering price	$ 100,000,000
Percentage of the gross sales price (as a percent)	1%
Private Placement | YA
Class of Stock [Line Items]
Shares sold (in shares) | shares			0	0	1,700,000		1,700,000
Proceeds received			$ 0	$ 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 (as a percent)		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
Common Stock
Class of Stock [Line Items]
Shares of stock repurchased during period (in shares) | shares			3,969,000	1,773,000	50,000
Purchase of common stock, value			$ 40,000	$ 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			$ 25,000,000				$ 25,000,000
Common stock, par value (in dollars per share) | $ / shares								$ 0.01
Shares of stock repurchased during period (in shares) | shares			3,900,000
Purchase of common stock, value			$ 18,900,000
Stock Repurchase Program | Common Stock
Class of Stock [Line Items]
Shares of stock repurchased during period (in shares) | shares			83,000	262,000	50,000
Share Repurchase Program
Class of Stock [Line Items]
Shares of stock repurchased during period (in shares) | shares				1,500,000
Purchase of common stock, value				$ 6,100,000
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)			8.25%	8.25%
Preferred stock, shares issued (in shares) | shares			1,600,000	1,600,000			1,600,000
Redemption price (in dollars per share) | $ / shares			$ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
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) (Det

Equity (Issuance Activity) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended			21 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
July 2021 Equity Distribution Agreements
Class of Stock [Line Items]
Common shares issued/sold (in shares)	0	0	4,712	4,700
Gross proceeds received	$ 0	$ 0	$ 24,020	$ 24,000
Commissions	0	0	240
Net proceeds	$ 0	$ 0	$ 23,780
Common Stock
Class of Stock [Line Items]
Common shares issued/sold (in shares)	0	0	2,711
Gross proceeds received	$ 0	$ 0	$ 16,119
Commissions	0	0	202
Net proceeds	$ 0	$ 0	$ 15,917

Equity (Noncontrolling Interest

Equity (Noncontrolling Interest in Consolidated Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
(Income) loss attributable to noncontrolling interest in consolidated entities	$ (1,619)	$ (2,063)	$ 2,650

Redeemable Preferred Stock - Is

Redeemable Preferred Stock - Issuance Activity (Details)			12 Months Ended
	Apr. 02, 2021 $ / shares shares	Dec. 04, 2019 USD ($)	Dec. 31, 2023 USD ($) day $ / shares shares	Dec. 31, 2022 $ / shares
Equity Distribution Agreements
Class of Stock [Line Items]
Maximum offering price | $		$ 40,000,000
Percentage of the gross sales price (as a percent)		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
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 E Preferred Stock
Class of Stock [Line Items]
Initial conversion/redemption price (in dollars per share)			$ 25
Temporary equity conversion rate			5.69476
Temporary equity, par value (in dollars per share)			$ 0.01	0.01
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%
Series E Preferred Stock | Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			8%
Series E Preferred Stock | First Anniversary From Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			7.75%
Series E Preferred Stock | Second Anniversary From Initial Closing Date
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)			7.50%
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)			0.082%
Initial conversion/redemption price (in dollars per share)			$ 25
Temporary equity conversion rate			5.69476
Temporary equity, par value (in dollars per share)	0.01		$ 0.01	$ 0.01
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%
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Series Preferred Stock	$ 42,304	$ 21,503	$ 8,745
Series B Preferred Stock
Class of Stock [Line Items]
Series Preferred Stock	$ 4,233	$ 4,233	$ 4,747

Redeemable Preferred Stock - Se

Redeemable Preferred Stock - Section 3(a)(9) Activity (Details) - shares	12 Months Ended
	Dec. 31, 2023	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	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Units issued (in shares)	3,798	10,914	1,709
Net proceeds (1)	$ 85,444	$ 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, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Series preferred stock	$ 377,035	$ 291,076
Cumulative adjustments to Series Preferred Stock	$ 13,337	$ 9,403

Redeemable Preferred Stock - _3

Redeemable Preferred Stock - Series E Dividend Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series E Preferred Stock
Class of Stock [Line Items]
Dividends on preferred stock	$ 30,883	$ 12,694	$ 683

Redeemable Preferred Stock - _4

Redeemable Preferred Stock - Series E Redemption Activity (Details) - Series E Preferred Stock - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	272	14	0
Redemption amount, net of redemption fees	$ 6,423	$ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Units issued (in shares)	531	1,402	29
Net proceeds (1)	$ 12,869	$ 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, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Series preferred stock	$ 45,623	$ 35,182
Cumulative adjustments to Series Preferred Stock	$ 1,597	$ 812

Redeemable Preferred Stock - _7

Redeemable Preferred Stock - Series M Dividend Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series M Preferred Stock
Class of Stock [Line Items]
Dividends on preferred stock	$ 3,888	$ 1,276	$ 15

Redeemable Preferred Stock - _8

Redeemable Preferred Stock - Series M Preferred Stock Activity (Details) - Series M Preferred Stock - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	137	5	0
Redemption amount, net of redemption fees	$ 3,395	$ 134	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Add: claw back of dividends on cancelled performance stock units		$ 7	$ 143
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost	$ 236
Unamortized cost, period of recognition	2 months 12 days
Weighted average period for recognition	2 months 12 days
Fair value of vested restricted stock	$ 1,300	$ 3,100	$ 2,100
Granted (in shares)	45	45	764
Performance LTIP units forfeited/cancelled (in shares)	(3)	(22)	(26)
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized cost	$ 1,100
Unamortized cost, period of recognition	2 years
Weighted average period for recognition	1 year 10 months 24 days
Award service period (in years)	3 years
Award vesting period	3 years
Granted (in shares)	383	41	446
Performance LTIP units forfeited/cancelled (in shares)	0	(225)	(223)
Add: claw back of dividends on cancelled performance stock units	$ 0	$ 7	$ 143
Performance shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance target (as a percent)	0%
Performance shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance target (as a percent)	200%
Equity Incentive Plan 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized to grant (in shares)	8,200
Shares available for future issuance (in shares)	1,600

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense for Restricted Stock & PSUs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	$ 5,680	$ 5,810	$ 3,313
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	1,456	2,599	3,517
Restricted Stock | Advisory Services Fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	1,162	2,195	3,028
Restricted Stock | Management fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	11	26	56
Restricted Stock | Corporate General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	101	126	111
Restricted Stock | Corporate General and Administrative | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	182	252	322
Performance shares | Advisory Services Fee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated compensation expense	$ 2,108	$ 2,876	$ 3,374

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and PSUs Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	437	957	536
Granted (in shares)	45	45	764
Vested (in shares)	(312)	(543)	(317)
Performance LTIP units forfeited/cancelled (in shares)	(3)	(22)	(26)
Outstanding at end of year (in shares)	167	437	957
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share)	$ 6.46	$ 6.94	$ 7.98
Granted (in dollars per share)	4.07	5.63	7.02
Vested (in dollars per share)	5.82	5.86	6.31
Forfeited (in dollars per share)	6.90	6.77	6.94
Outstanding at end of year (in dollars per share)	$ 7.02	$ 6.46	$ 6.94
Performance shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares)	335	671	448
Granted (in shares)	383	41	446
Vested (in shares)	(294)	(152)	0
Performance LTIP units forfeited/cancelled (in shares)	0	(225)	(223)
Outstanding at end of year (in shares)	424	335	671
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share)	$ 5.84	$ 5.84	$ 11.71
Granted (in dollars per share)	4.07	5.63	7.01
Vested (in dollars per share)	7.01	4.69	0
Forfeited (in dollars per share)	0	3.51	19.96
Outstanding at end of year (in dollars per share)	$ 4.22	$ 5.84	$ 5.84

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)			1 Months Ended	12 Months Ended
	Jan. 27, 2022 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Jun. 30, 2023	Sep. 27, 2022
Related Party Transaction [Line Items]
Base fee, net asset fee adjustment (as a percent)				0.70%
Minimum base fee (as a percent)				90%
Term of advisory agreement (in years)				3 years
Related party agreement term							12 months
Aggregate non-listed preferred equity offerings		$ 400,000,000
Percentage of project costs				4%
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				16	16	14
Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage	45%	50%
Ashford Inc. | Ashford Trust
Related Party Transaction [Line Items]
Allocation percentage	45%	0%
Ashford Inc. | Ashford Inc.
Related Party Transaction [Line Items]
Allocation percentage	10%	50%
Related Party
Related Party Transaction [Line Items]
Due from related parties, net				$ 0	$ 938,000
Due to related parties and nonrelated parties				603,000	0
Ashford Inc.
Related Party Transaction [Line Items]
Due to related parties and nonrelated parties				1,471,000	10,005,000
REIT Cash Management Strategies Agreement
Related Party Transaction [Line Items]
Annual fee, average daily balance of funds								0.0020
Nonrefundable Work Fees
Related Party Transaction [Line Items]
Advisory services, amount paid				150,000
Success Fees
Related Party Transaction [Line Items]
Advisory services, amount paid				214,000
Fees From Lismore
Related Party Transaction [Line Items]
Advisory services, amount paid				2,100,000	1,400,000	$ 491,000
Ashford Inc.
Related Party Transaction [Line Items]
Funding amount	$ 18,000,000
Ashford Inc. | Ashford Securities
Related Party Transaction [Line Items]
Amount funded				20,900,000	5,800,000
Paid to affiliate			$ 8,700,000
Pre-funded balance				693,000
Ashford Inc. | Ashford Securities | Ashford Inc.
Related Party Transaction [Line Items]
Due from related parties, net				$ 3,500,000
Due to related parties and nonrelated parties					6,600,000
Remington Hospitality
Related Party Transaction [Line Items]
Number of hotel properties managed by related party | hotel				4
Remington Hospitality | Related Party
Related Party Transaction [Line Items]
Due from related parties, net					$ 573,000
Due to related parties and nonrelated parties				$ 603,000
Minimum | Management fees
Related Party Transaction [Line Items]
Monthly property management fee				$ 17,000
Property management fee, percent				3%
Minimum | Remington Hospitality | Management fees
Related Party Transaction [Line Items]
Monthly property management fee				$ 17,000
Property management fee, percent				3%

Related Party Transactions (Sch

Related Party Transactions (Schedule of Advisory Services Fee) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Advisory services fee	$ 31,089	$ 28,847	$ 22,641
Ashford Inc.
Related Party Transaction [Line Items]
Advisory services fee			22,641
Ashford Inc. | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee			10,806
Ashford Inc. | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee			2,297
Ashford Inc. | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee			9,538
Ashford Inc. | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee			$ 0
Ashford LLC | Related Party
Related Party Transaction [Line Items]
Advisory services fee	31,089	28,847
Ashford LLC | Related Party | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	13,982	12,790
Ashford LLC | Related Party | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	8,353	4,653
Ashford LLC | Related Party | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	8,754	10,601
Ashford LLC | Related Party | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 0	$ 803

Related Party Transactions (S_2

Related Party Transactions (Schedule of Reimbursed Operating Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 4,330	$ 9,461	$ 1,983

Related Party Transactions (Sum

Related Party Transactions (Summary of Entities with Advisor Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Total	$ 3	$ 3	$ 7
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	3	7
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	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	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		0
Ashford Securities | Broker/Dealer
Related Party Transaction [Line Items]
Total	6,385	9,735	1,983
Ashford Securities | Broker/Dealer | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
Ashford Securities | Broker/Dealer | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	0	0	0
Ashford Securities | Broker/Dealer | Management fees
Related Party Transaction [Line Items]
Total	0	0	0
Ashford Securities | Broker/Dealer | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	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	0
Ashford Securities | Broker/Dealer | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	4,413	9,461	1,983
Ashford Securities | Broker/Dealer | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total	0		0
Ashford Securities | Broker/Dealer | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
Ashford Securities | Broker/Dealer | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	0	0
Ashford Securities | Broker/Dealer | Other Assets
Related Party Transaction [Line Items]
Total	0		0
Ashford Securities | Broker/Dealer | Preferred Stock
Related Party Transaction [Line Items]
Total	1,972		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	4,165	3,800	1,001
INSPIRE | Audio visual services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	4,268	3,800	1,001
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	103	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	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		0
Lismore Capital | Debt placement and related services
Related Party Transaction [Line Items]
Total	2,426	750	491
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	0
Lismore Capital | Debt placement and related services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total	1,289		341
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	987	750	150
Lismore Capital | Debt placement and related services | Other Assets
Related Party Transaction [Line Items]
Total	150		0
Lismore Capital | Debt placement and related services | Preferred Stock
Related Party Transaction [Line Items]
Total	0		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	41	39	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	41	39	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	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	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		0
Premier | Design and construction services
Related Party Transaction [Line Items]
Total	12,652	9,875	3,009
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	1,034	613	356
Premier | Design and construction services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	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	11,618	9,262	2,653
Premier | Design and construction services | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	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		0
Pure Wellness | Hypoallergenic premium rooms
Related Party Transaction [Line Items]
Total	149	150	141
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	149	150	141
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	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	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		0
RED Leisure | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Total	427	525	321
RED Leisure | Watersports activities and travel/transportation services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	308	236	321
RED Leisure | Watersports activities and travel/transportation services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	692	761	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	43	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	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		0
Remington Hospitality | Hotel management services
Related Party Transaction [Line Items]
Total	3,913	4,288	3,243
Remington Hospitality | Hotel management services | Other Hotel Revenue
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hospitality | Hotel management services | Other Hotel Expenses
Related Party Transaction [Line Items]
Total	1,394	1,416	934
Remington Hospitality | Hotel management services | Management fees
Related Party Transaction [Line Items]
Total	2,519	2,872	2,309
Remington Hospitality | Hotel management services | Property Taxes, Insurance and Other
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hospitality | Hotel management services | Preferred Stock
Related Party Transaction [Line Items]
Total		0
Remington Hospitality | Hotel management services | Advisory Services Fee
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hospitality | Hotel management services | Corporate General and Administrative
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hospitality | Hotel management services | Write-off of Premiums, Loan Costs and Exit Fees
Related Party Transaction [Line Items]
Total	0		0
Remington Hospitality | Hotel management services | Investments in Hotel Properties, net
Related Party Transaction [Line Items]
Total	0	0	0
Remington Hospitality | Hotel management services | Indebtedness, net
Related Party Transaction [Line Items]
Total	0	$ 0	0
Remington Hospitality | Hotel management services | Other Assets
Related Party Transaction [Line Items]
Total	0		0
Remington Hospitality | Hotel management services | Preferred Stock
Related Party Transaction [Line Items]
Total	$ 0		$ 0

Related Party Transactions (S_3

Related Party Transactions (Summary of Due (from) Ashford Inc) (Details) - Ashford Inc. - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties	$ 1,471	$ 10,005
Ashford LLC | Advisory Services Fee
Related Party Transaction [Line Items]
Due to related parties	1,004	1,576
Ashford LLC | Insurance claims services
Related Party Transaction [Line Items]
Due to related parties	1	2
Warwick | Casualty Insurance
Related Party Transaction [Line Items]
Due to related parties	608	0
INSPIRE | Audio visual services
Related Party Transaction [Line Items]
Due to related parties	483	952
OpenKey | Mobile key app
Related Party Transaction [Line Items]
Due to related parties	5	0
Ashford Securities | Contribution Agreement
Related Party Transaction [Line Items]
Due from related parties	(3,522)	0
Ashford Securities | Capital raise services
Related Party Transaction [Line Items]
Due to related parties	19	6,514
Premier | Design and construction services
Related Party Transaction [Line Items]
Due to related parties	2,674	829
RED Leisure | Watersports activities and travel/transportation services
Related Party Transaction [Line Items]
Due to related parties	$ 199	$ 132

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)			1 Months Ended	12 Months Ended
	Nov. 30, 2023 USD ($)	Aug. 05, 2021	Feb. 29, 2024 lawsuit	Dec. 31, 2023 USD ($) hotel extension groundLease	Dec. 31, 2022 hotel	Dec. 31, 2021 hotel	Dec. 20, 2016 hotel managementCompany
Loss Contingencies [Line Items]
Number of hotel properties | hotel				16	16	14
Lawsuit Against Various Hilton Properties
Loss Contingencies [Line Items]
Amounts accrued	$ 371,000
Subsequent Event
Loss Contingencies [Line Items]
Number of lawsuits filed | lawsuit			2
Various Hilton Entities | Lawsuit Against Various Hilton Properties
Loss Contingencies [Line Items]
Damages sought	$ 3,500,000
Class Action Lawsuit, California Employment Laws
Loss Contingencies [Line Items]
Number of hotel management companies | managementCompany							1
Number of hotel properties | hotel							2
Amounts accrued				$ 0
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				$ 35,400,000
Period of capital commitment related to general capital improvement				12 months
Minimum | Management fees
Loss Contingencies [Line Items]
Monthly property management fee				$ 17,000
Property management fee, percent				3%
Minimum | Restricted cash
Loss Contingencies [Line Items]
Replacement reserve escrow as percentage of property revenue				3%
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

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Licensing Fees Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Other hotel expenses	$ 501,157	$ 445,487	$ 287,026
Intellectual Property Sublease Agreement
Other Commitments [Line Items]
Other hotel expenses	$ 322	$ 467	$ 133

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 78,383	$ 79,449
Liabilities
Operating lease liabilities	$ 60,379	$ 60,692

Leases (Lease Cost and Other In

Leases (Lease Cost and Other Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 6,757	$ 6,653	$ 5,349
Variable lease, cost (credit), net	2,300	2,200	954
Amortization costs related to the intangible assets and liabilities	474	474	512
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases (in thousands)	$ 3,310	$ 3,307	$ 3,302
Weighted Average Remaining Lease Term
Operating leases	43 years	44 years	45 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, 2023	Dec. 31, 2022
Operating Leases
2024	$ 3,430
2025	3,421
2026	3,434
2027	3,443
2028	3,449
Thereafter	141,693
Total future minimum lease payments	158,870
Less: interest	(98,491)
Present value of operating lease liabilities	$ 60,379	$ 60,692

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) hotel $ / shares	Dec. 31, 2022 USD ($) hotel $ / shares	Dec. 31, 2021 USD ($) hotel $ / shares	Dec. 31, 2020 USD ($)
Income Tax Examination [Line Items]
Number of hotel properties | hotel	16	16	14
Net book income before income taxes	$ 17,900,000	$ 25,400,000	$ 12,600,000
Income tax interest and penalties expense	(11,000)	1,000	3,000
Income tax interest and penalties accrued	0	0
Valuation allowance	16,169,000	18,627,000	17,343,000	$ 14,938,000
Net operating loss carryforwards	109,700,000
Net operating loss carryforwards, subject to expiration	2,200,000
Foreign Tax Authority
Income Tax Examination [Line Items]
Tax holiday amount	$ 4,000,000	$ 2,500,000
Benefit of the tax holiday on net income (loss) (in dollars per share) | $ / shares	$ 0.06	$ 0.04
Virgin Islands Bureau of Internal Revenue | Foreign Tax Authority
Income Tax Examination [Line Items]
Tax holiday amount	$ 2,700,000	$ 3,400,000	$ 907,000
Benefit of the tax holiday on net income (loss) (in dollars per share) | $ / shares	$ 0.04	$ 0.05	$ 0.02
Braemar TRS
Income Tax Examination [Line Items]
Net operating loss carryforwards	$ 63,600,000
Net operating loss carryforwards, subject to expiration	47,300,000
Net operating loss carryforwards subject to substantial limitation on use	$ 47,300,000
Leased by wholly-owned or majority-owned taxable REIT subsidiaries
Income Tax Examination [Line Items]
Number of hotel properties | hotel	15

Income Taxes (Income Tax Expens

Income Taxes (Income Tax Expense Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax (expense) benefit at federal statutory income tax rate of 21%	$ (5,180)	$ (6,463)	$ (2,652)
State income tax (expense) benefit, net of U.S. federal income tax benefit	(258)	(1,961)	574
State and local income tax (expense) benefit on pass-through entity subsidiaries	(20)	(17)	(9)
Gross receipts and margin taxes	(52)	(69)	(26)
Benefit of USVI Economic Development Commission credit	1,511	3,358	3,346
Benefits of Puerto Rico tax incentives	2,064	1,474	0
Effect of permanent differences	(229)	0	0
Other	(46)	126	(251)
Valuation allowance	(479)	(491)	(2,306)
Total income tax (expense) benefit	$ (2,689)	$ (4,043)	$ (1,324)

Income Taxes (Components of Inc

Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (467)	$ (3,745)	$ (1,477)
State	(69)	(247)	(21)
Foreign	(824)	0	0
Total current income tax (expense) benefit	(1,360)	(3,992)	(1,498)
Deferred:
Federal	(14)	(51)	131
State	0	0	43
Foreign	(1,315)	0	0
Total deferred income tax (expense) benefit	(1,329)	(51)	174
Total income tax (expense) benefit	$ (2,689)	$ (4,043)	$ (1,324)

Income Taxes (Earnings (Losses)

Income Taxes (Earnings (Losses) From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ (51,878)	$ (3,859)	$ (47,986)
Foreign	23,939	27,250	16,399
INCOME (LOSS) BEFORE INCOME TAXES	$ (27,939)	$ 23,391	$ (31,587)

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Tax intangibles basis greater than book basis	$ 722	$ 722
Allowance for doubtful accounts	50	76
Unearned income	2,768	2,769
Federal and state net operating losses	15,967	16,452
Capital loss carryforward	511	525
Accrued expenses	761	1,133
Other	7	4
Total deferred tax asset	20,786	21,681
Valuation allowance	(16,169)	(18,627)	$ (17,343)	$ (14,938)
Net deferred tax asset	4,617	3,054
Deferred tax liabilities:
Other	(6)	(52)
Tax property basis greater/(less) than book basis	(5,932)	(2,935)
Prepaid expenses	0	(59)
Total deferred tax liability	(5,938)	(3,046)
Net deferred tax asset (liability)	$ (1,321)
Net deferred tax asset (liability)		$ 8

Income Taxes (Change in Valuati

Income Taxes (Change in Valuation Allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 18,627	$ 17,343	$ 14,938
Additions	0	1,284	2,405
Deductions	(2,458)	0	0
Balance at end of year	$ 16,169	$ 18,627	$ 17,343

Intangible Assets, net (Schedul

Intangible Assets, net (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cost	$ 5,682	$ 5,682
Accumulated amortization	(2,178)	(1,799)
Total	$ 3,504	$ 3,883

Intangible Assets, net (Narrati

Intangible Assets, net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 379	$ 378	$ 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, 2023	Dec. 31, 2022
Intangible Assets, net
2024	$ 379
2025	379
2026	379
2027	379
2028	379
Thereafter	1,609
Total	$ 3,504	$ 3,883

Concentration of Risk (Details)

Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2023
Revenue | Generated Excess of 10% of Total | Three Hotel Properties
Concentration Risk [Line Items]
Concentration risk	33%

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Thousands

12 Months Ended

Mar. 07, 2024 USD ($)

Feb. 05, 2024 USD ($)

Feb. 04, 2024

Jan. 29, 2024 USD ($) extension

Jan. 03, 2024 USD ($) extension

Dec. 22, 2023 extension

Jul. 31, 2023 extension

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Feb. 27, 2024 USD ($)

Feb. 02, 2023 USD ($)

Subsequent Event [Line Items]

Number of extension options | extension

1

Term of extension options (in years)

1 year

Indebtedness, gross

$ 1,173,043

$ 1,336,750

Repayments of debt

534,307

68,500

$ 84,224

OpenKey Notes Receivable

Subsequent Event [Line Items]

Face amount for debt

$ 5,000

Subsequent Event | OpenKey Notes Receivable

Subsequent Event [Line Items]

Face amount for debt

$ 1,000

Morgage Loan Due September 2025 | Mortgages | Subsequent Event

Subsequent Event [Line Items]

Number of extension options | extension

1

Term of extension options (in years)

1 year

Indebtedness, gross

$ 80,000

Morgage Loan Due September 2025 | Mortgages | Subsequent Event | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Basis spread on variable rate (as a percent)

3.60%

Mortgage Loan Due August 2025, 4.04% | Mortgages | Subsequent Event

Subsequent Event [Line Items]

Number of extension options | extension

1

Term of extension options (in years)

1 year

Indebtedness, gross

$ 42,500

Mortgage Loan Due August 2025, 4.04% | Mortgages | Subsequent Event | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Basis spread on variable rate (as a percent)

4.35%

Mortgage Loan Due February 2024 | Mortgages

Subsequent Event [Line Items]

Number of extension options | extension

2

Term of extension options (in years)

1 year

Indebtedness, gross

$ 66,600

$ 195,000

Debt term

3 years

Mortgage Loan Due February 2024 | Mortgages | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Basis spread on variable rate (as a percent)

3.75%

1.70%

Mortgage Loan Due February 2024 | Mortgages | Subsequent Event

Subsequent Event [Line Items]

Indebtedness, gross

$ 66,600

Repayments of debt

$ 692

Forbearance agreement, term

6 months

Interest rate (as a percent)

9%

Mortgage Loan Due February 2024 | Mortgages | Subsequent Event | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Basis spread on variable rate (as a percent)

1.70%

Non-Recourse Loan, Secured Loan | Mortgages | Subsequent Event

Subsequent Event [Line Items]

Indebtedness, gross

$ 62,000

Debt term

2 years

Non-Recourse Loan, Secured Loan | Mortgages | Subsequent Event | Secured Overnight Financing Rate (SOFR)

Subsequent Event [Line Items]

Basis spread on variable rate (as a percent)

4.75%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,086,793
Initial Cost of Land	634,603
Initial Cost of FF&E, Buildings and improvements	1,432,359
Costs Capitalized Since Acquisition, Land	353
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	315,401
Gross Carrying Amount At Close of Period, Land	634,956
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	1,747,760
Gross Carrying Amount At Close of Period, Total	2,382,716	$ 2,325,093	$ 1,845,078	$ 1,784,849
Accumulated Depreciation	498,508	$ 440,492	$ 399,481	$ 360,259
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes	$ 1,800,000
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	$ 110,600
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	63,801
Gross Carrying Amount At Close of Period, Land	45,721
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	170,046
Gross Carrying Amount At Close of Period, Total	215,767
Accumulated Depreciation	71,927
La Jolla, CA Hilton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,600
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	7,644
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	122,258
Gross Carrying Amount At Close of Period, Total	122,258
Accumulated Depreciation	55,311
Seattle, WA Marriott
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	90,785
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	23,821
Gross Carrying Amount At Close of Period, Land	31,888
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	135,997
Gross Carrying Amount At Close of Period, Total	167,885
Accumulated Depreciation	56,631
Philadelphia, PA The Notary Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	57,018
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	28,279
Gross Carrying Amount At Close of Period, Land	9,814
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	122,308
Gross Carrying Amount At Close of Period, Total	132,122
Accumulated Depreciation	60,066
San Francisco CA Courtyard By Marriott
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	78,384
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	47,354
Gross Carrying Amount At Close of Period, Land	22,653
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	120,085
Gross Carrying Amount At Close of Period, Total	142,738
Accumulated Depreciation	63,991
Chicago, IL Chicago Sofitel Magnificent Mile
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,993
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	1,528
Gross Carrying Amount At Close of Period, Land	12,631
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	141,897
Gross Carrying Amount At Close of Period, Total	154,528
Accumulated Depreciation	38,250
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	1,272
Gross Carrying Amount At Close of Period, Land	59,731
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	34,283
Gross Carrying Amount At Close of Period, Total	94,014
Accumulated Depreciation	12,208
Yountville, CA Bardessono
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	39,279
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	2,072
Gross Carrying Amount At Close of Period, Land	0
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	66,256
Gross Carrying Amount At Close of Period, Total	66,256
Accumulated Depreciation	14,882
Yountville CA, Hotel Yountville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,687
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	(4,088)
Gross Carrying Amount At Close of Period, Land	47,849
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	44,479
Gross Carrying Amount At Close of Period, Total	92,328
Accumulated Depreciation	9,039
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	353
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements	14,243
Gross Carrying Amount At Close of Period, Land	89,470
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	70,626
Gross Carrying Amount At Close of Period, Total	160,096
Accumulated Depreciation	19,130
Ritz-Carlton Sarasota, Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	117,034
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	5,730
Gross Carrying Amount At Close of Period, Land	83,630
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	105,512
Gross Carrying Amount At Close of Period, Total	189,142
Accumulated Depreciation	20,400
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	83,282
Gross Carrying Amount At Close of Period, Land	25,533
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	121,749
Gross Carrying Amount At Close of Period, Total	147,282
Accumulated Depreciation	33,058
Truckee, CA Ritz-Carlton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	53,413
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	30,692
Gross Carrying Amount At Close of Period, Land	26,731
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	122,295
Gross Carrying Amount At Close of Period, Total	149,026
Accumulated Depreciation	16,559
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	1,688
Gross Carrying Amount At Close of Period, Land	29,346
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	46,766
Gross Carrying Amount At Close of Period, Total	76,112
Accumulated Depreciation	4,916
The Ritz-Carlton Reserve Dorado Beach
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
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	3,798
Gross Carrying Amount At Close of Period, Land	79,711
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	121,308
Gross Carrying Amount At Close of Period, Total	201,019
Accumulated Depreciation	11,734
Four Seasons Resort Scottsdale at Troon North
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	140,000
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	4,285
Gross Carrying Amount At Close of Period, Land	70,248
Gross Carrying Amount at Close of Period, FF&E, Buildings and improvements	201,895
Gross Carrying Amount At Close of Period, Total	272,143
Accumulated Depreciation	$ 10,406

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Roll Forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment in real estate:
Beginning balance	$ 2,325,093	$ 1,845,078	$ 1,784,849
Additions	92,384	516,754	95,663
Write-offs	(34,761)	(36,739)	(32,677)
Sales/disposals	0	0	(2,757)
Ending balance	2,382,716	2,325,093	1,845,078
Accumulated depreciation:
Beginning balance	440,492	399,481	360,259
Depreciation expense	92,777	77,750	73,054
Write-offs	(34,761)	(36,739)	(32,677)
Sales/disposals	0	0	(1,155)
Ending balance	498,508	440,492	399,481
Investment in real estate, net	$ 1,884,208	$ 1,884,601	$ 1,445,597

Uncategorized Items - bhr-20231

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]