Braemar Hotels & Resorts (BHR) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35972
Entity Registrant Name	BRAEMAR HOTELS & RESORTS INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2488594
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	490-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,522,206
Entity Central Index Key	0001574085
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BHR
Security Exchange Name	NYSE
Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series B
Trading Symbol	BHR-PB
Security Exchange Name	NYSE
Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, Series D
Trading Symbol	BHR-PD
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments in hotel properties, gross	$ 2,270,981	$ 2,382,716
Accumulated depreciation	(480,940)	(498,508)
Investments in hotel properties, net	1,790,041	1,884,208
Cash and cash equivalents	168,675	85,599
Restricted cash	48,461	80,904
Investment in securities	41,493	0
Accounts receivable, net of allowance of $443 and $237, respectively	32,479	39,199
Inventories	4,575	5,003
Note receivable	5,855	0
Prepaid expenses	5,825	9,938
Deferred costs, net	75	75
Investment in unconsolidated entity	1,539	1,674
Derivative assets	480	2,847
Operating lease right-of-use assets	34,185	78,383
Other assets	20,909	17,751
Intangible assets, net	3,220	3,504
Total assets	2,177,667	2,226,824
Liabilities:
Indebtedness, net	1,208,013	1,162,444
Accounts payable and accrued expenses	144,868	149,867
Dividends and distributions payable	9,271	9,158
Operating lease liabilities	19,149	60,379
Other liabilities	23,572	22,756
Derivative liabilities	0	12
Total liabilities	1,411,887	1,408,298
Commitments and contingencies (note $17)
Redeemable noncontrolling interests in operating partnership	31,336	32,395
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 September 30, 2024 and December 31, 2023	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,522,206 and 66,636,353 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	665	666
Additional paid-in capital	719,110	718,498
Accumulated other comprehensive income (loss)	(723)	0
Accumulated deficit	(442,157)	(412,199)
Total stockholders’ equity of the Company	276,911	306,981
Noncontrolling interest in consolidated entities	(2,978)	(8,934)
Total equity	273,933	298,047
Total liabilities and equity	2,177,667	2,226,824
Ashford Inc.
Liabilities:
Due to related parties and nonrelated parties	5,489	1,471
Related Party
Liabilities:
Due to related parties and nonrelated parties	16	603
Nonrelated Party
ASSETS
Due from third-party hotel managers	19,855	17,739
Liabilities:
Due to related parties and nonrelated parties	1,509	1,608
Series B Preferred Stock
Liabilities:
Series preferred stock	65,426	65,426
Series E Preferred Stock
Liabilities:
Series preferred stock	355,178	377,035
Series M Preferred Stock
Liabilities:
Series preferred stock	$ 39,907	$ 45,623

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Allowance for doubtful notes receivable	$ 443	$ 443	$ 237
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	80,000,000	80,000,000	80,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, shares issued (in shares)	66,522,206	66,522,206	66,636,353
Common stock, shares outstanding (in shares)	66,522,206	66,522,206	66,636,353
Series B Preferred Stock
Temporary Equity [Abstract]
Temporary equity, dividend rate (as a percent)	5.50%	5.50%	5.50%
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	3,078,017	3,078,017	3,078,017
Temporary equity, shares outstanding (in shares)	3,078,017	3,078,017	3,078,017
Series E Preferred Stock
Temporary Equity [Abstract]
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	15,138,572	15,138,572	16,316,315
Temporary equity, shares outstanding (in shares)	15,138,572	15,138,572	16,316,315
Series M Preferred Stock
Temporary Equity [Abstract]
Temporary equity, dividend rate (as a percent)		8.20%
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	1,596,286	1,596,286	1,832,805
Temporary equity, shares outstanding (in shares)	1,596,286	1,596,286	1,832,805
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%	8.25%
Preferred stock, shares issued (in shares)	1,600,000	1,600,000	1,600,000
Preferred stock, shares outstanding (in shares)	1,600,000	1,600,000	1,600,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE
Total revenue	$ 148,398	$ 159,801	$ 555,064	$ 561,809
Hotel operating expenses:
Total hotel operating expenses	113,715	116,450	378,111	377,794
Property taxes, insurance and other	9,985	10,471	30,740	27,983
Depreciation and amortization	25,078	22,703	75,192	67,791
Advisory services fee	8,627	7,020	23,155	23,183
Corporate general and administrative	8,874	2,506	11,105	9,222
Total operating expenses	166,279	159,150	518,303	505,973
Gain (loss) on disposition of assets and hotel property	88,210	0	88,210	0
OPERATING INCOME (LOSS)	70,329	651	124,971	55,836
Equity in earnings (loss) of unconsolidated entity	(80)	(60)	(214)	(208)
Interest income	2,660	986	4,528	5,389
Other income (expense)	0	293	0	293
Interest expense and amortization of discounts and loan costs	(27,911)	(23,306)	(81,687)	(69,779)
Write-off of loan costs and exit fees	(5,292)	(2,588)	(6,095)	(2,848)
Gain (loss) on extinguishment of debt	0	0	(22)	2,318
Realized and unrealized gain (loss) on derivatives	(735)	223	523	918
INCOME (LOSS) BEFORE INCOME TAXES	38,971	(23,801)	42,004	(8,081)
Income tax (expense) benefit	864	1,190	(474)	(1,064)
NET INCOME (LOSS)	39,835	(22,611)	41,530	(9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities	(27,363)	(1,773)	(26,317)	(1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	124	2,354	1,747	3,018
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	12,596	(22,030)	16,960	(7,842)
Preferred dividends	(9,857)	(10,582)	(30,593)	(31,809)
Deemed dividends on preferred stock	(4,151)	(516)	(6,175)	(3,271)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (1,412)	$ (33,128)	$ (19,808)	$ (42,922)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.02)	$ (0.50)	$ (0.30)	$ (0.63)
Weighted average common shares outstanding – basic (in shares)	66,522	65,825	66,493	68,010
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.02)	$ (0.50)	$ (0.30)	$ (0.63)
Weighted average common shares outstanding – diluted (in shares)	66,522	65,825	66,493	68,010
Total hotel revenue
REVENUE
Total revenue	$ 148,398	$ 159,801	$ 555,064	$ 561,809
Rooms
REVENUE
Total revenue	92,427	100,738	347,206	355,402
Hotel operating expenses:
Total hotel operating expenses	25,548	25,899	81,288	79,962
Food and beverage
REVENUE
Total revenue	34,781	38,537	135,891	138,541
Hotel operating expenses:
Total hotel operating expenses	31,998	32,750	109,379	108,854
Other hotel
REVENUE
Total revenue	21,190	20,526	71,967	67,866
Hotel operating expenses:
Total hotel operating expenses	51,300	52,725	169,531	171,317
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 4,869	$ 5,076	$ 17,913	$ 17,661

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 39,835	$ (22,611)	$ 41,530	$ (9,145)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Change in unrealized gain (loss) on investment in securities	(786)	0	(786)	0
Total other comprehensive income (loss)	(786)	0	(786)	0
TOTAL COMPREHENSIVE INCOME (LOSS)	39,049	(22,611)	40,744	(9,145)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities	(27,363)	(1,773)	(26,317)	(1,715)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership	187	2,354	1,810	3,018
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 11,873	$ (22,030)	$ 16,237	$ (7,842)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Series D Preferred 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	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Series D Preferred Stock	Accumulated Deficit Series B Preferred Stock	Accumulated Deficit Series E Preferred Stock	Accumulated Deficit Series M Preferred Stock	Accumulated Other Comprehensive Income/(loss)	Noncontrolling Interest in Consolidated Entities	Redeemable Noncontrolling Interests in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2022						1,600,000				69,919,000
Beginning balance at Dec. 31, 2022	$ 393,763					$ 16				$ 699	$ 734,134	$ (324,740)						$ (16,346)	$ 40,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)										(3,969,000)
Purchase of common stock	(19,254)									$ (40)	(19,214)
Equity-based compensation	2,644										2,644
Issuance of restricted shares/units (in shares)										45,000
Forfeiture of restricted common shares (in shares)										(1,000)
Dividends declared - common stock	(10,004)											(10,004)
Dividends declared - preferred stock		$ (2,475)	$ (3,174)	$ (23,230)	$ (2,930)								$ (2,475)	$ (3,174)	$ (23,230)	$ (2,930)
Contributions from noncontrolling interests	4,050																	4,050
Distributions to noncontrolling interests	(3,055)																	(3,055)	(1,083)
Net income (loss)	(6,127)											(7,842)						1,715
Redemption value adjustment – preferred stock	(3,271)											(3,271)
Redemption value adjustment	8											8
Ending balance (in shares) at Sep. 30, 2023						1,600,000				65,994,000
Ending balance at Sep. 30, 2023	326,945					$ 16				$ 659	717,564	(377,658)						(13,636)	33,494
Units outstanding at beginning of year (in shares) at Dec. 31, 2022							3,078,000	12,657,000	1,428,000
Beginning balance, temporary equity at Dec. 31, 2022							$ 65,426	$ 291,076	$ 35,182
Beginning balance at Dec. 31, 2022	393,763					16				699	734,134	(324,740)						(16,346)	40,555
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation, redeemable noncontrolling interests																			4,210
Issuance of preferred stock (in shares)				3,798,000	531,000			3,896,000	540,000
Issuance of preferred stock								$ 87,557	$ 13,011
Distributions to noncontrolling interests	(3,055)																	(3,055)	(1,083)
Redemption/conversion of operating partnership units																			(7,162)
Net income (loss)																			(3,018)
Redemption of preferred stock (in shares)				(143,000)	(56,000)			(143,000)	(56,000)
Redemptions of preferred stock				$ (3,378)	$ (1,383)			$ (3,378)	$ (1,383)
Redemption value adjustment – preferred stock								$ 2,621	$ 650
Redemption value adjustment																			(8)
Units outstanding at end of year (in shares) at Sep. 30, 2023							3,078,000	16,410,000	1,912,000
Ending balance, temporary equity at Sep. 30, 2023							$ 65,426	$ 377,876	$ 47,460
Ending balance at Sep. 30, 2023	326,945					$ 16				$ 659	717,564	(377,658)						(13,636)	33,494
Beginning balance (in shares) at Dec. 31, 2022						1,600,000				69,919,000
Beginning balance at Dec. 31, 2022	393,763					$ 16				$ 699	734,134	(324,740)						(16,346)	40,555
Ending balance (in shares) at Dec. 31, 2023						1,600,000				66,636,000
Ending balance at Dec. 31, 2023	298,047					$ 16				$ 666	718,498	(412,199)					$ 0	(8,934)	32,395
Units outstanding at beginning of year (in shares) at Dec. 31, 2022							3,078,000	12,657,000	1,428,000
Beginning balance, temporary equity at Dec. 31, 2022							$ 65,426	$ 291,076	$ 35,182
Beginning balance at Dec. 31, 2022	393,763					16				699	734,134	(324,740)						(16,346)	40,555
Units outstanding at end of year (in shares) at Dec. 31, 2023			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	$ 377,035	$ 45,623		$ 65,426	$ 377,035	$ 45,623
Ending balance at Dec. 31, 2023	298,047					$ 16				$ 666	718,498	(412,199)					0	(8,934)	32,395
Beginning balance (in shares) at Jun. 30, 2023						1,600,000				65,994,000
Beginning balance at Jun. 30, 2023	363,783					$ 16				$ 659	716,987	(341,210)						(12,669)	35,174
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	577										577
Dividends declared - common stock	(3,335)											(3,335)
Dividends declared - preferred stock		(825)	(1,058)	$ (7,710)	$ (989)								(825)	(1,058)	(7,710)	(989)
Distributions to noncontrolling interests	(2,740)																	(2,740)	(361)
Net income (loss)	(20,257)											(22,030)						1,773
Redemption value adjustment – preferred stock	(516)											(516)
Redemption value adjustment	15											15
Ending balance (in shares) at Sep. 30, 2023						1,600,000				65,994,000
Ending balance at Sep. 30, 2023	326,945					$ 16				$ 659	717,564	(377,658)						(13,636)	33,494
Units outstanding at beginning of year (in shares) at Jun. 30, 2023							3,078,000	16,485,000	1,960,000
Beginning balance, temporary equity at Jun. 30, 2023							$ 65,426	$ 379,403	$ 48,405
Beginning balance at Jun. 30, 2023	363,783					16				659	716,987	(341,210)						(12,669)	35,174
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation, redeemable noncontrolling interests																			1,050
Issuance of preferred stock (in shares)				0	0			36,000	3,000
Issuance of preferred stock								$ 813	$ 56
Distributions to noncontrolling interests	(2,740)																	(2,740)	(361)
Net income (loss)																			(2,354)
Redemption of preferred stock (in shares)				(111,000)	(51,000)			(111,000)	(51,000)
Redemptions of preferred stock				$ (2,589)	$ (1,268)			$ (2,589)	$ (1,268)
Redemption value adjustment – preferred stock								$ 249	$ 267
Redemption value adjustment																			(15)
Units outstanding at end of year (in shares) at Sep. 30, 2023							3,078,000	16,410,000	1,912,000
Ending balance, temporary equity at Sep. 30, 2023							$ 65,426	$ 377,876	$ 47,460
Ending balance at Sep. 30, 2023	326,945					$ 16				$ 659	717,564	(377,658)						(13,636)	33,494
Beginning balance (in shares) at Dec. 31, 2023						1,600,000				66,636,000
Beginning balance at Dec. 31, 2023	298,047					$ 16				$ 666	718,498	(412,199)					0	(8,934)	32,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of common stock (in shares)										(170,000)
Purchase of common stock	(369)									$ (2)	(367)
Equity-based compensation	977										977
Issuance of restricted shares/units (in shares)										57,000
Issuance of restricted shares/units	3									$ 1	2
Forfeiture of restricted common shares (in shares)										(1,000)
Dividends declared - common stock	(10,040)											(10,040)
Dividends declared - preferred stock		(2,475)	$ (3,175)	$ (22,307)	$ (2,636)								(2,475)	(3,175)	(22,307)	(2,636)
Contributions from noncontrolling interests	2,961																	2,961
Distributions to noncontrolling interests	(23,322)																	(23,322)	(1,103)
Net income (loss)	43,277											16,960						26,317
Unrealized gain (loss) on investment in securities	(723)																(723)		(63)
Redemption value adjustment – preferred stock	(6,175)											(6,175)
Redemption value adjustment	(110)											(110)
Ending balance (in shares) at Sep. 30, 2024						1,600,000				66,522,000
Ending balance at Sep. 30, 2024	273,933					$ 16				$ 665	719,110	(442,157)					(723)	(2,978)	31,336
Units outstanding at beginning of year (in shares) at Dec. 31, 2023			3,078,017	16,316,315	1,832,805		3,078,000	16,316,000	1,833,000
Beginning balance, temporary equity at Dec. 31, 2023			$ 65,426	$ 377,035	$ 45,623		$ 65,426	$ 377,035	$ 45,623
Beginning balance at Dec. 31, 2023	298,047					16				666	718,498	(412,199)					0	(8,934)	32,395
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation, redeemable noncontrolling interests																			1,712
Issuance of preferred stock (in shares)				0	0			97,000	4,000
Issuance of preferred stock								$ 2,446	$ 105
Issuance of restricted shares/units	32
Distributions to noncontrolling interests	(23,322)																	(23,322)	(1,103)
Unrealized gain (loss) on investment in securities	(723)																(723)		(63)
Net income (loss)																			(1,747)
Redemption of preferred stock (in shares)				(1,275,000)	(241,000)			(1,275,000)	(241,000)
Redemptions of preferred stock				$ (30,281)	$ (6,018)			$ (30,281)	$ (6,018)
Redemption value adjustment – preferred stock								$ 5,978	$ 197
Redemption value adjustment																			110
Units outstanding at end of year (in shares) at Sep. 30, 2024			3,078,017	15,138,572	1,596,286		3,078,000	15,138,000	1,596,000
Ending balance, temporary equity at Sep. 30, 2024			$ 65,426	$ 355,178	$ 39,907		$ 65,426	$ 355,178	$ 39,907
Ending balance at Sep. 30, 2024	273,933					$ 16				$ 665	719,110	(442,157)					(723)	(2,978)	31,336
Beginning balance (in shares) at Jun. 30, 2024						1,600,000				66,522,000
Beginning balance at Jun. 30, 2024	272,300					$ 16				$ 665	718,901	(437,302)					0	(9,980)	31,579
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	209										209
Dividends declared - common stock	(3,348)											(3,348)
Dividends declared - preferred stock		$ (825)	$ (1,059)	$ (7,137)	$ (836)								$ (825)	$ (1,059)	$ (7,137)	$ (836)
Contributions from noncontrolling interests	2,961																	2,961
Distributions to noncontrolling interests	(23,322)																	(23,322)	(369)
Net income (loss)	39,959											12,596						27,363
Unrealized gain (loss) on investment in securities	(723)																(723)		(63)
Redemption value adjustment – preferred stock	(4,151)											(4,151)
Redemption value adjustment	(95)											(95)
Ending balance (in shares) at Sep. 30, 2024						1,600,000				66,522,000
Ending balance at Sep. 30, 2024	273,933					$ 16				$ 665	719,110	(442,157)					(723)	(2,978)	31,336
Units outstanding at beginning of year (in shares) at Jun. 30, 2024							3,078,000	16,142,000	1,623,000
Beginning balance, temporary equity at Jun. 30, 2024							$ 65,426	$ 374,847	$ 40,569
Beginning balance at Jun. 30, 2024	272,300					16				665	718,901	(437,302)					0	(9,980)	31,579
Increase (Decrease) in Temporary Equity [Roll Forward]
Equity-based compensation, redeemable noncontrolling interests																			218
Issuance of preferred stock (in shares)				0	0			32,000	1,000
Issuance of preferred stock								$ 809	$ 34
Distributions to noncontrolling interests	(23,322)																	(23,322)	(369)
Unrealized gain (loss) on investment in securities	(723)																(723)		(63)
Net income (loss)																			(124)
Redemption of preferred stock (in shares)				(1,036,000)	(28,000)			(1,036,000)	(28,000)
Redemptions of preferred stock				$ (24,629)	$ (696)			$ (24,629)	$ (696)
Redemption value adjustment – preferred stock								$ 4,151
Redemption value adjustment																			95
Units outstanding at end of year (in shares) at Sep. 30, 2024			3,078,017	15,138,572	1,596,286		3,078,000	15,138,000	1,596,000
Ending balance, temporary equity at Sep. 30, 2024			$ 65,426	$ 355,178	$ 39,907		$ 65,426	$ 355,178	$ 39,907
Ending balance at Sep. 30, 2024	$ 273,933					$ 16				$ 665	$ 719,110	$ (442,157)					$ (723)	$ (2,978)	$ 31,336

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Series D Preferred Stock
Preferred stock dividend rate (as a percent)	8.25%	8.25%	8.25%	8.25%
Dividends declared per preferred share (in dollars per share)	$ 0.52	$ 0.52	$ 1.56	$ 1.55
Series B Preferred Stock
Temporary equity, dividend rate (as a percent)	5.50%	5.50%	5.50%	5.50%
Dividends declared per preferred share (in dollars per share)	$ 0.34	$ 0.34	$ 1.02	$ 1.03
Series E Preferred Stock
Dividends declared per preferred share (in dollars per share)	0.47	0.47	$ 1.41	1.44
Series M Preferred Stock
Temporary equity, dividend rate (as a percent)			8.20%
Dividends declared per preferred share (in dollars per share)	$ 0.53	$ 0.52	$ 1.57	$ 1.55

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 39,835	$ (22,611)	$ 41,530	$ (9,145)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	25,078	22,703	75,192	67,791
Equity-based compensation			2,689	6,854
Bad debt expense			351	592
(Gain) loss on extinguishment of debt	0	0	22	(2,318)	$ (2,300)
Amortization of loan costs, discounts and capitalized default interest			4,885	1,485
Write-off of loan costs and exit fees	5,292	2,588	6,095	2,848
Amortization of intangibles			346	356
Amortization of non-refundable membership initiation fees			(1,606)	(1,288)
Interest expense accretion on refundable membership club deposits			275	507
(Gain) loss on disposition of assets and hotel property	(88,210)	0	(88,210)	0
Realized and unrealized (gain) loss on derivatives			(523)	(918)
Non-cash interest income			(67)	0
Equity in (earnings) loss of unconsolidated entity	80	60	214	208
Deferred income tax expense (benefit)			8	112
Changes in operating assets and liabilities, exclusive of disposition of assets and hotel property:
Accounts receivable and inventories			6,620	15,058
Prepaid expenses and other assets			978	(10,720)
Accounts payable and accrued expenses			6,828	784
Operating lease right-of-use assets			359	433
Due to/from related parties, net			(587)	418
Due to/from third-party hotel managers			(2,215)	11,944
Due to/from Ashford Inc.			4,995	(12,795)
Operating lease liabilities			(161)	(222)
Other liabilities			2,147	1,017
Net cash provided by (used in) operating activities			60,165	73,001
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance			13	327
Issuance of note receivable			(5,788)	0
Payments for initial franchise fee			0	(75)
Net proceeds from sale of hotel property			155,629	0
Purchase of securities			(42,279)	0
Investment in unconsolidated entity			(79)	(237)
Improvements and additions to hotel properties			(54,825)	(55,593)
Net cash provided by (used in) investing activities			52,671	(55,578)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness			234,000	236,000
Repayments of indebtedness			(184,100)	(390,210)
Payments of loan costs and exit fees			(15,356)	(3,340)
Payments for derivatives			(1,344)	(3,981)
Proceeds from derivatives			4,386	6,014
Purchase of common stock			(369)	(19,308)
Payments for dividends and distributions			(39,037)	(39,431)
Net proceeds from issuance of preferred stock			0	97,863
Contributions from noncontrolling interest in consolidated entities			2,961	4,050
Redemption of operating partnership units			0	(7,162)
Distributions to noncontrolling interest in consolidated entities			(27,045)	(2,024)
Redemption of preferred stock			(36,299)	(4,761)
Net cash provided by (used in) financing activities			(62,203)	(126,290)
Net change in cash, cash equivalents and restricted cash			50,633	(108,867)
Cash, cash equivalents and restricted cash at beginning of period			166,503	315,696	315,696
Cash, cash equivalents and restricted cash at end of period	217,136	206,829	217,136	206,829
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid			77,178	67,345
Income taxes paid (refunded)			352	3,129
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid			9,271	8,967
Capital expenditures accrued but not paid			12,541	15,954
Non-cash preferred stock dividends			2,551	2,682
Unsettled proceeds from derivatives			197	0
Non-cash common stock/unit dividends			35	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period			85,599	261,541	261,541
Restricted cash at beginning of period			80,904	54,155	54,155
Cash, cash equivalents and restricted cash at beginning of period			166,503	315,696	315,696
Cash and cash equivalents at end of period	168,675	149,496	168,675	149,496	85,599
Restricted cash at end of period	48,461	57,333	48,461	57,333	80,904
Cash, cash equivalents and restricted cash at end of period	$ 217,136	$ 206,829	$ 217,136	$ 206,829	$ 166,503

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2024
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 condensed consolidated financial statements. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC” or the “Advisor”) through an advisory agreement. Ashford LLC is a subsidiary of Ashford Inc. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead, we 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 15 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 condensed consolidated financial statements include the accounts of wholly-owned and majority-owned subsidiaries of Braemar OP that as of September 30, 2024, own 15 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 one hotel property that is owned through a partnership in which Braemar OP has a controlling interest. These hotel properties represent 3,807 total rooms, or 3,667 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 September 30, 2024, 14 of our 15 hotel properties were leased by wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes (collectively, the TRS entities are referred to as “Braemar TRS”). One hotel property, located in the USVI, is owned by our USVI TRS. Braemar TRS then engages third-party or affiliated hotel management companies to operate the hotel properties under management contracts. Hotel operating results related to the hotel properties are included in the condensed consolidated statements of operations. As of September 30, 2024, 13 of the 15 hotel properties were leased by Braemar’s wholly-owned TRS, and the one hotel property majority-owned through a consolidated partnership was 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	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Braemar Hotels & Resorts Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All intercompany accounts and transactions between consolidated entities have been eliminated in these condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024. Braemar OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Braemar OP that most significantly impact its economic performance, including but not limited to, operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Braemar OP General Partner LLC, its general partner. As such, we consolidate Braemar OP. The following items affect reporting comparability of our historical condensed consolidated financial statements: • Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. • On July 17, 2024, we sold the Hilton La Jolla Torrey Pines. The operating results of the hotel property were excluded from our results of operations as of the disposition date. Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Investment in Securities — Investment in securities consists of mortgage-backed securities, are accounted for as available-for-sale securities and are generally reported at fair value utilizing Level 2 inputs where the Company obtains fair value measurements from an independent pricing service that uses matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows and the bonds’ terms and conditions, among other things. Unrealized gain (loss) associated with these investments is reported as a component of other comprehensive income (loss). Recently Issued Accounting Standards —In November 2023, the Financial Accounting Standards Board’s (“FASB”) issued Accounting Standards Update (“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. As of September 30, 2024, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of September 30, 2024, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 , Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses that requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following tables present our revenue disaggregated by geographical areas (dollars in thousands): Three Months Ended September 30, 2024 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 23,366 $ 7,041 $ 4,138 $ 34,545 Puerto Rico 1 6,764 3,303 2,157 12,224 Arizona 1 3,472 2,625 1,820 7,917 Colorado 1 3,591 3,876 2,147 9,614 Florida 2 9,844 4,822 5,586 20,252 Illinois 1 9,037 1,972 662 11,671 Pennsylvania 1 7,334 1,539 378 9,251 Washington 1 11,224 1,598 1,061 13,883 Washington, D.C. 1 9,712 3,595 949 14,256 USVI 1 6,709 4,071 1,956 12,736 Sold hotel property 1 1,374 339 336 2,049 Total 16 $ 92,427 $ 34,781 $ 21,190 $ 148,398 Three Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 25,363 $ 7,771 $ 3,910 $ 37,044 Puerto Rico 1 9,463 3,836 1,437 14,736 Arizona 1 3,541 2,990 1,692 8,223 Colorado 1 3,466 3,876 2,213 9,555 Florida 2 10,348 5,226 4,441 20,015 Illinois 1 7,735 1,767 633 10,135 Pennsylvania 1 6,373 1,237 326 7,936 Washington 1 10,454 1,336 473 12,263 Washington, D.C. 1 8,264 3,754 517 12,535 USVI 1 7,283 3,224 3,164 13,671 Sold hotel property 1 8,448 3,520 1,720 13,688 Total 16 $ 100,738 $ 38,537 $ 20,526 $ 159,801 Nine Months Ended September 30, 2024 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 70,756 $ 18,892 $ 11,947 $ 101,595 Puerto Rico 1 35,690 12,528 7,961 56,179 Arizona 1 26,320 16,775 6,748 49,843 Colorado 1 18,684 11,297 7,610 37,591 Florida 2 46,816 24,115 19,095 90,026 Illinois 1 20,758 5,256 1,732 27,746 Pennsylvania 1 20,472 4,446 995 25,913 Washington 1 24,469 3,742 2,342 30,553 Washington, D.C. 1 32,355 14,580 2,744 49,679 USVI 1 35,385 15,053 7,600 58,038 Sold hotel property 1 15,501 9,207 3,193 27,901 Total 16 $ 347,206 $ 135,891 $ 71,967 $ 555,064 Nine Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 77,029 $ 22,296 $ 11,704 $ 111,029 Puerto Rico 1 37,763 13,771 7,661 59,195 Arizona 1 25,622 14,776 6,351 46,749 Colorado 1 19,673 12,048 6,885 38,606 Florida 2 47,287 24,355 16,777 88,419 Illinois 1 19,039 4,697 1,400 25,136 Pennsylvania 1 18,536 3,883 957 23,376 Washington 1 22,868 3,373 1,296 27,537 Washington, D.C. 1 28,474 14,963 1,376 44,813 USVI 1 36,759 13,444 8,777 58,980 Sold hotel property 1 22,352 10,935 4,682 37,969 Total 16 $ 355,402 $ 138,541 $ 67,866 $ 561,809

Investments in Hotel Properties

Investments in Hotel Properties, net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Investments in Hotel Properties, net	Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Land $ 630,842 $ 630,842 Buildings and improvements 1,429,339 1,535,501 Furniture, fixtures and equipment 174,613 166,673 Construction in progress 23,441 36,954 Residences 12,746 12,746 Total cost 2,270,981 2,382,716 Accumulated depreciation (480,940) (498,508) Investments in hotel properties, net $ 1,790,041 $ 1,884,208 Impairment Charges During the nine months ended September 30, 2024 and 2023, no impairment charges were recorded.

Hotel Disposition

Hotel Disposition	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Hotel Disposition	Hotel Disposition On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. The Company owned an indirect 75% equity interest in the hotel property. Additionally, the Company repaid the $66.6 million mortgage loan secured by the hotel property. The sale resulted in a gain of approximately $88.2 million for the three and nine months ended September 30, 2024 and is included in “gain (loss) on disposition of assets and hotel property” in our condensed consolidated statements of operations. Since the sale of the hotel property did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in our condensed consolidated financial statements. We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 , respectively . The following table includes the condensed consolidated financial information from this hotel property (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total hotel revenue $ 2,049 $ 13,688 $ 27,901 $ 37,969 Total hotel operating expenses (1,563) (7,959) (17,130) (22,939) Property taxes, insurance and other (135) (768) (1,690) (2,107) Depreciation and amortization (179) (1,052) (2,328) (3,123) Gain (loss) on disposition of assets and hotel property 88,160 — 88,160 — Operating income (loss) 88,332 3,909 94,913 9,800 Interest income 55 94 265 252 Interest expense and amortization of loan costs (318) (1,608) (3,856) (4,557) Write-off of loan costs and exit fees — — (101) — Income (loss) before income taxes 88,069 2,395 91,221 5,495 Income from consolidated entities attributable to noncontrolling interests (26,296) (1,015) (28,024) (2,575) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (4,973) (92) (5,017) (202) Income (loss) before income taxes attributable to the Company $ 56,800 $ 1,288 $ 58,180 $ 2,718

Investment in Unconsolidated En

Investment in Unconsolidated Entity	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, 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 condensed 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 three and nine months ended September 30, 2024 and 2023. The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2024 December 31, 2023 Carrying value of the investment in OpenKey (in thousands) $ 1,173 $ 1,416 Ownership interest in OpenKey 7.9 % 7.9 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Equity in earnings (loss) of unconsolidated entity $ (91) $ (65) $ (243) $ (219) 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. 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. On February 27, 2024, the Company approved additional funding, together with Ashford Inc., up to $1.0 million in aggregate to OpenKey, allocated pro rata among them. As of September 30, 2024, funding of $79,000 has been made pursuant to the 2024 funding agreement. As of September 30, 2024, the Company has funded a total amount of approximately $317,000. The following table summarizes our note receivable from OpenKey (in thousands): Line Item September 30, 2024 December 31, 2023 Investment in unconsolidated entity $ 366 $ 258 The following table summarizes the interest income associated with the loan to OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Equity in earnings (loss) of unconsolidated entity $ 11 $ 5 $ 29 $ 11

Indebtedness, net

Indebtedness, net	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness, net	Indebtedness, net Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (15) Interest Rate September 30, 2024 December 31, 2023 Mortgage loan (3) Cameo Beverly Hills August 2024 August 2024 SOFR (1) + 3.66% $ — $ 30,000 Mortgage loan (4) Hilton La Jolla Torrey Pines August 2024 August 2024 9.00% — 66,600 Mortgage loan (5) The Ritz-Carlton Lake Tahoe January 2025 January 2026 SOFR (1) + 3.60% 53,413 53,413 Mortgage loan (6) Park Hyatt Beaver Creek Resort & Spa February 2025 February 2027 SOFR (1) + 2.86% 70,500 70,500 Mortgage loan (7) The Notary Hotel June 2025 June 2025 SOFR (1) + 2.66% 293,180 293,180 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (8)(9) The Ritz-Carlton St. Thomas August 2025 August 2026 SOFR (1) + 4.35% — 42,500 Mortgage loan (9)(10) Pier House Resort & Spa September 2025 September 2026 SOFR (1) + 3.60% — 80,000 Mortgage loan (11) The Ritz-Carlton Reserve Dorado Beach March 2026 March 2026 SOFR (1) + 4.75% 62,000 — Convertible Senior Notes Equity June 2026 June 2026 4.50% 86,250 86,250 BAML Credit Facility (9)(12) Bardessono Hotel & Spa July 2026 July 2027 Base Rate (2) +1.25% to 2.00% or SOFR (1) + 2.35% to 3.10% — 200,000 Hotel Yountville The Ritz-Carlton Sarasota Mortgage loan (9) Bardessono Hotel & Spa August 2026 August 2029 SOFR (1) + 3.24% 407,000 — Hotel Yountville The Ritz-Carlton Sarasota Pier House Resort & Spa The Ritz-Carlton St. Thomas Mortgage loan (13) Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (1) + 3.75% 140,000 140,000 Mortgage loan (14) Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% 110,600 110,600 1,222,943 1,173,043 Capitalized default interest and late charges, net — 120 Deferred loan costs, net (13,831) (9,135) Premiums/(discounts), net (1,099) (1,584) Indebtedness, net $ 1,208,013 $ 1,162,444 __________________ (1) SOFR rates were 4.85% and 5.35% at September 30, 2024 and December 31, 2023, respectively. (2) 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%. (3) This mortgage loan had a SOFR floor of 1.50%. On April 9, 2024, we repaid this mortgage loan. (4) 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%. This mortgage loan was secured by the Hilton La Jolla Torrey Pines. On July 17, 2024, we sold this property for $165.0 million and repaid the mortgage loan. (5) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (6) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised February 2024. (7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024. (8) 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%. (9) On August 7, 2024, we refinanced this mortgage loan and credit facility into a new $407.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.24%, has a two-year initial term, and has three one-year extension options, subject to satisfaction of certain conditions. Braemar holds a tranche of Commercial Mortgage-Backed Securities (“CMBS”) that has a par value of $42.2 million and a rate of SOFR + 5.20%. (10) 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 mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (11) On March 7, 2024, we entered into a new $62.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.75%. (12) This secured credit facility has one one-year extension option, subject to satisfaction of certain conditions. (13) 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%. (14) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%. (15) The final maturity date assumes all available extension options will be exercised. 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. On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid the $66.6 million mortgage loan secured by the hotel property. On August 7, 2024, the Company closed on a refinancing involving five hotels. The new mortgage loan totals $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2029. The loan is interest only and provides for a floating interest rate of SOFR SOFR SOFR SOFR 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 three and nine months ended September 30, 2024, the Company recorded coupon interest expense of $970,000 and $2.9 million, respectively. For the three and nine months ended September 30, 2023, the Company recorded coupon interest expense of $970,000 and $2.9 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded discount amortization of $157,000 and $463,000, respectively, related to the initial purchase discount, with the remaining discount balance to be amortized through June 2026. For the three and nine months ended September 30, 2023, the Company recorded discount amortization of $148,000 and $438,000, respectively. 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. As of September 30, 2024, the conversion rate is 182.1014. 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.

Note Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Note Receivable	Note Receivable On July 2, 2024, Braemar, Ashford Trust and Ashford Inc. (collectively with the Company, Ashford Trust and each of Ashford Inc.’s, the Company’s and Ashford Trust’s respective affiliates (including Stirling Hotels & Resorts, Inc.) and any entity advised by Ashford Inc., the “Company Group”) entered into a Cooperation Agreement (the “Agreement”) with Blackwells Capital LLC, Blackwells Onshore I LLC, Blackwells Holding Co. LLC, Vandewater Capital Holdings, LLC, Blackwells Asset Management LLC, BW Coinvest Management I LLC and Jason Aintabi (collectively, the “Blackwells Parties”) regarding the withdrawal of the Blackwells Parties’ proxy campaign, dismissal of pending litigation involving the parties and certain other matters. Pursuant to the Agreement, the Blackwells Parties have agreed to withdraw (i) the notice delivered to the Company on March 10, 2024 purporting to nominate four director candidates to the Company’s board of directors (the “Board”) and make certain other proposals and (ii) the definitive proxy statement filed with the SEC on April 3, 2024 to solicit proxies from stockholders of the Company to vote in favor of the Blackwells Parties’ director nominees and proposals. In connection therewith, the Blackwells Parties will cease to take any further action with respect to the Company’s 2024 Annual Meeting of Stockholders, except as otherwise provided for in the Agreement. The Blackwells Parties have also agreed to specified standstill restrictions with respect to the Company Group, which will expire on July 2, 2034. During the standstill period, the Blackwells Parties are required to (i) appear in person or by proxy at each meeting of stockholders of the members of the Company Group in which they beneficially own shares of stock and vote any Blackwells Parties’ shares then beneficially owned by them in accordance with the recommendation of the board of directors of such member of the Company Group on any proposals considered at such meeting and (ii) deliver consents or consent revocations in any action by written consent by stockholders of any member of the Company Group in which they beneficially own shares in accordance with the recommendation of the board of directors of such member of the Company Group. The Agreement also provides for the voluntary dismissal, with prejudice, of the consolidated action previously pending in the U.S. District Court for the Northern District of Texas to which the Company, Blackwells Capital LLC and certain of their respective related parties were parties (the “Consolidated Litigation”). Pursuant to the Agreement, the Consolidated Litigation was voluntarily dismissed, with prejudice, on July 3, 2024. The Company has agreed to reimburse Blackwells Capital LLC, in an amount agreed upon by the parties, for the Blackwells Parties’ reasonable attorneys’ fees and expenses incurred in connection with the Consolidated Litigation and related matters. Additionally, pursuant to the Agreement, the Board was required to take steps to identify and select one additional individual to be appointed to the Board as an independent director (the “Additional Board Member”). The Board was required to promptly notify Blackwells Capital LLC of its selection of the Additional Board Member and to consider any input Blackwells Capital LLC may have with respect to the Additional Board Member. In accordance with the Cooperation Agreement, on October 4, 2024, the Board increased the number of directors of the Company from eight to nine and appointed Mr. Jay H. Shah as the Additional Board Member to serve until the Company’s next annual meeting of stockholders and until his successor is duly elected and qualified. The Agreement contains various other obligations and provisions applicable to the Company Group and the Blackwells Parties, including a mutual release of claims and mutual non-disparagement. Concurrently and in connection with the Agreement, certain of the parties thereto have also entered into a Share Ownership Agreement (the “Share Ownership Agreement”) and a Loan Agreement (the “Loan Agreement”), pursuant to which agreements the Company will provide to BW Coinvest I, LLC (“Borrower”) an unsecured loan (the “Loan”). The proceeds from the Loan will be used to reimburse Borrower for 70% of the amount expended by Borrower to purchase on the open market a total of 3,500,000 shares of the Company’s common stock (the “Purchased Shares”) within six months of the date of Loan Agreement, at a price per Purchased Share not to exceed $10 and subject to the other limitations set forth therein. The Loan has a term of five years (the “Term”), is guaranteed by Jason Aintabi, Vandewater Capital Holdings, LLC, Blackwells Holding Co. LLC, and Blackwells Asset Management LLC and shall bear payment-in-kind interest during the Term at a rate equal to the sum of (a) Term SOFR (as defined in the Loan Agreement) and (b) 3.00% (three hundred basis points) per annum. The Company has agreed to reimburse Blackwells Capital LLC, in an amount agreed upon by the parties, for the Blackwells Parties’ reasonable due diligence expenses incurred on or prior to the date of the Share Ownership Agreement. As of September 30, 2024, the Company has advanced approximately $5.8 million that has been used to purchase approximately 2.5 million shares of Braemar common stock. Note receivable is summarized in the table below (dollars in thousands): Line Item Interest Rate September 30, 2024 December 31, 2023 Note receivable SOFR + 3.00% $ 5,855 $ — We recognized interest income as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2024 Interest income $ 67 $ 67 We review receivables for impairment each reporting period. Under the model, the Company estimates credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument and is required to record a credit loss expense (or reversal) in each reporting period. Our assessment of impairment is based on considerable management judgment and assumptions. No impairment charges were recorded for the three and nine months ended September 30, 2024.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
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: Nine Months Ended September 30, Interest rate caps: (1) 2024 2023 Notional amount (in thousands) $ 824,680 $ 576,180 Strike rate low end of range 3.50 % 3.50 % Strike rate high end of range 8.00 % 5.25 % Effective date range January 2024 - August 2024 January 2023 - September 2023 Termination date range January 2025 - August 2026 October 2023 - October 2024 Total cost of interest rate caps (in thousands) $ 1,344 $ 3,981 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) September 30, 2024 December 31, 2023 Notional amount (in thousands) $ 1,155,280 $ 778,280 Strike rate low end of range 3.50 % 2.00 % Strike rate high end of range 8.00 % 5.25 % Termination date range October 2024 - August 2026 June 2024- January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 1,074,693 $ 777,693 _______________ (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 warrants expired worthless on August 5, 2024.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, the SOFR interest rate forward curve (Level 2 inputs) assumed a downtrend from 4.846% to 3.013% 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. Investment in securities includes mortgage-backed securities. These securities are classified as available for sale and are generally reported at fair value utilizing Level 2 inputs where the Company obtains fair value measurements from an independent pricing service that uses matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows and the bonds’ terms and conditions, among other things. 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 September 30, 2024 Assets Investment in securities $ — $ 41,493 $ — $ 41,493 Derivative assets: Interest rate derivatives - caps $ — $ 480 $ — $ 480 (1) Total $ — $ 41,973 $ — $ 41,973 Liabilities Derivative liabilities: Warrants $ — $ — $ — $ — (2) Net $ — $ 41,973 $ — $ 41,973 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 (1) $ — $ 2,847 $ — $ 2,847 Liabilities Derivative liabilities: Warrants $ — $ (12) $ — $ (12) (2) Net $ — $ 2,835 $ — $ 2,835 __________________ (1) Reported as “derivative assets” in our condensed consolidated balance sheets. (2) Reported as “derivative liabilities” in our condensed consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Condensed Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Assets Derivative assets: Interest rate derivatives - caps $ (735) $ 69 (1) $ 511 $ 645 Total $ (735) $ 69 $ 511 $ 645 Liabilities Derivative liabilities: Warrants $ — $ 154 $ 12 $ 273 Net $ (735) $ 223 $ 523 $ 918 Total combined Interest rate derivatives - caps $ (1,746) $ (1,944) $ (3,710) $ (5,517) Warrants — 154 12 273 Unrealized gain (loss) on derivatives $ (1,746) (1) $ (1,790) (1) $ (3,698) (1) $ (5,244) (1) Realized gain (loss) on interest rate caps 1,011 (1) (2) 2,013 (1) (2) 4,221 (1) (2) 6,162 (1) (2) Net $ (735) $ 223 $ 523 $ 918 ________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our condensed consolidated statements of operations. (2) Represents settled and unsettled payments from counterparties on interest rate caps. The unrealized gain (loss) on investment in securities that was recognized as a change in other comprehensive income (loss) was $(786,000) for both the three and nine months ended September 30, 2024.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Summary of Fair Value of Financial Instruments	Summary of Fair Value of Financial Instruments Determining the estimated fair values of certain financial instruments such as indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Investment in securities $ 41,493 $ 41,493 $ — $ — Derivative assets 480 480 2,847 2,847 Financial liabilities measured at fair value: Derivative liabilities $ — $ — $ 12 $ 12 Financial assets not measured at fair value: Cash and cash equivalents $ 168,675 $ 168,675 $ 85,599 $ 85,599 Restricted cash 48,461 48,461 80,904 80,904 Accounts receivable, net 32,479 32,479 39,199 39,199 Note receivable 5,855 5,855 — — Due from third-party hotel managers 19,855 19,855 17,739 17,739 Financial liabilities not measured at fair value: Indebtedness $ 1,221,844 $ 1,185,109 $ 1,171,459 $ 1,124,377 Accounts payable and accrued expenses 144,868 144,868 149,867 149,867 Dividends and distributions payable 9,271 9,271 9,158 9,158 Due to Ashford Inc. 5,489 5,489 1,471 1,471 Due to related parties, net 16 16 603 603 Due to third-party hotel managers 1,509 1,509 1,608 1,608 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. Investment in securities . See note 10 for a complete description of the methodology and assumptions utilized in determining fair values. Note receivable. The carrying amount of note receivable approximates its fair value. We estimate the fair value of the note receivable to approximate the carrying value of $5.9 million at September 30, 2024. This is considered a Level 2 valuation technique. Derivative assets and derivative liabilities . See notes 9 and 10 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 97.0% of the carrying value of $1.2 billion at September 30, 2024, and approximately 96.0% of the carrying value of $1.2 billion at December 31, 2023. These fair value estimates are considered a Level 2 valuation technique.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 12,596 $ (22,030) $ 16,960 $ (7,842) Less: dividends on preferred stock (9,857) (10,582) (30,593) (31,809) Less: deemed dividends on preferred stock (4,151) (516) (6,175) (3,271) Less: dividends on common stock (3,326) (3,291) (9,977) (9,871) Less: dividends on unvested performance stock units (22) (36) (63) (108) Less: dividends on unvested restricted shares — (8) — (25) Undistributed net income (loss) allocated to common stockholders (4,760) (36,463) (29,848) (52,926) Add back: dividends on common stock 3,326 3,291 9,977 9,871 Distributed and undistributed net income (loss) - basic and diluted $ (1,434) $ (33,172) $ (19,871) $ (43,055) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 66,522 65,825 66,493 68,010 Income (loss) per share - basic and diluted: Net income (loss) allocated to common stockholders per share $ (0.02) $ (0.50) $ (0.30) $ (0.63) Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 8 $ — $ 25 Income (loss) allocated to unvested performance stock units 22 36 64 108 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (124) (2,354) (1,747) (3,018) Dividends on preferred stock - Series B 1,059 1,058 3,175 3,174 Interest expense on Convertible Senior Notes 1,127 1,118 3,374 3,349 Dividends on preferred stock - Series E (inclusive of deemed dividends) 11,288 7,959 28,285 25,851 Dividends on preferred stock - Series M (inclusive of deemed dividends) 836 1,256 2,833 3,580 Total $ 14,208 $ 9,081 $ 35,984 $ 33,069 Weighted average diluted shares are not adjusted for: Effect of unvested performance stock units 50 398 34 364 Effect of assumed conversion of operating partnership units 6,558 5,258 6,275 5,470 Effect of assumed conversion of preferred stock - Series B 4,116 4,116 4,116 4,116 Effect of assumed conversion of Convertible Senior Notes 15,706 13,609 14,927 13,609 Effect of assumed conversion of preferred stock - Series E 117,946 145,416 160,729 116,124 Effect of assumed conversion of preferred stock - Series M 12,241 16,979 17,226 13,623 Total 156,617 185,776 203,307 153,306

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Operating Partnership	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Operating Partnership	Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represent 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. 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 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 September 30, 2024, there were approximately 1.5 million unvested Performance LTIP units, representing 200% of the target, outstanding. In May 2024, approximately 45,000 LTIP units were issued to independent directors, with a fair value of approximately $126,000, which vested immediately upon grant and have been expensed during the nine months ended September 30, 2024. As of September 30, 2024, 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 659,000 LTIP units and 353,000 Performance LTIP units issued from March 2015 to May 2024, had reached full economic parity with, and are convertible into, common units. The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: September 30, 2024 December 31, 2023 Redeemable noncontrolling interests in Braemar OP (in thousands) $ 31,336 $ 32,395 Adjustments to redeemable noncontrolling interests (1) (in thousands) $ 176 $ 66 Ownership percentage of operating partnership 8.05 % 6.63 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical cost. We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 124 $ 2,354 $ 1,747 $ 3,018 Distributions declared to holders of common units, LTIP units and Performance LTIP units $ 369 $ 361 $ 1,103 $ 1,083 The following table presents the common units redeemed for cash (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 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 and Stock-Based Compensa

Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation Common Stock Dividends —The following table summarizes the common stock dividends declared during the period (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Common stock dividends declared $ 3,348 $ 3,335 $ 10,040 $ 10,004 Performance Stock Units —The compensation committee of the board of directors of the Company may authorize the issuance of grants of performance stock units (“PSUs”) to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the Company, if, when and to the extent the applicable vesting criteria have been achieved following the end of the performance and service period, which is generally three years from the grant date. The 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 and 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. 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. In May 2024, approximately 45,000 shares of common stock were issued to independent directors with a fair value of approximately $126,000, which vested immediately upon grant and have been expensed during the nine months ended September 30, 2024. 8.25% Series D Cumulative Preferred Stock —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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series D Cumulative Preferred Stock $ 825 $ 825 $ 2,475 $ 2,475 Stock Repurchases —On May 3, 2024, the board of directors approved a new share repurchase program pursuant to which the board of directors granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share, having an aggregate value of up to $50 million. As of September 30, 2024, the Company has not repurchased any common stock pursuant to this program.

Redeemable Preferred Stock

Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2024
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. Series B Convertible Preferred Stock does not meet the requirements for permanent equity classification prescribed by the authoritative guidance because of certain cash redemption features that are outside our control. As such, the Series B Convertible Preferred Stock is classified outside of permanent equity. The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series B Convertible Preferred Stock $ 1,059 $ 1,058 $ 3,175 $ 3,174 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series E Preferred Stock shares issued (1) — — — 3,798 Net proceeds (1) $ — $ — $ — $ 85,444 __________________ (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): September 30, 2024 December 31, 2023 Series E Preferred Stock $ 355,178 $ 377,035 Cumulative adjustments to Series E Preferred Stock (1) $ 19,315 $ 13,337 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series E Preferred Stock $ 7,137 $ 7,710 $ 22,307 $ 23,230 The redemption activities of Series E Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series E Preferred Stock shares redeemed 1,036 111 1,275 143 Redemption amount, net of redemption fees $ 24,629 $ 2,589 $ 30,281 $ 3,378 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 M 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series M Preferred Stock shares issued (1) — — — 531 Net proceeds (1) $ — $ — $ — $ 12,869 __________________ (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): September 30, 2024 December 31, 2023 Series M Preferred Stock $ 39,907 $ 45,623 Cumulative adjustments to Series M Preferred Stock (1) $ 1,794 $ 1,597 __________________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series M Preferred Stock $ 836 $ 989 $ 2,636 $ 2,930 The redemption activities of Series M Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series M Preferred Stock shares redeemed 28 51 241 56 Redemption amount, net of redemption fees $ 696 $ 1,268 $ 6,018 $ 1,383

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
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 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 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Advisory services fee Base advisory fee $ 3,505 $ 3,393 $ 10,168 $ 10,700 Reimbursable expenses (1) 3,231 2,028 8,457 6,092 Equity-based compensation (2) 427 1,599 2,418 6,391 Incentive fee 1,464 — 2,112 — Total $ 8,627 $ 7,020 $ 23,155 $ 23,183 ________ (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 includes 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 2, 2023, the Company entered into a 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 the 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 or refinancings on our behalf and brokerage services. For the three and nine months ended September 30, 2024, we incurred fees of $1.8 million and $2.9 million, respectively. We incurred fees from Lismore or its subsidiaries of $1.3 million and $1.5 million for the three and nine months ended September 30, 2023. 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 was 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 with the cumulative ratio of capital raised by the Parties. 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 in the prior quarter compared to the total aggregate amount raised by the Parties through Ashford Securities for 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 first quarter of 2024, the funding requirement was revised based on the aggregate capital raised through Ashford Securities. This resulted in Braemar receiving a payment of approximately $5.9 million from Ashford Inc., which resulted in a credit to expense of approximately $5.6 million that is included in “corporate general and administrative” on the condensed consolidated statements of operations for the nine months ended September 30, 2024. As of September 30, 2024, Braemar has funded approximately $12.9 million and has a pre-funded balance of $1.9 million that is included in “other assets” on the condensed consolidated balance sheet. As of December 31, 2023, Braemar had funded approximately $20.9 million and had a pre-funded balance of approximately $693,000 included in “other assets” and a receivable of approximately $3.5 million included in “due to Ashford Inc., net” on the consolidated balance sheet. During the first quarter of 2024, there was also a true-up of the capital contributions in accordance with the Third Amended and Restated Contribution Agreement made through December 31, 2023, which resulted in a payment of $3.5 million from Ashford Inc. The table below summarizes the amount Braemar has expensed related to reimbursed operating expenses of Ashford Securities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Corporate, general and administrative $ — $ 921 $ (5,624) $ 3,140 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). Such fees are 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 September 30, 2024, Remington Hospitality managed four of our 15 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at September 30, 2024, 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. Franchise Fees —We currently have one hotel property that operates under a franchise agreement with a 25-year term. The term begins upon the completion of conversion of the Cameo Beverly Hills. Under the terms of the agreement, we will pay (i) 3% of gross rooms revenue for the preceding calendar month during the first three years of the agreement; (ii) 4% of gross rooms revenue for the preceding calendar month during year four; and (iii) 5% of the gross rooms revenue for the preceding calendar month for the remainder of the term. As of September 30, 2024, we are currently paying 3% of gross revenues. The table below summarizes the franchise fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Other hotel expenses $ 84 $ — $ 258 $ — Management Fees —Under hotel management agreements for our hotel properties existing at September 30, 2024, 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 November 2029 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. The Court has ordered the parties to complete a second mediation no later than January 31, 2025. 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 September 30, 2024, 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 Private Attorneys General Act (“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, to which the parties have since agreed to. The allocation to Hilton La Jolla Torrey Pines is approximately $371,000, which has been accrued as of September 30, 2024. 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 Disabilities 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 personal information. We have completed an investigation and have identified certain information that may have been exposed and notified potentially impacted individuals pursuant to applicable state guidelines. 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, one in the U.S. District Court for the Northern District of Texas and a second in the 68th District Court for Dallas County related to the cyber incident. The lawsuit filed in the 68th District Court was subsequently dismissed and refiled in the U.S. District Court for the Northern District of Texas. On March 12, 2024, the court ordered the two cases be consolidated. The consolidated case is currently pending in the U.S. District Court for the Northern District of Texas. On May 17, 2024, we filed a Motion to Dismiss the Consolidated Class Action Complaint, which is currently pending before the Court. 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.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. As of September 30, 2024 and December 31, 2023, all of our hotel properties were in the U.S. and its territories.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 12,596	$ (22,030)	$ 16,960	$ (7,842)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation —The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Braemar Hotels & Resorts Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All intercompany accounts and transactions between consolidated entities have been eliminated in these condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024. Braemar OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Braemar OP that most significantly impact its economic performance, including but not limited to, operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Braemar OP General Partner LLC, its general partner. As such, we consolidate Braemar OP. The following items affect reporting comparability of our historical condensed consolidated financial statements: • Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. • On July 17, 2024, we sold the Hilton La Jolla Torrey Pines. The operating results of the hotel property were excluded from our results of operations as of the disposition date.
Use of Estimates	Use of Estimates —The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Investment in Securities	Investment in Securities — Investment in securities consists of mortgage-backed securities, are accounted for as available-for-sale securities and are generally reported at fair value utilizing Level 2 inputs where the Company obtains fair value measurements from an independent pricing service that uses matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows and the bonds’ terms and conditions, among other things. Unrealized gain (loss) associated with these investments is reported as a component of other comprehensive income (loss).
Recently Adopted and Issued Accounting Standards	Recently Issued Accounting Standards —In November 2023, the Financial Accounting Standards Board’s (“FASB”) issued Accounting Standards Update (“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. As of September 30, 2024, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of September 30, 2024, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 , Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses that requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenue disaggregated by geographical areas (dollars in thousands): Three Months Ended September 30, 2024 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 23,366 $ 7,041 $ 4,138 $ 34,545 Puerto Rico 1 6,764 3,303 2,157 12,224 Arizona 1 3,472 2,625 1,820 7,917 Colorado 1 3,591 3,876 2,147 9,614 Florida 2 9,844 4,822 5,586 20,252 Illinois 1 9,037 1,972 662 11,671 Pennsylvania 1 7,334 1,539 378 9,251 Washington 1 11,224 1,598 1,061 13,883 Washington, D.C. 1 9,712 3,595 949 14,256 USVI 1 6,709 4,071 1,956 12,736 Sold hotel property 1 1,374 339 336 2,049 Total 16 $ 92,427 $ 34,781 $ 21,190 $ 148,398 Three Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 25,363 $ 7,771 $ 3,910 $ 37,044 Puerto Rico 1 9,463 3,836 1,437 14,736 Arizona 1 3,541 2,990 1,692 8,223 Colorado 1 3,466 3,876 2,213 9,555 Florida 2 10,348 5,226 4,441 20,015 Illinois 1 7,735 1,767 633 10,135 Pennsylvania 1 6,373 1,237 326 7,936 Washington 1 10,454 1,336 473 12,263 Washington, D.C. 1 8,264 3,754 517 12,535 USVI 1 7,283 3,224 3,164 13,671 Sold hotel property 1 8,448 3,520 1,720 13,688 Total 16 $ 100,738 $ 38,537 $ 20,526 $ 159,801 Nine Months Ended September 30, 2024 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 70,756 $ 18,892 $ 11,947 $ 101,595 Puerto Rico 1 35,690 12,528 7,961 56,179 Arizona 1 26,320 16,775 6,748 49,843 Colorado 1 18,684 11,297 7,610 37,591 Florida 2 46,816 24,115 19,095 90,026 Illinois 1 20,758 5,256 1,732 27,746 Pennsylvania 1 20,472 4,446 995 25,913 Washington 1 24,469 3,742 2,342 30,553 Washington, D.C. 1 32,355 14,580 2,744 49,679 USVI 1 35,385 15,053 7,600 58,038 Sold hotel property 1 15,501 9,207 3,193 27,901 Total 16 $ 347,206 $ 135,891 $ 71,967 $ 555,064 Nine Months Ended September 30, 2023 Primary Geographical Market Number of Hotels Rooms Food and Beverage Other Hotel Total California 5 $ 77,029 $ 22,296 $ 11,704 $ 111,029 Puerto Rico 1 37,763 13,771 7,661 59,195 Arizona 1 25,622 14,776 6,351 46,749 Colorado 1 19,673 12,048 6,885 38,606 Florida 2 47,287 24,355 16,777 88,419 Illinois 1 19,039 4,697 1,400 25,136 Pennsylvania 1 18,536 3,883 957 23,376 Washington 1 22,868 3,373 1,296 27,537 Washington, D.C. 1 28,474 14,963 1,376 44,813 USVI 1 36,759 13,444 8,777 58,980 Sold hotel property 1 22,352 10,935 4,682 37,969 Total 16 $ 355,402 $ 138,541 $ 67,866 $ 561,809

Investments in Hotel Properti_2

Investments in Hotel Properties, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Investment in Hotel Properties	Investments in hotel properties, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Land $ 630,842 $ 630,842 Buildings and improvements 1,429,339 1,535,501 Furniture, fixtures and equipment 174,613 166,673 Construction in progress 23,441 36,954 Residences 12,746 12,746 Total cost 2,270,981 2,382,716 Accumulated depreciation (480,940) (498,508) Investments in hotel properties, net $ 1,790,041 $ 1,884,208

Hotel Disposition (Tables)

Hotel Disposition (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Condensed Financial Information from Hotel Property	The following table includes the condensed consolidated financial information from this hotel property (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total hotel revenue $ 2,049 $ 13,688 $ 27,901 $ 37,969 Total hotel operating expenses (1,563) (7,959) (17,130) (22,939) Property taxes, insurance and other (135) (768) (1,690) (2,107) Depreciation and amortization (179) (1,052) (2,328) (3,123) Gain (loss) on disposition of assets and hotel property 88,160 — 88,160 — Operating income (loss) 88,332 3,909 94,913 9,800 Interest income 55 94 265 252 Interest expense and amortization of loan costs (318) (1,608) (3,856) (4,557) Write-off of loan costs and exit fees — — (101) — Income (loss) before income taxes 88,069 2,395 91,221 5,495 Income from consolidated entities attributable to noncontrolling interests (26,296) (1,015) (28,024) (2,575) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (4,973) (92) (5,017) (202) Income (loss) before income taxes attributable to the Company $ 56,800 $ 1,288 $ 58,180 $ 2,718

Investment in Unconsolidated _2

Investment in Unconsolidated Entity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information	The following table summarizes our carrying value and ownership interest in OpenKey: September 30, 2024 December 31, 2023 Carrying value of the investment in OpenKey (in thousands) $ 1,173 $ 1,416 Ownership interest in OpenKey 7.9 % 7.9 % The following table summarizes our equity in earnings (loss) in OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Equity in earnings (loss) of unconsolidated entity $ (91) $ (65) $ (243) $ (219) The following table summarizes our note receivable from OpenKey (in thousands): Line Item September 30, 2024 December 31, 2023 Investment in unconsolidated entity $ 366 $ 258 The following table summarizes the interest income associated with the loan to OpenKey (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Equity in earnings (loss) of unconsolidated entity $ 11 $ 5 $ 29 $ 11

Indebtedness, net (Tables)

Indebtedness, net (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Indebtedness, net	Indebtedness, net consisted of the following (dollars in thousands): Indebtedness Collateral Current Maturity Final Maturity (15) Interest Rate September 30, 2024 December 31, 2023 Mortgage loan (3) Cameo Beverly Hills August 2024 August 2024 SOFR (1) + 3.66% $ — $ 30,000 Mortgage loan (4) Hilton La Jolla Torrey Pines August 2024 August 2024 9.00% — 66,600 Mortgage loan (5) The Ritz-Carlton Lake Tahoe January 2025 January 2026 SOFR (1) + 3.60% 53,413 53,413 Mortgage loan (6) Park Hyatt Beaver Creek Resort & Spa February 2025 February 2027 SOFR (1) + 2.86% 70,500 70,500 Mortgage loan (7) The Notary Hotel June 2025 June 2025 SOFR (1) + 2.66% 293,180 293,180 The Clancy Sofitel Chicago Magnificent Mile Marriott Seattle Waterfront Mortgage loan (8)(9) The Ritz-Carlton St. Thomas August 2025 August 2026 SOFR (1) + 4.35% — 42,500 Mortgage loan (9)(10) Pier House Resort & Spa September 2025 September 2026 SOFR (1) + 3.60% — 80,000 Mortgage loan (11) The Ritz-Carlton Reserve Dorado Beach March 2026 March 2026 SOFR (1) + 4.75% 62,000 — Convertible Senior Notes Equity June 2026 June 2026 4.50% 86,250 86,250 BAML Credit Facility (9)(12) Bardessono Hotel & Spa July 2026 July 2027 Base Rate (2) +1.25% to 2.00% or SOFR (1) + 2.35% to 3.10% — 200,000 Hotel Yountville The Ritz-Carlton Sarasota Mortgage loan (9) Bardessono Hotel & Spa August 2026 August 2029 SOFR (1) + 3.24% 407,000 — Hotel Yountville The Ritz-Carlton Sarasota Pier House Resort & Spa The Ritz-Carlton St. Thomas Mortgage loan (13) Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (1) + 3.75% 140,000 140,000 Mortgage loan (14) Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% 110,600 110,600 1,222,943 1,173,043 Capitalized default interest and late charges, net — 120 Deferred loan costs, net (13,831) (9,135) Premiums/(discounts), net (1,099) (1,584) Indebtedness, net $ 1,208,013 $ 1,162,444 __________________ (1) SOFR rates were 4.85% and 5.35% at September 30, 2024 and December 31, 2023, respectively. (2) 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%. (3) This mortgage loan had a SOFR floor of 1.50%. On April 9, 2024, we repaid this mortgage loan. (4) 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%. This mortgage loan was secured by the Hilton La Jolla Torrey Pines. On July 17, 2024, we sold this property for $165.0 million and repaid the mortgage loan. (5) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (6) This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised February 2024. (7) This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024. (8) 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%. (9) On August 7, 2024, we refinanced this mortgage loan and credit facility into a new $407.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.24%, has a two-year initial term, and has three one-year extension options, subject to satisfaction of certain conditions. Braemar holds a tranche of Commercial Mortgage-Backed Securities (“CMBS”) that has a par value of $42.2 million and a rate of SOFR + 5.20%. (10) 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 mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (11) On March 7, 2024, we entered into a new $62.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.75%. (12) This secured credit facility has one one-year extension option, subject to satisfaction of certain conditions. (13) 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%. (14) This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%. (15) The final maturity date assumes all available extension options will be exercised.

Receivables, Loans, Notes Recei

Receivables, Loans, Notes Receivable, and Others (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Notes Receivable	Note receivable is summarized in the table below (dollars in thousands): Line Item Interest Rate September 30, 2024 December 31, 2023 Note receivable SOFR + 3.00% $ 5,855 $ —
Schedule of Interest Income	We recognized interest income as presented in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2024 Interest income $ 67 $ 67

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the interest rate derivatives we entered into over the applicable periods: Nine Months Ended September 30, Interest rate caps: (1) 2024 2023 Notional amount (in thousands) $ 824,680 $ 576,180 Strike rate low end of range 3.50 % 3.50 % Strike rate high end of range 8.00 % 5.25 % Effective date range January 2024 - August 2024 January 2023 - September 2023 Termination date range January 2025 - August 2026 October 2023 - October 2024 Total cost of interest rate caps (in thousands) $ 1,344 $ 3,981 _______________ (1) No instruments were designated as cash flow hedges. Interest rate derivatives consisted of the following: Interest rate caps: (1) September 30, 2024 December 31, 2023 Notional amount (in thousands) $ 1,155,280 $ 778,280 Strike rate low end of range 3.50 % 2.00 % Strike rate high end of range 8.00 % 5.25 % Termination date range October 2024 - August 2026 June 2024- January 2025 Aggregate principal balance on corresponding mortgage loans (in thousands) $ 1,074,693 $ 777,693 _______________ (1) No instruments were designated as cash flow hedges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 Assets Investment in securities $ — $ 41,493 $ — $ 41,493 Derivative assets: Interest rate derivatives - caps $ — $ 480 $ — $ 480 (1) Total $ — $ 41,973 $ — $ 41,973 Liabilities Derivative liabilities: Warrants $ — $ — $ — $ — (2) Net $ — $ 41,973 $ — $ 41,973 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 (1) $ — $ 2,847 $ — $ 2,847 Liabilities Derivative liabilities: Warrants $ — $ (12) $ — $ (12) (2) Net $ — $ 2,835 $ — $ 2,835 __________________ (1) Reported as “derivative assets” in our condensed consolidated balance sheets. (2) Reported as “derivative liabilities” in our condensed consolidated balance sheets.
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations	The following table summarizes the effect of fair value measured assets and liabilities on our condensed consolidated statements of operations (in thousands): Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Assets Derivative assets: Interest rate derivatives - caps $ (735) $ 69 (1) $ 511 $ 645 Total $ (735) $ 69 $ 511 $ 645 Liabilities Derivative liabilities: Warrants $ — $ 154 $ 12 $ 273 Net $ (735) $ 223 $ 523 $ 918 Total combined Interest rate derivatives - caps $ (1,746) $ (1,944) $ (3,710) $ (5,517) Warrants — 154 12 273 Unrealized gain (loss) on derivatives $ (1,746) (1) $ (1,790) (1) $ (3,698) (1) $ (5,244) (1) Realized gain (loss) on interest rate caps 1,011 (1) (2) 2,013 (1) (2) 4,221 (1) (2) 6,162 (1) (2) Net $ (735) $ 223 $ 523 $ 918 ________ (1) Reported in “realized and unrealized gain (loss) on derivatives” in our condensed 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)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments were as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Financial assets measured at fair value: Investment in securities $ 41,493 $ 41,493 $ — $ — Derivative assets 480 480 2,847 2,847 Financial liabilities measured at fair value: Derivative liabilities $ — $ — $ 12 $ 12 Financial assets not measured at fair value: Cash and cash equivalents $ 168,675 $ 168,675 $ 85,599 $ 85,599 Restricted cash 48,461 48,461 80,904 80,904 Accounts receivable, net 32,479 32,479 39,199 39,199 Note receivable 5,855 5,855 — — Due from third-party hotel managers 19,855 19,855 17,739 17,739 Financial liabilities not measured at fair value: Indebtedness $ 1,221,844 $ 1,185,109 $ 1,171,459 $ 1,124,377 Accounts payable and accrued expenses 144,868 144,868 149,867 149,867 Dividends and distributions payable 9,271 9,271 9,158 9,158 Due to Ashford Inc. 5,489 5,489 1,471 1,471 Due to related parties, net 16 16 603 603 Due to third-party hotel managers 1,509 1,509 1,608 1,608

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share	The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders - basic and diluted: Net income (loss) attributable to the Company $ 12,596 $ (22,030) $ 16,960 $ (7,842) Less: dividends on preferred stock (9,857) (10,582) (30,593) (31,809) Less: deemed dividends on preferred stock (4,151) (516) (6,175) (3,271) Less: dividends on common stock (3,326) (3,291) (9,977) (9,871) Less: dividends on unvested performance stock units (22) (36) (63) (108) Less: dividends on unvested restricted shares — (8) — (25) Undistributed net income (loss) allocated to common stockholders (4,760) (36,463) (29,848) (52,926) Add back: dividends on common stock 3,326 3,291 9,977 9,871 Distributed and undistributed net income (loss) - basic and diluted $ (1,434) $ (33,172) $ (19,871) $ (43,055) Weighted average common shares outstanding: Weighted average common shares outstanding – basic and diluted 66,522 65,825 66,493 68,010 Income (loss) per share - basic and diluted: Net income (loss) allocated to common stockholders per share $ (0.02) $ (0.50) $ (0.30) $ (0.63)
Summary of Computation of Diluted Income Per Share	Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ — $ 8 $ — $ 25 Income (loss) allocated to unvested performance stock units 22 36 64 108 Income (loss) attributable to redeemable noncontrolling interests in operating partnership (124) (2,354) (1,747) (3,018) Dividends on preferred stock - Series B 1,059 1,058 3,175 3,174 Interest expense on Convertible Senior Notes 1,127 1,118 3,374 3,349 Dividends on preferred stock - Series E (inclusive of deemed dividends) 11,288 7,959 28,285 25,851 Dividends on preferred stock - Series M (inclusive of deemed dividends) 836 1,256 2,833 3,580 Total $ 14,208 $ 9,081 $ 35,984 $ 33,069 Weighted average diluted shares are not adjusted for: Effect of unvested performance stock units 50 398 34 364 Effect of assumed conversion of operating partnership units 6,558 5,258 6,275 5,470 Effect of assumed conversion of preferred stock - Series B 4,116 4,116 4,116 4,116 Effect of assumed conversion of Convertible Senior Notes 15,706 13,609 14,927 13,609 Effect of assumed conversion of preferred stock - Series E 117,946 145,416 160,729 116,124 Effect of assumed conversion of preferred stock - Series M 12,241 16,979 17,226 13,623 Total 156,617 185,776 203,307 153,306

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Operating Partnership (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	The following table presents the redeemable noncontrolling interests in Braemar OP (in thousands) and the corresponding approximate ownership percentage of our operating partnership: September 30, 2024 December 31, 2023 Redeemable noncontrolling interests in Braemar OP (in thousands) $ 31,336 $ 32,395 Adjustments to redeemable noncontrolling interests (1) (in thousands) $ 176 $ 66 Ownership percentage of operating partnership 8.05 % 6.63 % ____________________________________ (1) Reflects the excess of the redemption value over the accumulated historical cost. We allocated net (income) loss to the redeemable noncontrolling interests as illustrated in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net (income) loss attributable to redeemable noncontrolling interests in operating partnership $ 124 $ 2,354 $ 1,747 $ 3,018 Distributions declared to holders of common units, LTIP units and Performance LTIP units $ 369 $ 361 $ 1,103 $ 1,083 The following table presents the common units redeemed for cash (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 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 and Stock-Based Compen_2

Equity and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Dividends Declared	Common Stock Dividends —The following table summarizes the common stock dividends declared during the period (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Common stock dividends declared $ 3,348 $ 3,335 $ 10,040 $ 10,004 The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series D Cumulative Preferred Stock $ 825 $ 825 $ 2,475 $ 2,475

Redeemable Preferred Stock (Tab

Redeemable Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Summary of the Activity of Temporary Equity	The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series B Convertible Preferred Stock $ 1,059 $ 1,058 $ 3,175 $ 3,174 The issuance activity of the Series E Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series E Preferred Stock shares issued (1) — — — 3,798 Net proceeds (1) $ — $ — $ — $ 85,444 __________________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series E Preferred Stock is summarized below (in thousands): September 30, 2024 December 31, 2023 Series E Preferred Stock $ 355,178 $ 377,035 Cumulative adjustments to Series E Preferred Stock (1) $ 19,315 $ 13,337 ________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series E Preferred Stock $ 7,137 $ 7,710 $ 22,307 $ 23,230 The issuance activity of Series M Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series M Preferred Stock shares issued (1) — — — 531 Net proceeds (1) $ — $ — $ — $ 12,869 __________________ (1) Exclusive of shares issued under the DRIP. The redemption value adjustment of Series M Preferred stock is summarized below (in thousands): September 30, 2024 December 31, 2023 Series M Preferred Stock $ 39,907 $ 45,623 Cumulative adjustments to Series M Preferred Stock (1) $ 1,794 $ 1,597 __________________ (1) Reflects the excess of the redemption value over the accumulated carrying value. The following table summarizes dividends declared (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series M Preferred Stock $ 836 $ 989 $ 2,636 $ 2,930
Preferred Stock Redemption Activities	The redemption activities of Series E Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series E Preferred Stock shares redeemed 1,036 111 1,275 143 Redemption amount, net of redemption fees $ 24,629 $ 2,589 $ 30,281 $ 3,378 The redemption activities of Series M Preferred Stock is summarized below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Series M Preferred Stock shares redeemed 28 51 241 56 Redemption amount, net of redemption fees $ 696 $ 1,268 $ 6,018 $ 1,383

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Advisory services fee Base advisory fee $ 3,505 $ 3,393 $ 10,168 $ 10,700 Reimbursable expenses (1) 3,231 2,028 8,457 6,092 Equity-based compensation (2) 427 1,599 2,418 6,391 Incentive fee 1,464 — 2,112 — Total $ 8,627 $ 7,020 $ 23,155 $ 23,183 ________ (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): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Corporate, general and administrative $ — $ 921 $ (5,624) $ 3,140

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Licensing Fees Incurred	The table below summarizes the franchise fees incurred (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Line Item 2024 2023 2024 2023 Other hotel expenses $ 84 $ — $ 258 $ —

Organization and Description _2

Organization and Description of Business (Details)	Sep. 30, 2024 hotel room state
Real Estate Properties [Line Items]
Number of hotel properties	15
Number of states in which entity operates | state	7
Number of rooms | room	3,807
Number of units in real estate property, net partnership interest | room	3,667
Wholly owned properties
Real Estate Properties [Line Items]
Number of hotel properties	14
Consolidated properties
Real Estate Properties [Line Items]
Number of hotel properties	1
Leased by wholly-owned or majority-owned taxable REIT subsidiaries
Real Estate Properties [Line Items]
Number of hotel properties	14
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

Revenue - Disaggregated by Geog

Revenue - Disaggregated by Geographical Areas (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($) hotel
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	16	16	16	16
Total revenue	$ 148,398	$ 159,801	$ 555,064	$ 561,809
California
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	5	5	5	5
Total revenue	$ 34,545	$ 37,044	$ 101,595	$ 111,029
Puerto Rico
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 12,224	$ 14,736	$ 56,179	$ 59,195
Arizona
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 7,917	$ 8,223	$ 49,843	$ 46,749
Colorado
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 9,614	$ 9,555	$ 37,591	$ 38,606
Florida
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	2	2	2	2
Total revenue	$ 20,252	$ 20,015	$ 90,026	$ 88,419
Illinois
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 11,671	$ 10,135	$ 27,746	$ 25,136
Pennsylvania
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 9,251	$ 7,936	$ 25,913	$ 23,376
Washington
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 13,883	$ 12,263	$ 30,553	$ 27,537
Washington, D.C.
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 14,256	$ 12,535	$ 49,679	$ 44,813
USVI
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 12,736	$ 13,671	$ 58,038	$ 58,980
Sold hotel properties
Disaggregation of Revenue [Line Items]
Number of hotel properties | hotel	1	1	1	1
Total revenue	$ 2,049	$ 13,688	$ 27,901	$ 37,969
Rooms
Disaggregation of Revenue [Line Items]
Total revenue	92,427	100,738	347,206	355,402
Rooms | California
Disaggregation of Revenue [Line Items]
Total revenue	23,366	25,363	70,756	77,029
Rooms | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	6,764	9,463	35,690	37,763
Rooms | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	3,472	3,541	26,320	25,622
Rooms | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	3,591	3,466	18,684	19,673
Rooms | Florida
Disaggregation of Revenue [Line Items]
Total revenue	9,844	10,348	46,816	47,287
Rooms | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	9,037	7,735	20,758	19,039
Rooms | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	7,334	6,373	20,472	18,536
Rooms | Washington
Disaggregation of Revenue [Line Items]
Total revenue	11,224	10,454	24,469	22,868
Rooms | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	9,712	8,264	32,355	28,474
Rooms | USVI
Disaggregation of Revenue [Line Items]
Total revenue	6,709	7,283	35,385	36,759
Rooms | Sold hotel properties
Disaggregation of Revenue [Line Items]
Total revenue	1,374	8,448	15,501	22,352
Food and Beverage
Disaggregation of Revenue [Line Items]
Total revenue	34,781	38,537	135,891	138,541
Food and Beverage | California
Disaggregation of Revenue [Line Items]
Total revenue	7,041	7,771	18,892	22,296
Food and Beverage | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	3,303	3,836	12,528	13,771
Food and Beverage | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	2,625	2,990	16,775	14,776
Food and Beverage | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	3,876	3,876	11,297	12,048
Food and Beverage | Florida
Disaggregation of Revenue [Line Items]
Total revenue	4,822	5,226	24,115	24,355
Food and Beverage | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	1,972	1,767	5,256	4,697
Food and Beverage | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	1,539	1,237	4,446	3,883
Food and Beverage | Washington
Disaggregation of Revenue [Line Items]
Total revenue	1,598	1,336	3,742	3,373
Food and Beverage | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	3,595	3,754	14,580	14,963
Food and Beverage | USVI
Disaggregation of Revenue [Line Items]
Total revenue	4,071	3,224	15,053	13,444
Food and Beverage | Sold hotel properties
Disaggregation of Revenue [Line Items]
Total revenue	339	3,520	9,207	10,935
Other Hotel
Disaggregation of Revenue [Line Items]
Total revenue	21,190	20,526	71,967	67,866
Other Hotel | California
Disaggregation of Revenue [Line Items]
Total revenue	4,138	3,910	11,947	11,704
Other Hotel | Puerto Rico
Disaggregation of Revenue [Line Items]
Total revenue	2,157	1,437	7,961	7,661
Other Hotel | Arizona
Disaggregation of Revenue [Line Items]
Total revenue	1,820	1,692	6,748	6,351
Other Hotel | Colorado
Disaggregation of Revenue [Line Items]
Total revenue	2,147	2,213	7,610	6,885
Other Hotel | Florida
Disaggregation of Revenue [Line Items]
Total revenue	5,586	4,441	19,095	16,777
Other Hotel | Illinois
Disaggregation of Revenue [Line Items]
Total revenue	662	633	1,732	1,400
Other Hotel | Pennsylvania
Disaggregation of Revenue [Line Items]
Total revenue	378	326	995	957
Other Hotel | Washington
Disaggregation of Revenue [Line Items]
Total revenue	1,061	473	2,342	1,296
Other Hotel | Washington, D.C.
Disaggregation of Revenue [Line Items]
Total revenue	949	517	2,744	1,376
Other Hotel | USVI
Disaggregation of Revenue [Line Items]
Total revenue	1,956	3,164	7,600	8,777
Other Hotel | Sold hotel properties
Disaggregation of Revenue [Line Items]
Total revenue	$ 336	$ 1,720	$ 3,193	$ 4,682

Investments in Hotel Properti_3

Investments in Hotel Properties, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Land	$ 630,842	$ 630,842
Buildings and improvements	1,429,339	1,535,501
Furniture, fixtures and equipment	174,613	166,673
Construction in progress	23,441	36,954
Residences	12,746	12,746
Total cost	2,270,981	2,382,716
Accumulated depreciation	(480,940)	(498,508)
Investments in hotel properties, net	$ 1,790,041	$ 1,884,208

Investments in Hotel Properti_4

Investments in Hotel Properties, net - Impairment Charges and Insurance Recoveries (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Impairment charges	$ 0	$ 0

Hotel Disposition - Narrative (

Hotel Disposition - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 17, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton La Jolla Torrey Pines Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal		$ 88,160	$ 0	$ 88,160	$ 0
Mortgage Loan Due August 2024 | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt	$ 66,600
Hilton La Jolla Torrey Pines Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of hotel	$ 165,000
Ownership percentage	75%

Hotel Dispositions - Condensed

Hotel Dispositions - Condensed Financial Information from Hotel Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write-off of loan costs and exit fees	$ (5,292)	$ (2,588)	$ (6,095)	$ (2,848)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton La Jolla Torrey Pines Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total hotel revenue	2,049	13,688	27,901	37,969
Total hotel operating expenses	(1,563)	(7,959)	(17,130)	(22,939)
Property taxes, insurance and other	(135)	(768)	(1,690)	(2,107)
Depreciation and amortization	(179)	(1,052)	(2,328)	(3,123)
Gain (loss) on disposition of assets and hotel property	88,160	0	88,160	0
Operating income (loss)	88,332	3,909	94,913	9,800
Interest income	55	94	265	252
Interest expense and amortization of loan costs	(318)	(1,608)	(3,856)	(4,557)
Write-off of loan costs and exit fees	0	0	(101)	0
Income (loss) before income taxes	88,069	2,395	91,221	5,495
Income from consolidated entities attributable to noncontrolling interests	(26,296)	(1,015)	(28,024)	(2,575)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership	(4,973)	(92)	(5,017)	(202)
Income (loss) before income taxes attributable to the Company	$ 56,800	$ 1,288	$ 58,180	$ 2,718

Investment in Unconsolidated _3

Investment in Unconsolidated Entity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 27, 2024	Dec. 31, 2023	Feb. 02, 2023
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in OpenKey	$ 1,539,000		$ 1,539,000			$ 1,674,000
Equity in earnings (loss) of unconsolidated entity	(80,000)	$ (60,000)	(214,000)	$ (208,000)
Investment in unconsolidated entity			42,279,000	0
OpenKey
Schedule of Equity Method Investments [Line Items]
Aggregate equity method investments	2,900,000		2,900,000
Impairment	0	0	0	0
Carrying value of the investment in OpenKey	$ 1,173,000		$ 1,173,000			$ 1,416,000
Ownership interest in OpenKey (as a percent)	7.90%		7.90%			7.90%
Equity in earnings (loss) of unconsolidated entity	$ (91,000)	(65,000)	$ (243,000)	(219,000)
OpenKey Notes Receivable
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment in OpenKey	366,000		366,000			$ 258,000
Equity in earnings (loss) of unconsolidated entity	11,000	$ 5,000	29,000	$ 11,000
Face amount for debt							$ 5,000,000
Investment, interest rate (as a percent)							15%
Additional funding amount	$ 79,000		79,000		$ 1,000,000
Investment in unconsolidated entity			$ 317,000

Indebtedness, net - Schedule of

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

9 Months Ended

Aug. 07, 2024 USD ($) extension

Jul. 17, 2024 USD ($)

Mar. 07, 2024 USD ($)

Feb. 04, 2024

Jan. 29, 2024 extension

Jan. 28, 2024

Jan. 03, 2024 extension

Jan. 02, 2024

Sep. 30, 2024 USD ($) extension

Feb. 05, 2024

Dec. 31, 2023 USD ($)

May 31, 2021

Debt Instrument [Line Items]

Indebtedness, gross

$ 1,222,943

$ 1,173,043

Capitalized default interest and late charges, net

0

120

Deferred loan costs, net

(13,831)

(9,135)

Premiums/(discounts), net

(1,099)

(1,584)

Indebtedness, net

$ 1,208,013

$ 1,162,444

SOFR rate (as a percent)

4.85%

5.35%

Disposal Group, Disposed of by Sale, Not Discontinued Operations | La Jolla, CA Hilton

Debt Instrument [Line Items]

Proceeds from sale of property

$ 165,000

Mortgages | Mortgage Loan Due August 2024, 3.66%

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

$ 30,000

SOFR floor (as a percent)

0.0150

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%

Mortgages | Mortgage Loan Due August 2024

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

66,600

Interest rate (as a percent)

9%

9%

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

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.70%

Mortgages | Mortgage Loan Due January 2026

Debt Instrument [Line Items]

Indebtedness, gross

$ 53,413

53,413

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%

Mortgages | Mortgage Loan Due February 2027

Debt Instrument [Line Items]

Indebtedness, gross

$ 70,500

70,500

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)

2.86%

Mortgages | Mortgage Loan Due June 2025

Debt Instrument [Line Items]

Indebtedness, gross

$ 293,180

293,180

Number of extension options | extension

5

Term of extension options (in years)

1 year

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%

Mortgages | Mortgage Loan Due August 2026

Debt Instrument [Line Items]

Indebtedness, gross

$ 42,500

$ 0

42,500

Basis spread on variable rate (as a percent)

435%

SOFR floor (as a percent)

0.0400

Number of extension options | extension

1

Term of extension options (in years)

1 year

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

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

4.35%

4.04%

4.35%

Mortgages | Mortgage Loan Due September 2026

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

80,000

Number of extension options | extension

1

Term of extension options (in years)

1 year

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

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.60%

1.95%

3.60%

Mortgages | Mortgage Loan Due March 2026

Debt Instrument [Line Items]

Indebtedness, gross

$ 62,000

$ 62,000

0

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

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

4.75%

4.75%

Mortgages | Mortgage Loan Due August 2029

Debt Instrument [Line Items]

Indebtedness, gross

$ 407,000

$ 407,000

0

Number of extension options | extension

3

Term of extension options (in years)

1 year

Debt term

2 years

Mortgages | Mortgage Loan Due August 2029 | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.24%

3.24%

Mortgages | Mortgage Loan Due December 2028

Debt Instrument [Line Items]

Indebtedness, gross

$ 140,000

140,000

SOFR floor (as a percent)

0.0100

Number of extension options | extension

2

Term of extension options (in years)

1 year

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

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

3.75%

Mortgages | Mortgage Loan Due December 2028 #2

Debt Instrument [Line Items]

Indebtedness, gross

$ 110,600

110,600

SOFR floor (as a percent)

0.0200

Number of extension options | extension

2

Term of extension options (in years)

1 year

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%

Mortgages | CMBS Tranche

Debt Instrument [Line Items]

Indebtedness, gross

$ 42,200

Mortgages | CMBS Tranche | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

5.20%

Convertible Senior Notes | Convertible senior notes

Debt Instrument [Line Items]

Indebtedness, gross

$ 86,250

86,250

Interest rate (as a percent)

4.50%

4.50%

Line of Credit | BAML Credit Facility Due July 2027

Debt Instrument [Line Items]

Indebtedness, gross

$ 0

$ 200,000

Interest rate (as a percent)

1%

Number of extension options | extension

1

Term of extension options (in years)

1 year

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%

Indebtedness, net - Narrative (

Indebtedness, net - Narrative (Details) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 07, 2024 USD ($) hotel extension	Jul. 17, 2024 USD ($)	Jan. 18, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 07, 2024 USD ($)	Jan. 29, 2024 extension
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ 0	$ 0	$ (22)	$ 2,318	$ 2,300
Number of hotels refinanced | hotel	5
Indebtedness, gross				1,222,943		1,222,943		1,173,043
Hilton La Jolla Torrey Pines Hotel
Debt Instrument [Line Items]
Proceeds from sale of hotel		$ 165,000
Mortgage Loan Due March 2026 | Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt			$ 54,000
Indebtedness, gross				62,000		62,000		0	$ 62,000
Mortgage Loan Due August 2024 | Mortgages
Debt Instrument [Line Items]
Repayments of long-term debt		$ 66,600
Indebtedness, gross				0		0		66,600
Mortgage Loan due 2029 | Mortgages
Debt Instrument [Line Items]
Indebtedness, gross	$ 407,000
Loan term	2 years
Number of extension options | extension	3
Term of extension options	1 year
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Basis spread on variable rate (as a percent)	324%
Number of collateral properties | hotel	5
Mortgage Loan due September 2025 | Mortgages
Debt Instrument [Line Items]
Indebtedness, gross	$ 80,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Basis spread on variable rate (as a percent)	3.60%
Mortgage Loan Due August 2026 | Mortgages
Debt Instrument [Line Items]
Indebtedness, gross	$ 42,500			$ 0		$ 0		$ 42,500
Number of extension options | extension										1
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Basis spread on variable rate (as a percent)	435%
Mortgage Loan Due July 2027 | Mortgages
Debt Instrument [Line Items]
Indebtedness, gross	$ 200,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Basis spread on variable rate (as a percent)	310%

Indebtedness, net - Convertible

Indebtedness, net - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		41 Months Ended
	May 31, 2021 USD ($) day $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024
Debt Instrument [Line Items]
Net proceeds from long-term debt				$ 234,000	$ 236,000
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%		4.50%		4.50%
Net proceeds from long-term debt	$ 82,800
Coupon interest expense		$ 970	$ 970	$ 2,900	2,900
Discount amortization		$ 157	$ 148	$ 463	$ 438
Conversion rate	0.1577909					0.1821014
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%

Note Receivable (Details)

Note Receivable (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 02, 2024 candidate member $ / shares shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Oct. 04, 2024 director	Oct. 03, 2024 director	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of director candidates | candidate	4
Number of additional board members | member	1
Loan proceeds, reimbursement percentage	70%
Number of shares issuable (in shares) | shares	3,500,000
Period of time to purchase shares in agreement	6 months
Common stock, maximum price per share (in dollars per share) | $ / shares	$ 10
Amount loaned to purchase common stock		$ 5,800		$ 5,800
Number of shares purchased in loan agreement (in shares) | shares		2,500,000		2,500,000
Interest income		$ 2,660	$ 986	$ 4,528	$ 5,389
Subsequent Event
Debt Instrument [Line Items]
Number of directors | director						9	8
Notes Receivable
Debt Instrument [Line Items]
Note receivable		5,855		5,855				$ 0
Interest income		$ 67		$ 67
Loans Payable
Debt Instrument [Line Items]
Loan term	5 years
Basis spread on variable rate (as a percent)	3%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 1,155,280		$ 778,280
Aggregate principal balance on corresponding mortgage loans (in thousands)	$ 1,074,693		$ 777,693
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate (as a percent)	3.50%		2%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate (as a percent)	8%		5.25%
Interest rate derivatives - caps
Derivative [Line Items]
Notional amount (in thousands)	$ 824,680	$ 576,180
Total cost of interest rate caps (in thousands)	$ 1,344	$ 3,981
Interest rate derivatives - caps | Minimum
Derivative [Line Items]
Strike rate (as a percent)	3.50%	3.50%
Interest rate derivatives - caps | Maximum
Derivative [Line Items]
Strike rate (as a percent)	8%	5.25%

Derivative Instruments - Warran

Derivative Instruments - Warrants (Details) - Mr. C Beverly Hills Hotel and Luxury Residences shares in Thousands	Aug. 05, 2021 residence $ / shares shares
Business Acquisition [Line Items]
Number of real estate properties acquired | residence	5
Strike price of warrants (in dollars per share) | $ / shares	$ 6
Warrants
Business Acquisition [Line Items]
Consideration transferred, equity issued (in shares) | shares	500

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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%		10%
Change in unrealized gain (loss) on investment in securities	$ (786)	$ 0	$ (786)	$ 0
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SOFR interest rate forward curve (as a percent)	4.846%		4.846%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SOFR interest rate forward curve (as a percent)	3.013%		3.013%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in securities	$ 41,493	$ 0
Derivative assets	480	2,847
Derivative liabilities	0	(12)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	41,973	2,847
Net	41,973	2,835
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	41,973	2,847
Net	41,973	2,835
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]
Investment in securities	41,493
Derivative assets	480	2,847
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]
Investment in securities	0
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]
Investment in securities	41,493
Derivative assets	480	2,847
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]
Investment in securities	0
Derivative assets	0	0
Warrants | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	(12)
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	0	(12)
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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net	$ (735)	$ 223	$ 523	$ 918
Net	(735)	223	523	918
Non-derivative assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in Income, Asset	(735)	69	511	645
Derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	(1,746)	(1,790)	(3,698)	(5,244)
Interest rate derivatives - caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	(1,746)	(1,944)	(3,710)	(5,517)
Realized gain (loss) on credit default swaps	1,011	2,013	4,221	6,162
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	(735)	69	511	645
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gain (loss) on derivatives	0	154	12	273
Warrants | Derivative liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (Loss) Recognized in Income, Liability	$ 0	$ 154	$ 12	$ 273

Summary of Fair Value of Fina_3

Summary of Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Financial assets measured at fair value:
Investment in securities	$ 41,493	$ 0
Derivative assets, Carrying Value	480	2,847
Financial liabilities measured at fair value:
Derivative liabilities, Carrying Value	0	12
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	168,675	85,599	$ 149,496	$ 261,541
Restricted cash	48,461	80,904	$ 57,333	$ 54,155
Accounts receivable, net, Carrying Value	32,479	39,199
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	1,222,943	1,173,043
Accounts payable and accrued expenses, Carrying Value	144,868	149,867
Dividends and distributions payable	9,271	9,158
Ashford Inc.
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	5,489	1,471
Related Party
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	16	603
Nonrelated Party
Financial assets not measured at fair value:
Due from third-party hotel managers	19,855	17,739
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	1,509	1,608
Carrying Value
Financial assets measured at fair value:
Investment in securities	41,493	0
Derivative assets, Carrying Value	480	2,847
Financial liabilities measured at fair value:
Derivative liabilities, Carrying Value	0	12
Financial assets not measured at fair value:
Cash and cash equivalents, Carrying Value	168,675	85,599
Restricted cash	48,461	80,904
Accounts receivable, net, Carrying Value	32,479	39,199
Note receivable, Carrying Value	5,855	0
Financial liabilities not measured at fair value:
Indebtedness, Carrying Value	1,221,844	1,171,459
Accounts payable and accrued expenses, Carrying Value	144,868	149,867
Dividends and distributions payable	9,271	9,158
Carrying Value | Ashford Inc.
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	5,489	1,471
Carrying Value | Related Party
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	16	603
Carrying Value | Nonrelated Party
Financial assets not measured at fair value:
Due from third-party hotel managers	19,855	17,739
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Carrying Value	1,509	1,608
Estimated Fair Value
Financial assets measured at fair value:
Investment in securities	41,493	0
Derivative assets, Estimated Fair Value	480	2,847
Financial liabilities measured at fair value:
Derivative liabilities, Estimated Fair Value	0	12
Financial assets not measured at fair value:
Cash and cash equivalents, Estimated Fair Value	168,675	85,599
Restricted cash, Estimated Fair Value	48,461	80,904
Accounts receivable, net, Estimated Fair Value	32,479	39,199
Note receivable, Estimated Fair Value	5,855	0
Financial liabilities not measured at fair value:
Indebtedness, Estimated Fair Value	1,185,109	1,124,377
Accounts payable and accrued expenses, Estimated Fair Value	144,868	149,867
Dividends and distributions payable, Estimated Fair Value	9,271	9,158
Estimated Fair Value | Ashford Inc.
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Estimated fair value	5,489	1,471
Estimated Fair Value | Related Party
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Estimated fair value	16	603
Estimated Fair Value | Nonrelated Party
Financial assets not measured at fair value:
Due from related parties and nonrelated parties, Estimated Fair Value	19,855	17,739
Financial liabilities not measured at fair value:
Due to related parties and nonrelated parties, Estimated fair value	$ 1,509	$ 1,608

Summary of Fair Value of Fina_4

Summary of Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum maturity term of financial assets (in days)	90 days
Total indebtedness fair value variance from carrying value (as a percent)	97%	96%
Indebtedness, Carrying Value	$ 1,222,943	$ 1,173,043
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	5,855	0
Indebtedness, Carrying Value	$ 1,221,844	$ 1,171,459

Income (Loss) Per Share - Recon

Income (Loss) Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss)	$ 12,596	$ (22,030)	$ 16,960	$ (7,842)
Less: dividends on preferred stock	(9,857)	(10,582)	(30,593)	(31,809)
Deemed dividends on preferred stock	(4,151)	(516)	(6,175)	(3,271)
Undistributed net income (loss) allocated to common stockholders	(4,760)	(36,463)	(29,848)	(52,926)
Distributed and undistributed net income (loss) - basic	(1,434)	(33,172)	(19,871)	(43,055)
Distributed and undistributed net income (loss) - diluted	$ (1,434)	$ (33,172)	$ (19,871)	$ (43,055)
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	66,522	65,825	66,493	68,010
Weighted average common shares outstanding – diluted (in shares)	66,522	65,825	66,493	68,010
Income (loss) per share - basic and diluted:
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.02)	$ (0.50)	$ (0.30)	$ (0.63)
Net income (loss) allocated to common stockholders per share (in dollars per share)	$ (0.02)	$ (0.50)	$ (0.30)	$ (0.63)
Performance shares
Net income (loss) attributable to common stockholders - basic and diluted:
Less: dividends on common stock	$ (22)	$ (36)	$ (63)	$ (108)
Add back: dividends on common stock	22	36	63	108
Restricted Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less: dividends on common stock	0	(8)	0	(25)
Add back: dividends on common stock	0	8	0	25
Common Stock
Net income (loss) attributable to common stockholders - basic and diluted:
Less: dividends on common stock	(3,326)	(3,291)	(9,977)	(9,871)
Add back: dividends on common stock	$ 3,326	$ 3,291	$ 9,977	$ 9,871

Income (Loss) Per Share - Antid

Income (Loss) Per Share - Antidilutive (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) allocated to common stockholders is not adjusted for:
Total	$ 14,208	$ 9,081	$ 35,984	$ 33,069
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	156,617	185,776	203,307	153,306
Series E Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 7,137	$ 7,710	$ 22,307	$ 23,230
Series M Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	836	989	2,636	2,930
Restricted Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	0	8	0	25
Performance shares
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested shares	$ 22	$ 36	$ 64	$ 108
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	50	398	34	364
Operating Partnership Units
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$ (124)	$ (2,354)	$ (1,747)	$ (3,018)
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	6,558	5,258	6,275	5,470
Equity Unit Purchase Agreements | Series B Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 1,059	$ 1,058	$ 3,175	$ 3,174
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	4,116	4,116	4,116	4,116
Equity Unit Purchase Agreements | Series E Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 11,288	$ 7,959	$ 28,285	$ 25,851
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	117,946	145,416	160,729	116,124
Equity Unit Purchase Agreements | Series M Preferred Stock
Net income (loss) allocated to common stockholders is not adjusted for:
Dividends on preferred stock	$ 836	$ 1,256	$ 2,833	$ 3,580
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	12,241	16,979	17,226	13,623
Convertible Senior Notes
Net income (loss) allocated to common stockholders is not adjusted for:
Interest expense on Convertible Senior Notes	$ 1,127	$ 1,118	$ 3,374	$ 3,349
Weighted average diluted shares are not adjusted for:
Antidilutive securities excluded (in shares)	15,706	13,609	14,927	13,609

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Operating Partnership - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	May 31, 2024
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 fair value		$ 126
Units which have not reached full economic parity with the common units (in shares)	659,000
Performance long term incentive plan units
Noncontrolling Interest [Line Items]
Vesting period (in years)	3 years
Award service period (in years)	3 years
Number of units (in shares)	1,500,000
Units outstanding (in shares)		45,000
Units which have not reached full economic parity with the common units (in shares)	353,000
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 - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP (in thousands)	$ 31,336	$ 32,395
Braemar Hotels & Resorts, Inc.
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Braemar OP (in thousands)	31,336	32,395
Adjustments to redeemable noncontrolling interests	$ 176	$ 66
Ownership percentage of operating partnership	8.05%	6.63%

Redeemable Noncontrolling Int_5

Redeemable Noncontrolling Interests in Operating Partnership - Allocated Redeemable Noncontrolling Interests - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	$ 124	$ 2,354	$ 1,747	$ 3,018
Distributions declared to holders of common units, LTIP units and Performance LTIP units	$ 369	$ 361	$ 1,103	$ 1,083

Redeemable Noncontrolling Int_6

Redeemable Noncontrolling Interests in Operating Partnership - Units Converted/Redeemed (Details) - Operating Partnership Units - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Temporary Equity [Line Items]
Units redeemed (in shares)		0	0	0	1,456
Fair value of common units converted		$ 0	$ 0	$ 0	$ 7,162
Mr. Monty J. Bennett
Temporary Equity [Line Items]
Units redeemed (in shares)	1,400
Fair value of common units converted	$ 7,000

Equity and Stock-Based Compen_3

Equity and Stock-Based Compensation - Common Stock Dividends (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Common stock dividends declared	$ 3,348	$ 3,335	$ 10,040	$ 10,004

Equity and Stock-Based Compen_4

Equity and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2024	Sep. 30, 2024	May 03, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Share repurchase program authorized amount			$ 50,000
Director | Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)	45
Issuance of common stock	$ 126
Performance shares
Class of Stock [Line Items]
Award service period (in years)		3 years
Vesting period (in years)		3 years
Performance shares | Minimum
Class of Stock [Line Items]
Award performance target (as a percent)		0%
Performance shares | Maximum
Class of Stock [Line Items]
Award performance target (as a percent)		200%

Equity and Stock-Based Compen_5

Equity and Stock-Based Compensation - Preferred Stock Dividends (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock dividend rate (as a percent)	8.25%	8.25%	8.25%	8.25%	8.25%
Annual preferred stock dividend (in dollars per share)			$ 2.0625
Series D Cumulative Preferred Stock	$ 825	$ 825	$ 2,475	$ 2,475

Redeemable Preferred Stock - Is

Redeemable Preferred Stock - Issuance Activity (Details)		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 02, 2021 $ / shares shares	Sep. 30, 2024 director $ / shares	Sep. 30, 2023	Sep. 30, 2024 day director $ / shares	Sep. 30, 2023	Dec. 31, 2023 $ / shares
Series B Preferred Stock
Class of Stock [Line Items]
Temporary equity, dividend rate (as a percent)		5.50%	5.50%	5.50%	5.50%	5.50%
Initial conversion/redemption price (in dollars per share)		$ 18.70		$ 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		$ 25
Redemption percent of liquidation preference		103%		103%
Liquidation preference per share (in dollars per share)		$ 25		$ 25
Temporary equity, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Series B Preferred Stock | Minimum
Class of Stock [Line Items]
Percent of conversion price		110%		110%
Series E Preferred Stock
Class of Stock [Line Items]
Initial conversion/redemption price (in dollars per share)		$ 25		$ 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
Increase in board members | director		2		2
Additional directors, term length		1 year		1 year
Redemption fee, percent of stated value on the original issue date		8%		8%
Redemption fee, percent of stated value beginning on the first anniversary		5%		5%
Redemption fee, percent of stated value beginning on the third anniversary		0%		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)				8.20%
Initial conversion/redemption price (in dollars per share)		$ 25		$ 25
Temporary equity conversion rate				5.69476
Temporary equity, par value (in dollars per share)	0.01	0.01		$ 0.01		$ 0.01
Sale of temporary equity, offering price (in dollars per share)	$ 25	$ 25		$ 25
Period of preferred dividends in arrears (in months)				18 months
Increase in board members | director		2		2
Additional directors, term length		1 year		1 year
Redemption fee, percent of stated value on the original issue date		1.50%		1.50%
Redemption fee, percent of stated value beginning on the first anniversary		0%		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%		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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Series B Preferred Stock
Class of Stock [Line Items]
Series B Convertible Preferred Stock	$ 1,059	$ 1,058	$ 3,175	$ 3,174

Redeemable Preferred Stock - Se

Redeemable Preferred Stock - Series E Activity (Details) - Series E Preferred Stock - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Units issued (in shares)	0	0	0	3,798
Net proceeds	$ 0	$ 0	$ 0	$ 85,444

Redeemable Preferred Stock - Va

Redeemable Preferred Stock - Value Adjustment Series E (Details) - Series E Preferred Stock - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Series preferred stock	$ 355,178	$ 377,035
Cumulative adjustments to Series Preferred Stock	$ 19,315	$ 13,337

Redeemable Preferred Stock - _2

Redeemable Preferred Stock - Series E Dividend Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Series E Preferred Stock
Class of Stock [Line Items]
Dividends on preferred stock	$ 7,137	$ 7,710	$ 22,307	$ 23,230

Redeemable Preferred Stock - _3

Redeemable Preferred Stock - Series E Redemption Activity (Details) - Series E Preferred Stock - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	1,036	111	1,275	143
Redemption amount, net of redemption fees	$ 24,629	$ 2,589	$ 30,281	$ 3,378

Redeemable Preferred Stock - _4

Redeemable Preferred Stock - Issuance Activity Series M (Details) - Series M Preferred Stock - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Units issued (in shares)	0	0	0	531
Net proceeds	$ 0	$ 0	$ 0	$ 12,869

Redeemable Preferred Stock - _5

Redeemable Preferred Stock - Series M Redemption Activity (Details) - Series M Preferred Stock - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Series preferred stock	$ 39,907	$ 45,623
Cumulative adjustments to Series Preferred Stock	$ 1,794	$ 1,597

Redeemable Preferred Stock - _6

Redeemable Preferred Stock - Series M Dividend Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Series M Preferred Stock
Class of Stock [Line Items]
Dividends on preferred stock	$ 836	$ 989	$ 2,636	$ 2,930

Redeemable Preferred Stock - _7

Redeemable Preferred Stock - Series M Preferred Stock Activity (Details) - Series M Preferred Stock - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Preferred Stock shares redeemed (in shares)	28	51	241	56
Redemption amount, net of redemption fees	$ 696	$ 1,268	$ 6,018	$ 1,383

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands			3 Months Ended			9 Months Ended
	Jan. 27, 2022 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2024 USD ($) hotel	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2024 USD ($) hotel	Sep. 30, 2023 USD ($) hotel	Dec. 31, 2023 USD ($)	Sep. 27, 2022
Related Party Transaction [Line Items]
Base fee, net asset fee adjustment (as a percent)			0.70%			0.70%
Minimum base fee (as a percent)			90%			90%
Term of advisory agreement (in years)						3 years
Aggregate non-listed preferred equity offerings		$ 400,000
Percentage of project costs						4%
Advisory agreement, percent of total construction costs			6.50%			6.50%
Advisory agreement, construction management fees (as a percent)			10%			10%
Advisory agreement, interior design fees (as a percent)			6%			6%
Advisory agreement, FF&E purchasing fees (as a percent)			8%			8%
Advisory Agreement, FF&E purchasing fees, freight and tax threshold			$ 2,000			$ 2,000
Advisory Agreement, FF&E purchasing fees, with freight and tax threshold (as a percent)			6%			6%
Number of hotel properties | hotel			15			15
Number of hotel properties | hotel			16		16	16	16
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%
REIT Cash Management Strategies Agreement
Related Party Transaction [Line Items]
Annual fee, average daily balance of funds									0.0020
Fees From Lismore | Related Party
Related Party Transaction [Line Items]
Advisory services, amount paid			$ 1,800			$ 2,900
Advisory services, expense included in write-off of loan costs and exit fees					$ 1,300		$ 1,500
Ashford Inc.
Related Party Transaction [Line Items]
Funding amount	$ 18,000
Ashford Inc. | Ashford Securities
Related Party Transaction [Line Items]
Amount funded			12,900			12,900		$ 20,900
Pre-funded balance			$ 1,900			1,900		693
Ashford Inc. | Ashford Securities | Ashford Inc.
Related Party Transaction [Line Items]
Payment received						5,900
Credit to expense resulting from payment						$ 5,600
Due from related parties and nonrelated parties								$ 3,500
Payment resulting from true-up				$ 3,500
Remington Hospitality
Related Party Transaction [Line Items]
Number of hotel properties managed by related party | hotel			4			4
Minimum | Management fees
Related Party Transaction [Line Items]
Monthly property management fee						$ 17
Property management fee, percent						3%
Minimum | Remington Hospitality | Management fees
Related Party Transaction [Line Items]
Monthly property management fee						$ 17
Property management fee, percent						3%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Advisory Services Fee (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Advisory services fee	$ 8,627	$ 7,020	$ 23,155	$ 23,183
Ashford LLC | Related Party
Related Party Transaction [Line Items]
Advisory services fee	8,627	7,020	23,155	23,183
Ashford LLC | Related Party | Base advisory fee
Related Party Transaction [Line Items]
Advisory services fee	3,505	3,393	10,168	10,700
Ashford LLC | Related Party | Reimbursable expenses
Related Party Transaction [Line Items]
Advisory services fee	3,231	2,028	8,457	6,092
Ashford LLC | Related Party | Equity-based compensation
Related Party Transaction [Line Items]
Advisory services fee	427	1,599	2,418	6,391
Ashford LLC | Related Party | Incentive fee
Related Party Transaction [Line Items]
Advisory services fee	$ 1,464	$ 0	$ 2,112	$ 0

Related Party Transactions - _2

Related Party Transactions - Schedule of Reimbursed Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Ashford Inc.
Related Party Transaction [Line Items]
Corporate, general and administrative	$ 0	$ 921	$ (5,624)	$ 3,140

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)		1 Months Ended	9 Months Ended
	Nov. 30, 2023 USD ($)	Feb. 29, 2024 lawsuit	Sep. 30, 2024 USD ($) hotel	Mar. 12, 2024 case	Sep. 30, 2023 hotel	Dec. 20, 2016 company hotel
Loss Contingencies [Line Items]
Number of hotels under franchise agreement | hotel			1
Franchise agreement, expiration period			25 years
Gross rooms revenue percentage, year one through three			3%
Gross rooms revenue percentage, year four			4%
Gross rooms revenue percentage, after year four			5%
Gross rooms revenue percentage, current period			3%
Number of hotel properties | hotel			16		16
Number of lawsuits filed | lawsuit		2
Number of cases consolidated | case				2
Lawsuit Against Various Hilton Properties
Loss Contingencies [Line Items]
Amounts accrued			$ 371,000
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 | company						1
Number of hotel properties | hotel						2
Amounts accrued			0
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%
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%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Licensing Fees Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Commitments [Line Items]
Other hotel expenses	$ 113,715	$ 116,450	$ 378,111	$ 377,794
Intellectual Property Sublease Agreement
Other Commitments [Line Items]
Other hotel expenses	$ 84	$ 0	$ 258	$ 0

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1